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

1 Iron Street, Boston, MA 02210

(Address of principal executive offices) (Zip code)

The Corporation Trust Incorporated

351 West Camden Street, Baltimore, MD 21201

(Name and address of agent for service)

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

Date of fiscal year end: August 31, 2015

Date of reporting period: February 28, 2015

Item 1. Reports to Stockholders.

FEBRUARY 28, 2015

2015 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 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

Table of Contents

Fund Performance Overviews	5
About Fund Performance	14
Shareholder Expenses	14
Schedules of Investments	15
iShares MSCI Austria Capped ETF	15
iShares MSCI Belgium Capped ETF	17
iShares MSCI Emerging Markets Eastern Europe ETF	19
iShares MSCI France ETF	21
iShares MSCI Italy Capped ETF	24
iShares MSCI Netherlands ETF	26
iShares MSCI Spain Capped ETF	28
iShares MSCI Sweden ETF	29
iShares MSCI Switzerland Capped ETF	31
Financial Statements	33
Financial Highlights	44
Notes to Financial Statements	53
Supplemental Information	65

Fund Performance Overview

iSHARES^® MSCI AUSTRIA CAPPED ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -6.39%, net of fees, while the total return for the Index was -6.37%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(17.69)%		(17.69)%		(17.83)%		(17.69)%		(17.69)%		(17.83)%
5 Years		0.09%		0.05%		0.19%		0.43%		0.25%		0.97%
10 Years		(1.24)%		(1.34)%		(1.52)%		(11.77)%		(12.58)%		(14.18)%

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 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	936.10	$	2.30	$	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 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of Total Investments*

Financials	43.13	%
Industrials	24.64
Materials	16.76
Energy	11.20
Information Technology	2.15
Utilities	1.37
Consumer Discretionary	0.75
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of Total Investments*

Erste Group Bank AG	16.52	%
Voestalpine AG	9.48
OMV AG	9.09
ANDRITZ AG	9.05
IMMOFINANZ AG	5.01
Wienerberger AG	4.45
Oesterreichische Post AG	4.34
CA Immobilien Anlagen AG	4.30
Vienna Insurance Group AG Wiener Versicherung Gruppe	4.09
Raiffeisen Bank International AG	4.05
TOTAL	70.38	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI BELGIUM CAPPED ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was 2.82%, net of fees, while the total return for the Index was 2.96%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		2.85%		2.91%		2.98%		2.85%		2.91%		2.98%
5 Years		10.49%		10.39%		12.15%		64.71%		63.89%		77.42%
10 Years		2.61%		2.60%		3.04%		29.42%		29.25%		34.88%

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 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,028.20	$	2.41	$	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 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of Total Investments*

Consumer Staples	31.37	%
Financials	26.11
Materials	11.45
Health Care	11.22
Telecommunication Services	4.60
Information Technology	4.25
Consumer Discretionary	4.21
Industrials	3.50
Energy	2.09
Utilities	1.20
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of Total Investments*

Anheuser-Busch InBev NV	22.96	%
KBC Groep NV	8.02
UCB SA	5.29
Delhaize Group SA	5.18
Solvay SA	4.71
Ageas	4.42
Groupe Bruxelles Lambert SA	4.01
Belgacom SA	3.61
Umicore SA	2.89
Colruyt SA	2.20
TOTAL	63.29	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS EASTERN EUROPE ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -20.66%, net of fees, while the total return for the Index was -20.19%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(23.74)%		(22.59)%		(23.25)%		(23.74)%		(22.59)%		(23.25)%
5 Years		(5.21)%		(5.20)%		(4.64)%		(23.46)%		(23.44)%		(21.14)%
Since Inception		(3.87)%		(3.86)%		(3.34)%		(19.26)%		(19.18)%		(16.81)%

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 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	793.40	$	3.02	$	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 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of Total Investments*

Energy	42.84	%
Financials	25.76
Materials	11.12
Utilities	6.12
Consumer Staples	5.96
Telecommunication Services	5.40
Consumer Discretionary	1.89
Health Care	0.91
TOTAL	100.00	%

COUNTRY ALLOCATION

As of 2/28/15

Country Percentage of Total Investments*

Russia	66.52	%
Poland	26.51
Czech Republic	3.60
Hungary	3.37
TOTAL	100.00	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI FRANCE ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -2.90%, net of fees, while the total return for the Index was -2.80%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(6.26)%		(6.15)%		(6.25)%		(6.26)%		(6.15)%		(6.25)%
5 Years		5.45%		5.42%		5.47%		30.41%		30.23%		30.48%
10 Years		3.54%		3.48%		3.65%		41.56%		40.80%		43.16%

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	971.00	$	2.35	$	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 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of Total Investments*

Consumer Discretionary	17.85	%
Financials	17.30
Industrials	17.22
Health Care	10.90
Consumer Staples	10.75
Energy	9.45
Materials	6.02
Utilities	4.05
Information Technology	3.32
Telecommunication Services	3.14
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of Total Investments*

Sanofi	9.06	%
Total SA	8.93
BNP Paribas SA	4.77
LVMH Moet Hennessy Louis Vuitton SA	3.96
AXA SA	3.57
L’Oreal SA	3.53
Air Liquide SA	3.52
Schneider Electric SE	3.27
Danone SA	3.12
Airbus Group NV	2.82
TOTAL	46.55	%

* Excludes money market funds.

8 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI ITALY CAPPED ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -6.03%, net of fees, while the total return for the Index was -5.86%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(8.25)%		(8.47)%		(8.89)%		(8.25)%		(8.47)%		(8.89)%
5 Years		0.09%		0.06%		0.18%		0.44%		0.30%		0.88%
10 Years		(2.34)%		(2.37)%		(2.40)%		(21.08)%		(21.32)%		(21.57)%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	939.70	$	2.31	$	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 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of Total Investments*

Financials	38.91	%
Energy	16.74
Utilities	15.35
Industrials	13.17
Consumer Discretionary	11.19
Telecommunication Services	4.64
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of Total Investments*

Eni SpA	12.86	%
Intesa Sanpaolo SpA	10.91
Enel SpA	7.04
UniCredit SpA	6.81
Assicurazioni Generali SpA	5.00
Atlantia SpA	4.48
Luxottica Group SpA	4.47
Fiat Chrysler Automobiles NV	4.44
Snam SpA	4.26
CNH Industrial NV	3.61
TOTAL	63.88	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI NETHERLANDS ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was 4.62%, net of fees, while the total return for the Index was 3.39%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		1.79%		1.79%		0.81%		1.79%		1.79%		0.81%
5 Years		8.52%		8.45%		8.77%		50.53%		50.05%		52.23%
10 Years		5.55%		5.50%		5.94%		71.56%		70.74%		78.02%

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 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,046.20	$	2.44	$	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 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of Total Investments*

Consumer Staples	30.01	%
Financials	21.82
Industrials	14.84
Information Technology	12.00
Consumer Discretionary	9.39
Materials	7.23
Telecommunication Services	2.78
Energy	1.93
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of Total Investments*

Unilever NV CVA	17.99	%
ING Groep NV CVA	14.63
ASML Holding NV	9.60
Koninklijke Philips NV	7.11
Akzo Nobel NV	4.63
Heineken NV	4.57
Reed Elsevier NV	4.41
Koninklijke Ahold NV	4.26
Aegon NV	3.56
Koninklijke KPN NV	2.78
TOTAL	73.54	%

* Excludes money market funds.

10 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI SPAIN CAPPED ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -11.04%, net of fees, while the total return for the Index was -10.70%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(8.23)%		(8.13)%		(7.54)%		(8.23)%		(8.13)%		(7.54)%
5 Years		2.64%		2.61%		2.12%		13.92%		13.76%		11.08%
10 Years		4.19%		4.18%		4.02%		50.82%		50.58%		48.28%

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

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	889.60	$	2.25	$	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 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total  Investments*

Financials	45.42	%
Utilities	13.27
Telecommunication Services	12.43
Industrials	11.81
Consumer Discretionary	4.47
Information Technology	4.44
Energy	4.41
Health Care	2.00
Consumer Staples	1.75
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS As of 2/28/15

Security Percentage of
Total  Investments*

Banco Santander SA	20.86	%
Telefonica SA	12.43
Banco Bilbao Vizcaya Argentaria SA	11.75
Iberdrola SA	4.53
Inditex SA	4.47
Amadeus IT Holding SA	4.44
Repsol SA	4.41
Banco de Sabadell SA	2.73
CaixaBank SA	2.71
Red Electrica Corp. SA	2.71
TOTAL	71.04	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 11

Fund Performance Overview

iSHARES^® MSCI SWEDEN ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was 2.51%, net of fees, while the total return for the Index was 2.75%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(1.90)%		(1.54)%		(2.00)%		(1.90)%		(1.54)%		(2.00)%
5 Years		11.47%		11.52%		11.41%		72.11%		72.48%		71.65%
10 Years		8.37%		8.38%		8.34%		123.34%		123.57%		122.69%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,025.10	$	2.41	$	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 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of Total Investments*

Financials	32.88	%
Industrials	27.16
Consumer Discretionary	12.50
Information Technology	11.59
Telecommunication Services	5.92
Consumer Staples	5.64
Health Care	2.23
Materials	1.32
Energy	0.76
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of Total Investments*

Hennes & Mauritz AB Class B	9.87	%
Nordea Bank AB	9.76
Telefonaktiebolaget LM Ericsson Class B	9.40
Svenska Handelsbanken AB Class A	5.99
Swedbank AB Class A	5.61
Atlas Copco AB Class A	5.16
Assa Abloy AB Class B	4.77
Skandinaviska Enskilda Banken AB Class A	4.56
Volvo AB Class B	4.41
Investor AB Class B	4.31
TOTAL	63.84	%

* Excludes money market funds.

12 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI SWITZERLAND CAPPED ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -0.42%, net of fees, while the total return for the Index was -0.20%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(0.11)%		(0.36)%		0.13%		(0.11)%		(0.36)%		0.13%
5 Years		11.30%		11.19%		11.12%		70.80%		69.99%		69.40%
10 Years		8.56%		8.41%		8.28%		127.46%		124.29%		121.47%

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 14 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	995.80	$	2.38	$	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 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of Total Investments*

Health Care	31.27	%
Financials	20.30
Consumer Staples	20.07
Industrials	11.64
Materials	8.32
Consumer Discretionary	6.29
Telecommunication Services	1.42
Energy	0.69
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of Total Investments*

Nestle SA Registered	16.93	%
Novartis AG Registered	15.63
Roche Holding AG	12.41
UBS Group AG	4.52
Zurich Insurance Group AG	4.27
ABB Ltd. Registered	4.19
Cie. Financiere Richemont SA Class A Registered	4.12
Credit Suisse Group AG Registered	3.37
Syngenta AG Registered	3.05
Swiss Re AG	3.02
TOTAL	71.51	%

* 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, 2014 and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number 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 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI AUSTRIA CAPPED ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 98.57%
AEROSPACE & DEFENSE — 0.34%
FACC AGa		21,060	$	200,786
				200,786
AIR FREIGHT & LOGISTICS — 4.27%
Oesterreichische Post AG		50,868		2,515,317
				2,515,317
BANKS — 20.27%
Erste Group Bank AG		364,824		9,583,574
Raiffeisen Bank International AGb		155,196		2,350,020
				11,933,594
BUILDING PRODUCTS — 4.39%
Wienerberger AG		164,448		2,582,343
				2,582,343
CHEMICALS — 1.59%
Lenzing AG		14,400		938,740
				938,740
CONSTRUCTION MATERIALS — 1.97%
RHI AG		39,852		1,157,282
				1,157,282
CONTAINERS & PACKAGING — 2.62%
Mayr Melnhof Karton AG		14,508		1,543,484
				1,543,484
ELECTRIC UTILITIES — 1.35%
EVN AG		67,356		792,140
				792,140
ELECTRICAL EQUIPMENT — 2.27%
Zumtobel Group AG		50,184		1,334,046
				1,334,046
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.12%
Austria Technologie & Systemtechnik AG		56,124		842,920
Kapsch TrafficCom AGa,b		15,840		405,974
				1,248,894
ENERGY EQUIPMENT & SERVICES — 2.08%
Schoeller-Bleckmann Oilfield Equipment AG		18,072		1,223,322
				1,223,322
HOTELS, RESTAURANTS & LEISURE — 0.74%
DO & CO AG		5,364		433,190
				433,190

Security	Shares		Value
INSURANCE — 6.52%
UNIQA Insurance Group AG		166,752	$	1,463,754
Vienna Insurance Group AG Wiener Versicherung Gruppe		53,568		2,374,541
				3,838,295
MACHINERY — 11.79%
ANDRITZ AG		90,828		5,251,769
Palfinger AG		27,792		841,668
Semperit AG Holding		19,224		847,841
				6,941,278
METALS & MINING — 10.34%
AMAG Austria Metall AGc		16,488		583,756
Voestalpine AG		140,436		5,502,173
				6,085,929
OIL, GAS & CONSUMABLE FUELS — 8.96%
OMV AG		182,700		5,275,804
				5,275,804
REAL ESTATE MANAGEMENT & DEVELOPMENT — 15.72%
BUWOG AGa		66,312		1,480,139
CA Immobilien Anlagen AGa		122,004		2,494,698
Conwert Immobilien Invest SEa,b		100,908		1,385,365
IMMOEAST AG Escrowa		998,769		11
IMMOFINANZ AGa		949,032		2,902,841
IMMOFINANZ AG Escrowa		897,599		10
S IMMO AG		103,392		992,468
				9,255,532
TRANSPORTATION INFRASTRUCTURE — 1.23%
Flughafen Wien AG		8,388		722,000
				722,000
TOTAL COMMON STOCKS
(Cost: $81,211,735)				58,021,976
SHORT-TERM INVESTMENTS — 2.28%
MONEY MARKET FUNDS — 2.28%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%d,e,f		1,261,047		1,261,047
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%d,e,f		73,598		73,598

SCHEDULESOF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI AUSTRIA CAPPED ETF

February 28, 2015

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		10,600	$	10,600
				1,345,245
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,345,245)				1,345,245
TOTAL INVESTMENTS IN SECURITIES — 100.85%
(Cost: $82,556,980)				59,367,221
Other Assets, Less Liabilities — (0.85)%				(501,741	)
NET ASSETS — 100.00%			$	58,865,480

^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.

See notes to financial statements.

16 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI BELGIUM CAPPED ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.89%
AIR FREIGHT & LOGISTICS — 1.47%
bpost SA		84,448	$	2,381,762
				2,381,762
BANKS — 8.01%
KBC Groep NVa		212,860		12,945,260
				12,945,260
BEVERAGES — 22.93%
Anheuser-Busch InBev NV		290,580		37,058,122
				37,058,122
BIOTECHNOLOGY — 2.57%
Ablynx NVa		156,368		1,747,412
Galapagos NVa		62,060		1,388,015
ThromboGenics NVa,b		122,496		1,016,742
				4,152,169
CAPITAL MARKETS — 1.69%
Gimv NV		33,292		1,564,628
RHJ International SAa		237,452		1,163,897
				2,728,525
CHEMICALS — 8.69%
Solvay SAb		51,040		7,602,667
Tessenderlo Chemie NVa		64,149		1,772,195
Umicore SA		106,720		4,668,994
				14,043,856
COMMUNICATIONS EQUIPMENT — 0.78%
EVS Broadcast Equipment SA		32,248		1,255,132
				1,255,132
CONSTRUCTION & ENGINEERING — 1.41%
Cie. d’Entreprises CFE		20,416		2,287,670
				2,287,670
DISTRIBUTORS — 0.96%
D’ieteren SA/NV		41,528		1,547,150
				1,547,150
DIVERSIFIED FINANCIAL SERVICES — 7.29%
Ackermans & van Haaren NV		27,492		3,371,960
Groupe Bruxelles Lambert SA		73,776		6,471,942
KBC Ancoraa		56,376		1,931,802
				11,775,704
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.60%
Belgacom SA		154,512		5,825,759
				5,825,759

Security	Shares		Value
ELECTRIC UTILITIES — 1.20%
Elia System Operator SA/NV		42,804	$	1,941,328
				1,941,328
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.86%
Barco NV		21,808		1,386,935
				1,386,935
FOOD & STAPLES RETAILING — 7.37%
Colruyt SA		75,748		3,553,991
Delhaize Group SA		92,916		8,356,295
				11,910,286
HEALTH CARE EQUIPMENT & SUPPLIES — 1.41%
Ion Beam Applicationsa		106,024		2,272,001
				2,272,001
HEALTH CARE PROVIDERS & SERVICES — 1.09%
Fagron		47,560		1,762,540
				1,762,540
HEALTH CARE TECHNOLOGY — 0.85%
AGFA-Gevaert NVa		563,296		1,381,792
				1,381,792
INSURANCE — 4.42%
Ageas		197,780		7,142,134
				7,142,134
IT SERVICES — 0.84%
Econocom Group SA/NV		153,816		1,361,761
				1,361,761
MARINE — 0.61%
Cie. Maritime Belge SA		63,684		979,321
				979,321
MEDIA — 3.25%
Kinepolis Group NV		48,488		1,954,653
Telenet Group Holding NVa		57,420		3,300,762
				5,255,415
METALS & MINING — 2.75%
NV Bekaert SA		58,696		1,784,823
Nyrstar NVa,b		715,372		2,658,341
				4,443,164
OIL, GAS & CONSUMABLE FUELS — 2.09%
Euronav NVa		188,268		2,280,644
Exmar NV		103,820		1,095,209
				3,375,853

SCHEDULESOF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BELGIUM CAPPED ETF

February 28, 2015

Security	Shares		Value
PERSONAL PRODUCTS — 1.03%
Ontex Group NVa		55,912	$	1,668,184
				1,668,184
PHARMACEUTICALS — 5.29%
UCB SA		111,476		8,546,280
				8,546,280
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.68%
Befimmo SA		27,956		2,025,652
Cofinimmo SA		21,228		2,631,047
Intervest Offices & Warehouses NV		37,004		1,120,649
Warehouses De Pauw SCA		21,576		1,781,172
				7,558,520
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.76%
Melexis NV		49,068		2,850,371
				2,850,371
WIRELESS TELECOMMUNICATION SERVICES — 0.99%
Mobistar SAa		67,744		1,600,625
				1,600,625
TOTAL COMMON STOCKS
(Cost: $159,644,409)				161,437,619
SHORT-TERM INVESTMENTS — 0.75%
MONEY MARKET FUNDS — 0.75%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		1,096,639		1,096,639
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		64,002		64,002
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		48,811		48,811
				1,209,452
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,209,452)				1,209,452
TOTAL INVESTMENTS IN SECURITIES — 100.64%
(Cost: $160,853,861)				162,647,071
Other Assets, Less Liabilities — (0.64)%				(1,032,475	)
NET ASSETS — 100.00%			$	161,614,596

^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.

18 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS EASTERN EUROPE ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 96.29%
CZECH REPUBLIC — 3.59%
CEZ AS		97,732	$	2,476,969
Komercni Banka AS		9,175		1,985,784
O2 Czech Republic AS		48,366		410,512
				4,873,265
HUNGARY — 3.36%
MOL Hungarian Oil & Gas PLC		25,186		1,117,764
OTP Bank PLC		139,370		2,210,506
Richter Gedeon Nyrt		84,719		1,232,381
				4,560,651
POLAND — 26.50%
Alior Bank SAa,b		28,182		630,566
Bank Handlowy w Warszawie SA		20,096		574,885
Bank Millennium SA		262,321		499,808
Bank Pekao SA		80,124		4,017,947
Bank Zachodni WBK SA		21,349		1,932,872
CCC SA		13,860		680,423
Cyfrowy Polsat SA		115,939		754,513
ENEA SA		131,485		576,023
Energa SA		123,508		751,032
Eurocash SA		50,573		456,505
Getin Noble Bank SAa		758,798		381,434
Grupa Azoty SA		30,119		626,775
Grupa Lotos SAa,b		56,365		396,672
KGHM Polska Miedz SA		84,203		2,753,554
LPP SA		579		1,131,289
mBank		9,035		1,116,632
Orange Polska SA		396,762		1,058,347
PGE Polska Grupa Energetyczna SA		508,075		2,845,105
Polski Koncern Naftowy Orlen SA		193,468		2,855,367
Polskie Gornictwo Naftowe i Gazownictwo SA		1,063,855		1,446,209
Powszechna Kasa Oszczednosci Bank Polski SA		535,336		4,716,553
Powszechny Zaklad Ubezpieczen SA		34,123		4,506,820
Synthos SA		318,744		380,754
Tauron Polska Energia SA		628,474		832,270
				35,922,355

Security	Shares		Value
RUSSIA — 62.84%
Alrosa AO		1,133,500	$	1,288,188
Gazprom OAO		3,650,646		9,032,971
Gazprom OAO ADR		1,841,532		9,189,245
Lukoil OAO		158,460		7,678,924
Lukoil OAO ADR (London)		157,203		7,608,625
Magnit PJSC GDRc		159,910		7,622,910
MegaFon OAO GDRc		61,908		1,090,200
MMC Norilsk Nickel OJSC		34,034		6,207,296
Mobile TeleSystems OJSC ADR		322,646		3,194,195
Moscow Exchange MICEX- RTS OAO		917,960		1,140,354
NOVATEK OAO GDRc		55,748		4,674,470
Rosneft OAO		578,834		2,489,442
Rostelecom OJSC		545,840		796,849
RusHydro JSC		77,162,000		805,021
Sberbank of Russia		5,744,725		7,062,152
Sberbank of Russia ADR		61,754		313,896
Severstal PAO		132,449		1,483,065
Sistema JSFC GDRc		108,108		767,567
Surgutneftegas OAO		2,277,430		1,285,641
Surgutneftegas OAO ADR		229,779		1,276,422
Tatneft OAO Class S		870,309		4,489,224
Uralkali PJSC		419,990		1,161,840
Uralkali PJSC GDRc		82,531		1,157,085
VTB Bank OJSC		2,576,080,999		2,843,871
VTB Bank OJSC GDRc		244,225		537,295
				85,196,748
TOTAL COMMON STOCKS
(Cost: $182,300,123)				130,553,019
PREFERRED STOCKS — 3.64%
RUSSIA — 3.64%
AK Transneft OAO		810		1,808,452
Sberbank of Russia		499,700		434,590
Surgutneftegas OAO		4,296,600		2,689,969
				4,933,011
TOTAL PREFERRED STOCKS
(Cost: $6,132,090)				4,933,011

SCHEDULESOF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS EASTERN EUROPE ETF

February 28, 2015

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.30%
MONEY MARKET FUNDS — 0.30%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%d,e,f		264,750	$	264,750
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%d,e,f		15,452		15,452
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		122,862		122,862
				403,064
TOTAL SHORT-TERM INVESTMENTS
(Cost: $403,064)				403,064
TOTAL INVESTMENTS IN SECURITIES — 100.23%
(Cost: $188,835,277)				135,889,094
Other Assets, Less Liabilities — (0.23)%				(312,764	)
NET ASSETS — 100.00%			$	135,576,330

ADR — American Depositary Receipts

GDR — 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 financial statements.

20 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI FRANCE ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.97%
AEROSPACE & DEFENSE — 5.22%
Airbus Group NV		159,324	$	9,887,787
Safran SA		73,458		5,182,591
Thales SA		25,212		1,453,825
Zodiac Aerospace		50,358		1,816,526
				18,340,729
AIR FREIGHT & LOGISTICS — 0.23%
Bollore SA		147,642		812,115
				812,115
AUTO COMPONENTS — 2.26%
Cie. Generale des Etablissements Michelin Class B		50,226		4,843,767
Valeo SA		20,394		3,076,677
				7,920,444
AUTOMOBILES — 1.93%
Peugeot SAa		105,798		1,775,871
Renault SA		52,008		5,008,039
				6,783,910
BANKS — 9.00%
BNP Paribas SA		286,704		16,751,177
Credit Agricole SA		278,784		3,930,614
Natixis SA		252,648		1,833,485
Societe Generale SA		196,218		9,092,929
				31,608,205
BEVERAGES — 2.09%
Pernod Ricard SA		57,486		6,831,566
Remy Cointreau SA		6,666		490,710
				7,322,276
BUILDING PRODUCTS — 1.56%
Cie. de Saint-Gobain		121,704		5,492,450
				5,492,450
CHEMICALS — 3.90%
Air Liquide SA		93,324		12,362,334
Arkema SA		17,754		1,332,629
				13,694,963
COMMERCIAL SERVICES & SUPPLIES — 0.76%
Edenred		55,638		1,521,467
Societe BIC SA		7,722		1,158,026
				2,679,493
COMMUNICATIONS EQUIPMENT — 0.85%
Alcatel-Lucenta,b		761,244		2,985,910
				2,985,910

Security	Shares		Value
CONSTRUCTION & ENGINEERING — 2.68%
Bouygues SA		45,474	$	1,807,139
Vinci SA		127,974		7,610,596
				9,417,735
CONSTRUCTION MATERIALS — 1.27%
Imerys SA		9,306		699,664
Lafarge SA		50,556		3,761,884
				4,461,548
DIVERSIFIED FINANCIAL SERVICES — 0.51%
Eurazeo SA		10,296		760,931
Wendel SA		8,382		1,023,371
				1,784,302
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.14%
Iliad SA		7,062		1,838,089
Orange SA		502,062		9,179,144
				11,017,233
ELECTRIC UTILITIES — 0.52%
Electricite de France SA		65,472		1,813,885
				1,813,885
ELECTRICAL EQUIPMENT — 4.96%
Alstom SAa		58,674		1,944,735
Legrand SA		71,808		3,978,845
Schneider Electric SE		142,230		11,483,129
				17,406,709
ENERGY EQUIPMENT & SERVICES — 0.52%
Technip SA		27,786		1,814,494
				1,814,494
FOOD & STAPLES RETAILING — 2.01%
Carrefour SA		169,224		5,611,734
Casino Guichard Perrachon SA		15,312		1,444,392
				7,056,126
FOOD PRODUCTS — 3.12%
Danone SA		156,882		10,968,000
				10,968,000
HEALTH CARE EQUIPMENT & SUPPLIES — 1.85%
Essilor International SA		55,308		6,479,681
				6,479,681
HOTELS, RESTAURANTS & LEISURE — 1.43%
Accor SA		46,794		2,457,679
Sodexo SA		25,542		2,580,145
				5,037,824
INSURANCE — 4.18%
AXA SA		491,832		12,517,237

SCHEDULESOF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRANCE ETF

February 28, 2015

Security	Shares		Value
CNP Assurances		46,398	$	771,007
SCOR SE		41,514		1,371,780
				14,660,024
IT SERVICES — 1.33%
AtoS		21,846		1,560,142
Cap Gemini SA		38,544		3,124,439
				4,684,581
MACHINERY — 0.20%
Vallourec SA		29,634		704,666
				704,666
MEDIA — 5.61%
Eutelsat Communications SA		41,712		1,428,618
JCDecaux SA		18,150		673,950
Lagardere SCA		31,878		918,570
Numericable-SFR SASa		26,400		1,640,480
Publicis Groupe SA		50,820		4,153,753
SES SA		82,170		2,838,711
Vivendi SAa		328,614		8,040,786
				19,694,868
METALS & MINING — 0.84%
ArcelorMittal		270,336		2,962,482
				2,962,482
MULTI-UTILITIES — 3.53%
GDF Suez		391,974		8,738,193
Suez Environnement Co.		80,388		1,437,715
Veolia Environnement SA		114,048		2,225,841
				12,401,749
OIL, GAS & CONSUMABLE FUELS — 8.93%
Total SA		579,414		31,347,902
				31,347,902
PERSONAL PRODUCTS — 3.53%
L’Oreal SA		68,046		12,383,532
				12,383,532
PHARMACEUTICALS — 9.06%
Sanofi		323,202		31,792,952
				31,792,952
PROFESSIONAL SERVICES — 0.40%
Bureau Veritas SA		59,730		1,410,939
				1,410,939
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.61%
Fonciere Des Regions		7,656		793,471
Gecina SA		7,656		1,008,584
ICADE		10,098		907,133

Security	Shares		Value
Klepierre		46,794	$	2,293,134
Unibail-Rodamco SE		26,532		7,666,075
				12,668,397
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.44%
STMicroelectronics NV		172,788		1,546,585
				1,546,585
SOFTWARE — 0.69%
Dassault Systemes		34,584		2,425,609
				2,425,609
TEXTILES, APPAREL & LUXURY GOODS — 6.62%
Christian Dior SA		14,718		2,861,738
Hermes International		7,128		2,305,392
Kering		20,460		4,176,709
LVMH Moet Hennessy Louis Vuitton SA		75,570		13,892,666
				23,236,505
TRADING COMPANIES & DISTRIBUTORS — 0.42%
Rexel SA		75,042		1,469,623
				1,469,623
TRANSPORTATION INFRASTRUCTURE — 0.77%
Aeroports de Paris		8,052		983,533
Groupe Eurotunnel SE Registered		126,522		1,734,181
				2,717,714
TOTAL COMMON STOCKS
(Cost: $392,599,759)				351,006,160
SHORT-TERM INVESTMENTS — 0.59%
MONEY MARKET FUNDS — 0.59%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		1,872,940		1,872,940
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		109,309		109,309
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		107,791		107,791
				2,090,040
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,090,040)				2,090,040

22 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRANCE ETF

February 28, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.56%
(Cost: $394,689,799)	$	353,096,200
Other Assets, Less Liabilities — (0.56)%		(1,983,692	)
NET ASSETS — 100.00%	$	351,112,508

^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 23

Schedule of Investments (Unaudited)

iSHARES^® MSCI ITALY CAPPED ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 100.01%
AEROSPACE & DEFENSE — 2.66%
Finmeccanica SpAa		2,001,648	$	24,292,499
				24,292,499
AUTO COMPONENTS — 2.28%
Pirelli & C. SpA		1,357,008		20,837,378
				20,837,378
AUTOMOBILES — 4.44%
Fiat Chrysler Automobiles NVa,b		2,628,336		40,653,914
				40,653,914
BANKS — 26.57%
Banca Monte dei Paschi di Siena SpAa,b		24,165,024		16,696,489
Banco Popolare SCa		1,721,352		26,605,788
Intesa Sanpaolo SpA		29,819,088		99,804,562
Intesa Sanpaolo SpA RSP		2,619,360		7,932,611
UniCredit SpA		9,339,528		62,277,907
Unione di Banche Italiane SpA		3,778,896		29,712,567
				243,029,924
CAPITAL MARKETS — 2.88%
Mediobanca SpA		2,852,328		26,346,340
				26,346,340
DIVERSIFIED FINANCIAL SERVICES — 2.51%
EXOR SpA		514,488		22,961,825
				22,961,825
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.64%
Telecom Italia SpAa		25,395,144		30,364,428
Telecom Italia SpA RSP		12,293,856		12,072,619
				42,437,047
ELECTRIC UTILITIES — 10.22%
Enel SpA		13,951,152		64,439,718
Terna Rete Elettrica Nazionale SpA		6,430,488		29,067,401
				93,507,119
ELECTRICAL EQUIPMENT — 2.42%
Prysmian SpA		1,104,456		22,149,971
				22,149,971
ENERGY EQUIPMENT & SERVICES — 3.88%
Saipem SpAa		752,760		7,755,198
Tenaris SA		1,934,736		27,755,527
				35,510,725

Security	Shares		Value
GAS UTILITIES — 4.26%
Snam SpA		7,675,296	$	38,929,866
				38,929,866
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.87%
Enel Green Power SpA		3,731,568		8,002,699
				8,002,699
INSURANCE — 6.96%
Assicurazioni Generali SpA		2,216,664		45,748,295
UnipolSai SpA		6,057,168		17,895,449
				63,643,744
MACHINERY — 3.61%
CNH Industrial NV		3,974,328		32,987,746
				32,987,746
OIL, GAS & CONSUMABLE FUELS — 12.86%
Eni SpA		6,286,464		117,614,183
				117,614,183
TEXTILES, APPAREL & LUXURY GOODS — 4.47%
Luxottica Group SpA		660,960		40,886,310
				40,886,310
TRANSPORTATION INFRASTRUCTURE — 4.48%
Atlantia SpA		1,553,664		41,022,373
				41,022,373
TOTAL COMMON STOCKS
(Cost: $1,058,107,597)				914,813,663
SHORT-TERM INVESTMENTS — 1.60%
MONEY MARKET FUNDS — 1.60%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		13,443,263		13,443,263
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		784,581		784,581
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		384,164		384,164
				14,612,008
TOTAL SHORT-TERM INVESTMENTS
(Cost: $14,612,008)				14,612,008

24 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ITALY CAPPED ETF

February 28, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 101.61%
(Cost: $1,072,719,605)	$	929,425,671
Other Assets, Less Liabilities — (1.61)%		(14,714,003	)
NET ASSETS — 100.00%	$	914,711,668

^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 NETHERLANDS ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.80%
AIR FREIGHT & LOGISTICS — 1.18%
PostNL NVa		146,166	$	654,149
TNT Express NV		145,350		890,316
				1,544,465
BANKS — 14.60%
ING Groep NV CVAa		1,277,346		19,134,172
				19,134,172
BEVERAGES — 6.34%
Heineken Holding NV		33,354		2,325,873
Heineken NV		76,296		5,976,724
				8,302,597
CAPITAL MARKETS — 0.09%
BinckBank NV		16,320		124,110
				124,110
CHEMICALS — 7.21%
Akzo Nobel NV		81,294		6,054,577
Koninklijke DSM NV		57,018		3,191,316
Koninklijke Ten Cate NV		8,976		207,248
				9,453,141
CONSTRUCTION & ENGINEERING — 2.90%
Arcadis NV		20,604		685,341
Boskalis Westminster NV		28,458		1,325,474
Grontmija		23,256		96,489
Koninklijke BAM Groep NV		76,704		364,358
OCI NVa		27,948		1,189,651
Royal Imtech NVa,b		30,090		140,031
				3,801,344
DIVERSIFIED FINANCIAL SERVICES — 0.00%
SNS REAAL NVa,b		68,952		1
				1
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.77%
Koninklijke KPN NV		1,060,290		3,629,664
				3,629,664
ELECTRICAL EQUIPMENT — 0.40%
Kendrion NV		3,672		115,344
TKH Group NV		11,832		411,346
				526,690
ENERGY EQUIPMENT & SERVICES — 1.00%
Fugro NV CVA		23,766		568,996
SBM Offshore NVa,b		62,424		735,188
				1,304,184

Security	Shares		Value
FOOD & STAPLES RETAILING — 4.35%
Amsterdam Commodities NV		5,100	$	137,004
Koninklijke Ahold NV		296,106		5,568,112
				5,705,116
FOOD PRODUCTS — 19.26%
Corbion NV		18,462		358,040
Nutreco NV		23,256		1,178,915
Unilever NV CVA		539,274		23,529,695
Wessanen		25,194		167,490
				25,234,140
HOUSEHOLD DURABLES — 0.21%
TomTom NVa,b		33,252		278,013
				278,013
INDUSTRIAL CONGLOMERATES — 7.09%
Koninklijke Philips NV		309,468		9,292,260
				9,292,260
INSURANCE — 5.61%
Aegon NV		599,760		4,655,226
Delta Lloyd NV		66,096		1,202,495
NN Group NVa		52,122		1,494,305
				7,352,026
LEISURE PRODUCTS — 0.10%
Accell Group		6,936		124,904
				124,904
MACHINERY — 0.78%
Aalberts Industries NV		32,946		1,021,774
				1,021,774
MEDIA — 9.07%
Altice SAa,b		28,662		2,864,451
Reed Elsevier NV		231,642		5,768,030
Wolters Kluwer NV		99,960		3,249,801
				11,882,282
OIL, GAS & CONSUMABLE FUELS — 0.94%
Koninklijke Vopak NV		23,256		1,225,999
				1,225,999
PROFESSIONAL SERVICES — 2.19%
Brunel International NV		6,426		119,071
Randstad Holding NV		41,718		2,463,650
USG People NV		21,420		292,754
				2,875,475
REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.47%
Eurocommercial Properties NV		13,464		627,785
NSI NV		42,738		205,171

26 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI NETHERLANDS ETF

February 28, 2015

Security	Shares		Value
VastNed Retail NV		6,324	$	330,513
Wereldhave NV		11,016		759,158
				1,922,627
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 10.35%
ASM International NV		16,728		759,712
ASML Holding NV		115,872		12,556,188
BE Semiconductor Industries NV		9,282		245,443
				13,561,343
SOFTWARE — 1.63%
Gemalto NVb		26,214		2,132,888
				2,132,888
TRADING COMPANIES & DISTRIBUTORS — 0.26%
IMCD Group NVa		9,996		342,303
				342,303
TOTAL COMMON STOCKS
(Cost: $137,364,894)				130,771,518
SHORT-TERM INVESTMENTS — 2.87%
MONEY MARKET FUNDS — 2.87%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		3,478,148		3,478,148
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		202,993		202,993
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		73,772		73,772
				3,754,913
TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,754,913)				3,754,913
TOTAL INVESTMENTS IN SECURITIES — 102.67%
(Cost: $141,119,807)				134,526,431
Other Assets, Less Liabilities — (2.67)%				(3,499,008	)
NET ASSETS — 100.00%			$	131,027,423

^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 SPAIN CAPPED ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 100.00%
AIRLINES — 2.31%
International Consolidated Airlines Group SAa		3,752,242	$	33,656,981
				33,656,981
BANKS — 44.01%
Banco Bilbao Vizcaya Argentaria SA		16,993,950		171,170,095
Banco de Sabadell SA		14,448,320		39,785,614
Banco Popular Espanol SA		7,867,908		36,306,199
Banco Santander SA		41,487,952		304,012,803
Bankia SAa		21,736,190		31,645,746
Bankinter SA		2,424,304		19,004,626
CaixaBank SA		8,493,928		39,537,926
				641,463,009
BIOTECHNOLOGY — 2.00%
Grifols SA		715,768		29,106,997
				29,106,997
CONSTRUCTION & ENGINEERING — 4.69%
ACS Actividades de Construccion y Servicios SA		819,920		30,551,204
Ferrovial SA		1,779,448		37,802,672
				68,353,876
DIVERSIFIED TELECOMMUNICATION SERVICES — 12.43%
Telefonica SA		11,622,920		181,146,947
				181,146,947
ELECTRIC UTILITIES — 8.68%
Endesa SA		1,032,656		20,930,087
Iberdrola SA		9,640,154		66,034,229
Red Electrica Corp. SA		462,590		39,506,298
				126,470,614
FOOD & STAPLES RETAILING — 1.75%
Distribuidora Internacional de Alimentacion SA		3,346,714		25,537,377
				25,537,377
GAS UTILITIES — 4.60%
Enagas SA		968,946		29,800,548
Gas Natural SDG SA		1,535,688		37,197,471
				66,998,019
INSURANCE — 1.40%
Mapfre SA		5,803,150		20,432,068
				20,432,068

Security	Shares		Value
IT SERVICES — 4.44%
Amadeus IT Holding SA Class A		1,566,158	$	64,733,678
				64,733,678
MACHINERY — 1.14%
Zardoya Otis SA		1,373,366		16,652,107
				16,652,107
OIL, GAS & CONSUMABLE FUELS — 4.41%
Repsol SA		3,315,690		64,246,459
				64,246,459
SPECIALTY RETAIL — 4.47%
Inditex SA		2,066,974		65,112,843
				65,112,843
TRANSPORTATION INFRASTRUCTURE — 3.67%
Abertis Infraestructuras SA		1,798,284		35,197,428
Aena SAa,b		196,116		18,270,994
				53,468,422
TOTAL COMMON STOCKS
(Cost: $1,656,924,498)				1,457,379,397
SHORT-TERM INVESTMENTS — 0.06%
MONEY MARKET FUNDS — 0.06%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		910,677		910,677
				910,677
TOTAL SHORT-TERM INVESTMENTS
(Cost: $910,677)				910,677
TOTAL INVESTMENTS IN SECURITIES — 100.06%
(Cost: $1,657,835,175)				1,458,290,074
Other Assets, Less Liabilities — (0.06)%				(943,768	)
NET ASSETS — 100.00%			$	1,457,346,306

^a  Non-income earning security.

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

^c  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.

28 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI SWEDEN ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.99%
BANKS — 25.92%
Nordea Bank AB		2,730,785	$	36,832,815
Skandinaviska Enskilda Banken AB Class A		1,365,610		17,224,131
Svenska Handelsbanken AB Class A		448,775		22,598,148
Swedbank AB Class A		814,175		21,182,265
				97,837,359
BUILDING PRODUCTS — 4.77%
Assa Abloy AB Class B		300,295		18,019,680
				18,019,680
COMMERCIAL SERVICES & SUPPLIES — 1.06%
Securitas AB Class B		281,445		4,005,338
				4,005,338
COMMUNICATIONS EQUIPMENT — 9.40%
Telefonaktiebolaget LM Ericsson Class B		2,736,150		35,461,777
				35,461,777
CONSTRUCTION & ENGINEERING — 2.26%
Skanska AB Class B		341,620		8,515,157
				8,515,157
DIVERSIFIED FINANCIAL SERVICES — 6.95%
Industrivarden AB Class C		147,610		2,838,671
Investment AB Kinnevik Class B		211,700		7,124,562
Investor AB Class B		409,480		16,284,449
				26,247,682
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.93%
TeliaSonera AB		2,335,660		14,827,587
				14,827,587
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.20%
Hexagon AB Class B		229,680		8,291,418
				8,291,418
FOOD & STAPLES RETAILING — 0.66%
ICA Gruppen AB		69,600		2,482,511
				2,482,511
HEALTH CARE EQUIPMENT & SUPPLIES — 2.23%
Elekta AB Class Ba		331,325		3,457,943
Getinge AB Class B		179,945		4,972,853
				8,430,796
HOUSEHOLD DURABLES — 2.63%
Electrolux AB Class B		216,340		7,062,840

Security	Shares		Value
Husqvarna AB Class B		367,285	$	2,873,284
				9,936,124
HOUSEHOLD PRODUCTS — 3.48%
Svenska Cellulosa AB SCA Class B		528,670		13,145,839
				13,145,839
MACHINERY — 19.06%
Alfa Laval AB		282,895		5,677,742
Atlas Copco AB Class A		603,780		19,465,449
Atlas Copco AB Class B		350,755		10,433,392
Sandvik AB		958,595		10,757,365
SKF AB Class B		356,700		8,980,847
Volvo AB Class B		1,379,530		16,638,877
				71,953,672
METALS & MINING — 1.32%
Boliden AB		245,920		4,976,926
				4,976,926
OIL, GAS & CONSUMABLE FUELS — 0.77%
Lundin Petroleum ABa,b		195,750		2,884,354
				2,884,354
SPECIALTY RETAIL — 9.86%
Hennes & Mauritz AB Class B		853,615		37,232,280
				37,232,280
TOBACCO — 1.50%
Swedish Match AB		180,235		5,676,676
				5,676,676
WIRELESS TELECOMMUNICATION SERVICES — 1.99%
Millicom International Cellular SA SDR		59,450		4,148,296
Tele2 AB Class B		286,955		3,366,430
				7,514,726
TOTAL COMMON STOCKS
(Cost: $369,986,874)				377,439,902
SHORT-TERM INVESTMENTS — 0.77%
MONEY MARKET FUNDS — 0.77%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		2,740,667		2,740,667
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		159,952		159,952

SCHEDULESOF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SWEDEN ETF

February 28, 2015

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		4,103	$	4,103
				2,904,722
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,904,722)				2,904,722
TOTAL INVESTMENTS IN SECURITIES — 100.76%
(Cost: $372,891,596)				380,344,624
Other Assets, Less Liabilities — (0.76)%				(2,881,448	)
NET ASSETS — 100.00%			$	377,463,176

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.

30 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI SWITZERLAND CAPPED ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.63%
BIOTECHNOLOGY — 1.39%
Actelion Ltd. Registereda		124,872	$	15,029,424
				15,029,424
BUILDING PRODUCTS — 1.49%
Geberit AG Registered		44,892		16,081,565
				16,081,565
CAPITAL MARKETS — 9.85%
Credit Suisse Group AG Registered		1,477,050		36,256,280
Julius Baer Group Ltd.a		276,318		12,827,801
Partners Group Holding AG		28,122		8,684,299
UBS Group AGa		2,752,086		48,625,992
				106,394,372
CHEMICALS — 6.48%
EMS-Chemie Holding AG Registered		16,512		7,298,025
Givaudan SA Registereda		10,182		19,665,867
Sika AG Bearer		2,895		10,285,190
Syngenta AG Registered		92,622		32,808,510
				70,057,592
CONSTRUCTION MATERIALS — 1.80%
Holcim Ltd. Registereda		250,776		19,456,302
				19,456,302
DIVERSIFIED FINANCIAL SERVICES — 0.51%
Pargesa Holding SA Bearer		72,240		5,467,532
				5,467,532
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.42%
Swisscom AG Registered		26,574		15,319,294
				15,319,294
ELECTRICAL EQUIPMENT — 4.18%
ABB Ltd. Registereda		2,091,090		45,108,429
				45,108,429
ENERGY EQUIPMENT & SERVICES — 0.68%
Transocean Ltd.b		458,466		7,384,785
				7,384,785
FOOD PRODUCTS — 20.00%
Aryzta AGa		123,066		9,892,014
Barry Callebaut AG Registereda		5,160		5,380,443
Chocoladefabriken Lindt & Sprungli AG Participation Certificates		1,548		8,564,621

Security	Shares		Value
Chocoladefabriken Lindt & Sprungli AG Registered		153	$	10,025,696
Nestle SA Registered		2,321,484		182,192,415
				216,055,189
HEALTH CARE EQUIPMENT & SUPPLIES — 0.91%
Sonova Holding AG Registered		70,434		9,814,696
				9,814,696
INSURANCE — 9.07%
Baloise Holding AG Registered		68,628		8,976,658
Swiss Life Holding AG Registereda		43,860		10,469,956
Swiss Re AGa		351,912		32,537,011
Zurich Insurance Group AGa		142,932		45,955,352
				97,938,977
LIFE SCIENCES TOOLS & SERVICES — 0.92%
Lonza Group AG Registereda		80,496		9,977,089
				9,977,089
MACHINERY — 2.23%
Schindler Holding AG Participation Certificates		63,984		10,616,754
Schindler Holding AG Registered		43,602		7,119,820
Sulzer AG Registered		52,116		6,371,566
				24,108,140
MARINE — 1.01%
Kuehne + Nagel International AG Registered		74,562		10,916,884
				10,916,884
PHARMACEUTICALS — 27.93%
Novartis AG Registered		1,636,752		168,250,509
Roche Holding AG		489,168		133,540,800
				301,791,309
PROFESSIONAL SERVICES — 2.69%
Adecco SA Registereda		200,982		15,900,475
SGS SA Registered		6,450		13,124,525
				29,025,000
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.81%
Swiss Prime Site AG Registereda		95,460		8,740,430
				8,740,430
TEXTILES, APPAREL & LUXURY GOODS — 6.26%
Cie. Financiere Richemont SA Class A Registered		500,004		44,304,152
Swatch Group AG (The) Bearer		34,572		15,845,500

SCHEDULESOF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SWITZERLAND CAPPED ETF

February 28, 2015

Security	Shares		Value
Swatch Group AG (The) Registered		84,882	$	7,516,713
				67,666,365
TOTAL COMMON STOCKS
(Cost: $970,331,877)				1,076,333,374
SHORT-TERM INVESTMENTS — 0.77%
MONEY MARKET FUNDS — 0.77%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		7,121,949		7,121,949
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		415,654		415,654
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		793,366		793,366
				8,330,969
TOTAL SHORT-TERM INVESTMENTS
(Cost: $8,330,969)				8,330,969
TOTAL INVESTMENTS IN SECURITIES — 100.40%
(Cost: $978,662,846)				1,084,664,343
Other Assets, Less Liabilities — (0.40)%				(4,288,744	)
NET ASSETS — 100.00%			$	1,080,375,599

^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.

32 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI Austria Capped ETF			iShares MSCI Belgium Capped ETF			iShares MSCI Emerging Markets Eastern Europe ETF
ASSETS
Investments, at cost:
Unaffiliated	$	81,211,735		$	159,644,409		$	188,432,213
Affiliated (Note 2)		1,345,245			1,209,452			403,064
Total cost of investments	$	82,556,980		$	160,853,861		$	188,835,277
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	58,021,976		$	161,437,619		$	135,486,030
Affiliated (Note 2)		1,345,245			1,209,452			403,064
Total fair value of investments		59,367,221			162,647,071			135,889,094
Foreign currency, at valueb		33,367			60,613			12,473
Receivables:
Investment securities sold		565,738			1,792,225			—
Dividends and interest		829,099			69,102			22,842
Capital shares sold		—			3,845			—
Total Assets		60,795,425			164,572,856			135,924,409
LIABILITIES
Payables:
Investment securities purchased		574,172			1,745,940			—
Collateral for securities on loan (Note 1)		1,334,645			1,160,641			280,202
Investment advisory fees (Note 2)		21,128			51,679			67,877
Total Liabilities		1,929,945			2,958,260			348,079
NET ASSETS	$	58,865,480		$	161,614,596		$	135,576,330
Net assets consist of:
Paid-in capital	$	169,349,475		$	208,950,653		$	211,941,653
Distributions in excess of net investment income		(304,106	)		(684,723	)		(257,696	)
Accumulated net realized loss		(86,818,388	)		(48,435,462	)		(23,159,316	)
Net unrealized appreciation (depreciation)		(23,361,501	)		1,784,128			(52,948,311	)
NET ASSETS	$	58,865,480		$	161,614,596		$	135,576,330
Shares outstandingc		3,600,000			9,280,000			7,700,000
Net asset value per share	$	16.35		$	17.42		$	17.61

^a  Securities on loan with values of $1,270,137, $1,087,874 and $266,099, respectively. See Note 1.

^b  Cost of foreign currency: $33,792, $62,380 and $13,026, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 33

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI France ETF			iShares MSCI Italy Capped ETF			iShares MSCI Netherlands ETF
ASSETS
Investments, at cost:
Unaffiliated	$	392,599,759		$	1,058,107,597		$	137,364,894
Affiliated (Note 2)		2,090,040			14,612,008			3,754,913
Total cost of investments	$	394,689,799		$	1,072,719,605		$	141,119,807
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	351,006,160		$	914,813,663		$	130,771,518
Affiliated (Note 2)		2,090,040			14,612,008			3,754,913
Total fair value of investments		353,096,200			929,425,671			134,526,431
Foreign currency, at valueb		140,202			13,513			160,332
Receivables:
Investment securities sold		433,690			21,269,391			485,935
Due from custodian (Note 4)		—			—			14,735
Dividends and interest		354			16,551			153,478
Total Assets		353,670,446			950,725,126			135,340,911
LIABILITIES
Payables:
Investment securities purchased		453,321			21,465,525			585,429
Collateral for securities on loan (Note 1)		1,982,249			14,227,844			3,681,141
Investment advisory fees (Note 2)		122,368			320,089			46,918
Total Liabilities		2,557,938			36,013,458			4,313,488
NET ASSETS	$	351,112,508		$	914,711,668		$	131,027,423
Net assets consist of:
Paid-in capital	$	442,409,798		$	1,148,054,066		$	180,099,006
Undistributed (distributions in excess of) net investment income		(351,390	)		(565,747	)		100,053
Accumulated net realized loss		(49,352,338	)		(89,482,572	)		(42,573,327	)
Net unrealized depreciation		(41,593,562	)		(143,294,079	)		(6,598,309	)
NET ASSETS	$	351,112,508		$	914,711,668		$	131,027,423
Shares outstandingc		13,200,000			61,200,000			5,100,000
Net asset value per share	$	26.60		$	14.95		$	25.69

^a  Securities on loan with values of $1,874,028, $13,163,014 and $3,501,235, respectively. See Note 1.

^b  Cost of foreign currency: $140,165, $13,658 and $162,474, respectively.

^c  $0.001 par value, number of shares authorized: 340.2 million, 295.4 million and 255 million, respectively.

See notes to financial statements.

34 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI Spain Capped ETF			iShares MSCI Sweden ETF			iShares MSCI Switzerland Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	1,656,924,498		$	369,986,874		$	970,331,877
Affiliated (Note 2)		910,677			2,904,722			8,330,969
Total cost of investments	$	1,657,835,175		$	372,891,596		$	978,662,846
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,457,379,397		$	377,439,902		$	1,076,333,374
Affiliated (Note 2)		910,677			2,904,722			8,330,969
Total fair value of investments		1,458,290,074			380,344,624			1,084,664,343
Foreign currency, at valueb		1,260,200			38,570			866,886
Receivables:
Investment securities sold		46,882,289			1,291,832			2,527,054
Dividends		390			516			3,778,026
Total Assets		1,506,432,953			381,675,542			1,091,836,309
LIABILITIES
Payables:
Investment securities purchased		48,570,624			1,184,460			3,534,914
Collateral for securities on loan (Note 1)		—			2,900,619			7,537,603
Investment advisory fees (Note 2)		516,023			127,287			388,193
Total Liabilities		49,086,647			4,212,366			11,460,710
NET ASSETS	$	1,457,346,306		$	377,463,176		$	1,080,375,599
Net assets consist of:
Paid-in capital	$	1,757,294,928		$	413,144,952		$	956,211,625
Undistributed (distributions in excess of) net investment income (accumulated net investment loss)		8,175,644			(5,359,741	)		(1,439,399	)
Accumulated net realized gain (loss)		(108,563,573	)		(37,773,625	)		19,784,630
Net unrealized appreciation (depreciation)		(199,560,693	)		7,451,590			105,818,743
NET ASSETS	$	1,457,346,306		$	377,463,176		$	1,080,375,599
Shares outstandingc		41,550,000			10,875,000			32,250,000
Net asset value per share	$	35.07		$	34.71		$	33.50

^a  Securities on loan with values of $  —, $2,762,288 and $7,162,459, respectively. See Note 1.

^b  Cost of foreign currency: $1,275,715, $40,008 and $817,385, respectively.

^c  $0.001 par value, number of shares authorized: 127.8 million, 63.6 million and 318.625 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 35

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI Austria Capped ETF			iShares MSCI Belgium Capped ETF			iShares MSCI Emerging Markets Eastern Europe ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	85,093		$	859,391		$	1,956,549
Interest — affiliated (Note 2)		2			2			175
Securities lending income — affiliated (Note 2)		27,400			27,988			8,967
Total investment income		112,495			887,381			1,965,691
EXPENSES
Investment advisory fees (Note 2)		140,784			329,699			541,420
Total expenses		140,784			329,699			541,420
Net investment income (loss)		(28,289	)		557,682			1,424,271
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(2,364,081	)		(1,231,935	)		(6,886,890	)
In-kind redemptions — unaffiliated		(110,792	)		8,453,700			(8,946,740	)
Foreign currency transactions		(5,803	)		(24,982	)		(61,771	)
Net realized gain (loss)		(2,480,676	)		7,196,783			(15,895,401	)
Net change in unrealized appreciation/depreciation on:
Investments		(1,747,030	)		(6,040,909	)		(30,144,576	)
Translation of assets and liabilities in foreign currencies		(139,694	)		(8,070	)		2,838
Net change in unrealized appreciation/depreciation		(1,886,724	)		(6,048,979	)		(30,141,738	)
Net realized and unrealized gain (loss)		(4,367,400	)		1,147,804			(46,037,139	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,395,689	)	$	1,705,486		$	(44,612,868	)

^a  Net of foreign withholding tax of $4,852, $151,663 and $252,316, respectively.

See notes to financial statements.

36 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI France ETF			iShares MSCI Italy Capped ETF			iShares MSCI Netherlands ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	2,756,854		$	7,877,732		$	479,805
Interest — affiliated (Note 2)		8			19			2
Securities lending income — affiliated (Note 2)		14,867			105,328			64,954
Total investment income		2,771,729			7,983,079			544,761
EXPENSES
Investment advisory fees (Note 2)		687,143			2,519,789			350,423
Total expenses		687,143			2,519,789			350,423
Net investment income		2,084,586			5,463,290			194,338
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(4,159,987	)		(21,886,516	)		(889,023	)
In-kind redemptions — unaffiliated		(1,243,041	)		20,528,984			1,605,748
Foreign currency transactions		(50,388	)		(213,374	)		(35,178	)
Net realized gain (loss)		(5,453,416	)		(1,570,906	)		681,547
Net change in unrealized appreciation/depreciation on:
Investments		518,278			(105,048,707	)		3,640,444
Translation of assets and liabilities in foreign currencies		5,097			30,640			1,392
Net change in unrealized appreciation/depreciation		523,375			(105,018,067	)		3,641,836
Net realized and unrealized gain (loss)		(4,930,041	)		(106,588,973	)		4,323,383
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,845,455	)	$	(101,125,683	)	$	4,517,721

^a  Net of foreign withholding tax of $424,331, $1,337,882 and $76,045, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 37

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI Spain Capped ETF			iShares MSCI Sweden ETF			iShares MSCI Switzerland Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	38,314,966		$	—		$	1,661,354
Interest — affiliated (Note 2)		37			6			6
Securities lending income — affiliated (Note 2)		—			5,804			155,882
Total investment income		38,315,003			5,810			1,817,242
EXPENSES
Investment advisory fees (Note 2)		4,359,998			862,937			2,616,499
Total expenses		4,359,998			862,937			2,616,499
Net investment income (loss)		33,955,005			(857,127	)		(799,257	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(32,690,928	)		(1,756,469	)		(790,386	)
In-kind redemptions — unaffiliated		31,168,658			7,349,077			77,908,120
Foreign currency transactions		(214,964	)		(36,983	)		(322,024	)
Net realized gain (loss)		(1,737,234	)		5,555,625			76,795,710
Net change in unrealized appreciation/depreciation on:
Investments		(295,589,058	)		119,408			(94,789,739	)
Translation of assets and liabilities in foreign currencies		(1,086	)		1,661			(105,039	)
Net change in unrealized appreciation/depreciation		(295,590,144	)		121,069			(94,894,778	)
Net realized and unrealized gain (loss)		(297,327,378	)		5,676,694			(18,099,068	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(263,372,373	)	$	4,819,567		$	(18,898,325	)

^a  Net of foreign withholding tax of $892,505, $  — and $17,827, respectively.

See notes to financial statements.

38 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Austria Capped ETF						iShares MSCI Belgium Capped ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(28,289	)	$	2,320,187		$	557,682		$	1,594,797
Net realized gain (loss)		(2,480,676	)		(6,160,727	)		7,196,783			3,217,627
Net change in unrealized appreciation/depreciation		(1,886,724	)		7,652,437			(6,048,979	)		8,276,454
Net increase (decrease) in net assets resulting from operations		(4,395,689	)		3,811,897			1,705,486			13,088,878
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(275,789	)		(2,505,599	)		(616,358	)		(2,704,438	)
Total distributions to shareholders		(275,789	)		(2,505,599	)		(616,358	)		(2,704,438	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		6,397,107			99,089,245			43,600,334			110,895,731
Cost of shares redeemed		(6,030,320	)		(119,448,599	)		(47,839,922	)		(27,730,866	)
Net increase (decrease) in net assets from capital share transactions		366,787			(20,359,354	)		(4,239,588	)		83,164,865
INCREASE (DECREASE) IN NET ASSETS		(4,304,691	)		(19,053,056	)		(3,150,460	)		93,549,305
NET ASSETS
Beginning of period		63,170,171			82,223,227			164,765,056			71,215,751
End of period	$	58,865,480		$	63,170,171		$	161,614,596		$	164,765,056
Distributions in excess of net investment income included in net assets at end of period	$	(304,106	)	$	(28	)	$	(684,723	)	$	(626,047	)
SHARES ISSUED AND REDEEMED
Shares sold		400,000			5,000,000			2,560,000			6,520,000
Shares redeemed		(400,000	)		(6,000,000	)		(2,960,000	)		(1,800,000	)
Net increase (decrease) in shares outstanding		—			(1,000,000	)		(400,000	)		4,720,000

See notes to financial statements.

FINANCIAL STATEMENTS 39

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Emerging Markets Eastern Europe ETF						iShares MSCI France ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,424,271		$	3,916,949		$	2,084,586		$	10,478,223
Net realized gain (loss)		(15,895,401	)		(3,626,850	)		(5,453,416	)		47,950,371
Net change in unrealized appreciation/depreciation		(30,141,738	)		(8,334,343	)		523,375			9,095,863
Net increase (decrease) in net assets resulting from operations		(44,612,868	)		(8,044,244	)		(2,845,455	)		67,524,457
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(4,265,346	)		(1,868,858	)		(2,711,818	)		(10,305,702	)
Total distributions to shareholders		(4,265,346	)		(1,868,858	)		(2,711,818	)		(10,305,702	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		76,901,744			90,271,091			153,384,614			84,933,809
Cost of shares redeemed		(43,013,187	)		(51,589,448	)		(78,637,653	)		(387,069,111	)
Net increase (decrease) in net assets from capital share transactions		33,888,557			38,681,643			74,746,961			(302,135,302	)
INCREASE (DECREASE) IN NET ASSETS		(14,989,657	)		28,768,541			69,189,688			(244,916,547	)
NET ASSETS
Beginning of period		150,565,987			121,797,446			281,922,820			526,839,367
End of period	$	135,576,330		$	150,565,987		$	351,112,508		$	281,922,820
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(257,696	)	$	2,583,379		$	(351,390	)	$	275,842
SHARES ISSUED AND REDEEMED
Shares sold		3,850,000			3,600,000			6,000,000			3,000,000
Shares redeemed		(2,750,000	)		(2,100,000	)		(3,000,000	)		(14,000,000	)
Net increase (decrease) in shares outstanding		1,100,000			1,500,000			3,000,000			(11,000,000	)

See notes to financial statements.

40 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Italy Capped ETF						iShares MSCI Netherlands ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	5,463,290		$	30,016,510		$	194,338		$	4,710,761
Net realized gain (loss)		(1,570,906	)		118,669,234			681,547			28,496,610
Net change in unrealized appreciation/depreciation		(105,018,067	)		(43,114,144	)		3,641,836			(1,266,653	)
Net increase (decrease) in net assets resulting from operations		(101,125,683	)		105,571,600			4,517,721			31,940,718
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(6,029,037	)		(31,039,889	)		(495,862	)		(5,077,158	)
Total distributions to shareholders		(6,029,037	)		(31,039,889	)		(495,862	)		(5,077,158	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		49,183,757			1,348,720,763			11,219,181			53,331,509
Cost of shares redeemed		(584,177,621	)		(583,513,961	)		(49,305,121	)		(168,493,467	)
Net increase (decrease) in net assets from capital share transactions		(534,993,864	)		765,206,802			(38,085,940	)		(115,161,958	)
INCREASE (DECREASE) IN NET ASSETS		(642,148,584	)		839,738,513			(34,064,081	)		(88,298,398	)
NET ASSETS
Beginning of period		1,556,860,252			717,121,739			165,091,504			253,389,902
End of period	$	914,711,668		$	1,556,860,252		$	131,027,423		$	165,091,504
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(565,747	)	$	—		$	100,053		$	401,577
SHARES ISSUED AND REDEEMED
Shares sold		3,450,000			79,050,000			450,000			2,200,000
Shares redeemed		(39,450,000	)		(36,750,000	)		(2,050,000	)		(6,750,000	)
Net increase (decrease) in shares outstanding		(36,000,000	)		42,300,000			(1,600,000	)		(4,550,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 41

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Spain Capped ETF						iShares MSCI Sweden ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	33,955,005		$	67,503,910		$	(857,127	)	$	14,699,921
Net realized gain (loss)		(1,737,234	)		29,271,436			5,555,625			30,778,353
Net change in unrealized appreciation/depreciation		(295,590,144	)		128,772,813			121,069			1,730,036
Net increase (decrease) in net assets resulting from operations		(263,372,373	)		225,548,159			4,819,567			47,208,310
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(48,806,974	)		(48,486,263	)		(2,547,778	)		(17,174,445	)
Total distributions to shareholders		(48,806,974	)		(48,486,263	)		(2,547,778	)		(17,174,445	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		81,232,222			2,068,530,441			47,666,335			101,532,730
Cost of shares redeemed		(784,744,217	)		(190,332,570	)		(76,730,956	)		(161,316,482	)
Net increase (decrease) in net assets from capital share transactions		(703,511,995	)		1,878,197,871			(29,064,621	)		(59,783,752	)
INCREASE (DECREASE) IN NET ASSETS		(1,015,691,342	)		2,055,259,767			(26,792,832	)		(29,749,887	)
NET ASSETS
Beginning of period		2,473,037,648			417,777,881			404,256,008			434,005,895
End of period	$	1,457,346,306		$	2,473,037,648		$	377,463,176		$	404,256,008
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	8,175,644		$	23,027,613		$	(5,359,741	)	$	(1,954,836	)
SHARES ISSUED AND REDEEMED
Shares sold		2,325,000			51,825,000			1,425,000			2,850,000
Shares redeemed		(21,675,000	)		(4,650,000	)		(2,400,000	)		(4,575,000	)
Net increase (decrease) in shares outstanding		(19,350,000	)		47,175,000			(975,000	)		(1,725,000	)

See notes to financial statements.

42 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Switzerland Capped ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(799,257	)	$	25,455,124
Net realized gain		76,795,710			33,351,910
Net change in unrealized appreciation/depreciation		(94,894,778	)		97,427,932
Net increase (decrease) in net assets resulting from operations		(18,898,325	)		156,234,966
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(26,005,188	)
Total distributions to shareholders		—			(26,005,188	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		303,281,778			135,490,352
Cost of shares redeemed		(276,165,123	)		(96,423,300	)
Net increase in net assets from capital share transactions		27,116,655			39,067,052
INCREASE IN NET ASSETS		8,218,330			169,296,830
NET ASSETS
Beginning of period		1,072,157,269			902,860,439
End of period	$	1,080,375,599		$	1,072,157,269
Distributions in excess of net investment income or accumulated net investment loss included in net assets at end of period	$	(1,439,399	)	$	(640,142	)
SHARES ISSUED AND REDEEMED
Shares sold		9,125,000			4,000,000
Shares redeemed		(8,750,000	)		(2,875,000	)
Net increase in shares outstanding		375,000			1,125,000

See notes to financial statements.

FINANCIAL STATEMENTS 43

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Austria Capped ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	17.55		$	17.87		$	14.53		$	18.76		$	17.27		$	20.21
Income from investment operations:
Net investment income (loss)a		(0.01	)		0.52			0.32			0.35			0.42			0.43
Net realized and unrealized gain (loss)b		(1.12	)		(0.18	)		3.36			(4.09	)		1.53			(2.62	)
Total from investment operations		(1.13	)		0.34			3.68			(3.74	)		1.95			(2.19	)
Less distributions from:
Net investment income		(0.07	)		(0.66	)		(0.34	)		(0.49	)		(0.46	)		(0.75	)
Total distributions		(0.07	)		(0.66	)		(0.34	)		(0.49	)		(0.46	)		(0.75	)
Net asset value, end of period	$	16.35		$	17.55		$	17.87		$	14.53		$	18.76		$	17.27
Total return		(6.39	)%c		1.56	%		25.49	%		(19.81	)%		10.92	%		(11.07	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	58,865		$	63,170		$	82,223		$	53,757		$	136,974		$	110,520
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.51	%		0.52	%		0.52	%		0.54	%
Ratio of net investment income (loss) to average net assetsd		(0.10	)%		2.64	%		1.82	%		2.32	%		1.95	%		2.20	%
Portfolio turnover ratee		9	%		30	%		26	%		13	%		12	%		11	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

44 2015 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, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	17.02		$	14.36		$	11.97		$	12.60		$	11.78		$	12.06
Income from investment operations:
Net investment incomea		0.07			0.32			0.42			0.38			0.35			0.19
Net realized and unrealized gain (loss)b		0.40			2.95			2.36			(0.33	)		0.80			(0.27	)
Total from investment operations		0.47			3.27			2.78			0.05			1.15			(0.08	)
Less distributions from:
Net investment income		(0.07	)		(0.61	)		(0.39	)		(0.67	)		(0.33	)		(0.20	)
Return of capital		—			—			—			(0.01	)		—			—
Total distributions		(0.07	)		(0.61	)		(0.39	)		(0.68	)		(0.33	)		(0.20	)
Net asset value, end of period	$	17.42		$	17.02		$	14.36		$	11.97		$	12.60		$	11.78
Total return		2.82	%c		23.05	%		23.43	%		1.11	%		9.59	%		(0.60	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	161,615		$	164,765		$	71,216		$	25,386		$	31,256		$	58,896
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.50	%		0.53	%		0.52	%		0.54	%
Ratio of net investment income to average net assetsd		0.82	%		1.90	%		3.01	%		3.35	%		2.56	%		1.55	%
Portfolio turnover ratee		3	%		13	%		24	%		19	%		12	%		17	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 45

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Eastern Europe ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Period from Sep 30, 2009a to Aug. 31, 2010
Net asset value, beginning of period	$	22.81		$	23.88		$	24.24		$	29.28		$	25.66		$	24.65
Income from investment operations:
Net investment incomeb		0.17			0.67			0.73			1.01			0.67			0.26
Net realized and unrealized gain (loss)c		(4.94	)		(1.41	)		(0.77	)		(4.92	)		3.45			0.89
Total from investment operations		(4.77	)		(0.74	)		(0.04	)		(3.91	)		4.12			1.15
Less distributions from:
Net investment income		(0.43	)		(0.33	)		(0.32	)		(1.13	)		(0.50	)		(0.13	)
Net realized gain		—			—			—			—			—			(0.01	)
Total distributions		(0.43	)		(0.33	)		(0.32	)		(1.13	)		(0.50	)		(0.14	)
Net asset value, end of period	$	17.61		$	22.81		$	23.88		$	24.24		$	29.28		$	25.66
Total return		(20.66	)%d		(3.21	)%		(0.20	)%		(13.14	)%		15.86	%		4.68	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	135,576		$	150,566		$	121,797		$	20,602		$	32,212		$	12,832
Ratio of expenses to average net assetse		0.68	%		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			n/a			0.68	%		n/a
Ratio of net investment income to average net assetse		1.79	%		2.75	%		2.96	%		3.97	%		2.06	%		1.05	%
Portfolio turnover ratef		6	%		8	%		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.

46 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI France ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	27.64		$	24.85		$	20.70		$	22.60		$	21.03		$	24.28
Income from investment operations:
Net investment incomea		0.19			0.66			0.69			0.59			0.86			0.65
Net realized and unrealized gain (loss)b		(1.01	)		2.86			4.14			(1.80	)		1.38			(3.30	)
Total from investment operations		(0.82	)		3.52			4.83			(1.21	)		2.24			(2.65	)
Less distributions from:
Net investment income		(0.22	)		(0.73	)		(0.68	)		(0.69	)		(0.67	)		(0.60	)
Return of capital		—			—			—			(0.00	)c		—			—
Total distributions		(0.22	)		(0.73	)		(0.68	)		(0.69	)		(0.67	)		(0.60	)
Net asset value, end of period	$	26.60		$	27.64		$	24.85		$	20.70		$	22.60		$	21.03
Total return		(2.90	)%d		14.07	%		23.56	%		(5.05	)%		10.24	%		(10.98	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	351,113		$	281,923		$	526,839		$	401,626		$	357,137		$	239,706
Ratio of expenses to average net assetse		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%		0.53	%
Ratio of net investment income to average net assetse		1.47	%		2.36	%		2.94	%		2.91	%		3.38	%		2.71	%
Portfolio turnover ratef		2	%		6	%		5	%		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  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 47

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Italy Capped ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	16.02		$	13.06		$	11.78		$	13.58		$	15.00		$	19.05
Income from investment operations:
Net investment incomea		0.08			0.41			0.36			0.41			0.54			0.39
Net realized and unrealized gain (loss)b		(1.05	)		2.89			1.23			(1.79	)		(1.47	)		(3.99	)
Total from investment operations		(0.97	)		3.30			1.59			(1.38	)		(0.93	)		(3.60	)
Less distributions from:
Net investment income		(0.10	)		(0.34	)		(0.30	)		(0.42	)		(0.49	)		(0.44	)
Return of capital		—			—			(0.01	)		(0.00	)c		—			(0.01	)
Total distributions		(0.10	)		(0.34	)		(0.31	)		(0.42	)		(0.49	)		(0.45	)
Net asset value, end of period	$	14.95		$	16.02		$	13.06		$	11.78		$	13.58		$	15.00
Total return		(6.03	)%d		25.20	%		13.58	%		(9.98	)%		(6.80	)%		(19.11	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	914,712		$	1,556,860		$	717,122		$	196,212		$	144,612		$	76,500
Ratio of expenses to average net assetse		0.48	%		0.48	%		0.50	%		0.53	%		0.51	%		0.54	%
Ratio of net investment income to average net assetse		1.05	%		2.49	%		2.78	%		3.41	%		3.15	%		2.17	%
Portfolio turnover ratef		7	%		24	%		45	%		14	%		16	%		12	%

^a  Based on average shares outstanding throughout each period.

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

^c  Rounds to less than $0.01.

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

48 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Netherlands ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	24.64		$	22.52		$	18.23		$	18.45		$	17.89		$	18.52
Income from investment operations:
Net investment incomea		0.03			0.45			0.44			0.39			0.48			0.45
Net realized and unrealized gain (loss)b		1.10			2.22			4.19			(0.08	)		0.55			(0.70	)
Total from investment operations		1.13			2.67			4.63			0.31			1.03			(0.25	)
Less distributions from:
Net investment income		(0.08	)		(0.55	)		(0.34	)		(0.53	)		(0.47	)		(0.38	)
Total distributions		(0.08	)		(0.55	)		(0.34	)		(0.53	)		(0.47	)		(0.38	)
Net asset value, end of period	$	25.69		$	24.64		$	22.52		$	18.23		$	18.45		$	17.89
Total return		4.62	%c		11.80	%		25.57	%		1.96	%		5.44	%		(1.44	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	131,027		$	165,092		$	253,390		$	78,397		$	121,740		$	147,611
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.50	%		0.53	%		0.52	%		0.53	%
Ratio of net investment income to average net assetsd		0.27	%		1.78	%		2.09	%		2.21	%		2.26	%		2.31	%
Portfolio turnover ratee		5	%		7	%		11	%		10	%		6	%		9	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 49

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Spain Capped ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	40.61		$	30.44		$	26.28		$	35.89		$	37.02		$	47.65
Income from investment operations:
Net investment incomea		0.69			1.80			1.33			2.12			2.14			1.64
Net realized and unrealized gain (loss)b		(5.18	)		9.53			4.07			(8.93	)		(1.36	)		(10.01	)
Total from investment operations		(4.49	)		11.33			5.40			(6.81	)		0.78			(8.37	)
Less distributions from:
Net investment income		(1.05	)		(1.16	)		(1.24	)		(2.80	)		(1.91	)		(2.26	)
Total distributions		(1.05	)		(1.16	)		(1.24	)		(2.80	)		(1.91	)		(2.26	)
Net asset value, end of period	$	35.07		$	40.61		$	30.44		$	26.28		$	35.89		$	37.02
Total return		(11.04	)%c		37.39	%		20.88	%		(19.36	)%		1.78	%		(17.91	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,457,346		$	2,473,038		$	417,778		$	195,093		$	180,360		$	194,362
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%		0.54	%
Ratio of net investment income to average net assetsd		3.76	%		4.48	%		4.45	%		7.60	%		5.31	%		3.72	%
Portfolio turnover ratee		6	%		15	%		24	%		17	%		14	%		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.

50 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Sweden ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	34.11		$	31.97		$	27.32		$	26.82		$	24.46		$	22.86
Income from investment operations:
Net investment income (loss)a		(0.08	)		1.04			0.97			0.83			1.18			0.48
Net realized and unrealized gainb		0.91			2.33			4.70			0.58			2.22			1.73
Total from investment operations		0.83			3.37			5.67			1.41			3.40			2.21
Less distributions from:
Net investment income		(0.23	)		(1.23	)		(1.02	)		(0.86	)		(1.04	)		(0.61	)
Return of capital		—			—			—			(0.05	)		—			—
Total distributions		(0.23	)		(1.23	)		(1.02	)		(0.91	)		(1.04	)		(0.61	)
Net asset value, end of period	$	34.71		$	34.11		$	31.97		$	27.32		$	26.82		$	24.46
Total return		2.51	%c		10.49	%		21.02	%		5.57	%		13.40	%		9.70	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	377,463		$	404,256		$	434,006		$	370,832		$	329,887		$	249,491
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.51	%		0.53	%		0.51	%		0.53	%
Ratio of net investment income (loss) to average net assetsd		(0.48	)%		2.97	%		3.13	%		3.17	%		3.80	%		1.97	%
Portfolio turnover ratee		1	%		7	%		7	%		7	%		9	%		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 51

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Switzerland Capped ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	33.64		$	29.36		$	23.85		$	24.67		$	21.64		$	20.71
Income from investment operations:
Net investment income (loss)a		(0.02	)		0.80			0.67			0.63			0.59			0.39
Net realized and unrealized gain (loss)b		(0.12	)		4.27			5.44			(0.80	)		2.97			0.90
Total from investment operations		(0.14	)		5.07			6.11			(0.17	)		3.56			1.29
Less distributions from:
Net investment income		—			(0.79	)		(0.60	)		(0.65	)		(0.53	)		(0.36	)
Total distributions		—			(0.79	)		(0.60	)		(0.65	)		(0.53	)		(0.36	)
Net asset value, end of period	$	33.50		$	33.64		$	29.36		$	23.85		$	24.67		$	21.64
Total return		(0.42	)%c		17.21	%		25.71	%		(0.53	)%		16.30	%		6.35	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,080,376		$	1,072,157		$	902,860		$	554,570		$	524,159		$	405,755
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%		0.53	%
Ratio of net investment income (loss) to average net assetsd		(0.15	)%		2.41	%		2.38	%		2.73	%		2.35	%		1.80	%
Portfolio turnover ratee		2	%		5	%		13	%		8	%		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.

52 2015 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 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

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

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

NOTESTO FINANCIAL STATEMENTS 53

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued 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

• 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.

54 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2015. 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	$	58,021,955	$	—	$	21	$	58,021,976
Money Market Funds		1,345,245		—		—		1,345,245
	$	59,367,200	$	—	$	21	$	59,367,221
MSCI Belgium Capped
Assets:
Common Stocks	$	161,437,619	$	—	$	—	$	161,437,619
Money Market Funds		1,209,452		—		—		1,209,452
	$	162,647,071	$	—	$	—	$	162,647,071
MSCI Emerging Markets Eastern Europe
Assets:
Common Stocks	$	130,553,019	$	—	$	—	$	130,553,019
Preferred Stocks		4,933,011		—		—		4,933,011
Money Market Funds		403,064		—		—		403,064
	$	135,889,094	$	—	$	—	$	135,889,094
MSCI France
Assets:
Common Stocks	$	351,006,160	$	—	$	—	$	351,006,160
Money Market Funds		2,090,040		—		—		2,090,040
	$	353,096,200	$	—	$	—	$	353,096,200
MSCI Italy Capped
Assets:
Common Stocks	$	914,813,663	$	—	$	—	$	914,813,663
Money Market Funds		14,612,008		—		—		14,612,008
	$	929,425,671	$	—	$	—	$	929,425,671
MSCI Netherlands
Assets:
Common Stocks	$	130,771,517	$	—	$	1	$	130,771,518
Money Market Funds		3,754,913		—		—		3,754,913
	$	134,526,430	$	—	$	1	$	134,526,431

NOTESTO FINANCIAL STATEMENTS 55

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
MSCI Spain Capped
Assets:
Common Stocks	$	1,457,379,397	$	—	$	—	$	1,457,379,397
Money Market Funds		910,677		—		—		910,677
	$	1,458,290,074	$	—	$	—	$	1,458,290,074
MSCI Sweden
Assets:
Common Stocks	$	377,439,902	$	—	$	—	$	377,439,902
Money Market Funds		2,904,722		—		—		2,904,722
	$	380,344,624	$	—	$	—	$	380,344,624
MSCI Switzerland Capped
Assets:
Common Stocks	$	1,076,333,374	$	—	$	—	$	1,076,333,374
Money Market Funds		8,330,969		—		—		8,330,969
	$	1,084,664,343	$	—	$	—	$	1,084,664,343

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 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

56 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by 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. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of February 28, 2015 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 or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

NOTESTO FINANCIAL STATEMENTS 57

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:

iShares ETF	Market Value of Securities on Loan			Cash  Collateral Received a		Net Amount
MSCI Austria Capped	$	1,270,137		$	1,270,137	$	—
MSCI Belgium Capped		1,087,874	��		1,087,874		—
MSCI Emerging Markets Eastern Europe		266,099			266,099		—
MSCI France		1,874,028			1,874,028		—
MSCI Italy Capped		13,163,014			13,163,014		—
MSCI Netherlands		3,501,235			3,501,235		—
MSCI Sweden		2,762,288			2,762,288		—
MSCI Switzerland Capped		7,162,459			7,162,459		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except 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, up to and including $72 billion
	0.36		Over $72 billion

58 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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
	0.54		Over $42 billion, up to and including $56 billion
	0.47		Over $56 billion, up to and including $70 billion
	0.41		Over $70 billion, up to and including $84 billion
	0.35		Over $84 billion

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, 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, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2015, each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

NOTESTO FINANCIAL STATEMENTS 59

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended February 28, 2015, 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	$	7,199
MSCI Belgium Capped		9,163
MSCI Emerging Markets Eastern Europe		2,844
MSCI France		4,739

iShares ETF	Fees Paid to BTC
MSCI Italy Capped	$	36,613
MSCI Netherlands		10,758
MSCI Sweden		2,447
MSCI Switzerland Capped		44,562

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, 2015, 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.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI Austria Capped	$	5,121,549	$	5,380,469
MSCI Belgium Capped		4,266,201		5,225,704
MSCI Emerging Markets Eastern Europe		13,995,631		9,405,699
MSCI France		9,152,642		6,916,045
MSCI Italy Capped		74,682,767		79,327,806
MSCI Netherlands		7,408,286		6,865,376
MSCI Spain Capped		116,158,128		200,871,675
MSCI Sweden		4,379,578		7,552,834
MSCI Switzerland Capped		29,222,586		24,756,638

60 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Austria Capped	$	6,256,093	$	5,936,700
MSCI Belgium Capped		43,540,743		47,688,628
MSCI Emerging Markets Eastern Europe		68,260,291		41,729,224
MSCI France		149,633,402		77,848,698
MSCI Italy Capped		47,527,058		577,433,205
MSCI Netherlands		11,131,895		49,162,980
MSCI Spain Capped		76,974,435		741,792,540
MSCI Sweden		47,663,095		76,703,210
MSCI Switzerland Capped		298,205,172		271,921,685

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. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.

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

5. MARKET AND CREDIT RISK

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

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

NOTESTO FINANCIAL STATEMENTS 61

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

MARKET RISK

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

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

Each Fund invests a substantial amount of its assets 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 issuers from countries with less developed markets.

Each Fund, except for the iShares MSCI Emerging Markets Eastern Europe ETF, invests all or substantially all of its assets in issuers located in a single country. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares MSCI Emerging Markets Eastern Europe ETF issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.

CREDIT RISK

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

62 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

6. INCOME TAX INFORMATION

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

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or 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, 2014, the Funds’ fiscal year end, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2015		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Austria Capped	$	24,634,925	$	9,795,917	$	2,587,916	$	7,102,366	$	16,657,011	$	13,826,937	$	74,605,072
MSCI Belgium Capped		11,294,523		—		1,698,444		5,953,120		10,826,174		19,023,517		48,795,778
MSCI Emerging Markets Eastern Europe		2,161,562		—		—		—		—		204,914		2,366,476
MSCI France		14,539,484		158,472		335,795		3,408,374		7,008,530		2,858,814		28,309,469
MSCI Italy Capped		33,168,667		—		472,268		2,743,650		18,169,627		9,459,662		64,013,874
MSCI Netherlands		6,930,449		260,715		1,195,162		5,819,153		22,256,170		2,329,005		38,790,654
MSCI Spain Capped		21,049,529		—		—		5,946,927		15,120,672		8,619,903		50,737,031
MSCI Sweden		11,686,467		—		100,015		13,686,746		8,483,510		5,244,977		39,201,715
MSCI Switzerland Capped		10,955,695		—		—		2,837,786		22,569,380		6,955,758		43,318,619

^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.

NOTESTO FINANCIAL STATEMENTS 63

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of February 28, 2015, 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	$	87,496,908	$	1,250,505	$	(29,380,192	)	$	(28,129,687	)
MSCI Belgium Capped		167,738,884		10,268,328		(15,360,141	)		(5,091,813	)
MSCI Emerging Markets Eastern Europe		191,600,794		502,390		(56,214,090	)		(55,711,700	)
MSCI France		401,100,964		9,589,650		(57,594,414	)		(48,004,764	)
MSCI Italy Capped		1,094,984,245		28,318,298		(193,876,872	)		(165,558,574	)
MSCI Netherlands		143,623,752		7,792,865		(16,890,186	)		(9,097,321	)
MSCI Spain Capped		1,711,599,026		26,919,597		(280,228,549	)		(253,308,952	)
MSCI Sweden		381,467,338		37,287,028		(38,409,742	)		(1,122,714	)
MSCI Switzerland Capped		991,828,937		151,539,488		(58,704,082	)		92,835,406

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. SUBSEQUENT EVENTS

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

64 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources 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	$	—	$	—	$	0.072576	$	0.072576		—	%		—	%		100	%		100	%
MSCI Emerging Markets Eastern Europe		0.348737		—		0.084293		0.433030		81			—			19			100
MSCI France		0.096802		—		0.121893		0.218695		44			—			56			100
MSCI Spain Capped		0.970904		—		0.080404		1.051308		92			—			8			100
MSCI Sweden		0.183709		—		0.047382		0.231091		79			—			21			100

SUPPLEMENTAL INFORMATION 65

Notes:

66 2015 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 basis on the Funds’ website.

©2015 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-82-0215

FEBRUARY 28, 2015

  2015 SEMI-ANNUAL REPORT (UNAUDITED)  

iShares, Inc.

^Ø   iShares MSCI EMU ETF  |  EZU  |  NYSE Arca

^Ø   iShares MSCI Germany ETF  |  EWG  |  NYSE Arca

^Ø   iShares MSCI Japan ETF  |  EWJ  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	8
Shareholder Expenses	8
Schedules of Investments	9
iShares MSCI EMU ETF	9
iShares MSCI Germany EFT	13
iShares MSCI Japan ETF	15
Financial Statements	21
Financial Highlights	25
Notes to Financial Statements	28
Supplemental Information	38

Fund Performance Overview

iSHARES^® MSCI EMU ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -1.50%, net of fees, while the total return for the Index was -1.30%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(4.83)%		(4.82)%		(4.74)%		(4.83)%		(4.82)%		(4.74)%
5 Years		6.17%		6.16%		6.25%		34.87%		34.84%		35.41%
10 Years		3.57%		3.54%		3.69%		41.97%		41.57%		43.72%

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 8 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	985.00	$	2.36	$	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 8 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total  Investments*

Financials	23.08	%
Consumer Discretionary	15.06
Industrials	12.79
Consumer Staples	10.73
Health Care	8.48
Materials	8.21
Utilities	5.77
Information Technology	5.43
Energy	5.33
Telecommunication Services	5.12
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total  Investments*

France	32.03	%
Germany	30.49
Spain	11.39
Netherlands	9.27
Italy	7.29
Belgium	4.37
Finland	2.89
Ireland	1.12
Austria	0.66
Portugal	0.49
TOTAL	100.00	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI GERMANY ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was 2.83%, net of fees, while the total return for the Index was 3.02%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(4.73)%		(4.48)%		(4.60)%		(4.73)%		(4.48)%		(4.60)%
5 Years		10.49%		10.50%		10.61%		64.69%		64.76%		65.57%
10 Years		7.17%		7.16%		7.31%		99.86%		99.61%		102.41%

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,028.30	$	2.41	$	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 8 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total  Investments*

Consumer Discretionary	22.15	%
Financials	17.35
Health Care	14.81
Materials	13.81
Industrials	12.43
Information Technology	6.77
Telecommunication Services	5.08
Consumer Staples	3.86
Utilities	3.74
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total  Investments*

Bayer AG Registered	9.92	%
Daimler AG Registered	7.57
Siemens AG Registered	7.19
BASF SE	7.15
Allianz SE Registered	6.21
SAP SE	5.26
Deutsche Telekom AG Registered	4.81
Deutsche Bank AG Registered	3.68
Bayerische Motoren Werke AG	3.40
Volkswagen AG (Preferred)	3.34
TOTAL	58.53	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI JAPAN ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was 4.85%, net of fees, while the total return for the Index was 5.16%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		8.41%		7.82%		8.94%		8.41%		7.82%		8.94%
5 Years		6.03%		6.08%		6.58%		34.01%		34.31%		37.55%
10 Years		2.63%		2.65%		3.17%		29.69%		29.84%		36.57%

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,048.50	$	2.44	$	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 8 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total  Investments*

Consumer Discretionary	22.57	%
Industrials	19.57
Financials	19.00
Information Technology	11.01
Health Care	6.71
Consumer Staples	6.43
Materials	6.18
Telecommunication Services	5.25
Utilities	2.31
Energy	0.97
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total  Investments*

Toyota Motor Corp.	6.50	%
Mitsubishi UFJ Financial Group Inc.	2.89
SoftBank Corp.	2.06
Honda Motor Co. Ltd.	1.88
Sumitomo Mitsui Financial Group Inc.	1.78
Mizuho Financial Group Inc.	1.45
KDDI Corp.	1.41
Takeda Pharmaceutical Co. Ltd.	1.39
FANUC Corp.	1.30
Canon Inc.	1.28
TOTAL	21.94	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment 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, 2014 and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

8 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI EMU ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 97.73%
AUSTRIA — 0.66%
ANDRITZ AG		157,938	$	9,132,139
Erste Group Bank AG		609,142		16,001,572
IMMOEAST AG Escrowa		105,078		1
IMMOFINANZ AGa		2,100,446		6,424,715
IMMOFINANZ AG Escrowa		68,575		1
OMV AG		320,370		9,251,283
Raiffeisen Bank International AGb		258,065		3,907,690
Vienna Insurance Group AG Wiener Versicherung Gruppe		82,842		3,672,187
Voestalpine AG		243,666		9,546,644
				57,936,232
BELGIUM — 4.36%
Ageas		478,323		17,272,966
Anheuser-Busch InBev NV		1,748,476		222,985,878
Belgacom SA		331,643		12,504,351
Colruyt SA		153,419		7,198,205
Delhaize Group SA		223,351		20,086,819
Groupe Bruxelles Lambert SA		175,968		15,436,655
KBC Groep NVa		543,732		33,067,520
Solvay SA		128,592		19,154,431
Telenet Group Holding NVa		115,067		6,614,574
UCB SA		275,239		21,101,130
Umicore SA		207,654		9,084,851
				384,507,380
FINLAND — 2.89%
Elisa OYJ		311,350		8,489,675
Fortum OYJ		965,615		22,051,543
Kone OYJ Class B		681,341		31,470,822
Metso OYJ		245,915		7,930,126
Neste Oil OYJ		279,755		7,308,101
Nokia OYJ		8,142,280		65,619,063
Nokian Renkaat OYJ		245,915		7,295,716
Orion OYJ Class B		218,832		7,140,223
Sampo OYJ Class A		972,372		49,188,797
Stora Enso OYJ Class R		1,202,503		11,572,593
UPM-Kymmene OYJ		1,161,862		21,854,699
Wartsila OYJ Abp		322,619		14,659,171
				254,580,529
FRANCE — 31.97%
Accor SA		376,752		19,787,484
Aeroports de Paris		65,424		7,991,388
Air Liquide SA		749,017		99,219,901

Security	Shares		Value
Airbus Group NV		1,279,199	$	79,388,208
Alcatel-Lucenta		6,125,296		24,025,915
Alstom SAa		471,522		15,628,477
ArcelorMittal		2,174,856		23,833,196
Arkema SA		143,091		10,740,524
AtoS		175,680		12,546,263
AXA SA		3,950,419		100,539,073
BNP Paribas SA		2,301,221		134,452,817
Bollore SA		1,191,972		6,556,525
Bouygues SA		365,754		14,535,081
Bureau Veritas SA		482,802		11,404,721
Cap Gemini SA		311,357		25,239,103
Carrefour SA		1,358,177		45,039,284
Casino Guichard Perrachon SA		124,091		11,705,595
Christian Dior SA		119,579		23,250,697
Cie. de Saint-Gobain		976,532		44,070,472
Cie. Generale des Etablissements Michelin Class B		403,838		38,945,909
CNP Assurances		374,518		6,223,455
Credit Agricole SA		2,241,980		31,609,981
Danone SA		1,258,902		88,012,887
Dassault Systemes		279,456		19,600,136
Edenred		448,951		12,276,932
Electricite de France SA		527,933		14,626,250
Essilor International SA		444,450		52,070,119
Eurazeo SA		83,472		6,169,039
Eutelsat Communications SA		336,155		11,513,165
Fonciere Des Regions		60,912		6,312,946
GDF Suez		3,147,268		70,161,373
Gecina SA		60,919		8,025,332
Groupe Eurotunnel SE Registered		1,018,803		13,964,283
Hermes International		57,948		18,741,987
ICADE		81,227		7,296,859
Iliad SA		55,801		14,523,817
Imerys SA		74,448		5,597,311
JCDecaux SA		146,640		5,445,067
Kering		164,699		33,621,692
Klepierre		377,514		18,500,025
L’Oreal SA		545,981		99,361,801
Lafarge SA		406,098		30,217,848
Lagardere SCA		257,202		7,411,322
Legrand SA		575,320		31,878,189

SCHEDULESOF INVESTMENTS 9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMU ETF

February 28, 2015

Security	Shares		Value
LVMH Moet Hennessy Louis Vuitton SA		606,893	$	111,570,223
Natixis SA		2,037,210		14,784,182
Numericable-SFR SASa		212,083		13,178,708
Orange SA		4,031,656		73,710,319
Pernod Ricard SA		462,498		54,962,697
Peugeot SAa		850,548		14,276,862
Publicis Groupe SA		408,026		33,349,846
Remy Cointreau SA		54,144		3,985,749
Renault SA		417,378		40,190,839
Rexel SA		604,275		11,834,123
Safran SA		588,852		41,544,546
Sanofi		2,594,451		255,212,701
Schneider Electric SE		1,141,269		92,141,883
SCOR SE		333,917		11,033,886
SES SA		661,048		22,837,099
Societe BIC SA		63,168		9,472,961
Societe Generale SA		1,576,211		73,043,122
Sodexo SA		205,307		20,739,244
STMicroelectronics NV		1,389,768		12,439,486
Suez Environnement Co.		647,055		11,572,387
Technip SA		223,355		14,585,627
Thales SA		203,051		11,708,734
Total SA		4,652,129		251,693,065
Unibail-Rodamco SE		212,064		61,273,124
Valeo SA		164,688		24,845,141
Vallourec SA		236,891		5,633,025
Veolia Environnement SA		915,972		17,876,754
Vinci SA		1,026,303		61,034,099
Vivendi SA		2,639,592		64,587,614
Wendel SA		67,687		8,264,012
Zodiac Aerospace		403,853		14,567,887
				2,820,012,394
GERMANY — 28.35%
adidas AG		455,730		35,490,491
Allianz SE Registered		992,687		166,571,672
Axel Springer SE		85,728		5,543,438
BASF SE		1,996,654		191,817,134
Bayer AG Registered		1,798,119		266,326,299
Bayerische Motoren Werke AG		719,700		91,219,390
Beiersdorf AG		218,839		19,055,113
Brenntag AG		336,162		19,701,175
Celesio AG		110,550		3,421,735
Commerzbank AGa		2,104,960		28,462,188
Continental AG		239,143		57,214,453

Security	Shares		Value
Daimler AG Registered		2,091,413	$	202,937,980
Deutsche Annington Immobilien SE		750,536		29,022,380
Deutsche Bank AG Registered		2,997,774		98,772,031
Deutsche Boerse AG		419,634		34,312,741
Deutsche Lufthansa AG Registered		505,366		7,425,651
Deutsche Post AG Registered		2,104,942		71,845,456
Deutsche Telekom AG Registered		6,900,503		129,024,911
Deutsche Wohnen AG Bearer		627,190		17,330,413
E.ON SE		4,349,781		70,476,148
Fraport AG Frankfurt Airport Services Worldwide		81,216		4,915,535
Fresenius Medical Care AG & Co. KGaA		473,771		38,882,909
Fresenius SE & Co. KGaA		823,476		47,272,486
GEA Group AG		399,323		19,797,202
Hannover Rueck SE		130,855		12,644,534
HeidelbergCement AG		306,834		24,480,118
Henkel AG & Co. KGaA		254,939		26,882,370
HUGO BOSS AG		121,346		15,652,385
Infineon Technologies AG		2,454,640		28,482,330
K+S AG Registered		374,514		12,108,618
Kabel Deutschland Holding AGa		47,383		6,590,243
Lanxess AG		200,795		10,368,078
Linde AG		403,824		82,346,136
MAN SE		76,704		8,242,154
Merck KGaA		282,000		29,163,339
METRO AG		351,954		11,809,517
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		376,763		78,391,573
Osram Licht AG		194,027		8,918,490
ProSiebenSat.1 Media AG Registered		476,045		23,437,985
QIAGEN NVa		507,640		12,797,135
RTL Group SA		83,479		8,286,626
RWE AG		1,064,879		29,842,612
SAP SE		2,003,411		141,209,348
Siemens AG Registered		1,723,660		192,986,259
Symrise AG		269,112		17,157,118
Telefonica Deutschland Holding AG		1,301,193		7,174,817

10 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMU ETF

February 28, 2015

Security	Shares		Value
ThyssenKrupp AG		985,912	$	26,308,120
United Internet AG Registeredc		268,475		12,067,981
Volkswagen AG		64,911		16,115,918
				2,500,302,735
IRELAND — 1.12%
Bank of Irelanda		59,892,650		22,840,713
CRH PLC		1,770,974		50,286,028
Irish Bank Resolution Corp. Ltd.a		446,666		5
Kerry Group PLC Class A		345,179		25,166,043
Ryanair Holdings PLC		43,520		494,244
Ryanair Holdings PLC ADR		416		26,354
				98,813,387
ITALY — 7.27%
Assicurazioni Generali SpA		2,538,119		52,382,596
Atlantia SpA		899,872		23,759,889
Banca Monte dei Paschi di Siena SpAa		8,473,752		5,854,822
Banco Popolare SCa		789,013		12,195,247
CNH Industrial NV		2,062,060		17,115,525
Enel Green Power SpA		3,817,361		8,186,690
Enel SpA		14,310,466		66,099,372
Eni SpA		5,529,709		103,455,966
EXOR SpA		214,331		9,565,687
Finmeccanica SpAa		882,150		10,705,992
Intesa Sanpaolo SpA		27,517,381		92,100,743
Intesa Sanpaolo SpA RSP		2,041,790		6,183,467
Luxottica Group SpA		367,728		22,747,278
Mediobanca SpA		1,315,303		12,149,171
Pirelli & C. SpA		521,158		8,002,581
Prysmian SpA		446,699		8,958,591
Saipem SpAa		581,355		5,989,324
Snam SpA		4,552,398		23,090,216
Telecom Italia SpAa		21,992,281		26,295,698
Telecom Italia SpA RSP		13,159,743		12,922,924
Tenaris SA		1,026,516		14,726,295
Terna Rete Elettrica Nazionale SpA		3,282,636		14,838,329
UniCredit SpA		9,561,566		63,758,502
Unione di Banche Italiane SpA		1,866,896		14,678,962
UnipolSai SpA		1,992,048		5,885,357
				641,649,224
NETHERLANDS — 9.26%
Aegon NV		3,941,385		30,592,303
Akzo Nobel NV		532,121		39,631,061
Altice SAa		189,515		18,939,936

Security	Shares		Value
ASML Holding NV		760,357	$	82,394,239
Boskalis Westminster NV		187,270		8,722,381
Delta Lloyd NV		435,485		7,922,847
Fiat Chrysler Automobiles NVa		1,949,170		30,148,881
Gemalto NVb		173,712		14,133,984
Heineken Holding NV		218,839		15,260,291
Heineken NV		500,850		39,234,591
ING Groep NV CVAa		8,385,913		125,617,881
Koninklijke Ahold NV		1,945,162		36,577,713
Koninklijke DSM NV		374,514		20,961,667
Koninklijke KPN NV		6,971,391		23,864,986
Koninklijke Philips NV		2,033,040		61,045,199
Koninklijke Vopak NV		153,408		8,087,291
NN Group NVa		341,091		9,778,862
OCI NVa		185,003		7,874,949
Randstad Holding NV		272,994		16,121,621
Reed Elsevier NV		1,522,854		37,920,012
TNT Express NV		961,144		5,887,323
Unilever NV CVA		3,539,830		154,450,467
Wolters Kluwer NV		656,532		21,344,522
				816,513,007
PORTUGAL — 0.49%
Banco Comercial Portugues SA Registereda,b		77,271,126		7,211,038
EDP — Energias de Portugal SA		5,042,399		19,942,368
Galp Energia SGPS SA		841,524		9,915,618
Jeronimo Martins SGPS SAb		548,230		6,496,651
				43,565,675
SPAIN — 11.36%
Abertis Infraestructuras SA		877,631		17,177,684
ACS Actividades de Construccion y Servicios SA		381,828		14,227,370
Aena SAa,d		128,193		11,943,001
Amadeus IT Holding SA Class A		971,475		40,153,771
Banco Bilbao Vizcaya Argentaria SA		13,535,649		136,336,656
Banco de Sabadell SA		7,438,337		20,482,576
Banco Popular Espanol SA		3,906,037		18,024,277
Banco Santander SA		30,594,484		224,188,334
Bankia SAa		10,030,519		14,603,445
Bankinter SA		1,471,567		11,535,922
CaixaBank SA		4,979,413		23,178,401
Distribuidora Internacional de Alimentacion SA		1,349,160		10,294,877
Enagas SA		391,608		12,044,152

SCHEDULESOF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMU ETF

February 28, 2015

Security	Shares		Value
Endesa SA		685,945	$	13,902,876
Ferrovial SA		894,280		18,998,124
Gas Natural SDG SA		762,557		18,470,674
Grifols SA		324,882		13,211,459
Iberdrola SA		11,212,990		76,808,021
Inditex SA		2,371,168		74,695,420
International Consolidated Airlines Group SAa		1,779,791		15,964,426
Mapfre SA		2,023,709		7,125,192
Red Electrica Corp. SA		208,608		17,815,624
Repsol SA		2,268,362		43,952,910
Telefonica SA		9,156,062		142,700,171
Zardoya Otis SA		383,542		4,650,459
				1,002,485,822
TOTAL COMMON STOCKS
(Cost: $8,809,593,459)				8,620,366,385
PREFERRED STOCKS — 2.09%
GERMANY — 2.09%
Bayerische Motoren Werke AG		117,330		11,370,512
FUCHS PETROLUB SE		151,174		6,322,204
Henkel AG & Co. KGaA		388,050		46,071,862
Porsche Automobil Holding SE		333,899		30,991,339
Volkswagen AG		354,203		89,589,271
				184,345,188
TOTAL PREFERRED STOCKS
(Cost: $181,072,273)				184,345,188
SHORT-TERM INVESTMENTS — 0.39%
MONEY MARKET FUNDS — 0.39%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%e,f,g		25,526,705		25,526,705
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%e,f,g		1,489,800		1,489,800
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		7,395,090		7,395,090
				34,411,595
TOTAL SHORT-TERM INVESTMENTS
(Cost: $34,411,595)				34,411,595

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.21%
(Cost: $9,025,077,327)	$	8,839,123,168
Other Assets, Less Liabilities — (0.21)%		(18,878,294	)
NET ASSETS — 100.00%	$	8,820,244,874

ADR  —  American Depositary Receipts

^a  Non-income earning security.

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

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

^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.

12 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GERMANY ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 92.68%
AIR FREIGHT & LOGISTICS — 2.66%
Deutsche Post AG Registered		4,643,169	$	158,479,708
				158,479,708
AIRLINES — 0.27%
Deutsche Lufthansa AG Registered		1,110,223		16,313,184
				16,313,184
AUTO COMPONENTS — 2.12%
Continental AG		527,479		126,198,225
				126,198,225
AUTOMOBILES — 11.50%
Bayerische Motoren Werke AG		1,588,410		201,325,263
Daimler AG Registered		4,619,192		448,218,259
Volkswagen AG		141,861		35,220,844
				684,764,366
BANKS — 1.06%
Commerzbank AGa		4,643,169		62,782,546
				62,782,546
CAPITAL MARKETS — 3.66%
Deutsche Bank AG Registered		6,617,148		218,024,823
				218,024,823
CHEMICALS — 11.63%
BASF SE		4,406,744		423,352,772
K+S AG Registered		826,506		26,722,221
Lanxess AG		438,902		22,662,767
Linde AG		891,112		181,711,908
Symrise AG		591,728		37,725,361
				692,175,029
CONSTRUCTION MATERIALS — 0.91%
HeidelbergCement AG		675,994		53,932,788
				53,932,788
DIVERSIFIED FINANCIAL SERVICES — 1.27%
Deutsche Boerse AG		925,743		75,696,393
				75,696,393
DIVERSIFIED TELECOMMUNICATION SERVICES — 5.05%
Deutsche Telekom AG Registered		15,232,195		284,810,049
Telefonica Deutschland Holding AG		2,852,687		15,729,801
				300,539,850

Security	Shares		Value
ELECTRICAL EQUIPMENT — 0.33%
Osram Licht AG		426,915	$	19,623,234
				19,623,234
FOOD & STAPLES RETAILING — 0.44%
METRO AG		777,223		26,079,056
				26,079,056
HEALTH CARE PROVIDERS & SERVICES — 3.32%
Celesio AG		243,090		7,524,103
Fresenius Medical Care AG & Co. KGaA		1,043,623		85,651,291
Fresenius SE & Co. KGaA		1,818,182		104,374,607
				197,550,001
HOUSEHOLD PRODUCTS — 0.99%
Henkel AG & Co. KGaA		560,778		59,131,955
				59,131,955
INDUSTRIAL CONGLOMERATES — 7.16%
Siemens AG Registered		3,804,026		425,910,415
				425,910,415
INSURANCE — 9.55%
Allianz SE Registered		2,193,007		367,983,910
Hannover Rueck SE		289,044		27,930,355
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		829,836		172,660,663
				568,574,928
INTERNET SOFTWARE & SERVICES — 0.45%
United Internet AG Registeredb		590,082		26,524,250
				26,524,250
LIFE SCIENCES TOOLS & SERVICES — 0.47%
QIAGEN NVa		1,115,551		28,122,009
				28,122,009
MACHINERY — 1.04%
GEA Group AG		877,788		43,518,020
MAN SE		169,167		18,177,677
				61,695,697
MEDIA — 1.63%
Axel Springer SE		189,812		12,273,832
Kabel Deutschland Holding AGa		105,897		14,728,637
ProSiebenSat.1 Media AG Registered		1,049,616		51,677,645
RTL Group SA		185,816		18,445,210
				97,125,324
METALS & MINING — 0.97%
ThyssenKrupp AG		2,172,360		57,967,352
				57,967,352

SCHEDULESOF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GERMANY ETF

February 28, 2015

Security	Shares		Value
MULTI-UTILITIES — 3.72%
E.ON SE		9,600,100	$	155,543,018
RWE AG		2,348,181		65,806,401
				221,349,419
PERSONAL PRODUCTS — 0.71%
Beiersdorf AG		483,524		42,102,205
				42,102,205
PHARMACEUTICALS — 10.95%
Bayer AG Registered		3,967,192		587,596,017
Merck KGaA		620,051		64,123,254
				651,719,271
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.72%
Deutsche Annington Immobilien SE		1,654,035		63,959,666
Deutsche Wohnen AG Bearer		1,392,608		38,480,320
				102,439,986
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.05%
Infineon Technologies AG		5,410,385		62,779,215
				62,779,215
SOFTWARE — 5.24%
SAP SE		4,420,729		311,592,709
				311,592,709
TEXTILES, APPAREL & LUXURY GOODS — 1.90%
adidas AG		1,003,663		78,161,395
HUGO BOSS AG		270,470		34,887,846
				113,049,241
TRADING COMPANIES & DISTRIBUTORS — 0.73%
Brenntag AG		741,261		43,442,486
				43,442,486
TRANSPORTATION INFRASTRUCTURE — 0.18%
Fraport AG Frankfurt Airport Services Worldwide		177,158		10,722,349
				10,722,349
TOTAL COMMON STOCKS
(Cost: $5,403,430,539)				5,516,408,014

Security	Shares		Value
PREFERRED STOCKS — 6.82%
AUTOMOBILES — 4.89%
Bayerische Motoren Werke AG		260,406	$	25,236,083
Porsche Automobil Holding SE		734,601		68,183,099
Volkswagen AG		780,554		197,427,078
				290,846,260
CHEMICALS — 0.23%
FUCHS PETROLUB SE		333,004		13,926,463
				13,926,463
HOUSEHOLD PRODUCTS — 1.70%
Henkel AG & Co. KGaA		854,478		101,449,279
				101,449,279
TOTAL PREFERRED STOCKS
(Cost: $366,625,725)				406,222,002
SHORT-TERM INVESTMENTS — 0.06%
MONEY MARKET FUNDS — 0.06%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		3,843,296		3,843,296
				3,843,296
TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,843,296)				3,843,296
TOTAL INVESTMENTS IN SECURITIES — 99.56%
(Cost: $5,773,899,560)				5,926,473,312
Other Assets, Less Liabilities — 0.44%				25,950,751
NET ASSETS — 100.00%			$	5,952,424,063

^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.

Open futures contracts as of February 28, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
DAX Index		94		Mar. 2015		Eurex	$	30,008,138	$	3,579,133

See notes to financial statements.

14 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI JAPAN ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.61%
AIR FREIGHT & LOGISTICS — 0.32%
Yamato Holdings Co. Ltd.		2,058,000	$	48,202,769
				48,202,769
AIRLINES — 0.28%
ANA Holdings Inc.		6,174,000		16,774,564
Japan Airlines Co. Ltd.		823,200		25,340,884
				42,115,448
AUTO COMPONENTS — 3.32%
Aisin Seiki Co. Ltd.		1,029,200		37,924,012
Bridgestone Corp.		3,498,600		134,155,192
Denso Corp.		2,675,400		125,730,036
Koito Manufacturing Co. Ltd.		617,400		19,780,351
NGK Spark Plug Co. Ltd.		617,400		17,507,934
NHK Spring Co. Ltd.		823,200		8,559,435
NOK Corp.		617,400		18,076,038
Stanley Electric Co. Ltd.		682,200		16,161,198
Sumitomo Electric Industries Ltd.		4,116,000		53,401,782
Sumitomo Rubber Industries Ltd.		1,029,000		17,800,594
Toyoda Gosei Co. Ltd.		411,600		9,103,437
Toyota Industries Corp.		823,200		46,481,241
Yokohama Rubber Co. Ltd. (The)		154,000		1,566,473
				506,247,723
AUTOMOBILES — 11.61%
Daihatsu Motor Co. Ltd.		823,200		11,789,020
Fuji Heavy Industries Ltd.		3,087,000		104,866,845
Honda Motor Co. Ltd.		8,643,600		285,565,253
Isuzu Motors Ltd.		3,087,000		44,854,398
Mazda Motor Corp.		2,881,200		61,603,138
Mitsubishi Motors Corp.		3,498,600		30,992,659
Nissan Motor Co. Ltd.		13,377,000		141,440,696
Suzuki Motor Corp.		2,058,000		65,073,738
Toyota Motor Corp.		14,611,800		985,527,989
Yamaha Motor Co. Ltd.		1,440,600		35,814,657
				1,767,528,393
BANKS — 9.20%
Aozora Bank Ltd.		6,174,000		22,259,350
Bank of Kyoto Ltd. (The)		2,058,000		20,159,087
Bank of Yokohama Ltd. (The)		6,240,000		38,699,536
Chiba Bank Ltd. (The)		4,116,000		31,021,925
Chugoku Bank Ltd. (The)		205,800		3,169,332

Security	Shares		Value
Fukuoka Financial Group Inc.		4,122,000	$	22,102,154
Gunma Bank Ltd. (The)		2,058,000		14,719,060
Hachijuni Bank Ltd. (The)		2,058,000		15,407,671
Hiroshima Bank Ltd. (The)		2,058,000		11,310,435
Hokuhoku Financial Group Inc.		6,174,000		14,615,768
Iyo Bank Ltd. (The)		1,852,200		23,085,683
Joyo Bank Ltd. (The)		4,116,000		22,104,413
Mitsubishi UFJ Financial Group Inc.		67,296,680		437,798,553
Mizuho Financial Group Inc.		119,569,880		220,545,891
Resona Holdings Inc.		11,524,800		64,745,959
Seven Bank Ltd.		3,292,800		15,975,775
Shinsei Bank Ltd.		8,232,000		15,838,053
Shizuoka Bank Ltd. (The)		2,814,000		28,859,124
Sumitomo Mitsui Financial Group Inc.		6,791,400		270,389,128
Sumitomo Mitsui Trust Holdings Inc.		18,522,320		76,772,843
Suruga Bank Ltd.		1,440,600		30,295,440
Yamaguchi Financial Group Inc.		138,000		1,624,208
				1,401,499,388
BEVERAGES — 0.90%
Asahi Group Holdings Ltd.		1,852,200		57,272,636
Kirin Holdings Co. Ltd.		4,321,800		56,559,924
Suntory Beverage & Food Ltd.		617,400		23,188,975
				137,021,535
BUILDING PRODUCTS — 1.20%
Asahi Glass Co. Ltd.		6,174,000		38,940,951
Daikin Industries Ltd.		1,234,800		80,536,497
LIXIL Group Corp.		1,440,600		34,344,473
TOTO Ltd.		2,058,000		28,646,217
				182,468,138
CAPITAL MARKETS — 1.29%
Daiwa Securities Group Inc.		8,232,000		66,444,074
Nomura Holdings Inc.		18,773,600		115,425,957
SBI Holdings Inc./Japan		1,234,810		15,400,909
				197,270,940
CHEMICALS — 3.95%
Air Water Inc.		143,000		2,503,651
Asahi Kasei Corp.		6,174,000		63,834,238
Daicel Corp.		2,058,000		26,718,106
Hitachi Chemical Co. Ltd.		617,400		13,639,662
JSR Corp.		1,029,000		18,842,118

SCHEDULESOF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2015

Security	Shares		Value
Kaneka Corp.		2,058,000	$	13,651,713
Kansai Paint Co. Ltd.		337,000		6,072,174
Kuraray Co. Ltd.		1,852,200		25,487,214
Mitsubishi Chemical Holdings Corp.		7,203,000		40,122,780
Mitsubishi Gas Chemical Co. Inc.		2,058,000		10,656,255
Mitsui Chemicals Inc.		4,116,000		12,670,442
Nippon Paint Holdings Co. Ltd.		791,000		27,459,534
Nitto Denko Corp.		823,200		52,196,713
Shin-Etsu Chemical Co. Ltd.		2,263,800		155,338,587
Sumitomo Chemical Co. Ltd.		8,232,000		38,493,354
Taiyo Nippon Sanso Corp.a		758,000		11,698,607
Teijin Ltd.		4,116,000		13,944,372
Toray Industries Inc.		8,232,000		68,385,957
				601,715,477
COMMERCIAL SERVICES & SUPPLIES — 0.82%
Dai Nippon Printing Co. Ltd.		2,058,000		19,952,503
Park24 Co. Ltd.		617,400		11,651,298
Secom Co. Ltd.		1,029,000		64,101,075
Toppan Printing Co. Ltd.		4,116,000		29,541,411
				125,246,287
CONSTRUCTION & ENGINEERING — 0.88%
Chiyoda Corp.		235,000		1,908,779
JGC Corp.		860,000		17,653,938
Kajima Corp.		4,116,000		19,522,121
Obayashi Corp.		4,116,000		28,129,759
Shimizu Corp.		4,116,000		29,369,258
Taisei Corp.		6,174,000		37,288,285
				133,872,140
CONSTRUCTION MATERIALS — 0.14%
Taiheiyo Cement Corp.		6,174,000		20,658,329
				20,658,329
CONSUMER FINANCE — 0.24%
Acom Co. Ltd.a,b		2,263,800		7,271,732
AEON Financial Service Co. Ltd.		617,470		14,178,386
Credit Saison Co. Ltd.		823,200		15,672,786
				37,122,904
CONTAINERS & PACKAGING — 0.06%
Toyo Seikan Group Holdings Ltd.		617,400		8,464,750
				8,464,750
DIVERSIFIED CONSUMER SERVICES — 0.09%
Benesse Holdings Inc.		411,600		13,118,039
				13,118,039

Security	Shares		Value
DIVERSIFIED FINANCIAL SERVICES — 1.02%
Japan Exchange Group Inc.		1,440,600	$	40,610,833
Mitsubishi UFJ Lease & Finance Co. Ltd.		3,292,800		15,920,686
ORIX Corp.		6,997,200		99,299,425
				155,830,944
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.84%
Nippon Telegraph & Telephone Corp.		2,058,500		127,768,372
				127,768,372
ELECTRIC UTILITIES — 1.31%
Chubu Electric Power Co. Inc.b		3,498,600		43,138,035
Chugoku Electric Power Co. Inc. (The)		1,646,400		21,691,246
Hokuriku Electric Power Co.		823,200		10,983,345
Kansai Electric Power Co. Inc. (The)b		3,910,200		35,113,135
Kyushu Electric Power Co. Inc.b		2,263,800		19,561,716
Shikoku Electric Power Co. Inc.b		823,200		10,583,951
Tohoku Electric Power Co. Inc.		2,469,600		28,942,320
Tokyo Electric Power Co. Inc.b		7,614,600		29,873,666
				199,887,414
ELECTRICAL EQUIPMENT — 1.45%
Fuji Electric Co. Ltd.		2,058,000		9,915,998
Mabuchi Motor Co. Ltd.		411,600		20,864,913
Mitsubishi Electric Corp.		10,290,000		120,592,999
Nidec Corp.		1,029,000		69,480,848
				220,854,758
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.45%
Citizen Holdings Co. Ltd.		1,440,600		10,929,978
Hamamatsu Photonics KK		411,600		22,930,746
Hirose Electric Co. Ltd.		205,800		27,045,196
Hitachi High-Technologies Corp.		411,600		12,739,303
Hitachi Ltd.		26,754,000		183,067,230
Hoya Corp.		2,263,800		91,417,412
IBIDEN Co. Ltd.		617,400		10,396,304
Japan Display Inc.a,b		2,058,000		8,418,269
Keyence Corp.		230,826		117,976,231
Kyocera Corp.		1,646,400		83,197,979
Murata Manufacturing Co. Ltd.		1,029,000		126,919,612
Nippon Electric Glass Co. Ltd.		2,058,500		10,297,235
Omron Corp.		1,029,000		45,448,325

16 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2015

Security	Shares		Value
Shimadzu Corp.		430,000	$	4,647,288
TDK Corp.		617,400		43,485,784
Yaskawa Electric Corp.a		1,440,600		20,124,656
Yokogawa Electric Corp.		1,029,000		10,914,484
				829,956,032
FOOD & STAPLES RETAILING — 1.51%
Aeon Co. Ltd.		3,292,800		35,243,110
FamilyMart Co. Ltd.		411,600		18,592,497
Lawson Inc.		411,600		26,924,689
Seven & I Holdings Co. Ltd.		3,910,280		149,597,771
				230,358,067
FOOD PRODUCTS — 1.38%
Ajinomoto Co. Inc.		2,940,000		56,490,694
Calbee Inc.		206,100		7,792,647
Kikkoman Corp.		736,000		21,332,887
MEIJI Holdings Co. Ltd.		411,628		49,135,736
NH Foods Ltd.		357,000		8,131,758
Nisshin Seifun Group Inc.		1,129,875		13,496,688
Nissin Foods Holdings Co. Ltd.		411,600		20,417,316
Toyo Suisan Kaisha Ltd.		205,800		7,350,922
Yakult Honsha Co. Ltd.		411,600		26,098,356
				210,247,004
GAS UTILITIES — 0.85%
Osaka Gas Co. Ltd.		10,290,000		42,470,082
Toho Gas Co. Ltd.		2,058,000		11,585,880
Tokyo Gas Co. Ltd.		12,348,000		75,216,978
				129,272,940
HEALTH CARE EQUIPMENT & SUPPLIES — 0.88%
Olympus Corp.b		1,235,100		44,787,808
Sysmex Corp.		823,200		44,208,825
Terumo Corp.		1,647,400		45,475,930
				134,472,563
HEALTH CARE PROVIDERS & SERVICES — 0.36%
Alfresa Holdings Corp.		823,200		11,472,259
Medipal Holdings Corp.		823,200		10,466,887
Miraca Holdings Inc.		411,600		19,763,135
Suzuken Co. Ltd./Aichi Japan		411,600		12,997,532
				54,699,813
HEALTH CARE TECHNOLOGY — 0.12%
M3 Inc.		823,200		18,303,280
				18,303,280
HOTELS, RESTAURANTS & LEISURE — 0.49%
McDonald’s Holdings Co. Japan Ltd.a		411,600		9,086,222

Security	Shares		Value
Oriental Land Co. Ltd./Japan		242,800	$	65,460,237
				74,546,459
HOUSEHOLD DURABLES — 3.08%
Casio Computer Co. Ltd.a		1,234,800		21,629,271
Iida Group Holdings Co. Ltd.		823,280		11,411,393
Nikon Corp.		1,852,200		23,937,839
Panasonic Corp.		11,730,615		146,700,150
Rinnai Corp.		205,800		14,495,261
Sekisui Chemical Co. Ltd.		2,065,000		26,515,329
Sekisui House Ltd.		2,675,400		36,087,519
Sharp Corp./Japanab		8,232,000		17,490,719
Sony Corp.		5,968,200		170,466,510
				468,733,991
HOUSEHOLD PRODUCTS — 0.34%
Unicharm Corp.		1,852,200		51,276,556
				51,276,556
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.13%
Electric Power Development Co. Ltd.		617,400		20,632,507
				20,632,507
INDUSTRIAL CONGLOMERATES — 0.75%
Keihan Electric Railway Co. Ltd.		2,058,000		12,963,102
Seibu Holdings Inc.a		617,400		15,751,976
Toshiba Corp.		20,580,000		85,112,318
				113,827,396
INSURANCE — 2.66%
Dai-ichi Life Insurance Co. Ltd. (The)		5,556,600		84,061,325
MS&AD Insurance Group Holdings Inc.		2,704,040		74,711,984
Sompo Japan Nipponkoa Holdings Inc.		1,773,650		55,222,095
Sony Financial Holdings Inc.		1,029,000		15,597,039
T&D Holdings Inc.		3,087,000		40,115,893
Tokio Marine Holdings Inc.		3,704,400		134,811,094
				404,519,430
INTERNET & CATALOG RETAIL — 0.47%
Rakuten Inc.		4,321,800		72,014,937
				72,014,937
INTERNET SOFTWARE & SERVICES — 0.34%
Kakaku.com Inc.		823,200		13,662,042
Mixi Inc.a		205,800		7,566,113

SCHEDULESOF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2015

Security	Shares		Value
Yahoo Japan Corp.		7,614,600	$	30,638,024
				51,866,179
IT SERVICES — 0.77%
Fujitsu Ltd.		10,290,000		62,052,457
ITOCHU Techno-Solutions Corp.		205,800		8,091,179
Nomura Research Institute Ltd.		617,400		21,613,777
NTT Data Corp.		617,400		25,487,214
				117,244,627
LEISURE PRODUCTS — 0.77%
Bandai Namco Holdings Inc.		1,029,098		18,688,960
Sankyo Co. Ltd.		205,800		7,764,089
Sega Sammy Holdings Inc.		1,029,000		15,657,292
Shimano Inc.		411,600		61,974,988
Yamaha Corp.		823,200		13,951,259
				118,036,588
MACHINERY — 5.78%
Amada Co. Ltd.		2,058,000		19,470,476
FANUC Corp.		1,029,000		197,502,238
Hino Motors Ltd.		1,646,400		25,092,984
Hitachi Construction Machinery Co. Ltd.		617,400		11,429,221
IHI Corp.		6,174,000		28,766,724
JTEKT Corp.		1,234,800		19,367,184
Kawasaki Heavy Industries Ltd.		8,232,000		39,044,243
Komatsu Ltd.		5,145,000		107,143,565
Kubota Corp.		6,174,000		100,425,304
Kurita Water Industries Ltd.		617,400		15,292,328
Makita Corp.		617,400		29,386,474
Minebea Co. Ltd.		2,058,000		31,090,786
Mitsubishi Heavy Industries Ltd.		16,464,000		91,268,500
Nabtesco Corp.		411,600		11,052,206
NGK Insulators Ltd.		1,310,000		25,543,603
NSK Ltd.		2,058,000		28,680,647
SMC Corp./Japan		259,100		72,119,725
Sumitomo Heavy Industries Ltd.		2,058,000		12,790,949
THK Co. Ltd.		618,000		14,898,791
				880,365,948
MARINE — 0.31%
Mitsui OSK Lines Ltd.		6,174,000		22,052,767
Nippon Yusen KK		8,232,000		24,721,134
				46,773,901
MEDIA — 0.50%
Dentsu Inc.		1,029,000		44,845,790

Security	Shares		Value
Hakuhodo DY Holdings Inc.		1,440,600	$	15,931,015
Toho Co. Ltd./Tokyo		617,400		15,003,112
				75,779,917
METALS & MINING — 1.90%
Hitachi Metals Ltd.		471,000		7,592,262
JFE Holdings Inc.		2,675,450		66,861,072
Kobe Steel Ltd.		18,522,000		36,565,243
Maruichi Steel Tube Ltd.		205,800		4,906,353
Mitsubishi Materials Corp.		6,174,000		21,278,080
Nippon Steel & Sumitomo Metal Corp.		41,160,705		109,422,160
Sumitomo Metal Mining Co. Ltd.		2,346,000		37,060,697
Yamato Kogyo Co. Ltd.		205,800		5,551,926
				289,237,793
MULTILINE RETAIL — 0.61%
Don Quijote Holdings Co. Ltd.		205,800		15,992,990
Isetan Mitsukoshi Holdings Ltd.		1,852,260		28,338,982
J Front Retailing Co. Ltd.		1,029,000		14,753,490
Marui Group Co. Ltd.		1,234,800		14,471,160
Takashimaya Co. Ltd.		2,058,000		19,246,677
				92,803,299
OIL, GAS & CONSUMABLE FUELS — 0.97%
Idemitsu Kosan Co. Ltd.		823,200		14,481,489
INPEX Corp.		4,733,400		56,165,694
JX Holdings Inc.		11,730,695		47,582,199
Showa Shell Sekiyu KK		1,029,000		9,864,353
TonenGeneral Sekiyu KK		2,058,000		19,453,260
				147,546,995
PAPER & FOREST PRODUCTS — 0.11%
Oji Holdings Corp.		4,116,000		17,387,427
				17,387,427
PERSONAL PRODUCTS — 1.08%
Kao Corp.		2,881,200		128,942,407
Shiseido Co. Ltd.		2,058,000		36,040,177
				164,982,584
PHARMACEUTICALS — 5.32%
Astellas Pharma Inc.		11,524,850		183,267,722
Chugai Pharmaceutical Co. Ltd.		1,234,800		37,649,805
Daiichi Sankyo Co. Ltd.		3,292,869		51,564,271
Eisai Co. Ltd.		1,440,600		75,220,421
Hisamitsu Pharmaceutical Co. Inc.		205,800		7,686,620
Kyowa Hakko Kirin Co. Ltd.		2,058,000		24,876,072

18 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2015

Security	Shares		Value
Mitsubishi Tanabe Pharma Corp.		1,029,000	$	17,335,781
Ono Pharmaceutical Co. Ltd.		411,600		40,972,353
Otsuka Holdings Co. Ltd.		2,058,000		61,708,152
Santen Pharmaceutical Co. Ltd.		411,600		27,578,870
Shionogi & Co. Ltd.		1,646,400		48,409,352
Sumitomo Dainippon Pharma Co. Ltd.		823,200		8,986,373
Taisho Pharmaceutical Holdings Co. Ltd.		205,800		14,013,234
Takeda Pharmaceutical Co. Ltd.		4,116,000		210,818,253
				810,087,279
PROFESSIONAL SERVICES — 0.13%
Recruit Holdings Co. Ltd.b		617,400		19,341,361
				19,341,361
REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.97%
Japan Prime Realty Investment Corp.		4,116		14,787,921
Japan Real Estate Investment Corp.		6,174		30,780,911
Japan Retail Fund Investment Corp.		12,358		26,515,764
Nippon Building Fund Inc.		8,232		41,316,659
Nippon Prologis REIT Inc.		6,198		14,309,657
United Urban Investment Corp.		12,348		20,059,238
				147,770,150
REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.54%
Aeon Mall Co. Ltd.		617,400		11,945,679
Daito Trust Construction Co. Ltd.		411,600		44,535,915
Daiwa House Industry Co. Ltd.		3,087,000		60,748,400
Hulic Co. Ltd.		1,440,600		15,738,204
Mitsubishi Estate Co. Ltd.		6,480,000		151,423,146
Mitsui Fudosan Co. Ltd.		4,822,000		132,565,168
Nomura Real Estate Holdings Inc.		617,400		10,907,598
NTT Urban Development Corp.		617,400		6,326,614
Sumitomo Realty & Development Co. Ltd.		2,058,000		70,771,994
Tokyo Tatemono Co. Ltd.		2,058,000		15,321,594
Tokyu Fudosan Holdings Corp.		2,675,400		18,284,343
				538,568,655
ROAD & RAIL — 4.09%
Central Japan Railway Co.		823,200		153,215,944
East Japan Railway Co.		1,852,200		155,479,752
Hankyu Hanshin Holdings Inc.		6,174,000		39,095,889

Security	Shares		Value
Keikyu Corp.		2,062,000	$	16,783,019
Keio Corp.		4,116,000		34,223,966
Keisei Electric Railway Co. Ltd.		503,000		6,816,345
Kintetsu Corp.		8,499,000		32,987,879
Nagoya Railroad Co. Ltd.		4,116,000		17,421,858
Nippon Express Co. Ltd.		4,116,000		23,034,037
Odakyu Electric Railway Co. Ltd.		2,298,000		23,970,940
Tobu Railway Co. Ltd.		6,174,000		30,677,619
Tokyu Corp.		6,174,000		41,884,763
West Japan Railway Co.		823,200		46,935,725
				622,527,736
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.76%
Advantest Corp.		1,029,000		13,625,890
Rohm Co. Ltd.		617,400		39,818,930
Tokyo Electron Ltd.		823,252		61,910,038
				115,354,858
SOFTWARE — 0.84%
COLOPL Inc.a		205,800		5,044,075
GungHo Online Entertainment Inc.a		2,263,800		7,783,026
Konami Corp.		617,400		12,487,960
Nexon Co. Ltd.		617,400		6,393,753
Nintendo Co. Ltd.		617,400		66,003,363
Oracle Corp. Japan		205,800		9,003,589
Trend Micro Inc./Japan		617,400		21,019,850
				127,735,616
SPECIALTY RETAIL — 1.40%
ABC-Mart Inc.		205,800		11,568,665
Fast Retailing Co. Ltd.		277,700		107,623,414
Nitori Holdings Co. Ltd.		411,600		27,268,995
Sanrio Co. Ltd.a		206,600		6,083,333
Shimamura Co. Ltd.		205,800		19,952,503
USS Co. Ltd.		1,234,800		21,835,854
Yamada Denki Co. Ltd.		4,463,800		19,379,415
				213,712,179
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.81%
Brother Industries Ltd.		1,234,800		20,823,596
Canon Inc.		5,968,250		194,157,215
FUJIFILM Holdings Corp.		2,469,600		85,163,963
Konica Minolta Inc.		2,881,200		29,403,689
NEC Corp.		13,014,000		39,626,049

SCHEDULESOF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN ETF

February 28, 2015

Security	Shares		Value
Ricoh Co. Ltd.		3,704,400	$	36,828,637
Seiko Epson Corp.		617,400		22,698,340
				428,701,489
TEXTILES, APPAREL & LUXURY GOODS — 0.14%
ASICS Corp.		823,200		21,553,524
				21,553,524
TOBACCO — 1.19%
Japan Tobacco Inc.		5,762,400		181,820,844
				181,820,844
TRADING COMPANIES & DISTRIBUTORS — 3.34%
ITOCHU Corp.		8,026,200		89,967,025
Marubeni Corp.		8,232,000		50,612,907
Mitsubishi Corp.		7,408,800		148,151,210
Mitsui & Co. Ltd.		9,055,200		125,929,733
Sumitomo Corp.		5,968,200		65,650,450
Toyota Tsusho Corp.		1,029,000		28,534,318
				508,845,643
TRANSPORTATION INFRASTRUCTURE — 0.16%
Kamigumi Co. Ltd.		2,058,000		20,073,010
Mitsubishi Logistics Corp.		242,000		3,724,790
				23,797,800
WIRELESS TELECOMMUNICATION SERVICES — 4.39%
KDDI Corp.		3,087,000		214,071,940
NTT DOCOMO Inc.		8,026,200		142,638,018
SoftBank Corp.		5,072,300		312,582,158
				669,292,116
TOTAL COMMON STOCKS
(Cost: $15,550,663,251)				15,170,889,231

Security	Shares		Value
SHORT-TERM INVESTMENTS — 0.63%
MONEY MARKET FUNDS — 0.63%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		84,315,888	$	84,315,888
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		4,920,878		4,920,878
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		6,566,485		6,566,485
				95,803,251
TOTAL SHORT-TERM INVESTMENTS
(Cost: $95,803,251)				95,803,251
TOTAL INVESTMENTS IN SECURITIES — 100.24%
(Cost: $15,646,466,502)				15,266,692,482
Other Assets, Less Liabilities — (0.24)%				(37,034,748	)
NET ASSETS — 100.00%			$	15,229,657,734

^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.

Open futures contracts as of February 28, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
TOPIX Index		403		Mar. 2015		Tokyo Stock	$	51,426,367	$	2,858,986

See notes to financial statements.

20 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI EMU ETF			iShares MSCI Germany ETF			iShares MSCI Japan ETF
ASSETS
Investments, at cost:
Unaffiliated	$	8,990,665,732		$	5,770,056,264		$	15,550,663,251
Affiliated (Note 2)		34,411,595			3,843,296			95,803,251
Total cost of investments	$	9,025,077,327		$	5,773,899,560		$	15,646,466,502
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	8,804,711,573		$	5,922,630,016		$	15,170,889,231
Affiliated (Note 2)		34,411,595			3,843,296			95,803,251
Total fair value of investments		8,839,123,168			5,926,473,312			15,266,692,482
Foreign currency, at valueb		2,423,204			12,603,144			34,551,388
Receivables:
Investment securities sold		46,383,970			9,340,471			8,876,916
Dividends and interest		9,196,488			12,783,004			19,461,213
Capital shares sold		—			134,305			4,822,966
Futures variation margin		—			3,579,133			2,858,986
Total Assets		8,897,126,830			5,964,913,369			15,337,263,951
LIABILITIES
Payables:
Investment securities purchased		46,864,703			9,256,833			11,599,869
Due to broker for foreign currency pledged for futures, at valueb		—			1,202,358			800,880
Collateral for securities on loan (Note 1)		27,016,505			—			89,236,766
Capital shares redeemed		—			—			720,761
Investment advisory fees (Note 2)		3,000,748			2,030,115			5,247,941
Total Liabilities		76,881,956			12,489,306			107,606,217
NET ASSETS	$	8,820,244,874		$	5,952,424,063		$	15,229,657,734
Net assets consist of:
Paid-in capital	$	9,355,380,142		$	5,969,378,161		$	16,320,675,963
Undistributied (distributions in excess of) net investment income		2,262,378			1,604,977			(29,066,810	)
Accumulated net realized loss		(349,851,845	)		(172,005,167	)		(684,866,218	)
Net unrealized appreciation (depreciation)		(187,545,801	)		153,446,092			(377,085,201	)
NET ASSETS	$	8,820,244,874		$	5,952,424,063		$	15,229,657,734
Shares outstandingc		225,600,000			199,800,000			1,234,800,000
Net asset value per share	$	39.10		$	29.79		$	12.33

^a  Securities on loan with values of $25,656,542, $  — and $84,834,753, respectively. See Note 1.

^b  Cost of foreign currency including currency at broker, if any: $2,448,477, $11,504,878 and $33,961,686, respectively.

^c  $0.001 par value, number of shares authorized: 1 billion, 382.2 million and 2.1246 billion, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 21

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI EMU ETF			iShares MSCI Germany ETF			iShares MSCI Japan ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	58,858,724		$	13,279,850		$	120,042,909
Interest — affiliated (Note 2)		98			32			223
Securities lending income — affiliated (Note 2)		355,476			5,335			1,403,852
Total investment income		59,214,298			13,285,217			121,446,984
EXPENSES
Investment advisory fees (Note 2)		18,837,379			11,680,240			34,479,733
Total expenses		18,837,379			11,680,240			34,479,733
Net investment income		40,376,919			1,604,977			86,967,251
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(65,792,085	)		(24,617,282	)		(73,761,139	)
In-kind redemptions — unaffiliated		84,918,291			74,591,012			410,267,168
Futures contracts		—			145,409			9,659,693
Foreign currency transactions		(1,208,996	)		(1,839,955	)		(13,766,313	)
Net realized gain		17,917,210			48,279,184			332,399,409
Net change in unrealized appreciation/depreciation on:
Investments		(265,301,080	)		115,221,941			221,455,033
Futures contracts		—			4,769,306			1,952,407
Translation of assets and liabilities in foreign currencies		(1,076,188	)		(1,981,327	)		498,461
Net change in unrealized appreciation/depreciation		(266,377,268	)		118,009,920			223,905,901
Net realized and unrealized gain (loss)		(248,460,058	)		166,289,104			556,305,310
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(208,083,139	)	$	167,894,081		$	643,272,561

^a  Net of foreign withholding tax of $6,610,159, $2,152,750 and $13,298,606, respectively.

See notes to financial statements.

22 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI EMU ETF						iShares MSCI Germany ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	40,376,919		$	255,301,280		$	1,604,977		$	109,217,597
Net realized gain		17,917,210			272,213,942			48,279,184			503,529,812
Net change in unrealized appreciation/depreciation		(266,377,268	)		323,453,444			118,009,920			181,241,179
Net increase (decrease) in net assets resulting from operations		(208,083,139	)		850,968,666			167,894,081			793,988,588
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(52,659,271	)		(243,559,586	)		—			(111,913,888	)
Total distributions to shareholders		(52,659,271	)		(243,559,586	)		—			(111,913,888	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,360,512,261			6,832,263,291			1,534,872,499			1,689,588,472
Cost of shares redeemed		(1,982,162,099	)		(2,277,014,968	)		(547,776,446	)		(2,230,103,855	)
Net increase (decrease) in net assets from capital share transactions		378,350,162			4,555,248,323			987,096,053			(540,515,383	)
INCREASE IN NET ASSETS		117,607,752			5,162,657,403			1,154,990,134			141,559,317
NET ASSETS
Beginning of period		8,702,637,122			3,539,979,719			4,797,433,929			4,655,874,612
End of period	$	8,820,244,874		$	8,702,637,122		$	5,952,424,063		$	4,797,433,929
Undistributed net investment income included in net assets at end of period	$	2,262,378		$	14,544,730		$	1,604,977		$	—
SHARES ISSUED AND REDEEMED
Shares sold		61,700,000			172,200,000			54,000,000			57,000,000
Shares redeemed		(53,800,000	)		(56,700,000	)		(19,800,000	)		(73,200,000	)
Net increase (decrease) in shares outstanding		7,900,000			115,500,000			34,200,000			(16,200,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 23

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Japan ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	86,967,251		$	177,693,682
Net realized gain		332,399,409			136,968,307
Net change in unrealized appreciation/depreciation		223,905,901			665,594,417
Net increase in net assets resulting from operations		643,272,561			980,256,406
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(87,384,550	)		(199,951,249	)
Total distributions to shareholders		(87,384,550	)		(199,951,249	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		3,348,421,793			5,400,567,672
Cost of shares redeemed		(3,403,840,773	)		(1,913,626,119	)
Net increase (decrease) in net assets from capital share transactions		(55,418,980	)		3,486,941,553
INCREASE IN NET ASSETS		500,469,031			4,267,246,710
NET ASSETS
Beginning of period		14,729,188,703			10,461,941,993
End of period	$	15,229,657,734		$	14,729,188,703
Distributions in excess of net investment income included in net assets at end of period	$	(29,066,810	)	$	(28,649,511	)
SHARES ISSUED AND REDEEMED
Shares sold		285,600,000			457,800,000
Shares redeemed		(295,800,000	)		(166,800,000	)
Net increase (decrease) in shares outstanding		(10,200,000	)		291,000,000

See notes to financial statements.

24 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI EMU ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	39.98		$	34.64		$	29.09		$	31.55		$	30.75		$	35.64
Income from investment operations:
Net investment incomea		0.19			1.18			0.92			1.02			1.23			0.80
Net realized and unrealized gain (loss)b		(0.81	)		5.10			5.55			(2.38	)		0.71			(4.76	)
Total from investment operations		(0.62	)		6.28			6.47			(1.36	)		1.94			(3.96	)
Less distributions from:
Net investment income		(0.26	)		(0.94	)		(0.92	)		(1.10	)		(1.14	)		(0.93	)
Total distributions		(0.26	)		(0.94	)		(0.92	)		(1.10	)		(1.14	)		(0.93	)
Net asset value, end of period	$	39.10		$	39.98		$	34.64		$	29.09		$	31.55		$	30.75
Total return		(1.50	)%c		18.02	%		22.43	%		(3.99	)%		5.78	%		(11.19	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	8,820,245		$	8,702,637		$	3,539,980		$	794,226		$	738,233		$	823,972
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.50	%		0.53	%		0.52	%		0.54	%
Ratio of net investment income to average net assetsd		1.04	%		2.89	%		2.74	%		3.55	%		3.38	%		2.29	%
Portfolio turnover ratee		2	%		7	%		5	%		7	%		8	%		5	%

^a Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 25

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Germany ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	28.97		$	25.61		$	21.34		$	21.02		$	19.45		$	20.86
Income from investment operations:
Net investment incomea		0.01			0.59			0.46			0.56			0.86			0.38
Net realized and unrealized gain (loss)b		0.81			3.40			4.24			0.34			1.38			(1.49	)
Total from investment operations		0.82			3.99			4.70			0.90			2.24			(1.11	)
Less distributions from:
Net investment income		—			(0.63	)		(0.43	)		(0.58	)		(0.67	)		(0.30	)
Total distributions		—			(0.63	)		(0.43	)		(0.58	)		(0.67	)		(0.30	)
Net asset value, end of period	$	29.79		$	28.97		$	25.61		$	21.34		$	21.02		$	19.45
Total return		2.83	%c		15.41	%		22.11	%		4.55	%		10.84	%		(5.35	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	5,952,424		$	4,797,434		$	4,655,875		$	2,797,029		$	2,768,171		$	1,487,881
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.51	%		0.53	%		0.51	%		0.53	%
Ratio of net investment income to average net assetsd		0.07	%		1.95	%		1.88	%		2.72	%		3.45	%		1.80	%
Portfolio turnover ratee		2	%		6	%		4	%		4	%		13	%		5	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

26 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Japan ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	11.83		$	10.97		$	9.02		$	9.80		$	9.43		$	10.24
Income from investment operations:
Net investment incomea		0.07			0.15			0.13			0.18			0.16			0.12
Net realized and unrealized gain (loss)b		0.50			0.88			1.97			(0.77	)		0.37			(0.77	)
Total from investment operations		0.57			1.03			2.10			(0.59	)		0.53			(0.65	)
Less distributions from:
Net investment income		(0.07	)		(0.17	)		(0.15	)		(0.19	)		(0.16	)		(0.16	)
Total distributions		(0.07	)		(0.17	)		(0.15	)		(0.19	)		(0.16	)		(0.16	)
Net asset value, end of period	$	12.33		$	11.83		$	10.97		$	9.02		$	9.80		$	9.43
Total return		4.85	%c		9.39	%		23.46	%		(5.96	)%		5.54	%		(6.41	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	15,229,658		$	14,729,189		$	10,461,942		$	4,629,034		$	7,194,509		$	3,942,769
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.50	%		0.53	%		0.51	%		0.54	%
Ratio of net investment income to average net assetsd		1.22	%		1.31	%		1.18	%		1.95	%		1.53	%		1.20	%
Portfolio turnover ratee		1	%		2	%		4	%		3	%		4	%		5	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 27

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 EMU	Diversified
MSCI Germany	Non-diversified
MSCI Japan	Diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

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

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

28 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued 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

• 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.

NOTESTO FINANCIAL STATEMENTS 29

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2015. 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 EMU
Assets:
Common Stocks	$	8,620,366,378	$	—	$	7	$	8,620,366,385
Preferred Stocks		184,345,188		—		—		184,345,188
Money Market Funds		34,411,595		—		—		34,411,595
	$	8,839,123,161	$	—	$	7	$	8,839,123,168
MSCI Germany
Assets:
Common Stocks	$	5,516,408,014	$	—	$	—	$	5,516,408,014
Preferred Stocks		406,222,002		—		—		406,222,002
Money Market Funds		3,843,296		—		—		3,843,296
Futures Contractsa		3,579,133		—		—		3,579,133
	$	5,930,052,445	$	—	$	—	$	5,930,052,445
MSCI Japan
Assets:
Common Stocks	$	15,170,889,231	$	—	$	—	$	15,170,889,231
Money Market Funds		95,803,251		—		—		95,803,251
Futures Contractsa		2,858,986		—		—		2,858,986
	$	15,269,551,468	$	—	$	—	$	15,269,551,468

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 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.

30 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by 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. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of February 28, 2015 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.

NOTESTO FINANCIAL STATEMENTS 31

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:

iShares ETF	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI EMU	$	25,656,542	$	25,656,542	$	—
MSCI Japan		84,834,753		84,834,753		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except 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 Funds, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

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

32 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, 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, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2015, each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2015, 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 EMU	$	112,236
MSCI Germany		2,244
MSCI Japan		430,764

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, 2015, 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.

NOTESTO FINANCIAL STATEMENTS 33

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI EMU		$180,297,985		$216,567,600
MSCI Germany		113,541,926		114,680,267
MSCI Japan		184,240,740		198,068,186

In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI EMU	$	2,338,483,468	$	1,957,641,639
MSCI Germany		1,527,306,824		544,806,278
MSCI Japan		3,253,266,016		3,320,146,713

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. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.

5. FUTURES CONTRACTS

Each Fund may purchase or sell 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

34 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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, 2015 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
	iShares MSCI Germany ETF		iShares MSCI Japan ETF
Equity contracts:
Variation margin / Net assets consist of – net unrealized appreciation (depreciation)a	$	3,579,133	$	2,858,986

^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 Funds during the six months ended February 28, 2015 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares MSCI Germany ETF		iShares MSCI Japan ETF
Equity contracts:
Futures contracts	$	145,409	$	9,659,693
	Net Change in Unrealized Appreciation/Depreciation
	iShares MSCI Germany ETF		iShares MSCI Japan ETF
Equity contracts:
Futures contracts	$	4,769,306	$	1,952,407

The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2015:

	iShares MSCI Germany ETF		iShares MSCI Japan ETF
Average value of contracts purchased	$	26,893,401	$	69,207,130

6. MARKET AND CREDIT RISK

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

NOTESTO FINANCIAL STATEMENTS 35

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

MARKET RISK

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

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

Each Fund invests a substantial amount of its assets 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 issuers from countries with less developed markets.

The iShares MSCI Germany ETF and iShares MSCI Japan ETF each invests all or substantially all of its assets in issuers located in a single country. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

CREDIT RISK

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

7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment

36 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or 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, 2014, the Funds’ fiscal year-end, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2015		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI EMU	$	53,431,438	$	—	$	—	$	26,644,200	$	68,035,542	$	30,230,739	$	178,341,919
MSCI Germany		21,864,809		4,227,713		3,394,735		27,790,050		28,490,949		32,215,954		117,984,210
MSCI Japan		287,119,620		27,817,841		44,443,527		116,295,478		173,577,101		139,228,194		788,481,761

^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, 2015, 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 EMU	$	9,201,827,822	$	393,813,812	$	(756,518,466	)	$	(362,704,654	)
MSCI Germany		5,872,066,054		519,972,651		(465,565,393	)		54,407,258
MSCI Japan		15,847,691,926		1,084,841,905		(1,665,841,349	)		(580,999,444	)

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. SUBSEQUENT EVENTS

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

NOTESTO FINANCIAL STATEMENTS 37

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources 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 EMU	$	0.191740	$	—	$	0.069986	$	0.261726		73	%		—	%		27	%		100	%
MSCI Japan		0.063000		—		0.003321		0.066321		95			—			5			100

38 2015 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 basis on the Funds’ website.

©2015 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-81-0215

FEBRUARY 28, 2015

2015 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	42
iShares MSCI Thailand Capped ETF	45
Financial Statements	49
Financial Highlights	60
Notes to Financial Statements	69
Supplemental Information	82

Fund Performance Overview

iSHARES^® MSCI AUSTRALIA ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -9.93%, net of fees, while the total return for the Index was -9.73%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(0.15)%		(0.49)%		0.23%		(0.15)%		(0.49)%		0.23%
5 Years		6.18%		6.20%		6.61%		34.97%		35.11%		37.72%
10 Years		7.76%		7.74%		7.78%		111.16%		110.83%		111.55%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	900.70	$	2.26	$	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 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total  Investments*

Financials	54.02	%
Materials	16.05
Consumer Staples	7.78
Industrials	5.89
Health Care	5.46
Energy	4.34
Telecommunication Services	2.34
Utilities	1.82
Consumer Discretionary	1.82
Information Technology	0.48
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

Commonwealth Bank of Australia	11.89	%
Westpac Banking Corp.	9.42
BHP Billiton Ltd.	8.62
Australia & New Zealand Banking Group Ltd.	7.77
National Australia Bank Ltd.	7.15
Wesfarmers Ltd.	3.93
CSL Ltd.	3.49
Woolworths Ltd.	3.09
Rio Tinto Ltd.	2.24
Telstra Corp. Ltd.	2.18
TOTAL	59.78	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI HONG KONG ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was 0.05%, net of fees, while the total return for the Index was 0.35%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		11.21%		11.46%		11.67%		11.21%		11.46%		11.67%
5 Years		10.31%		10.26%		10.89%		63.35%		62.99%		67.69%
10 Years		9.29%		9.29%		9.86%		143.11%		143.22%		156.17%

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,000.50	$	2.38	$	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 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Financials	63.40	%
Utilities	12.16
Consumer Discretionary	11.57
Industrials	10.22
Telecommunication Services	1.53
Information Technology	0.62
Consumer Staples	0.50
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

AIA Group Ltd.	17.40	%
Hutchison Whampoa Ltd.	7.15
Cheung Kong Holdings Ltd.	6.72
Sun Hung Kai Properties Ltd.	6.38
Hong Kong Exchanges and Clearing Ltd.	6.19
CLP Holdings Ltd.	4.15
Link REIT (The)	3.54
Power Assets Holdings Ltd.	3.49
Hang Seng Bank Ltd.	3.48
Hong Kong & China Gas Co. Ltd.	3.47
TOTAL	61.97	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI JAPAN SMALL-CAP ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was 0.52%, net of fees, while the total return for the Index was 0.64%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		8.97%		7.90%		9.31%		8.97%		7.90%		9.31%
5 Years		8.75%		8.74%		9.17%		52.10%		52.04%		55.09%
Since Inception		4.09%		4.07%		4.46%		33.43%		33.21%		36.86%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,005.20	$	2.39	$	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 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Industrials	24.31	%
Financials	20.06
Consumer Discretionary	17.70
Information Technology	10.95
Materials	10.78
Consumer Staples	9.53
Health Care	5.42
Energy	0.65
Utilities	0.45
Telecommunication Services	0.15
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

Alps Electric Co. Ltd.	0.73	%
MISUMI Group Inc.	0.65
Advance Residence Investment Corp.	0.58
Kaken Pharmaceutical Co. Ltd.	0.53
Orix JREIT Inc.	0.51
DISCO Corp.	0.49
Kawasaki Kisen Kaisha Ltd.	0.49
Nippon Kayaku Co. Ltd.	0.47
Haseko Corp.	0.47
Ryohin Keikaku Co. Ltd.	0.47
TOTAL	5.39	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI MALAYSIA ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -13.93%, net of fees, while the total return for the Index was -13.82%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(8.41)%		(8.24)%		(8.38)%		(8.41)%		(8.24)%		(8.38)%
5 Years		8.25%		8.15%		8.72%		48.62%		47.98%		51.92%
10 Years		10.16%		9.96%		10.69%		163.14%		158.51%		176.02%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	860.70	$	2.21	$	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 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Financials	31.61	%
Utilities	14.55
Industrials	13.18
Telecommunication Services	12.60
Consumer Staples	9.37
Consumer Discretionary	8.77
Materials	3.78
Energy	3.46
Health Care	2.68
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

Tenaga Nasional Bhd	9.66	%
Public Bank Bhd	9.59
Malayan Banking Bhd	8.29
CIMB Group Holdings Bhd	5.89
Sime Darby Bhd	5.30
DiGi.Com Bhd	4.53
Axiata Group Bhd	3.79
Genting Bhd	3.76
Petronas Gas Bhd	3.00
Petronas Chemicals Group Bhd	2.98
TOTAL	56.79	%

* Excludes money market funds.

8 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI PACIFIC EX JAPAN ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -7.10%, net of fees, while the total return for the Index was -6.90%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		2.97%		2.80%		3.42%		2.97%		2.80%		3.42%
5 Years		7.27%		7.28%		7.71%		42.02%		42.13%		45.00%
10 Years		8.26%		8.24%		8.43%		121.10%		120.73%		124.74%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	929.00	$	2.34	$	1,000.00	$	1,022.40	$	2.46		0.49%

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

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Financials	56.06	%
Materials	10.13
Industrials	8.61
Consumer Staples	5.33
Consumer Discretionary	4.85
Utilities	4.64
Telecommunication Services	3.77
Health Care	3.49
Energy	2.67
Information Technology	0.45
TOTAL	100.00	%

COUNTRY ALLOCATION

As of 2/28/15

Country Percentage of
Total Investments*

Australia	61.33	%
Hong Kong	25.47
Singapore	11.95
New Zealand	1.25
TOTAL	100.00	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI SINGAPORE ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -6.52%, net of fees, while the total return for the Index was -6.53%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		4.12%		4.61%		4.39%		4.12%		4.61%		4.39%
5 Years		6.97%		7.00%		7.28%		40.06%		40.23%		42.12%
10 Years		9.78%		9.74%		9.99%		154.22%		153.20%		159.03%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	934.80	$	2.30	$	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 14 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Financials	57.07	%
Industrials	18.97
Telecommunication Services	13.92
Consumer Discretionary	6.55
Consumer Staples	3.49
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

DBS Group Holdings Ltd.	13.03	%
Singapore Telecommunications Ltd.	12.93
Oversea-Chinese Banking Corp. Ltd.	12.09
United Overseas Bank Ltd.	11.44
Keppel Corp. Ltd.	4.90
CapitaLand Ltd.	3.54
Global Logistic Properties Ltd.	3.14
Singapore Exchange Ltd.	2.55
Singapore Press Holdings Ltd.	2.52
Singapore Airlines Ltd.	2.49
TOTAL	68.63	%

* Excludes money market funds.

10 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -13.24%, net of fees, while the total return for the Index was -13.05%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(6.31)%		(6.16)%		(5.72)%		(6.31)%		(6.16)%		(5.72)%
5 Years		5.71%		5.55%		6.40%		31.97%		31.00%		36.37%
10 Years		6.28%		6.11%		6.95%		83.79%		80.98%		95.75%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	867.60	$	2.87	$	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 2/28/15

Sector Percentage of
Total Investments*

Information Technology	36.20	%
Consumer Discretionary	16.05
Financials	14.40
Industrials	12.10
Materials	8.08
Consumer Staples	6.86
Utilities	2.11
Energy	1.94
Telecommunication Services	1.27
Health Care	0.99
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

Samsung Electronics Co. Ltd.	21.26	%
SK Hynix Inc.	4.39
Hyundai Motor Co.	4.04
Shinhan Financial Group Co. Ltd.	3.09
NAVER Corp.	3.03
POSCO	2.86
Hyundai Mobis Co. Ltd.	2.78
KB Financial Group Inc.	2.58
Kia Motors Corp.	1.97
Korea Electric Power Corp.	1.89
TOTAL	47.89	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 11

Fund Performance Overview

iSHARES^® MSCI TAIWAN ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -1.28%, net of fees, while the total return for the Index was -0.95%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		15.75%		16.05%		16.45%		15.75%		16.05%		16.45%
5 Years		8.82%		8.88%		9.29%		52.62%		53.02%		55.93%
10 Years		5.47%		5.23%		6.15%		70.39%		66.49%		81.55%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	987.20	$	3.05	$	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 2/28/15

Sector Percentage of
Total Investments*

Information Technology	58.89	%
Financials	17.02
Materials	9.14
Telecommunication Services	4.46
Consumer Discretionary	4.33
Industrials	3.06
Consumer Staples	2.57
Energy	0.48
Health Care	0.05
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

Taiwan Semiconductor Manufacturing Co. Ltd.	23.46	%
Hon Hai Precision Industry Co. Ltd.	6.89
MediaTek Inc.	4.23
Cathay Financial Holding Co. Ltd.	2.49
Chunghwa Telecom Co. Ltd.	2.36
Fubon Financial Holding Co. Ltd.	2.36
Delta Electronics Inc.	2.35
Nan Ya Plastics Corp.	2.05
Formosa Plastics Corp.	2.02
China Steel Corp.	1.94
TOTAL	50.15	%

* Excludes money market funds.

12 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI THAILAND CAPPED ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -1.22%, net of fees, while the total return for the Index was -1.10%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		21.58%		21.52%		21.82%		21.58%		21.52%		21.82%
5 Years		17.28%		17.20%		17.78%		121.87%		121.14%		126.61%
Since Inception		10.22%		10.19%		10.57%		96.29%		95.94%		100.64%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	987.80	$	3.06	$	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 2/28/15

Sector Percentage of
Total Investments*

Financials	31.17	%
Energy	16.91
Telecommunication Services	10.05
Materials	9.70
Industrials	9.14
Consumer Staples	7.93
Consumer Discretionary	5.49
Health Care	3.90
Information Technology	3.56
Utilities	2.15
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

PTT PCL NVDR	8.30	%
Siam Commercial Bank PCL (The) NVDR	6.75
Kasikornbank PCL Foreign	6.23
Advanced Info Service PCL NVDR	5.98
CP ALL PCL NVDR	4.30
PTT Exploration & Production PCL NVDR	3.85
Siam Cement PCL (The) Foreign	3.62
Kasikornbank PCL NVDR	3.51
Airports of Thailand PCL NVDR	3.28
True Corp. PCL NVDR	2.74
TOTAL	48.56	%

* 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, 2014 and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number 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 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI AUSTRALIA ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.01%
AIR FREIGHT & LOGISTICS — 0.48%
Toll Holdings Ltd.		1,169,793	$	8,185,962
				8,185,962
AIRLINES — 0.13%
Qantas Airways Ltd.a		945,099		2,137,953
				2,137,953
BANKS — 36.73%
Australia & New Zealand Banking Group Ltd.		4,729,922		130,840,935
Bank of Queensland Ltd.		629,681		6,880,644
Bendigo & Adelaide Bank Ltd.		769,884		7,725,675
Commonwealth Bank of Australia		2,781,918		200,160,074
National Australia Bank Ltd.		4,060,203		120,450,906
Westpac Banking Corp.		5,334,618		158,675,559
				624,733,793
BEVERAGES — 0.75%
Coca-Cola Amatil Ltd.		983,097		8,010,695
Treasury Wine Estates Ltd.		1,117,664		4,750,444
				12,761,139
BIOTECHNOLOGY — 3.46%
CSL Ltd.		814,695		58,821,685
				58,821,685
CAPITAL MARKETS — 1.82%
Macquarie Group Ltd.		496,249		28,301,661
Platinum Asset Management Ltd.		399,375		2,635,309
				30,936,970
CHEMICALS — 1.12%
Incitec Pivot Ltd.		2,841,007		9,050,859
Orica Ltd.		639,861		9,926,872
				18,977,731
COMMERCIAL SERVICES & SUPPLIES — 1.37%
Brambles Ltd.		2,683,917		23,319,282
				23,319,282
CONSTRUCTION & ENGINEERING — 0.18%
Leighton Holdings Ltd.		174,323		3,006,023
				3,006,023
CONSTRUCTION MATERIALS — 0.92%
Boral Ltd.		1,343,658		6,457,735
James Hardie Industries PLC		768,532		9,107,747
				15,565,482

Security	Shares		Value
CONTAINERS & PACKAGING — 1.30%
Amcor Ltd./Australia		2,071,436	$	22,148,552
				22,148,552
DIVERSIFIED FINANCIAL SERVICES — 0.68%
ASX Ltd.		332,330		11,482,197
				11,482,197
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.32%
Telstra Corp. Ltd.		7,342,029		36,608,222
TPG Telecom Ltd.		476,926		2,844,652
				39,452,874
ELECTRIC UTILITIES — 0.20%
AusNet Services		2,939,890		3,371,257
				3,371,257
ENERGY EQUIPMENT & SERVICES — 0.16%
WorleyParsons Ltd.		357,552		2,798,738
				2,798,738
FOOD & STAPLES RETAILING — 6.95%
Wesfarmers Ltd.		1,927,735		66,166,787
Woolworths Ltd.		2,167,170		52,094,984
				118,261,771
GAS UTILITIES — 0.81%
APA Group		1,911,462		13,750,050
				13,750,050
HEALTH CARE EQUIPMENT & SUPPLIES — 0.41%
Cochlear Ltd.		97,953		6,932,747
				6,932,747
HEALTH CARE PROVIDERS & SERVICES — 1.54%
Healthscope Ltd.a		1,932,665		4,432,485
Ramsay Health Care Ltd.		225,484		11,807,691
Sonic Healthcare Ltd.		653,641		9,946,234
				26,186,410
HOTELS, RESTAURANTS & LEISURE — 1.40%
Crown Resorts Ltd.		625,188		7,487,299
Flight Centre Travel Group Ltd.b		94,965		3,067,015
Tabcorp Holdings Ltd.a		104,885		376,833
Tabcorp Holdings Ltd. New		1,315,006		5,218,658
Tatts Group Ltd.		2,471,192		7,698,616
				23,848,421
INSURANCE — 6.07%
AMP Ltd.		5,077,352		26,627,794
Insurance Australia Group Ltd.		4,019,698		19,193,155
Medibank Pvt Ltd.a		4,727,592		9,473,339
QBE Insurance Group Ltd.		2,339,853		23,791,446

SCHEDULESOF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI AUSTRALIA ETF

February 28, 2015

Security	Shares		Value
Suncorp Group Ltd.		2,208,623	$	24,168,621
				103,254,355
IT SERVICES — 0.47%
Computershare Ltd.		811,572		7,991,546
				7,991,546
MEDIA — 0.20%
REA Group Ltd.		90,440		3,469,512
				3,469,512
METALS & MINING — 12.56%
Alumina Ltd.a		4,335,500		6,244,247
BHP Billiton Ltd.		5,510,736		145,150,250
Fortescue Metals Group Ltd.		2,672,599		5,209,023
Iluka Resources Ltd.		718,745		4,422,018
Newcrest Mining Ltd.a		1,315,814		14,821,031
Rio Tinto Ltd.		748,038		37,713,781
				213,560,350
MULTI-UTILITIES — 0.80%
AGL Energy Ltd.		1,152,922		13,581,869
				13,581,869
MULTILINE RETAIL — 0.19%
Harvey Norman Holdings Ltd.		953,228		3,297,936
				3,297,936
OIL, GAS & CONSUMABLE FUELS — 4.14%
Caltex Australia Ltd.		231,743		6,682,660
Origin Energy Ltd.		1,896,893		18,129,324
Santos Ltd.		1,685,239		10,473,820
Woodside Petroleum Ltd.		1,272,918		35,052,531
				70,338,335
PROFESSIONAL SERVICES — 0.62%
ALS Ltd.		682,856		3,052,027
Seek Ltd.		556,972		7,537,919
				10,589,946
REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.43%
Dexus Property Group		1,553,744		9,607,926
Federation Centres		2,450,714		5,716,524
Goodman Group		2,996,237		14,634,701
GPT Group (The)		2,893,308		10,644,264
Mirvac Group		6,346,706		10,333,200
Novion Property Group		3,665,413		7,057,992
Scentre Group		9,139,870		27,615,343
Stockland		4,031,930		14,801,609
Westfield Corp.		3,388,963		26,023,095
				126,434,654

Security	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.75%
Lend Lease Group		941,746	$	12,789,583
				12,789,583
ROAD & RAIL — 1.30%
Asciano Ltd.		1,674,377		8,492,809
Aurizon Holdings Ltd.		3,668,927		13,583,864
				22,076,673
TRANSPORTATION INFRASTRUCTURE — 1.75%
Sydney Airport		1,864,159		7,529,320
Transurban Group		3,108,945		22,266,771
				29,796,091
TOTAL COMMON STOCKS
(Cost: $1,768,818,669)				1,683,859,887
SHORT-TERM INVESTMENTS — 0.04%
MONEY MARKET FUNDS — 0.04%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		143,721		143,721
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		8,388		8,388
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		571,200		571,200
				723,309
TOTAL SHORT-TERM INVESTMENTS
(Cost: $723,309)				723,309
TOTAL INVESTMENTS IN SECURITIES — 99.05%
(Cost: $1,769,541,978)				1,684,583,196
Other Assets, Less Liabilities — 0.95%				16,150,410
NET ASSETS — 100.00%			$	1,700,733,606

^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.

16 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI AUSTRALIA ETF

February 28, 2015

Open futures contracts as of February 28, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
ASX SPI 200 Index		144		Mar. 2015		Sydney Futures	$	16,665,062	$	712,996

See notes to financial statements.

SCHEDULESOF INVESTMENTS 17

Schedule of Investments (Unaudited)

iSHARES^® MSCI HONG KONG ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.77%
AIRLINES — 0.69%
Cathay Pacific Airways Ltd.		9,240,000	$	20,730,712
				20,730,712
BANKS — 8.04%
Bank of East Asia Ltd.a		9,609,610		39,526,599
BOC Hong Kong Holdings Ltd.a		27,720,000		97,756,030
Hang Seng Bank Ltd.a		5,728,800		104,449,428
				241,732,057
DIVERSIFIED FINANCIAL SERVICES — 6.80%
First Pacific Co. Ltd./Hong Kong		18,480,999		18,801,627
Hong Kong Exchanges and Clearing Ltd.		8,045,800		185,701,436
				204,503,063
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.52%
HKT Trust & HKT Ltd.		20,328,500		26,945,823
PCCW Ltd.		29,568,169		18,872,204
				45,818,027
ELECTRIC UTILITIES — 8.67%
Cheung Kong Infrastructure Holdings Ltd.		3,696,000		31,524,979
CLP Holdings Ltd.		13,860,200		124,654,140
Power Assets Holdings Ltd.		10,164,000		104,582,868
				260,761,987
FOOD PRODUCTS — 0.49%
WH Group Ltd.b,c		26,796,000		14,857,010
				14,857,010
GAS UTILITIES — 3.47%
Hong Kong & China Gas Co. Ltd.		46,200,788		104,251,048
				104,251,048
HOTELS, RESTAURANTS & LEISURE — 8.15%
Galaxy Entertainment Group Ltd.a		16,633,000		84,500,603
MGM China Holdings Ltd.a		7,392,288		17,118,993
Sands China Ltd.		17,740,800		80,978,450
Shangri-La Asia Ltd.		7,392,000		9,988,867
SJM Holdings Ltd.a		14,784,000		21,388,376
Wynn Macau Ltd.a		11,827,200		31,034,114
				245,009,403
HOUSEHOLD DURABLES — 1.17%
Techtronic Industries Co. Ltd.a		10,164,147		35,189,105
				35,189,105

Security	Shares		Value
INDUSTRIAL CONGLOMERATES — 7.80%
Hutchison Whampoa Ltd.		15,666,800	$	214,534,832
NWS Holdings Ltd.		11,088,000		20,073,048
				234,607,880
INSURANCE — 17.36%
AIA Group Ltd.		88,704,000		522,128,000
				522,128,000
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.53%
Link REIT (The)		16,632,000		106,155,542
				106,155,542
REAL ESTATE MANAGEMENT & DEVELOPMENT — 27.53%
Cheung Kong Holdings Ltd.		10,190,000		201,685,911
Hang Lung Properties Ltd.		16,632,000		47,180,241
Henderson Land Development Co. Ltd.		7,392,601		50,520,325
Hysan Development Co. Ltd.		5,544,000		26,592,500
Kerry Properties Ltd.		4,620,000		15,428,892
New World Development Co. Ltd.		38,808,066		45,786,357
Sino Land Co. Ltd.a		22,176,000		36,257,300
Sun Hung Kai Properties Ltd.		12,217,000		191,553,965
Swire Pacific Ltd. Class A		4,620,000		63,145,272
Swire Properties Ltd.		8,870,400		29,451,908
Wharf Holdings Ltd. (The)a		11,088,150		80,850,871
Wheelock & Co. Ltd.		7,392,357		39,652,380
				828,105,922
ROAD & RAIL — 1.71%
MTR Corp. Ltd.		11,088,083		51,469,739
				51,469,739
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.62%
ASM Pacific Technology Ltd.a		1,848,000		18,752,954
				18,752,954
TEXTILES, APPAREL & LUXURY GOODS — 2.22%
Li & Fung Ltd.a		44,352,000		45,350,220
Yue Yuen Industrial Holdings Ltd.		5,544,000		21,517,049
				66,867,269
TOTAL COMMON STOCKS
(Cost: $2,890,163,141)				3,000,939,718
SHORT-TERM INVESTMENTS — 3.46%
MONEY MARKET FUNDS — 3.46%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%d,e,f		93,712,688		93,712,688

18 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI HONG KONG ETF

February 28, 2015

Security	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%d,e,f		5,469,298	$	5,469,298
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		4,789,052		4,789,052
				103,971,038
TOTAL SHORT-TERM INVESTMENTS
(Cost: $103,971,038)				103,971,038
TOTAL INVESTMENTS IN SECURITIES — 103.23%
(Cost: $2,994,134,179)				3,104,910,756
Other Assets, Less Liabilities — (3.23)%				(97,237,852	)
NET ASSETS — 100.00%			$	3,007,672,904

^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  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.

Open futures contracts as of February 28, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
Hang Seng Index		37		Mar. 2015		Hong Kong Futures	$	5,914,409	$	18,303

See notes to financial statements.

SCHEDULESOF INVESTMENTS 19

Schedule of Investments (Unaudited)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.66%
AEROSPACE & DEFENSE — 0.05%
Jamco Corp.		2,000	$	51,947
				51,947
AIR FREIGHT & LOGISTICS — 0.28%
Kintetsu World Express Inc.		2,000		90,844
Konoike Transport Co. Ltd.		2,000		41,056
Mitsui-Soko Holdings Co. Ltd.		20,000		67,422
Shibusawa Warehouse Co. Ltd. (The)		20,000		61,232
Yusen Logistics Co. Ltd.		4,000		51,596
				312,150
AUTO COMPONENTS — 3.79%
Aisan Industry Co. Ltd.		6,000		54,858
Akebono Brake Industry Co. Ltd.		14,000		52,231
Calsonic Kansei Corp.		20,000		119,286
Eagle Industry Co. Ltd.		4,000		83,082
Exedy Corp.		6,000		140,382
FCC Co. Ltd.		6,000		100,581
Futaba Industrial Co. Ltd.		10,000		46,928
G-Tekt Corp.		4,000		36,639
Keihin Corp.		8,000		133,908
KYB Co. Ltd.		40,000		154,252
Mitsuba Corp.		6,000		109,716
Musashi Seimitsu Industry Co. Ltd.		4,000		83,918
Nifco Inc./Japan		10,000		343,804
Nippon Seiki Co. Ltd.		8,000		154,318
Nissan Shatai Co. Ltd.		16,000		211,870
Nissin Kogyo Co. Ltd.		8,000		127,015
Pacific Industrial Co. Ltd.		8,000		68,259
Piolax Inc.		2,000		88,837
Press Kogyo Co. Ltd.		20,000		78,799
Riken Corp.		20,000		79,635
Sanden Corp.		20,000		100,213
Showa Corp.		10,000		105,149
Sumitomo Riko Co. Ltd.		8,000		69,396
Tachi-S Co. Ltd.		4,000		55,444
Taiho Kogyo Co. Ltd.		4,000		47,346
Takata Corp.a		6,000		68,660
Tokai Rika Co. Ltd.		10,000		212,974
Topre Corp.		8,000		117,579
Toyo Tire & Rubber Co. Ltd.		18,000		406,541
Toyota Boshoku Corp.		14,000		177,657
TPR Co. Ltd.		4,000		99,979
TS Tech Co. Ltd.		10,000		278,556

Security	Shares		Value
Unipres Corp.		8,000	$	151,709
Yorozu Corp.		4,000		80,673
				4,240,194
BANKS — 6.11%
77 Bank Ltd. (The)		60,000		365,385
Aichi Bank Ltd. (The)		2,000		108,913
Ashikaga Holdings Co. Ltd.		20,000		84,989
Awa Bank Ltd. (The)		40,000		231,545
Bank of Iwate Ltd. (The)		2,000		91,012
Bank of Nagoya Ltd. (The)		40,000		153,248
Bank of Saga Ltd. (The)		20,000		53,369
Bank of the Ryukyus Ltd.		8,000		122,264
Chiba Kogyo Bank Ltd. (The)		8,000		57,752
Daishi Bank Ltd. (The)		60,000		224,351
Eighteenth Bank Ltd. (The)		40,000		128,487
Higashi-Nippon Bank Ltd. (The)		20,000		65,080
Higo Bank Ltd. (The)		40,000		246,936
Hokkoku Bank Ltd. (The)		60,000		218,328
Hokuetsu Bank Ltd. (The)		40,000		83,316
Hyakugo Bank Ltd. (The)		40,000		195,073
Hyakujushi Bank Ltd. (The)		40,000		142,540
Jimoto Holdings Inc.		30,000		61,734
Juroku Bank Ltd. (The)		60,000		234,891
Kagoshima Bank Ltd. (The)		40,000		277,385
Kansai Urban Banking Corp.		4,000		44,368
Keiyo Bank Ltd. (The)		40,000		235,225
Kiyo Bank Ltd. (The)		14,000		193,818
Mie Bank Ltd. (The)		20,000		50,190
Minato Bank Ltd. (The)		40,000		102,054
Miyazaki Bank Ltd. (The)		20,000		78,966
Musashino Bank Ltd. (The)		6,000		216,822
Nanto Bank Ltd. (The)		40,000		143,879
Nishi-Nippon City Bank Ltd. (The)		140,000		448,534
North Pacific Bank Ltd.		70,000		274,039
Ogaki Kyoritsu Bank Ltd. (The)		60,000		209,294
Oita Bank Ltd. (The)		40,000		152,913
San-in Godo Bank Ltd. (The)		20,000		172,153
Senshu Ikeda Holdings Inc.		44,000		206,851
Shiga Bank Ltd. (The)		40,000		239,240
Tochigi Bank Ltd. (The)		20,000		104,730
Toho Bank Ltd. (The)		40,000		165,293
Tokyo TY Financial Group Inc.b		4,530		134,144
TOMONY Holdings Inc.		30,000		140,282
Towa Bank Ltd. (The)		60,000		53,202
Tsukuba Bank Ltd.		16,000		57,552

20 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Yamagata Bank Ltd. (The)		20,000	$	90,175
Yamanashi Chuo Bank Ltd. (The)		40,000		183,697
				6,844,019
BEVERAGES — 1.09%
Coca-Cola East Japan Co. Ltd.		16,066		283,031
Coca-Cola West Co. Ltd.		14,000		211,034
Ito EN Ltd.a		12,000		249,546
Sapporo Holdings Ltd.		60,000		237,400
Takara Holdings Inc.		34,000		234,924
				1,215,935
BIOTECHNOLOGY — 0.41%
3-D Matrix Ltd.a,b		4,000		61,768
GNI Group Ltd.a,b		20,000		47,179
Japan Tissue Engineering Co. Ltd.b		4,000		45,740
NanoCarrier Co. Ltd.a,b		6,000		62,888
PeptiDream Inc.b		1,100		90,359
ReproCELL Inc.b		6,000		37,291
Takara Bio Inc.		10,000		118,366
				463,591
BUILDING PRODUCTS — 1.71%
Aica Kogyo Co. Ltd.		10,000		235,058
Central Glass Co. Ltd.		40,000		179,012
Maeda Kosen Co. Ltd.		4,000		36,070
Nichias Corp.		20,000		115,940
Nichiha Corp.		4,000		44,234
Nippon Sheet Glass Co. Ltd.b		180,000		185,202
Nitto Boseki Co. Ltd.		40,000		164,624
Noritz Corp.		6,000		99,778
Okabe Co. Ltd.		8,000		75,085
Sankyo Tateyama Inc.		6,000		100,079
Sanwa Holdings Corp.		40,000		286,085
Sekisui Jushi Corp.		6,000		81,509
Takara Standard Co. Ltd.		20,000		165,963
Takasago Thermal Engineering Co. Ltd.		12,000		146,255
				1,914,894
CAPITAL MARKETS — 1.56%
Ichigo Group Holdings Co. Ltd.		34,000		81,911
Ichiyoshi Securities Co. Ltd.		8,000		90,075
IwaiCosmo Holdings Inc.		4,000		50,893
Jafco Co. Ltd.		6,000		231,628
kabu.com Securities Co. Ltd.		18,000		110,519
Kyokuto Securities Co. Ltd.		4,000		63,106
Marusan Securities Co. Ltd.		12,000		88,435
Matsui Securities Co. Ltd.		22,000		205,195

Security	Shares		Value
Mito Securities Co. Ltd.		12,000	$	44,770
Monex Group Inc.		32,000		79,769
Okasan Securities Group Inc.		40,000		310,511
Sawada Holdings Co. Ltd.		4,000		28,575
SPARX Group Co. Ltd.		20,000		35,133
Tokai Tokyo Financial Holdings Inc.		44,000		322,790
				1,743,310
CHEMICALS — 6.94%
ADEKA Corp.		18,000		228,717
C Uyemura & Co. Ltd.		2,000		100,381
Chugoku Marine Paints Ltd.		20,000		170,982
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		20,000		106,403
Daiso Co. Ltd.		20,000		72,943
Denki Kagaku Kogyo KK		80,000		311,849
DIC Corp.		160,000		460,412
Fujimi Inc.		4,000		65,348
Fujimori Kogyo Co. Ltd.		2,000		65,749
Ihara Chemical Industry Co. Ltd.		8,000		90,744
Ishihara Sangyo Kaisha Ltd.b		60,000		59,727
JSP Corp.		4,000		80,037
Konishi Co. Ltd.		4,000		67,355
Kureha Corp.		20,000		94,023
Lintec Corp.		10,000		238,655
Nihon Nohyaku Co. Ltd.		10,000		116,943
Nihon Parkerizing Co. Ltd.		8,000		197,281
Nippon Kayaku Co. Ltd.		40,000		524,991
Nippon Shokubai Co. Ltd.		23,000		329,575
Nippon Soda Co. Ltd.		20,000		121,628
Nippon Synthetic Chemical Industry Co. Ltd. (The)		9,000		55,260
Nippon Valqua Industries Ltd.		20,000		53,202
Nissan Chemical Industries Ltd.		26,000		507,190
NOF Corp.		20,000		141,035
Sakai Chemical Industry Co. Ltd.		20,000		65,749
Sakata INX Corp.		8,000		83,182
Sanyo Chemical Industries Ltd.		6,000		47,681
Shin-Etsu Polymer Co. Ltd.		10,000		48,266
Showa Denko KK		300,000		404,032
Sumitomo Bakelite Co. Ltd.		40,000		172,320
Taiyo Holdings Co. Ltd.		4,000		143,544
Takasago International Corp.		20,000		92,518
Tenma Corp.		4,000		60,496
Toagosei Co. Ltd.		40,000		181,354
Tokai Carbon Co. Ltd.		40,000		117,445

SCHEDULESOF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Tokuyama Corp.		60,000	$	132,502
Tokyo Ohka Kogyo Co. Ltd.		8,000		280,062
Tosoh Corp.		100,000		501,067
Toyo Ink SC Holdings Co. Ltd.		40,000		197,415
Toyobo Co. Ltd.		180,000		252,959
Ube Industries Ltd./Japan		220,000		358,861
Zeon Corp.		40,000		375,758
				7,775,641
COMMERCIAL SERVICES & SUPPLIES — 1.88%
Aeon Delight Co. Ltd.		4,000		94,425
Asukanet Co. Ltd.		2,000		40,989
Daiseki Co. Ltd.		8,060		140,710
Duskin Co. Ltd.		10,000		166,548
Itoki Corp.		8,000		44,904
Kokuyo Co. Ltd.		16,000		140,934
Kyodo Printing Co. Ltd.		20,000		64,411
Matsuda Sangyo Co. Ltd.		4,060		51,826
Mitsubishi Pencil Co. Ltd.		4,000		146,054
Moshi Moshi Hotline Inc.		8,000		86,796
Nissha Printing Co. Ltd.		6,000		128,035
Okamura Corp.		14,000		101,535
Oyo Corp.		4,000		55,410
Pilot Corp.		4,000		229,537
Pronexus Inc.		4,000		27,705
Sanix Inc.a,b		6,000		20,227
Sato Holdings Corp.		4,000		87,967
Sohgo Security Services Co. Ltd.		12,000		376,427
Toppan Forms Co. Ltd.		10,000		104,814
				2,109,254
COMMUNICATIONS EQUIPMENT — 0.43%
Denki Kogyo Co. Ltd.		20,000		89,171
Hitachi Kokusai Electric Inc.		20,000		278,724
Icom Inc.		2,000		47,229
Japan Radio Co. Ltd.b		20,000		63,407
				478,531
CONSTRUCTION & ENGINEERING — 4.20%
Chudenko Corp.		6,000		102,990
COMSYS Holdings Corp.		22,000		266,477
Fudo Tetra Corp.		34,000		71,956
Hazama Ando Corp.		34,000		199,657
Hibiya Engineering Ltd.		4,000		57,150
Kandenko Co. Ltd.		20,000		115,605
Kinden Corp.		20,000		249,948
Kumagai Gumi Co. Ltd.b		60,000		199,255
Kyowa Exeo Corp.		16,000		156,460

Security	Shares		Value
Maeda Corp.		20,000	$	156,092
Maeda Road Construction Co. Ltd.		20,000		315,195
MIRAIT Holdings Corp.		12,000		125,576
Nippo Corp.		11,000		164,708
Nippon Densetsu Kogyo Co. Ltd.		8,000		127,283
Nippon Koei Co. Ltd.		20,000		83,651
Nippon Road Co. Ltd. (The)		20,000		103,057
Nippon Steel & Sumikin Texeng Co. Ltd.		7,000		33,025
Nishimatsu Construction Co. Ltd.		60,000		228,868
Okumura Corp.		40,000		199,088
OSJB Holdings Corp.		18,000		40,353
Penta-Ocean Construction Co. Ltd.		56,000		206,115
Raito Kogyo Co. Ltd.		10,000		85,324
SHO-BOND Holdings Co. Ltd.		4,000		170,647
Sumitomo Densetsu Co. Ltd.		4,000		42,695
Sumitomo Mitsui Construction Co. Ltd.a,b		146,000		216,170
Taihei Dengyo Kaisha Ltd.		1,000		7,094
Taikisha Ltd.		6,000		140,884
Tekken Corp.a		20,000		75,787
Toa Corp./Tokyo		40,000		72,609
Toda Corp.		40,000		159,940
Tokyu Construction Co. Ltd.		14,040		87,027
Toshiba Plant Systems & Services Corp.		8,000		118,115
Totetsu Kogyo Co. Ltd.		4,000		93,019
Toyo Construction Co. Ltd.		14,000		60,663
Toyo Engineering Corp.		20,000		61,065
Yahagi Construction Co. Ltd.		6,000		40,453
Yokogawa Bridge Holdings Corp.		6,000		68,911
				4,702,912
CONSTRUCTION MATERIALS — 0.22%
Sumitomo Osaka Cement Co. Ltd.		80,000		245,598
				245,598
CONSUMER FINANCE — 0.71%
Aiful Corp.b		58,000		220,268
Hitachi Capital Corp.		10,000		205,529
J Trust Co. Ltd.		16,000		137,455
Jaccs Co. Ltd.		20,000		97,704
Orient Corp.b		70,000		115,940
Pocket Card Co. Ltd.		4,000		17,299
				794,195
CONTAINERS & PACKAGING — 0.47%
FP Corp.		4,000		138,860

22 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Fuji Seal International Inc.		4,000	$	120,122
Pack Corp. (The)		4,000		82,279
Rengo Co. Ltd.		40,000		184,700
				525,961
DISTRIBUTORS — 0.36%
Canon Marketing Japan Inc.		10,000		191,894
Chori Co. Ltd.		2,000		31,704
Doshisha Co. Ltd.		4,000		69,029
Happinet Corp.		2,000		23,221
Paltac Corp.		6,000		83,868
				399,716
DIVERSIFIED CONSUMER SERVICES — 0.06%
JP-Holdings Inc./Japana		12,000		37,040
Tsukada Global Holdings Inc.		4,000		26,534
				63,574
DIVERSIFIED FINANCIAL SERVICES — 0.96%
Century Tokyo Leasing Corp.		8,080		209,528
Financial Products Group Co. Ltd.a		4,000		94,157
Fuyo General Lease Co. Ltd.		4,000		139,696
IBJ Leasing Co. Ltd.		4,000		82,580
Japan Securities Finance Co. Ltd.		20,000		109,415
Ricoh Leasing Co. Ltd.		4,000		116,943
Zenkoku Hosho Co. Ltd.		10,000		326,237
				1,078,556
ELECTRIC UTILITIES — 0.37%
Hokkaido Electric Power Co. Inc.b		36,000		281,267
Okinawa Electric Power Co. Inc. (The)		4,000		135,848
				417,115
ELECTRICAL EQUIPMENT — 1.56%
Chiyoda Integre Co. Ltd.		2,000		39,517
Cosel Co. Ltd.		4,000		44,669
Daihen Corp.		20,000		101,384
Denyo Co. Ltd.		2,000		31,018
Fujikura Ltd.		60,000		248,442
Furukawa Electric Co. Ltd.		140,000		248,275
Futaba Corp./Chiba		6,000		96,516
GS Yuasa Corp.		80,000		361,370
Idec Corp./Japan		6,000		51,947
Nitto Kogyo Corp.		6,000		107,708
SWCC Showa Holdings Co. Ltd.a,b		40,000		33,126
Takaoka Toko Co. Ltd.		2,000		30,750
Tatsuta Electric Wire and Cable Co. Ltd.		8,000		33,460
Toyo Tanso Co. Ltd.		2,000		38,596

Security	Shares		Value
Ushio Inc.		22,000	$	275,863
				1,742,641
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.11%
Ai Holdings Corp.		8,000		160,207
Alps Electric Co. Ltd.		36,000		810,072
Amano Corp.		12,000		144,347
Anritsu Corp.		28,000		199,791
Azbil Corp.		12,000		322,222
Canon Electronics Inc.		4,000		76,390
Daiwabo Holdings Co. Ltd.		40,000		66,920
Elematec Corp.		2,000		48,133
Enplas Corp.		2,000		85,324
HORIBA Ltd.		6,000		219,332
Hosiden Corp.		12,000		68,359
Iriso Electronics Co. Ltd.		2,000		139,864
Japan Aviation Electronics Industry Ltd.		10,000		238,655
Japan Cash Machine Co. Ltd.a		4,000		58,455
Kaga Electronics Co. Ltd.		4,000		48,952
Koa Corp.		6,000		59,877
Macnica Inc.		2,000		62,152
Maruwa Co. Ltd./Aichi		2,000		44,151
Mitsumi Electric Co. Ltd.		18,000		135,363
Nichicon Corp.		10,000		91,346
Nippon Ceramic Co. Ltd.		4,000		55,678
Nippon Chemi-Con Corp.b		20,000		65,247
Nippon Signal Co. Ltd. (The)		12,000		121,661
Nohmi Bosai Ltd.		4,000		47,614
Oki Electric Industry Co. Ltd.		140,000		313,857
Ryosan Co. Ltd.		6,000		152,579
Ryoyo Electro Corp.		4,000		44,067
SIIX Corp.		2,000		49,036
Taiyo Yuden Co. Ltd.		20,000		242,586
Topcon Corp.		16,000		333,397
Toyo Corp./Chuo-ku		6,000		61,031
UKC Holdings Corp.		2,000		33,059
				4,599,724
ENERGY EQUIPMENT & SERVICES — 0.21%
Japan Drilling Co. Ltd.a		2,000		70,685
Modec Inc.a		4,000		66,820
Shinko Plantech Co. Ltd.		8,000		63,574
Toyo Kanetsu KK		20,000		39,650
				240,729

SCHEDULESOF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
FOOD & STAPLES RETAILING — 3.12%
Ain Pharmaciez Inc.		4,000	$	155,757
Arcs Co. Ltd.		6,000		123,217
Belc Co. Ltd.		2,000		54,456
Cawachi Ltd.		4,000		68,460
Cocokara fine Inc.		4,000		113,765
Cosmos Pharmaceutical Corp.		2,000		305,659
CREATE SD HOLDINGS Co. Ltd.		2,000		69,012
Heiwado Co. Ltd.		6,000		130,796
Kasumi Co. Ltd.		8,000		65,181
Kato Sangyo Co. Ltd.		4,000		80,137
Matsumotokiyoshi Holdings Co. Ltd.		8,000		267,012
Ministop Co. Ltd.		4,000		53,804
Mitsubishi Shokuhin Co. Ltd.		2,000		41,742
San-A Co. Ltd.		4,000		139,696
Sugi Holdings Co. Ltd.		8,000		388,138
Sundrug Co. Ltd.		6,000		295,119
Tsuruha Holdings Inc.		6,000		405,538
UNY Group Holdings Co. Ltd.		40,000		231,210
Valor Co. Ltd.		8,000		166,364
Welcia Holdings Co. Ltd.		4,000		147,560
Yaoko Co. Ltd.		2,000		134,510
Yokohama Reito Co. Ltd.		8,000		56,280
				3,493,413
FOOD PRODUCTS — 3.23%
Ariake Japan Co. Ltd.		4,000		109,415
Dydo Drinco Inc.		2,000		82,981
Ezaki Glico Co. Ltd.		8,000		349,324
Fuji Oil Co. Ltd./Osaka		12,000		166,833
Fujiya Co. Ltd.b		20,000		32,624
Hokuto Corp.		4,000		82,044
House Foods Group Inc.		12,000		250,952
Itoham Foods Inc.		40,000		216,488
J-Oil Mills Inc.		20,000		71,438
Kagome Co. Ltd.		16,000		241,850
Kameda Seika Co. Ltd.		2,000		77,293
Kewpie Corp.		20,000		476,641
KEY Coffee Inc.		4,000		60,964
Marudai Food Co. Ltd.		20,000		67,422
Maruha Nichiro Corp.		8,000		118,851
MEGMILK SNOW BRAND Co. Ltd.		8,000		103,124
Mitsui Sugar Co. Ltd.		20,000		71,103
Morinaga & Co. Ltd./Japan		40,000		125,141
Morinaga Milk Industry Co. Ltd.		40,000		156,928
Nichirei Corp.		40,000		206,115

Security	Shares		Value
Nippon Beet Sugar Manufacturing Co. Ltd.		20,000	$	34,966
Nippon Flour Mills Co. Ltd.		20,000		98,373
Nippon Suisan Kaisha Ltd.b		48,000		160,609
Nisshin OilliO Group Ltd. (The)		20,000		74,784
Prima Meat Packers Ltd.		20,000		47,848
Sakata Seed Corp.		6,000		96,767
Warabeya Nichiyo Co. Ltd.		2,000		33,159
				3,614,037
GAS UTILITIES — 0.06%
Shizuoka Gas Co. Ltd.		10,000		71,270
				71,270
HEALTH CARE EQUIPMENT & SUPPLIES — 1.58%
Asahi Intecc Co. Ltd.		4,000		239,910
Eiken Chemical Co. Ltd.		4,000		61,199
Fukuda Denshi Co. Ltd.		2,000		102,723
Hogy Medical Co. Ltd.		2,000		102,556
JEOL Ltd.		20,000		92,685
Mani Inc.		2,000		124,137
Nagaileben Co. Ltd.		4,000		72,542
Nakanishi Inc.		4,000		153,917
Nihon Kohden Corp.		8,000		411,560
Nikkiso Co. Ltd.		12,000		100,782
Nipro Corp.		22,000		208,323
Paramount Bed Holdings Co. Ltd.		4,000		105,232
				1,775,566
HEALTH CARE PROVIDERS & SERVICES — 0.65%
AS ONE Corp.		2,000		59,141
BML Inc.		2,000		56,297
Message Co. Ltd.		2,000		53,620
Nichii Gakkan Co.		10,000		97,034
Ship Healthcare Holdings Inc.		6,000		129,842
Toho Holdings Co. Ltd.		10,000		170,814
Tokai Corp./Gifu		2,000		63,658
Tsukui Corp.		6,000		48,685
Vital KSK Holdings Inc.		6,000		47,932
				727,023
HOTELS, RESTAURANTS & LEISURE — 3.04%
Accordia Golf Co. Ltd.		12,000		118,650
Atom Corp.		10,000		64,829
Colowide Co. Ltd.a		12,000		162,617
Create Restaurants Holdings Inc.		4,000		51,127
Doutor Nichires Holdings Co. Ltd.		6,000		89,941
Fuji Kyuko Co. Ltd.		20,000		205,111
Fujita Kanko Inc.		20,000		81,977

24 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Hiday Hidaka Corp.		2,400	$	61,232
Hiramatsu Inc.		6,000		32,122
HIS Co. Ltd.		8,000		269,020
Ichibanya Co. Ltd.		2,000		87,331
Kappa Create Holdings Co. Ltd.b		6,000		56,966
Kisoji Co. Ltd.		4,000		71,170
KNT-CT Holdings Co. Ltd.b		20,000		26,768
Kura Corp.		2,000		66,920
Kyoritsu Maintenance Co. Ltd.a		2,000		108,578
MOS Food Services Inc.		6,000		124,673
Ohsho Food Service Corp.		2,000		74,616
PGM Holdings KKb		4,000		46,275
Plenus Co. Ltd.		4,000		76,624
Resorttrust Inc.		14,000		338,216
Ringer Hut Co. Ltd.a		4,000		70,066
Round One Corp.		14,000		79,987
Royal Holdings Co. Ltd.		6,000		94,809
Saizeriya Co. Ltd.		6,000		107,508
St. Marc Holdings Co. Ltd.		2,000		130,495
Tokyo Dome Corp.		40,000		192,731
Tokyotokeiba Co. Ltd.		20,000		52,533
Toridoll.corp.		4,000		56,180
Tosho Co. Ltd.		2,000		46,978
WATAMI Co. Ltd.a		4,000		39,048
Yomiuri Land Co. Ltd.		6,000		23,991
Yoshinoya Holdings Co. Ltd.		10,000		108,411
Zensho Holdings Co. Ltd.a		20,000		183,529
				3,401,029
HOUSEHOLD DURABLES — 2.18%
Alpine Electronics Inc.		8,000		143,544
Chofu Seisakusho Co. Ltd.		4,000		103,727
Clarion Co. Ltd.a,b		20,000		66,586
Cleanup Corp.		4,000		31,486
Corona Corp.		4,000		38,881
Foster Electric Co. Ltd.		4,000		95,930
France Bed Holdings Co. Ltd.		20,000		30,616
Fujitsu General Ltd.		20,000		222,510
Funai Electric Co. Ltd.		4,000		47,079
Haseko Corp.		56,000		522,314
JVC Kenwood Corp.b		28,000		91,581
Misawa Homes Co. Ltd.		6,000		52,248
PanaHome Corp.		20,000		130,495
Pioneer Corp.b		58,000		116,927
Sangetsu Co. Ltd.		6,000		174,160
Starts Corp. Inc.		4,000		57,016

Security	Shares		Value
Sumitomo Forestry Co. Ltd.		28,000	$	292,308
Takamatsu Construction Group Co. Ltd.		2,000		43,749
Tamron Co. Ltd.		4,000		78,899
Token Corp.		1,420		62,837
West Holdings Corp.		4,000		36,806
				2,439,699
HOUSEHOLD PRODUCTS — 0.63%
Earth Chemical Co. Ltd.		2,000		66,084
Lion Corp.		40,000		228,199
Pigeon Corp.		6,000		416,579
				710,862
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.01%
Eneres Co. Ltd.a,b		4,000		14,555
				14,555
INDUSTRIAL CONGLOMERATES — 0.35%
Katakura Industries Co. Ltd.		4,000		40,152
Nisshinbo Holdings Inc.		26,000		264,470
TOKAI Holdings Corp.		18,000		87,331
				391,953
INTERNET & CATALOG RETAIL — 0.46%
ASKUL Corp.a		4,000		78,196
Belluna Co. Ltd.		10,000		45,673
Ikyu Corp.		4,000		57,920
Senshukai Co. Ltd.		6,000		42,411
Start Today Co. Ltd.		12,000		292,308
				516,508
INTERNET SOFTWARE & SERVICES — 0.99%
COOKPAD Inc.a		4,000		161,445
Dena Co. Ltd.		22,000		263,165
F@N Communications Inc.		6,000		57,920
GMO Internet Inc.		14,000		145,569
Gree Inc.a		22,000		129,374
Gurunavi Inc.		6,000		92,952
Infomart Corp.		8,000		64,913
Internet Initiative Japan Inc.a		6,000		118,499
SMS Co. Ltd.		4,000		45,439
UNITED Inc./Japana		2,000		27,019
				1,106,295
IT SERVICES — 1.78%
Digital Garage Inc.		6,000		99,628
DTS Corp.		4,000		78,197
Future Architect Inc.		4,000		25,095
GMO Payment Gateway Inc.		4,074		89,765

SCHEDULESOF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Ines Corp.		6,000	$	45,221
Information Services International-Dentsu Ltd.		2,000		18,888
IT Holdings Corp.		16,048		283,251
NEC Networks & System Integration Corp.		4,000		79,468
NET One Systems Co. Ltd.		18,000		123,468
Nihon Unisys Ltd.		12,000		117,646
NS Solutions Corp.		4,000		112,092
OBIC Co. Ltd.		14,000		520,557
SCSK Corp.		10,056		276,331
Transcosmos Inc.		6,000		120,557
				1,990,164
LEISURE PRODUCTS — 0.47%
Daikoku Denki Co. Ltd.		2,000		29,311
Dunlop Sports Co. Ltd.		2,000		21,448
Fields Corp.		2,000		26,233
Heiwa Corp.		8,000		168,372
Mars Engineering Corp.		2,000		37,141
Mizuno Corp.		20,000		99,711
Tomy Co. Ltd.		12,000		74,884
Universal Entertainment Corp.		4,000		68,794
				525,894
LIFE SCIENCES TOOLS & SERVICES — 0.11%
Chiome Bioscience Inc.a,b		4,000		43,632
CMIC Holdings Co. Ltd.a		2,000		32,490
EPS Holdings Inc.		4,000		50,157
				126,279
MACHINERY — 7.32%
Aichi Corp.		6,000		29,612
Aida Engineering Ltd.		10,000		109,331
Asahi Diamond Industrial Co. Ltd.		12,000		133,506
Bando Chemical Industries Ltd.		20,000		75,285
CKD Corp.		12,000		109,616
Daifuku Co. Ltd.		18,000		234,288
Daiwa Industries Ltd.		6,500		40,780
DMG Mori Seiki Co. Ltd.		24,000		347,718
Ebara Corp.		80,000		341,294
Fuji Machine Manufacturing Co. Ltd.		14,000		159,153
Fujitec Co. Ltd.		16,000		161,680
Fukushima Industries Corp.		2,000		28,341
Furukawa Co. Ltd.		60,000		104,396
Giken Ltd.		2,000		32,222
Glory Ltd.		12,000		323,226
Harmonic Drive Systems Inc.		4,000		71,304

Security	Shares		Value
Hitachi Koki Co. Ltd.		10,000	$	78,130
Hitachi Zosen Corp.		32,000		180,685
Hoshizaki Electric Co. Ltd.		8,000		474,466
Iseki & Co. Ltd.		40,000		80,974
Japan Steel Works Ltd. (The)		60,000		247,438
Juki Corp.		20,000		73,278
Kitz Corp.		18,000		91,397
Komori Corp.		10,000		112,677
Kyokuto Kaihatsu Kogyo Co. Ltd.		6,000		68,008
Makino Milling Machine Co. Ltd.		20,000		168,472
Max Co. Ltd.		4,000		46,610
Meidensha Corp.		40,000		132,502
Mitsui Engineering & Shipbuilding Co. Ltd.		160,000		279,727
Miura Co. Ltd.		16,000		186,708
Nachi-Fujikoshi Corp.		20,000		113,765
Namura Shipbuilding Co. Ltd.		10,000		95,613
Nippon Sharyo Ltd.		20,000		62,236
Nippon Thompson Co. Ltd.		20,000		103,057
Nitta Corp.		4,000		104,730
Nitto Kohki Co. Ltd.		2,000		36,371
Noritake Co. Ltd./Nagoya Japan		20,000		48,350
NTN Corp.		100,000		500,230
Obara Group Inc.		2,000		110,251
Oiles Corp.		5,296		92,856
OKUMA Corp.		20,000		192,898
OSG Corp.		16,000		307,432
Ryobi Ltd.		20,000		58,723
Shibuya Kogyo Co. Ltd.		2,000		36,539
Shima Seiki Manufacturing Ltd.		6,000		102,338
ShinMaywa Industries Ltd.		20,000		217,157
Sintokogio Ltd.		10,000		71,689
Sodick Co. Ltd.		8,000		78,631
Star Micronics Co. Ltd.		8,000		103,727
Tadano Ltd.		20,000		259,149
Takeuchi Manufacturing Co. Ltd.		2,000		77,293
Takuma Co. Ltd.		20,000		162,115
Teikoku Sen-I Co. Ltd.		4,000		59,526
Tocalo Co. Ltd.		4,000		76,892
Torishima Pump Manufacturing Co. Ltd.a		4,000		30,549
Toshiba Machine Co. Ltd.		20,000		77,628
Tsubakimoto Chain Co.		20,000		161,278
Tsugami Corp.		20,000		122,966
Tsurumi Manufacturing Co. Ltd.		2,000		32,657

26 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Union Tool Co.		2,000	$	56,631
YAMABIKO Corp.		2,000		86,327
Yushin Precision Equipment Co. Ltd.		2,000		37,542
				8,199,970
MARINE — 0.62%
Iino Kaiun Kaisha Ltd.		18,000		97,419
Kawasaki Kisen Kaisha Ltd.		180,000		548,078
NS United Kaiun Kaisha Ltd.		20,000		50,860
				696,357
MEDIA — 1.99%
Adways Inc.a,b		4,000		33,126
Asatsu-DK Inc.		6,000		164,122
Avex Group Holdings Inc.		8,000		130,829
CyberAgent Inc.		10,000		516,124
Daiichikosho Co. Ltd.		8,000		252,290
Gakken Holdings Co. Ltd.		20,000		44,335
Kadokawa Dwangob		9,408		163,063
Next Co. Ltd.		4,000		31,452
Shochiku Co. Ltd.		20,000		187,712
SKY Perfect JSAT Holdings Inc.		36,000		218,027
Toei Co. Ltd.		20,000		137,689
Tohokushinsha Film Corp.		4,000		31,687
Tokyo Broadcasting System Holdings Inc.		8,000		94,960
TV Asahi Holdings Corp.		4,000		61,801
USEN Corp.a,b		24,580		64,768
ValueCommerce Co. Ltd.		4,000		18,938
Zenrin Co. Ltd.		6,000		75,386
				2,226,309
METALS & MINING — 2.45%
Aichi Steel Corp.		20,000		98,373
Asahi Holdings Inc.		6,000		101,786
Daido Steel Co. Ltd.		60,000		273,537
Dowa Holdings Co. Ltd.		40,000		330,252
Godo Steel Ltd.		20,000		31,954
Kurimoto Ltd.		20,000		39,316
Kyoei Steel Ltd.		4,000		69,731
Mitsubishi Steel Manufacturing Co. Ltd.		20,000		43,331
Mitsui Mining & Smelting Co. Ltd.		120,000		273,035
Nakayama Steel Works Ltd.b		40,000		30,783
Neturen Co. Ltd.		6,000		43,666
Nippon Denko Co. Ltd.		20,000		53,034
Nippon Light Metal Holdings Co. Ltd.		102,000		154,436
Nippon Yakin Kogyo Co. Ltd.a,b		26,000		52,850

Security	Shares		Value
Nisshin Steel Co. Ltd.		18,000	$	251,002
Nittetsu Mining Co. Ltd.		20,000		76,289
Osaka Steel Co. Ltd.		2,000		35,920
OSAKA Titanium Technologies Co. Ltd.		4,000		83,985
Pacific Metals Co. Ltd.b		20,000		58,555
Sanyo Special Steel Co. Ltd.		20,000		79,803
Toho Zinc Co. Ltd.		20,000		65,080
Tokyo Rope Manufacturing Co. Ltd.b		20,000		34,464
Tokyo Steel Manufacturing Co. Ltd.		20,000		148,731
TOPY Industries Ltd.		40,000		100,046
UACJ Corp.		47,140		130,523
Yodogawa Steel Works Ltd.		20,000		79,803
				2,740,285
MULTILINE RETAIL — 1.29%
Fuji Co. Ltd./Ehime		4,000		70,869
H2O Retailing Corp.		16,135		309,351
Izumi Co. Ltd.		8,000		292,442
Matsuya Co. Ltd.		6,000		90,192
Parco Co. Ltd.		4,000		34,732
Ryohin Keikaku Co. Ltd.		4,000		521,645
Seria Co. Ltd.		4,000		128,487
				1,447,718
OIL, GAS & CONSUMABLE FUELS — 0.44%
Cosmo Oil Co. Ltd.		120,000		172,654
ITOCHU Enex Co. Ltd.		10,000		82,396
Japan Petroleum Exploration Co. Ltd.		6,000		201,263
Nippon Coke & Engineering Co. Ltd.		32,000		32,925
				489,238
PAPER & FOREST PRODUCTS — 0.62%
Daio Paper Corp.		20,000		175,834
Hokuetsu Kishu Paper Co. Ltd.		26,000		129,407
Mitsubishi Paper Mills Ltd.b		60,000		44,669
Nippon Paper Industries Co. Ltd.		20,000		348,488
				698,398
PERSONAL PRODUCTS — 1.44%
Aderans Co. Ltd.		4,000		36,472
Artnature Inc.		4,000		37,542
Dr. Ci:Labo Co. Ltd.		2,000		68,761
Euglena Co. Ltd.a,b		12,000		200,560
Fancl Corp.		8,000		115,505
Kobayashi Pharmaceutical Co. Ltd.		6,000		411,560
Kose Corp.		6,000		306,161
Mandom Corp.		4,000		135,179
Milbon Co. Ltd.		2,300		66,954

SCHEDULESOF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Noevir Holdings Co. Ltd.		2,000	$	38,145
Pola Orbis Holdings Inc.		4,000		191,058
				1,607,897
PHARMACEUTICALS — 2.63%
Fuso Pharmaceutical Industries Ltd.		20,000		54,540
JCR Pharmaceuticals Co. Ltd.		2,000		38,027
Kaken Pharmaceutical Co. Ltd.		20,000		591,409
Kissei Pharmaceutical Co. Ltd.		4,000		113,765
KYORIN Holdings Inc.		10,000		223,932
Mochida Pharmaceutical Co. Ltd.		2,000		122,799
Nichi-Iko Pharmaceutical Co. Ltd.		8,050		162,017
Nippon Shinyaku Co. Ltd.		9,000		302,648
Rohto Pharmaceutical Co. Ltd.		18,000		223,899
Sawai Pharmaceutical Co. Ltd.		6,000		372,914
Seikagaku Corp.		8,000		134,175
Sosei Group Corp.a,b		2,000		55,962
Torii Pharmaceutical Co. Ltd.		2,000		55,711
Towa Pharmaceutical Co. Ltd.		2,000		107,407
Tsumura & Co.		12,000		295,822
ZERIA Pharmaceutical Co. Ltd.		6,000		96,667
				2,951,694
PROFESSIONAL SERVICES — 0.87%
Benefit One Inc.		4,000		47,179
en-japan Inc.		2,000		27,103
Meitec Corp.		6,000		188,966
Nihon M&A Center Inc.		6,000		197,750
Nomura Co. Ltd.		8,000		78,163
Temp Holdings Co. Ltd.		10,000		336,693
Weathernews Inc.		2,000		52,031
Yumeshin Holdings Co. Ltd.		6,000		42,611
				970,496
REAL ESTATE INVESTMENT TRUSTS (REITS) — 9.29%
Achilles Corp./Japan		40,000		51,529
Activia Properties Inc.		40		354,678
Advance Residence Investment Corp.		260		650,952
AEON REIT Investment Corp.		160		237,701
Comforia Residential REIT Inc.		80		174,328
Daiwa House REIT Investment Corp.		60		288,594
Daiwa House Residential Investment Corp.		120		270,526
Daiwa Office Investment Corp.		60		343,302
Frontier Real Estate Investment Corp.		100		470,952
Fukuoka REIT Corp.		140		265,841
Global One Real Estate Investment Corp.		40		163,955

Security	Shares		Value
GLP J-REIT		420	$	460,245
Hankyu REIT Inc.		100		129,073
Heiwa Real Estate REIT Inc.		160		129,424
Hulic Reit Inc.		140		212,556
Ichigo Real Estate Investment Corp.		140		110,553
Industrial & Infrastructure Fund Investment Corp.		80		392,823
Invesco Office J-Reit Inc.		80		78,631
Invincible Investment Corp.		380		169,426
Japan Excellent Inc.		240		314,593
Japan Hotel REIT Investment Corp.		540		358,660
Japan Logistics Fund Inc.		160		325,635
Japan Rental Housing Investments Inc.		200		153,080
Kenedix Office Investment Corp.		80		455,728
Kenedix Residential Investment Corp.		60		182,944
MID REIT Inc.		40		101,050
Mori Hills REIT Investment Corp.		240		339,688
MORI TRUST Sogo REIT Inc.		200		431,302
Nippon Accommodations Fund Inc.		80		305,826
NIPPON REIT Investment Corp.		40		111,422
Nomura Real Estate Master Fund Inc.		320		393,224
Nomura Real Estate Office Fund Inc.		60		299,134
Nomura Real Estate Residential Fund Inc.		40		232,883
Orix JREIT Inc.		400		572,839
Premier Investment Corp.		40		222,845
Sekisui House SI Residential Investment Corp.		180		213,208
TOKYU REIT Inc.		200		264,001
Top REIT Inc.		40		171,316
				10,404,467
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.40%
Airport Facilities Co. Ltd.		4,000		23,690
Ardepro Co. Ltd.a,b		20,000		24,760
Daibiru Corp.		10,000		92,852
Daikyo Inc.		60,000		88,837
Goldcrest Co. Ltd.		4,000		67,790
Heiwa Real Estate Co. Ltd.		8,000		111,222
Jowa Holdings Co. Ltd.		2,000		68,844
Kenedix Inc.		48,000		219,633
Leopalace21 Corp.b		50,000		274,374
Open House Co. Ltd.		2,000		46,125
Raysum Co. Ltd.b		4,000		39,015
Relo Holdings Inc.		2,000		161,445
Sumitomo Real Estate Sales Co. Ltd.		4,000		107,240

28 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Sun Frontier Fudousan Co. Ltd.		4,000	$	34,029
Takara Leben Co. Ltd.		18,000		95,612
TOC Co. Ltd.		12,000		79,602
Tosei Corp.		6,000		37,894
				1,572,964
ROAD & RAIL — 2.02%
Fukuyama Transporting Co. Ltd.		20,000		107,742
Hitachi Transport System Ltd.		10,000		148,229
Nankai Electric Railway Co. Ltd.		100,000		442,511
Nippon Konpo Unyu Soko Co. Ltd.		12,000		198,151
Nishi-Nippon Railroad Co. Ltd.		60,000		270,526
Sankyu Inc.		40,000		169,643
Seino Holdings Co. Ltd.		29,000		330,403
Senko Co. Ltd.a		20,000		115,605
Sotetsu Holdings Inc.		80,000		393,492
Trancom Co. Ltd.		2,000		84,152
				2,260,454
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.93%
DISCO Corp.		6,000		552,093
Megachips Corp.		4,000		47,513
Micronics Japan Co. Ltd.a		2,000		57,803
Mimasu Semiconductor Industry Co. Ltd.		4,000		47,279
Mitsui High-Tec Inc.		6,000		42,009
Sanken Electric Co. Ltd.		20,000		143,879
SCREEN Holdings Co. Ltd.		40,000		274,039
Shindengen Electric Manufacturing Co. Ltd.		20,000		106,571
Shinko Electric Industries Co. Ltd.		14,000		103,292
Sumco Corp.		24,000		482,630
Tokyo Seimitsu Co. Ltd.		8,000		178,410
ULVAC Inc.b		8,000		121,594
				2,157,112
SOFTWARE — 1.01%
Broadleaf Co. Ltd.		6,000		97,168
Capcom Co. Ltd.		10,000		176,837
Fuji Soft Inc.		4,000		85,993
Justsystems Corp.b		8,000		47,714
KLab Inc.b		6,000		53,904
Koei Tecmo Holdings Co. Ltd.		6,000		85,073
Marvelous Inc.a		6,000		87,532
NSD Co. Ltd.		6,600		97,776
OBIC Business Consultants Ltd.		2,000		68,426

Security	Shares		Value
Square Enix Holdings Co. Ltd.		16,000	$	327,509
				1,127,932
SPECIALTY RETAIL — 2.81%
Adastria Holdings Co. Ltd.		2,000		49,237
Alpen Co. Ltd.		4,000		62,771
AOKI Holdings Inc.		8,000		98,775
Aoyama Trading Co. Ltd.		10,000		333,347
Arcland Sakamoto Co. Ltd.		2,000		40,872
Asahi Co. Ltd.		4,000		38,546
Autobacs Seven Co. Ltd.		14,000		222,042
BIC Camera Inc.a		14,000		158,100
Chiyoda Co. Ltd.		4,000		93,019
DCM Holdings Co. Ltd.		18,000		132,051
EDION Corp.		16,000		131,164
Geo Holdings Corp.		8,000		90,276
Gulliver International Co. Ltd.		12,000		93,956
Honeys Co. Ltd.		4,000		32,824
Jin Co. Ltd.a		2,000		60,563
Joshin Denki Co. Ltd.		7,000		56,506
Joyful Honda Co. Ltd.		2,000		71,856
K’s Holdings Corp.		8,000		246,936
Keiyo Co. Ltd.a		6,000		27,153
Kohnan Shoji Co. Ltd.		6,000		68,108
Komeri Co. Ltd.		6,000		142,691
Laox Co. Ltd.a,b		20,000		50,525
Nishimatsuya Chain Co. Ltd.		10,000		83,651
Pal Co. Ltd.		2,000		54,373
Paris Miki Holdings Inc.		6,000		24,593
Shimachu Co. Ltd.		10,000		263,499
T-Gaia Corp.		6,000		74,533
Tsutsumi Jewelry Co. Ltd.		2,000		44,753
United Arrows Ltd.		4,000		123,635
VT Holdings Co. Ltd.		16,000		60,228
Xebio Co. Ltd.		4,000		75,687
Yellow Hat Ltd.		2,000		39,416
				3,145,686
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.67%
Eizo Corp.		4,000		90,108
Elecom Co. Ltd.		2,000		40,989
Hitachi Maxell Ltd.		8,000		137,789
Japan Digital Laboratory Co. Ltd.		4,000		54,272
Melco Holdings Inc.a		2,000		32,975
Riso Kagaku Corp.		4,000		68,493
Roland DG Corp.		2,000		53,704

SCHEDULESOF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI JAPAN SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Toshiba TEC Corp.		20,000	$	121,461
Wacom Co. Ltd./Japana		30,000		156,594
				756,385
TEXTILES, APPAREL & LUXURY GOODS — 1.20%
Descente Ltd.		14,000		168,054
Fujibo Holdings Inc.		20,000		51,361
Gunze Ltd.		40,000		109,080
Japan Wool Textile Co. Ltd. (The)		20,000		133,841
Kurabo Industries Ltd.		40,000		68,928
Onward Holdings Co. Ltd.		20,000		132,001
Sanyo Shokai Ltd.		20,000		49,688
Seiko Holdings Corp.		20,000		107,240
Seiren Co. Ltd.		10,000		88,670
TSI Holdings Co. Ltd.		16,000		102,656
Unitika Ltd.b		120,000		56,213
Wacoal Holdings Corp.		20,000		212,807
Yondoshi Holdings Inc.		4,000		67,489
				1,348,028
TRADING COMPANIES & DISTRIBUTORS — 2.92%
Gecoss Corp.		2,000		22,452
Hanwa Co. Ltd.		40,000		155,255
Inaba Denki Sangyo Co. Ltd.		4,000		139,194
Inabata & Co. Ltd.		8,000		77,628
Iwatani Corp.		40,000		270,024
Japan Pulp & Paper Co. Ltd.		20,000		57,552
Kamei Corp.		6,000		44,870
Kanamoto Co. Ltd.		6,000		166,632
Kanematsu Corp.		80,000		118,449
Kuroda Electric Co. Ltd.		6,000		91,597
MISUMI Group Inc.		18,000		720,482
MonotaRO Co. Ltd.		6,000		199,255
Nagase & Co. Ltd.		22,000		285,432
NEC Capital Solutions Ltd.		2,000		32,674
Nippon Steel & Sumikin Bussan Corp.		21,440		74,070
Nishio Rent All Co. Ltd.		2,000		55,126
Onoken Co. Ltd.		4,000		36,104
Sojitz Corp.		242,000		370,455
Trusco Nakayama Corp.		4,000		116,943
Wakita & Co. Ltd.		8,000		77,561
Yamazen Corp.		10,000		79,970
Yuasa Trading Co. Ltd.		4,000		83,282
				3,275,007
TRANSPORTATION INFRASTRUCTURE — 0.45%
Japan Airport Terminal Co. Ltd.		8,000		392,153

Security	Shares		Value
Sumitomo Warehouse Co. Ltd. (The)		20,000	$	114,267
				506,420
WIRELESS TELECOMMUNICATION SERVICES — 0.15%
Japan Communications Inc.a,b		24,000		115,438
WirelessGate Inc.		2,000		50,274
				165,712
TOTAL COMMON STOCKS
(Cost: $108,405,238)				111,613,263
SHORT-TERM INVESTMENTS — 3.03%
MONEY MARKET FUNDS — 3.03%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		3,183,711		3,183,711
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		185,809		185,809
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		24,481		24,481
				3,394,001
TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,394,001)				3,394,001
TOTAL INVESTMENTS IN SECURITIES — 102.69%
(Cost: $111,799,239)				115,007,264
Other Assets, Less Liabilities — (2.69)%				(3,007,980	)
NET ASSETS — 100.00%			$	111,999,284

^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 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI MALAYSIA ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.36%
AIRLINES — 0.64%
AirAsia Bhd		3,941,500	$	2,865,352
				2,865,352
AUTOMOBILES — 1.21%
UMW Holdings Bhd		1,751,400		5,384,437
				5,384,437
BANKS — 30.30%
Alliance Financial Group Bhd		3,405,200		4,554,124
AMMB Holdings Bhd		5,809,837		10,301,015
CIMB Group Holdings Bhd		15,804,164		26,091,780
Hong Leong Bank Bhd		1,876,140		7,475,408
Hong Leong Financial Group Bhd		674,300		3,146,983
Malayan Banking Bhd		14,382,720		36,715,045
Public Bank Bhd		8,351,980		42,455,126
RHB Capital Bhd		1,940,100		4,285,016
				135,024,497
CHEMICALS — 2.96%
Petronas Chemicals Group Bhd		8,687,800		13,185,978
				13,185,978
CONSTRUCTION & ENGINEERING — 4.43%
Dialog Group Bhd		10,734,254		4,854,837
Gamuda Bhd		5,427,500		7,921,379
IJM Corp. Bhd		3,487,940		6,948,782
				19,724,998
CONSTRUCTION MATERIALS — 0.80%
Lafarge Malaysia Bhd		1,272,760		3,566,836
				3,566,836
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.58%
Telekom Malaysia Bhd		3,565,300		7,043,545
				7,043,545
ELECTRIC UTILITIES — 9.60%
Tenaga Nasional Bhd		10,476,412		42,789,341
				42,789,341
ENERGY EQUIPMENT & SERVICES — 2.42%
Bumi Armada Bhda		5,643,800		1,785,220
Sapurakencana Petroleum Bhd		11,393,200		9,009,606
				10,794,826
FOOD PRODUCTS — 7.48%
Felda Global Ventures Holdings Bhd		3,977,900		2,560,691

Security	Shares		Value
Genting Plantations Bhd		577,600	$	1,666,770
IOI Corp. Bhd		9,625,330		12,579,163
Kuala Lumpur Kepong Bhd		1,607,400		10,124,301
PPB Group Bhd		1,577,366		6,381,242
				33,312,167
GAS UTILITIES — 2.99%
Petronas Gas Bhd		2,078,200		13,297,251
				13,297,251
HEALTH CARE PROVIDERS & SERVICES — 2.66%
IHH Healthcare Bhd		7,673,100		11,858,814
				11,858,814
HOTELS, RESTAURANTS & LEISURE — 6.59%
Berjaya Sports Toto Bhd		1,529,776		1,426,206
Genting Bhd		6,791,100		16,676,258
Genting Malaysia Bhd		9,854,600		11,238,182
				29,340,646
INDUSTRIAL CONGLOMERATES — 5.27%
Sime Darby Bhd		9,072,625		23,487,123
				23,487,123
MARINE — 1.76%
MISC Bhd		3,363,520		7,858,168
				7,858,168
MEDIA — 0.92%
Astro Malaysia Holdings Bhd		4,531,900		4,111,907
				4,111,907
MULTI-UTILITIES — 1.87%
YTL Corp. Bhd		14,289,112		6,541,908
YTL Power International Bhd		4,134,000		1,800,882
				8,342,790
OIL, GAS & CONSUMABLE FUELS — 1.02%
Petronas Dagangan Bhd		835,300		4,538,062
				4,538,062
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.12%
IOI Properties Group Bhd		5,012,809		2,962,620
UEM Sunrise Bhd		5,114,700		2,015,226
				4,977,846
TOBACCO — 1.84%
British American Tobacco Malaysia Bhd		428,100		8,208,022
				8,208,022
TRANSPORTATION INFRASTRUCTURE — 0.95%
Malaysia Airports Holdings Bhd		2,076,800		4,235,427
				4,235,427

SCHEDULESOF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI MALAYSIA ETF

February 28, 2015

Security	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES — 10.95%
Axiata Group Bhd		8,438,900	$	16,765,406
DiGi.Com Bhd		11,390,300		20,068,925
Maxis Bhd		6,110,300		11,952,724
				48,787,055
TOTAL COMMON STOCKS
(Cost: $193,552,941)				442,735,088
RIGHTS — 0.05%
TRANSPORTATION INFRASTRUCTURE — 0.05%
Malaysia Airports Holdings Bhda		389,620		204,323
				204,323
TOTAL RIGHTS
(Cost: $0)				204,323
SHORT-TERM INVESTMENTS — 0.19%
MONEY MARKET FUNDS — 0.19%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		841,909		841,909
				841,909
TOTAL SHORT-TERM INVESTMENTS
(Cost: $841,909)				841,909
TOTAL INVESTMENTS IN SECURITIES — 99.60%
(Cost: $194,394,850)				443,781,320
Other Assets, Less Liabilities — 0.40%				1,799,151
NET ASSETS — 100.00%			$	445,580,471

^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 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI PACIFIC EX JAPAN ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.40%
AUSTRALIA — 60.96%
AGL Energy Ltd.		1,151,766	$	13,568,251
ALS Ltd.a		689,634		3,082,321
Alumina Ltd.b		4,350,258		6,265,503
Amcor Ltd./Australia		2,065,734		22,087,584
AMP Ltd.		5,071,770		26,598,520
APA Group		1,904,760		13,701,840
Asciano Ltd.		1,673,100		8,486,332
ASX Ltd.		331,650		11,458,703
Aurizon Holdings Ltd.		3,669,732		13,586,844
AusNet Services		2,963,862		3,398,746
Australia & New Zealand Banking Group Ltd.		4,714,974		130,427,437
Bank of Queensland Ltd.		624,690		6,826,107
Bendigo & Adelaide Bank Ltd.		770,814		7,735,007
BHP Billiton Ltd.		5,476,878		144,258,446
Boral Ltd.		1,346,994		6,473,768
Brambles Ltd.		2,680,128		23,286,361
Caltex Australia Ltd.		231,066		6,663,138
Coca-Cola Amatil Ltd.		982,872		8,008,862
Cochlear Ltd.		98,010		6,936,781
Commonwealth Bank of Australia		2,765,070		198,947,854
Computershare Ltd.		811,404		7,989,892
Crown Resorts Ltd.		624,096		7,474,221
CSL Ltd.		811,602		58,598,367
Dexus Property Group		1,545,786		9,558,716
Federation Centres		2,449,062		5,712,670
Flight Centre Travel Group Ltd.		95,238		3,075,832
Fortescue Metals Group Ltd.		2,713,986		5,289,688
Goodman Group		2,981,880		14,564,577
GPT Group (The)		2,892,186		10,640,136
Harvey Norman Holdings Ltd.		943,668		3,264,860
Healthscope Ltd.b		1,901,790		4,361,675
Iluka Resources Ltd.		731,808		4,502,387
Incitec Pivot Ltd.		2,850,012		9,079,548
Insurance Australia Group Ltd.		4,012,272		19,157,698
James Hardie Industries PLC		762,498		9,036,239
Leighton Holdings Ltd.		176,022		3,035,321
Lend Lease Group		937,926		12,737,704
Macquarie Group Ltd.		495,792		28,275,598
Medibank Pvt Ltd.b		4,715,766		9,449,641
Mirvac Group		6,336,000		10,315,769
National Australia Bank Ltd.		4,047,516		120,074,531
Newcrest Mining Ltd.b		1,312,740		14,786,406

Security	Shares		Value
Novion Property Group		3,643,002	$	7,014,838
Orica Ltd.		641,520		9,952,609
Origin Energy Ltd.		1,899,414		18,153,418
Platinum Asset Management Ltd.		386,100		2,547,713
Qantas Airways Ltd.b		943,866		2,135,164
QBE Insurance Group Ltd.		2,325,510		23,645,607
Ramsay Health Care Ltd.		224,730		11,768,207
REA Group Ltd.		89,892		3,448,489
Rio Tinto Ltd.		746,658		37,644,205
Santos Ltd.		1,685,574		10,475,902
Scentre Group		9,090,180		27,465,209
Seek Ltd.		554,994		7,511,149
Sonic Healthcare Ltd.		655,578		9,975,708
Stockland		4,002,372		14,693,099
Suncorp Group Ltd.		2,207,304		24,154,188
Sydney Airport		1,862,190		7,521,367
Tabcorp Holdings Ltd.b		108,290		389,067
Tabcorp Holdings Ltd. New		1,312,740		5,209,665
Tatts Group Ltd.		2,455,200		7,648,796
Telstra Corp. Ltd.		7,332,732		36,561,866
Toll Holdings Ltd.		1,160,082		8,118,005
TPG Telecom Ltd.		475,398		2,835,538
Transurban Group		3,096,720		22,179,214
Treasury Wine Estates Ltd.		1,113,552		4,732,967
Wesfarmers Ltd.		1,922,976		66,003,441
Westfield Corp.		3,379,464		25,950,154
Westpac Banking Corp.		5,302,638		157,724,330
Woodside Petroleum Ltd.		1,270,764		34,993,216
Woolworths Ltd.		2,159,784		51,917,438
WorleyParsons Ltd.		365,310		2,859,464
				1,678,009,914
HONG KONG — 25.32%
AIA Group Ltd.		20,592,014		121,208,368
ASM Pacific Technology Ltd.		415,800		4,219,415
Bank of East Asia Ltd.		2,178,120		8,959,123
BOC Hong Kong Holdings Ltd.		6,336,000		22,344,235
Cathay Pacific Airways Ltd.		1,980,000		4,442,295
Cheung Kong Holdings Ltd.		2,376,000		47,027,058
Cheung Kong Infrastructure Holdings Ltd.		990,208		8,445,965
CLP Holdings Ltd.		3,267,000		29,382,338
First Pacific Co. Ltd./Hong Kong		3,960,500		4,029,211
Galaxy Entertainment Group Ltd.a		3,960,000		20,117,981

SCHEDULESOF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI PACIFIC EX JAPAN ETF

February 28, 2015

Security	Shares		Value
Hang Lung Properties Ltd.		3,762,736	$	10,673,809
Hang Seng Bank Ltd.		1,306,800		23,826,022
Henderson Land Development Co. Ltd.		1,782,687		12,182,712
HKT Trust & HKT Ltd.		4,554,338		6,036,864
Hong Kong & China Gas Co. Ltd.		10,692,746		24,127,943
Hong Kong Exchanges and Clearing Ltd.		1,920,600		44,328,492
Hutchison Whampoa Ltd.		3,564,000		48,803,976
Hysan Development Co. Ltd.		1,188,830		5,702,374
Kerry Properties Ltd.		1,089,000		3,636,810
Li & Fung Ltd.a		9,901,200		10,124,044
Link REIT (The)		3,960,086		25,275,678
MGM China Holdings Ltd.a		1,663,200		3,851,623
MTR Corp. Ltd.		2,475,286		11,490,023
New World Development Co. Ltd.		8,910,921		10,513,243
NWS Holdings Ltd.		2,574,000		4,659,815
PCCW Ltd.		6,930,867		4,423,701
Power Assets Holdings Ltd.		2,412,000		24,818,366
Sands China Ltd.		4,118,400		18,798,569
Shangri-La Asia Ltd.		1,981,000		2,676,941
Sino Land Co. Ltd.a		5,148,800		8,418,181
SJM Holdings Ltd.		3,366,000		4,869,675
Sun Hung Kai Properties Ltd.		2,872,000		45,030,939
Swire Pacific Ltd. Class A		1,089,000		14,884,243
Swire Properties Ltd.		1,980,000		6,574,087
Techtronic Industries Co. Ltd.		2,376,207		8,226,622
WH Group Ltd.b,c		6,336,000		3,512,988
Wharf Holdings Ltd. (The)		2,574,600		18,773,073
Wheelock & Co. Ltd.		1,584,000		8,496,528
Wynn Macau Ltd.a		2,692,800		7,065,803
Yue Yuen Industrial Holdings Ltd.		1,287,000		4,995,029
				696,974,162
NEW ZEALAND — 1.24%
Auckland International Airport Ltd.		1,622,214		5,340,107
Contact Energy Ltd.		628,452		2,939,092
Fletcher Building Ltd.		1,181,268		7,723,510
Meridian Energy Ltd.		2,118,402		3,478,729
Mighty River Power Ltd.		1,167,210		3,020,840
Ryman Healthcare Ltd.		638,748		3,929,820
Spark New Zealand Ltd.		3,114,738		7,707,647
				34,139,745

Security	Shares		Value
SINGAPORE — 11.88%
Ascendas REIT		3,465,013	$	6,292,612
CapitaCommercial Trust		3,465,000		4,496,526
CapitaLand Ltd.a		4,356,000		11,497,713
CapitaMall Trust		4,098,600		6,358,390
City Developments Ltd.		693,000		5,212,404
ComfortDelGro Corp. Ltd.		3,564,000		7,703,963
DBS Group Holdings Ltd.		2,970,000		42,734,284
Genting Singapore PLC		10,414,800		7,542,517
Global Logistic Properties Ltd.		5,346,000		10,180,237
Golden Agri-Resources Ltd.		12,078,987		3,596,787
Hutchison Port Holdings Trust		9,603,000		6,674,085
Jardine Cycle & Carriage Ltd.		178,200		5,594,545
Keppel Corp. Ltd.		2,475,000		15,922,542
Keppel Land Ltd.		1,188,000		3,965,532
Noble Group Ltd.		7,524,708		5,394,155
Oversea-Chinese Banking Corp. Ltd.a		5,108,424		39,362,020
SembCorp Industries Ltd.		1,683,040		5,234,365
Sembcorp Marine Ltda		1,405,800		3,090,465
Singapore Airlines Ltd.		930,600		8,210,573
Singapore Exchange Ltd.		1,386,000		8,335,769
Singapore Press Holdings Ltd.a		2,732,417		8,216,738
Singapore Technologies Engineering Ltd.		2,673,000		6,898,191
Singapore Telecommunications Ltd.		13,662,328		42,390,283
StarHub Ltd.		1,029,600		3,247,544
Suntec REITa		4,019,400		5,777,463
United Overseas Bank Ltd.		2,217,600		37,614,905
UOL Group Ltd.		792,000		4,571,135
Wilmar International Ltd.		3,326,400		7,924,076
Yangzijiang Shipbuilding Holdings Ltd.		3,207,600		2,888,986
				326,928,805
TOTAL COMMON STOCKS
(Cost: $2,651,309,248)				2,736,052,626
SHORT-TERM INVESTMENTS — 1.35%
MONEY MARKET FUNDS — 1.35%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%d,e,f		34,514,258		34,514,258

34 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI PACIFIC EX JAPAN ETF

February 28, 2015

Security	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%d,e,f		2,014,335	$	2,014,335
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		763,638		763,638
				37,292,231
TOTAL SHORT-TERM INVESTMENTS
(Cost: $37,292,231)				37,292,231
TOTAL INVESTMENTS IN SECURITIES — 100.75%
(Cost: $2,688,601,479)				2,773,344,857
Other Assets, Less Liabilities — (0.75)%				(20,727,989	)
NET ASSETS — 100.00%			$	2,752,616,868

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

^b  Non-income earning security.

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

^d  Affiliated issuer. See 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, 2015

Security	Shares		Value
COMMON STOCKS — 99.56%
AEROSPACE & DEFENSE — 2.10%
Singapore Technologies Engineering Ltd.		6,520,800	$	16,828,180
				16,828,180
AIRLINES — 2.48%
Singapore Airlines Ltd.		2,257,267		19,915,597
				19,915,597
BANKS — 36.40%
DBS Group Holdings Ltd.		7,237,500		104,137,839
Oversea-Chinese Banking Corp. Ltd.		12,540,050		96,625,046
United Overseas Bank Ltd.		5,392,200		91,462,432
				292,225,317
DISTRIBUTORS — 1.72%
Jardine Cycle & Carriage Ltd.a		438,900		13,779,156
				13,779,156
DIVERSIFIED FINANCIAL SERVICES — 2.54%
Singapore Exchange Ltd.a		3,385,800		20,363,094
				20,363,094
DIVERSIFIED TELECOMMUNICATION SERVICES — 12.87%
Singapore Telecommunications Ltd.		33,293,768		103,301,008
				103,301,008
FOOD PRODUCTS — 3.47%
Golden Agri-Resources Ltd.		29,469,628		8,775,237
Wilmar International Ltd.		8,025,600		19,118,406
				27,893,643
HOTELS, RESTAURANTS & LEISURE — 2.30%
Genting Singapore PLC		25,456,200		18,435,672
				18,435,672
INDUSTRIAL CONGLOMERATES — 6.48%
Keppel Corp. Ltd.		6,081,900		39,126,994
SembCorp Industries Ltd.		4,138,200		12,870,073
				51,997,067
MACHINERY — 1.86%
Sembcorp Marine Ltda		3,511,200		7,718,909
Yangzijiang Shipbuilding Holdings Ltd.a		8,025,600		7,228,410
				14,947,319
MEDIA — 2.51%
Singapore Press Holdings Ltd.a		6,708,900		20,174,547
				20,174,547

Security	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.04%
Ascendas REIT		8,527,235	$	15,485,825
CapitaCommercial Trusta		8,589,900		11,147,102
CapitaMall Trust		10,094,700		15,660,479
Suntec REITa		9,906,600		14,239,690
				56,533,096
REAL ESTATE MANAGEMENT & DEVELOPMENT — 10.83%
CapitaLand Ltd.a		10,721,700		28,300,054
City Developments Ltd.		1,692,900		12,733,157
Global Logistic Properties Ltd.a		13,167,000		25,073,546
Keppel Land Ltd.a		2,884,200		9,627,430
UOL Group Ltd.		1,943,700		11,218,326
				86,952,513
ROAD & RAIL — 2.28%
ComfortDelGro Corp. Ltd.		8,464,500		18,296,912
				18,296,912
TRADING COMPANIES & DISTRIBUTORS — 1.64%
Noble Group Ltd.		18,371,199		13,169,560
				13,169,560
TRANSPORTATION INFRASTRUCTURE — 2.05%
Hutchison Port Holdings Trust		23,637,900		16,428,340
				16,428,340
WIRELESS TELECOMMUNICATION SERVICES — 0.99%
StarHub Ltd.		2,508,000		7,910,683
				7,910,683
TOTAL COMMON STOCKS
(Cost: $806,451,937)				799,151,704
SHORT-TERM INVESTMENTS — 4.68%
MONEY MARKET FUNDS — 4.68%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%b,c,d		35,986,754		35,986,754
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%b,c,d		1,046,817		1,046,817
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		546,020		546,020
				37,579,591
TOTAL SHORT-TERM INVESTMENTS
(Cost: $37,579,591)				37,579,591

36 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SINGAPORE ETF

February 28, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 104.24%
(Cost: $844,031,528)	$	836,731,295
Other Assets, Less Liabilities — (4.24)%		(34,001,462	)
NET ASSETS — 100.00%	$	802,729,833

^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.

Open futures contracts as of February 28, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
MSCI Singapore Index		61		Mar. 2015		Singapore	$	3,426,513	$	(21,601)

See notes to financial statements.

SCHEDULESOF INVESTMENTS 37

Schedule of Investments (Unaudited)

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 96.30%
AEROSPACE & DEFENSE — 0.39%
Korea Aerospace Industries Ltd.		342,753	$	15,739,375
				15,739,375
AIR FREIGHT & LOGISTICS — 0.58%
Hyundai Glovis Co. Ltd.a		107,894		23,445,601
				23,445,601
AIRLINES — 0.27%
Korean Air Lines Co. Ltd.b		235,022		10,749,492
				10,749,492
AUTO COMPONENTS — 4.00%
Halla Visteon Climate Control Corp.a,b		290,183		11,329,180
Hankook Tire Co. Ltd.		542,462		23,723,909
Hyundai Mobis Co. Ltd.		486,445		110,580,864
Hyundai Wia Corp.		120,759		15,458,648
				161,092,601
AUTOMOBILES — 5.93%
Hyundai Motor Co.		1,097,888		160,549,428
Kia Motors Corp.		1,883,565		78,085,014
				238,634,442
BANKS — 8.87%
BS Financial Group Inc.		1,479,025		20,078,787
DGB Financial Group Inc.		1,255,753		13,272,047
Hana Financial Group Inc.		2,047,489		56,151,810
Industrial Bank of Korea		1,830,062		22,509,988
KB Financial Group Inc.		2,889,300		102,667,487
Shinhan Financial Group Co. Ltd.		3,085,623		122,857,022
Woori Bankb		2,264,306		19,557,761
				357,094,902
BEVERAGES — 0.14%
Hite Jinro Co. Ltd.a,b		264,324		5,502,987
				5,502,987
BUILDING PRODUCTS — 0.57%
KCC Corp.		42,916		23,109,067
				23,109,067
CAPITAL MARKETS — 1.74%
Daewoo Securities Co. Ltd.b		1,407,332		13,655,948
Korea Investment Holdings Co. Ltd.b		303,434		15,094,981
Mirae Asset Securities Co. Ltd.b		205,465		9,070,001
NH Investment & Securities Co. Ltd.		1,116,543		12,512,850

Security	Shares		Value
Samsung Securities Co. Ltd.		457,020	$	19,862,288
				70,196,068
CHEMICALS — 3.58%
Hanwha Chemical Corp.		853,828		10,968,953
Hanwha Corp.		361,387		10,075,570
Hyosung Corp.		180,386		12,030,664
Kumho Petrochemical Co. Ltd.a		114,627		9,002,640
LG Chem Ltd.		332,948		69,771,801
Lotte Chemical Corp.		115,909		20,118,140
OCI Co. Ltd.a,b		134,004		11,965,188
				143,932,956
COMMERCIAL SERVICES & SUPPLIES — 0.55%
KEPCO Plant Service & Engineering Co. Ltd.b		128,208		10,770,150
S-1 Corp.		154,118		11,233,602
				22,003,752
CONSTRUCTION & ENGINEERING — 1.85%
Daelim Industrial Co. Ltd.a		214,480		12,663,026
Daewoo Engineering & Construction Co. Ltd.a,b		969,541		6,987,444
GS Engineering & Construction Corp.a,b		408,370		11,273,847
Hyundai Development Co. Engineering & Construction		427,932		19,494,875
Hyundai Engineering & Construction Co. Ltd.		534,190		24,043,539
				74,462,731
CONSUMER FINANCE — 0.24%
Samsung Card Co. Ltd.		278,415		9,512,608
				9,512,608
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.78%
KT Corp.b		501,333		13,977,304
LG Uplus Corp.		1,613,261		17,418,015
				31,395,319
ELECTRIC UTILITIES — 1.86%
Korea Electric Power Corp.		1,842,421		75,036,416
				75,036,416
ELECTRICAL EQUIPMENT — 0.66%
Doosan Heavy Industries & Construction Co. Ltd.a		466,206		12,339,560
LS Corp.		149,212		7,001,429
LS Industrial Systems Co. Ltd.		130,173		7,329,681
				26,670,670

38 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

February 28, 2015

Security	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.44%
LG Display Co. Ltd.		1,672,901	$	51,823,274
LG Innotek Co. Ltd.a		103,452		9,897,007
Samsung Electro-Mechanics Co. Ltd.a		439,238		27,573,685
Samsung SDI Co. Ltd.		395,674		49,209,148
				138,503,114
FOOD & STAPLES RETAILING — 0.74%
E-Mart Co. Ltd.		152,415		29,787,269
				29,787,269
FOOD PRODUCTS — 1.29%
CJ CheilJedang Corp.		59,456		19,366,334
Lotte Confectionery Co. Ltd.		5,775		9,571,067
Orion Corp./Republic of Korea		26,355		23,148,121
				52,085,522
GAS UTILITIES — 0.21%
Korea Gas Corp.		223,978		8,652,606
				8,652,606
HOTELS, RESTAURANTS & LEISURE — 0.85%
Kangwon Land Inc.b		863,764		26,757,757
Paradise Co. Ltd.a		377,982		7,283,786
				34,041,543
HOUSEHOLD DURABLES — 2.03%
Coway Co. Ltd.		392,788		30,849,005
Hanssem Co. Ltd.b		48,000		7,719,011
LG Electronics Inc.		765,990		43,130,775
				81,698,791
HOUSEHOLD PRODUCTS — 1.03%
LG Household & Health Care Ltd.		68,109		41,577,176
				41,577,176
INDUSTRIAL CONGLOMERATES — 2.84%
Cheil Industries Inc.a,b		121,432		17,923,542
CJ Corp.		110,299		17,435,995
Doosan Corp.		66,240		7,212,136
LG Corp.		687,287		39,826,389
SK Holdings Co. Ltd.		188,456		31,937,330
				114,335,392
INSURANCE — 3.36%
Dongbu Insurance Co. Ltd.		323,273		15,610,650
Hanwha Life Insurance Co. Ltd.		1,704,342		12,127,840
Hyundai Marine & Fire Insurance Co. Ltd.a		499,325		12,397,254

Security	Shares		Value
Samsung Fire & Marine Insurance Co. Ltd.		238,732	$	55,465,956
Samsung Life Insurance Co. Ltd.		434,705		39,448,425
				135,050,125
INTERNET SOFTWARE & SERVICES — 3.56%
Daum Kakao Corp.a		187,663		22,757,911
NAVER Corp.		199,977		120,436,242
				143,194,153
IT SERVICES — 1.97%
Samsung SDS Co. Ltd.a		191,190		50,430,053
SK C&C Co. Ltd.a		145,941		28,854,446
				79,284,499
MACHINERY — 2.21%
Daewoo Shipbuilding & Marine Engineering Co. Ltd.a		806,990		14,889,114
Doosan Infracore Co. Ltd.b		1,087,371		12,780,362
Hyundai Heavy Industries Co. Ltd.a,b		303,095		33,138,718
Hyundai Mipo Dockyard Co. Ltd.a,b		98,032		6,868,626
Samsung Heavy Industries Co. Ltd.a		1,188,732		21,336,632
				89,013,452
MARINE — 0.13%
Hyundai Merchant Marine Co. Ltd.a,b		626,660		5,161,502
				5,161,502
MEDIA — 0.31%
Cheil Worldwide Inc.a,b		644,709		12,276,815
				12,276,815
METALS & MINING — 4.17%
Hyundai Steel Co.		507,168		30,960,098
Korea Zinc Co. Ltd.		62,346		23,261,525
POSCO		466,660		113,736,550
				167,958,173
MULTILINE RETAIL — 1.04%
Hyundai Department Store Co. Ltd.		117,548		14,351,448
Lotte Shopping Co. Ltd.		81,797		18,631,725
Shinsegae Co. Ltd.		56,469		8,875,134
				41,858,307
OIL, GAS & CONSUMABLE FUELS — 1.92%
GS Holdings Corp.		393,320		15,857,510

SCHEDULESOF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

February 28, 2015

Security	Shares		Value
S-Oil Corp.		342,632	$	20,229,196
SK Innovation Co. Ltd.b		435,685		41,085,506
				77,172,212
PERSONAL PRODUCTS — 2.13%
AmorePacific Corp.		23,232		60,432,199
AmorePacific Group		20,882		25,418,753
				85,850,952
PHARMACEUTICALS — 0.98%
Celltrion Inc.a,b		493,391		29,444,773
Yuhan Corp.		63,519		9,896,359
				39,341,132
ROAD & RAIL — 0.19%
CJ Korea Express Co. Ltd.b		45,873		7,565,043
				7,565,043
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.33%
SK Hynix Inc.		4,106,566		174,357,410
				174,357,410
SOFTWARE — 0.46%
NCsoft Corp.a		114,480		18,618,450
				18,618,450
SPECIALTY RETAIL — 0.55%
Hotel Shilla Co. Ltd.		246,625		22,245,797
				22,245,797
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 20.98%
Samsung Electronics Co. Ltd.		682,994		844,447,048
				844,447,048
TOBACCO — 1.43%
KT&G Corp.		789,489		57,545,551
				57,545,551
TRADING COMPANIES & DISTRIBUTORS — 1.67%
Daewoo International Corp.a		365,125		9,647,510
Samsung C&T Corp.		898,801		49,626,295
SK Networks Co. Ltd.		941,727		8,108,351
				67,382,156
WIRELESS TELECOMMUNICATION SERVICES — 0.47%
SK Telecom Co. Ltd.		72,814		19,007,071
				19,007,071
TOTAL COMMON STOCKS
(Cost: $2,361,284,875)				3,876,590,248

Security	Shares		Value
PREFERRED STOCKS — 2.35%
AUTOMOBILES — 1.14%
Hyundai Motor Co.		176,558	$	17,614,779
Hyundai Motor Co. Series 2		272,155		28,144,133
				45,758,912
CHEMICALS — 0.23%
LG Chem Ltd.		62,407		9,211,365
				9,211,365
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.98%
Samsung Electronics Co. Ltd.		41,378		39,509,949
				39,509,949
TOTAL PREFERRED STOCKS
(Cost: $58,614,672)				94,480,226
RIGHTS — 0.02%
AIRLINES — 0.02%
Korean Air Lines Co. Ltd.b		47,362		617,080
				617,080
MARINE — 0.00%
Hyundai Merchant Marine Co. Ltd.b		100,685		162,373
				162,373
TOTAL RIGHTS
(Cost: $0)				779,453
SHORT-TERM INVESTMENTS — 6.09%
MONEY MARKET FUNDS — 6.09%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		227,335,418		227,335,418
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		13,267,842		13,267,842
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		4,750,807		4,750,807
				245,354,067
TOTAL SHORT-TERM INVESTMENTS
(Cost: $245,354,067)				245,354,067

40 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH KOREA CAPPED ETF

February 28, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 104.76%
(Cost: $2,665,253,614)	$	4,217,203,994
Other Assets, Less Liabilities — (4.76)%		(191,783,205	)
NET ASSETS — 100.00%	$	4,025,420,789

^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 41

Schedule of Investments (Unaudited)

iSHARES^® MSCI TAIWAN ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.80%
AIRLINES — 0.51%
China Airlines Ltd.a		18,444,761	$	9,044,716
EVA Airways Corp.a		13,270,089		9,718,581
				18,763,297
AUTO COMPONENTS — 0.76%
Cheng Shin Rubber Industry Co. Ltd.b		11,520,670		27,806,616
				27,806,616
AUTOMOBILES — 0.31%
China Motor Corp.		3,460,000		2,980,194
Yulon Motor Co. Ltd.		5,760,362		8,235,640
				11,215,834
BANKS — 9.32%
Chang Hwa Commercial Bank Ltd.		34,560,531		20,303,831
China Development Financial Holding Corp.		97,920,508		33,986,102
CTBC Financial Holding Co. Ltd.		100,224,066		66,699,028
E.Sun Financial Holding Co. Ltd.		46,080,463		28,759,022
First Financial Holding Co. Ltd.		53,836,524		31,799,634
Hua Nan Financial Holdings Co. Ltd.		43,920,928		25,173,594
Mega Financial Holding Co. Ltd.		72,576,271		57,658,907
SinoPac Financial Holdings Co. Ltd.		54,144,547		22,154,352
Taishin Financial Holding Co. Ltd.		57,600,676		24,668,973
Taiwan Business Banka		29,952,770		8,898,562
Taiwan Cooperative Financial Holding Co. Ltd.		42,624,971		21,919,862
				342,021,867
BUILDING PRODUCTS — 0.14%
Taiwan Glass Industry Corp.		6,912,693		5,128,666
				5,128,666
CAPITAL MARKETS — 0.86%
Yuanta Financial Holding Co. Ltd.		62,208,164		31,495,297
				31,495,297
CHEMICALS — 5.74%
Formosa Chemicals & Fibre Corp.b		23,040,610		51,649,704

Security	Shares		Value
Formosa Plastics Corp.		29,952,518	$	73,915,623
Nan Ya Plastics Corp.		34,560,938		75,053,526
Taiwan Fertilizer Co. Ltd.b		5,760,000		9,995,860
				210,614,713
CONSTRUCTION & ENGINEERING — 0.21%
CTCI Corp.		4,608,000		7,600,522
				7,600,522
CONSTRUCTION MATERIALS — 1.44%
Asia Cement Corp.b		16,150,136		19,901,616
Taiwan Cement Corp.		24,192,504		33,086,071
				52,987,687
DIVERSIFIED FINANCIAL SERVICES — 2.81%
Chailease Holding Co. Ltd.b		6,912,940		16,817,342
Fubon Financial Holding Co. Ltd.		48,384,515		86,277,116
				103,094,458
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.54%
Asia Pacific Telecom Co. Ltd.		13,824,000		6,734,826
Chunghwa Telecom Co. Ltd.		27,648,648		86,454,298
				93,189,124
ELECTRICAL EQUIPMENT — 0.59%
Teco Electric and Machinery Co. Ltd.		13,824,092		14,152,032
Walsin Lihwa Corp.a		23,044,069		7,374,395
Ya Hsin Industrial Co. Ltd.a		6,845,461		2
				21,526,429
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 14.35%
AU Optronics Corp.		63,360,830		33,390,280
Delta Electronics Inc.		13,297,180		85,952,158
Hon Hai Precision Industry Co. Ltd.b		91,008,194		252,406,104
Innolux Corp.		57,600,873		29,529,503
Largan Precision Co. Ltd.		724,794		61,851,550
Pacific Electric Wire & Cable Co. Ltd.a		197		—
Simplo Technology Co. Ltd.		2,045,835		10,162,403
Synnex Technology International Corp.b		9,216,538		13,455,764
TPK Holding Co. Ltd.b		1,785,466		12,905,613
Unimicron Technology Corp.b		9,216,794		6,207,139
WPG Holdings Ltd.b		10,368,744		13,305,537
Zhen Ding Technology Holding Ltd.b		2,304,072		7,182,571
				526,348,622

42 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TAIWAN ETF

February 28, 2015

Security	Shares		Value
FOOD & STAPLES RETAILING — 0.88%
President Chain Store Corp.		4,143,215	$	32,190,558
				32,190,558
FOOD PRODUCTS — 1.69%
Standard Foods Corp.		2,484,859		5,886,754
Uni-President Enterprises Corp.		33,408,528		56,168,453
				62,055,207
HOTELS, RESTAURANTS & LEISURE — 0.08%
Formosa International Hotels Corp.		295,184		3,087,659
				3,087,659
INDUSTRIAL CONGLOMERATES — 0.65%
Far Eastern New Century Corp.		23,040,239		23,916,949
				23,916,949
INSURANCE — 3.42%
Cathay Financial Holding Co. Ltd.		59,904,483		91,177,656
China Life Insurance Co. Ltd./Taiwan		20,736,253		17,827,697
Shin Kong Financial Holding Co. Ltd.b		57,600,030		16,543,617
				125,548,970
LEISURE PRODUCTS — 0.88%
Giant Manufacturing Co. Ltd.		2,096,590		20,361,724
Merida Industry Co. Ltd.		1,475,100		11,906,953
				32,268,677
MACHINERY — 0.31%
Hiwin Technologies Corp.b		1,397,246		11,278,518
				11,278,518
MARINE — 0.65%
Evergreen Marine Corp. Taiwan Ltd.a		12,672,766		9,301,298
U-Ming Marine Transport Corp.		3,456,800		5,233,907
Wan Hai Lines Ltd.		3,420,000		3,811,495
Yang Ming Marine Transport Corp.a		10,368,635		5,612,698
				23,959,398
METALS & MINING — 1.93%
China Steel Corp.b		85,248,977		70,848,537
				70,848,537
MULTILINE RETAIL — 0.17%
Far Eastern Department Stores Ltd.b		7,032,456		6,046,054
				6,046,054

Security	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 0.48%
Formosa Petrochemical Corp.		8,064,950	$	17,668,160
				17,668,160
PHARMACEUTICALS — 0.05%
ScinoPharm Taiwan Ltd.b		1,192,828		1,834,536
				1,834,536
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.57%
Farglory Land Development Co. Ltd.		3,456,270		4,127,054
Highwealth Construction Corp.		4,608,300		9,816,757
Ruentex Development Co. Ltd.b		4,608,487		6,896,956
				20,840,767
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 35.19%
Advanced Semiconductor Engineering Inc.b		46,080,448		62,066,644
Epistar Corp.b		6,826,047		13,063,061
Hermes Microvision Inc.b		278,000		13,897,787
Inotera Memories Inc.a,b		16,128,000		23,802,987
Kinsus Interconnect Technology Corp.b		1,942,043		6,276,624
MediaTek Inc.b		10,281,175		154,847,820
Novatek Microelectronics Corp.		4,183,544		22,512,942
Phison Electronics Corp.		1,152,698		8,735,619
Powertech Technology Inc.b		4,608,036		7,879,367
Radiant Opto-Electronics Corp.b		3,202,583		10,554,604
Realtek Semiconductor Corp.		3,456,063		10,828,741
Siliconware Precision Industries Co. Ltd.b		21,888,214		38,960,394
Taiwan Semiconductor Manufacturing Co. Ltd.b		179,245,882		858,987,589
Transcend Information Inc.		1,152,905		3,799,575
United Microelectronics Corp.b		87,552,501		44,605,636
Vanguard International Semiconductor Corp.b		5,760,000		10,032,542
				1,290,851,932
SPECIALTY RETAIL — 0.73%
Hotai Motor Co. Ltd.		1,749,000		26,620,665
				26,620,665
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 9.23%
Acer Inc.a,b		19,936,737		13,045,692
Advantech Co. Ltd.		2,439,444		18,642,463

SCHEDULESOF INVESTMENTS 43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TAIWAN ETF

February 28, 2015

Security	Shares		Value
ASUSTeK Computer Inc.		5,191,857	$	53,976,797
Catcher Technology Co. Ltd.b		4,608,743		42,117,791
Chicony Electronics Co. Ltd.		3,471,624		9,650,462
Clevo Co.b		3,456,991		5,316,754
Compal Electronics Inc.		31,104,554		24,166,570
Foxconn Technology Co. Ltd.		6,912,724		17,785,324
HTC Corp.a,b		4,942,884		24,080,919
Inventec Corp.		17,280,868		13,261,230
Lite-On Technology Corp.		14,976,565		19,027,701
Pegatron Corp.		11,520,037		31,620,035
Quanta Computer Inc.b		20,014,240		50,601,199
Wistron Corp.b		16,128,113		15,226,828
				338,519,765
TEXTILES, APPAREL & LUXURY GOODS — 1.40%
Eclat Textile Co. Ltd.		1,192,080		13,664,983
Formosa Taffeta Co. Ltd.		5,760,515		6,089,766
Pou Chen Corp.		14,976,103		21,602,212
Ruentex Industries Ltd.		4,608,262		9,948,740
				51,305,701
WIRELESS TELECOMMUNICATION SERVICES — 1.91%
Far EasTone Telecommunications Co. Ltd.		11,520,259		28,465,916
Taiwan Mobile Co. Ltd.		12,195,609		41,745,836
				70,211,752
TOTAL COMMON STOCKS
(Cost: $2,140,941,233)				3,660,846,937

Security	Shares		Value
SHORT-TERM INVESTMENTS — 4.85%
MONEY MARKET FUNDS — 4.85%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		160,980,906	$	160,980,906
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		9,395,234		9,395,234
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		7,385,581		7,385,581
				177,761,721
TOTAL SHORT-TERM INVESTMENTS
(Cost: $177,761,721)				177,761,721
TOTAL INVESTMENTS IN SECURITIES — 104.65%
(Cost: $2,318,702,954)				3,838,608,658
Other Assets, Less Liabilities — (4.65)%				(170,653,907	)
NET ASSETS — 100.00%			$	3,667,954,751

^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.

Open futures contracts as of February 28, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
MSCI Taiwan Index		75		Mar. 2015		Singapore	$	2,685,750	$	3,521

See notes to financial statements.

44 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI THAILAND CAPPED ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.64%
AIRLINES — 0.39%
Nok Airlines PCL NVDR		718,700	$	302,330
Thai Airways International PCL NVDRa,b		3,677,266		1,512,763
				1,815,093
AUTO COMPONENTS — 0.63%
PCS Machine Group Holding PCL NVDR		1,117,100		307,522
Somboon Advance Technology PCL NVDR		1,559,425		916,458
Sri Trang Agro-Industry PCL NVDR		3,926,971		1,700,513
				2,924,493
BANKS — 23.63%
Bangkok Bank PCL Foreign		765,800		4,358,404
Bangkok Bank PCL NVDR		989,500		5,600,943
Kasikornbank PCL Foreign		4,332,400		28,945,203
Kasikornbank PCL NVDR		2,428,900		16,302,855
Kiatnakin Bank PCL NVDRb		1,938,373		2,353,267
Krung Thai Bank PCL NVDR		14,353,100		10,122,199
LH Financial Group PCL NVDR		28,599,561		1,760,381
Siam Commercial Bank PCL (The) NVDR		5,982,700		31,366,151
Thanachart Capital PCL NVDR		3,041,800		3,293,010
Tisco Financial Group PCL NVDR		2,047,810		2,977,020
TMB Bank PCL NVDR		33,745,700		3,152,243
				110,231,676
BUILDING PRODUCTS — 0.36%
Dynasty Ceramic PCL NVDR		9,499,700		1,704,246
				1,704,246
CAPITAL MARKETS — 0.15%
AIRA Capital Co. Ltd. NVDR		2,903,300		323,287
Asia Plus Group Holdings Securities NVDRb		2,659,200		361,908
				685,195
CHEMICALS — 3.40%
Indorama Ventures PCL NVDR		6,003,810		4,828,304
PTT Global Chemical PCL NVDR		5,867,207		10,162,808
Siamgas & Petrochemicals PCL NVDRb		2,475,800		865,343
				15,856,455

Security	Shares		Value
CONSTRUCTION & ENGINEERING — 1.87%
CH Karnchang PCL NVDRb		2,745,200	$	2,335,076
Italian-Thai Development PCL NVDRa,b		10,377,348		2,969,084
Sino-Thai Engineering & Construction PCL NVDRb		3,665,528		2,800,450
Sriracha Construction PCL NVDR		313,800		315,450
Toyo-Thai Corp. PCL NVDRb		399,100		311,700
				8,731,760
CONSTRUCTION MATERIALS — 5.62%
Siam Cement PCL (The) Foreign		1,058,400		16,827,021
Siam Cement PCL (The) NVDR		363,200		5,886,693
Superblock PCL NVDRa,b		570,200		417,994
TPI Polene PCL NVDR		29,318,200		3,065,126
				26,196,834
CONSUMER FINANCE — 0.25%
Krungthai Card PCL NVDRb		240,900		659,438
Srisawad Power 1979 PCL NVDRa,b		391,300		496,236
				1,155,674
CONTAINERS & PACKAGING — 0.21%
Polyplex Thailand PCL NVDRa		3,030,050		965,342
				965,342
DISTRIBUTORS — 0.20%
Energy Earth PCL NVDR		6,329,400		947,550
				947,550
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.05%
Jasmine International PCL NVDRb		16,041,768		4,391,267
Samart Telcoms PCL NVDRb		603,300		466,517
Thaicom PCL NVDRb		1,195,700		1,294,448
True Corp. PCL NVDRa		28,234,272		12,750,398
				18,902,630
ELECTRICAL EQUIPMENT — 0.20%
Gunkul Engineering PCL NVDR		772,766		914,268
				914,268
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.47%
Cal-Comp Electronics Thailand PCL NVDR		16,447,012		2,095,938
Delta Electronics Thailand PCL NVDR		2,392,844		5,162,415
Hana Microelectronics PCL NVDR		3,061,600		3,906,310
Jay Mart PCL NVDR		798,000		320,878

SCHEDULESOF INVESTMENTS 45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI THAILAND CAPPED ETF

February 28, 2015

Security	Shares		Value
KCE Electronics PCL NVDR		411,000	$	699,196
Loxley PCL NVDR		2,527,605		336,180
Samart Corp. PCL NVDR		2,792,837		3,217,853
SVI PCL NVDRb		3,160,215		463,329
				16,202,099
FOOD & STAPLES RETAILING — 4.29%
CP ALL PCL NVDR		16,162,600		19,997,031
				19,997,031
FOOD PRODUCTS — 3.54%
Charoen Pokphand Foods PCL NVDR		11,077,000		8,188,689
GFPT PCL NVDRb		3,867,900		1,615,114
Ichitan Group PCL NVDR		450,800		312,339
Kaset Thai International Sugar Corp. PCL NVDR		917,600		300,852
Khon Kaen Sugar Industry PCL NVDR		3,509,500		1,346,050
Thai Union Frozen Products PCL NVDR		4,483,300		2,967,604
Thai Vegetable Oil PCL NVDR		2,551,853		1,807,530
				16,538,178
HEALTH CARE PROVIDERS & SERVICES — 3.81%
Bangkok Chain Hospital PCL NVDR		5,708,125		1,500,744
Bangkok Dusit Medical Services PCL NVDR		10,896,000		7,246,026
Bumrungrad Hospital PCL NVDR		1,596,176		7,677,246
Chularat Hospital PCL NVDRb		773,200		463,968
Vibhavadi Medical Center PCL NVDR		1,746,660		886,026
				17,774,010
HOTELS, RESTAURANTS & LEISURE — 1.29%
Erawan Group PCL (The) NVDR		2,307,700		334,056
Minor International PCL NVDR		5,384,900		5,663,056
				5,997,112
HOUSEHOLD PRODUCTS — 0.07%
DSG International Thailand PCL NVDR		1,268,880		306,132
				306,132
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 1.45%
CK Power PCL NVDRa,b		730,800		402,358
Glow Energy PCL NVDR		2,254,700		5,945,350

Security	Shares		Value
SPCG PCL NVDRb		460,800	$	431,154
				6,778,862
INSURANCE — 0.15%
Thai Reinsurance PCL NVDRa		7,168,640		705,112
				705,112
INTERNET & CATALOG RETAIL — 0.08%
OfficeMate PCL NVDR		244,000		369,811
				369,811
MACHINERY — 0.07%
BJC Heavy Industries PCL NVDR		279,300		315,325
				315,325
MARINE — 0.82%
Precious Shipping PCL NVDRb		2,188,600		1,171,134
Thoresen Thai Agencies PCL NVDRb		5,358,388		2,668,421
				3,839,555
MEDIA — 2.18%
BEC World PCL NVDR		4,125,800		5,997,915
E for L Aim PCL NVDRa		7,039,500		309,189
Major Cineplex Group PCL NVDR		2,848,300		2,554,924
RS PCL NVDR		1,265,500		775,036
VGI Global Media PCL NVDRb		1,478,220		534,958
				10,172,022
METALS & MINING — 0.44%
STP & I PCL NVDR		2,911,600		1,747,140
Univentures PCL NVDR		1,083,000		321,584
				2,068,724
OIL, GAS & CONSUMABLE FUELS — 16.85%
Bangchak Petroleum PCL (The) NVDRb		2,022,500		2,111,332
Banpu PCL NVDR		4,931,700		4,614,411
Energy Absolute PCL NVDR		2,608,100		2,440,304
Esso Thailand PCL NVDRa		6,462,800		1,289,362
IRPC PCL NVDR		44,316,700		6,113,594
PTT Exploration & Production PCL NVDR		5,119,284		17,892,951
PTT PCL NVDR		3,634,600		38,560,711
Thai Oil PCL NVDR		3,434,100		5,576,562
				78,599,227
PHARMACEUTICALS — 0.07%
Mega Lifesciences PCL NVDRb		619,100		335,114
				335,114

46 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI THAILAND CAPPED ETF

February 28, 2015

Security	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT — 6.88%
Amata Corp. PCL NVDR		3,339,900	$	1,921,501
Ananda Development PCL NVDRb		4,481,300		579,395
AP Thailand PCL NVDRb		6,972,786		1,498,944
Bangkok Land PCL NVDR		44,005,500		2,313,930
Central Pattana PCL NVDR		4,919,400		6,695,132
Country Group Development PCL NVDRa,b		7,623,400		379,637
Golden Land Property Development PCL NVDRa,b		1,360,400		319,797
Hemaraj Land and Development PCL NVDR		23,575,800		3,223,168
LPN Development PCL NVDR		2,902,947		1,768,885
MBK PCL NVDR		703,900		317,876
Natural Park PCL NVDRa,b		359,534,800		556,039
Quality Houses PCL NVDR		22,073,541		2,799,305
Rojana Industrial Park PCL NVDRa,b		1,640,175		484,493
Sansiri PCL NVDR		24,806,337		1,534,571
SC Asset Corp. PCL NVDRb		10,470,537		1,269,549
Siam Future Development PCL NVDR		5,340,573		1,263,699
Supalai PCL NVDR		3,400,500		2,482,270
TICON Industrial Connection PCL NVDRb		3,659,991		2,015,089
WHA Corp. PCL NVDRb		598,094		665,988
				32,089,268
ROAD & RAIL — 1.12%
BTS Group Holdings PCL NVDR		17,546,100		5,210,101
				5,210,101
SOFTWARE — 0.08%
Mono Technology PCL NVDR		2,561,020		362,805
				362,805
SPECIALTY RETAIL — 1.03%
Home Product Center PCL NVDR		12,381,385		3,274,384
Siam Global House PCL NVDRb		4,228,004		1,543,163
				4,817,547
TEXTILES, APPAREL & LUXURY GOODS — 0.06%
MC Group PCL NVDRb		685,200		305,193
				305,193
TRANSPORTATION INFRASTRUCTURE — 4.28%
Airports of Thailand PCL NVDR		1,595,000		15,244,510
Bangkok Aviation Fuel Services PCL NVDR		601,600		618,719

Security	Shares		Value
Bangkok Expressway PCL NVDR		2,063,400	$	2,919,906
Bangkok Metro PCL NVDRa,b		12,515,041		836,142
Namyong Terminal PCL NVDR		734,100		342,868
				19,962,145
WATER UTILITIES — 0.69%
Eastern Water Resources Development and Management PCL NVDR		934,300		317,888
TTW PCL NVDR		7,515,466		2,882,517
				3,200,405
WIRELESS TELECOMMUNICATION SERVICES — 5.96%
Advanced Info Service PCL NVDR		3,860,519		27,822,485
				27,822,485
TOTAL COMMON STOCKS
(Cost: $511,392,113)				464,799,479
RIGHTS — 0.00%
CONSTRUCTION MATERIALS — 0.00%
Superblock PCL NVDRa,b		27,655		5,731
				5,731
MARINE — 0.00%
Thoresen Thai Agencies PCL NVDRa		114,072		—
				—
TOTAL RIGHTS
(Cost: $0)				5,731
WARRANTS — 0.00%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.00%
Samart Corp. PCL NVDR (Expires 02/19/18)a		573,967		—
				—
MARINE — 0.00%
Thoresen Thai Agencies PCL NVDR (Expires 02/28/17)a		1		—
				—
TOTAL WARRANTS
(Cost: $0)				—

SCHEDULESOF INVESTMENTS 47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI THAILAND CAPPED ETF

February 28, 2015

Security	Shares		Value
SHORT-TERM INVESTMENTS — 5.76%
MONEY MARKET FUNDS — 5.76%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		24,792,657	$	24,792,657
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		1,446,959		1,446,959
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		614,812		614,812
				26,854,428
TOTAL SHORT-TERM INVESTMENTS
(Cost: $26,854,428)				26,854,428
TOTAL INVESTMENTS IN SECURITIES — 105.40%
(Cost: $538,246,541)				491,659,638
Other Assets, Less Liabilities — (5.40)%				(25,208,787	)
NET ASSETS — 100.00%			$	466,450,851

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 financial statements.

48 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI Australia ETF			iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF
ASSETS
Investments, at cost:
Unaffiliated	$	1,768,818,669		$	2,890,163,141		$	108,405,238
Affiliated (Note 2)		723,309			103,971,038			3,394,001
Total cost of investments	$	1,769,541,978		$	2,994,134,179		$	111,799,239
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,683,859,887		$	3,000,939,718		$	111,613,263
Affiliated (Note 2)		723,309			103,971,038			3,394,001
Total fair value of investments		1,684,583,196			3,104,910,756			115,007,264
Foreign currency, at valueb		4,791,479			2,404,320			113,185
Foreign currency pledged to broker, at valueb		—			444,223			—
Receivables:
Investment securities sold		2,949,964			3,325,185			—
Due from custodian (Note 4)		375,067			—			—
Dividends and interest		12,131,272			362,238			288,765
Futures variation margin		712,996			18,303			—
Total Assets		1,705,543,974			3,111,465,025			115,409,214
LIABILITIES
Payables:
Investment securities purchased		3,889,693			3,513,419			—
Due to broker for foreign currency pledged for futures, at valueb		169,860			—			—
Collateral for securities on loan (Note 1)		152,109			99,181,986			3,369,520
Investment advisory fees (Note 2)		598,706			1,096,716			40,410
Total Liabilities		4,810,368			103,792,121			3,409,930
NET ASSETS	$	1,700,733,606		$	3,007,672,904		$	111,999,284
Net assets consist of:
Paid-in capital	$	2,033,018,519		$	3,263,476,072		$	106,965,080
Distributions in excess of net investment income		(7,008,098	)		(32,516	)		(2,224,295	)
Undistributed net realized gain (accumulated net realized loss)		(240,954,660	)		(366,565,401	)		4,052,068
Net unrealized appreciation (depreciation)		(84,322,155	)		110,794,749			3,206,431
NET ASSETS	$	1,700,733,606		$	3,007,672,904		$	111,999,284
Shares outstandingc		71,800,000			138,600,000			2,000,000
Net asset value per share	$	23.69		$	21.70		$	56.00

^a  Securities on loan with values of $144,849, $93,541,643 and $3,201,966, respectively. See Note 1.

^b  Cost of foreign currency including currency pledged to broker, if any: $4,698,326, $2,848,658 and $113,709, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 49

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI Malaysia ETF		iShares MSCI Pacific ex Japan ETF			iShares MSCI Singapore ETF
ASSETS
Investments, at cost:
Unaffiliated	$	193,552,941	$	2,651,309,248		$	806,451,937
Affiliated (Note 2)		841,909		37,292,231			37,579,591
Total cost of investments	$	194,394,850	$	2,688,601,479		$	844,031,528
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	442,939,411	$	2,736,052,626		$	799,151,704
Affiliated (Note 2)		841,909		37,292,231			37,579,591
Total fair value of investments		443,781,320		2,773,344,857			836,731,295
Foreign currency, at valueb		4,982,049		4,645,274			2,464,571
Foreign currency pledged to broker, at valueb		—		—			83,847
Receivables:
Investment securities sold		16,587		6,939,766			13,809,315
Dividends and interest		1,301,344		12,632,465			756,167
Capital shares sold		8,156,629		—			—
Total Assets		458,237,929		2,797,562,362			853,845,195
LIABILITIES
Payables:
Investment securities purchased		12,491,543		7,404,909			13,760,309
Collateral for securities on loan (Note 1)		—		36,528,593			37,033,571
Futures variation margin		—		—			21,601
Investment advisory fees (Note 2)		165,915		1,011,992			299,881
Total Liabilities		12,657,458		44,945,494			51,115,362
NET ASSETS	$	445,580,471	$	2,752,616,868		$	802,729,833
Net assets consist of:
Paid-in capital	$	140,999,766	$	3,124,394,986		$	1,034,882,676
Undistributed (distributions in excess of) net investment income		1,266,469		(8,996,567	)		(13,864,501	)
Undistributed net realized gain (accumulated net realized loss)		53,908,687		(447,505,657	)		(210,927,604	)
Net unrealized appreciation (depreciation)		249,405,549		84,724,106			(7,360,738	)
NET ASSETS	$	445,580,471	$	2,752,616,868		$	802,729,833
Shares outstandingc		32,775,000		59,400,000			62,700,000
Net asset value per share	$	13.60	$	46.34		$	12.80

^a  Securities on loan with values of $ —, $34,455,235 and $35,006,414, respectively. See Note 1.

^b  Cost of foreign currency including currency at broker, if any: $4,981,506, $4,664,758 and $2,586,812, respectively.

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

See notes to financial statements.

50 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI South Korea Capped ETF			iShares MSCI Taiwan ETF			iShares MSCI Thailand Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	2,419,899,547		$	2,140,941,233		$	511,392,113
Affiliated (Note 2)		245,354,067			177,761,721			26,854,428
Total cost of investments	$	2,665,253,614		$	2,318,702,954		$	538,246,541
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	3,971,849,927		$	3,660,846,937		$	464,805,210
Affiliated (Note 2)		245,354,067			177,761,721			26,854,428
Total fair value of investments		4,217,203,994			3,838,608,658			491,659,638
Foreign currency, at valueb		—			22,297,724			—
Cash pledged to broker		—			113,000			—
Receivables:
Investment securities sold		11,897,926			11,261,602			2,058,988
Dividends and interest		47,106,206			168,149			871,495
Capital shares sold		17,195,726			59,746,135			—
Total Assets		4,293,403,852			3,932,195,268			494,590,121
LIABILITIES
Payables:
Investment securities purchased		25,422,970			69,843,535			1,674,763
Deposit for capital contribution		—			22,297,724			—
Collateral for securities on loan (Note 1)		240,603,260			170,376,140			26,239,616
Foreign taxes (Note 1)		14,803			26,944			—
Investment advisory fees (Note 2)		1,942,030			1,696,174			224,891
Total Liabilities		267,983,063			264,240,517			28,139,270
NET ASSETS	$	4,025,420,789		$	3,667,954,751		$	466,450,851
Net assets consist of:
Paid-in capital	$	3,596,735,346		$	3,274,220,629		$	531,154,289
Undistributed (distributions in excess of) net investment income		(76,755,487	)		(20,749,906	)		568,392
Accumulated net realized loss		(1,046,500,297	)		(1,105,433,972	)		(18,689,852	)
Net unrealized appreciation (depreciation)		1,551,941,227			1,519,918,000			(46,581,978	)
NET ASSETS	$	4,025,420,789		$	3,667,954,751		$	466,450,851
Shares outstandingc		70,700,000			230,400,000			5,700,000
Net asset value per share	$	56.94		$	15.92		$	81.83

^a  Securities on loan with values of $229,324,187, $160,342,407 and $8,853,430, respectively. See Note 1.

^b  Cost of foreign currency: $  —, $22,297,724 and $  —, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 51

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI Australia ETF			iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	42,380,376		$	26,768,416		$	1,095,460
Interest — unaffiliated		2,441			—			—
Interest — affiliated (Note 2)		33			68			2
Securities lending income — affiliated (Note 2)		652			128,744			91,606
Total investment income		42,383,502			26,897,228			1,187,068
EXPENSES
Investment advisory fees (Note 2)		4,187,156			7,401,880			320,507
Total expenses		4,187,156			7,401,880			320,507
Net investment income		38,196,346			19,495,348			866,561
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(29,504,136	)		(15,453,248	)		80,274
In-kind redemptions — unaffiliated		14,234,024			67,055,536			8,885,117
Futures contracts		(1,838,785	)		(1,162,676	)		—
Foreign currency transactions		(3,174,258	)		(10,381	)		(101,858	)
Net realized gain (loss)		(20,283,155	)		50,429,231			8,863,533
Net change in unrealized appreciation/depreciation on:
Investments		(239,428,411	)		(85,786,162	)		(12,990,976	)
Futures contracts		260,184			294,323			—
Translation of assets and liabilities in foreign currencies		(92,987	)		(342	)		5,490
Net change in unrealized appreciation/depreciation		(239,261,214	)		(85,492,181	)		(12,985,486	)
Net realized and unrealized loss		(259,544,369	)		(35,062,950	)		(4,121,953	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(221,348,023	)	$	(15,567,602	)	$	(3,255,392	)

^a  Net of foreign withholding tax of $513,349, $  — and $119,035, respectively.

See notes to financial statements.

52 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI Malaysia ETF			iShares MSCI Pacific ex Japan ETF			iShares MSCI Singapore ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	9,684,183		$	52,844,274		$	6,348,258
Interest — affiliated (Note 2)		8			78			22
Securities lending income — affiliated (Note 2)		—			111,830			188,524
Total investment income		9,684,191			52,956,182			6,536,804
EXPENSES
Investment advisory fees (Note 2)		1,510,577			7,120,920			2,090,949
Total expenses		1,510,577			7,120,920			2,090,949
Net investment income		8,173,614			45,835,262			4,445,855
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		79,060,414			(35,734,570	)		(6,759,291	)
In-kind redemptions — unaffiliated		—			89,487,911			11,336,077
Futures contracts		—			—			(225,127	)
Foreign currency transactions		(770,948	)		(3,038,238	)		(510,592	)
Net realized gain		78,289,466			50,715,103			3,841,067
Net change in unrealized appreciation/depreciation on:
Investments		(204,814,670	)		(359,196,337	)		(71,334,103	)
Futures contracts		—			—			21,125
Translation of assets and liabilities in foreign currencies		8,829			(55,478	)		(47,817	)
Net change in unrealized appreciation/depreciation		(204,805,841	)		(359,251,815	)		(71,360,795	)
Net realized and unrealized loss		(126,516,375	)		(308,536,712	)		(67,519,728	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(118,342,761	)	$	(262,701,450	)	$	(63,073,873	)

^a  Net of foreign withholding tax of $  —, $694,216 and $124,892, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 53

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI South Korea Capped ETF			iShares MSCI Taiwan ETF			iShares MSCI Thailand Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	46,534,200	b	$	1,107,136		$	3,130,942
Interest — unaffiliated		460			—			—
Interest — affiliated (Note 2)		279			450			17
Securities lending income — affiliated (Note 2)		2,255,035			1,001,789	c		288,718
		48,789,974			2,109,375			3,419,677
Less: Other foreign taxes (Note 1)		(11,741	)		(328,326	)		—
Total investment income		48,778,233			1,781,049			3,419,677
EXPENSES
Investment advisory fees (Note 2)		13,380,307			9,989,841			1,572,152
Total expenses		13,380,307			9,989,841			1,572,152
Net investment income (loss)		35,397,926			(8,208,792	)		1,847,525
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(139,088,521	)		(12,402,930	)		(5,233,482	)
In-kind redemptions — unaffiliated		—			—			11,618,918
Futures contracts		—			(1,060,662	)		—
Foreign currency transactions		113,607			(61,800	)		(22,559	)
Net realized gain (loss)		(138,974,914	)		(13,525,392	)		6,362,877
Net change in unrealized appreciation/depreciation on:
Investments		(579,907,715	)		(10,080,719	)		(22,343,074	)
Futures contracts		—			(275,704	)		—
Translation of assets and liabilities in foreign currencies		(481	)		(53,077	)		4,491
Net change in unrealized appreciation/depreciation		(579,908,196	)		(10,409,500	)		(22,338,583	)
Net realized and unrealized loss		(718,883,110	)		(23,934,892	)		(15,975,706	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(683,485,184	)	$	(32,143,684	)	$	(14,128,181	)

^a  Net of foreign withholding tax of $13,003,834, $177,113 and $346,462, respectively.

^b  Includes $13,878,067 related to a special distribution from Samsung Electronics Co. Ltd.

^c  Net of foreign tax paid of $  —, $236,916 and $  —, respectively.

See notes to financial statements.

54 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares MSCI Australia ETF						iShares MSCI Hong Kong ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	38,196,346		$	82,908,446		$	19,495,348		$	70,834,799
Net realized gain (loss)		(20,283,155	)		35,472,872			50,429,231			65,800,683
Net change in unrealized appreciation/depreciation		(239,261,214	)		210,426,381			(85,492,181	)		218,838,568
Net increase (decrease) in net assets resulting from operations		(221,348,023	)		328,807,699			(15,567,602	)		355,474,050
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(50,068,366	)		(76,457,082	)		(25,717,600	)		(69,523,487	)
Total distributions to shareholders		(50,068,366	)		(76,457,082	)		(25,717,600	)		(69,523,487	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		138,753,152			364,472,393			353,497,324			1,440,373,193
Cost of shares redeemed		(213,715,741	)		(486,559,346	)		(525,851,436	)		(629,867,957	)
Net increase (decrease) in net assets from capital share transactions		(74,962,589	)		(122,086,953	)		(172,354,112	)		810,505,236
INCREASE (DECREASE) IN NET ASSETS		(346,378,978	)		130,263,664			(213,639,314	)		1,096,455,799
NET ASSETS
Beginning of period		2,047,112,584			1,916,848,920			3,221,312,218			2,124,856,419
End of period	$	1,700,733,606		$	2,047,112,584		$	3,007,672,904		$	3,221,312,218
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(7,008,098	)	$	4,863,922		$	(32,516	)	$	6,189,736
SHARES ISSUED AND REDEEMED
Shares sold		6,000,000			13,800,000			16,725,000			66,525,000
Shares redeemed		(9,600,000	)		(19,600,000	)		(25,275,000	)		(31,725,000	)
Net increase (decrease) in shares outstanding		(3,600,000	)		(5,800,000	)		(8,550,000	)		34,800,000

See notes to financial statements.

FINANCIAL STATEMENTS 55

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Japan Small-Cap ETF						iShares MSCI Malaysia ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	866,561		$	1,791,679		$	8,173,614		$	27,863,132
Net realized gain		8,863,533			1,795,819			78,289,466			41,437,464
Net change in unrealized appreciation/depreciation		(12,985,486	)		15,636,594			(204,805,841	)		33,268,903
Net increase (decrease) in net assets resulting from operations		(3,255,392	)		19,224,092			(118,342,761	)		102,569,499
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(2,064,455	)		(2,956,269	)		(10,373,202	)		(26,722,876	)
From net realized gain		—			—			(1,987,267	)		—
Total distributions to shareholders		(2,064,455	)		(2,956,269	)		(12,360,469	)		(26,722,876	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		5,193,278			80,604,743			25,258,458			52,163,306
Cost of shares redeemed		(57,710,852	)		(16,023,548	)		(235,435,656	)		(150,687,467	)
Net increase (decrease) in net assets from capital share transactions		(52,517,574	)		64,581,195			(210,177,198	)		(98,524,161	)
INCREASE (DECREASE) IN NET ASSETS		(57,837,421	)		80,849,018			(340,880,428	)		(22,677,538	)
NET ASSETS
Beginning of period		169,836,705			88,987,687			786,460,899			809,138,437
End of period	$	111,999,284		$	169,836,705		$	445,580,471		$	786,460,899
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(2,224,295	)	$	(1,026,401	)	$	1,266,469		$	3,466,057
SHARES ISSUED AND REDEEMED
Shares sold		100,000			1,500,000			1,650,000			3,225,000
Shares redeemed		(1,100,000	)		(300,000	)		(17,625,000	)		(9,900,000	)
Net increase (decrease) in shares outstanding		(1,000,000	)		1,200,000			(15,975,000	)		(6,675,000	)

See notes to financial statements.

56 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Pacific ex Japan ETF						iShares MSCI Singapore ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	45,835,262		$	123,772,601		$	4,445,855		$	32,110,843
Net realized gain		50,715,103			126,373,389			3,841,067			32,530,341
Net change in unrealized appreciation/depreciation		(359,251,815	)		262,536,520			(71,360,795	)		84,170,334
Net increase (decrease) in net assets resulting from operations		(262,701,450	)		512,682,510			(63,073,873	)		148,811,518
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(67,566,490	)		(118,670,244	)		(15,957,042	)		(36,850,739	)
Total distributions to shareholders		(67,566,490	)		(118,670,244	)		(15,957,042	)		(36,850,739	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		27,284,262			752,794,621			14,162,771			45,906,815
Cost of shares redeemed		(416,447,774	)		(682,826,053	)		(116,856,965	)		(308,890,044	)
Net increase (decrease) in net assets from capital share transactions		(389,163,512	)		69,968,568			(102,694,194	)		(262,983,229	)
INCREASE (DECREASE) IN NET ASSETS		(719,431,452	)		463,980,834			(181,725,109	)		(151,022,450	)
NET ASSETS
Beginning of period		3,472,048,320			3,008,067,486			984,454,942			1,135,477,392
End of period	$	2,752,616,868		$	3,472,048,320		$	802,729,833		$	984,454,942
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(8,996,567	)	$	12,734,661		$	(13,864,501	)	$	(2,353,314	)
SHARES ISSUED AND REDEEMED
Shares sold		600,000			15,300,000			1,100,000			3,400,000
Shares redeemed		(9,000,000	)		(15,000,000	)		(8,900,000	)		(23,800,000	)
Net increase (decrease) in shares outstanding		(8,400,000	)		300,000			(7,800,000	)		(20,400,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 57

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI South Korea Capped ETF						iShares MSCI Taiwan ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	35,397,926		$	16,661,091		$	(8,208,792	)	$	57,916,427
Net realized loss		(138,974,914	)		(39,478,146	)		(13,525,392	)		(20,870,934	)
Net change in unrealized appreciation/depreciation		(579,908,196	)		623,922,673			(10,409,500	)		581,209,729
Net increase (decrease) in net assets resulting from operations		(683,485,184	)		601,105,618			(32,143,684	)		618,255,222
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(50,182,957	)		(61,830,398	)		(61,969,914	)		(51,978,221	)
Total distributions to shareholders		(50,182,957	)		(61,830,398	)		(61,969,914	)		(51,978,221	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		324,302,030			1,151,119,199			475,707,515			299,500,305
Cost of shares redeemed		(456,832,007	)		(175,291,957	)		(12,302,975	)		(209,110,415	)
Net increase (decrease) in net assets from capital share transactions		(132,529,977	)		975,827,242			463,404,540			90,389,890
INCREASE (DECREASE) IN NET ASSETS		(866,198,118	)		1,515,102,462			369,290,942			656,666,891
NET ASSETS
Beginning of period		4,891,618,907			3,376,516,445			3,298,663,809			2,641,996,918
End of period	$	4,025,420,789		$	4,891,618,907		$	3,667,954,751		$	3,298,663,809
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(76,755,487	)	$	(61,970,456	)	$	(20,749,906	)	$	49,428,800
SHARES ISSUED AND REDEEMED
Shares sold		5,200,000			18,000,000			30,600,000			21,000,000
Shares redeemed		(8,150,000	)		(2,900,000	)		(800,000	)		(14,600,000	)
Net increase (decrease) in shares outstanding		(2,950,000	)		15,100,000			29,800,000			6,400,000

See notes to financial statements.

58 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Thailand Capped ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,847,525		$	12,286,557
Net realized gain		6,362,877			9,219,384
Net change in unrealized appreciation/depreciation		(22,338,583	)		95,854,036
Net increase (decrease) in net assets resulting from operations		(14,128,181	)		117,359,977
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(3,237,758	)		(12,909,951	)
Total distributions to shareholders		(3,237,758	)		(12,909,951	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		115,473,232			341,398,189
Cost of shares redeemed		(203,026,048	)		(416,351,403	)
Net decrease in net assets from capital share transactions		(87,552,816	)		(74,953,214	)
INCREASE (DECREASE) IN NET ASSETS		(104,918,755	)		29,496,812
NET ASSETS
Beginning of period		571,369,606			541,872,794
End of period	$	466,450,851		$	571,369,606
Undistributed net investment income included in net assets at end of period	$	568,392		$	1,958,625
SHARES ISSUED AND REDEEMED
Shares sold		1,400,000			4,550,000
Shares redeemed		(2,550,000	)		(5,700,000	)
Net decrease in shares outstanding		(1,150,000	)		(1,150,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 59

Financial Highlights

iSHARES^® , INC.

(For a share outstanding throughout each period)

	iShares MSCI Australia ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	27.15		$	23.61		$	23.39		$	24.18		$	20.92		$	20.33
Income from investment operations:
Net investment incomea		0.52			1.10			1.02			1.04			0.99			0.72
Net realized and unrealized gain (loss)b		(3.28	)		3.43			0.64			(0.72	)		3.33			0.69
Total from investment operations		(2.76	)		4.53			1.66			0.32			4.32			1.41
Less distributions from:
Net investment income		(0.70	)		(0.99	)		(1.44	)		(1.11	)		(1.06	)		(0.82	)
Total distributions		(0.70	)		(0.99	)		(1.44	)		(1.11	)		(1.06	)		(0.82	)
Net asset value, end of period	$	23.69		$	27.15		$	23.61		$	23.39		$	24.18		$	20.92
Total return		(9.93	)%c		19.76	%		7.06	%		1.84	%		20.54	%		6.86	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,700,734		$	2,047,113		$	1,916,849		$	2,493,699		$	3,090,425		$	2,196,817
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%		0.53	%
Ratio of net investment income to average net assetsd		4.41	%		4.28	%		4.05	%		4.61	%		3.95	%		3.24	%
Portfolio turnover ratee		3	%		6	%		6	%		9	%		9	%		8	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

60 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Hong Kong ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	21.89		$	18.91		$	16.94		$	17.59		$	16.02		$	14.39
Income from investment operations:
Net investment incomea		0.13			0.66			0.48			0.54			0.42			0.42
Net realized and unrealized gain (loss)b		(0.14	)		3.04			2.05			(0.65	)		1.56			1.69
Total from investment operations		(0.01	)		3.70			2.53			(0.11	)		1.98			2.11
Less distributions from:
Net investment income		(0.18	)		(0.72	)		(0.56	)		(0.54	)		(0.41	)		(0.48	)
Total distributions		(0.18	)		(0.72	)		(0.56	)		(0.54	)		(0.41	)		(0.48	)
Net asset value, end of period	$	21.70		$	21.89		$	18.91		$	16.94		$	17.59		$	16.02
Total return		0.05	%c		19.87	%		15.04	%		(0.33	)%		12.27	%		14.85	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	3,007,673		$	3,221,312		$	2,124,856		$	1,865,974		$	1,607,982		$	1,976,317
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%		0.53	%
Ratio of net investment income to average net assetsd		1.27	%		3.24	%		2.47	%		3.26	%		2.25	%		2.67	%
Portfolio turnover ratee		2	%		6	%		12	%		11	%		15	%		5	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 61

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Japan Small-Cap ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	56.61		$	49.44		$	42.82		$	46.49		$	40.74		$	44.45
Income from investment operations:
Net investment incomea		0.35			0.70			0.65			0.82			0.78			0.61
Net realized and unrealized gain (loss)b		(0.13	)		7.61			6.97			(3.25	)		5.87			(3.39	)
Total from investment operations		0.22			8.31			7.62			(2.43	)		6.65			(2.78	)
Less distributions from:
Net investment income		(0.83	)		(1.14	)		(1.00	)		(1.24	)		(0.90	)		(0.93	)
Total distributions		(0.83	)		(1.14	)		(1.00	)		(1.24	)		(0.90	)		(0.93	)
Net asset value, end of period	$	56.00		$	56.61		$	49.44		$	42.82		$	46.49		$	40.74
Total return		0.52	%c		16.94	%		18.07	%		(5.18	)%		16.38	%		(6.25	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	111,999		$	169,837		$	88,988		$	42,817		$	74,387		$	36,664
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.50	%		0.53	%		0.51	%		0.53	%
Ratio of net investment income to average net assetsd		1.31	%		1.31	%		1.36	%		1.84	%		1.72	%		1.46	%
Portfolio turnover ratee		3	%		14	%		17	%		7	%		10	%		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.

62 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Malaysia ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	16.13		$	14.60		$	14.52		$	13.92		$	12.98		$	9.79
Income from investment operations:
Net investment incomea		0.19			0.54			0.41			0.38			0.41			0.24
Net realized and unrealized gain (loss)b		(2.44	)		1.51			0.04			0.76			0.92			3.20
Total from investment operations		(2.25	)		2.05			0.45			1.14			1.33			3.44
Less distributions from:
Net investment income		(0.23	)		(0.52	)		(0.37	)		(0.52	)		(0.39	)		(0.25	)
Net realized gain		(0.05	)		—			—			—			—			—
Return of capital		—			—			—			(0.02	)		—			—
Total distributions		(0.28	)		(0.52	)		(0.37	)		(0.54	)		(0.39	)		(0.25	)
Net asset value, end of period	$	13.60		$	16.13		$	14.60		$	14.52		$	13.92		$	12.98
Total return		(13.93	)%c		14.17	%		3.02	%		8.61	%		10.19	%		35.76	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	445,580		$	786,461		$	809,138		$	936,692		$	978,402		$	794,142
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%		0.53	%
Ratio of net investment income to average net assetsd		2.61	%		3.48	%		2.71	%		2.73	%		2.84	%		2.17	%
Portfolio turnover ratee		5	%		16	%		17	%		24	%		49	%		29	%

^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, 2015 and the years ended August 31, 2014, August 31, 2013, August 31, 2012, August 31, 2011, and August 31, 2010 were 3%, 10%, 8%, 14%, 14%, and 10%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 63

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Pacific ex Japan ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	51.21		$	44.56		$	43.21		$	44.47		$	39.25		$	36.85
Income from investment operations:
Net investment incomea		0.73			1.88			1.69			1.73			1.64			1.25
Net realized and unrealized gain (loss)b		(4.47	)		6.51			1.71			(1.14	)		5.31			2.52
Total from investment operations		(3.74	)		8.39			3.40			0.59			6.95			3.77
Less distributions from:
Net investment income		(1.13	)		(1.74	)		(2.05	)		(1.85	)		(1.73	)		(1.37	)
Total distributions		(1.13	)		(1.74	)		(2.05	)		(1.85	)		(1.73	)		(1.37	)
Net asset value, end of period	$	46.34		$	51.21		$	44.56		$	43.21		$	44.47		$	39.25
Total return		(7.10	)%c		19.25	%		7.87	%		1.82	%		17.61	%		10.27	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,752,617		$	3,472,048		$	3,008,067		$	3,188,582		$	3,548,867		$	3,438,149
Ratio of expenses to average net assetsd		0.49	%		0.49	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assetsd		3.17	%		3.90	%		3.59	%		4.16	%		3.53	%		3.09	%
Portfolio turnover ratee		3	%		8	%		8	%		7	%		10	%		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.

64 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Singapore ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	13.96		$	12.49		$	13.10		$	13.05		$	12.17		$	10.25
Income from investment operations:
Net investment incomea		0.07			0.40			0.44			0.41			0.45			0.32
Net realized and unrealized gain (loss)b		(0.98	)		1.52			(0.47	)		0.11			0.92			1.97
Total from investment operations		(0.91	)		1.92			(0.03	)		0.52			1.37			2.29
Less distributions from:
Net investment income		(0.25	)		(0.45	)		(0.58	)		(0.47	)		(0.49	)		(0.37	)
Total distributions		(0.25	)		(0.45	)		(0.58	)		(0.47	)		(0.49	)		(0.37	)
Net asset value, end of period	$	12.80		$	13.96		$	12.49		$	13.10		$	13.05		$	12.17
Total return		(6.52	)%c		15.65	%		(0.38	)%		4.67	%		11.27	%		22.68	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	802,730		$	984,455		$	1,135,477		$	1,512,687		$	1,713,199		$	1,730,001
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%		0.53	%
Ratio of net investment income to average net assetsd		1.03	%		2.99	%		3.23	%		3.32	%		3.34	%		2.80	%
Portfolio turnover ratee		6	%		4	%		10	%		3	%		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.

FINANCIAL HIGHLIGHTS 65

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI South Korea Capped ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	66.42		$	57.67		$	55.97		$	56.74		$	47.76		$	42.01
Income from investment operations:
Net investment incomea		0.47	b		0.25			0.23			0.23			0.29			0.32
Net realized and unrealized gain (loss)c		(9.29	)		9.40			1.83			(0.63	)		9.19			5.82
Total from investment operations		(8.82	)		9.65			2.06			(0.40	)		9.48			6.14
Less distributions from:
Net investment income		(0.66	)		(0.90	)		(0.36	)		(0.37	)		(0.43	)		(0.39	)
Return of capital		—			—			—			—			(0.07	)		—
Total distributions		(0.66	)		(0.90	)		(0.36	)		(0.37	)		(0.50	)		(0.39	)
Net asset value, end of period	$	56.94		$	66.42		$	57.67		$	55.97		$	56.74		$	47.76
Total return		(13.24	)%d		16.83	%		3.65	%		(0.62	)%		19.76	%		14.65	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	4,025,421		$	4,891,619		$	3,376,516		$	2,669,551		$	4,071,225		$	3,255,168
Ratio of expenses to average net assetse		0.62	%		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%
Ratio of net investment income to average net assetse		1.63	%b		0.39	%		0.40	%		0.42	%		0.49	%		0.67	%
Portfolio turnover ratef		12	%		13	%		13	%		12	%		18	%		14	%

^a  Based on average shares outstanding throughout each period.

^b  Includes a special distribution from Samsung Electronics Co. Ltd., which represented $0.18 per share and 0.64% of average net assets, annualized.

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, 2015 and the years ended August 31, 2014, August 31, 2013, August 31, 2012, August 31, 2011, and August 31, 2010 were 5%, 10%, 11%, 8%, 6%, and 6%, respectively. See Note 4.

See notes to financial statements.

66 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Taiwan ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	16.44		$	13.60		$	12.58		$	13.78		$	12.19		$	10.94
Income from investment operations:
Net investment income (loss)a		(0.04	)		0.29			0.24			0.28			0.39			0.23
Net realized and unrealized gain (loss)b		(0.19	)		2.81			1.05			(1.01	)		1.49			1.23
Total from investment operations		(0.23	)		3.10			1.29			(0.73	)		1.88			1.46
Less distributions from:
Net investment income		(0.29	)		(0.26	)		(0.27	)		(0.47	)		(0.29	)		(0.21	)
Total distributions		(0.29	)		(0.26	)		(0.27	)		(0.47	)		(0.29	)		(0.21	)
Net asset value, end of period	$	15.92		$	16.44		$	13.60		$	12.58		$	13.78		$	12.19
Total return		(1.28	)%c		23.24	%		10.30	%		(4.80	)%		15.24	%		13.30	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	3,667,955		$	3,298,664		$	2,641,997		$	2,247,128		$	2,857,512		$	2,721,439
Ratio of expenses to average net assetsd		0.62	%		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%
Ratio of net investment income (loss) to average net assetsd		(0.51	)%		1.98	%		1.80	%		2.25	%		2.64	%		1.90	%
Portfolio turnover ratee		2	%		11	%		21	%		22	%		23	%		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 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, 2015 and the years ended August 31, 2014, August 31, 2013, August 31, 2012, August 31, 2011, and August 31, 2010 were 2%, 4%, 6%, 7%, 8%, and 4%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 67

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Thailand Capped ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	83.41		$	67.73		$	70.53		$	66.27		$	55.06		$	36.87
Income from investment operations:
Net investment incomea		0.29			1.67			1.84			1.76			1.65			1.44
Net realized and unrealized gain (loss)b		(1.35	)		15.84			(2.75	)		4.37			11.10			17.95
Total from investment operations		(1.06	)		17.51			(0.91	)		6.13			12.75			19.39
Less distributions from:
Net investment income		(0.52	)		(1.83	)		(1.89	)		(1.87	)		(1.54	)		(1.20	)
Total distributions		(0.52	)		(1.83	)		(1.89	)		(1.87	)		(1.54	)		(1.20	)
Net asset value, end of period	$	81.83		$	83.41		$	67.73		$	70.53		$	66.27		$	55.06
Total return		(1.22	)%c		26.18	%		(1.65	)%		9.57	%		23.33	%		53.19	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	466,451		$	571,370		$	541,873		$	595,968		$	632,840		$	520,304
Ratio of expenses to average net assetsd		0.62	%		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%
Ratio of net investment income to average net assetsd		0.72	%		2.24	%		2.22	%		2.66	%		2.56	%		3.22	%
Portfolio turnover ratee		6	%		9	%		24	%		12	%		22	%		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.

68 2015 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 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.

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. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

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

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

NOTESTO FINANCIAL STATEMENTS 69

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® , INC.

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

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

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued 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

• 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.

70 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2015. 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	$	1,683,859,887		$	—	$	—	$	1,683,859,887
Money Market Funds		723,309			—		—		723,309
Futures Contractsa		712,996			—		—		712,996
	$	1,685,296,192		$	—	$	—	$	1,685,296,192
MSCI Hong Kong
Assets:
Common Stocks	$	3,000,939,718		$	—	$	—	$	3,000,939,718
Money Market Funds		103,971,038			—		—		103,971,038
Futures Contractsa		18,303			—		—		18,303
	$	3,104,929,059		$	—	$	—	$	3,104,929,059
MSCI Japan Small-Cap
Assets:
Common Stocks	$	111,548,082		$	65,181	$	—	$	111,613,263
Money Market Funds		3,394,001			—		—		3,394,001
	$	114,942,083		$	65,181	$	—	$	115,007,264
MSCI Malaysia
Assets:
Common Stocks	$	442,735,088		$	—	$	—	$	442,735,088
Rights		204,323			—		—		204,323
Money Market Funds		841,909			—		—		841,909
	$	443,781,320		$	—	$	—	$	443,781,320
MSCI Pacific ex Japan
Assets:
Common Stocks	$	2,736,052,626		$	—	$	—	$	2,736,052,626
Money Market Funds		37,292,231			—		—		37,292,231
	$	2,773,344,857		$	—	$	—	$	2,773,344,857
MSCI Singapore
Assets:
Common Stocks	$	799,151,704		$	—	$	—	$	799,151,704
Money Market Funds		37,579,591			—		—		37,579,591
	$	836,731,295		$	—	$	—	$	836,731,295
Liabilities:
Futures Contractsa	$	(21,601	)	$	—	$	—	$	(21,601	)

NOTESTO FINANCIAL STATEMENTS 71

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Investment Type	Investments
	Level 1			Level 2			Level 3		Total
MSCI South Korea Capped
Assets:
Common Stocks	$	3,876,590,248		$	—		$	—	$	3,876,590,248
Preferred Stocks		94,480,226			—			—		94,480,226
Rights		779,453			—			—		779,453
Money Market Funds		245,354,067			—			—		245,354,067
	$	4,217,203,994		$	—		$	—	$	4,217,203,994
MSCI Taiwan
Assets:
Common Stocks	$	3,660,846,935		$	—		$	2	$	3,660,846,937
Money Market Funds		177,761,721			—			—		177,761,721
Futures Contractsa		3,521			—			—		3,521
	$	3,838,612,177		$	—		$	2	$	3,838,612,179
MSCI Thailand Capped
Assets:
Common Stocks	$	464,799,479		$	—		$	—	$	464,799,479
Rights		—			5,731			—		5,731
Warrants		0	b		0	b		—		0	b
Money Market Funds		26,854,428			—			—		26,854,428
	$	491,653,907		$	5,731		$	—	$	491,659,638

^a  Shown at the 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 and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 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.

72 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by 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. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of February 28, 2015 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 or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount

NOTESTO FINANCIAL STATEMENTS 73

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:

iShares ETF	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
MSCI Australia	$	144,849	$	144,849	$	—
MSCI Hong Kong		93,541,643		93,541,643		—
MSCI Japan Small-Cap		3,201,966		3,201,966		—
MSCI Pacific ex Japan		34,455,235		34,455,235		—
MSCI Singapore		35,006,414		35,006,414
MSCI South Korea Capped		229,324,187		229,324,187		—
MSCI Taiwan		160,342,407		160,342,407		—
MSCI Thailand Capped		8,853,430		8,853,430		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

74 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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, up to and including $72 billion
	0.36		Over $72 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.

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

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, 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, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the

NOTESTO FINANCIAL STATEMENTS 75

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

Prior to January 1, 2015, each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2015, 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	$	252
MSCI Hong Kong		51,804
MSCI Japan Small-Cap		29,489
MSCI Pacific ex Japan		40,854

iShares ETF	Fees Paid to BTC
MSCI Singapore	$	64,790
MSCI South Korea Capped		683,671
MSCI Taiwan		393,944
MSCI Thailand Capped		84,059

For the six months ended February 28, 2015, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares MSCI Taiwan ETF in the amount of $54,126, related to the foreign tax on the securities lending income. Such reimbursement is included in the “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.

Cross trades for the six months ended February 28, 2015, 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.

76 2015 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, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI Australia	$	60,843,799	$	72,977,578
MSCI Hong Kong		61,277,924		69,607,302
MSCI Japan Small-Cap		4,168,798		6,419,746
MSCI Malaysia		33,858,910		248,662,130
MSCI Pacific ex Japan		99,562,599		119,055,045
MSCI Singapore		51,829,484		50,096,301
MSCI South Korea Capped		519,367,457		710,950,567
MSCI Taiwan		506,582,396		82,333,922
MSCI Thailand Capped		32,076,310		32,689,176

In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Australia	$	138,005,949	$	211,920,067
MSCI Hong Kong		324,471,284		483,741,023
MSCI Japan Small-Cap		5,099,294		56,589,209
MSCI Pacific ex Japan		26,634,367		406,044,676
MSCI Singapore		13,725,563		111,942,044
MSCI Thailand Capped		114,575,079		202,049,127

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. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.

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

NOTESTO FINANCIAL STATEMENTS 77

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

5. FUTURES CONTRACTS

Each Fund may purchase or sell 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, 2015 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 appreciationa	$	712,996	$	18,303	$	3,521

^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 depreciationb	$	21,601

^b  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 Funds during the six months ended February 28, 2015 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	$	(1,838,785)	$	(1,162,676	)	$	(225,127)	$	(1,060,662	)

78 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

	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	$	260,184	$	294,323	$	21,125	$	(275,704	)

The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2015:

	iShares MSCI Australia ETF		iShares MSCI Hong Kong ETF		iShares MSCI Singapore ETF		iShares MSCI Taiwan ETF
Average value of contracts purchased	$	18,276,031	$	15,131,637	$	5,922,186	$	14,884,850

6. MARKET AND CREDIT RISK

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

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

MARKET RISK

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

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

Each Fund invests a substantial amount of its assets 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 issuers from countries with less developed markets.

NOTESTO FINANCIAL STATEMENTS 79

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Each Fund, except the iShares MSCI Pacific ex Japan ETF, invests all or substantially all of its assets in issuers located in a single country. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or 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, 2014, the Funds’ fiscal year-end, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2015		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Australia	$	88,822,192	$	7,066	$	529,868	$	24,006,125	$	23,348,244	$	12,127,364	$	148,840,859
MSCI Hong Kong		179,303,227		2,899,247		3,185,408		29,235,556		114,836,904		34,565,959		364,026,301
MSCI Japan Small-Cap		860,844		—		—		131,718		541,322		203,697		1,737,581
MSCI Pacific ex Japan		185,280,633		—		—		66,207,828		104,799,503		36,600,987		392,888,951
MSCI Singapore		35,336,542		—		807,115		15,680,510		132,420,824		11,588,528		195,833,519
MSCI South Korea Capped		13,366,759		—		—		60,990,953		226,591,665		78,503,704		379,453,081
MSCI Taiwan		48,030,508		64,999,586		16,734,578		343,375,145		363,052,013		19,669,958		855,861,788
MSCI Thailand Capped		2,056,947		—		—		555,444		2,321,428		1,304,910		6,238,729

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

80 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

As of February 28, 2015, 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	$	1,835,269,509	$	143,616,057	$	(294,302,370	)	$	(150,686,313	)
MSCI Hong Kong		3,029,060,649		272,299,437		(196,449,330	)		75,850,107
MSCI Japan Small-Cap		115,395,374		12,104,097		(12,492,207	)		(388,110	)
MSCI Malaysia		218,775,600		256,045,795		(31,040,075	)		225,005,720
MSCI Pacific ex Japan		2,782,169,231		314,086,018		(322,910,392	)		(8,824,374	)
MSCI Singapore		861,623,870		64,980,097		(89,872,672	)		(24,892,575	)
MSCI South Korea Capped		3,280,545,003		1,604,145,663		(667,486,672	)		936,658,991
MSCI Taiwan		2,545,972,343		1,556,063,969		(263,427,654	)		1,292,636,315
MSCI Thailand Capped		551,568,413		23,372,614		(83,281,389	)		(59,908,775	)

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. SUBSEQUENT EVENTS

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

NOTESTO FINANCIAL STATEMENTS 81

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources 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	$	0.651135	$	—	$	0.046196	$	0.697331		93	%		—	%		7	%		100	%
MSCI Malaysia		0.219523		0.044834		0.014503		0.278860		79			16			5			100
MSCI Pacific ex Japan		1.059845		—		0.071922		1.131767		94			—			6			100
MSCI Singapore		0.062221		—		0.185175		0.247396		25			—			75			100
MSCI South Korea Capped		0.477105		—		0.186252		0.663357		72			—			28			100
MSCI Taiwan		0.264670		—		0.026542		0.291212		91			—			9			100
MSCI Thailand Capped		0.498010		—		0.024209		0.522219		95			—			5			100

82 2015 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 basis on the Funds’ website.

©2015 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-83-0215

FEBRUARY 28, 2015

  2015 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 Russia Capped ETF  |  ERUS  |  NYSE Arca

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

^Ø   iShares MSCI Turkey ETF  |  TUR  |  NYSE Arca

^Ø   iShares MSCI USA ETF  |  EUSA  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	15
Shareholder Expenses	15
Schedules of Investments	16
iShares MSCI Brazil Capped ETF	16
iShares MSCI Canada ETF	19
iShares MSCI Chile Capped ETF	22
iShares MSCI Colombia Capped ETF	24
iShares MSCI Israel Capped ETF	26
iShares MSCI Mexico Capped ETF	28
iShares MSCI Russia Capped ETF	31
iShares MSCI South Africa ETF	32
iShares MSCI Turkey ETF	34
iShares MSCI USA ETF	37
Financial Statements	46
Financial Highlights	59
Notes to Financial Statements	69
Board Review and Approval of Investment Advisory Contract	83
Supplemental Information	87

Fund Performance Overview

iSHARES^® MSCI BRAZIL CAPPED ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -33.49%, net of fees, while the total return for the Index was -33.36%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(11.29)%		(10.89)%		(10.73)%		(11.29)%		(10.89)%		(10.73)%
5 Years		(9.72)%		(9.61)%		(9.22)%		(40.02)%		(39.65)%		(38.34)%
10 Years		6.58%		6.64%		7.39%		89.13%		90.16%		104.07%

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 15 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period  a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period  a		Annualized Expense Ratio
$	1,000.00	$	665.10	$	2.52	$	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 15 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Financials	33.95	%
Consumer Staples	19.65
Materials	11.40
Energy	9.43
Consumer Discretionary	5.98
Industrials	5.67
Utilities	5.66
Information Technology	4.11
Telecommunication Services	3.25
Health Care	0.90
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total  Investments*

Itau Unibanco Holding SA (Preferred)	10.36	%
Ambev SA	8.81
Banco Bradesco SA (Preferred)	8.02
BRF SA	4.35
Petroleo Brasileiro SA (Preferred)	3.92
Cielo SA	3.55
Vale SA (Preferred)	3.32
Itausa — Investimentos Itau SA (Preferred)	2.95
Petroleo Brasileiro SA	2.61
Ultrapar Participacoes SA	2.42
TOTAL	50.31	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI CANADA ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -13.64%, net of fees, while the total return for the Index was -13.54%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(1.72)%		(1.86)%		(1.54)%		(1.72)%		(1.86)%		(1.54)%
5 Years		3.82%		3.74%		4.05%		20.64%		20.13%		21.96%
10 Years		6.63%		6.60%		6.89%		90.08%		89.56%		94.77%

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 15 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period  a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period  a		Annualized Expense Ratio
$	1,000.00	$	863.60	$	2.22	$	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 15 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total  Investments*

Financials	37.30	%
Energy	21.90
Materials	11.27
Industrials	8.06
Consumer Discretionary	5.94
Health Care	5.74
Consumer Staples	4.11
Information Technology	2.19
Telecommunication Services	2.06
Utilities	1.43
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

Royal Bank of Canada	7.09	%
Toronto-Dominion Bank (The)	6.33
Bank of Nova Scotia (The)	5.10
Valeant Pharmaceuticals International Inc.	4.93
Canadian National Railway Co.	4.42
Suncor Energy Inc.	3.42
Bank of Montreal	3.14
Enbridge Inc.	3.10
Manulife Financial Corp.	2.69
Canadian Pacific Railway Ltd.	2.51
TOTAL	42.73	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI CHILE CAPPED ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -5.35%, net of fees, while the total return for the Index was -5.07%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(5.37)%		(4.37)%		(5.00)%		(5.37)%		(4.37)%		(5.00)%
5 Years		(4.82)%		(4.81)%		(3.90)%		(21.88)%		(21.83)%		(18.06)%
Since Inception		(1.03)%		(0.97)%		(0.40)%		(7.30)%		(6.89)%		(2.85)%

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 15 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	946.50	$	2.94	$	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 15 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Utilities	27.91	%
Financials	18.11
Consumer Discretionary	12.07
Consumer Staples	11.96
Materials	9.09
Industrials	8.06
Energy	7.89
Telecommunication Services	2.26
Information Technology	2.25
Health Care	0.40
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

SACI Falabella	10.66	%
Enersis SA	9.66
Empresas COPEC SA	7.89
Empresa Nacional de Electricidad SA/Chile	7.25
LATAM Airlines Group SA	4.97
Banco Santander Chile	4.96
Banco de Chile	4.58
Cencosud SA	4.46
Empresas CMPC SA	4.43
Sociedad Quimica y Minera de Chile SA Series B (Preferred)	4.07
TOTAL	62.93	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI COLOMBIA CAPPED ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -42.78%, net of fees, while the total return for the Index was -42.73%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(28.40)%		(27.82)%		(27.06)%		(28.40)%		(27.82)%		(27.06)%
Since Inception		(22.00)%		(21.55)%		(21.36)%		(34.47)%		(33.83)%		(33.54)%

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 15 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period  a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period  a		Annualized Expense Ratio
$	1,000.00	$	572.20	$	2.38	$	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 15 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Financials	36.62	%
Utilities	18.07
Energy	15.89
Materials	13.66
Consumer Staples	9.65
Industrials	6.11
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

Bancolombia SA (Preferred)	10.42	%
Ecopetrol SA	9.48
Grupo de Inversiones Suramericana SA	7.10
Isagen SA ESP	4.92
Grupo Nutresa SA	4.83
Almacenes Exito SA	4.82
Cemex Latam Holdings SA	4.76
Banco Davivienda SA (Preferred)	4.67
Interconexion Electrica SA ESP	4.62
Celsia SA ESP	4.58
TOTAL	60.20	%

* Excludes money market funds.

8 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI ISRAEL CAPPED ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -5.28%, net of fees, while the total return for the Index was -5.01%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(3.87)%		(4.39)%		(3.23)%		(3.87)%		(4.39)%		(3.23)%
5 Years		(0.28)%		(0.51)%		(0.03)%		(1.40)%		(2.52)%		(0.13)%
Since Inception		1.67%		1.74%		2.13%		12.16%		12.74%		15.72%

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 15 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period  a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	947.20	$	2.99	$	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 15 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Financials	37.35	%
Health Care	24.11
Materials	9.02
Information Technology	9.01
Telecommunication Services	6.28
Energy	4.54
Industrials	4.53
Consumer Staples	3.18
Consumer Discretionary	1.27
Utilities	0.71
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

Teva Pharmaceutical Industries Ltd.	24.11	%
Bank Hapoalim BM	9.10
Bank Leumi le-Israel BM	8.71
NICE-Systems Ltd.	5.61
Israel Chemicals Ltd.	4.86
Bezeq The Israeli Telecommunication Corp. Ltd.	4.68
Elbit Systems Ltd.	2.91
Israel Discount Bank Ltd. Class A	2.88
Mizrahi Tefahot Bank Ltd.	2.74
Frutarom Industries Ltd.	2.36
TOTAL	67.96	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI MEXICO CAPPED ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -15.04%, net of fees, while the total return for the Index was -14.88%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		0.79%		1.03%		1.21%		0.79%		1.03%		1.21%
5 Years		5.73%		5.78%		5.63%		32.11%		32.46%		31.50%
10 Years		10.06%		10.01%		9.70%		160.74%		159.56%		152.39%

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 15 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	849.60	$	2.20	$	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 15 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Consumer Staples	23.49	%
Financials	21.95
Telecommunication Services	16.12
Materials	14.07
Industrials	12.80
Consumer Discretionary	10.97
Health Care	0.60
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

America Movil SAB de CV Series L	15.77	%
Fomento Economico Mexicano SAB de CV	7.44
Grupo Televisa SAB CPO	6.99
Grupo Financiero Banorte SAB de CV Series O	5.06
Wal-Mart de Mexico SAB de CV Series V	4.71
Cemex SAB de CV CPO	4.53
Grupo Mexico SAB de CV Series B	4.26
Grupo Financiero Inbursa SAB de CV Series O	3.44
Fibra Uno Administracion SA de CV	3.37
Alfa SAB de CV Series A	3.25
TOTAL	58.82	%

* Excludes money market funds.

10 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI RUSSIA CAPPED ETF

Performance as of February 28, 2015

The iShares MSCI Russia Capped ETF (the “Fund”) seeks to track the investment results of an index composed of Russian equities, as represented by the MSCI Russia 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -22.16%, net of fees, while the total return for the Index was -21.94%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(24.19)%		(21.97)%		(23.96)%		(24.19)%		(21.97)%		(23.96)%
Since Inception		(10.72)%		(10.62)%		(10.23)%		(38.62)%		(38.33)%		(37.20)%

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period  a		Annualized Expense Ratio
$	1,000.00	$	778.40	$	2.73	$	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 15 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Energy	52.20	%
Financials	15.65
Materials	15.14
Telecommunication Services	9.16
Consumer Staples	5.84
Utilities	2.01
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

Gazprom OAO	9.15	%
Gazprom OAO ADR	8.07
Lukoil OAO	7.30
Lukoil OAO ADR (London)	6.47
Sberbank of Russia	6.43
Magnit PJSC GDR	5.84
MMC Norilsk Nickel OJSC	4.60
NOVATEK OAO GDR	4.41
Tatneft OAO Class S	4.31
VTB Bank OJSC	4.08
TOTAL	60.66	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 11

Fund Performance Overview

iSHARES^® MSCI SOUTH AFRICA ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -1.94%, net of fees, while the total return for the Index was -1.64%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		12.03%		12.59%		12.72%		12.03%		12.59%		12.72%
5 Years		7.79%		7.93%		8.46%		45.48%		46.44%		50.10%
10 Years		8.56%		8.56%		9.50%		127.27%		127.31%		147.88%

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 15 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	980.60	$	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 15 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Financials	30.51	%
Consumer Discretionary	29.24
Telecommunication Services	11.17
Health Care	7.09
Energy	6.78
Materials	6.69
Consumer Staples	5.22
Industrials	3.30
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

Naspers Ltd. Class N	18.35	%
MTN Group Ltd.	9.29
Sasol Ltd.	6.34
Standard Bank Group Ltd.	5.00
FirstRand Ltd.	4.87
Steinhoff International Holdings Ltd.	3.88
Sanlam Ltd.	3.76
Remgro Ltd.	3.60
Aspen Pharmacare Holdings Ltd.	3.57
Bidvest Group Ltd. (The)	2.77
TOTAL	61.43	%

* Excludes money market funds.

12 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI TURKEY ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -11.02%, net of fees, while the total return for the Index was -10.83%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		17.57%		18.01%		18.04%		17.57%		18.01%		18.04%
5 Years		1.88%		1.90%		2.35%		9.77%		9.86%		12.30%
Since Inception		1.73%		1.73%		2.16%		12.62%		12.60%		15.98%

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 15 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	889.80	$	2.91	$	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 15 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Financials	46.31	%
Industrials	13.73
Consumer Staples	12.29
Telecommunication Services	8.52
Materials	8.35
Consumer Discretionary	6.23
Energy	3.78
Utilities	0.58
Health Care	0.21
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

Turkiye Garanti Bankasi AS	11.47	%
Akbank TAS	8.16
Turkcell Iletisim Hizmetleri AS	6.40
BIM Birlesik Magazalar AS	5.53
Turkiye Is Bankasi Class C	5.48
Turkiye Halk Bankasi AS	5.17
Haci Omer Sabanci Holding AS	4.92
KOC Holding AS	4.10
Tupras Turkiye Petrol Rafinerileri AS	3.67
Emlak Konut Gayrimenkul Yatirim Ortakligi AS	3.29
TOTAL	58.19	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 13

Fund Performance Overview

iSHARES^® MSCI USA ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was 6.06%, net of fees, while the total return for the Index was 6.12%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		15.11%		14.99%		15.29%		15.11%		14.99%		15.29%
Since Inception		15.38%		15.38%		15.59%		99.37%		99.37%		101.05%

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 15 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,060.60	$	0.77	$	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 15 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Information Technology	20.04	%
Financials	15.86
Health Care	14.87
Consumer Discretionary	13.15
Industrials	9.98
Consumer Staples	9.47
Energy	7.98
Materials	3.35
Utilities	2.96
Telecommunication Services	2.34
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total Investments*

Apple Inc.	3.82	%
Exxon Mobil Corp.	1.90
Microsoft Corp.	1.74
Johnson & Johnson	1.46
Wells Fargo & Co.	1.37
General Electric Co.	1.33
Procter & Gamble Co. (The)	1.17
JPMorgan Chase & Co.	1.16
Pfizer Inc.	1.10
Verizon Communications Inc.	1.04
TOTAL	16.09	%

* Excludes money market funds.

14 2015 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, 2014 and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number 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 15

Schedule of Investments (Unaudited)

iSHARES^® MSCI BRAZIL CAPPED ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 60.39%
AEROSPACE & DEFENSE — 1.89%
Embraer SA		7,724,232	$	67,264,720
				67,264,720
BANKS — 4.67%
Banco Bradesco SA		5,398,520		70,498,798
Banco do Brasil SA		8,654,197		71,791,684
Banco Santander Brasil SA Units		4,852,500		23,979,515
				166,269,997
BEVERAGES — 8.77%
Ambev SA		48,604,060		311,748,635
				311,748,635
CAPITAL MARKETS — 0.89%
CETIP SA –Mercados Organizados		2,640,583		31,768,078
				31,768,078
CONTAINERS & PACKAGING — 0.91%
Klabin SA Units		5,810,220		32,512,116
				32,512,116
DIVERSIFIED CONSUMER SERVICES — 2.28%
Estacio Participacoes SA		3,646,200		24,611,069
Kroton Educacional SA		15,579,864		56,612,442
				81,223,511
DIVERSIFIED FINANCIAL SERVICES — 2.07%
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		20,927,600		73,482,821
				73,482,821
ELECTRIC UTILITIES — 1.49%
Centrais Eletricas Brasileiras SA		4,548,699		8,510,864
CPFL Energia SA		3,245,900		21,080,443
EDP – Energias do Brasil SA		3,820,000		12,037,071
Transmissora Alianca de Energia Eletrica SA Units		1,529,600		11,196,436
				52,824,814
FOOD & STAPLES RETAILING — 0.78%
Raia Drogasil SA		2,776,000		27,669,226
				27,669,226
FOOD PRODUCTS — 5.84%
BRF SA		6,830,850		153,920,180
JBS SA		9,016,322		39,479,025
M. Dias Branco SA		489,500		14,208,999
				207,608,204

Security	Shares		Value
HEALTH CARE PROVIDERS & SERVICES — 0.90%
Odontoprev SA		2,256,000	$	8,244,951
Qualicorp SAa		2,598,800		23,630,825
				31,875,776
HOUSEHOLD DURABLES — 0.43%
Cyrela Brazil Realty SA Empreendimentos e Participacoes		3,811,200		15,434,870
				15,434,870
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.70%
Tractebel Energia SA		2,126,000		24,833,756
				24,833,756
INSURANCE — 3.08%
BB Seguridade Participacoes SA		7,037,300		79,741,382
Porto Seguro SA		1,617,600		17,718,443
Sul America SA		2,677,250		12,246,990
				109,706,815
INTERNET & CATALOG RETAIL — 0.31%
B2W Cia. Digitala		1,571,000		11,015,983
				11,015,983
IT SERVICES — 3.52%
Cielo SA		8,017,564		125,366,005
				125,366,005
MACHINERY — 1.04%
WEG SA		3,451,230		37,054,841
				37,054,841
METALS & MINING — 2.89%
Cia. Siderurgica Nacional SA		9,393,854		16,919,352
Vale SA		11,531,800		85,701,558
				102,620,910
MULTILINE RETAIL — 1.60%
Lojas Americanas SA		2,620,350		11,730,106
Lojas Renner SA		1,539,900		45,286,583
				57,016,689
OIL, GAS & CONSUMABLE FUELS — 5.48%
Cosan SA Industria e Comercio		1,710,890		16,927,301
Petroleo Brasileiro SA		27,842,644		92,310,583
Ultrapar Participacoes SA		4,114,600		85,735,523
				194,973,407
PAPER & FOREST PRODUCTS — 1.27%
Duratex SA		2,267,911		6,020,055
Fibria Celulose SAa		3,041,226		39,204,571
				45,224,626

16 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRAZIL CAPPED ETF

February 28, 2015

Security	Shares		Value
PERSONAL PRODUCTS — 1.45%
Hypermarcas SAa		4,440,900	$	29,664,500
Natura Cosmeticos SA		2,221,200		21,844,176
				51,508,676
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.48%
BR Malls Participacoes SA		5,359,300		31,694,533
Multiplan Empreendimentos Imobiliarios SA		1,097,800		20,943,568
				52,638,101
ROAD & RAIL — 0.68%
Localiza Rent A Car SA		1,961,540		24,010,317
				24,010,317
SOFTWARE — 0.56%
TOTVS SA		1,668,300		20,018,316
				20,018,316
SPECIALTY RETAIL — 0.31%
Via Varejo SAa		1,870,200		11,053,694
				11,053,694
TOBACCO — 1.16%
Souza Cruz SA		4,643,000		41,179,457
				41,179,457
TRANSPORTATION INFRASTRUCTURE — 2.03%
CCR SA		10,340,300		60,283,911
EcoRodovias Infraestrutura e Logistica SA		3,256,400		12,003,587
				72,287,498
WATER UTILITIES — 0.72%
Cia. de Saneamento Basico do Estado de Sao Paulo		4,316,300		25,571,589
				25,571,589
WIRELESS TELECOMMUNICATION SERVICES — 1.19%
TIM Participacoes SA		10,159,190		42,351,424
				42,351,424
TOTAL COMMON STOCKS
(Cost: $1,704,872,616)				2,148,114,872
PREFERRED STOCKS — 39.04%
BANKS — 21.55%
Banco Bradesco SA		21,558,436		283,490,022
Banco do Estado do Rio Grande do Sul SA Class B		2,800,210		12,466,705
Itau Unibanco Holding SA		28,710,211		366,489,832
Itausa – Investimentos Itau SA		29,524,429		104,185,038
				766,631,597

Security	Shares		Value
CHEMICALS — 0.29%
Braskem SA Class A		2,295,436	$	10,275,615
				10,275,615
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.04%
Oi SA		3,939,469		8,183,835
Telefonica Brasil SA		3,478,774		64,371,949
				72,555,784
ELECTRIC UTILITIES — 1.88%
Centrais Eletricas Brasileiras SA Class B		3,442,851		8,344,189
Cia. Energetica de Minas Gerais		8,967,290		40,706,953
Cia. Paranaense de Energia Class B		1,468,200		17,714,830
				66,765,972
FOOD & STAPLES RETAILING — 1.55%
Cia. Brasileira de Distribuicao		1,623,764		55,169,417
				55,169,417
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.85%
AES Tiete SA		1,681,700		10,174,833
Cia. Energetica de Sao Paulo Class B		2,435,070		20,055,572
				30,230,405
METALS & MINING — 5.43%
Bradespar SA		3,204,200		14,836,802
Gerdau SA		10,506,146		37,367,760
Metalurgica Gerdau SA		3,854,790		15,045,187
Usinas Siderurgicas de Minas Gerais SA Class A		5,912,400		8,539,777
Vale SA		18,137,400		117,412,445
				193,201,971
MULTILINE RETAIL — 1.01%
Lojas Americanas SA		6,127,106		35,763,862
				35,763,862
OIL, GAS & CONSUMABLE FUELS — 3.90%
Petroleo Brasileiro SA		41,453,078		138,739,908
				138,739,908
PAPER & FOREST PRODUCTS — 0.54%
Suzano Papel e Celulose SA Class A		4,582,300		19,326,958
				19,326,958
TOTAL PREFERRED STOCKS
(Cost: $1,230,352,018)				1,388,661,489

SCHEDULESOF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRAZIL CAPPED ETF

February 28, 2015

Security	Shares		Value
RIGHTS — 0.01%
BANKS — 0.01%
Itausa – Investimentos Itau SAa		213,510	$	253,881
				253,881
TOTAL RIGHTS
(Cost: $0)				253,881
SHORT-TERM INVESTMENTS — 0.02%
MONEY MARKET FUNDS — 0.02%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		797,245		797,245
				797,245
TOTAL SHORT-TERM INVESTMENTS
(Cost: $797,245)				797,245
TOTAL INVESTMENTS IN SECURITIES — 99.46%
(Cost: $2,936,021,879)				3,537,827,487
Other Assets, Less Liabilities — 0.54%				19,081,408
NET ASSETS — 100.00%			$	3,556,908,895

^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.

18 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI CANADA ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.75%
AEROSPACE & DEFENSE — 0.49%
Bombardier Inc. Class Ba		2,814,180	$	5,859,823
CAE Inc.		517,980		6,259,815
				12,119,638
AUTO COMPONENTS — 1.77%
Magna International Inc. Class A		404,950		44,067,278
				44,067,278
BANKS — 24.98%
Bank of Montreal		1,261,130		78,234,197
Bank of Nova Scotia (The)		2,374,520		127,050,560
Canadian Imperial Bank of Commerce/Canada		775,190		59,394,087
National Bank of Canada		641,690		24,724,067
Royal Bank of Canada		2,815,070		176,549,178
Toronto-Dominion Bank (The)		3,594,710		157,762,470
				623,714,559
CAPITAL MARKETS — 0.78%
CI Financial Corp.		441,440		12,416,108
IGM Financial Inc.		196,690		6,976,655
				19,392,763
CHEMICALS — 4.03%
Agrium Inc.		280,350		32,416,556
Methanex Corp.		182,450		9,934,550
Potash Corp. of Saskatchewan Inc.		1,618,910		58,149,292
				100,500,398
CONSTRUCTION & ENGINEERING — 0.37%
SNC-Lavalin Group Inc.		297,260		9,365,481
				9,365,481
DIVERSIFIED FINANCIAL SERVICES — 0.39%
Onex Corp.		170,880		9,657,632
				9,657,632
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.05%
BCE Inc.		278,570		12,205,634
TELUS Corp.		396,936		14,127,126
				26,332,760
ELECTRIC UTILITIES — 0.68%
Fortis Inc./Canada		534,890		16,955,068
				16,955,068
FOOD & STAPLES RETAILING — 3.52%
Alimentation Couche-Tard Inc. Class B		815,240		31,495,757

Security	Shares		Value
Empire Co. Ltd. Class A		107,690	$	7,963,877
George Weston Ltd.		100,570		8,541,584
Jean Coutu Group PJC Inc. (The) Class A		161,090		3,483,306
Loblaw Companies Ltd.		443,220		22,642,857
Metro Inc.		493,950		13,734,789
				87,862,170
FOOD PRODUCTS — 0.58%
Saputo Inc.		495,730		14,419,504
				14,419,504
HEALTH CARE PROVIDERS & SERVICES — 0.81%
Catamaran Corp.b		404,950		20,240,203
				20,240,203
HOTELS, RESTAURANTS & LEISURE — 0.67%
Restaurant Brands International Inc.a		377,360		16,700,367
				16,700,367
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.20%
TransAlta Corp.a		537,560		5,071,443
				5,071,443
INSURANCE — 8.06%
Fairfax Financial Holdings Ltd.		40,940		21,508,541
Great-West Lifeco Inc.		583,840		16,486,765
Industrial Alliance Insurance & Financial Services Inc.		195,800		6,656,557
Intact Financial Corp.		256,320		18,464,729
Manulife Financial Corp.		3,844,800		67,033,433
Power Corp. of Canada		724,460		19,564,162
Power Financial Corp.		485,940		14,500,560
Sun Life Financial Inc.		1,196,160		36,881,560
				201,096,307
IT SERVICES — 0.73%
CGI Group Inc. Class Aa,b		434,320		18,195,074
				18,195,074
MEDIA — 1.82%
Shaw Communications Inc. Class B		771,630		17,921,171
Thomson Reuters Corp.		702,210		27,590,135
				45,511,306
METALS & MINING — 6.92%
Agnico Eagle Mines Ltd.		410,290		13,199,335
Barrick Gold Corp.		2,273,950		29,611,522
Eldorado Gold Corp.		1,398,190		8,073,479

SCHEDULESOF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CANADA ETF

February 28, 2015

Security	Shares		Value
First Quantum Minerals Ltd.		1,172,130	$	14,878,677
Franco-Nevada Corp.		304,380		16,078,889
Goldcorp Inc.		1,588,650		35,026,256
Kinross Gold Corp.b		2,234,790		6,299,973
New Gold Inc.a,b		984,340		3,776,069
Silver Wheaton Corp.		711,110		15,376,583
Teck Resources Ltd. Class B		1,106,270		17,790,335
Turquoise Hill Resources Ltd.a,b		1,569,960		4,916,144
Yamana Gold Inc.		1,815,600		7,721,007
				172,748,269
MULTI-UTILITIES — 0.55%
Atco Ltd./Canada Class I		148,630		5,740,940
Canadian Utilities Ltd. Class A		238,520		7,936,977
				13,677,917
MULTILINE RETAIL — 1.11%
Canadian Tire Corp. Ltd. Class A		145,960		15,397,310
Dollarama Inc.		245,640		12,299,213
				27,696,523
OIL, GAS & CONSUMABLE FUELS — 21.84%
AltaGas Ltd.		259,880		9,363,714
ARC Resources Ltd.		621,220		12,014,946
Baytex Energy Corp.		325,740		5,324,433
Cameco Corp.		772,520		11,940,605
Canadian Natural Resources Ltd.		2,129,770		62,017,729
Canadian Oil Sands Ltd.		946,070		8,493,529
Cenovus Energy Inc.		1,477,400		25,521,578
Crescent Point Energy Corp.		824,140		20,361,766
Enbridge Inc.		1,656,290		77,107,386
Encana Corp.		1,446,250		18,867,907
Enerplus Corp.		401,390		4,047,171
Husky Energy Inc.		671,950		15,116,386
Imperial Oil Ltd.		579,390		22,383,994
Inter Pipeline Ltd.		635,460		16,896,065
Keyera Corp.		164,650		11,040,840
MEG Energy Corp.a,b		306,160		5,126,982
Paramount Resources Ltd. Class Aa,b		112,140		2,793,958
Pembina Pipeline Corp.		655,930		21,001,947
Peyto Exploration & Development Corp.		284,800		7,973,898
PrairieSky Royalty Ltd.		253,650		6,423,267
Suncor Energy Inc.		2,832,870		85,146,047
Talisman Energy Inc.		2,022,080		15,756,888
Tourmaline Oil Corp.b		334,640		10,414,536
TransCanada Corp.		1,383,950		60,726,881

Security	Shares		Value
Vermilion Energy Inc.		208,260	$	9,376,829
				545,239,282
PAPER & FOREST PRODUCTS — 0.30%
West Fraser Timber Co. Ltd.		135,280		7,373,689
				7,373,689
PHARMACEUTICALS — 4.91%
Valeant Pharmaceuticals International Inc.b		622,110		122,698,138
				122,698,138
REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.48%
H&R REIT		262,550		5,084,258
RioCan REIT		299,040		7,009,892
				12,094,150
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.52%
Brookfield Asset Management Inc. Class A		1,104,490		60,016,535
First Capital Realty Inc.		189,570		2,981,744
				62,998,279
ROAD & RAIL — 6.91%
Canadian National Railway Co.		1,590,430		109,985,689
Canadian Pacific Railway Ltd.		333,750		62,572,278
				172,557,967
SOFTWARE — 1.03%
Constellation Software Inc./Canada		34,710		11,702,967
Open Text Corp.		238,520		13,910,244
				25,613,211
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.43%
BlackBerry Ltd.a,b		979,890		10,625,644
				10,625,644
TEXTILES, APPAREL & LUXURY GOODS — 0.55%
Gildan Activewear Inc.		226,950		13,818,931
				13,818,931
TRADING COMPANIES & DISTRIBUTORS — 0.27%
Finning International Inc.		336,420		6,786,866
				6,786,866
WIRELESS TELECOMMUNICATION SERVICES — 1.00%
Rogers Communications Inc. Class B		706,660		25,020,173
				25,020,173
TOTAL COMMON STOCKS
(Cost: $2,934,940,975)				2,490,150,990

20 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CANADA ETF

February 28, 2015

Security	Shares		Value
SHORT-TERM INVESTMENTS — 1.74%
MONEY MARKET FUNDS — 1.74%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		40,517,236	$	40,517,236
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		2,364,683		2,364,683
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		544,273		544,273
				43,426,192
TOTAL SHORT-TERM INVESTMENTS
(Cost: $43,426,192)				43,426,192
TOTAL INVESTMENTS IN SECURITIES — 101.49%
(Cost: $2,978,367,167)				2,533,577,182
Other Assets, Less Liabilities — (1.49)%				(37,084,215	)
NET ASSETS — 100.00%			$	2,496,492,967

^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.

Open futures contracts as of February 28, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
S&P/TSX 60 Index		39		Mar. 2015		Montreal	$	5,553,982	$	573,217

See notes to financial statements.

SCHEDULESOF INVESTMENTS 21

Schedule of Investments (Unaudited)

iSHARES^® MSCI CHILE CAPPED ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 93.37%
AIRLINES — 4.97%
LATAM Airlines Group SAa		1,056,000	$	11,235,160
				11,235,160
BANKS — 15.12%
Banco de Chile		88,471,866		10,337,416
Banco de Credito e Inversiones		130,903		6,048,998
Banco Santander Chile		213,304,190		11,194,088
CorpBanca SA		548,376,620		6,626,782
				34,207,284
BEVERAGES — 4.24%
Cia. Cervecerias Unidas SA		597,054		5,659,675
Vina Concha y Toro SA		1,979,396		3,945,170
				9,604,845
CONSTRUCTION & ENGINEERING — 0.97%
Besalco SA		1,519,430		880,793
SalfaCorp SA		1,746,755		1,312,382
				2,193,175
DIVERSIFIED FINANCIAL SERVICES — 0.86%
Inversiones La Construccion SA		156,725		1,943,915
				1,943,915
ELECTRIC UTILITIES — 10.94%
E.CL SA		1,771,616		2,926,326
Enersis SA		66,399,960		21,829,225
				24,755,551
FOOD & STAPLES RETAILING — 4.46%
Cencosud SA		4,075,280		10,081,711
				10,081,711
FOOD PRODUCTS — 1.24%
Empresas Aquachile SAa		2,254,842		1,588,238
Multiexport Foods SAa		5,207,440		1,211,943
				2,800,181
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 13.57%
AES Gener SA		10,457,480		5,578,621
Colbun SA		31,106,708		8,738,538
Empresa Nacional de Electricidad SA/Chile		10,901,990		16,383,834
				30,700,993
IT SERVICES — 2.25%
SONDA SA		2,031,700		5,084,061
				5,084,061

Security	Shares		Value
MARINE — 1.21%
Cia. Sud Americana de Vapores SAa		66,598,694	$	2,748,817
				2,748,817
METALS & MINING — 0.59%
CAP SA		325,050		1,332,991
				1,332,991
MULTILINE RETAIL — 11.39%
Ripley Corp. SA		3,382,824		1,689,454
SACI Falabella		3,314,520		24,077,935
				25,767,389
OIL, GAS & CONSUMABLE FUELS — 7.87%
Empresas COPEC SA		1,519,210		17,817,493
				17,817,493
PAPER & FOREST PRODUCTS — 4.42%
Empresas CMPC SA		3,841,159		10,000,106
				10,000,106
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.11%
Parque Arauco SA		2,421,980		4,765,721
				4,765,721
TEXTILES, APPAREL & LUXURY GOODS — 0.66%
Forus SA		356,024		1,492,064
				1,492,064
TRANSPORTATION INFRASTRUCTURE — 0.89%
Sociedad Matriz SAAM SA		25,503,002		2,022,235
				2,022,235
WATER UTILITIES — 3.35%
Aguas Andinas SA Series A		9,129,082		5,426,820
Inversiones Aguas Metropolitanas SA		1,344,516		2,155,079
				7,581,899
WIRELESS TELECOMMUNICATION SERVICES — 2.26%
ENTEL Chile SA		485,754		5,110,455
				5,110,455
TOTAL COMMON STOCKS
(Cost: $171,401,033)				211,246,046
PREFERRED STOCKS — 6.47%
BEVERAGES — 2.00%
Coca-Cola Embonor SA		967,490		1,381,690
Embotelladora Andina SA Class B		1,127,170		3,144,012
				4,525,702

22 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI CHILE CAPPED ETF

February 28, 2015

Security	Shares		Value
CHEMICALS — 4.06%
Sociedad Quimica y Minera de Chile SA Series B		357,720	$	9,194,170
				9,194,170
HEALTH CARE PROVIDERS & SERVICES — 0.41%
Bupa Chile SA		1,108,672		917,833
				917,833
TOTAL PREFERRED STOCKS
(Cost: $14,252,461)				14,637,705
SHORT-TERM INVESTMENTS — 0.19%
MONEY MARKET FUNDS — 0.19%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		423,207		423,207
				423,207
TOTAL SHORT-TERM INVESTMENTS
(Cost: $423,207)				423,207
TOTAL INVESTMENTS IN SECURITIES — 100.03%
(Cost: $186,076,701)				226,306,958
Other Assets, Less Liabilities — (0.03)%				(70,269	)
NET ASSETS — 100.00%			$	226,236,689

^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 COLOMBIA CAPPED ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 76.24%
BANKS — 5.81%
Banco de Bogota SA		7,543	$	187,140
Bancolombia SA		58,729		590,544
Grupo Aval Acciones y Valores		220,039		108,071
				885,755
CONSTRUCTION & ENGINEERING — 2.38%
Construcciones El Condor SA		137,218		82,523
Constructora Conconcreto SA		552,406		280,170
				362,693
CONSTRUCTION MATERIALS — 11.46%
Cementos Argos SA		100,168		359,840
Cemex Latam Holdings SAa		120,669		725,703
Grupo Argos SA/Colombia		86,773		661,014
				1,746,557
DIVERSIFIED FINANCIAL SERVICES — 11.54%
Bolsa de Valores de Colombia		51,574,246		386,675
Corp. Financiera Colombiana SA		19,076		286,808
Corp. Financiera Colombiana SA Newa		269		4,001
Grupo de Inversiones Suramericana SA		76,969		1,081,315
				1,758,799
ELECTRIC UTILITIES — 14.11%
Celsia SA ESP		341,449		698,181
Interconexion Electrica SA ESP		224,599		703,285
Isagen SA ESP		640,585		749,949
				2,151,415
FOOD & STAPLES RETAILING — 4.82%
Almacenes Exito SA		74,195		734,757
				734,757
FOOD PRODUCTS — 4.83%
Grupo Nutresa SA		75,810		736,161
				736,161
GAS UTILITIES — 3.95%
Empresa de Energia de Bogota SA ESP		910,214		602,143
				602,143
METALS & MINING — 1.46%
Mineros SA		299,459		223,317
				223,317
OIL, GAS & CONSUMABLE FUELS — 15.88%
Canacol Energy Ltd.a		173,584		386,468

Security	Shares		Value
Ecopetrol SAb		1,728,240	$	1,444,716
Pacific Rubiales Energy Corp.		197,657		590,446
				2,421,630
TOTAL COMMON STOCKS
(Cost: $17,194,875)				11,623,227
PREFERRED STOCKS — 23.71%
AIRLINES — 3.73%
Avianca Holdings SA		370,633		567,649
				567,649
BANKS — 17.34%
Banco Davivienda SA		67,184		711,119
Bancolombia SA		153,501		1,587,827
Grupo Aval Acciones y Valores		702,468		345,012
				2,643,958
CONSTRUCTION MATERIALS — 0.73%
Cementos Argos SA		8,056		28,294
Grupo Argos SA/Colombia		11,096		82,747
				111,041
DIVERSIFIED FINANCIAL SERVICES — 1.91%
Grupo de Inversiones Suramericana SA		20,843		291,647
				291,647
TOTAL PREFERRED STOCKS
(Cost: $4,471,966)				3,614,295
SHORT-TERM INVESTMENTS — 0.14%
MONEY MARKET FUNDS — 0.14%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		2,513		2,513
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		147		147
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		19,622		19,622
				22,282
TOTAL SHORT-TERM INVESTMENTS
(Cost: $22,282)				22,282

24 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI COLOMBIA CAPPED ETF

February 28, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.09%
(Cost: $21,689,123)	$	15,259,804
Other Assets, Less Liabilities — (0.09)%		(14,357	)
NET ASSETS — 100.00%	$	15,245,447

^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 ISRAEL CAPPED ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.77%
AEROSPACE & DEFENSE — 2.91%
Elbit Systems Ltd.		51,792	$	3,318,501
				3,318,501
BANKS — 24.51%
Bank Hapoalim BM		2,287,248		10,359,038
Bank Leumi le-Israel BMa		2,857,632		9,918,153
First International Bank of Israel Ltd.		99,072		1,299,395
Israel Discount Bank Ltd. Class Aa		2,054,497		3,277,838
Mizrahi Tefahot Bank Ltd.a		300,672		3,117,862
				27,972,286
CHEMICALS — 9.00%
Frutarom Industries Ltd.		83,616		2,684,033
Israel Chemicals Ltd.		792,576		5,535,470
Israel Corp. Ltd. (The)		6,048		2,055,131
				10,274,634
COMMUNICATIONS EQUIPMENT — 0.69%
Ituran Location and Control Ltd.		33,888		786,692
				786,692
CONSTRUCTION & ENGINEERING — 1.24%
Electra Ltd./Israel		3,984		460,884
Shikun & Binui Ltd.		461,328		957,687
				1,418,571
DIVERSIFIED TELECOMMUNICATION SERVICES — 4.97%
B Communications Ltd.a		22,272		335,789
Bezeq The Israeli Telecommunication Corp. Ltd.		3,328,320		5,331,856
				5,667,645
FOOD & STAPLES RETAILING — 0.85%
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		13,776		567,263
Shufersal Ltd.b		173,520		403,818
				971,081
FOOD PRODUCTS — 2.32%
Osem Investments Ltd.		75,696		1,395,239
Strauss Group Ltd.a,b		84,288		1,256,626
				2,651,865
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.71%
Kenon Holdings Ltd.a,b		44,736		805,620
				805,620

Security	Shares		Value
INDUSTRIAL CONGLOMERATES — 0.12%
Discount Investment Corp. Ltd. Registered		55,056	$	132,297
				132,297
INSURANCE — 3.88%
Clal Insurance Enterprises Holdings Ltd.a		42,528		668,166
Harel Insurance Investments & Financial Services Ltd.		236,256		1,157,107
IDI Insurance Co. Ltd.		13,536		511,894
Menorah Mivtachim Holdings Ltd.		59,040		574,025
Migdal Insurance & Financial Holding Ltd.b		865,536		1,087,889
Phoenix Holdings Ltd. (The)		144,241		425,748
				4,424,829
IT SERVICES — 0.34%
Matrix IT Ltd.		78,336		383,075
				383,075
MACHINERY — 0.25%
Plasson Industries Ltd.a		7,536		285,369
				285,369
OIL, GAS & CONSUMABLE FUELS — 4.52%
Delek Group Ltd.		10,320		2,443,094
Naphtha Israel Petroleum Corp. Ltd.a		74,353		412,261
Oil Refineries Ltd.a		2,462,880		755,985
Paz Oil Co. Ltd.		11,376		1,553,088
				5,164,428
PHARMACEUTICALS — 24.05%
Teva Pharmaceutical Industries Ltd.		489,744		27,449,540
				27,449,540
REAL ESTATE MANAGEMENT & DEVELOPMENT — 8.88%
Africa Israel Investments Ltd.a,b		240,336		236,865
Africa Israel Properties Ltd.		28,753		403,355
Airport City Ltd.a		72,576		668,865
AL-ROV Israel Ltd.a		8,832		278,852
Alony Hetz Properties & Investments Ltd.		187,344		1,405,691
Alrov Properties and Lodgings Ltd.a		9,696		199,848
Amot Investments Ltd.		200,064		629,653
Bayside Land Corp.		1,440		431,538
Gazit-Globe Ltd.		197,280		2,530,563
Jerusalem Economy Ltd.		44,928		179,707
Jerusalem Oil Explorationa		18,912		606,605

26 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ISRAEL CAPPED ETF

February 28, 2015

Security	Shares		Value
Melisron Ltd.		33,793	$	1,084,727
Nitsba Holdings 1995 Ltd.a		56,736		853,544
Norstar Holdings Inc.		23,280		624,677
				10,134,490
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.36%
EZchip Semiconductor Ltd.a,b		63,840		1,368,824
Tower Semiconductor Ltd.a		84,384		1,328,525
				2,697,349
SOFTWARE — 5.60%
NICE-Systems Ltd.		110,256		6,387,084
				6,387,084
SPECIALTY RETAIL — 0.75%
Delek Automotive Systems Ltd.		79,584		851,602
				851,602
TEXTILES, APPAREL & LUXURY GOODS — 0.52%
Delta-Galil Industries Ltd.		20,592		597,476
				597,476
WIRELESS TELECOMMUNICATION SERVICES — 1.30%
Cellcom Israel Ltd.a		124,656		735,256
Partner Communications Co. Ltd.a,b		192,192		748,988
				1,484,244
TOTAL COMMON STOCKS
(Cost: $136,486,330)				113,858,678
SHORT-TERM INVESTMENTS — 3.44%
MONEY MARKET FUNDS — 3.44%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		3,701,920		3,701,920
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		216,053		216,053
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		8,352		8,352
				3,926,325
TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,926,325)				3,926,325
TOTAL INVESTMENTS IN SECURITIES — 103.21%
(Cost: $140,412,655)				117,785,003
Other Assets, Less Liabilities — (3.21)%				(3,663,674	)
NET ASSETS — 100.00%			$	114,121,329

^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 MEXICO CAPPED ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.77%
AIRLINES — 1.06%
Controladora Vuela Cia. de Aviacion SAB de CV Class Aa,b		8,888,700	$	8,917,235
Grupo Aeromexico SAB de CVa,b		6,962,536		11,729,955
				20,647,190
BANKS — 11.39%
Banregio Grupo Financiero SAB de CVa,b		2,614,500		13,883,848
Grupo Financiero Banorte SAB de CV Series O		18,130,578		98,449,815
Grupo Financiero Inbursa SAB de CV Series O		23,853,192		66,971,442
Grupo Financiero Santander Mexico SAB de CV Series Bb		19,470,650		42,946,899
				222,252,004
BEVERAGES — 9.62%
Arca Continental SAB de CVa		4,580,829		29,037,652
Coca-Cola Femsa SAB de CV Series L		652,858		5,636,096
Fomento Economico Mexicano SAB de CVa		15,167,310		144,785,324
Organizacion Cultiba SAB de CV		5,966,800		8,284,562
				187,743,634
BUILDING PRODUCTS — 0.00%
Corp GEO SAB de CVa,b		15,588,128		10
				10
CAPITAL MARKETS — 0.43%
Grupo Financiero Interacciones SA de CV Series O		1,230,900		8,329,485
				8,329,485
CHEMICALS — 1.59%
Mexichem SAB de CV		10,623,274		30,963,234
				30,963,234
CONSTRUCTION & ENGINEERING — 2.28%
Empresas ICA SAB de CVa,b		10,518,588		9,504,155
Promotora y Operadora de Infraestructura SAB de CVa		2,928,200		35,057,322
				44,561,477

Security	Shares		Value
CONSTRUCTION MATERIALS — 4.52%
Cemex SAB de CV CPOa		87,069,300	$	88,222,304
				88,222,304
CONSUMER FINANCE — 1.60%
Credito Real SAB de CV SOFOM ER		2,972,874		7,197,568
Gentera SAB de CVa,b		12,574,506		24,102,819
				31,300,387
CONTAINERS & PACKAGING — 0.31%
Bio Pappel SAB de CVa,b		3,520,500		6,011,127
				6,011,127
DIVERSIFIED FINANCIAL SERVICES — 0.59%
Bolsa Mexicana de Valores SAB de CVb		6,426,087		11,591,196
				11,591,196
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.35%
Axtel SAB de CV CPOa,b		22,798,877		6,724,388
				6,724,388
FOOD & STAPLES RETAILING — 6.44%
Controladora Comercial Mexicana SAB de CV BC Units		5,703,355		18,294,068
Grupo Comercial Chedraui SA de CVa,b		4,793,100		15,694,902
Wal-Mart de Mexico SAB de CV Series V		37,431,933		91,602,089
				125,591,059
FOOD PRODUCTS — 5.62%
Gruma SAB de CV Series B		2,032,800		24,897,449
Grupo Bimbo SAB de CVa		17,233,504		48,662,288
Grupo Herdez SAB de CVa,b		4,012,444		10,039,161
Grupo Lala SAB de CVb		8,222,500		16,398,806
Industrias Bachoco SAB de CV Series Ba		2,264,400		9,643,994
				109,641,698
HOTELS, RESTAURANTS & LEISURE — 1.45%
Alsea SAB de CVa,b		6,399,066		19,622,604
Hoteles City Express SAB de CVa,b		5,387,300		8,679,779
				28,302,383
HOUSEHOLD DURABLES — 0.40%
Consorcio ARA SAB de CVa		16,516,428		7,809,734
Urbi Desarrollos Urbanos SAB de CVa,b		29,674,089		20
				7,809,754

28 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI MEXICO CAPPED ETF

February 28, 2015

Security	Shares		Value
HOUSEHOLD PRODUCTS — 1.75%
Kimberly-Clark de Mexico SAB de CV Series Ab		16,807,054	$	34,227,849
				34,227,849
INDUSTRIAL CONGLOMERATES — 4.75%
Alfa SAB de CV Series Aa		29,175,551		63,201,986
Grupo Carso SAB de CV Series A1		6,530,333		29,472,102
				92,674,088
INSURANCE — 0.45%
Qualitas Controladora SAB de CVa		4,333,700		8,770,583
				8,770,583
MEDIA — 7.46%
Grupo Televisa SAB CPOa		20,036,997		136,166,350
TV Azteca SAB de CV CPOa,b		21,787,339		9,282,059
				145,448,409
METALS & MINING — 7.62%
Grupo Mexico SAB de CV Series B		27,403,786		82,878,491
Grupo Simec SAB de CV Series Ba,b		2,637,554		7,899,255
Industrias CH SAB de CV Series Ba,b		2,545,683		11,603,016
Industrias Penoles SAB de CV		1,555,303		33,049,149
Minera Frisco SAB de CV Series A1a,b		9,965,703		13,263,610
				148,693,521
MULTILINE RETAIL — 1.64%
El Puerto de Liverpool SAB de CV Series C1a		2,205,595		24,914,727
Grupo Famsa SAB de CV Series Aa,b		8,635,521		7,057,656
				31,972,383
PHARMACEUTICALS — 0.60%
Genomma Lab Internacional SAB de CV Series Ba,b		10,774,293		11,760,063
				11,760,063
REAL ESTATE INVESTMENT TRUSTS (REITS) — 6.70%
Concentradora Fibra Hotelera Mexicana SA de CVb		7,470,100		11,181,169
Fibra Shop Portafolios Inmobiliarios SAPI de CVb		6,561,100		8,275,973

Security	Shares		Value
Fibra Uno Administracion SA de CV		23,399,300	$	65,618,824
Mexico Real Estate Management SA de CVb		10,507,400		18,074,527
PLA Administradora Industrial S. de RL de CV		7,927,100		17,066,168
Prologis Property Mexico SA de CV		5,455,500		10,475,348
				130,692,009
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.73%
Corp Inmobiliaria Vesta SAB de CVb		7,420,049		14,247,566
				14,247,566
TRANSPORTATION INFRASTRUCTURE — 4.68%
Grupo Aeroportuario del Centro Norte SAB de CV		3,067,392		14,555,341
Grupo Aeroportuario del Pacifico SAB de CV Series B		3,655,249		24,776,584
Grupo Aeroportuario del Sureste SAB de CV Series Ba		2,318,865		31,797,545
OHL Mexico SAB de CVa		9,778,900		20,183,043
				91,312,513
WIRELESS TELECOMMUNICATION SERVICES — 15.74%
America Movil SAB de CV Series L		286,915,418		307,025,595
				307,025,595
TOTAL COMMON STOCKS
(Cost: $2,321,525,094)				1,946,515,909
SHORT-TERM INVESTMENTS — 4.56%
MONEY MARKET FUNDS — 4.56%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		83,382,952		83,382,952
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		4,866,430		4,866,430
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		628,494		628,494
				88,877,876
TOTAL SHORT-TERM INVESTMENTS
(Cost: $88,877,876)				88,877,876

SCHEDULESOF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI MEXICO CAPPED ETF

February 28, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 104.33%
(Cost: $2,410,402,970)	$	2,035,393,785
Other Assets, Less Liabilities — (4.33)%		(84,424,826	)
NET ASSETS — 100.00%	$	1,950,968,959

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.

30 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI RUSSIA CAPPED ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 93.54%
BANKS — 12.51%
Sberbank of Russia		14,222,290	$	17,483,862
Sberbank of Russia ADR		625,796		3,180,921
VTB Bank OJSC		10,059,585,000		11,105,305
VTB Bank OJSC GDRa		1,068,580		2,350,876
				34,120,964
CHEMICALS — 3.99%
Uralkali PJSC		2,158,655		5,971,601
Uralkali PJSC GDRa		350,672		4,916,421
				10,888,022
DIVERSIFIED FINANCIAL SERVICES — 2.70%
Moscow Exchange MICEX-RTS OAO		5,938,800		7,377,594
				7,377,594
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.05%
Rostelecom OJSC		3,837,440		5,602,116
				5,602,116
ELECTRIC UTILITIES — 2.00%
RusHydro JSC		523,180,000		5,458,269
				5,458,269
FOOD & STAPLES RETAILING — 5.83%
Magnit PJSC GDRa		333,300		15,888,411
				15,888,411
METALS & MINING — 11.11%
Alrosa AO		7,393,200		8,402,145
MMC Norilsk Nickel OJSC		68,680		12,526,211
Severstal PAO		836,285		9,364,097
				30,292,453
OIL, GAS & CONSUMABLE FUELS — 46.26%
Gazprom OAO		10,056,027		24,882,116
Gazprom OAO ADR		4,399,964		21,955,820
Lukoil OAO		410,060		19,871,384
Lukoil OAO ADR		15,516		752,836
Lukoil OAO ADR (London)		363,600		17,598,240
NOVATEK OAO GDRa		143,016		11,991,892
Rosneft OAO		2,105,320		9,054,536
Rosneft OAO GDRa		471,872		2,038,487
Surgutneftegas OAO		6,351,400		3,585,453
Surgutneftegas OAO ADR		487,812		2,709,796
Tatneft OAO Class S		2,274,525		11,732,445
				126,173,005

Security	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES — 7.09%
MegaFon OAO GDRa		382,184	$	6,730,260
Mobile TeleSystems OJSC ADR		991,012		9,811,019
Sistema JSFC GDRa		392,688		2,788,085
				19,329,364
TOTAL COMMON STOCKS
(Cost: $379,062,255)				255,130,198
PREFERRED STOCKS — 6.21%
BANKS — 0.40%
Sberbank of Russia		1,258,795		1,094,777
				1,094,777
OIL, GAS & CONSUMABLE FUELS — 5.81%
AK Transneft OAO		4,318		9,640,612
Surgutneftegas OAO		9,910,700		6,204,784
				15,845,396
TOTAL PREFERRED STOCKS
(Cost: $20,006,874)				16,940,173
SHORT-TERM INVESTMENTS — 0.13%
MONEY MARKET FUNDS — 0.13%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		365,828		365,828
				365,828
TOTAL SHORT-TERM INVESTMENTS
(Cost: $365,828)				365,828
TOTAL INVESTMENTS IN SECURITIES — 99.88%
(Cost: $399,434,957)				272,436,199
Other Assets, Less Liabilities — 0.12%				314,579
NET ASSETS — 100.00%			$	272,750,778

ADR — American Depositary Receipts

GDR — Global Depositary Receipts

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

^b  Affiliated 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 31

Schedule of Investments (Unaudited)

iSHARES^® MSCI SOUTH AFRICA ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.95%
BANKS — 8.15%
African Bank Investments Ltd.a,b		2,626,522	$	2,253
Barclays Africa Group Ltd.		533,753		8,827,788
Nedbank Group Ltd.		314,338		6,900,708
Standard Bank Group Ltd.		1,909,899		24,996,026
				40,726,775
CAPITAL MARKETS — 2.02%
Brait SEa		528,430		3,547,052
Coronation Fund Managers Ltd.		357,886		3,174,691
Investec Ltd.		382,310		3,379,210
				10,100,953
CONSTRUCTION MATERIALS — 0.27%
PPC Ltd.		857,596		1,333,531
				1,333,531
CONTAINERS & PACKAGING — 0.65%
Nampak Ltd.		937,493		3,273,543
				3,273,543
DISTRIBUTORS — 0.99%
Imperial Holdings Ltd.		294,397		4,964,807
				4,964,807
DIVERSIFIED FINANCIAL SERVICES — 9.76%
FirstRand Ltd.		5,297,693		24,322,198
Remgro Ltd.		757,275		18,000,959
RMB Holdings Ltd.		1,111,030		6,471,872
				48,795,029
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.52%
Telkom SA SOC Ltd.a		368,878		2,595,726
				2,595,726
FOOD & STAPLES RETAILING — 3.69%
Massmart Holdings Ltd.		170,874		2,444,555
Pick n Pay Stores Ltd.		383,529		1,738,437
Shoprite Holdings Ltd.		721,373		10,276,145
SPAR Group Ltd. (The)		259,050		3,971,448
				18,430,585
FOOD PRODUCTS — 1.53%
Tiger Brands Ltd.		256,812		7,658,300
				7,658,300
HEALTH CARE PROVIDERS & SERVICES — 3.51%
Life Healthcare Group Holdings Ltd.		1,476,420		5,739,451
Mediclinic International Ltd.		614,785		6,498,161
Netcare Ltd.		1,513,164		5,333,017
				17,570,629

Security	Shares		Value
HOTELS, RESTAURANTS & LEISURE — 0.28%
Tsogo Sun Holdings Ltd.		578,004	$	1,407,685
				1,407,685
HOUSEHOLD DURABLES — 3.88%
Steinhoff International Holdings Ltd.		3,356,391		19,375,648
				19,375,648
INDUSTRIAL CONGLOMERATES — 2.76%
Bidvest Group Ltd. (The)		500,656		13,820,563
				13,820,563
INSURANCE — 7.03%
Discovery Ltd.		512,393		5,267,275
Liberty Holdings Ltd.		180,196		2,185,918
MMI Holdings Ltd./South Africa		1,730,848		4,834,730
Rand Merchant Insurance Holdings Ltd.		1,052,332		4,063,755
Sanlam Ltd.		2,898,574		18,804,788
				35,156,466
MEDIA — 18.35%
Naspers Ltd. Class N		624,281		91,729,610
				91,729,610
METALS & MINING — 5.05%
African Rainbow Minerals Ltd.		170,956		1,795,823
Anglo American Platinum Ltd.a		84,897		2,706,169
AngloGold Ashanti Ltd.a		635,805		7,154,102
Assore Ltd.		54,953		717,270
Gold Fields Ltd.		1,220,357		5,682,363
Impala Platinum Holdings Ltd.a		845,854		5,205,200
Kumba Iron Ore Ltd.		101,394		1,992,553
				25,253,480
MULTILINE RETAIL — 2.22%
Woolworths Holdings Ltd./South Africa		1,437,598		11,091,945
				11,091,945
OIL, GAS & CONSUMABLE FUELS — 6.77%
Exxaro Resources Ltd.b		225,473		2,210,808
Sasol Ltd.		870,708		31,660,207
				33,871,015
PAPER & FOREST PRODUCTS — 0.72%
Sappi Ltd.a		852,251		3,583,652
				3,583,652
PHARMACEUTICALS — 3.57%
Aspen Pharmacare Holdings Ltd.		502,814		17,855,010
				17,855,010

32 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI SOUTH AFRICA ETF

February 28, 2015

Security	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.54%
Growthpoint Properties Ltd.		3,485,488	$	8,877,481
Redefine Properties Ltd.		5,473,720		5,561,559
Resilient Property Income Fund Ltd.		403,985		3,250,115
				17,689,155
SPECIALTY RETAIL — 3.51%
Foschini Group Ltd. (The)		298,915		4,243,244
Mr. Price Group Ltd.		378,592		8,763,854
Truworths International Ltd.		598,721		4,566,577
				17,573,675
TRADING COMPANIES & DISTRIBUTORS — 0.53%
Barloworld Ltd.		345,579		2,652,118
				2,652,118
WIRELESS TELECOMMUNICATION SERVICES — 10.65%
MTN Group Ltd.		2,618,427		46,431,971
Vodacom Group Ltd.		585,520		6,823,446
				53,255,417
TOTAL COMMON STOCKS
(Cost: $551,070,173)				499,765,317
SHORT-TERM INVESTMENTS — 0.19%
MONEY MARKET FUNDS — 0.19%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		849,423		849,423
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		49,574		49,574
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		39,632		39,632
				938,629
TOTAL SHORT-TERM INVESTMENTS
(Cost: $938,629)				938,629
TOTAL INVESTMENTS IN SECURITIES — 100.14%
(Cost: $552,008,802)				500,703,946
Other Assets, Less Liabilities — (0.14)%				(698,810	)
NET ASSETS — 100.00%			$	500,005,136

^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 33

Schedule of Investments (Unaudited)

iSHARES^® MSCI TURKEY ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.98%
AIRLINES — 2.76%
Turk Hava Yollaria		4,149,630	$	14,932,068
				14,932,068
AUTO COMPONENTS — 0.15%
Goodyear Lastikleri TASb		26,814		789,494
				789,494
AUTOMOBILES — 2.45%
Ford Otomotiv Sanayi AS		527,560		7,121,535
Tofas Turk Otomobil Fabrikasi AS		939,362		6,125,462
				13,246,997
BANKS — 36.29%
Akbank TAS		13,531,478		44,118,537
Albaraka Turk Katilim Bankasi AS		2,026,528		1,434,282
Asya Katilim Bankasi ASa,b		3,383,142		860,919
Sekerbank TASa,b		2,926,375		2,175,873
Tekstil Bankasi ASa,b		788,110		592,258
Turkiye Garanti Bankasi AS		17,365,444		62,004,647
Turkiye Halk Bankasi AS		4,698,336		27,928,478
Turkiye Is Bankasi Class C		11,840,016		29,611,809
Turkiye Sinai Kalkinma Bankasi ASb		4,517,397		3,556,439
Turkiye Vakiflar Bankasi Tao Class D		5,637,916		11,791,427
Yapi ve Kredi Bankasi AS		6,535,641	��	12,057,803
				196,132,472
BEVERAGES — 4.41%
Anadolu Efes Biracilik ve Malt Sanayii ASa		1,558,046		12,699,778
Coca-Cola Icecek AS		573,776		11,121,901
				23,821,679
BUILDING PRODUCTS — 0.53%
Trakya Cam Sanayii ASb		1,947,280		2,849,301
				2,849,301
CHEMICALS — 1.13%
Gubre Fabrikalari TAS		628,276		1,568,817
Petkim Petrokimya Holding ASb		2,984,202		4,532,665
				6,101,482
CONSTRUCTION & ENGINEERING — 0.34%
Tekfen Holding ASa,b		834,940		1,842,512
				1,842,512

Security	Shares		Value
CONSTRUCTION MATERIALS — 1.68%
Adana Cimento Sanayii TAS Class Ab		432,730	$	1,188,933
Akcansa Cimento ASb		359,046		2,405,537
Baticim Bati Anadolu Cimento Sanayii ASb		389,566		1,146,238
Cimsa Cimento Sanayi VE Ticaret AS		405,480		2,684,390
Konya Cimento Sanayii AS		7,194		891,026
Mardin Cimento Sanayii ve Ticaret ASb		369,946		736,950
				9,053,074
CONTAINERS & PACKAGING — 0.24%
Anadolu Cam Sanayii ASb		834,286		670,083
Kartonsan Karton Sanayi ve Ticaret ASb		6,540		640,998
				1,311,081
DISTRIBUTORS — 0.39%
Dogus Otomotiv Servis ve Ticaret AS		413,764		2,105,837
				2,105,837
DIVERSIFIED FINANCIAL SERVICES — 4.92%
Haci Omer Sabanci Holding AS		6,902,316		26,566,369
				26,566,369
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.12%
Turk Telekomunikasyon AS		3,946,672		11,439,856
				11,439,856
FOOD & STAPLES RETAILING — 5.72%
BIM Birlesik Magazalar AS		1,597,722		29,858,026
Bizim Toptan Satis Magazalari ASb		165,244		1,074,250
				30,932,276
FOOD PRODUCTS — 1.90%
Pinar SUT Mamulleri Sanayii AS		134,724		1,312,421
Ulker Biskuvi Sanayi AS		1,156,926		8,947,201
				10,259,622
HEALTH CARE PROVIDERS & SERVICES — 0.20%
Selcuk Ecza Deposu Ticaret ve Sanayi AS		939,362		1,090,631
				1,090,631
HOTELS, RESTAURANTS & LEISURE — 0.19%
NET Holding ASa,b		687,572		1,033,408
				1,033,408

34 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TURKEY ETF

February 28, 2015

Security	Shares		Value
HOUSEHOLD DURABLES — 2.35%
Arcelik AS		1,778,008	$	10,710,465
Vestel Elektronik Sanayi ve Ticaret ASa,b		630,456		1,997,908
				12,708,373
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.58%
Akenerji Elektrik Uretim ASa,b		1,644,374		745,362
Aksa Enerji Uretim ASa,b		1,147,534		1,446,395
Zorlu Enerji Elektrik Uretim ASa,b		1,127,278		950,230
				3,141,987
INDUSTRIAL CONGLOMERATES — 7.85%
Akfen Holding ASb		654,000		1,534,235
Alarko Holding ASb		503,580		792,913
Dogan Sirketler Grubu Holding ASa,b		7,870,187		2,190,509
Enka Insaat ve Sanayi ASb		3,518,085		7,162,066
KOC Holding ASb		4,765,916		22,171,460
Turkiye Sise ve Cam Fabrikalari AS		4,472,488		6,579,803
Yazicilar Holding AS		241,108		1,989,261
				42,420,247
INSURANCE — 0.50%
Aksigorta AS		692,804		617,050
Anadolu Anonim Turk Sigorta Sirketia		1,503,983		849,167
Anadolu Hayat Emeklilik ASb		573,456		1,249,519
				2,715,736
MACHINERY — 0.44%
Otokar Otomotiv Ve Savunma Sanayi A.S.b		63,220		2,375,463
				2,375,463
MEDIA — 0.31%
Besiktas Futbol Yatirimlari Sanayi ve Ticaret ASa,b		811,832		803,762
Fenerbahce Futbol ASa,b		47,088		866,869
				1,670,631
METALS & MINING — 5.30%
Borusan Mannesmann Boru Sanayi ve Ticaret ASb		320,242		911,703
Eregli Demir ve Celik Fabrikalari TAS		10,524,168		17,658,843
Izmir Demir Celik Sanayi ASa,b		706,320		724,575

Security	Shares		Value
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Aa,b		1,085,702	$	992,889
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Da,b		5,568,592		4,029,756
Koza Altin Isletmeleri ASb		336,418		2,969,574
Koza Anadolu Metal Madencilik Isletmeleri ASa,b		1,315,630		878,830
Park Elektrik Uretim Madencilik Sanayi ve Ticaret ASb		391,964		480,020
				28,646,190
OIL, GAS & CONSUMABLE FUELS — 3.77%
Ipek Dogal Enerji Kaynaklari Ve Uretim ASa,b		782,620		560,126
Tupras Turkiye Petrol Rafinerileri AS		941,324		19,837,046
				20,397,172
PERSONAL PRODUCTS — 0.26%
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret ASb		1,236,932		1,386,938
				1,386,938
REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.60%
Akmerkez Gayrimenkul Yatirim Ortakligi ASb		153,690		1,081,635
Dogus Gayrimenkul Yatirim Ortakligi ASa,b		428,370		776,687
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		14,282,924		17,775,567
Halk Gayrimenkul Yatrm Ortakligi AS		1,306,474		696,094
Is Gayrimenkul Yatirim Ortakligi ASb		2,304,478		1,640,165
Sinpas Gayrimenkul Yatirim Ortakligi ASa,b		1,799,590		579,590
Torunlar Gayrimenkul Yatirim Ortakligi ASb		942,850		1,428,333
Vakif Gayrimenkul Yatirim Ortakligi ASb		764,090		874,982
				24,853,053
TEXTILES, APPAREL & LUXURY GOODS — 0.39%
Aksa Akrilik Kimya Sanayii AS		554,156		2,121,878
				2,121,878
TRANSPORTATION INFRASTRUCTURE — 1.81%
TAV Havalimanlari Holding AS		1,228,866		9,796,725
				9,796,725

SCHEDULESOF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI TURKEY ETF

February 28, 2015

Security	Shares		Value
WIRELESS TELECOMMUNICATION SERVICES — 6.40%
Turkcell Iletisim Hizmetleri ASa,b		6,615,428	$	34,589,614
				34,589,614
TOTAL COMMON STOCKS
(Cost: $696,689,543)				540,332,166
RIGHTS — 0.01%
COMMERCIAL BANKS — 0.01%
Sekerbank TASa		2,860,596		45,497
				45,497
TOTAL RIGHTS
(Cost: $0)				45,497
SHORT-TERM INVESTMENTS — 6.35%
MONEY MARKET FUNDS — 6.35%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		32,327,235		32,327,235
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		1,886,695		1,886,695
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		145,025		145,025
				34,358,955
TOTAL SHORT-TERM INVESTMENTS
(Cost: $34,358,955)				34,358,955
TOTAL INVESTMENTS IN SECURITIES — 106.34%
(Cost: $731,048,498)				574,736,618
Other Assets, Less Liabilities — (6.34)%				(34,289,037	)
NET ASSETS — 100.00%			$	540,447,581

^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.

36 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI USA ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.80%
AEROSPACE & DEFENSE — 2.66%
B/E Aerospace Inc.a		274	$	17,410
Boeing Co. (The)		1,712		258,255
General Dynamics Corp.		714		99,089
Honeywell International Inc.		1,870		192,199
L-3 Communications Holdings Inc.		214		27,698
Lockheed Martin Corp.		680		136,034
Northrop Grumman Corp.		484		80,204
Precision Castparts Corp.		356		77,003
Raytheon Co.		780		84,841
Rockwell Collins Inc.		306		27,258
Textron Inc.		694		30,751
TransDigm Group Inc.		125		27,107
United Technologies Corp. Class B		2,191		267,105
				1,324,954
AIR FREIGHT & LOGISTICS — 0.71%
CH Robinson Worldwide Inc.		374		27,788
Expeditors International of Washington Inc.		474		22,894
FedEx Corp.		681		120,524
United Parcel Service Inc. Class B		1,773		180,367
				351,573
AIRLINES — 0.16%
American Airlines Group Inc.		457		21,890
Delta Air Lines Inc.		539		23,996
Southwest Airlines Co.		443		19,156
United Continental Holdings Inc.a		224		14,600
				79,642
AUTO COMPONENTS — 0.47%
Autoliv Inc.		230		25,875
BorgWarner Inc.		575		35,340
Delphi Automotive PLC		756		59,603
Johnson Controls Inc.		1,673		85,005
TRW Automotive Holdings Corp.a		276		28,770
				234,593
AUTOMOBILES — 0.70%
Ford Motor Co.		9,122		149,053
General Motors Co.		3,268		121,929
Harley-Davidson Inc.		556		35,345
Tesla Motors Inc.a,b		220		44,735
				351,062
BANKS — 5.52%
Bank of America Corp.		26,518		419,250

Security	Shares		Value
BB&T Corp.		1,792	$	68,186
CIT Group Inc.		452		20,905
Citigroup Inc.		7,646		400,803
Comerica Inc.		448		20,509
Fifth Third Bancorp		2,079		40,249
First Republic Bank/CA		317		18,069
Huntington Bancshares Inc./OH		2,058		22,514
JPMorgan Chase & Co.		9,442		578,606
KeyCorp		2,219		30,911
M&T Bank Corp.		299		36,179
PNC Financial Services Group Inc. (The)c		1,327		122,031
Regions Financial Corp.		3,398		32,655
SunTrust Banks Inc.		1,350		55,350
U.S. Bancorp/MN		4,535		202,306
Wells Fargo & Co.		12,449		682,081
				2,750,604
BEVERAGES — 2.06%
Brown-Forman Corp. Class B		302		27,690
Coca-Cola Co. (The)		9,959		431,225
Coca-Cola Enterprises Inc.		575		26,565
Constellation Brands Inc. Class Aa		419		48,068
Dr. Pepper Snapple Group Inc.		503		39,631
Molson Coors Brewing Co. Class B		383		29,066
Monster Beverage Corp.a		355		50,098
PepsiCo Inc.		3,780		374,144
				1,026,487
BIOTECHNOLOGY — 3.23%
Alexion Pharmaceuticals Inc.a		496		89,463
Alkermes PLCa		369		25,922
Amgen Inc.		1,918		302,507
Biogen Idec Inc.a		598		244,935
BioMarin Pharmaceutical Inc.a		395		42,293
Celgene Corp.a		2,008		244,032
Gilead Sciences Inc.a		3,811		394,553
Incyte Corp.a		384		32,966
Isis Pharmaceuticals Inc.a		298		20,431
Medivation Inc.a		192		22,566
Pharmacyclics Inc.a,b		163		35,197
Regeneron Pharmaceuticals Inc.a		203		84,009
Vertex Pharmaceuticals Inc.a		604		72,136
				1,611,010
BUILDING PRODUCTS — 0.05%
Masco Corp.		869		22,759
				22,759

SCHEDULESOF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2015

Security	Shares		Value
CAPITAL MARKETS — 2.20%
Affiliated Managers Group Inc.a		141	$	30,515
Ameriprise Financial Inc.		469		62,673
Bank of New York Mellon Corp. (The)		2,852		111,627
BlackRock Inc.c		333		123,683
Charles Schwab Corp. (The)		2,949		86,524
Eaton Vance Corp.		313		13,177
Franklin Resources Inc.		1,028		55,337
Goldman Sachs Group Inc. (The)		992		188,272
Invesco Ltd.		1,088		43,814
Legg Mason Inc.		253		14,489
Morgan Stanley		3,706		132,638
Northern Trust Corp.		565		39,454
Raymond James Financial Inc.		317		18,110
SEI Investments Co.		379		16,312
State Street Corp.		1,066		79,364
T Rowe Price Group Inc.		661		54,599
TD Ameritrade Holding Corp.		698		25,316
				1,095,904
CHEMICALS — 2.51%
Air Products & Chemicals Inc.		536		83,691
Airgas Inc.		175		20,514
Albemarle Corp.		282		15,953
Ashland Inc.		166		21,185
Celanese Corp. Series A		395		22,558
CF Industries Holdings Inc.		124		37,973
Dow Chemical Co. (The)		2,985		146,981
Eastman Chemical Co.		382		28,444
Ecolab Inc.		682		78,798
EI du Pont de Nemours & Co.		2,282		177,654
FMC Corp.		338		21,433
International Flavors & Fragrances Inc.		208		25,361
LyondellBasell Industries NV Class A		1,073		92,181
Monsanto Co.		1,221		147,045
Mosaic Co. (The)		814		43,354
PPG Industries Inc.		347		81,677
Praxair Inc.		735		94,006
Sherwin-Williams Co. (The)		209		59,607
Sigma-Aldrich Corp.		299		41,280
Westlake Chemical Corp.		124		8,278
				1,247,973
COMMERCIAL SERVICES & SUPPLIES — 0.40%
ADT Corp. (The)		417		16,355
Cintas Corp.		248		20,703
Republic Services Inc.		700		28,644

Security	Shares		Value
Stericycle Inc.a,b		214	$	28,884
Tyco International PLC		1,055		44,542
Waste Management Inc.		1,117		60,854
				199,982
COMMUNICATIONS EQUIPMENT — 1.64%
Cisco Systems Inc.		12,894		380,502
F5 Networks Inc.a		183		21,615
Harris Corp.		271		21,051
Juniper Networks Inc.		1,005		24,030
Motorola Solutions Inc.		576		39,133
Palo Alto Networks Inc.a		169		24,035
QUALCOMM Inc.		4,200		304,542
				814,908
CONSTRUCTION & ENGINEERING — 0.13%
Chicago Bridge & Iron Co. NVb		246		11,355
Fluor Corp.		389		22,562
Jacobs Engineering Group Inc.a,b		333		14,765
Quanta Services Inc.a		539		15,513
				64,195
CONSTRUCTION MATERIALS — 0.10%
Martin Marietta Materials Inc.		148		21,065
Vulcan Materials Co.		328		27,224
				48,289
CONSUMER FINANCE — 0.87%
Ally Financial Inc.a		1,088		22,609
American Express Co.		2,357		192,307
Capital One Financial Corp.		1,419		111,689
Discover Financial Services		1,160		70,737
Navient Corp.		1,047		22,406
Synchrony Financiala		420		13,419
				433,167
CONTAINERS & PACKAGING — 0.28%
Avery Dennison Corp.		242		12,959
Ball Corp.		326		23,377
Crown Holdings Inc.a		339		17,967
MeadWestvaco Corp.		436		23,134
Owens-Illinois Inc.a		435		11,380
Rock-Tenn Co. Class A		367		25,191
Sealed Air Corp.		515		24,272
				138,280
DISTRIBUTORS — 0.11%
Genuine Parts Co.		389		37,375
LKQ Corp.a		754		18,530
				55,905

38 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2015

Security	Shares		Value
DIVERSIFIED CONSUMER SERVICES — 0.05%
H&R Block Inc.		699	$	23,871
				23,871
DIVERSIFIED FINANCIAL SERVICES — 1.50%
Berkshire Hathaway Inc. Class Ba		2,913		429,405
CME Group Inc./IL		808		77,512
Intercontinental Exchange Inc.		282		66,372
Leucadia National Corp.		795		18,865
McGraw Hill Financial Inc.		683		70,417
Moody’s Corp.		484		46,919
NASDAQ OMX Group Inc. (The)		294		14,747
Voya Financial Inc.		518		22,890
				747,127
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.20%
AT&T Inc.		13,079		452,010
CenturyLink Inc.		1,420		53,761
Frontier Communications Corp.		2,586		20,636
Level 3 Communications Inc.a		714		38,456
Verizon Communications Inc.		10,464		517,445
Windstream Holdings Inc.		1,530		12,072
				1,094,380
ELECTRIC UTILITIES — 1.65%
American Electric Power Co. Inc.		1,227		70,650
Duke Energy Corp.		1,778		139,662
Edison International		769		49,408
Entergy Corp.		457		36,336
Eversource Energy		804		41,607
Exelon Corp.		2,173		73,708
FirstEnergy Corp.		1,062		37,149
NextEra Energy Inc.		1,093		113,082
OGE Energy Corp.		523		17,003
Pepco Holdings Inc.		634		17,207
Pinnacle West Capital Corp.		288		18,455
PPL Corp.		1,672		57,015
Southern Co. (The)		2,286		104,676
Xcel Energy Inc.		1,256		44,312
				820,270
ELECTRICAL EQUIPMENT — 0.57%
AMETEK Inc.		623		33,106
Eaton Corp. PLC		1,205		85,567
Emerson Electric Co.		1,754		101,592
Rockwell Automation Inc.		346		40,496
Sensata Technologies Holding NVa,b		407		21,872
				282,633

Security	Shares		Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.56%
Amphenol Corp. Class A		785	$	44,321
Arrow Electronics Inc.a		258		15,986
Avnet Inc.		344		15,759
Corning Inc.		3,229		78,787
Flextronics International Ltd.a,b		1,485		18,087
FLIR Systems Inc.		367		11,847
TE Connectivity Ltd.		1,033		74,510
Trimble Navigation Ltd.a		669		17,488
				276,785
ENERGY EQUIPMENT & SERVICES — 1.25%
Baker Hughes Inc.		1,101		68,823
Cameron International Corp.a		515		24,246
Diamond Offshore Drilling Inc.		167		5,082
Ensco PLC Class A		589		14,413
FMC Technologies Inc.a		595		23,758
Halliburton Co.		2,139		91,849
Helmerich & Payne Inc.		279		18,710
Nabors Industries Ltd.		676		8,660
National Oilwell Varco Inc.		1,083		58,861
Noble Corp. PLC		642		10,683
Oceaneering International Inc.		279		15,214
Schlumberger Ltd.		3,246		273,183
Superior Energy Services Inc.		411		9,198
				622,680
FOOD & STAPLES RETAILING — 2.37%
Costco Wholesale Corp.		1,098		161,362
CVS Health Corp.		2,901		301,327
Kroger Co. (The)		1,176		83,673
Sysco Corp.		1,472		57,393
Wal-Mart Stores Inc.		4,069		341,511
Walgreens Boots Alliance Inc.		2,199		182,693
Whole Foods Market Inc.		912		51,519
				1,179,478
FOOD PRODUCTS — 1.57%
Archer-Daniels-Midland Co.		1,631		78,092
Bunge Ltd.		363		29,686
Campbell Soup Co.		517		24,087
ConAgra Foods Inc.		1,061		37,114
General Mills Inc.		1,540		82,836
Hershey Co. (The)		390		40,474
Hormel Foods Corp.		360		21,064
JM Smucker Co. (The)		260		29,991
Kellogg Co.		678		43,717

SCHEDULESOF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2015

Security	Shares		Value
Keurig Green Mountain Inc.		301	$	38,401
Kraft Foods Group Inc.		1,478		94,681
McCormick & Co. Inc./MD		294		22,162
Mead Johnson Nutrition Co.		509		53,323
Mondelez International Inc. Class A		4,235		156,420
Tyson Foods Inc. Class A		767		31,685
				783,733
HEALTH CARE EQUIPMENT & SUPPLIES — 2.22%
Abbott Laboratories		3,790		179,532
Baxter International Inc.		1,371		94,805
Becton Dickinson and Co.		487		71,453
Boston Scientific Corp.a		3,344		56,514
CareFusion Corp.a		510		30,641
Cooper Companies Inc. (The)		121		19,840
CR Bard Inc.		188		31,798
DENTSPLY International Inc.		367		19,455
Edwards Lifesciences Corp.a		271		36,048
Hologic Inc.a		554		17,939
Intuitive Surgical Inc.a		92		46,000
Medtronic PLC		3,576		277,462
ResMed Inc.		360		23,170
St. Jude Medical Inc.		714		47,609
Stryker Corp.		856		81,106
Varian Medical Systems Inc.a		253		23,521
Zimmer Holdings Inc.		421		50,684
				1,107,577
HEALTH CARE PROVIDERS & SERVICES — 2.53%
Aetna Inc.		893		88,898
AmerisourceBergen Corp.		562		57,751
Anthem Inc.		690		101,050
Cardinal Health Inc.		839		73,824
Cigna Corp.		670		81,492
DaVita HealthCare Partners Inc.a		426		31,780
Express Scripts Holding Co.a		1,861		157,794
HCA Holdings Inc.a		754		53,941
Henry Schein Inc.a		209		29,270
Humana Inc.		386		63,451
Laboratory Corp. of America Holdingsa		250		30,758
McKesson Corp.		581		132,875
Omnicare Inc.		235		18,034
Patterson Companies Inc.		192		9,614
Quest Diagnostics Inc.		361		25,321
UnitedHealth Group Inc.		2,432		276,348
Universal Health Services Inc. Class B		228		25,844
				1,258,045

Security	Shares		Value
HEALTH CARE TECHNOLOGY — 0.11%
Cerner Corp.a		762	$	54,910
				54,910
HOTELS, RESTAURANTS & LEISURE — 1.84%
Carnival Corp.		957		42,098
Chipotle Mexican Grill Inc.a		77		51,203
Darden Restaurants Inc.		343		21,952
Hilton Worldwide Holdings Inc.a		994		28,100
Las Vegas Sands Corp.		1,022		58,152
Marriott International Inc./MD Class A		571		47,450
McDonald’s Corp.		2,470		244,283
MGM Resorts Internationala		1,014		22,034
Norwegian Cruise Line Holdings Ltd.a		231		11,393
Royal Caribbean Cruises Ltd.		418		31,944
Starbucks Corp.		1,880		175,752
Starwood Hotels & Resorts Worldwide Inc.		450		36,148
Wyndham Worldwide Corp.		310		28,359
Wynn Resorts Ltd.		206		29,355
Yum! Brands Inc.		1,110		90,032
				918,255
HOUSEHOLD DURABLES — 0.47%
DR Horton Inc.		827		22,585
Garmin Ltd.		294		14,591
Jarden Corp.a		459		24,359
Leggett & Platt Inc.		333		15,002
Lennar Corp. Class A		449		22,544
Mohawk Industries Inc.a		155		28,574
Newell Rubbermaid Inc.		693		27,228
PulteGroup Inc.		887		20,011
Toll Brothers Inc.a		435		16,665
Whirlpool Corp.		200		42,390
				233,949
HOUSEHOLD PRODUCTS — 1.87%
Church & Dwight Co. Inc.		344		29,288
Clorox Co. (The)		321		34,873
Colgate-Palmolive Co.		2,313		163,807
Energizer Holdings Inc.		152		20,342
Kimberly-Clark Corp.		944		103,519
Procter & Gamble Co. (The)		6,820		580,587
				932,416
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.12%
AES Corp./VA		1,770		22,957
Calpine Corp.a		854		18,105

40 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2015

Security	Shares		Value
NRG Energy Inc.		832	$	19,951
				61,013
INDUSTRIAL CONGLOMERATES — 2.21%
3M Co.		1,542		260,058
Danaher Corp.		1,584		138,252
General Electric Co.		25,322		658,119
Roper Industries Inc.		250		41,892
				1,098,321
INSURANCE — 2.82%
ACE Ltd.		840		95,768
Aflac Inc.		1,150		71,587
Alleghany Corp.a		40		18,902
Allstate Corp. (The)		1,058		74,695
American International Group Inc.		3,530		195,315
Aon PLC		694		69,650
Arch Capital Group Ltd.a		345		20,410
Assurant Inc.		183		11,212
Axis Capital Holdings Ltd.		247		12,802
Chubb Corp. (The)		606		60,873
Cincinnati Financial Corp.		390		20,576
Everest Re Group Ltd.		111		19,695
FNF Group		638		23,427
Genworth Financial Inc. Class Aa		1,152		8,928
Hartford Financial Services Group Inc. (The)		1,088		44,564
Lincoln National Corp.		665		38,331
Loews Corp.		853		34,982
Marsh & McLennan Companies Inc.		1,376		78,281
MetLife Inc.		2,449		124,483
PartnerRe Ltd.		111		12,709
Principal Financial Group Inc.		750		38,377
Progressive Corp. (The)		1,420		37,843
Prudential Financial Inc.		1,154		93,301
RenaissanceRe Holdings Ltd.		98		10,048
Torchmark Corp.		337		17,945
Travelers Companies Inc. (The)		850		91,324
Unum Group		655		21,982
Willis Group Holdings PLC		404		19,279
WR Berkley Corp.		271		13,526
XL Group PLC		670		24,254
				1,405,069
INTERNET & CATALOG RETAIL — 1.39%
Amazon.com Inc.a		992		377,119
Expedia Inc.		261		23,947
Liberty Interactive Corp. Series Aa		1,117		32,985

Security	Shares		Value
Netflix Inc.a		143	$	67,912
Priceline Group Inc. (The)a		133		164,585
TripAdvisor Inc.a,b		294		26,239
				692,787
INTERNET SOFTWARE & SERVICES — 3.42%
Akamai Technologies Inc.a		454		31,558
eBay Inc.a		2,819		163,248
Equinix Inc.		139		31,160
Facebook Inc. Class Aa		5,047		398,562
Google Inc. Class Aa		718		403,968
Google Inc. Class Ca		727		405,957
LinkedIn Corp. Class Aa		275		73,480
Rackspace Hosting Inc.a		292		14,504
Twitter Inc.a		971		46,686
VeriSign Inc.a		287		18,374
Yahoo! Inc.a		2,269		100,471
Zillow Group Inc. Class Aa		122		13,999
				1,701,967
IT SERVICES — 3.31%
Accenture PLC Class A		1,586		142,788
Alliance Data Systems Corp.a,b		162		45,119
Automatic Data Processing Inc.		1,215		107,941
Cognizant Technology Solutions Corp. Class Aa		1,529		95,540
Computer Sciences Corp.		361		25,602
Fidelity National Information Services Inc.		729		49,273
Fiserv Inc.a		620		48,404
FleetCor Technologies Inc.a		191		29,305
International Business Machines Corp.		2,378		385,093
MasterCard Inc. Class A		2,531		228,119
Paychex Inc.		817		40,715
Teradata Corp.a		402		17,897
Total System Services Inc.		434		16,579
Vantiv Inc. Class Aa,b		370		13,686
Visa Inc. Class A		1,242		336,967
Western Union Co. (The)		1,343		26,215
Xerox Corp.		2,716		37,073
				1,646,316
LEISURE PRODUCTS — 0.13%
Hasbro Inc.		295		18,383
Mattel Inc.		868		22,846
Polaris Industries Inc.		159		24,379
				65,608

SCHEDULESOF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2015

Security	Shares		Value
LIFE SCIENCES TOOLS & SERVICES — 0.59%
Agilent Technologies Inc.		831	$	35,077
Illumina Inc.a		361		70,561
Mettler-Toledo International Inc.a		72		22,620
Quintiles Transnational Holdings Inc.a		170		11,047
Thermo Fisher Scientific Inc.		1,007		130,910
Waters Corp.a		217		26,122
				296,337
MACHINERY — 1.49%
AGCO Corp.		225		11,192
Caterpillar Inc.		1,450		120,205
Cummins Inc.		436		62,012
Deere & Co.		863		78,188
Dover Corp.		410		29,541
Flowserve Corp.		341		21,186
Illinois Tool Works Inc.		952		94,115
Ingersoll-Rand PLC		673		45,219
Joy Global Inc.		257		11,390
PACCAR Inc.		889		56,940
Pall Corp.		274		27,622
Parker-Hannifin Corp.		376		46,131
Pentair PLC		477		31,706
Snap-on Inc.		144		21,201
SPX Corp.		96		8,557
Stanley Black & Decker Inc.		380		37,369
Wabtec Corp./DE		243		23,058
Xylem Inc./NY		440		15,708
				741,340
MEDIA — 3.80%
Cablevision Systems Corp. Class A		500		9,390
CBS Corp. Class B NVS		1,227		72,516
Charter Communications Inc. Class Aa		198		35,759
Comcast Corp. Class A		5,424		322,077
Comcast Corp. Class A Special NVSb		1,080		63,661
DIRECTVa		1,203		106,586
Discovery Communications Inc. Class Aa,b		352		11,370
Discovery Communications Inc. Class Ca		694		21,174
DISH Network Corp. Class Aa		559		41,947
Interpublic Group of Companies Inc. (The)		1,073		23,928
Liberty Global PLC Series Aa		627		33,896
Liberty Global PLC Series Ca		1,602		83,576
Liberty Media Corp. Class Aa		234		9,024

Security	Shares		Value
Liberty Media Corp. Class Ca		517	$	19,956
News Corp. Class Aa		979		16,912
Omnicom Group Inc.		636		50,587
Scripps Networks Interactive Inc. Class A		205		14,822
Sirius XM Holdings Inc.a		6,501		25,289
Time Warner Cable Inc.		710		109,375
Time Warner Inc.		2,137		174,935
Twenty-First Century Fox Inc. Class A		3,423		119,805
Twenty-First Century Fox Inc. Class B		1,110		37,784
Viacom Inc. Class B		931		65,114
Walt Disney Co. (The)		4,062		422,773
				1,892,256
METALS & MINING — 0.34%
Alcoa Inc.		2,951		43,645
Freeport-McMoRan Inc.		2,607		56,390
Newmont Mining Corp.		1,267		33,360
Nucor Corp.		807		37,953
				171,348
MULTI-UTILITIES — 1.14%
Alliant Energy Corp.		279		17,744
Ameren Corp.		620		26,294
CenterPoint Energy Inc.		1,051		21,850
CMS Energy Corp.		693		24,345
Consolidated Edison Inc.		724		45,713
Dominion Resources Inc./VA		1,470		105,972
DTE Energy Co.		448		36,750
Integrys Energy Group Inc.		202		15,096
MDU Resources Group Inc.		462		10,303
NiSource Inc.		790		33,899
PG&E Corp.		1,207		64,852
Public Service Enterprise Group Inc.		1,264		53,164
SCANA Corp.		333		18,964
Sempra Energy		582		62,972
Wisconsin Energy Corp.		568		28,957
				566,875
MULTILINE RETAIL — 0.71%
Dollar General Corp.a		756		54,900
Dollar Tree Inc.a		513		40,876
Family Dollar Stores Inc.		251		19,764
Kohl’s Corp.		509		37,564
Macy’s Inc.		889		56,647
Nordstrom Inc.		372		29,920
Target Corp.		1,513		116,244
				355,915

42 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2015

Security	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 6.71%
Anadarko Petroleum Corp.		1,273	$	107,225
Apache Corp.		973		64,062
Cabot Oil & Gas Corp.		1,028		29,812
Cheniere Energy Inc.a		569		45,878
Chesapeake Energy Corp.		1,338		22,318
Chevron Corp.		4,765		508,330
Cimarex Energy Co.		221		24,239
Cobalt International Energy Inc.a		728		7,455
Concho Resources Inc.a		304		33,112
ConocoPhillips		3,108		202,642
CONSOL Energy Inc.		589		18,966
Continental Resources Inc./OKa,b		232		10,322
Devon Energy Corp.		978		60,235
Energen Corp.		184		11,894
EOG Resources Inc.		1,376		123,455
EQT Corp.		383		30,567
Exxon Mobil Corp.		10,683		945,873
Hess Corp.		692		51,955
HollyFrontier Corp.		487		21,423
Kinder Morgan Inc./DE		4,520		185,365
Marathon Oil Corp.		1,699		47,334
Marathon Petroleum Corp.		714		74,970
Murphy Oil Corp.		433		22,035
Noble Energy Inc.		969		45,766
Occidental Petroleum Corp.		1,962		152,801
ONEOK Inc.		533		23,591
Phillips 66		1,409		110,550
Pioneer Natural Resources Co.		375		57,195
QEP Resources Inc.		433		9,301
Southwestern Energy Co.a,b		960		24,077
Spectra Energy Corp.		1,692		60,049
Tesoro Corp.		310		28,470
Valero Energy Corp.		1,307		80,629
Whiting Petroleum Corp.a		417		14,107
Williams Companies Inc. (The)		1,778		87,193
				3,343,196
PAPER & FOREST PRODUCTS — 0.11%
International Paper Co.		1,014		57,200
				57,200
PERSONAL PRODUCTS — 0.11%
Avon Products Inc.		1,002		8,527
Estee Lauder Companies Inc. (The) Class A		578		47,783
				56,310

Security	Shares		Value
PHARMACEUTICALS — 6.15%
AbbVie Inc.		4,034	$	244,057
Actavis PLCa		671		195,502
Allergan Inc./U.S.		753		175,253
Bristol-Myers Squibb Co.		4,192		255,377
Eli Lilly & Co.		2,531		177,600
Endo International PLCa		431		36,894
Hospira Inc.a		427		37,380
Jazz Pharmaceuticals PLCa		151		25,684
Johnson & Johnson		7,058		723,515
Mallinckrodt PLCa		286		33,382
Merck & Co. Inc.		7,189		420,844
Mylan Inc./PAa,b		933		53,484
Perrigo Co. PLC		355		54,837
Pfizer Inc.		15,918		546,306
Salix Pharmaceuticals Ltd.a		162		25,466
Zoetis Inc.		1,262		58,166
				3,063,747
PROFESSIONAL SERVICES — 0.38%
Dun & Bradstreet Corp. (The)		93		12,321
Equifax Inc.		306		28,571
IHS Inc. Class Aa		169		19,862
ManpowerGroup Inc.		204		16,414
Nielsen NV		865		39,107
Robert Half International Inc.		343		21,252
Towers Watson & Co. Class A		181		23,801
Verisk Analytics Inc. Class Aa		381		27,360
				188,688
REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.75%
American Capital Agency Corp.		869		18,627
American Realty Capital Properties Inc.		2,320		22,759
American Tower Corp.		1,053		104,394
Annaly Capital Management Inc.		2,383		25,307
AvalonBay Communities Inc.		328		55,215
Boston Properties Inc.		380		52,216
Camden Property Trust		225		16,378
Crown Castle International Corp.		844		72,846
Digital Realty Trust Inc.		344		22,835
Duke Realty Corp.		841		17,964
Equity Residential		867		66,785
Essex Property Trust Inc.		163		36,256
Federal Realty Investment Trust		166		23,577
General Growth Properties Inc.		1,339		38,844
HCP Inc.b		1,156		48,968
Health Care REIT Inc.		870		67,086

SCHEDULESOF INVESTMENTS 43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2015

Security	Shares		Value
Host Hotels & Resorts Inc.		1,924	$	40,404
Iron Mountain Inc.		397		14,590
Kimco Realty Corp.		1,002		26,333
Liberty Property Trust		390		14,516
Macerich Co. (The)		355		29,696
Plum Creek Timber Co. Inc.		451		19,591
Prologis Inc.		1,261		53,857
Public Storage		376		74,155
Rayonier Inc.		319		8,744
Realty Income Corp.		568		28,434
Regency Centers Corp.		243		15,948
Simon Property Group Inc.		781		148,671
SL Green Realty Corp.		241		30,590
UDR Inc.		635		20,282
Ventas Inc.		812		60,470
Vornado Realty Trust		428		47,097
Weyerhaeuser Co.		1,321		46,380
				1,369,815
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.09%
CBRE Group Inc. Class Aa		764		26,175
Realogy Holdings Corp.a		362		16,652
				42,827
ROAD & RAIL — 1.04%
CSX Corp.		2,499		85,741
Hertz Global Holdings Inc.a		1,119		25,815
JB Hunt Transport Services Inc.		236		20,178
Kansas City Southern		272		31,508
Norfolk Southern Corp.		776		84,708
Union Pacific Corp.		2,248		270,345
				518,295
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.48%
Altera Corp.		776		28,720
Analog Devices Inc.		782		45,778
Applied Materials Inc.		3,060		76,653
Avago Technologies Ltd.		637		81,294
Broadcom Corp. Class A		1,374		62,146
Cree Inc.a,b		309		12,131
Intel Corp.		12,192		405,384
KLA-Tencor Corp.		409		26,567
Lam Research Corp.		411		33,891
Linear Technology Corp.		588		28,333
Marvell Technology Group Ltd.		932		15,024
Maxim Integrated Products Inc.		700		24,077
Microchip Technology Inc.		489		25,071

Security	Shares		Value
Micron Technology Inc.a		2,738	$	83,974
NVIDIA Corp.		1,375		30,333
Qorvo Inc.a		366		25,400
Skyworks Solutions Inc.		475		41,681
Texas Instruments Inc.		2,688		158,054
Xilinx Inc.		680		28,812
				1,233,323
SOFTWARE — 3.80%
Activision Blizzard Inc.		1,273		29,686
Adobe Systems Inc.a		1,204		95,236
ANSYS Inc.a		235		20,203
Autodesk Inc.a		560		35,974
CA Inc.		824		26,796
Citrix Systems Inc.a		413		26,298
Electronic Arts Inc.a		773		44,200
FireEye Inc.a		212		9,385
Intuit Inc.		675		65,900
Microsoft Corp.		19,746		865,862
NetSuite Inc.a		80		7,714
Nuance Communications Inc.a		673		9,624
Oracle Corp.		8,945		391,970
Red Hat Inc.a		471		32,556
salesforce.com inc.a		1,511		104,833
ServiceNow Inc.a		345		26,310
Symantec Corp.		1,744		43,879
Synopsys Inc.a		404		18,750
VMware Inc. Class Aa		218		18,545
Workday Inc. Class Aa,b		239		20,435
				1,894,156
SPECIALTY RETAIL — 2.56%
Advance Auto Parts Inc.		183		28,352
AutoNation Inc.a		194		11,931
AutoZone Inc.a		80		51,414
Bed Bath & Beyond Inc.a		467		34,866
Best Buy Co. Inc.		735		28,004
CarMax Inc.a,b		541		36,307
Dick’s Sporting Goods Inc.		252		13,631
Foot Locker Inc.		362		20,334
GameStop Corp. Class Ab		308		11,387
Gap Inc. (The)		618		25,709
Home Depot Inc. (The)		3,323		381,314
L Brands Inc.		636		58,423
Lowe’s Companies Inc.		2,493		184,706
O’Reilly Automotive Inc.a		259		53,906
PetSmart Inc.		231		19,152

44 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI USA ETF

February 28, 2015

Security	Shares		Value
Ross Stores Inc.		526	$	55,656
Signet Jewelers Ltd.		190		22,777
Staples Inc.		1,647		27,612
Tiffany & Co.		330		29,113
TJX Companies Inc. (The)		1,738		119,296
Tractor Supply Co.		345		30,401
Ulta Salon Cosmetics & Fragrance Inc.a,b		154		21,677
Urban Outfitters Inc.a		265		10,324
				1,276,292
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 4.81%
Apple Inc.		14,789		1,899,795
EMC Corp./MA		5,115		148,028
Hewlett-Packard Co.		4,678		162,982
NetApp Inc.		799		30,881
SanDisk Corp.		566		45,240
Seagate Technology PLC		812		49,630
Western Digital Corp.		559		59,802
				2,396,358
TEXTILES, APPAREL & LUXURY GOODS — 0.87%
Coach Inc.		693		30,180
Fossil Group Inc.a		123		10,579
Hanesbrands Inc.		253		32,268
lululemon athletica Inc.a,b		262		17,932
Michael Kors Holdings Ltd.a		519		34,986
NIKE Inc. Class B		1,727		167,726
PVH Corp.		200		21,306
Ralph Lauren Corp.		154		21,161
Under Armour Inc. Class Aa,b		421		32,421
VF Corp.		861		66,004
				434,563
THRIFTS & MORTGAGE FINANCE — 0.08%
Hudson City Bancorp Inc.		1,251		12,210
New York Community Bancorp Inc.		1,142		18,968
People’s United Financial Inc.		737		11,151
				42,329
TOBACCO — 1.46%
Altria Group Inc.		4,972		279,874
Lorillard Inc.		903		61,783
Philip Morris International Inc.		3,916		324,871
Reynolds American Inc.		809		61,177
				727,705

Security	Shares		Value
TRADING COMPANIES & DISTRIBUTORS — 0.18%
Fastenal Co.		713	$	29,625
United Rentals Inc.a,b		245		22,800
WW Grainger Inc.		157		37,195
				89,620
WATER UTILITIES — 0.05%
American Water Works Co. Inc.		434		23,471
				23,471
WIRELESS TELECOMMUNICATION SERVICES — 0.14%
SBA Communications Corp. Class Aa		326		40,655
Sprint Corp.a		1,804		9,237
T-Mobile U.S. Inc.a		630		20,809
				70,701
TOTAL COMMON STOCKS
(Cost: $45,530,665)				49,711,144
SHORT-TERM INVESTMENTS — 1.21%
MONEY MARKET FUNDS — 1.21%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		502,250		502,250
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		29,312		29,312
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		69,685		69,685
				601,247
TOTAL SHORT-TERM INVESTMENTS
(Cost: $601,247)				601,247
TOTAL INVESTMENTS IN SECURITIES — 101.01%
(Cost: $46,131,912)				50,312,391
Other Assets, Less Liabilities — (1.01)%				(501,854	)
NET ASSETS — 100.00%			$	49,810,537

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.

SCHEDULESOF INVESTMENTS 45

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI Brazil Capped ETF			iShares MSCI Canada ETF			iShares MSCI Chile Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	2,935,224,634		$	2,934,940,975		$	185,653,494
Affiliated (Note 2)		797,245			43,426,192			423,207
Total cost of investments	$	2,936,021,879		$	2,978,367,167		$	186,076,701
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	3,537,030,242		$	2,490,150,990		$	225,883,751
Affiliated (Note 2)		797,245			43,426,192			423,207
Total fair value of investments		3,537,827,487			2,533,577,182			226,306,958
Foreign currency, at valueb		15,120,593			6,592,396			—
Receivables:
Investment securities sold		7,270,956			18,617,956			1,665,884
Dividends		16,189,249			3,079,965			—
Futures variation margin		—			573,217			—
Total Assets		3,576,408,285			2,562,440,716			227,972,842
LIABILITIES
Payables:
Investment securities purchased		17,822,633			21,571,414			1,627,762
Due to broker for foreign currency pledged for futures, at valueb		—			231,377			—
Collateral for securities on loan (Note 1)		—			42,881,919			—
Capital shares redeemed		—			328,473			—
Investment advisory fees (Note 2)		1,676,757			934,566			108,391
Total Liabilities		19,499,390			65,947,749			1,736,153
NET ASSETS	$	3,556,908,895		$	2,496,492,967		$	226,236,689
Net assets consist of:
Paid-in capital	$	5,139,596,809		$	3,261,873,097		$	356,018,846
Undistributed (distributions in excess of) net investment income		16,508,774			(5,071,119	)		154,973
Accumulated net realized loss		(2,200,195,117	)		(316,103,306	)		(170,167,387	)
Net unrealized appreciation (depreciation)		600,998,429			(444,205,705	)		40,230,257
NET ASSETS	$	3,556,908,895		$	2,496,492,967		$	226,236,689
Shares outstandingc		100,950,000			89,000,000			5,500,000
Net asset value per share	$	35.23		$	28.05		$	41.13

^a  Securities on loan with values of $  —, $40,773,170 and $  —, respectively. See Note 1.

^b  Cost of foreign currency including currency at broker, if any: $15,116,941, $6,329,926 and $  —, respectively.

^c  $0.001 par value, number of shares authorized: 500 million, 340.2 million and 200 million, respectively.

See notes to financial statements.

46 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI Colombia Capped ETF			iShares MSCI Israel Capped ETF			iShares MSCI Mexico Capped ETF
ASSETS
Investments, at cost:
Unaffiliated	$	21,666,841		$	136,486,330		$	2,321,525,094
Affiliated (Note 2)		22,282			3,926,325			88,877,876
Total cost of investments	$	21,689,123		$	140,412,655		$	2,410,402,970
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	15,237,522		$	113,858,678		$	1,946,515,909
Affiliated (Note 2)		22,282			3,926,325			88,877,876
Total fair value of investments		15,259,804			117,785,003			2,035,393,785
Foreign currency, at valueb		2,985			53,311			3,189,012
Receivables:
Investment securities sold		2,677,524			1,201,022			107,520,264
Due from custodian (Note 4)		—			—			306,446
Dividends and interest		4,848			179,306			637,062
Total Assets		17,945,161			119,218,642			2,147,046,569
LIABILITIES
Payables:
Investment securities purchased		2,689,801			1,125,244			107,109,008
Collateral for securities on loan (Note 1)		2,660			3,917,973			88,249,382
Investment advisory fees (Note 2)		7,253			54,096			719,220
Total Liabilities		2,699,714			5,097,313			196,077,610
NET ASSETS	$	15,245,447		$	114,121,329		$	1,950,968,959
Net assets consist of:
Paid-in capital	$	23,930,945		$	173,831,222		$	2,635,691,454
Undistributed (distributions in excess of) net investment income		(4,056	)		591,234			(5,849,184	)
Accumulated net realized loss		(2,251,140	)		(37,665,531	)		(303,773,578	)
Net unrealized depreciation		(6,430,302	)		(22,635,596	)		(375,099,733	)
NET ASSETS	$	15,245,447		$	114,121,329		$	1,950,968,959
Shares outstandingc		950,000			2,400,000			32,400,000
Net asset value per share	$	16.05		$	47.55		$	60.22

^a  Securities on loan with values of $2,540, $3,739,025 and $82,515,442, respectively. See Note 1.

^b  Cost of foreign currency: $3,276, $54,989 and $3,196,972, respectively.

^c  $0.001 par value, number of shares authorized: 25 million, 500 million and 255 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI Russia Capped ETF			iShares MSCI South Africa ETF			iShares MSCI Turkey ETF
ASSETS
Investments, at cost:
Unaffiliated	$	399,069,129		$	551,070,173		$	696,689,543
Affiliated (Note 2)		365,828			938,629			34,358,955
Total cost of investments	$	399,434,957		$	552,008,802		$	731,048,498
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	272,070,371		$	499,765,317		$	540,377,663
Affiliated (Note 2)		365,828			938,629			34,358,955
Total fair value of investments		272,436,199			500,703,946			574,736,618
Foreign currency, at valueb		—			471,262			98,253
Receivables:
Investment securities sold		6,359,749			2,954,382			—
Dividends		53,936			53,432			91,183
Capital shares sold		—			—			694
Total Assets		278,849,884			504,183,022			574,926,748
LIABILITIES
Payables:
Investment securities purchased		5,975,412			3,039,026			—
Collateral for securities on loan (Note 1)		—			898,997			34,213,930
Investment advisory fees (Note 2)		123,694			239,863			265,237
Total Liabilities		6,099,106			4,177,886			34,479,167
NET ASSETS	$	272,750,778		$	500,005,136		$	540,447,581
Net assets consist of:
Paid-in capital	$	436,503,519		$	636,850,534		$	753,514,156
Distributions in excess of net investment income		(156,511	)		(511,026	)		(493,070	)
Accumulated net realized loss		(36,588,488	)		(85,026,249	)		(56,250,403	)
Net unrealized depreciation		(127,007,742	)		(51,308,123	)		(156,323,102	)
NET ASSETS	$	272,750,778		$	500,005,136		$	540,447,581
Shares outstandingc		20,200,000			7,300,000			10,900,000
Net asset value per share	$	13.50		$	68.49		$	49.58

^a  Securities on loan with values of $  —, $848,168 and $32,035,901, respectively. See Note 1.

^b  Cost of foreign currency: $  —, $474,392 and $109,401, respectively.

^c  $0.001 par value, number of shares authorized: 1 billion, 400 million and 200 million, respectively.

See notes to financial statements.

48 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI USA ETF
ASSETS
Investments, at cost:
Unaffiliated	$	45,316,337
Affiliated (Note 2)		815,575
Total cost of investments	$	46,131,912
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	49,465,430
Affiliated (Note 2)		846,961
Total fair value of investments		50,312,391
Receivables:
Investment securities sold		119,475
Dividends and interest		105,305
Total Assets		50,537,171
LIABILITIES
Payables:
Investment securities purchased		189,179
Collateral for securities on loan (Note 1)		531,562
Investment advisory fees (Note 2)		5,893
Total Liabilities		726,634
NET ASSETS	$	49,810,537
Net assets consist of:
Paid-in capital	$	43,042,363
Undistributed net investment income		178,713
Undistributed net realized gain		2,408,982
Net unrealized appreciation		4,180,479
NET ASSETS	$	49,810,537
Shares outstandingb		1,100,000
Net asset value per share	$	45.28

^a  Securities on loan with a value of $520,355. See Note 1.

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

See notes to financial statements.

FINANCIAL STATEMENTS 49

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI Brazil Capped ETF			iShares MSCI Canada ETF			iShares MSCI Chile Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	79,134,409		$	34,674,432		$	1,470,278
Interest — affiliated (Note 2)		90			36			22
Securities lending income — affiliated (Note 2)		—			34,757			—
Total investment income		79,134,499			34,709,225			1,470,300
EXPENSES
Investment advisory fees (Note 2)		13,867,297			7,034,572			935,384
Total expenses		13,867,297			7,034,572			935,384
Net investment income		65,267,202			27,674,653			534,916
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(391,156,332	)		(66,054,849	)		(18,873,608	)
In-kind redemptions — unaffiliated		—			96,737,881			—
Futures contracts		—			282,321			—
Foreign currency transactions		(3,542,963	)		(251,940	)		(6,599	)
Net realized gain (loss)		(394,699,295	)		30,713,413			(18,880,207	)
Net change in unrealized appreciation/depreciation on:
Investments		(1,680,211,262	)		(553,653,691	)		(4,719,464	)
Futures contracts		—			(319,873	)		—
Translation of assets and liabilities in foreign currencies		58,793			140,476			175
Net change in unrealized appreciation/depreciation		(1,680,152,469	)		(553,833,088	)		(4,719,289	)
Net realized and unrealized loss		(2,074,851,764	)		(523,119,675	)		(23,599,496	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,009,584,562	)	$	(495,445,022	)	$	(23,064,580	)

^a  Net of foreign withholding tax of $6,398,065, $6,224,058 and $375,348, respectively.

See notes to financial statements.

50 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI Colombia Capped ETF			iShares MSCI Israel Capped ETF			iShares MSCI Mexico Capped ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	166,692		$	2,110,140		$	13,511,396
Interest — affiliated (Note 2)		2			2			28
Securities lending income — affiliated (Note 2)		464			23,107			455,370
Total investment income		167,158			2,133,249			13,966,794
EXPENSES
Investment advisory fees (Note 2)		57,104			370,776			6,208,859
Commitment fees (Note 8)		30			—			—
Total expenses		57,134			370,776			6,208,859
Net investment income		110,024			1,762,473			7,757,935
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(2,068,826	)		(3,306,839	)		(40,853,698	)
In-kind redemptions — unaffiliated		—			206,938			(40,277,879	)
Foreign currency transactions		(24,585	)		(27,842	)		(600,560	)
Net realized loss		(2,093,411	)		(3,127,743	)		(81,732,137	)
Net change in unrealized appreciation/depreciation on:
Investments		(8,893,869	)		(5,745,554	)		(424,814,902	)
Translation of assets and liabilities in foreign currencies		(944	)		(5,862	)		(92,572	)
Net change in unrealized appreciation/depreciation		(8,894,813	)		(5,751,416	)		(424,907,474	)
Net realized and unrealized loss		(10,988,224	)		(8,879,159	)		(506,639,611	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(10,878,200	)	$	(7,116,686	)	$	(498,881,676	)

^a  Net of foreign withholding tax of $4,334, $424,509 and $192,285, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 51

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI Russia Capped ETF			iShares MSCI South Africa ETF			iShares MSCI Turkey ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	2,809,939		$	5,479,181		$	445,217
Interest — affiliated (Note 2)		562			3			6
Securities lending income — affiliated (Note 2)		—			7,920			567,479
Total investment income		2,810,501			5,487,104			1,012,702
EXPENSES
Investment advisory fees (Note 2)		777,167			1,453,680			1,505,772
Total expenses		777,167			1,453,680			1,505,772
Net investment income (loss)		2,033,334			4,033,424			(493,070	)
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(5,147,754	)		(13,042,533	)		(4,920,474	)
In-kind redemptions — unaffiliated		(441,278	)		9,951,574			5,301,698
Foreign currency transactions		(130,464	)		(148,019	)		(29,342	)
Net realized gain (loss)		(5,719,496	)		(3,238,978	)		351,882
Net change in unrealized appreciation/depreciation on:
Investments		(57,534,947	)		(24,027,596	)		(72,871,137	)
Translation of assets and liabilities in foreign currencies		(1,741	)		(8,326	)		(5,494	)
Net change in unrealized appreciation/depreciation		(57,536,688	)		(24,035,922	)		(72,876,631	)
Net realized and unrealized loss		(63,256,184	)		(27,274,900	)		(72,524,749	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(61,222,850	)	$	(23,241,476	)	$	(73,017,819	)

^a  Net of foreign withholding tax of $302,779, $885,221 and $74,457, respectively.

See notes to financial statements.

52 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI USA ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	570,130
Dividends — affiliated (Note 2)		2,201
Interest — affiliated (Note 2)		2
Securities lending income — affiliated (Note 2)		1,932
Total investment income		574,265
EXPENSES
Investment advisory fees (Note 2)		40,692
Total expenses		40,692
Net investment income		533,573
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(118,646	)
Investments — affiliated (Note 2)		390
In-kind redemptions — unaffiliated		2,771,829
In-kind redemptions — affiliated (Note 2)		14,774
Net realized gain		2,668,347
Net change in unrealized appreciation/depreciation		375,127
Net realized and unrealized gain		3,043,474
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,577,047

^a  Net of foreign withholding tax of $60.

See notes to financial statements.

FINANCIAL STATEMENTS 53

Statements of Changes in Net Assets

iSHARES^® , INC.

	iShares MSCI Brazil Capped  ETF						iShares MSCI Canada ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	65,267,202		$	158,393,234		$	27,674,653		$	66,432,321
Net realized gain (loss)		(394,699,295	)		(24,456,910	)		30,713,413			6,264,667
Net change in unrealized appreciation/depreciation		(1,680,152,469	)		1,185,606,681			(553,833,088	)		621,918,423
Net increase (decrease) in net assets resulting from operations		(2,009,584,562	)		1,319,543,005			(495,445,022	)		694,615,411
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(45,472,254	)		(151,885,117	)		(36,394,890	)		(71,105,660	)
Total distributions to shareholders		(45,472,254	)		(151,885,117	)		(36,394,890	)		(71,105,660	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,599,836,734			2,103,462,834			188,209,487			537,013,459
Cost of shares redeemed		(1,437,556,358	)		(2,805,065,721	)		(946,782,838	)		(801,840,234	)
Net increase (decrease) in net assets from capital share transactions		162,280,376			(701,602,887	)		(758,573,351	)		(264,826,775	)
INCREASE (DECREASE) IN NET ASSETS		(1,892,776,440	)		466,055,001			(1,290,413,263	)		358,682,976
NET ASSETS
Beginning of period		5,449,685,335			4,983,630,334			3,786,906,230			3,428,223,254
End of period	$	3,556,908,895		$	5,449,685,335		$	2,496,492,967		$	3,786,906,230
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	16,508,774		$	(3,286,174	)	$	(5,071,119	)	$	3,649,118
SHARES ISSUED AND REDEEMED
Shares sold		36,000,000			45,450,000			6,100,000			17,400,000
Shares redeemed		(36,700,000	)		(61,000,000	)		(32,100,000	)		(27,800,000	)
Net decrease in shares outstanding		(700,000	)		(15,550,000	)		(26,000,000	)		(10,400,000	)

See notes to financial statements.

54 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Chile Capped ETF						iShares MSCI Colombia Capped ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	534,916		$	5,077,041		$	110,024		$	537,807
Net realized loss		(18,880,207	)		(41,001,966	)		(2,093,411	)		(126,286	)
Net change in unrealized appreciation/depreciation		(4,719,289	)		(2,259,337	)		(8,894,813	)		2,091,159
Net increase (decrease) in net assets resulting from operations		(23,064,580	)		(38,184,262	)		(10,878,200	)		2,502,680
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(401,526	)		(4,758,168	)		(114,080	)		(523,757	)
From net realized gain		—			—			—			(24,565	)
Return of capital		—			—			—			(10,400	)
Total distributions to shareholders		(401,526	)		(4,758,168	)		(114,080	)		(558,722	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		71,965,297			306,288,062			842,055			5,263,753
Cost of shares redeemed		(174,761,955	)		(275,735,795	)		—			—
Net increase (decrease) in net assets from capital share transactions		(102,796,658	)		30,552,267			842,055			5,263,753
INCREASE (DECREASE) IN NET ASSETS		(126,262,764	)		(12,390,163	)		(10,150,225	)		7,207,711
NET ASSETS
Beginning of period		352,499,453			364,889,616			25,395,672			18,187,961
End of period	$	226,236,689		$	352,499,453		$	15,245,447		$	25,395,672
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	154,973		$	21,583		$	(4,056	)	$	—
SHARES ISSUED AND REDEEMED
Shares sold		1,700,000			6,450,000			50,000			200,000
Shares redeemed		(4,300,000	)		(6,000,000	)		—			—
Net increase (decrease) in shares outstanding		(2,600,000	)		450,000			50,000			200,000

See notes to financial statements.

FINANCIAL STATEMENTS 55

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Israel Capped  ETF						iShares MSCI Mexico Capped ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,762,473		$	1,855,705		$	7,757,935		$	43,179,073
Net realized gain (loss)		(3,127,743	)		10,422,925			(81,732,137	)		(49,805,879	)
Net change in unrealized appreciation/depreciation		(5,751,416	)		4,245,175			(424,907,474	)		416,649,115
Net increase (decrease) in net assets resulting from operations		(7,116,686	)		16,523,805			(498,881,676	)		410,022,309
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,141,753	)		(2,015,418	)		(19,398,319	)		(41,504,491	)
Total distributions to shareholders		(1,141,753	)		(2,015,418	)		(19,398,319	)		(41,504,491	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		14,908,298			124,975,600			427,292,875			2,034,431,562
Cost of shares redeemed		(14,173,838	)		(88,548,464	)		(1,233,196,013	)		(1,344,849,484	)
Net increase (decrease) in net assets from capital share transactions		734,460			36,427,136			(805,903,138	)		689,582,078
INCREASE (DECREASE) IN NET ASSETS		(7,523,979	)		50,935,523			(1,324,183,133	)		1,058,099,896
NET ASSETS
Beginning of period		121,645,308			70,709,785			3,275,152,092			2,217,052,196
End of period	$	114,121,329		$	121,645,308		$	1,950,968,959		$	3,275,152,092
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	591,234		$	(29,486	)	$	(5,849,184	)	$	5,791,200
SHARES ISSUED AND REDEEMED
Shares sold		300,000			2,500,000			6,800,000			31,000,000
Shares redeemed		(300,000	)		(1,750,000	)		(20,200,000	)		(21,000,000	)
Net increase (decrease) in shares outstanding		—			750,000			(13,400,000	)		10,000,000

See notes to financial statements.

56 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Russia Capped ETF						iShares MSCI South Africa ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	2,033,334		$	9,621,213		$	4,033,424		$	13,130,204
Net realized gain (loss)		(5,719,496	)		(22,363,897	)		(3,238,978	)		38,061,399
Net change in unrealized appreciation/depreciation		(57,536,688	)		(21,103,770	)		(24,035,922	)		57,102,013
Net increase (decrease) in net assets resulting from operations		(61,222,850	)		(33,846,454	)		(23,241,476	)		108,293,616
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(9,840,701	)		(2,160,831	)		(5,380,757	)		(12,294,677	)
Total distributions to shareholders		(9,840,701	)		(2,160,831	)		(5,380,757	)		(12,294,677	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		59,657,410			333,077,754			121,555,085			281,249,453
Cost of shares redeemed		(5,618,368	)		(317,805,980	)		(180,323,354	)		(337,422,079	)
Net increase (decrease) in net assets from capital share transactions		54,039,042			15,271,774			(58,768,269	)		(56,172,626	)
INCREASE (DECREASE) IN NET ASSETS		(17,024,509	)		(20,735,511	)		(87,390,502	)		39,826,313
NET ASSETS
Beginning of period		289,775,287			310,510,798			587,395,638			547,569,325
End of period	$	272,750,778		$	289,775,287		$	500,005,136		$	587,395,638
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(156,511	)	$	7,650,856		$	(511,026	)	$	836,307
SHARES ISSUED AND REDEEMED
Shares sold		4,800,000			16,800,000			1,800,000			4,300,000
Shares redeemed		(400,000	)		(16,650,000	)		(2,800,000	)		(5,300,000	)
Net increase (decrease) in shares outstanding		4,400,000			150,000			(1,000,000	)		(1,000,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 57

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Turkey ETF						iShares MSCI USA ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(493,070	)	$	8,452,557		$	533,573		$	2,391,477
Net realized gain		351,882			4,401,805			2,668,347			56,924,794
Net change in unrealized appreciation/depreciation		(72,876,631	)		93,555,911			375,127			(29,707,398	)
Net increase (decrease) in net assets resulting from operations		(73,017,819	)		106,410,273			3,577,047			29,608,873
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(8,703,391	)		(488,843	)		(2,876,350	)
Total distributions to shareholders		—			(8,703,391	)		(488,843	)		(2,876,350	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		197,037,653			364,224,026			16,944,592			48,587,993
Cost of shares redeemed		(98,939,089	)		(382,640,118	)		(17,613,751	)		(207,759,194	)
Net increase (decrease) in net assets from capital share transactions		98,098,564			(18,416,092	)		(669,159	)		(159,171,201	)
INCREASE (DECREASE) IN NET ASSETS		25,080,745			79,290,790			2,419,045			(132,438,678	)
NET ASSETS
Beginning of period		515,366,836			436,076,046			47,391,492			179,830,170
End of period	$	540,447,581		$	515,366,836		$	49,810,537		$	47,391,492
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(493,070	)	$	—		$	178,713		$	133,983
SHARES ISSUED AND REDEEMED
Shares sold		3,550,000			7,500,000			400,000			1,250,000
Shares redeemed		(1,900,000	)		(7,150,000	)		(400,000	)		(5,250,000	)
Net increase (decrease) in shares outstanding		1,650,000			350,000			—			(4,000,000	)

See notes to financial statements.

58 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Brazil Capped ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	53.61		$	42.52		$	52.61		$	65.00		$	68.07		$	58.26
Income from investment operations:
Net investment incomea		0.58			1.56			1.59			1.73			2.24			1.56
Net realized and unrealized gain (loss)b		(18.54	)		11.08			(10.32	)		(12.64	)		(1.69	)		10.83
Total from investment operations		(17.96	)		12.64			(8.73	)		(10.91	)		0.55			12.39
Less distributions from:
Net investment income		(0.42	)		(1.55	)		(1.36	)		(0.56	)		(3.62	)		(2.58	)
Return of capital		—			—			—			(0.92	)		—			—
Total distributions		(0.42	)		(1.55	)		(1.36	)		(1.48	)		(3.62	)		(2.58	)
Net asset value, end of period	$	35.23		$	53.61		$	42.52		$	52.61		$	65.00		$	68.07
Total return		(33.49	)%c		30.33	%		(16.85	)%		(16.79	)%		0.36	%		21.12	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	3,556,909		$	5,449,685		$	4,983,630		$	7,370,617		$	11,332,121		$	9,240,453
Ratio of expenses to average net assetsd		0.61	%		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%
Ratio of net investment income to average net assetsd		2.89	%		3.37	%		3.02	%		2.92	%		3.08	%		2.24	%
Portfolio turnover ratee		38	%		54	%		56	%		7	%		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 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, 2015, the years ended August 31, 2014, August 31, 2013, August 31, 2012, August 31, 2011 and August 31, 2010 were 8%, 11%, 20%, 6%, 11% and 13%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 59

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Canada ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	32.93		$	27.34		$	27.52		$	29.89		$	26.10		$	23.70
Income from investment operations:
Net investment incomea		0.28			0.59			0.60			0.53			0.53			0.43
Net realized and unrealized gain (loss)b		(4.78	)		5.62			(0.10	)		(2.33	)		3.78			2.39
Total from investment operations		(4.50	)		6.21			0.50			(1.80	)		4.31			2.82
Less distributions from:
Net investment income		(0.38	)		(0.62	)		(0.68	)		(0.57	)		(0.52	)		(0.42	)
Total distributions		(0.38	)		(0.62	)		(0.68	)		(0.57	)		(0.52	)		(0.42	)
Net asset value, end of period	$	28.05		$	32.93		$	27.34		$	27.52		$	29.89		$	26.10
Total return		(13.64	)%c		23.00	%		1.84	%		(5.87	)%		16.50	%		11.91	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,496,493		$	3,786,906		$	3,428,223		$	4,254,544		$	5,092,547		$	3,447,242
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.51	%		0.53	%		0.52	%		0.53	%
Ratio of net investment income to average net assetsd		1.90	%		1.97	%		2.12	%		1.94	%		1.70	%		1.63	%
Portfolio turnover ratee		3	%		6	%		7	%		5	%		8	%		6	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

60 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Chile Capped ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	43.52		$	47.70		$	60.31		$	67.11		$	67.37		$	44.61
Income from investment operations:
Net investment incomea		0.07			0.69			0.68			0.97			0.95			0.59
Net realized and unrealized gain (loss)b		(2.40	)		(4.18	)		(12.58	)		(6.80	)		(0.23	)		22.86
Total from investment operations		(2.33	)		(3.49	)		(11.90	)		(5.83	)		0.72			23.45
Less distributions from:
Net investment income		(0.06	)		(0.69	)		(0.68	)		(0.92	)		(0.98	)		(0.66	)
Return of capital		—			—			(0.03	)		(0.05	)		(0.00	)c		(0.03	)
Total distributions		(0.06	)		(0.69	)		(0.71	)		(0.97	)		(0.98	)		(0.69	)
Net asset value, end of period	$	41.13		$	43.52		$	47.70		$	60.31		$	67.11		$	67.37
Total return		(5.35	)%d		(7.40	)%		(19.87	)%		(8.68	)%		0.93	%		52.88	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	226,237		$	352,499		$	364,890		$	548,797		$	708,018		$	670,350
Ratio of expenses to average net assetse		0.61	%		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%
Ratio of net investment income to average net assetse		0.35	%		1.49	%		1.12	%		1.55	%		1.30	%		1.05	%
Portfolio turnover ratef		26	%		91	%		34	%		48	%		38	%		42	%

^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, 2015, the years ended August 31, 2014, August 31, 2013, August 31, 2012, August 31, 2011, and August 31, 2010 were 2%, 11%, 16%, 20%, 12%, and 9%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 61

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Colombia Capped ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Period from Jun. 18, 2013a to Aug. 31, 2013
Net asset value, beginning of period	$	28.22		$	25.98		$	25.28
Income from investment operations:
Net investment incomeb		0.12			0.67			0.03
Net realized and unrealized gain (loss)c		(12.16	)		2.24			0.67
Total from investment operations		(12.04	)		2.91			0.70
Less distributions from:
Net investment income		(0.13	)		(0.63	)		—
Net realized gain		—			(0.03	)		—
Return of capital		—			(0.01	)		—
Total distributions		(0.13	)		(0.67	)		—
Net asset value, end of period	$	16.05		$	28.22		$	25.98
Total return		(42.78	)%d		11.44	%		2.77	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	15,245		$	25,396		$	18,188
Ratio of expenses to average net assetse		0.61	%		0.61	%		0.61	%
Ratio of net investment income to average net assetse		1.18	%		2.54	%		0.61	%
Portfolio turnover ratef		39	%		34	%		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 cash transactions, the portfolio turnover rates for the six months ended February 28, 2015, the year ended August 31, 2014 and for the period ended August 31, 2013 were 22%, 33% and 2%, respectively. See Note 4.

See notes to financial statements.

62 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Israel Capped ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	50.69		$	42.85		$	37.25		$	45.89		$	49.41		$	46.87
Income from investment operations:
Net investment incomea		0.70			0.87			0.95			1.12			1.39			1.40
Net realized and unrealized gain (loss)b		(3.38	)		7.95			5.68			(8.66	)		(3.18	)		2.63
Total from investment operations		(2.68	)		8.82			6.63			(7.54	)		(1.79	)		4.03
Less distributions from:
Net investment income		(0.46	)		(0.98	)		(1.03	)		(1.07	)		(1.73	)		(1.49	)
Return of capital		—			—			—			(0.03	)		—			—
Total distributions		(0.46	)		(0.98	)		(1.03	)		(1.10	)		(1.73	)		(1.49	)
Net asset value, end of period	$	47.55		$	50.69		$	42.85		$	37.25		$	45.89		$	49.41
Total return		(5.28	)%c		20.67	%		17.82	%		(16.52	)%		(4.26	)%		8.57	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	114,121		$	121,645		$	70,710		$	68,912		$	78,018		$	128,473
Ratio of expenses to average net assetsd		0.62	%		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%
Ratio of net investment income to average net assetsd		2.93	%		1.74	%		2.20	%		2.75	%		2.49	%		2.64	%
Portfolio turnover ratee		6	%		15	%		14	%		20	%		17	%		21	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  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 Mexico Capped ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	71.51		$	61.93		$	60.96		$	58.39		$	48.17		$	42.59
Income from investment operations:
Net investment incomea		0.19			1.06			0.75			0.73			0.80			0.72
Net realized and unrealized gain (loss)b		(10.97	)		9.61			0.85			2.76			10.15			5.61
Total from investment operations		(10.78	)		10.67			1.60			3.49			10.95			6.33
Less distributions from:
Net investment income		(0.51	)		(1.09	)		(0.63	)		(0.92	)		(0.73	)		(0.75	)
Total distributions		(0.51	)		(1.09	)		(0.63	)		(0.92	)		(0.73	)		(0.75	)
Net asset value, end of period	$	60.22		$	71.51		$	61.93		$	60.96		$	58.39		$	48.17
Total return		(15.04	)%c		17.42	%		2.53	%		6.13	%		22.67	%		14.83	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,950,969		$	3,275,152		$	2,217,052		$	1,182,700		$	1,243,731		$	1,450,039
Ratio of expenses to average net assetsd		0.48	%		0.48	%		0.50	%		0.53	%		0.52	%		0.53	%
Ratio of net investment income to average net assetsd		0.60	%		1.61	%		1.09	%		1.26	%		1.35	%		1.46	%
Portfolio turnover ratee		7	%		19	%		32	%		10	%		5	%		11	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

64 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Russia Capped ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Period from Nov. 9, 2010a to Aug. 31, 2011
Net asset value, beginning of period	$	18.34		$	19.84		$	21.15		$	25.13		$	25.00
Income from investment operations:
Net investment incomeb		0.12			0.63			0.62			0.50			0.45
Net realized and unrealized gain (loss)c		(4.36	)		(2.00	)		(1.35	)		(4.00	)		0.03
Total from investment operations		(4.24	)		(1.37	)		(0.73	)		(3.50	)		0.48
Less distributions from:
Net investment income		(0.60	)		(0.13	)		(0.58	)		(0.48	)		(0.35	)
Total distributions		(0.60	)		(0.13	)		(0.58	)		(0.48	)		(0.35	)
Net asset value, end of period	$	13.50		$	18.34		$	19.84		$	21.15		$	25.13
Total return		(22.16	)%d		(7.00	)%		(3.40	)%		(13.75	)%		1.76	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	272,751		$	289,775		$	310,511		$	147,026		$	111,835
Ratio of expenses to average net assetse		0.62	%		0.62	%		0.61	%		0.61	%		0.58	%
Ratio of net investment income to average net assetse		1.61	%		3.14	%		2.87	%		2.22	%		1.99	%
Portfolio turnover ratef		5	%		15	%		14	%		16	%		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 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 South Africa ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	70.77		$	58.88		$	64.65		$	69.06		$	58.74		$	51.99
Income from investment operations:
Net investment incomea		0.57			1.57			1.32			2.10			1.65			1.18
Net realized and unrealized gain (loss)b		(2.05	)		11.86			(5.31	)		(4.41	)		11.08			6.92
Total from investment operations		(1.48	)		13.43			(3.99	)		(2.31	)		12.73			8.10
Less distributions from:
Net investment income		(0.80	)		(1.54	)		(1.78	)		(2.10	)		(2.41	)		(1.35	)
Total distributions		(0.80	)		(1.54	)		(1.78	)		(2.10	)		(2.41	)		(1.35	)
Net asset value, end of period	$	68.49		$	70.77		$	58.88		$	64.65		$	69.06		$	58.74
Total return		(1.94	)%c		23.13	%		(6.35	)%		(3.17	)%		21.58	%		15.80	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	500,005		$	587,396		$	547,569		$	471,922		$	504,102		$	505,191
Ratio of expenses to average net assetsd		0.62	%		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%
Ratio of net investment income to average net assetsd		1.71	%		2.40	%		2.08	%		3.26	%		2.38	%		2.09	%
Portfolio turnover ratee		4	%		6	%		5	%		4	%		4	%		5	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

66 2015 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, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Year ended Aug. 31, 2012			Year ended Aug. 31, 2011			Year ended Aug. 31, 2010
Net asset value, beginning of period	$	55.72		$	49.00		$	56.13		$	47.73		$	60.81		$	48.01
Income from investment operations:
Net investment income (loss)a		(0.05	)		0.85			1.07			0.86			0.84			1.00
Net realized and unrealized gain (loss)b		(6.09	)		6.75			(7.08	)		8.70			(12.59	)		13.02
Total from investment operations		(6.14	)		7.60			(6.01	)		9.56			(11.75	)		14.02
Less distributions from:
Net investment income		—			(0.88	)		(1.12	)		(1.16	)		(1.33	)		(1.22	)
Total distributions		—			(0.88	)		(1.12	)		(1.16	)		(1.33	)		(1.22	)
Net asset value, end of period	$	49.58		$	55.72		$	49.00		$	56.13		$	47.73		$	60.81
Total return		(11.02	)%c		15.52	%		(11.05	)%		20.37	%		(19.74	)%		29.55	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	540,448		$	515,367		$	436,076		$	561,284		$	448,677		$	601,988
Ratio of expenses to average net assetsd		0.62	%		0.62	%		0.61	%		0.61	%		0.59	%		0.61	%
Ratio of net investment income (loss) to average net assetsd		(0.20	)%		1.64	%		1.67	%		1.75	%		1.30	%		1.81	%
Portfolio turnover ratee		1	%		8	%		9	%		9	%		12	%		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 67

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI USA ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			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	$	43.08		$	35.26		$	30.31		$	26.17		$	22.44		$	24.83
Income from investment operations:
Net investment incomeb		0.42			0.71			0.69			0.59			0.51			0.17
Net realized and unrealized gain (loss)c		2.17			8.01			4.96			3.94			3.73			(2.49	)
Total from investment operations		2.59			8.72			5.65			4.53			4.24			(2.32	)
Less distributions from:
Net investment income		(0.39	)		(0.90	)		(0.70	)		(0.39	)		(0.51	)		(0.07	)
Total distributions		(0.39	)		(0.90	)		(0.70	)		(0.39	)		(0.51	)		(0.07	)
Net asset value, end of period	$	45.28		$	43.08		$	35.26		$	30.31		$	26.17		$	22.44
Total return		6.06	%d		24.98	%		18.85	%		17.44	%		18.89	%		(9.37	)%d
										��
Ratios/Supplemental data:
Net assets, end of period (000s)	$	49,811		$	47,391		$	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	%		0.15	%
Ratio of net investment income to average net assetse		1.97	%		1.82	%		2.10	%		2.04	%		1.90	%		2.21	%
Portfolio turnover ratef		3	%		6	%		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.

68 2015 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 Russia 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.

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.

FUND REORGANIZATION

On January 26, 2015, the iShares MSCI Russia Capped ETF, a series of iShares, Inc. (the “Successor Fund”), acquired all the net assets of the iShares MSCI Russia Capped ETF, which operated as a series of iShares MSCI Russia Capped ETF, Inc. (the “Predecessor Fund”), pursuant to a plan of reorganization approved by the shareholders of the Predecessor Fund on January 16, 2015 (the “Reorganization”). The U.S. Securities and Exchange Commission (“SEC”) staff expressed the view that, as a result of the Predecessor Fund being a series of iShares MSCI Russia Capped ETF Inc., the Predecessor Fund was not covered by the iShares exemptive relief that permits various iShares funds to operate as exchange-traded funds. The purpose of the Reorganization was to address the SEC staff’s concerns on a going forward basis. The Successor Fund has the same investment objective, investment strategy, index methodology, risks, policies and expenses as the Predecessor Fund.

Each shareholder of the Predecessor Fund received shares of the Successor Fund in an amount equal to the aggregate net asset value of such shareholder’s Predecessor Fund shares, as determined before market open of business on January 26, 2015. The Reorganization was accomplished by a tax-free exchange of 19,900,000 shares of the Successor Fund for 19,900,000 shares of the Predecessor Fund at a conversion rate of 1.0.

The Predecessor Fund’s fair value and cost of investments prior to the Reorganization was $245,761,700 and $398,080,360, respectively. Prior to the Reorganization, the Successor Fund had not yet commenced operations and had no assets or liabilities. As a result of the Reorganization, the Successor Fund assumed the performance and accounting history of the Predecessor Fund. The aggregate net assets of the Successor Fund immediately after the Reorganization amounted to $246,588,913.

Since this was a non-taxable merger, for financial reporting purposes, assets received and shares issued by the Successor Fund were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund was carried forward. The Successor Fund retained, without limitation, all the loss carryforwards of the Predecessor Fund.

NOTESTO FINANCIAL STATEMENTS 69

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. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

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

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

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

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

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued 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

70 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to 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, 2015. 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	$	2,148,114,872	$	—	$	—	$	2,148,114,872
Preferred Stocks		1,388,661,489		—		—		1,388,661,489
Rights		253,881		—		—		253,881
Money Market Funds		797,245		—		—		797,245
	$	3,537,827,487	$	—	$	—	$	3,537,827,487
MSCI Canada
Assets:
Common Stocks	$	2,490,150,990	$	—	$	—	$	2,490,150,990
Money Market Funds		43,426,192		—		—		43,426,192
Futures Contractsa		573,217		—		—		573,217
	$	2,534,150,399	$	—	$	—	$	2,534,150,399

NOTESTO FINANCIAL STATEMENTS 71

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3			Total
MSCI Chile Capped
Assets:
Common Stocks	$	211,246,046	$	—	$	—		$	211,246,046
Preferred Stocks		14,637,705		—		—			14,637,705
Money Market Funds		423,207		—		—			423,207
	$	226,306,958	$	—	$	—		$	226,306,958
MSCI Colombia Capped
Assets:
Common Stocks	$	11,623,227	$	—	$	—		$	11,623,227
Preferred Stocks		3,614,295		—		—			3,614,295
Money Market Funds		22,282		—		—			22,282
	$	15,259,804	$	—	$	—		$	15,259,804
MSCI Israel Capped
Assets:
Common Stocks	$	113,858,678	$	—	$	—		$	113,858,678
Money Market Funds		3,926,325		—		—			3,926,325
	$	117,785,003	$	—	$	—		$	117,785,003
MSCI Mexico Capped
Assets:
Common Stocks	$	1,946,515,879	$	—	$	30		$	1,946,515,909
Money Market Funds		88,877,876		—		—	��		88,877,876
	$	2,035,393,755	$	—	$	30		$	2,035,393,785
MSCI Russia Capped
Assets:
Common Stocks	$	255,130,198	$	—	$	—		$	255,130,198
Preferred Stocks		16,940,173		—		—			16,940,173
Money Market Funds		365,828		—		—			365,828
	$	272,436,199	$	—	$	—		$	272,436,199
MSCI South Africa
Assets:
Common Stocks	$	499,763,064	$	—	$	2,253		$	499,765,317
Money Market Funds		938,629		—		—			938,629
	$	500,701,693	$	—	$	2,253		$	500,703,946

72 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
MSCI Turkey
Assets:
Common Stocks	$	540,332,166	$	—	$	—	$	540,332,166
Rights		45,497		—		—		45,497
Money Market Funds		34,358,955		—		—		34,358,955
	$	574,736,618	$	—	$	—	$	574,736,618
MSCI USA
Assets:
Common Stocks	$	49,711,144	$	—	$	—	$	49,711,144
Money Market Funds		601,247		—		—		601,247
	$	50,312,391	$	—	$	—	$	50,312,391

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 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, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

NOTESTO FINANCIAL STATEMENTS 73

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by 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. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of February 28, 2015 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 or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

74 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:

iShares ETF	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
MSCI Canada	$	40,773,170	$	40,773,170	$	—
MSCI Colombia Capped		2,540		2,540		—
MSCI Israel Capped		3,739,025		3,739,025		—
MSCI Mexico Capped		82,515,442		82,515,442		—
MSCI South Africa		848,168		848,168		—
MSCI Turkey		32,035,901		32,035,901		—
MSCI USA		520,355		520,355		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except 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 Brazil Capped, iShares MSCI Chile Capped, iShares MSCI Israel Capped, iShares MSCI Russia Capped, iShares MSCI South Africa and iShares MSCI Turkey ETFs, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

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

NOTESTO FINANCIAL STATEMENTS 75

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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, up to and including $72 billion
	0.36		Over $72 billion

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

iShares ETF	Investment Advisory Fee
MSCI Colombia Capped		0.61	%
MSCI USA		0.15

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

Pursuant to a securities lending agreement, the iShares MSCI USA ETF (the “Group 1 Fund”), retains 71.5% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees.

Pursuant to a securities lending agreement, the iShares MSCI Brazil Capped, iShares MSCI Canada, iShares MSCI Chile Capped, iShares MSCI Colombia Capped, iShares MSCI Israel Capped, iShares MSCI Mexico Capped, iShares Russia Capped, iShares MSCI South Africa and iShares MSCI Turkey ETFs (the “Group 2 Funds”), retain 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, the Group 1 Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 75% of securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund will receive for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

76 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Prior to January 1, 2015, the Group 1 Fund retained 70% of securities lending income and each Group 2 Fund retained 75% of securities lending income, and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, the Group 1 Fund retained for the remainder of calendar year 2014, 75% of securities lending income and each Group 2 Fund retained 80% of securities lending income, and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2015, 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	$	16,165
MSCI Colombia Capped		132
MSCI Israel Capped		6,908
MSCI Mexico Capped		161,659
MSCI South Africa		2,640
MSCI Turkey		176,811
MSCI USA		898

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, 2015, 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, 2015, 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 USA
BlackRock Inc.		338		126		(131	)		333	$	123,683	$	814	$	8,621
PNC Financial Services Group Inc. (The)		1,343		512		(528	)		1,327		122,031		1,387		6,543
										$	245,714	$	2,201	$	15,164

NOTESTO FINANCIAL STATEMENTS 77

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI Brazil Capped	$	1,933,945,161	$	1,759,202,665
MSCI Canada		81,209,962		79,335,399
MSCI Chile Capped		78,692,656		180,881,189
MSCI Colombia Capped		8,500,796		7,378,129
MSCI Israel Capped		9,217,700		7,409,954
MSCI Mexico Capped		181,405,944		183,502,820
MSCI Russia Capped		22,398,192		11,806,854
MSCI South Africa		17,203,909		17,332,752
MSCI Turkey		3,973,470		4,246,354
MSCI USA		1,666,983		1,639,771

In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Canada	$	186,571,377	$	937,774,062
MSCI Colombia Capped		180,777		—
MSCI Israel Capped		13,719,198		14,133,006
MSCI Mexico Capped		414,691,476		1,229,164,236
MSCI Russia Capped		40,827,221		5,575,026
MSCI South Africa		121,343,305		179,663,219
MSCI Turkey		196,812,861		98,639,695
MSCI USA		16,888,707		17,506,459

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. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.

78 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

5. FUTURES CONTRACTS

Each Fund may purchase or sell 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, 2015 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 appreciationa	$	573,217

^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 iShares MSCI Canada ETF during the six months ended February 28, 2015 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	$	282,321	$	(319,873	)

The following table shows the average quarter-end balances of open futures contracts held by the iShares MSCI Canada ETF for the six months ended February 28, 2015:

Average value of contracts purchased $ 12,516,448

NOTESTO FINANCIAL STATEMENTS 79

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

6. MARKET AND CREDIT RISK

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

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

MARKET RISK

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

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

Each Fund, except for the iShares MSCI USA ETF, invests a substantial amount of its assets 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 issuers from countries with less developed markets.

Each Fund, except for the iShares MSCI USA ETF, invests all or substantially all of its assets in issuers located in a single country other than the U.S. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in that country may have a significant impact on its investment performance.

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares MSCI Russia Capped ETF issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or

80 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or 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, 2014, the Funds’ fiscal year-end, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2015		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Brazil Capped	$	989,412,231	$	—	$	—	$	—	$	198,226,310	$	—	$	1,187,638,541
MSCI Canada		142,622,027		5,363,291		5,107,471		27,886,883		68,928,677		14,903,919		264,812,268
MSCI Chile Capped		65,990,195		—		—		1,886,881		11,712,090		976,991		80,566,157
MSCI Israel Capped		13,480,809		—		—		784,479		10,801,191		7,130,249		32,196,728
MSCI Mexico Capped		42,455,837		—		853,150		8,973,988		2,789,471		22,863,665		77,936,111
MSCI Russia Capped		8,260,181		—		—		—		—		—		8,260,181
MSCI South Africa		27,277,976		1,607,845		972,024		15,339,464		14,856,365		6,137,142		66,190,816
MSCI Turkey		21,835,364		—		—		720,636		5,982,737		3,859,184		32,397,921
MSCI USA		56,840		—		—		—		—		—		56,840

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

NOTESTO FINANCIAL STATEMENTS 81

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

As of February 28, 2015, 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	$	3,513,297,498	$	1,001,876,563	$	(977,346,574	)	$	24,529,989
MSCI Canada		3,032,764,554		292,820,133		(792,007,505	)		(499,187,372	)
MSCI Chile Capped		232,435,848		45,590,198		(51,719,088	)		(6,128,890	)
MSCI Colombia Capped		21,806,513		—		(6,546,709	)		(6,546,709	)
MSCI Israel Capped		141,691,054		5,331,932		(29,237,983	)		(23,906,051	)
MSCI Mexico Capped		2,495,863,135		18,874,138		(479,343,488	)		(460,469,350	)
MSCI Russia Capped		410,009,295		3,117,712		(140,690,808	)		(137,573,096	)
MSCI South Africa		561,930,473		53,740,184		(114,966,711	)		(61,226,527	)
MSCI Turkey		747,286,636		2,791,161		(175,341,179	)		(172,550,018	)
MSCI USA		46,265,642		5,242,495		(1,195,746	)		4,046,749

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. LINE OF CREDIT

The iShares MSCI Colombia Capped ETF, along with certain other iShares funds, are parties to a $150 million credit agreement with State Street Bank and Trust Company, which expires on October 28, 2015. 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, 2015.

9. SUBSEQUENT EVENTS

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

82 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

iSHARES^®, INC.

iShares MSCI Russia Capped ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required to consider and approve the proposed Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract.

At a meeting held on May 15-16, 2014, the Board, including a majority of the Independent Directors, approved the establishment of the Fund as a new series of iShares, Inc. and the proposed Advisory Contract for the Fund. The Board, including the Independent Directors, reviewed the information provided by management in response to requests for information. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. At a meeting held on August 14, 2014, the Board approved a plan of reorganization pursuant to which iShares MSCI Russia Capped ETF (the “Predecessor Fund”), the sole series of iShares MSCI Russia Capped ETF, Inc., would be reorganized with the Fund, which would carry on the Predecessor Fund’s business as an exchange traded fund. The Fund has the same investment objective, investment strategy, risks and policies, operating expenses, investment adviser, portfolio managers and directors as the Predecessor Fund. The Independent Directors were advised by their independent counsel throughout the process.

In approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered that the Fund had not yet commenced operations, but that it would be appropriate to review information concerning the Predecessor Fund. Accordingly, references in the following discussion to the Fund and Advisory Contract include the Predecessor Fund and its Advisory Contract, respectively, to the extent the context requires. The Board, including the Independent Directors, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board noted that, prior to 2014, Lipper had used a different methodology to determine the Fund’s Lipper group, which included mutual funds, closed-end funds, exchange traded funds, and/or funds with differing investment objective classifications, investment focuses and other characteristics (e.g. actively managed funds and funds sponsored by “at cost” service providers), as applicable. The Board further noted that, after consideration by the 15(c) Committee, the Board determined to use instead Lipper’s proprietary ETF methodology to determine the Fund’s Lipper Group. This determination was based on, among other considerations, the increased number and types of ETFs available for comparative purposes than was the case in prior years. The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Group and to prepare this information. At the Board’s request, Lipper provided, and the Board considered, information on the impact to the iShares funds’ comparative fee rankings that were attributable to the change from a pure index group methodology to Lipper’s proprietary ETF methodology. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 83

Board Review and Approval of Investment Advisory Contract (Continued)

iSHARES^®, INC.

The Board also noted that the investment advisory fee rate and overall expenses for the Fund were lower than the median of the investment advisory fee rates and overall expenses of the funds in its Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2013, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its respective performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that are not exchange traded funds or index funds, and that may have different investment objectives and/or benchmarks from the Fund. In addition, the Board noted that the Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its relevant benchmark index. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Board, was also considered.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the Fund and its shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years, including in such areas as investor education, product management, customized portfolio consulting support, capital markets support, and proprietary risk and performance analytics tools. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA to the Fund supported the Fund Board’s approval of the Advisory Contract.

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including advisory fees), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that a committee of Independent Directors (the “15(c) Committee”) had focused on the methodology and proposed presentation during its meetings during 2014. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund.

84 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract (Continued)

iSHARES^®, INC.

The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding new or revised breakpoints in the future. Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue at least annually, concluded that the structure of the investment advisory fee rate reflects appropriate sharing of potential economies of scale with the Fund’s shareholders and supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do manage Other Accounts with a substantially similar investment objective and strategy as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 85

Board Review and Approval of Investment Advisory Contract (Continued)

iSHARES^®, INC.

and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded that it is in the best interest of the Fund and its shareholders to approve the Advisory Contract.

86 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Shareholder Meeting Results

A special meeting of shareholders of the iShares MSCI Russia Capped ETF was held on January 16, 2015. Shareholders were asked to approve an agreement and plan of reorganization for the Fund, which was the sole series of iShares MSCI Russia Capped ETF, Inc., that would result in the Fund becoming a new series of iShares, Inc.

The shareholders approved the proposal and the results of the shareholder vote were as follows:

Votes For	Votes Against		Votes Abstaining
8,260,542		29,095		103,757

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources 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	$	0.375306	$	—	$	0.043022	$	0.418328		90	%		—	%		10	%		100	%
MSCI Canada		0.272687		—		0.112037		0.384724		71			—			29			100
MSCI Chile Capped		0.041806		—		0.015148		0.056954		73			—			27			100
MSCI Colombia Capped		0.122755		—		0.004001		0.126756		97			—			3			100
MSCI Israel Capped		0.346906		—		0.109795		0.456701		76			—			24			100
MSCI Mexico Capped		0.423904		—		0.087925		0.511829		83			—			17			100
MSCI Russia Capped		0.527547		—		0.076177		0.603724		87			—			13			100
MSCI South Africa		0.751421		—		0.051677		0.803098		94			—			6			100
MSCI USA		0.376053		—		0.017505		0.393558		96			—			4			100

SUPPLEMENTAL INFORMATION 87

Notes:

88 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 89

Notes:

90 2015 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 basis on the Funds’ website.

©2015 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-84-0215

FEBRUARY 28, 2015

2015 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	55
Consolidated Financial Statements	63
Consolidated Financial Highlights	73
Notes to Consolidated Financial Statements	81
Supplemental Information	94

Fund Performance Overview

iSHARES^® MSCI BRIC ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -8.13%, net of fees, while the total return for the Index was -7.99%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		8.14%		9.28%		8.68%		8.14%		9.28%		8.68%
5 Years		(0.55)%		(0.52)%		0.35%		(2.74)%		(2.58)%		1.75%
Since Inception		(3.69)%		(3.67)%		(3.26)%		(23.98)%		(23.88)%		(21.47)%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	918.70	$	3.28	$	1,000.00	$	1,021.40	$	3.46		0.69%

^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 2/28/15

Sector Percentage of
Total  Investments*

Financials	33.08	%
Energy	14.61
Information Technology	12.57
Consumer Staples	8.74
Telecommunication Services	7.93
Materials	5.98
Industrials	5.62
Consumer Discretionary	5.20
Utilities	3.34
Health Care	2.93
TOTAL	100.00	%

COUNTRY ALLOCATION

As of 2/28/15

Country Percentage of
Total  Investments*

China	53.28	%
Brazil	19.40
India	18.41
Russia	8.91
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, 2015

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, 2015, the total return for the Fund was -1.60%, net of fees, while the total return for the Index was -1.49%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		11.29%		12.39%		11.86%		11.29%		12.39%		11.86%
Since Inception		5.29%		5.57%		5.64%		17.09%		18.02%		18.28%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	984.00	$	2.41	$	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 2/28/15

Sector Percentage of
Total  Investments*

Information Technology	27.06	%
Financials	26.63
Consumer Discretionary	8.16
Industrials	7.58
Telecommunication Services	7.16
Energy	6.12
Consumer Staples	6.06
Materials	5.80
Utilities	3.11
Health Care	2.32
TOTAL	100.00	%

COUNTRY ALLOCATION

As of 2/28/15

Country Percentage of
Total  Investments*

China	33.05	%
South Korea	21.68
Taiwan	18.91
India	11.47
Malaysia	5.27
Indonesia	4.01
Thailand	3.61
Philippines	2.00
TOTAL	100.00	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -10.55%, net of fees, while the total return for the Index was -10.17%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(0.44)%		(0.38)%		0.35%		(0.44)%		(0.38)%		0.35%
Since Inception		2.80%		2.73%		3.60%		8.82%		8.58%		11.43%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	894.50	$	3.19	$	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 2/28/15

Sector Percentage of
Total  Investments

Automobiles & Components	36.89	%
Media	24.56
Retailing	16.58
Consumer Durables & Apparel	14.38
Consumer Services	7.59
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total  Investments*

South Africa	25.52	%
South Korea	24.31
China	11.26
India	7.48
Taiwan	5.92
Mexico	5.38
Indonesia	5.20
Brazil	4.67
Malaysia	3.40
Chile	1.94
TOTAL	95.08	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS ENERGY CAPPED ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -26.24%, net of fees, while the total return for the Index was -26.01%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(14.60)%		(14.70)%		(13.92)%		(14.60)%		(14.70)%		(13.92)%
Since Inception		(14.92)%		(14.97)%		(14.40)%		(38.99)%		(39.09)%		(37.87)%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	737.60	$	2.93	$	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 2/28/15

Sector Percentage of
Total  Investments*

Integrated Oil & Gas	49.23	%
Oil & Gas Refining & Marketing	18.80
Oil & Gas Exploration & Production	16.32
Coal & Consumable Fuels	9.50
Oil & Gas Storage & Transportation	3.31
Oil & Gas Drilling	1.42
Oil & Gas Equipment & Services	1.42
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total  Investments*

Russia	25.84	%
China	25.55
India	9.74
Brazil	9.21
Thailand	6.47
South Africa	5.82
South Korea	4.04
Poland	3.19
Malaysia	2.14
Chile	1.91
TOTAL	93.91	%

* Excludes money market funds.

8 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS GROWTH ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -5.12%, net of fees, while the total return for the Index was -4.84%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		5.58%		5.41%		6.52%		5.58%		5.41%		6.52%
Since Inception		2.69%		2.52%		3.39%		8.44%		7.89%		10.76%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	948.80	$	2.37	$	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 2/28/15

Sector Percentage of
Total  Investments*

Information Technology	27.43	%
Financials	24.56
Consumer Staples	12.20
Consumer Discretionary	10.79
Industrials	6.74
Health Care	4.18
Energy	3.91
Materials	3.86
Telecommunication Services	3.26
Utilities	3.07
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total  Investments*

China	21.49	%
South Korea	15.75
Taiwan	12.13
Brazil	9.02
South Africa	8.51
India	7.80
Mexico	4.58
Russia	3.46
Malaysia	3.44
Indonesia	2.57
TOTAL	88.75	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -4.97%, net of fees, while the total return for the Index was -4.87%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		7.70%		8.87%		7.86%		7.70%		8.87%		7.86%
Since Inception		7.89%		8.01%		8.13%		29.14%		29.60%		30.12%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	950.30	$	1.21	$	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 2/28/15

Sector Percentage of
Total  Investments*

Financials	27.42	%
Information Technology	13.50
Consumer Staples	13.46
Telecommunication Services	12.81
Utilities	8.45
Industrials	6.95
Health Care	6.59
Consumer Discretionary	4.07
Energy	3.83
Materials	2.92
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total  Investments*

China	23.86	%
Taiwan	17.98
South Korea	9.00
Malaysia	8.50
South Africa	5.58
Indonesia	4.98
Chile	4.28
Brazil	4.08
Philippines	3.99
Qatar	2.70
TOTAL	84.95	%

* Excludes money market funds.

10 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -6.73%, net of fees, while the total return for the Index was -6.75%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		2.23%		3.60%		3.36%		2.23%		3.60%		3.36%
Since Inception		1.01%		1.20%		1.70%		3.61%		4.32%		6.15%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	932.70	$	3.26	$	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 2/28/15

Sector Percentage of
Total  Investments*

Financials	20.80	%
Consumer Discretionary	16.16
Information Technology	15.55
Industrials	14.89
Materials	12.48
Consumer Staples	7.52
Health Care	5.60
Utilities	3.90
Energy	1.60
Telecommunication Services	1.50
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total  Investments*

China	19.95	%
Taiwan	18.38
South Korea	16.61
India	9.84
South Africa	7.55
Thailand	4.30
Malaysia	4.17
Brazil	3.77
Indonesia	3.58
Mexico	2.73
TOTAL	90.88	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 11

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -11.97%, net of fees, while the total return for the Index was -11.77%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		2.83%		4.73%		3.41%		2.83%		4.73%		3.41%
Since Inception		(3.31)%		(2.75)%		(2.88)%		(9.78)%		(8.18)%		(8.56)%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	880.30	$	2.28	$	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 2/28/15

Sector Percentage of
Total  Investments*

Financials	32.88	%
Energy	12.91
Telecommunication Services	12.22
Materials	11.41
Information Technology	9.09
Consumer Discretionary	7.14
Industrials	6.71
Consumer Staples	3.92
Utilities	3.59
Health Care	0.13
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total  Investments*

China	23.18	%
Taiwan	13.32
South Korea	13.28
India	7.66
South Africa	7.47
Brazil	7.22
Mexico	5.07
Russia	4.02
Malaysia	3.61
Indonesia	2.86
TOTAL	87.69	%

* Excludes money market funds.

12 2015 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, 2014 and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number 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, 2015

Security	Shares			Value
COMMON STOCKS — 91.52%
BRAZIL — 11.54%
Ambev SA		853,565	��	$	5,474,804
B2W Cia. Digitala		15,800			110,791
Banco Bradesco SA		110,690			1,445,491
Banco do Brasil SA		158,089			1,311,442
Banco Santander Brasil SA Units		79,000			390,393
BB Seguridade Participacoes SA		126,400			1,432,270
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		347,669			1,220,766
BR Malls Participacoes SA		79,000			467,201
BRF SA		110,600			2,492,160
CCR SA		158,000			921,139
Centrais Eletricas Brasileiras SA		47,400			88,688
CETIP SA – Mercados Organizados		32,147			386,751
Cia. de Saneamento Basico do Estado de Sao Paulo		63,200			374,424
Cia. Siderurgica Nacional SA		126,400			227,660
Cielo SA		126,568			1,979,070
Cosan SA Industria e Comercio		15,800			156,323
CPFL Energia SA		47,400			307,838
Cyrela Brazil Realty SA Empreendimentos e Participacoes		47,400			191,964
Duratex SA		53,848			142,937
EcoRodovias Infraestrutura e Logistica SA		31,600			116,482
EDP – Energias do Brasil SA		47,400			149,361
Embraer SA		110,600			963,135
Estacio Participacoes SA		47,400			319,940
Fibria Celulose SAa		47,441			611,564
Hypermarcas SAa		63,200			422,166
JBS SA		142,252			622,867
Klabin SA Units		94,800			530,470
Kroton Educacional SA		252,864			918,830
Localiza Rent A Car SA		31,660			387,536
Lojas Americanas SA		21,100			94,455
Lojas Renner SA		15,800			464,659
Multiplan Empreendimentos Imobiliarios SA		15,800			301,429
Natura Cosmeticos SA		31,600			310,767
Odontoprev SA		47,400			173,232
Petroleo Brasileiro SA		521,400			1,728,670
Porto Seguro SA		15,800			173,066

Security	Shares		Value
Qualicorp SAa		31,600	$	287,338
Raia Drogasil SA		47,450		472,948
Souza Cruz SA		63,200		560,530
Sul America SA		31,672		144,882
TIM Participacoes SA		158,069		658,955
TOTVS SA		15,800		189,588
Tractebel Energia SA		31,600		369,119
Transmissora Alianca de Energia Eletrica SA Units		16,400		120,045
Ultrapar Participacoes SA		63,200		1,316,892
Vale SA		237,000		1,761,327
Via Varejo SAa		17,100		101,068
WEG SA		44,320		475,851
				33,869,284
CHINA — 53.16%
AAC Technologies Holdings Inc.b		158,000		1,046,142
Agricultural Bank of China Ltd. Class H		3,792,000		1,882,444
Air China Ltd. Class H		324,000		287,426
Alibaba Health Information Technology Ltd.a		390,000		266,522
Alibaba Pictures Group Ltd.a		1,580,000		366,710
Aluminum Corp. of China Ltd. Class Ha,b		632,000		306,406
Anhui Conch Cement Co. Ltd. Class H		237,000		805,234
Anta Sports Products Ltd.		158,040		317,896
Bank of China Ltd. Class H		14,062,000		8,086,767
Bank of Communications Co. Ltd. Class H		1,584,200		1,366,561
BBMG Corp. Class H		237,000		207,497
Beijing Capital International Airport Co. Ltd. Class H		316,000		297,850
Beijing Enterprises Holdings Ltd.		79,000		586,736
Beijing Enterprises Water Group Ltd.b		632,000		392,787
Belle International Holdings Ltd.		790,000		854,638
Brilliance China Automotive Holdings Ltd.		632,000		1,240,294
Byd Co. Ltd. Class Hb		79,000		344,300
CGN Power Co. Ltd. Class Ha,c		948,000		382,601
China Agri-Industries Holdings Ltd.b		331,800		133,482
China Cinda Asset Management Co. Ltd. Class Ha		948,000		466,944

14 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2015

Security	Shares		Value
China CITIC Bank Corp. Ltd. Class H		1,422,000	$	1,078,127
China CNR Corp. Ltd. Class Ha,c		316,000		434,347
China Coal Energy Co. Ltd. Class Hb		632,000		340,633
China Communications Construction Co. Ltd. Class H		790,000		965,669
China Communications Services Corp. Ltd. Class H		316,800		145,421
China Construction Bank Corp. Class H		12,798,370		10,644,061
China COSCO Holdings Co. Ltd. Class Ha,b		474,000		235,917
China Everbright Bank Co. Ltd. Class H		474,000		249,974
China Everbright International Ltd.b		474,000		661,300
China Everbright Ltd.		316,000		774,165
China Galaxy Securities Co. Ltd. Class Hb		237,000		282,672
China Gas Holdings Ltd.		316,000		491,391
China Huishan Dairy Holdings Co. Ltd.		790,000		136,498
China International Marine Containers Group Co. Ltd. Class H		94,800		179,688
China Life Insurance Co. Ltd. Class H		1,264,000		5,419,157
China Longyuan Power Group Corp. Ltd.		474,000		508,504
China Medical System Holdings Ltd.		158,000		261,586
China Mengniu Dairy Co. Ltd.		158,000		713,047
China Merchants Bank Co. Ltd. Class H		790,456		1,804,031
China Merchants Holdings International Co. Ltd.b		316,000		1,201,993
China Minsheng Banking Corp. Ltd. Class H		1,106,000		1,336,250
China Mobile Ltd.		1,106,000		15,031,030
China National Building Material Co. Ltd. Class H		632,000		618,517
China Oilfield Services Ltd. Class H		316,000		479,982
China Overseas Land & Investment Ltd.		632,800		1,929,704

Security	Shares		Value
China Pacific Insurance Group Co. Ltd. Class H		474,000	$	2,475,292
China Petroleum & Chemical Corp. Class H		4,530,600		3,797,188
China Railway Construction Corp. Ltd. Class H		328,000		400,513
China Railway Group Ltd. Class H		632,000		513,394
China Resources Cement Holdings Ltd.		316,000		187,429
China Resources Enterprise Ltd.		316,000		659,263
China Resources Gas Group Ltd.b		171,000		422,900
China Resources Land Ltd.		344,444		914,911
China Resources Power Holdings Co. Ltd.		316,200		837,851
China Shenhua Energy Co. Ltd. Class H		632,000		1,654,269
China Shipping Container Lines Co. Ltd. Class Ha		632,000		196,394
China South City Holdings Ltd.b		316,000		99,827
China State Construction International Holdings Ltd.		316,000		449,831
China Taiping Insurance Holdings Co. Ltd.a,b		191,440		666,484
China Telecom Corp. Ltd. Class H		2,528,000		1,636,341
China Unicom Hong Kong Ltd.		949,900		1,599,610
China Vanke Co. Ltd. Class Ha,b		237,301		544,644
Chongqing Changan Automobile Co. Ltd. Class B		158,000		429,254
Chongqing Rural Commercial Bank Co. Ltd. Class H		474,000		295,201
CITIC Ltd.		319,000		560,223
CITIC Securities Co. Ltd. Class Hb		158,000		560,251
CNOOC Ltd.		3,160,000		4,539,053
COSCO Pacific Ltd.		316,000		455,535
Country Garden Holdings Co. Ltd.b		948,046		377,729
CSPC Pharmaceutical Group Ltd.		316,000		258,327
CSR Corp. Ltd. Class Hb		343,000		444,039
Datang International Power Generation Co. Ltd. Class H		316,000		158,093
Dongfeng Motor Group Co. Ltd. Class H		632,000		1,005,600
ENN Energy Holdings Ltd.		124,000		657,937
Evergrande Real Estate Group Ltd.b		948,000		418,049

CONSOLIDATED SCHEDULESOF INVESTMENTS 15

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2015

Security	Shares		Value
Far East Horizon Ltd.		158,000	$	147,295
Fosun International Ltd.b		316,000		510,949
Franshion Properties China Ltd.b		632,000		185,800
GCL-Poly Energy Holdings Ltd.a,b		1,580,000		378,934
Geely Automobile Holdings Ltd.		790,000		353,468
GOME Electrical Appliances Holding Ltd.b		1,580,400		213,968
Great Wall Motor Co. Ltd. Class H		185,500		1,181,582
Guangdong Investment Ltd.		316,000		407,048
Guangzhou Automobile Group Co. Ltd. Class H		316,454		303,582
Guangzhou R&F Properties Co. Ltd. Class H		189,600		220,515
Haier Electronics Group Co. Ltd.		178,000		469,360
Haitian International Holdings Ltd.b		158,000		341,855
Haitong Securities Co. Ltd. Class Hb		189,600		452,275
Hanergy Thin Film Power Group Ltd.a,b		2,212,000		1,289,189
Hengan International Group Co. Ltd.		158,000		1,812,158
Huadian Power International Corp. Ltd. Class H		316,000		265,661
Huaneng Power International Inc. Class H		632,000		794,538
Industrial & Commercial Bank of China Ltd. Class H		12,956,050		9,455,447
Inner Mongolia Yitai Coal Co. Ltd. Class B		205,470		279,234
Jiangsu Expressway Co. Ltd. Class H		316,000		389,935
Jiangxi Copper Co. Ltd. Class H		158,000		269,735
Kingboard Chemical Holdings Ltd.		79,100		136,670
Kingsoft Corp. Ltd.b		158,000		363,043
Kunlun Energy Co. Ltd.		632,000		621,777
Lee & Man Paper Manufacturing Ltd.		316,000		162,982
Lenovo Group Ltd.		1,264,000		1,949,267
Longfor Properties Co. Ltd.		237,000		311,703
New China Life Insurance Co. Ltd. Class H		149,400		860,132
New World China Land Ltd.		316,000		206,987
Nine Dragons Paper (Holdings) Ltd.		316,000		204,950

Security	Shares		Value
People’s Insurance Co. Group of China Ltd. Class H		1,106,000	$	571,864
PetroChina Co. Ltd. Class H		3,792,000		4,400,518
PICC Property & Casualty Co. Ltd. Class H		633,548		1,357,699
Ping An Insurance Group Co. of China Ltd. Class H		474,000		5,271,454
Semiconductor Manufacturing International Corp.a		4,424,000		387,898
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		408,000		336,166
Shanghai Electric Group Co. Ltd. Class H		316,000		187,837
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		79,000		262,809
Shanghai Industrial Holdings Ltd.		158,000		478,760
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		126,400		264,031
Shenzhou International Group Holdings Ltd.		158,000		625,444
Shimao Property Holdings Ltd.		237,000		503,004
Shui On Land Ltd.		395,333		91,755
Sihuan Pharmaceutical Holdings Group Ltd.		746,000		444,400
Sino Biopharmaceutical Ltd.		632,000		600,589
Sino-Ocean Land Holdings Ltd.		553,000		345,115
Sinopec Engineering Group Co. Ltd. Class H		158,000		128,145
Sinopec Shanghai Petrochemical Co. Ltd. Class H		633,000		216,293
Sinopharm Group Co. Ltd. Class H		189,600		663,745
Sinotrans Ltd. Class H		316,000		209,025
SOHO China Ltd.		316,000		226,138
Sun Art Retail Group Ltd.b		395,000		354,486
Tencent Holdings Ltd.		916,400		16,058,225
Tingyi Cayman Islands Holding Corp.		316,000		794,538
Tsingtao Brewery Co. Ltd. Class H		40,000		252,983
Uni-President China Holdings Ltd.b		200,400		157,623
Want Want China Holdings Ltd.		1,106,000		1,219,310
Weichai Power Co. Ltd. Class H		85,775		348,389
Yanzhou Coal Mining Co. Ltd. Class Hb		316,000		260,771

16 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2015

Security	Shares		Value
Yuexiu Property Co. Ltd.b		1,265,920	$	254,638
Zhejiang Expressway Co. Ltd. Class H		316,000		388,712
Zhuzhou CSR Times Electric Co. Ltd. Class H		85,000		478,954
Zijin Mining Group Co. Ltd. Class H		949,000		281,441
ZTE Corp. Class H		126,440		281,722
				156,022,853
INDIA — 18.37%
Adani Ports & Special Economic Zone Ltd.		90,156		482,471
ACC Ltd.		7,900		214,497
Adani Enterprises Ltd.		23,545		265,717
Aditya Birla Nuvo Ltd.		6,162		171,580
Ambuja Cements Ltd.		116,762		514,051
Apollo Hospitals Enterprise Ltd.		13,746		292,290
Asian Paints Ltd.		53,088		703,144
Aurobindo Pharma Ltd.		23,530		412,484
Bajaj Auto Ltd.		14,694		511,978
Bharat Heavy Electricals Ltd.		103,806		440,300
Bharat Petroleum Corp. Ltd.		31,442		379,614
Bharti Airtel Ltd.		107,440		619,295
Bosch Ltd.		1,264		529,403
Cairn India Ltd.		79,790		328,946
Cipla Ltd.		61,462		678,265
Coal India Ltd.		122,766		782,520
Dabur India Ltd.		80,106		341,654
Divi’s Laboratories Ltd.		7,110		198,000
DLF Ltd.		78,052		196,251
Dr. Reddy’s Laboratories Ltd.		20,644		1,118,644
GAIL (India) Ltd.		56,564		378,207
GlaxoSmithKline Consumer Healthcare Ltd.		1,896		177,975
Godrej Consumer Products Ltd.		20,856		383,004
HCL Technologies Ltd.		43,608		1,425,753
Hero Motocorp Ltd.		8,848		384,334
Hindalco Industries Ltd.		197,659		488,831
Hindustan Unilever Ltd.		132,001		1,943,760
Housing Development Finance Corp. Ltd.		263,860		5,700,068
ICICI Bank Ltd.		193,392		1,083,127
Idea Cellular Ltd.		185,176		458,109
Infosys Ltd.		163,056		6,058,571
ITC Ltd.		395,790		2,314,031

Security	Shares		Value
Jindal Steel & Power Ltd.		55,300	$	175,147
JSW Steel Ltd.		13,272		217,070
Larsen & Toubro Ltd.		56,090		1,604,607
LIC Housing Finance Ltd.		49,612		384,502
Mahindra & Mahindra Financial Services Ltd.		47,015		188,615
Mahindra & Mahindra Ltd.		58,934		1,231,936
Motherson Sumi Systems Ltd.		37,920		277,383
Nestle India Ltd.		4,044		459,585
NTPC Ltd.		289,931		731,336
Oil & Natural Gas Corp. Ltd.		138,882		730,195
Oil India Ltd.		21,488		173,020
Piramal Enterprises Ltd.		11,850		170,728
Power Finance Corp. Ltd.		47,088		223,307
Ranbaxy Laboratories Ltd.a		22,910		263,944
Reliance Communications Ltd.a		140,304		155,502
Reliance Industries Ltd.		231,628		3,242,342
Reliance Infrastructure Ltd.		20,066		154,363
Rural Electrification Corp. Ltd.		51,517		275,527
Sesa Sterlite Ltd.		205,558		723,718
Shriram Transport Finance Co. Ltd.		26,119		515,323
Siemens Ltd.		12,959		280,368
State Bank of India		258,340		1,260,873
Sun Pharmaceuticals Industries Ltd.		128,311		1,891,292
Tata Consultancy Services Ltd.		83,582		3,617,875
Tata Motors Ltd.		134,142		1,287,811
Tata Power Co. Ltd.		211,985		297,887
Tata Steel Ltd.		49,138		282,441
Tech Mahindra Ltd.		10,112		468,468
Ultratech Cement Ltd.		6,162		312,636
United Breweries Ltd.		11,692		188,958
United Spirits Ltd.a		8,216		454,655
Wipro Ltd.		109,020		1,162,786
Zee Entertainment Enterprises Ltd.		95,590		535,833
				53,916,907
RUSSIA — 8.45%
Alrosa AO		288,400		327,758
Gazprom OAO		1,055,444		2,611,536
Gazprom OAO ADR		515,240		2,571,048
Lukoil OAO		45,820		2,220,424
Lukoil OAO ADR (London)		45,030		2,179,452
Magnit PJSC GDRd		46,456		2,214,558

CONSOLIDATED SCHEDULESOF INVESTMENTS 17

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2015

Security	Shares		Value
MegaFon OAO GDRd		17,538	$	308,844
MMC Norilsk Nickel OJSC		9,958		1,816,191
Mobile TeleSystems OJSC ADR		94,326		933,827
Moscow Exchange MICEX-RTS OAO		192,760		239,460
NOVATEK OAO GDRd		16,590		1,391,072
Rosneft OAO		210,182		903,948
Rostelecom OJSC		147,580		215,446
RusHydro JSC		20,698,200		215,942
Sberbank of Russia		1,949,360		2,396,403
Severstal PAO		36,340		406,908
Sistema JSFC GDRd		31,284		222,116
Surgutneftegas OAO		624,810		352,714
Surgutneftegas OAO ADR		62,411		346,693
Tatneft OAO Class S		255,963		1,320,307
Uralkali PJSC		121,660		336,554
Uralkali PJSC GDRd		24,332		341,135
VTB Bank OJSC		825,936,001		911,794
				24,784,130
TOTAL COMMON STOCKS
(Cost: $262,579,461)				268,593,174
PREFERRED STOCKS — 8.25%
BRAZIL — 7.81%
AES Tiete SA		15,800		95,595
Banco Bradesco SA		379,208		4,986,525
Banco do Estado do Rio Grande do Sul SA Class B		31,600		140,685
Bradespar SA		47,400		219,482
Braskem SA Class A		31,600		141,459
Centrais Eletricas Brasileiras SA Class B		31,682		76,785
Cia. Brasileira de Distribuicao		15,856		538,727
Cia. Energetica de Minas Gerais		142,232		645,661
Cia. Energetica de Sao Paulo Class B		31,600		260,262
Cia. Paranaense de Energia Class B		15,800		190,638
Gerdau SA		158,000		561,967
Itau Unibanco Holding SA		489,827		6,252,710
Itausa – Investimentos Itau SA		584,985		2,064,280
Lojas Americanas SA		94,887		553,855
Metalurgica Gerdau SA		47,400		185,001
Oi SA		49,130		102,062
Petroleo Brasileiro SA		758,414		2,538,347

Security	Shares		Value
Suzano Papel e Celulose SA Class A		63,200	$	266,561
Telefonica Brasil SA		47,464		878,284
Usinas Siderurgicas de Minas Gerais SA Class A		63,200		91,285
Vale SA		331,800		2,147,907
				22,938,078
RUSSIA — 0.44%
AK Transneft OAO		158		352,760
Sberbank of Russia		165,930		144,310
Surgutneftegas OAO		1,264,000		791,351
				1,288,421
TOTAL PREFERRED STOCKS
(Cost: $33,487,909)				24,226,499
RIGHTS — 0.00%
BRAZIL — 0.00%
Itausa – Investimentos Itau SAa		4,293		5,105
				5,105
TOTAL RIGHTS
(Cost: $0)				5,105
SHORT-TERM INVESTMENTS — 3.50%
MONEY MARKET FUNDS — 3.50%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%e,f,g		9,693,162		9,693,162
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%e,f,g		565,717		565,717
				10,258,879
TOTAL SHORT-TERM INVESTMENTS
(Cost: $10,258,879)				10,258,879

18 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI BRIC ETF

February 28, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 103.27%
(Cost: $306,326,249)	$	303,083,657
Other Assets, Less Liabilities — (3.27)%		(9,607,634	)
NET ASSETS — 100.00%	$	293,476,023

ADR  —  American Depositary Receipts

GDR  —  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 consolidated financial statements.

CONSOLIDATED SCHEDULESOF INVESTMENTS 19

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 98.62%
CHINA — 32.94%
AAC Technologies Holdings Inc.a		37,000	$	244,983
Agricultural Bank of China Ltd. Class H		1,100,000		546,068
Air China Ltd. Class H		90,000		79,841
Alibaba Health Information Technology Ltd.b		114,000		77,906
Alibaba Pictures Group Ltd.a,b		230,000		53,382
Aluminum Corp. of China Ltd. Class Ha,b		184,000		89,207
Anhui Conch Cement Co. Ltd. Class Ha		61,500		208,953
Anta Sports Products Ltd.a		46,000		92,528
AviChina Industry & Technology Co. Ltd. Class H		96,000		62,511
Bank of China Ltd. Class H		3,960,000		2,277,315
Bank of Communications Co. Ltd. Class H		449,000		387,316
BBMG Corp. Class H		53,000		46,402
Beijing Capital International Airport Co. Ltd. Class H		74,000		69,750
Beijing Enterprises Holdings Ltd.		26,000		193,103
Beijing Enterprises Water Group Ltd.		208,000		129,272
Belle International Holdings Ltd.		232,000		250,982
Brilliance China Automotive Holdings Ltd.		150,000		294,374
Byd Co. Ltd. Class Ha		31,000		135,105
CGN Power Co. Ltd. Class Hb,c		262,000		105,740
China Agri-Industries Holdings Ltd.a		104,800		42,161
China Cinda Asset Management Co. Ltd. Class Hb		263,000		129,542
China CITIC Bank Corp. Ltd. Class H		419,000		317,676
China CNR Corp. Ltd. Class Hb,c		91,500		125,768
China Coal Energy Co. Ltd. Class Ha		198,000		106,717
China Communications Construction Co. Ltd. Class H		221,000		270,143
China Communications Services Corp. Ltd. Class H		118,000		54,166
China Construction Bank Corp. Class H		3,608,000		3,000,677

Security	Shares		Value
China COSCO Holdings Co. Ltd. Class Ha,b		134,000	$	66,694
China Everbright Bank Co. Ltd. Class H		141,000		74,359
China Everbright International Ltd.a		125,000		174,393
China Everbright Ltd.a		42,000		102,895
China Galaxy Securities Co. Ltd. Class H		81,500		97,206
China Gas Holdings Ltd.		102,000		158,614
China Huishan Dairy Holdings Co. Ltd.a		252,000		43,541
China International Marine Containers Group Co. Ltd. Class H		23,400		44,353
China Life Insurance Co. Ltd. Class H		373,000		1,599,166
China Longyuan Power Group Corp. Ltd.		153,000		164,137
China Medical System Holdings Ltd.		55,000		91,059
China Mengniu Dairy Co. Ltd.		68,000		306,881
China Merchants Bank Co. Ltd. Class H		232,331		530,241
China Merchants Holdings International Co. Ltd.a		58,000		220,619
China Minsheng Banking Corp. Ltd. Class H		316,300		382,148
China Mobile Ltd.		305,000		4,145,085
China National Building Material Co. Ltd. Class H		144,000		140,928
China Oilfield Services Ltd. Class Ha		86,000		130,628
China Overseas Land & Investment Ltd.a		204,000		622,092
China Pacific Insurance Group Co. Ltd. Class H		132,400		691,411
China Petroleum & Chemical Corp. Class H		1,278,600		1,071,621
China Railway Construction Corp. Ltd. Class H		95,000		116,002
China Railway Group Ltd. Class H		192,000		155,968
China Resources Cement Holdings Ltd.		96,000		56,941
China Resources Enterprise Ltd.a		60,000		125,176
China Resources Gas Group Ltd.a		44,000		108,816
China Resources Land Ltd.a		109,777		291,589
China Resources Power Holdings Co. Ltd.a		96,000		254,376

20 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2015

Security	Shares		Value
China Shenhua Energy Co. Ltd. Class H		170,000	$	444,977
China Shipping Container Lines Co. Ltd. Class Hb		193,000		59,975
China South City Holdings Ltd.a		122,000		38,541
China State Construction International Holdings Ltd.		86,000		122,422
China Taiping Insurance Holdings Co. Ltd.b		55,300		192,523
China Telecom Corp. Ltd. Class H		696,000		450,512
China Unicom Hong Kong Ltd.		300,000		505,193
China Vanke Co. Ltd. Class Ha,b		67,500		154,923
Chongqing Changan Automobile Co. Ltd. Class B		42,300		114,921
Chongqing Rural Commercial Bank Co. Ltd. Class H		132,000		82,208
CITIC Ltd.		114,000		200,205
CITIC Securities Co. Ltd. Class Ha		54,500		193,251
CNOOC Ltd.		896,000		1,287,023
COSCO Pacific Ltd.		88,000		126,858
Country Garden Holdings Co. Ltd.a		251,828		100,336
CSPC Pharmaceutical Group Ltd.		146,000		119,353
CSR Corp. Ltd. Class H		101,000		130,752
Datang International Power Generation Co. Ltd. Class H		130,000		65,038
Dongfeng Motor Group Co. Ltd. Class H		136,000		216,395
ENN Energy Holdings Ltd.a		38,000		201,626
Evergrande Real Estate Group Ltd.a		297,000		130,971
Far East Horizon Ltd.		72,000		67,122
Fosun International Ltd.a		82,500		133,396
Franshion Properties China Ltd.a		190,000		55,857
GCL-Poly Energy Holdings Ltd.a,b		548,000		131,428
Geely Automobile Holdings Ltd.a		260,000		116,331
GOME Electrical Appliances Holding Ltd.a		523,000		70,808
Great Wall Motor Co. Ltd. Class H		51,500		328,040
Guangdong Investment Ltd.		120,000		154,575
Guangzhou Automobile Group Co. Ltd. Class H		108,000		103,607
Guangzhou R&F Properties Co. Ltd. Class H		54,000		62,805
Haier Electronics Group Co. Ltd.		53,000		139,753
Haitian International Holdings Ltd.a		28,000		60,582
Haitong Securities Co. Ltd. Class H		64,000		152,667

Security	Shares		Value
Hanergy Thin Film Power Group Ltd.a,b		632,000	$	368,340
Hengan International Group Co. Ltd.		36,500		418,631
Huadian Power International Corp. Ltd. Class H		84,000		70,619
Huaneng Power International Inc. Class H		176,000		221,264
Industrial & Commercial Bank of China Ltd. Class H		3,696,000		2,697,375
Inner Mongolia Yitai Coal Co. Ltd. Class B		47,600		64,688
Jiangsu Expressway Co. Ltd. Class H		60,000		74,038
Jiangxi Copper Co. Ltd. Class H		62,000		105,846
Kingboard Chemical Holdings Ltd.		36,700		63,411
Kingsoft Corp. Ltd.a		34,000		78,123
Kunlun Energy Co. Ltd.a		154,000		151,509
Lee & Man Paper Manufacturing Ltd.		64,000		33,009
Lenovo Group Ltd.a		334,000		515,075
Longfor Properties Co. Ltd.a		70,500		92,722
New China Life Insurance Co. Ltd. Class H		34,800		200,352
New World China Land Ltd.		134,000		87,773
Nine Dragons Paper (Holdings) Ltd.		74,000		47,995
People’s Insurance Co. Group of China Ltd. Class H		340,000		175,799
PetroChina Co. Ltd. Class H		1,058,000		1,227,782
PICC Property & Casualty Co. Ltd. Class H		173,160		371,083
Ping An Insurance Group Co. of China Ltd. Class H		131,000		1,456,879
Semiconductor Manufacturing International Corp.a,b		1,334,000		116,965
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		96,000		79,098
Shanghai Electric Group Co. Ltd. Class H		146,000		86,785
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		21,000		69,861
Shanghai Industrial Holdings Ltd.		22,000		66,663
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		33,400		69,768
Shenzhou International Group Holdings Ltd.		26,000		102,921
Shimao Property Holdings Ltd.		71,500		151,750

CONSOLIDATED SCHEDULESOF INVESTMENTS 21

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2015

Security	Shares		Value
Shui On Land Ltd.		175,500	$	40,733
Sihuan Pharmaceutical Holdings Group Ltd.a		200,000		119,142
Sino Biopharmaceutical Ltd.		148,000		140,644
Sino-Ocean Land Holdings Ltd.		167,000		104,221
Sinopec Engineering Group Co. Ltd. Class H		57,000		46,229
Sinopec Shanghai Petrochemical Co. Ltd. Class H		151,000		51,596
Sinopharm Group Co. Ltd. Class H		59,600		208,646
Sinotrans Ltd. Class H		86,000		56,886
SOHO China Ltd.		94,000		67,269
Sun Art Retail Group Ltd.a		115,000		103,205
Tencent Holdings Ltd.		255,200		4,471,911
Tingyi Cayman Islands Holding Corp.a		98,000		246,407
Tsingtao Brewery Co. Ltd. Class H		18,000		113,842
Uni-President China Holdings Ltd.a		61,600		48,451
Want Want China Holdings Ltd.a		297,000		327,428
Weichai Power Co. Ltd. Class H		22,800		92,606
Yanzhou Coal Mining Co. Ltd. Class H		92,000		75,921
Yuexiu Property Co. Ltd.a		354,140		71,235
Zhejiang Expressway Co. Ltd. Class H		74,000		91,028
Zhuzhou CSR Times Electric Co. Ltd. Class H		25,500		143,686
Zijin Mining Group Co. Ltd. Class H		266,000		78,886
ZTE Corp. Class H		33,800		75,310
				43,914,907
INDIA — 11.43%
Adani Ports & Special Economic Zone Ltd.		23,924		128,030
ACC Ltd.		1,026		27,857
Adani Enterprises Ltd.		6,755		76,234
Aditya Birla Nuvo Ltd.		1,975		54,994
Ambuja Cements Ltd.		34,696		152,751
Apollo Hospitals Enterprise Ltd.		4,026		85,607
Asian Paints Ltd.		14,315		189,601
Aurobindo Pharma Ltd.		6,424		112,614
Bajaj Auto Ltd.		4,238		147,663
Bharat Heavy Electricals Ltd.		28,231		119,744
Bharat Petroleum Corp. Ltd.		8,816		106,440
Bharti Airtel Ltd.		30,355		174,969
Bosch Ltd.		396		165,857

Security	Shares		Value
Cairn India Ltd.		22,728	$	93,699
Cipla Ltd.		17,479		192,890
Coal India Ltd.		34,628		220,722
Dabur India Ltd.		25,670		109,483
Divi’s Laboratories Ltd.		2,066		57,534
DLF Ltd.		21,575		54,247
Dr. Reddy’s Laboratories Ltd.		5,894		319,380
GAIL (India) Ltd.		15,356		102,676
GlaxoSmithKline Consumer Healthcare Ltd.		514		48,248
Godrej Consumer Products Ltd.		5,981		109,836
HCL Technologies Ltd.		12,279		401,459
Hero Motocorp Ltd.		1,864		80,967
Hindalco Industries Ltd.		53,262		131,722
Hindustan Unilever Ltd.		37,816		556,854
Housing Development Finance Corp. Ltd.		74,899		1,618,015
ICICI Bank Ltd.		56,880		318,567
Idea Cellular Ltd.		55,239		136,656
Infosys Ltd.		46,002		1,709,268
ITC Ltd.		111,597		652,465
Jindal Steel & Power Ltd.		19,043		60,313
JSW Steel Ltd.		3,863		63,181
Larsen & Toubro Ltd.		15,874		454,119
LIC Housing Finance Ltd.		14,198		110,037
Mahindra & Mahindra Financial Services Ltd.		13,478		54,071
Mahindra & Mahindra Ltd.		16,981		354,965
Motherson Sumi Systems Ltd.		10,536		77,070
Nestle India Ltd.		1,118		127,056
NTPC Ltd.		83,335		210,208
Oil & Natural Gas Corp. Ltd.		38,904		204,544
Oil India Ltd.		5,370		43,239
Piramal Enterprises Ltd.		3,143		45,283
Power Finance Corp. Ltd.		13,458		63,822
Ranbaxy Laboratories Ltd.b		6,290		72,467
Reliance Communications Ltd.b		42,690		47,314
Reliance Industries Ltd.		65,134		911,750
Reliance Infrastructure Ltd.		5,268		40,525
Rural Electrification Corp. Ltd.		14,803		79,170
Sesa Sterlite Ltd.		59,786		210,492
Shriram Transport Finance Co. Ltd.		7,125		140,575
Siemens Ltd.		3,559		76,999
State Bank of India		76,900		375,324
Sun Pharmaceuticals Industries Ltd.		36,377		536,194

22 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2015

Security	Shares		Value
Tata Consultancy Services Ltd.		23,578	$	1,020,582
Tata Motors Ltd.		38,671		371,255
Tata Power Co. Ltd.		56,089		78,818
Tata Steel Ltd.		14,364		82,563
Tech Mahindra Ltd.		2,742		127,031
Ultratech Cement Ltd.		1,693		85,896
United Breweries Ltd.		3,019		48,791
United Spirits Ltd.b		2,232		123,514
Wipro Ltd.		31,021		330,864
Zee Entertainment Enterprises Ltd.		26,771		150,066
				15,235,147
INDONESIA — 4.00%
Adaro Energy Tbk PT		684,500		50,841
Astra Agro Lestari Tbk PT		18,900		36,045
Astra International Tbk PT		1,013,400		615,489
Bank Central Asia Tbk PT		630,900		688,255
Bank Danamon Indonesia Tbk PT		176,400		65,510
Bank Mandiri Persero Tbk PT		477,700		443,513
Bank Negara Indonesia Persero Tbk PT		385,600		205,106
Bank Rakyat Indonesia Persero Tbk PT		556,500		554,347
Bumi Serpong Damai Tbk PT		376,200		64,616
Charoen Pokphand Indonesia Tbk PT		369,500		108,206
Global Mediacom Tbk PT		331,900		51,743
Gudang Garam Tbk PT		23,300		96,310
Indo Tambangraya Megah Tbk PT		13,700		17,913
Indocement Tunggal Prakarsa Tbk PT		74,600		138,811
Indofood CBP Sukses Makmur Tbk PT		54,500		60,298
Indofood Sukses Makmur Tbk PT		220,000		125,957
Jasa Marga Persero Tbk PT		101,400		55,701
Kalbe Farma Tbk PT		1,072,100		149,721
Lippo Karawaci Tbk PT		923,000		84,266
Matahari Department Store Tbk PT		101,200		139,762
Media Nusantara Citra Tbk PT		251,000		61,172
Perusahaan Gas Negara Persero Tbk PT		545,000		219,265
Semen Indonesia Persero Tbk PT		148,900		171,365
Surya Citra Media Tbk PT		213,800		60,377
Tambang Batubara Bukit Asam Persero Tbk PT		34,000		28,081
Telekomunikasi Indonesia Persero Tbk PT		2,514,000		570,877

Security	Shares		Value
Tower Bersama Infrastructure Tbk PT		95,900	$	68,818
Unilever Indonesia Tbk PT		76,500		213,075
United Tractors Tbk PT		85,600		137,424
XL Axiata Tbk PT		137,600		51,048
				5,333,912
MALAYSIA — 5.25%
AirAsia Bhd		65,800		47,835
Alliance Financial Group Bhd		56,900		76,098
AMMB Holdings Bhd		109,000		193,260
Astro Malaysia Holdings Bhd		74,100		67,233
Axiata Group Bhd		127,900		254,097
Berjaya Sports Toto Bhd		19,237		17,935
British American Tobacco Malaysia Bhd		5,800		111,204
Bumi Armada Bhdb		65,200		20,624
CIMB Group Holdings Bhd		256,100		422,807
Dialog Group Bhd		158,878		71,857
DiGi.Com Bhd		152,900		269,399
Felda Global Ventures Holdings Bhd		53,500		34,439
Gamuda Bhd		80,200		117,051
Genting Bhd		104,200		255,874
Genting Malaysia Bhd		149,100		170,034
Genting Plantations Bhd		9,300		26,837
Hong Leong Bank Bhd		32,600		129,893
Hong Leong Financial Group Bhd		13,500		63,005
IHH Healthcare Bhd		126,700		195,815
IJM Corp. Bhd		54,300		108,178
IOI Corp. Bhd		145,700		190,413
IOI Properties Group Bhd		75,715		44,748
Kuala Lumpur Kepong Bhd		24,200		152,425
Lafarge Malaysia Bhd		19,400		54,367
Malayan Banking Bhd		240,000		612,653
Malaysia Airports Holdings Bhd		32,600		66,484
Maxis Bhd		92,800		181,532
MISC Bhd		57,700		134,804
Petronas Chemicals Group Bhd		139,200		211,272
Petronas Dagangan Bhd		12,200		66,281
Petronas Gas Bhd		34,400		220,106
PPB Group Bhd		22,500		91,024
Public Bank Bhd		140,110		712,213
RHB Capital Bhd		32,500		71,781
Sapurakencana Petroleum Bhd		183,100		144,793
Sime Darby Bhd		149,400		386,765
Telekom Malaysia Bhd		52,700		104,113

CONSOLIDATED SCHEDULESOF INVESTMENTS 23

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2015

Security	Shares		Value
Tenaga Nasional Bhd		162,800	$	664,932
UEM Sunrise Bhd		80,600		31,757
UMW Holdings Bhd		26,100		80,241
YTL Corp. Bhd		213,153		97,587
YTL Power International Bhd		60,315		26,275
				7,000,041
PHILIPPINES — 2.00%
Aboitiz Equity Ventures Inc.		96,950		125,008
Aboitiz Power Corp.		76,800		77,340
Alliance Global Group Inc.		90,900		49,068
Ayala Corp.		11,000		178,884
Ayala Land Inc.		353,800		290,888
Bank of the Philippine Islands		46,200		101,066
BDO Unibank Inc.		84,080		211,678
DMCI Holdings Inc.		201,000		72,030
Energy Development Corp.		472,500		94,843
Globe Telecom Inc.		1,510		65,243
International Container Terminal Services Inc.		25,580		65,038
JG Summit Holdings Inc.		124,406		189,050
Jollibee Foods Corp.		20,080		100,104
Megaworld Corp.		569,600		70,667
Metro Pacific Investments Corp.		574,500		70,363
Metropolitan Bank & Trust Co.		18,614		39,073
Philippine Long Distance Telephone Co.		4,775		342,448
SM Investments Corp.		7,783		155,342
SM Prime Holdings Inc.		329,250		147,561
Universal Robina Corp.		43,530		215,231
				2,660,925
SOUTH KOREA — 20.56%
AmorePacific Corp.		166		431,807
AmorePacific Group		151		183,806
BS Financial Group Inc.		9,972		135,377
Celltrion Inc.a,b		3,562		212,574
Cheil Industries Inc.b		880		129,889
Cheil Worldwide Inc.b		4,031		76,760
CJ CheilJedang Corp.		427		139,085
CJ Corp.		774		122,353
CJ Korea Express Co. Ltd.b		382		62,997
Coway Co. Ltd.		2,702		212,211
Daelim Industrial Co. Ltd.		1,332		78,642
Daewoo Engineering & Construction Co. Ltd.b		7,472		53,850
Daewoo International Corp.		2,656		70,178

Security	Shares		Value
Daewoo Securities Co. Ltd.b		9,944	$	96,491
Daewoo Shipbuilding & Marine Engineering Co. Ltd.a		5,459		100,720
Daum Kakao Corp.a,b		1,329		161,168
DGB Financial Group Inc.		8,096		85,567
Dongbu Insurance Co. Ltd.		2,421		116,909
Doosan Corp.		606		65,981
Doosan Heavy Industries & Construction Co. Ltd.		3,236		85,651
Doosan Infracore Co. Ltd.a,b		7,975		93,734
E-Mart Co. Ltd.		1,147		224,164
GS Engineering & Construction Corp.b		2,928		80,833
GS Holdings Corp.		2,684		108,211
Halla Visteon Climate Control Corp.b		1,976		77,146
Hana Financial Group Inc.		14,511		397,960
Hankook Tire Co. Ltd.		3,720		162,690
Hanssem Co. Ltd.b		528		84,909
Hanwha Chemical Corp.		6,035		77,530
Hanwha Corp.		2,524		70,370
Hanwha Life Insurance Co. Ltd.		12,232		87,041
Hite Jinro Co. Ltd.b		2,054		42,762
Hotel Shilla Co. Ltd.		1,670		150,636
Hyosung Corp.		1,348		89,904
Hyundai Department Store Co. Ltd.		946		115,497
Hyundai Development Co. Engineering & Construction		2,816		128,286
Hyundai Engineering & Construction Co. Ltd.		3,608		162,394
Hyundai Glovis Co. Ltd.		924		200,787
Hyundai Heavy Industries Co. Ltd.a,b		2,194		239,880
Hyundai Marine & Fire Insurance Co. Ltd.		840		20,856
Hyundai Merchant Marine Co. Ltd.a,b		3,699		30,467
Hyundai Mipo Dockyard Co. Ltd.b		568		39,797
Hyundai Mobis Co. Ltd.		3,501		795,863
Hyundai Motor Co.		7,718		1,128,640
Hyundai Steel Co.		3,923		239,480
Hyundai Wia Corp.		817		104,586
Industrial Bank of Korea		14,403		177,159
Kangwon Land Inc.b		6,703		207,646
KB Financial Group Inc.		13,008		462,222
KCC Corp.		294		158,311
KEPCO Plant Service & Engineering Co. Ltd.b		1,156		97,110
Kia Motors Corp.		13,189		546,763

24 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2015

Security	Shares		Value
Korea Aerospace Industries Ltd.		2,474	$	113,607
Korea Electric Power Corp.		12,854		523,506
Korea Gas Corp.		1,869		72,202
Korea Investment Holdings Co. Ltd.b		2,293		114,070
Korea Zinc Co. Ltd.		467		174,239
Korean Air Lines Co. Ltd.b		1,627		74,416
KT Corp.b		1,848		51,523
KT&G Corp.		5,498		400,747
Kumho Petrochemical Co. Ltd.		876		68,800
LG Chem Ltd.		2,425		508,177
LG Corp.		4,884		283,014
LG Display Co. Ltd.		12,288		380,659
LG Electronics Inc.		5,735		322,922
LG Household & Health Care Ltd.		487		297,289
LG Innotek Co. Ltd.		720		68,881
LG Uplus Corp.		12,000		129,561
Lotte Chemical Corp.		849		147,360
Lotte Confectionery Co. Ltd.		44		72,922
Lotte Shopping Co. Ltd.		669		152,385
LS Corp.		1,251		58,700
LS Industrial Systems Co. Ltd.		1,135		63,909
Mirae Asset Securities Co. Ltd.b		1,457		64,317
NAVER Corp.		1,403		844,957
NCsoft Corp.		748		121,651
NH Investment & Securities Co. Ltd.		8,064		90,371
OCI Co. Ltd.b		919		82,057
Orion Corp./Republic of Korea		176		154,584
Paradise Co. Ltd.		2,652		51,105
POSCO		3,273		797,711
S-1 Corp.		968		70,557
S-Oil Corp.		2,371		139,985
Samsung C&T Corp.		6,256		345,418
Samsung Card Co. Ltd.		2,208		75,441
Samsung Electro-Mechanics Co. Ltd.		2,992		187,826
Samsung Electronics Co. Ltd.		5,530		6,837,237
Samsung Fire & Marine Insurance Co. Ltd.		1,771		411,466
Samsung Heavy Industries Co. Ltd.a		8,052		144,526
Samsung Life Insurance Co. Ltd.		3,280		297,652
Samsung SDI Co. Ltd.		2,754		342,509
Samsung SDS Co. Ltd.		1,376		362,947
Samsung Securities Co. Ltd.		3,036		131,946
Shinhan Financial Group Co. Ltd.		11,855		472,018
Shinsegae Co. Ltd.		427		67,111

Security	Shares		Value
SK C&C Co. Ltd.		1,057	$	208,983
SK Holdings Co. Ltd.		1,452		246,068
SK Hynix Inc.		21,209		900,496
SK Innovation Co. Ltd.b		3,175		299,406
SK Networks Co. Ltd.		6,042		52,022
SK Telecom Co. Ltd.		547		142,787
Woori Bankb		16,964		146,525
Yuhan Corp.		107		16,671
				27,410,889
TAIWAN — 18.85%
Acer Inc.b		127,062		83,144
Advanced Semiconductor Engineering Inc.		308,434		415,436
Advantech Co. Ltd.		14,894		113,821
Asia Cement Corp.		106,229		130,905
Asia Pacific Telecom Co. Ltd.		84,000		40,923
ASUSTeK Computer Inc.		35,000		363,875
AU Optronics Corp.		437,000		230,293
Catcher Technology Co. Ltd.		33,000		301,576
Cathay Financial Holding Co. Ltd.		412,944		628,522
Chailease Holding Co. Ltd.		44,170		107,454
Chang Hwa Commercial Bank Ltd.		220,655		129,632
Cheng Shin Rubber Industry Co. Ltd.		81,776		197,377
Chicony Electronics Co. Ltd.		23,599		65,601
China Airlines Ltd.b		118,000		57,863
China Development Financial Holding Corp.		677,200		235,042
China Life Insurance Co. Ltd./Taiwan		137,388		118,117
China Motor Corp.		25,000		21,533
China Steel Corp.		589,867		490,225
Chunghwa Telecom Co. Ltd.		190,000		594,109
Clevo Co.		25,322		38,945
Compal Electronics Inc.		215,000		167,043
CTBC Financial Holding Co. Ltd.		704,429		468,797
CTCI Corp.		26,000		42,885
Delta Electronics Inc.		92,000		594,682
E.Sun Financial Holding Co. Ltd.		303,295		189,288
Eclat Textile Co. Ltd.		9,200		105,461
Epistar Corp.		55,000		105,254
EVA Airways Corp.b		94,426		69,155
Evergreen Marine Corp. Taiwan Ltd.b		86,000		63,120
Far Eastern Department Stores Ltd.		50,546		43,456

CONSOLIDATED SCHEDULESOF INVESTMENTS 25

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2015

Security	Shares		Value
Far Eastern New Century Corp.		155,589	$	161,509
Far EasTone Telecommunications Co. Ltd.		80,000		197,676
Farglory Land Development Co. Ltd.		16,530		19,738
First Financial Holding Co. Ltd.		353,885		209,029
Formosa Chemicals & Fibre Corp.		162,950		365,282
Formosa International Hotels Corp.		1,210		12,657
Formosa Petrochemical Corp.		56,000		122,681
Formosa Plastics Corp.		208,400		514,281
Formosa Taffeta Co. Ltd.		35,000		37,000
Foxconn Technology Co. Ltd.		43,370		111,584
Fubon Financial Holding Co. Ltd.		338,396		603,413
Giant Manufacturing Co. Ltd.		14,000		135,966
Hermes Microvision Inc.		2,000		99,984
Highwealth Construction Corp.		28,800		61,351
Hiwin Technologies Corp.		9,348		75,457
Hon Hai Precision Industry Co. Ltd.		628,528		1,743,187
Hotai Motor Co. Ltd.		12,000		182,646
HTC Corp.b		34,000		165,642
Hua Nan Financial Holdings Co. Ltd.		308,093		176,586
Innolux Corp.		403,620		206,919
Inotera Memories Inc.b		119,000		175,630
Inventec Corp.		108,980		83,631
Kinsus Interconnect Technology Corp.		17,000		54,943
Largan Precision Co. Ltd.		5,000		426,684
Lite-On Technology Corp.		102,615		130,372
MediaTek Inc.		71,176		1,072,003
Mega Financial Holding Co. Ltd.		498,542		396,071
Merida Industry Co. Ltd.		9,350		75,473
Nan Ya Plastics Corp.		240,090		521,386
Novatek Microelectronics Corp.		31,000		166,821
Pegatron Corp.		82,000		225,072
Pou Chen Corp.		99,000		142,802
Powertech Technology Inc.		43,000		73,526
President Chain Store Corp.		30,000		233,084
Quanta Computer Inc.		137,000		346,372
Radiant Opto-Electronics Corp.		23,363		76,996
Realtek Semiconductor Corp.		23,140		72,504
Ruentex Development Co. Ltd.		37,633		56,321
Ruentex Industries Ltd.		24,855		53,659
ScinoPharm Taiwan Ltd.		9,526		14,651
Shin Kong Financial Holding Co. Ltd.		393,343		112,974
Siliconware Precision Industries Co. Ltd.		132,000		234,956

Security	Shares		Value
Simplo Technology Co. Ltd.		14,200	$	70,537
SinoPac Financial Holdings Co. Ltd.		373,841		152,965
Standard Foods Corp.		14,103		33,411
Synnex Technology International Corp.		64,000		93,437
Taishin Financial Holding Co. Ltd.		380,067		162,773
Taiwan Business Bankb		176,864		52,544
Taiwan Cement Corp.		167,000		228,392
Taiwan Cooperative Financial Holding Co. Ltd.		308,832		158,817
Taiwan Fertilizer Co. Ltd.		36,000		62,474
Taiwan Glass Industry Corp.		42,450		31,494
Taiwan Mobile Co. Ltd.		83,000		284,111
Taiwan Semiconductor Manufacturing Co. Ltd.		1,232,000		5,904,028
Teco Electric and Machinery Co. Ltd.		93,000		95,206
TPK Holding Co. Ltd.		12,591		91,010
Transcend Information Inc.		16,000		52,730
U-Ming Marine Transport Corp.		22,000		33,310
Uni-President Enterprises Corp.		234,241		393,820
Unimicron Technology Corp.		68,000		45,795
United Microelectronics Corp.		616,000		313,835
Vanguard International Semiconductor Corp.		43,000		74,896
Walsin Lihwa Corp.b		157,000		50,242
Wan Hai Lines Ltd.		44,000		49,037
Wistron Corp.		111,105		104,896
WPG Holdings Ltd.		67,000		85,977
Yang Ming Marine Transport Corp.b		61,000		33,020
Yuanta Financial Holding Co. Ltd.		396,350		200,668
Yulon Motor Co. Ltd.		42,000		60,048
Zhen Ding Technology Holding Ltd.		14,455		45,061
				25,126,587
THAILAND — 3.59%
Advanced Info Service PCL NVDR		51,700		372,598
Airports of Thailand PCL NVDR		21,500		205,490
Bangkok Bank PCL Foreign		12,400		70,572
Bangkok Bank PCL NVDR		19,200		108,679
Bangkok Dusit Medical Services PCL NVDRa		145,500		96,760
Banpu PCL NVDRa		53,300		49,871
BEC World PCL NVDRa		46,200		67,164
BTS Group Holdings PCL NVDR		271,200		80,530
Bumrungrad Hospital PCL NVDR		16,900		81,285

26 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ASIA ETF

February 28, 2015

Security	Shares		Value
Central Pattana PCL NVDR		66,300	$	90,232
Charoen Pokphand Foods PCL NVDR		138,200		102,165
CP ALL PCL NVDR		219,700		271,822
Delta Electronics Thailand PCL NVDRa		26,500		57,172
Energy Absolute PCL NVDR		51,800		48,467
Glow Energy PCL NVDR		25,400		66,976
Home Product Center PCL NVDRa		151,611		40,095
Indorama Ventures PCL NVDR		49,700		39,969
IRPC PCL NVDR		401,200		55,346
Kasikornbank PCL Foreign		58,700		392,181
Kasikornbank PCL NVDR		32,300		216,799
Krung Thai Bank PCL NVDRa		197,950		139,600
Minor International PCL NVDR		77,600		81,608
PTT Exploration & Production PCL NVDR		70,810		247,496
PTT Global Chemical PCL NVDR		82,500		142,901
PTT PCL NVDR		50,300		533,650
Siam Cement PCL (The) Foreign		14,800		235,298
Siam Cement PCL (The) NVDR		6,100		98,868
Siam Commercial Bank PCL (The) NVDR		80,700		423,095
Thai Oil PCL NVDR		37,100		60,246
Thai Union Frozen Products PCL NVDR		85,600		56,661
TMB Bank PCL NVDR		666,800		62,287
True Corp. PCL NVDRb		434,990		196,438
				4,792,321
TOTAL COMMON STOCKS
(Cost: $124,448,762)				131,474,729
PREFERRED STOCKS — 1.04%
SOUTH KOREA — 1.04%
Hyundai Motor Co.		1,320		131,693
Hyundai Motor Co. Series 2		1,979		204,653
LG Chem Ltd.		360		53,136
Samsung Electronics Co. Ltd.		1,049		1,001,642
				1,391,124
TOTAL PREFERRED STOCKS
(Cost: $1,371,601)				1,391,124

Security	Shares		Value
RIGHTS — 0.01%
MALAYSIA — 0.00%
Malaysia Airports Holdings Bhdb		6,520	$	3,419
				3,419
SOUTH KOREA — 0.01%
Hyundai Merchant Marine Co. Ltd.b		567		915
Korean Air Lines Co. Ltd.b		308		4,013
				4,928
TOTAL RIGHTS
(Cost: $0)				8,347
SHORT-TERM INVESTMENTS — 4.93%
MONEY MARKET FUNDS — 4.93%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%d,e,f		6,218,269		6,218,269
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%d,e,f		362,913		362,913
				6,581,182
TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,581,182)				6,581,182
TOTAL INVESTMENTS IN SECURITIES — 104.60%
(Cost: $132,401,545)				139,455,382
Other Assets, Less Liabilities — (4.60)%				(6,138,465	)
NET ASSETS — 100.00%			$	133,316,917

NVDR  —  Non-Voting Depositary Receipts

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

^b  Non-income earning security.

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

^d  Affiliated 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 27

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 97.12%
BRAZIL — 3.88%
B2W Cia. Digitala		1,800	$	12,622
Cyrela Brazil Realty SA Empreendimentos e Participacoes		4,000		16,199
Estacio Participacoes SA		4,600		31,049
Kroton Educacional SA		20,888		75,900
Lojas Americanas SA		2,550		11,415
Lojas Renner SA		1,802		52,995
Via Varejo SAa		2,000		11,821
				212,001
CHILE — 1.94%
SACI Falabella		14,568		105,827
				105,827
CHINA — 11.22%
Alibaba Pictures Group Ltd.a		80,000		18,568
Anta Sports Products Ltd.		16,002		32,188
Belle International Holdings Ltd.		70,001		75,728
Brilliance China Automotive Holdings Ltd.		44,000		86,350
Byd Co. Ltd. Class H		10,000		43,582
Chongqing Changan Automobile Co. Ltd. Class B		13,200		35,862
Dongfeng Motor Group Co. Ltd. Class H		40,001		63,647
Geely Automobile Holdings Ltd.		80,001		35,795
GOME Electrical Appliances Holding Ltd.b		154,000		20,850
Great Wall Motor Co. Ltd. Class H		15,002		95,558
Guangzhou Automobile Group Co. Ltd. Class H		32,001		30,699
Haier Electronics Group Co. Ltd.		16,001		42,192
Shenzhou International Group Holdings Ltd.		8,000		31,668
				612,687
GREECE — 1.18%
FF Groupa		480		15,237
JUMBO SA		1,486		17,001
OPAP SA		3,500		32,309
				64,547
INDIA — 7.45%
Bajaj Auto Ltd.		1,268		44,180
Bosch Ltd.		110		46,072
Hero Motocorp Ltd.		714		31,014
Mahindra & Mahindra Ltd.		5,174		108,155

Security	Shares		Value
Motherson Sumi Systems Ltd.		3,106	$	22,720
Tata Motors Ltd.		11,544		110,827
Zee Entertainment Enterprises Ltd.		7,870		44,116
				407,084
INDONESIA — 5.18%
Astra International Tbk PT		304,000		184,635
Global Mediacom Tbk PT		101,000		15,746
Matahari Department Store Tbk PT		29,400		40,603
Media Nusantara Citra Tbk PT		75,200		18,327
Surya Citra Media Tbk PT		84,400		23,834
				283,145
MALAYSIA — 3.39%
Astro Malaysia Holdings Bhd		24,200		21,957
Berjaya Sports Toto Bhd		8,065		7,519
Genting Bhd		31,200		76,615
Genting Malaysia Bhd		45,001		51,319
UMW Holdings Bhd		9,001		27,673
				185,083
MEXICO — 5.36%
El Puerto de Liverpool SAB de CV Series C1a		2,801		31,641
Grupo Televisa SAB CPOa		38,402		260,970
				292,611
PHILIPPINES — 0.59%
Jollibee Foods Corp.		6,481		32,309
				32,309
POLAND — 1.14%
CCC SA		332		16,299
Cyfrowy Polsat SA		2,860		18,612
LPP SA		14		27,354
				62,265
SOUTH AFRICA — 25.42%
Foschini Group Ltd. (The)		2,870		40,741
Imperial Holdings Ltd.		2,772		46,748
Mr. Price Group Ltd.		3,657		84,654
Naspers Ltd. Class N		5,926		870,745
Steinhoff International Holdings Ltd.		31,674		182,847
Truworths International Ltd.		5,754		43,887
Tsogo Sun Holdings Ltd.		5,636		13,726
Woolworths Holdings Ltd./South Africa		13,650		105,318
				1,388,666
SOUTH KOREA — 22.49%
Cheil Worldwide Inc.a		1,142		21,746
Coway Co. Ltd.		803		63,067

28 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS CONSUMER DISCRETIONARY ETF

February 28, 2015

Security	Shares		Value
Halla Visteon Climate Control Corp.a		580	$	22,644
Hankook Tire Co. Ltd.		1,094		47,845
Hanssem Co. Ltd.a		156		25,087
Hotel Shilla Co. Ltd.		502		45,281
Hyundai Department Store Co. Ltd.		236		28,813
Hyundai Mobis Co. Ltd.		1,020		231,871
Hyundai Motor Co.		2,300		336,340
Hyundai Wia Corp.		236		30,211
Kangwon Land Inc.		1,776		55,017
Kia Motors Corp.		3,942		163,419
LG Electronics Inc.		1,584		89,191
Lotte Shopping Co. Ltd.		168		38,267
Paradise Co. Ltd.		674		12,988
Shinsegae Co. Ltd.		106		16,660
				1,228,447
TAIWAN — 5.89%
Cheng Shin Rubber Industry Co. Ltd.		24,754		59,747
China Motor Corp.		10,002		8,615
Eclat Textile Co. Ltd.		2,080		23,843
Far Eastern Department Stores Ltd.		16,900		14,530
Formosa International Hotels Corp.		1		11
Formosa Taffeta Co. Ltd.		12,002		12,688
Giant Manufacturing Co. Ltd.		4,001		38,857
Hotai Motor Co. Ltd.		4,001		60,897
Merida Industry Co. Ltd.		2,200		17,758
Pou Chen Corp.		32,000		46,158
Ruentex Industries Ltd.		8,760		18,912
Yulon Motor Co. Ltd.		14,001		20,017
				322,033
THAILAND — 1.11%
BEC World PCL NVDRb		15,001		21,808
Home Product Center PCL NVDRb		54,099		14,307
Minor International PCL NVDRb		23,400		24,609
				60,724
TURKEY — 0.88%
Arcelik AS		3,758		22,638
Ford Otomotiv Sanayi AS		1,002		13,526
Tofas Turk Otomobil Fabrikasi AS		1,820		11,868
				48,032
TOTAL COMMON STOCKS
(Cost: $5,000,032)				5,305,461

Security	Shares		Value
PREFERRED STOCKS — 2.50%
BRAZIL — 0.77%
Lojas Americanas SA		7,201	$	42,032
				42,032
SOUTH KOREA — 1.73%
Hyundai Motor Co.		362		36,116
Hyundai Motor Co. Series 2		566		58,531
				94,647
TOTAL PREFERRED STOCKS
(Cost: $120,512)				136,679
SHORT-TERM INVESTMENTS — 1.43%
MONEY MARKET FUNDS — 1.43%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		73,742		73,742
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		4,304		4,304
				78,046
TOTAL SHORT-TERM INVESTMENTS
(Cost: $78,046)				78,046
TOTAL INVESTMENTS IN SECURITIES — 101.05%
(Cost: $5,198,590)				5,520,186
Other Assets, Less Liabilities — (1.05)%				(57,216	)
NET ASSETS — 100.00%			$	5,462,970

CPO  —  Certificates of Participation (Ordinary)

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 29

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS ENERGY CAPPED ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 93.68%
BRAZIL — 5.52%
Cosan SA Industria e Comercio		1,600	$	15,830
Petroleo Brasileiro SA		20,602		68,305
Ultrapar Participacoes SA		3,601		75,034
				159,169
CHILE — 1.90%
Empresas COPEC SA		4,674		54,817
				54,817
CHINA — 25.48%
China Coal Energy Co. Ltd. Class Ha		52,000		28,028
China Oilfield Services Ltd. Class H		20,001		30,380
China Petroleum & Chemical Corp. Class H		192,402		161,256
China Shenhua Energy Co. Ltd. Class H		33,000		86,378
CNOOC Ltd.		136,001		195,353
Inner Mongolia Yitai Coal Co. Ltd. Class B		15,200		20,657
Kunlun Energy Co. Ltd.a		4,000		3,935
PetroChina Co. Ltd. Class H		160,000		185,676
Yanzhou Coal Mining Co. Ltd. Class Ha		28,002		23,108
				734,771
COLOMBIA — 1.38%
Ecopetrol SA		47,560		39,758
				39,758
HUNGARY — 0.82%
MOL Hungarian Oil & Gas PLC		534		23,699
				23,699
INDIA — 9.71%
Bharat Petroleum Corp. Ltd.		2,212		26,706
Cairn India Ltd.		5,596		23,070
Coal India Ltd.		6,238		39,762
Oil & Natural Gas Corp. Ltd.		8,048		42,314
Oil India Ltd.		1,954		15,733
Reliance Industries Ltd.		9,458		132,394
				279,979
INDONESIA — 1.37%
Adaro Energy Tbk PT		220,202		16,355
Indo Tambangraya Megah Tbk PT		7,600		9,937
Tambang Batubara Bukit Asam Persero Tbk PT		16,000		13,215
				39,507

Security	Shares		Value
MALAYSIA — 2.13%
Bumi Armada Bhdb		34,801	$	11,008
Petronas Dagangan Bhd		3,801		20,650
Sapurakencana Petroleum Bhd		37,601		29,735
				61,393
POLAND — 3.19%
Grupa Lotos SAb		1,958		13,780
Polski Koncern Naftowy Orlen SA		3,328		49,117
Polskie Gornictwo Naftowe i Gazownictwo SA		21,296		28,950
				91,847
QATAR — 0.36%
Gulf International Services QSC		398		10,427
				10,427
RUSSIA — 23.40%
Gazprom OAO		47,270		116,962
Gazprom OAO ADR		23,635		117,939
Lukoil OAO		1,913		92,703
Lukoil OAO ADR (London)		2,020		97,768
NOVATEK OAO GDRc		920		77,142
Rosneft OAO		5,942		25,555
Rosneft OAO GDRc		3,900		16,848
Surgutneftegas OAO		47,552		26,844
Surgutneftegas OAO ADR		4,755		26,414
Tatneft OAO Class S		14,841		76,553
				674,728
SOUTH AFRICA — 5.80%
Exxaro Resources Ltd.		1,944		19,061
Sasol Ltd.		4,078		148,282
				167,343
SOUTH KOREA — 4.03%
GS Holdings Corp.		670		27,012
S-Oil Corp.		532		31,410
SK Innovation Co. Ltd.b		612		57,712
				116,134
TAIWAN — 1.06%
Formosa Petrochemical Corp.		14,000		30,670
				30,670
THAILAND — 6.45%
Banpu PCL NVDRa		18,000		16,842
Energy Absolute PCL NVDR		9,200		8,608
IRPC PCL NVDR		145,000		20,003

30 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ENERGY CAPPED ETF

February 28, 2015

Security	Shares		Value
PTT Exploration & Production PCL NVDR		10,033	$	35,067
PTT PCL NVDR		8,002		84,896
Thai Oil PCL NVDR		12,701		20,625
				186,041
TURKEY — 1.08%
Tupras Turkiye Petrol Rafinerileri AS		1,478		31,147
				31,147
TOTAL COMMON STOCKS
(Cost: $3,620,316)				2,701,430
PREFERRED STOCKS — 6.03%
BRAZIL — 3.67%
Petroleo Brasileiro SA		31,600		105,763
				105,763
RUSSIA — 2.36%
AK Transneft OAO		9		20,094
Surgutneftegas OAO		76,802		48,083
				68,177
TOTAL PREFERRED STOCKS
(Cost: $425,456)				173,940
SHORT-TERM INVESTMENTS — 2.25%
MONEY MARKET FUNDS — 2.25%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%d,e,f		59,161		59,161
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%d,e,f		3,453		3,453
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		2,294		2,294
				64,908
TOTAL SHORT-TERM INVESTMENTS
(Cost: $64,908)				64,908
TOTAL INVESTMENTS IN SECURITIES — 101.96%
(Cost: $4,110,680)				2,940,278
Other Assets, Less Liabilities — (1.96)%				(56,544	)
NET ASSETS — 100.00%			$	2,883,734

ADR  —  American Depositary Receipts

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

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

^b  Non-income earning security.

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

^d  Affiliated 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, 2015

Security	Shares		Value
COMMON STOCKS — 96.26%
BRAZIL — 6.32%
Ambev SA		8,400	$	53,878
B2W Cia. Digitala		400		2,805
Banco Bradesco SA		1,680		21,939
BB Seguridade Participacoes SA		2,000		22,662
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		1,800		6,320
BR Malls Participacoes SA		1,200		7,097
BRF SA		1,800		40,560
CCR SA		2,200		12,826
CETIP SA – Mercados Organizados		600		7,218
Cielo SA		1,960		30,647
Cosan SA Industria e Comercio		400		3,957
Embraer SA		1,800		15,675
Estacio Participacoes SA		1,000		6,750
Fibria Celulose SAa		600		7,735
Hypermarcas SAa		1,000		6,680
JBS SA		1,800		7,881
Klabin SA Units		1,400		7,834
Kroton Educacional SA		3,884		14,113
Localiza Rent A Car SA		410		5,019
Lojas Americanas SA		500		2,238
Lojas Renner SA		400		11,763
Multiplan Empreendimentos Imobiliarios SA		200		3,816
Natura Cosmeticos SA		400		3,934
Odontoprev SA		800		2,924
Qualicorp SAa		400		3,637
Raia Drogasil SA		600		5,980
Souza Cruz SA		200		1,774
TOTVS SA		400		4,800
Ultrapar Participacoes SA		1,000		20,837
WEG SA		780		8,375
				351,674
CHILE — 1.20%
Banco de Credito e Inversiones		48		2,218
Cencosud SA		3,256		8,055
Cia. Cervecerias Unidas SA		340		3,223
Empresa Nacional de Electricidad SA/Chile		4,034		6,062
Empresas CMPC SA		1,976		5,144
Empresas COPEC SA		804		9,429
LATAM Airlines Group SAa		932		9,916

Security	Shares		Value
SACI Falabella		2,658	$	19,309
Vina Concha y Toro SA		1,795		3,578
				66,934
CHINA — 21.41%
AAC Technologies Holdings Inc.		2,000		13,242
Aluminum Corp. of China Ltd. Class Ha		12,000		5,818
Anhui Conch Cement Co. Ltd. Class H		4,000		13,590
Anta Sports Products Ltd.		4,000		8,046
AviChina Industry & Technology Co. Ltd. Class H		8,000		5,209
Beijing Capital International Airport Co. Ltd. Class H		4,000		3,770
Beijing Enterprises Holdings Ltd.		1,000		7,427
Beijing Enterprises Water Group Ltd.		12,000		7,458
Belle International Holdings Ltd.		12,000		12,982
Brilliance China Automotive Holdings Ltd.		8,000		15,700
Byd Co. Ltd. Class H		2,000		8,716
China Cinda Asset Management Co. Ltd. Class Ha		10,000		4,926
China CNR Corp. Ltd. Class Ha,b		5,000		6,873
China Everbright International Ltd.		8,000		11,161
China Gas Holdings Ltd.		4,000		6,220
China Huishan Dairy Holdings Co. Ltd.		12,000		2,073
China Life Insurance Co. Ltd. Class H		20,000		85,746
China Longyuan Power Group Corp. Ltd.		8,000		8,582
China Medical System Holdings Ltd.		4,000		6,622
China Mengniu Dairy Co. Ltd.		4,000		18,052
China Minsheng Banking Corp. Ltd. Class H		6,300		7,612
China Oilfield Services Ltd. Class H		4,000		6,076
China Overseas Land & Investment Ltd.		12,000		36,594
China Pacific Insurance Group Co. Ltd. Class H		7,200		37,599
China Resources Cement Holdings Ltd.		8,000		4,745
China Resources Gas Group Ltd.c		4,000		9,892
China Resources Land Ltd.		4,888		12,984
China Resources Power Holdings Co. Ltd.		4,000		10,599

32 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS GROWTH ETF

February 28, 2015

Security	Shares		Value
China Shipping Container Lines Co. Ltd. Class Ha		14,000	$	4,350
China State Construction International Holdings Ltd.		4,000		5,694
China Taiping Insurance Holdings Co. Ltd.a		2,904		10,110
China Unicom Hong Kong Ltd.		16,000		26,944
China Vanke Co. Ltd. Class Ha,c		3,800		8,722
Chongqing Changan Automobile Co. Ltd. Class B		2,200		5,977
CITIC Securities Co. Ltd. Class H		3,000		10,638
CSPC Pharmaceutical Group Ltd.		4,000		3,270
CSR Corp. Ltd. Class H		6,000		7,767
Dongfeng Motor Group Co. Ltd. Class H		8,000		12,729
ENN Energy Holdings Ltd.		4,000		21,224
GCL-Poly Energy Holdings Ltd.a,c		24,000		5,756
Geely Automobile Holdings Ltd.c		20,000		8,949
GOME Electrical Appliances Holding Ltd.c		30,000		4,062
Great Wall Motor Co. Ltd. Class H		3,000		19,109
Guangdong Investment Ltd.		8,000		10,305
Guangzhou Automobile Group Co. Ltd. Class H		4,000		3,837
Haier Electronics Group Co. Ltd.		2,000		5,274
Haitian International Holdings Ltd.		2,000		4,327
Haitong Securities Co. Ltd. Class H		2,400		5,725
Hanergy Thin Film Power Group Ltd.a,c		24,000		13,988
Hengan International Group Co. Ltd.		2,000		22,939
Huaneng Power International Inc. Class H		8,000		10,057
Kingsoft Corp. Ltd.		2,000		4,595
Kunlun Energy Co. Ltd.		8,000		7,871
Lenovo Group Ltd.		20,000		30,843
Longfor Properties Co. Ltd.		2,000		2,630
New China Life Insurance Co. Ltd. Class H		2,200		12,666
Nine Dragons Paper (Holdings) Ltd.		6,000		3,891
People’s Insurance Co. Group of China Ltd. Class H		14,000		7,239
PetroChina Co. Ltd. Class H		56,000		64,987
PICC Property & Casualty Co. Ltd. Class H		8,720		18,687
Ping An Insurance Group Co. of China Ltd. Class H		7,000		77,848

Security	Shares		Value
Semiconductor Manufacturing International Corp.a		76,000	$	6,664
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		8,000		6,592
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		1,000		3,327
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		800		1,671
Shenzhou International Group Holdings Ltd.		2,000		7,917
Sihuan Pharmaceutical Holdings Group Ltd.		12,000		7,149
Sino Biopharmaceutical Ltd.		8,000		7,602
Sinopharm Group Co. Ltd. Class H		3,200		11,202
Sinotrans Ltd. Class H		4,000		2,646
Sun Art Retail Group Ltd.c		7,000		6,282
Tencent Holdings Ltd.		13,800		241,820
Tingyi Cayman Islands Holding Corp.c		4,000		10,057
Uni-President China Holdings Ltd.c		4,800		3,775
Want Want China Holdings Ltd.c		16,000		17,639
Zhuzhou CSR Times Electric Co. Ltd. Class H		2,000		11,270
ZTE Corp. Class H		1,600		3,565
				1,190,502
COLOMBIA — 0.27%
Almacenes Exito SA		404		4,001
Cementos Argos SA		1,006		3,614
Cemex Latam Holdings SAa		424		2,550
Corp. Financiera Colombiana SA		176		2,646
Corp. Financiera Colombiana SA Newa		3		45
Isagen SA ESP		1,960		2,294
				15,150
CZECH REPUBLIC — 0.23%
CEZ AS		164		4,157
Komercni Banka AS		40		8,657
				12,814
GREECE — 0.40%
Alpha Bank AEa		4,027		1,671
Eurobank Ergasias SAa		14,120		2,170
FF Groupa		118		3,746
Hellenic Telecommunications Organization SAa		770		7,687
JUMBO SA		288		3,295

CONSOLIDATED SCHEDULESOF INVESTMENTS 33

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS GROWTH ETF

February 28, 2015

Security	Shares		Value
Titan Cement Co. SA		140	$	3,547
				22,116
HUNGARY — 0.17%
OTP Bank PLC		322		5,107
Richter Gedeon Nyrt		306		4,452
				9,559
INDIA — 7.78%
Adani Ports & Special Economic Zone Ltd.		1,216		6,507
Apollo Hospitals Enterprise Ltd.		113		2,403
Asian Paints Ltd.		800		10,596
Aurobindo Pharma Ltd.		408		7,152
Bharti Airtel Ltd.		816		4,704
Bosch Ltd.		20		8,377
Cipla Ltd.		972		10,727
Dabur India Ltd.		1,222		5,212
Divi’s Laboratories Ltd.		190		5,291
Dr. Reddy’s Laboratories Ltd.		290		15,714
GlaxoSmithKline Consumer Healthcare Ltd.		32		3,004
Godrej Consumer Products Ltd.		338		6,207
HCL Technologies Ltd.		624		20,402
Hindustan Unilever Ltd.		1,866		27,477
Housing Development Finance Corp. Ltd.		2,656		57,377
Idea Cellular Ltd.		2,042		5,052
Infosys Ltd.		892		33,143
ITC Ltd.		6,034		35,278
Larsen & Toubro Ltd.		430		12,301
Motherson Sumi Systems Ltd.		722		5,281
Nestle India Ltd.		36		4,091
Ranbaxy Laboratories Ltd.a		198		2,281
Siemens Ltd.		251		5,430
State Bank of India		1,740		8,492
Sun Pharmaceuticals Industries Ltd.		1,850		27,269
Tata Consultancy Services Ltd.		1,290		55,838
Tata Motors Ltd.		1,354		12,999
Tech Mahindra Ltd.		194		8,988
Ultratech Cement Ltd.		96		4,871
United Breweries Ltd.		263		4,250
United Spirits Ltd.a		120		6,641
Zee Entertainment Enterprises Ltd.		1,608		9,014
				432,369
INDONESIA — 2.57%
Bank Central Asia Tbk PT		33,400		36,436

Security	Shares		Value
Bank Mandiri Persero Tbk PT		8,000	$	7,427
Bank Rakyat Indonesia Persero Tbk PT		15,000		14,942
Bumi Serpong Damai Tbk PT		24,000		4,122
Charoen Pokphand Indonesia Tbk PT		21,000		6,150
Global Mediacom Tbk PT		18,000		2,806
Gudang Garam Tbk PT		1,400		5,787
Indofood CBP Sukses Makmur Tbk PT		4,000		4,425
Indofood Sukses Makmur Tbk PT		9,400		5,382
Jasa Marga Persero Tbk PT		6,000		3,296
Kalbe Farma Tbk PT		70,000		9,776
Lippo Karawaci Tbk PT		44,400		4,054
Matahari Department Store Tbk PT		4,000		5,524
Media Nusantara Citra Tbk PT		16,000		3,899
Semen Indonesia Persero Tbk PT		8,000		9,207
Surya Citra Media Tbk PT		14,000		3,954
Tower Bersama Infrastructure Tbk PT		6,000		4,306
Unilever Indonesia Tbk PT		4,000		11,141
				142,634
MALAYSIA — 3.43%
Axiata Group Bhd		6,200		12,317
British American Tobacco Malaysia Bhd		200		3,835
Bumi Armada Bhda		7,200		2,277
Dialog Group Bhd		10,886		4,923
DiGi.Com Bhd		5,400		9,514
Felda Global Ventures Holdings Bhd		3,400		2,189
Gamuda Bhd		4,500		6,568
Genting Bhd		3,200		7,858
Genting Plantations Bhd		800		2,308
IHH Healthcare Bhd		6,000		9,273
IJM Corp. Bhd		1,400		2,789
IOI Corp. Bhd		7,800		10,194
Kuala Lumpur Kepong Bhd		1,600		10,078
Malaysia Airports Holdings Bhd		1,600		3,263
MISC Bhd		3,200		7,476
Petronas Dagangan Bhd		600		3,260
Petronas Gas Bhd		1,400		8,958
PPB Group Bhd		1,200		4,855
Public Bank Bhd		7,260		36,904
Sapurakencana Petroleum Bhd		10,400		8,224
Tenaga Nasional Bhd		8,200		33,492
				190,555

34 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS GROWTH ETF

February 28, 2015

Security	Shares		Value
MEXICO — 4.57%
Alfa SAB de CV Series Aa		7,400	$	16,030
America Movil SAB de CV Series L		44,400		47,512
Cemex SAB de CV CPOa		16,200		16,415
El Puerto de Liverpool SAB de CV Series C1a		600		6,778
Genomma Lab Internacional SAB de CV Series Ba,c		2,200		2,401
Gentera SAB de CVa		3,000		5,750
Gruma SAB de CV Series B		600		7,349
Grupo Bimbo SAB de CVa		4,800		13,554
Grupo Carso SAB de CV Series A1		1,000		4,513
Grupo Financiero Banorte SAB de CV Series O		2,400		13,032
Grupo Financiero Inbursa SAB de CV Series O		6,000		16,846
Grupo Televisa SAB CPOa		7,200		48,929
Mexichem SAB de CV		2,600		7,578
Minera Frisco SAB de CV Series A1a		1,800		2,396
Promotora y Operadora de Infraestructura SAB de CVa		800		9,578
Wal-Mart de Mexico SAB de CV Series V		14,400		35,239
				253,900
PERU — 0.44%
Credicorp Ltd.		124		18,007
Southern Copper Corp.		226		6,728
				24,735
PHILIPPINES — 1.27%
Alliance Global Group Inc.		5,000		2,699
Ayala Corp.		600		9,757
Ayala Land Inc.		16,000		13,155
BDO Unibank Inc.		2,160		5,438
DMCI Holdings Inc.		20,000		7,167
Energy Development Corp.		26,600		5,339
International Container Terminal Services Inc.		1,400		3,560
Jollibee Foods Corp.		1,240		6,182
SM Investments Corp.		148		2,954
SM Prime Holdings Inc.		7,200		3,227
Universal Robina Corp.		2,200		10,878
				70,356
POLAND — 1.41%
Alior Bank SAa		118		2,640

Security	Shares		Value
Bank Millennium SA		1,094	$	2,084
Bank Pekao SA		232		11,634
Bank Zachodni WBK SA		98		8,873
CCC SA		84		4,124
Cyfrowy Polsat SA		644		4,191
Eurocash SA		200		1,805
Grupa Azoty SA		124		2,580
LPP SA		2		3,908
mBank		40		4,944
Polski Koncern Naftowy Orlen SA		674		9,948
Powszechna Kasa Oszczednosci Bank Polski SA		2,472		21,779
				78,510
QATAR — 0.88%
Gulf International Services QSC		138		3,615
Masraf Al Rayan		1,066		14,081
Qatar National Bank SAQ		462		25,793
Vodafone Qatar QSC		1,164		5,667
				49,156
RUSSIA — 3.23%
Alrosa AO		5,000		5,682
Lukoil OAO		200		9,692
Lukoil OAO ADR (London)		200		9,680
Magnit PJSC GDRd		748		35,657
Mobile TeleSystems OJSC ADR		1,474		14,593
Moscow Exchange MICEX-RTS OAO		2,500		3,106
NOVATEK OAO GDRd		260		21,801
Rosneft OAO		780		3,355
Rostelecom OJSC		3,420		4,993
Sberbank of Russia		29,060		35,724
Severstal PAO		380		4,255
Tatneft OAO Class S		1,920		9,904
Uralkali PJSC		1,070		2,960
Uralkali PJSC GDRd		214		3,000
VTB Bank OJSC		13,960,000		15,411
				179,813
SOUTH AFRICA — 8.48%
Anglo American Platinum Ltd.a		150		4,781
Aspen Pharmacare Holdings Ltd.		810		28,763
Bidvest Group Ltd. (The)		853		23,547
Brait SEa		1,038		6,967
Coronation Fund Managers Ltd.		704		6,245
Discovery Ltd.		1,046		10,753
FirstRand Ltd.		8,672		39,814
Foschini Group Ltd. (The)		576		8,176

CONSOLIDATED SCHEDULESOF INVESTMENTS 35

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS GROWTH ETF

February 28, 2015

Security	Shares		Value
Life Healthcare Group Holdings Ltd.		2,630	$	10,224
Massmart Holdings Ltd.		160		2,289
Mediclinic International Ltd.		1,042		11,014
Mr. Price Group Ltd.		692		16,019
Nampak Ltd.		1,646		5,747
Naspers Ltd. Class N		1,066		156,634
Netcare Ltd.		2,136		7,528
Pick n Pay Stores Ltd.		754		3,418
Rand Merchant Insurance Holdings Ltd.		1,164		4,495
Remgro Ltd.		1,278		30,379
Resilient Property Income Fund Ltd.		616		4,956
RMB Holdings Ltd.		2,064		12,023
Sanlam Ltd.		5,160		33,476
Sappi Ltd.a		985		4,142
Shoprite Holdings Ltd.		810		11,539
SPAR Group Ltd. (The)		516		7,911
Woolworths Holdings Ltd./South Africa		2,662		20,539
				471,379
SOUTH KOREA — 15.69%
AmorePacific Corp.		10		26,012
AmorePacific Group		8		9,738
Celltrion Inc.a		187		11,160
Cheil Industries Inc.a		44		6,494
Cheil Worldwide Inc.a		180		3,428
CJ CheilJedang Corp.		24		7,817
CJ Corp.		44		6,955
CJ Korea Express Co. Ltd.a		24		3,958
Coway Co. Ltd.		132		10,367
Daewoo Engineering & Construction Co. Ltd.a		420		3,027
Daewoo International Corp.		100		2,642
Daewoo Securities Co. Ltd.a		420		4,075
Daum Kakao Corp.		50		6,064
Doosan Infracore Co. Ltd.a		370		4,349
Halla Visteon Climate Control Corp.a		80		3,123
Hankook Tire Co. Ltd.		198		8,659
Hotel Shilla Co. Ltd.		84		7,577
Hyundai Glovis Co. Ltd.		48		10,430
Hyundai Mipo Dockyard Co. Ltd.a		18		1,261
Hyundai Wia Corp.		44		5,633
Kangwon Land Inc.		208		6,443
KEPCO Plant Service & Engineering Co. Ltd.		70		5,880

Security	Shares		Value
Korea Aerospace Industries Ltd.		134	$	6,153
Korea Electric Power Corp.		454		18,490
Korea Gas Corp.		81		3,129
Korea Investment Holdings Co. Ltd.		100		4,975
Korea Zinc Co. Ltd.		26		9,701
Korean Air Lines Co. Ltd.a		124		5,672
LG Display Co. Ltd.		700		21,685
LG Electronics Inc.		302		17,005
LG Household & Health Care Ltd.		26		15,872
LG Innotek Co. Ltd.		30		2,870
Lotte Confectionery Co. Ltd.		2		3,315
NAVER Corp.		74		44,567
NCsoft Corp.		40		6,505
OCI Co. Ltd.a		50		4,464
Orion Corp./Republic of Korea		8		7,027
Paradise Co. Ltd.		154		2,968
S-1 Corp.		48		3,499
Samsung C&T Corp.		329		18,165
Samsung Electronics Co. Ltd.		298		368,444
Samsung Fire & Marine Insurance Co. Ltd.		91		21,143
Samsung Life Insurance Co. Ltd.		164		14,883
Samsung SDI Co. Ltd.		150		18,655
Samsung SDS Co. Ltd.		74		19,519
Samsung Securities Co. Ltd.		58		2,521
SK C&C Co. Ltd.		52		10,281
SK Hynix Inc.		1,554		65,980
				872,580
TAIWAN — 12.08%
Acer Inc.a		4,344		2,843
Advantech Co. Ltd.		2,000		15,284
AU Optronics Corp.		12,000		6,324
Catcher Technology Co. Ltd.		2,000		18,277
Cathay Financial Holding Co. Ltd.		23,920		36,407
Chailease Holding Co. Ltd.		2,420		5,887
Chang Hwa Commercial Bank Ltd.		20,000		11,750
China Airlines Ltd.a		10,000		4,904
China Steel Corp.		14,560		12,100
CTBC Financial Holding Co. Ltd.		10,000		6,655
Delta Electronics Inc.		6,000		38,784
E.Sun Financial Holding Co. Ltd.		16,000		9,986
Epistar Corp.		2,000		3,827
EVA Airways Corp.a		6,883		5,041
Evergreen Marine Corp. Taiwan Ltd.a		10,000		7,340
Formosa Chemicals & Fibre Corp.		10,000		22,417

36 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS GROWTH ETF

February 28, 2015

Security	Shares		Value
Formosa Petrochemical Corp.		2,000	$	4,381
Highwealth Construction Corp.		2,000		4,260
Hiwin Technologies Corp.		52		420
HTC Corp.a		2,000		9,744
Innolux Corp.		12,000		6,152
MediaTek Inc.		4,000		60,245
President Chain Store Corp.		2,000		15,539
Standard Foods Corp.		2,507		5,939
Taiwan Business Banka		30,000		8,913
Taiwan Semiconductor Manufacturing Co. Ltd.		66,000		316,287
Uni-President Enterprises Corp.		13,483		22,668
Vanguard International Semiconductor Corp.		2,000		3,484
Yang Ming Marine Transport Corp.a		6,000		3,248
Yulon Motor Co. Ltd.		2,000		2,859
				671,965
THAILAND — 2.40%
Advanced Info Service PCL NVDR		2,800		20,179
Airports of Thailand PCL NVDR		1,400		13,381
Bangkok Dusit Medical Services PCL NVDR		10,000		6,650
Bumrungrad Hospital PCL NVDR		1,200		5,772
Central Pattana PCL NVDR		4,400		5,988
Charoen Pokphand Foods PCL NVDR		5,600		4,140
CP ALL PCL NVDR		12,800		15,837
Glow Energy PCL NVDR		1,400		3,692
Home Product Center PCL NVDR		13,799		3,649
Indorama Ventures PCL NVDR		4,200		3,378
IRPC PCL NVDR		30,000		4,138
Kasikornbank PCL Foreign		3,000		20,043
Minor International PCL NVDRc		4,800		5,048
Siam Commercial Bank PCL (The) NVDR		2,400		12,583
TMB Bank PCL NVDR		34,800		3,251
True Corp. PCL NVDRa		12,376		5,589
				133,318
TURKEY — 1.48%
Akbank TAS		3,174		10,349
Anadolu Efes Biracilik ve Malt Sanayii ASa		198		1,614
BIM Birlesik Magazalar AS		620		11,586
Coca-Cola Icecek AS		196		3,799
Eregli Demir ve Celik Fabrikalari TAS		1,332		2,235

Security	Shares		Value
Haci Omer Sabanci Holding AS		1,049	$	4,038
TAV Havalimanlari Holding AS		512		4,082
Tupras Turkiye Petrol Rafinerileri AS		206		4,341
Turk Hava Yollaria		586		2,109
Turk Telekomunikasyon AS		1,620		4,696
Turkcell Iletisim Hizmetleri ASa		1,274		6,661
Turkiye Garanti Bankasi AS		6,594		23,544
Ulker Biskuvi Sanayi AS		386		2,985
				82,039
UNITED ARAB EMIRATES — 0.55%
Abu Dhabi Commercial Bank PJSC		339		711
Arabtec Holding PJSCa		5,606		4,823
DP World Ltd.		189		4,007
Dubai Financial Market		6,389		3,427
Dubai Islamic Bank PJSC		2,082		3,798
Emaar Properties PJSC		6,774		13,925
				30,691
TOTAL COMMON STOCKS
(Cost: $4,771,109)				5,352,749
PREFERRED STOCKS — 3.37%
BRAZIL — 2.66%
Banco Bradesco SA		2,070		27,220
Cia. Brasileira de Distribuicao		400		13,591
Itau Unibanco Holding SA		7,442		94,998
Lojas Americanas SA		1,500		8,755
Suzano Papel e Celulose SA Class A		800		3,374
				147,938
CHILE — 0.12%
Sociedad Quimica y Minera de Chile SA Series B		262		6,734
				6,734
COLOMBIA — 0.38%
Banco Davivienda SA		342		3,620
Bancolombia SA		1,202		12,434
Grupo Aval Acciones y Valores		10,148		4,984
				21,038
RUSSIA — 0.21%
AK Transneft OAO		4		8,931
Sberbank of Russia		3,400		2,957
				11,888
TOTAL PREFERRED STOCKS
(Cost: $240,498)				187,598

CONSOLIDATED SCHEDULESOF INVESTMENTS 37

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS GROWTH ETF

February 28, 2015

Security	Shares		Value
RIGHTS — 0.01%
MALAYSIA — 0.00%
Malaysia Airports Holdings Bhda		320	$	168
				168
SOUTH KOREA — 0.01%
Korean Air Lines Co. Ltd.a		23		299
				299
TOTAL RIGHTS
(Cost: $0)				467
SHORT-TERM INVESTMENTS — 1.75%
MONEY MARKET FUNDS — 1.75%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%e,f,g		91,860		91,860
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%e,f,g		5,361		5,361
				97,221
TOTAL SHORT-TERM INVESTMENTS
(Cost: $97,221)				97,221
TOTAL INVESTMENTS IN SECURITIES — 101.39%
(Cost: $5,108,828)				5,638,035
Other Assets, Less Liabilities — (1.39)%				(77,565	)
NET ASSETS — 100.00%			$	5,560,470

ADR  —  American Depositary Receipts

CPO  —  Certificates of Participation (Ordinary)

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated 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.

38 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 97.56%
BRAZIL — 3.78%
Ambev SA		1,892,800	$	12,140,505
BRF SA		145,600		3,280,818
CCR SA		182,000		1,061,059
Cielo SA		1,168,440		18,270,220
EcoRodovias Infraestrutura e Logistica SA		618,800		2,280,991
Estacio Participacoes SA		145,600		982,769
Kroton Educacional SA		436,800		1,587,197
Natura Cosmeticos SA		293,000		2,881,480
Souza Cruz SA		1,019,200		9,039,436
TOTVS SA		622,400		7,468,321
Tractebel Energia SA		800,800		9,354,126
Transmissora Alianca de Energia Eletrica SA Units		622,200		4,554,408
Ultrapar Participacoes SA		364,400		7,592,968
				80,494,298
CHILE — 4.26%
AES Gener SA		5,854,212		3,122,973
Aguas Andinas SA Series A		22,960,392		13,648,899
Banco de Chile		216,468,252		25,293,040
Banco de Credito e Inversiones		145,236		6,711,322
Cia. Cervecerias Unidas SA		293,020		2,777,635
Colbun SA		49,413,000		13,881,166
CorpBanca SA		174,275,192		2,106,005
Empresa Nacional de Electricidad SA/Chile		8,470,644		12,729,935
Empresas COPEC SA		175,812		2,061,946
ENTEL Chile SA		97,245		1,023,082
SACI Falabella		266,448		1,935,580
Vina Concha y Toro SA		2,734,732		5,450,644
				90,742,227
CHINA — 23.75%
AAC Technologies Holdings Inc.a		1,092,000		7,230,296
Agricultural Bank of China Ltd. Class H		15,288,000		7,589,347
Bank of China Ltd. Class H		41,496,000		23,863,497
Bank of Communications Co. Ltd. Class H		2,562,000		2,210,030
Beijing Enterprises Holdings Ltd.		2,002,000		14,868,924

Security	Shares		Value
Beijing Enterprises Water Group Ltd.		9,464,000	$	5,881,861
China CITIC Bank Corp. Ltd. Class H		4,004,000		3,035,739
China Communications Services Corp. Ltd. Class H		13,104,000		6,015,156
China Construction Bank Corp. Class H		21,112,000		17,558,285
China Everbright Bank Co. Ltd. Class H		14,560,000		7,678,523
China Gas Holdings Ltd.		3,640,000		5,660,329
China Life Insurance Co. Ltd. Class H		1,464,000		6,276,618
China Medical System Holdings Ltd.		4,368,000		7,231,704
China Mengniu Dairy Co. Ltd.		2,562,000		11,562,192
China Merchants Holdings International Co. Ltd.a		728,000		2,769,149
China Minsheng Banking Corp. Ltd. Class H		1,274,100		1,539,345
China Mobile Ltd.		2,563,000		34,832,305
China Pacific Insurance Group Co. Ltd. Class H		728,000		3,801,714
China Petroleum & Chemical Corp. Class H		13,566,000		11,369,940
China Resources Enterprise Ltd.a		732,000		1,527,153
China Resources Gas Group Ltd.a		8,008,000		19,804,581
China Resources Power Holdings Co. Ltd.		3,640,000		9,645,088
China Telecom Corp. Ltd. Class H		7,324,000		4,740,728
China Vanke Co. Ltd. Class Ha,b		1,098,576		2,521,408
CSPC Pharmaceutical Group Ltd.		5,824,000		4,761,060
ENN Energy Holdings Ltd.		332,000		1,761,574
Guangdong Investment Ltd.		12,376,000		15,941,853
Haier Electronics Group Co. Ltd.		1,145,000		3,019,199
Hanergy Thin Film Power Group Ltd.a,b		33,488,000		19,517,341
Hengan International Group Co. Ltd.		1,831,000		21,000,387

CONSOLIDATED SCHEDULESOF INVESTMENTS 39

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

February 28, 2015

Security	Shares		Value
Huaneng Power International Inc. Class H		1,456,000	$	1,830,455
Industrial & Commercial Bank of China Ltd. Class H		18,928,000		13,813,832
Inner Mongolia Yitai Coal Co. Ltd. Class B		4,695,627		6,381,357
Jiangsu Expressway Co. Ltd. Class H		11,716,000		14,457,204
Kunlun Energy Co. Ltd.a		3,714,000		3,653,923
Lenovo Group Ltd.a		15,516,000		23,927,865
PetroChina Co. Ltd. Class H		3,646,000		4,231,089
Semiconductor Manufacturing International Corp.b		20,384,000		1,787,275
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		1,456,000		1,199,652
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		6,988,800		14,598,580
Shenzhou International Group Holdings Ltd.		3,640,000		14,408,964
Sihuan Pharmaceutical Holdings Group Ltd.a		10,556,000		6,288,316
Sino Biopharmaceutical Ltd.		11,696,000		11,114,703
Sinopec Engineering Group Co. Ltd. Class H		1,820,000		1,476,097
Sinopharm Group Co. Ltd. Class H		436,800		1,529,134
SOHO China Ltd.		16,198,000		11,591,706
Sun Art Retail Group Ltd.a		25,116,000		22,539,938
Tencent Holdings Ltd.		1,055,600		18,497,449
Tingyi Cayman Islands Holding Corp.a		6,044,000		15,196,797
Tsingtao Brewery Co. Ltd. Class H		1,002,000		6,337,234
Uni-President China Holdings Ltd.		3,276,000		2,576,717
Want Want China Holdings Ltd.a		2,184,000		2,407,752
Zhejiang Expressway Co. Ltd. Class H		13,832,000		17,014,781
ZTE Corp. Class H		1,674,400		3,730,748
				505,806,894
COLOMBIA — 0.79%
Almacenes Exito SA		420,056		4,159,837

Security	Shares		Value
Corp. Financiera Colombiana SA		225,757	$	3,394,257
Corp. Financiera Colombiana SA Newb		3,857		57,371
Ecopetrol SA		6,850,480		5,726,632
Grupo Argos SA/Colombia		455,728		3,471,615
				16,809,712
CZECH REPUBLIC — 0.52%
CEZ AS		152,152		3,856,217
O2 Czech Republic AS		857,584		7,278,841
				11,135,058
EGYPT — 0.74%
Commercial International Bank Egypt SAE		2,037,866		14,753,732
Telecom Egypt Co.		693,944		1,061,373
				15,815,105
HUNGARY — 0.07%
Richter Gedeon Nyrt		104,104		1,514,369
				1,514,369
INDIA — 2.46%
Cipla Ltd.		158,340		1,747,363
Dabur India Ltd.		3,243,240		13,832,507
Divi’s Laboratories Ltd.		199,108		5,544,774
Dr. Reddy’s Laboratories Ltd.		126,672		6,864,022
Hindustan Unilever Ltd.		256,256		3,773,458
Infosys Ltd.		41,860		1,555,366
Sun Pharmaceuticals Industries Ltd.		627,900		9,255,188
Tata Consultancy Services Ltd.		54,964		2,379,135
Wipro Ltd.		696,332		7,426,940
				52,378,753
INDONESIA — 4.96%
Astra Agro Lestari Tbk PT		1,820,000		3,471,025
Bank Central Asia Tbk PT		29,047,200		31,687,855
Bank Danamon Indonesia Tbk PT		15,761,200		5,853,289
Bank Mandiri Persero Tbk PT		8,517,600		7,908,023
Bank Negara Indonesia Persero Tbk PT		8,299,200		4,414,468
Indocement Tunggal Prakarsa Tbk PT		585,400		1,089,274
Indofood Sukses Makmur Tbk PT		8,190,000		4,689,052
Jasa Marga Persero Tbk PT		21,403,200		11,757,271

40 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

February 28, 2015

Security	Shares		Value
Kalbe Farma Tbk PT		20,311,200	$	2,836,496
Perusahaan Gas Negara Persero Tbk PT		5,096,000		2,050,228
Telekomunikasi Indonesia Persero Tbk PT		62,426,000		14,175,653
Unilever Indonesia Tbk PT		5,605,600		15,613,277
				105,545,911
MALAYSIA — 8.46%
Astro Malaysia Holdings Bhd		1,170,600		1,062,115
Axiata Group Bhda		10,264,800		20,392,888
Berjaya Sports Toto Bhd		1,310,497		1,221,773
DiGi.Com Bhd		1,601,600		2,821,909
Hong Leong Bank Bhd		4,186,000		16,678,957
IHH Healthcare Bhd		17,362,800		26,834,294
Malayan Banking Bhd		10,556,000		26,946,504
Maxis Bhda		10,774,400		21,076,448
Petronas Chemicals Group Bhda		3,640,000		5,524,639
Petronas Dagangan Bhda		291,200		1,582,047
Petronas Gas Bhda		1,820,000		11,645,172
Public Bank Bhd		5,642,080		28,680,051
Sime Darby Bhd		2,599,400		6,729,301
Telekom Malaysia Bhd		1,674,400		3,307,916
Tenaga Nasional Bhd		1,383,200		5,649,474
				180,153,488
MEXICO — 2.32%
Arca Continental SAB de CVb		1,093,600		6,932,277
Coca-Cola Femsa SAB de CV Series L		327,600		2,828,157
El Puerto de Liverpool SAB de CV Series C1b		1,747,200		19,736,629
Fibra Uno Administracion SA de CV		728,000		2,041,536
Grupo Aeroportuario del Pacifico SAB de CV Series B		800,800		5,428,109
Grupo Aeroportuario del Sureste SAB de CV Series Bb		254,800		3,493,957
Grupo Bimbo SAB de CVb		364,000		1,027,828
Wal-Mart de Mexico SAB de CV Series V		3,203,200		7,838,756
				49,327,249
PERU — 1.25%
Cia. de Minas Buenaventura SA ADR		230,048		2,663,956
Credicorp Ltd.		164,528		23,892,756
				26,556,712

Security	Shares		Value
PHILIPPINES — 3.97%
Aboitiz Power Corp.		11,029,200	$	11,106,747
Bank of the Philippine Islands		6,908,724		15,113,323
BDO Unibank Inc.		3,214,120		8,091,797
International Container Terminal Services Inc.		3,745,560		9,523,186
Jollibee Foods Corp.		1,787,250		8,909,901
Metropolitan Bank & Trust Co.		2,895,210		6,077,380
Philippine Long Distance Telephone Co.		358,544		25,713,680
				84,536,014
POLAND — 0.24%
Bank Zachodni WBK SA		45,136		4,086,472
PGE Polska Grupa Energetyczna SA		172,900		968,201
				5,054,673
QATAR — 2.69%
Commercial Bank of Qatar QSC (The)		541,632		10,262,971
Doha Bank QSC		269,724		4,303,437
Industries Qatar QSC		86,996		3,702,974
Masraf Al Rayan		78,988		1,043,340
Ooredoo QSC		157,248		4,944,363
Qatar Electricity & Water Co. QSC		284,284		14,871,921
Qatar Islamic Bank SAQ		335,972		9,567,567
Qatar National Bank SAQ		133,952		7,478,358
Vodafone Qatar QSC		202,748		987,154
				57,162,085
RUSSIA — 0.37%
Lukoil OAO		41,239		1,998,430
Lukoil OAO ADR (London)		41,724		2,019,442
Rosneft OAO		906,120		3,897,030
				7,914,902
SOUTH AFRICA — 5.55%
Aspen Pharmacare Holdings Ltd.		143,052		5,079,801
Bidvest Group Ltd. (The)		206,521		5,700,993
Discovery Ltd.		440,804		4,531,358
Foschini Group Ltd. (The)		193,648		2,748,927
Liberty Holdings Ltd.		378,196		4,587,813
Life Healthcare Group Holdings Ltd.		2,252,068		8,754,714
Mediclinic International Ltd.		145,964		1,542,812

CONSOLIDATED SCHEDULESOF INVESTMENTS 41

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

February 28, 2015

Security	Shares		Value
Mr. Price Group Ltd.		165,984	$	3,842,288
MTN Group Ltd.		61,516		1,090,849
Nedbank Group Ltd.		421,148		9,245,523
Pick n Pay Stores Ltd.		954,772		4,327,732
PPC Ltd.		1,116,388		1,735,944
Redefine Properties Ltd.		8,597,680		8,735,650
Sasol Ltd.		110,656		4,023,613
Shoprite Holdings Ltd.		596,232		8,493,479
SPAR Group Ltd. (The)		436,436		6,690,920
Standard Bank Group Ltd.		1,835,652		24,024,310
Tiger Brands Ltd.		132,860		3,961,971
Tsogo Sun Holdings Ltd.		383,656		934,365
Vodacom Group Ltd.		703,976		8,203,891
				118,256,953
SOUTH KOREA — 8.89%
AmorePacific Corp.		4,732		12,309,107
AmorePacific Group		5,824		7,089,303
CJ CheilJedang Corp.		13,468		4,386,871
Dongbu Insurance Co. Ltd.		261,716		12,638,101
E-Mart Co. Ltd.		14,924		2,916,676
Hyundai Marine & Fire Insurance Co. Ltd.a		458,541		11,384,668
Hyundai Wia Corp.		13,104		1,677,474
Kangwon Land Inc.		398,944		12,358,522
KEPCO Plant Service & Engineering Co. Ltd.		26,208		2,201,611
Korea Electric Power Corp.		128,492		5,233,103
KT Corp.b		182,728		5,094,508
KT&G Corp.		279,552		20,376,439
Lotte Shopping Co. Ltd.		9,828		2,238,622
NAVER Corp.		3,190		1,921,179
Orion Corp./Republic of Korea		9,100		7,992,711
S-1 Corp.		164,892		12,018,915
Samsung Electronics Co. Ltd.		7,344		9,080,049
Samsung Fire & Marine Insurance Co. Ltd.		51,324		11,924,395
Samsung Life Insurance Co. Ltd.		119,028		10,801,502
SK C&C Co. Ltd.		44,772		8,852,010
SK Telecom Co. Ltd.		59,332		15,487,785
Yuhan Corp.		72,576		11,307,454
				189,291,005
TAIWAN — 17.89%
Advanced Semiconductor Engineering Inc.		1,465,000		1,973,237

Security	Shares		Value
Advantech Co. Ltd.		1,456,481	$	11,130,566
Asia Cement Corp.		10,350,125		12,754,333
ASUSTeK Computer Inc.		865,000		8,992,915
Chicony Electronics Co. Ltd.		2,924,960		8,130,839
China Airlines Ltd.b		19,656,828		9,639,075
China Steel Corp.		18,200,517		15,126,047
Chunghwa Telecom Co. Ltd.		10,556,000		33,007,457
Delta Electronics Inc.		1,460,000		9,437,351
EVA Airways Corp.b		3,361,899		2,462,145
Far EasTone Telecommunications Co. Ltd.		10,285,000		25,413,660
First Financial Holding Co. Ltd.		15,652,119		9,245,241
Formosa Chemicals & Fibre Corp.		364,300		816,644
Formosa International Hotels Corp.		364,000		3,807,483
Formosa Petrochemical Corp.		3,640,000		7,974,272
Formosa Plastics Corp.		3,071,840		7,580,564
Formosa Taffeta Co. Ltd.		5,490,000		5,803,789
Foxconn Technology Co. Ltd.		3,640,850		9,367,320
Hon Hai Precision Industry Co. Ltd.		1,820,000		5,047,668
HTC Corp.b		2,548,000		12,413,437
Hua Nan Financial Holdings Co. Ltd.		23,971,474		13,739,422
Kinsus Interconnect Technology Corp.		2,184,000		7,058,621
Lite-On Technology Corp.		12,376,511		15,724,337
MediaTek Inc.		364,000		5,482,312
Novatek Microelectronics Corp.		200,000		1,076,262
President Chain Store Corp.		1,464,000		11,374,495
Quanta Computer Inc.		364,000		920,287
ScinoPharm Taiwan Ltd.		2,184,814		3,360,182
Standard Foods Corp.		799,400		1,893,818
Synnex Technology International Corp.		7,280,000		10,628,499
Taiwan Cement Corp.		5,460,000		7,467,187
Taiwan Cooperative Financial Holding Co. Ltd.		42,224,769		21,714,059
Taiwan Mobile Co. Ltd.		8,054,000		27,569,018
Taiwan Semiconductor Manufacturing Co. Ltd.		7,280,000		34,887,438
Transcend Information Inc.		2,184,000		7,197,707
U-Ming Marine Transport Corp.		4,732,000		7,164,674
United Microelectronics Corp.		4,368,000		2,225,378

42 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS MINIMUM VOLATILITY ETF

February 28, 2015

Security	Shares		Value
WPG Holdings Ltd.		1,092,000	$	1,401,293
				381,009,032
THAILAND — 2.29%
Advanced Info Service PCL NVDR		1,020,900		7,357,553
Bangkok Bank PCL NVDR		873,600		4,944,906
Bangkok Dusit Medical Services PCL NVDRa		12,430,200		8,266,295
BTS Group Holdings PCL NVDR		3,348,800		994,385
CP ALL PCL NVDR		8,476,100		10,486,978
Kasikornbank PCL NVDR		820,500		5,507,222
PTT Exploration & Production PCL NVDR		869,400		3,038,732
PTT PCL NVDR		774,100		8,212,691
				48,808,762
UNITED ARAB EMIRATES — 2.31%
Abu Dhabi Commercial Bank PJSC		1,173,536		2,460,344
DP World Ltd.		594,048		12,593,818
First Gulf Bank PJSC		3,063,424		14,888,603
National Bank of Abu Dhabi PJSC		5,187,364		19,279,155
				49,221,920
TOTAL COMMON STOCKS
(Cost: $2,014,161,787)				2,077,535,122
PREFERRED STOCKS — 1.96%
BRAZIL — 0.28%
AES Tiete SA		846,400		5,120,996
Cia. Energetica de Minas Gerais		182,085		826,574
				5,947,570
COLOMBIA — 1.27%
Banco Davivienda SA		889,252		9,412,413
Grupo Argos SA/Colombia		481,208		3,588,542
Grupo de Inversiones Suramericana SA		1,005,732		14,072,780
				27,073,735
RUSSIA — 0.35%
AK Transneft OAO		1,899		4,239,815
Surgutneftegas OAO		5,023,200		3,144,871
				7,384,686

Security	Shares		Value
SOUTH KOREA — 0.06%
Samsung Electronics Co. Ltd.		1,456	$	1,390,267
				1,390,267
TOTAL PREFERRED STOCKS
(Cost: $54,281,066)				41,796,258
SHORT-TERM INVESTMENTS — 3.57%
MONEY MARKET FUNDS — 3.57%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		67,133,649		67,133,649
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		3,918,081		3,918,081
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		4,970,642		4,970,642
				76,022,372
TOTAL SHORT-TERM INVESTMENTS
(Cost: $76,022,372)				76,022,372
TOTAL INVESTMENTS IN SECURITIES — 103.09%
(Cost: $2,144,465,225)				2,195,353,752
Other Assets, Less Liabilities — (3.09)%				(65,815,861	)
NET ASSETS — 100.00%			$	2,129,537,891

ADR  —  American Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

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

^b  Non-income earning security.

^c  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, 2015

Security	Shares		Value
COMMON STOCKS — 99.15%
BRAZIL — 3.40%
Aliansce Shopping Centers SA		12,500	$	71,257
ALL – America Latina Logistica SA		52,400		102,258
Alupar Investimento SA Units		10,900		69,761
Arezzo Industria e Comercio SA		5,700		50,634
Banco ABC Brasil SAa		182		748
BR Properties SA		20,000		81,067
Brasil Brokers Participacoes SA		37,200		38,379
Brasil Insurance Participacoes e Administracao SA		21,900		23,743
Brasil Pharma SAa		40,800		13,984
Cia. de Saneamento de Minas Gerais-COPASA		6,500		45,738
Cia. Hering		16,800		104,642
Direcional Engenharia SA		13,100		25,702
Equatorial Energia SA		20,542		199,073
Eternit SA		51,100		54,865
Even Construtora e Incorporadora SA		29,600		47,516
EZ TEC Empreendimentos e Participacoes SA		8,500		52,617
Fleury SA		9,700		46,849
Gafisa SA		37,800		27,762
Helbor Empreendimentos SA		20,740		28,941
Iguatemi Empresa de Shopping Centers SA		10,300		98,160
International Meal Co. Holdings SA		11,000		27,122
Iochpe-Maxion SA		9,500		40,201
JSL SA		9,400		37,148
Light SA		6,400		31,246
Linx SA		4,000		61,552
LPS Brasil Consultoria de Imoveis SA		13,900		29,459
Marfrig Global Foods SAa		36,000		60,685
Marisa Lojas SA		8,000		41,828
Mills Estruturas e Servicos de Engenharia SA		23,500		55,887
MRV Engenharia e Participacoes SA		36,400		86,565
Multiplus SA		6,400		78,272
PDG Realty SA Empreendimentos e Participacoesa		138,200		22,716
Restoque Comercio e Confeccoes de Roupas SA		14,900		37,780
Santos Brasil Participacoes SA Units		4,400		18,866
Sao Martinho SA		5,900		78,409

Security	Shares		Value
SLC Agricola SA		7,600	$	36,706
Smiles SA		10,800		179,525
Tecnisa SA		16,500		21,236
Tegma Gestao Logistica		5,400		26,440
TPI – Triunfo Participacoes e Investimentos SAa		12,800		17,682
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		8,000		116,054
Vanguarda Agro SAa		66,810		21,964
Vanguarda Agro SA Newa		15,219		4,950
				2,315,989
CHILE — 1.13%
Administradora de Fondos de Pensiones Habitat SA		24,998		36,531
Besalco SA		96,399		55,881
Cia. Sud Americana de Vapores SAa		1,887,421		77,902
E.CL SA		76,993		127,176
Inversiones Aguas Metropolitanas SA		55,181		88,448
Inversiones La Construccion SA		2,987		37,049
Parque Arauco SA		84,409		166,091
Ripley Corp. SA		80,011		39,959
SalfaCorp SA		86,221		64,780
Sociedad Matriz SAAM SA		948,276		75,193
				769,010
CHINA — 19.88%
361 Degrees International Ltd.		195,000		58,082
Agile Property Holdings Ltd.		220,000		130,773
Ajisen China Holdings Ltd.		142,000		86,605
Anhui Expressway Co. Ltd. Class H		136,000		94,695
Anton Oilfield Services Group/Hong Kongb		198,000		39,572
Anxin-China Holdings Ltd.b		764,000		48,271
Asia Cement China Holdings Corp.		121,500		65,172
Asian Citrus Holdings Ltd.a		312,000		34,195
Beijing Capital Land Ltd. Class H		254,000		130,350
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		64,000		88,134
Biostime International Holdings Ltd.b		32,000		98,615
Boshiwa International Holding Ltd.a		32,000		619
Bosideng International Holdings Ltd.b		692,000		78,520
BYD Electronic International Co. Ltd.		122,000		136,229
C C Land Holdings Ltd.		424,000		76,540
Carnival Group International Holdings Ltd.a,b		1,062,000		172,539

44 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Central China Securities Co. Ltd. Class Ha,b		70,000	$	65,618
China Animal Healthcare Ltd.b		126,000		71,323
China BlueChemical Ltd. Class H		236,000		94,942
China Datang Corp. Renewable Power Co. Ltd. Class H		642,000		88,575
China Dongxiang Group Co. Ltd.b		555,000		93,031
China High Speed Transmission Equipment Group Co. Ltd.a		142,000		93,379
China Huiyuan Juice Group Ltd.a		109,000		31,342
China Innovationpay Group Ltd.a		648,000		55,146
China Lesso Group Holdings Ltd.		264,000		127,652
China Lilang Ltd.b		109,000		74,911
China LotSynergy Holdings Ltd.		900,000		67,308
China Lumena New Materials Corp.a		210,000		3,385
China Merchants Land Ltd.b		264,000		38,806
China Metal Recycling Holdings Ltd.a		12,000		—
China Modern Dairy Holdings Ltd.a		274,000		99,277
China Oil & Gas Group Ltd.		820,000		112,076
China Overseas Grand Oceans Group Ltd.		116,000		59,679
China Power International Development Ltd.		414,000		215,129
China Power New Energy Development Co. Ltd.a,b		740,000		45,323
China Precious Metal Resources Holdings Co. Ltd.a,b		798,000		61,737
China Rare Earth Holdings Ltd.a,b		544,000		88,382
China Resources and Transportation Group Ltd.a,b		2,400,000		49,514
China Rongsheng Heavy Industries Group Holdings Ltd.a,b		535,500		52,477
China Shanshui Cement Group Ltd.b		253,000		140,276
China Shineway Pharmaceutical Group Ltd.b		56,000		85,349
China Singyes Solar Technologies Holdings Ltd.b		66,000		87,995
China Suntien Green Energy Corp. Ltd. Class H		370,000		72,040
China Travel International Investment Hong Kong Ltd.		414,000		130,252
China Vanadium Titano-Magnetite Mining Co. Ltd.b		731,000		65,037
China Water Affairs Group Ltd.b		224,000		103,401

Security	Shares		Value
China Yurun Food Group Ltd.a,b		281,000	$	107,611
China ZhengTong Auto Services Holdings Ltd.b		136,000		71,547
Chinasoft International Ltd.a		270,000		84,250
Chongqing Machinery & Electric Co. Ltd. Class H		502,000		78,969
CIMC Enric Holdings Ltd.		112,000		82,894
CITIC Dameng Holdings Ltd.a		646,000		59,973
CITIC Resources Holdings Ltd.a,b		412,000		55,780
Comba Telecom Systems Holdings Ltd.		277,300		80,807
Coolpad Group Ltd.		492,000		92,621
COSCO International Holdings Ltd.		262,000		116,550
CT Environmental Group Ltd.b		82,000		82,471
Dah Chong Hong Holdings Ltd.b		147,000		87,948
Dazhong Transportation Group Co. Ltd. Class B		136,700		119,886
Digital China Holdings Ltd.		159,000		154,788
Dongyue Group Ltd.		258,000		90,486
EverChina International Holdings Co. Ltd.a		1,445,000		55,896
Fantasia Holdings Group Co. Ltd.b		466,500		51,129
FDG Electric Vehicles Ltd.a,b		1,240,000		77,545
First Tractor Co. Ltd. Class Hb		112,000		79,139
Fufeng Group Ltd.		209,400		105,031
Golden Eagle Retail Group Ltd.		29,000		35,149
Goldin Properties Holdings Ltd.a,b		176,000		94,633
Greatview Aseptic Packaging Co. Ltd.b		224,000		95,025
Hangzhou Steam Turbine Co. Class B		85,280		98,196
Harbin Electric Co. Ltd. Class H		132,000		90,037
HC International Inc.a,b		64,000		45,222
Hengdeli Holdings Ltd.		553,600		103,504
Hi Sun Technology China Ltd.a		258,000		67,865
Hisense Kelon Electrical Holdings Co. Ltd. Class Ha		62,000		57,320
Hopewell Highway Infrastructure Ltd.		302,500		146,268
Hopson Development Holdings Ltd.a,b		98,000		80,999
Hua Han Bio-Pharmaceutical Holdings Ltd. Class H		645,600		141,516
Huabao International Holdings Ltd.		278,000		210,773
Hunan Nonferrous Metal Corp. Ltd. Class Ha		212,000		110,983

CONSOLIDATED SCHEDULESOF INVESTMENTS 45

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Imperial Pacific International Holdings Ltd.a,b		340,000	$	65,760
Jiangsu Future Land Co. Ltd. Class B		74,700		37,873
Ju Teng International Holdings Ltd.		164,000		96,851
Kaisa Group Holdings Ltd.b		170,000		34,195
Kingdee International Software Group Co. Ltd.a,b		298,000		97,983
KWG Property Holding Ltd.		187,000		121,525
Lao Feng Xiang Co. Ltd. Class B		37,800		121,489
Li Ning Co. Ltd.a,b		192,000		76,003
Lijun International Pharmaceutical Holding Co. Ltd.		314,000		133,609
Lonking Holdings Ltd.		522,000		102,307
Luthai Textile Co. Ltd. Class B		53,200		72,713
MIE Holdings Corp.		316,000		35,449
Mingfa Group International Co. Ltd.a		433,000		146,279
Minth Group Ltd.		88,000		184,727
MMG Ltd.		240,000		71,485
NetDragon Websoft Inc.		38,000		64,579
New World Department Store China Ltd.		188,000		48,240
Nexteer Automotive Group Ltd.		114,000		114,361
North Mining Shares Co. Ltd.a,b		1,450,000		67,308
NVC Lighting Holding Ltd.		108,000		24,509
PAX Global Technology Ltd.a		103,000		93,897
Peak Sport Products Co. Ltd.		276,000		78,649
Phoenix Healthcare Group Co. Ltd.		57,000		96,428
Phoenix Satellite Television Holdings Ltd.b		266,000		79,572
Poly Property Group Co. Ltd.		279,000		135,984
Ports Design Ltd.a,b		226,500		87,908
Renhe Commercial Holdings Co. Ltd.a		2,098,000		94,682
REXLot Holdings Ltd.b		1,100,000		86,520
Shandong Luoxin Pharmaceutical Group Stock Co. Ltd. Class H		48,000		78,974
Shenguan Holdings Group Ltd.		278,000		81,011
Shenzhen Expressway Co. Ltd. Class H		174,000		129,230
Shenzhen International Holdings Ltd.		160,500		224,335
Shenzhen Investment Ltd.		398,000		125,731
Shougang Concord International Enterprises Co. Ltd.a		3,240,000		137,864
Shougang Fushan Resources Group Ltd.		270,000		52,918

Security	Shares		Value
Shunfeng International Clean Energy Ltd.a,b		116,000	$	77,628
Sino Oil And Gas Holdings Ltd.a,b		2,715,000		65,464
Sinopec Kantons Holdings Ltd.b		144,000		107,135
Sinotrans Shipping Ltd.a,b		280,500		60,762
Skyworth Digital Holdings Ltd.b		254,000		181,114
Sound Global Ltd.a,b		80,000		67,978
Springland International Holdings Ltd.		238,000		74,265
Sunac China Holdings Ltd.		207,000		191,641
Sunny Optical Technology Group Co. Ltd.b		92,000		152,079
Superb Summit International Group Ltd.a,b		450,000		84,715
TCL Communication Technology Holdings Ltd.b		83,000		78,661
Tech Pro Technology Development Ltd.a,b		229,600		175,262
Texhong Textile Group Ltd.		55,000		58,933
Tianjin Development Holdings Ltd.		174,000		120,032
Tianjin Port Development Holdings Ltd.		372,000		75,787
Tianneng Power International Ltd.b		278,000		77,068
Tibet 5100 Water Resources Holdings Ltd.b		234,000		79,052
Tong Ren Tang Technologies Co. Ltd. Class H		109,000		134,362
Towngas China Co. Ltd.b		145,000		131,997
TravelSky Technology Ltd. Class H		136,000		146,426
V1 Group Ltd.a		670,000		53,562
Vinda International Holdings Ltd.		50,000		84,972
West China Cement Ltd.		914,000		119,031
Wisdom Holdings Group		126,000		65,149
Xingda International Holdings Ltd.		212,000		61,505
Xinjiang Xinxin Mining Industry Co. Ltd. Class Ha		204,000		37,878
Xinyi Solar Holdings Ltd.b		326,000		96,680
XTEP International Holdings Ltd.b		161,000		53,145
Yanchang Petroleum International Ltd.a,b		1,320,000		49,359
Yingde Gases Group Co. Ltd.		150,000		108,311
Yip’s Chemical Holdings Ltd.		210,000		119,684
Yuexiu REIT		204,000		114,949
Yuexiu Transport Infrastructure Ltd.b		172,000		117,321
Zhaojin Mining Industry Co. Ltd. Class Hb		168,000		101,812

46 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Zhongsheng Group Holdings Ltd.		87,000	$	74,936
				13,524,687
CZECH REPUBLIC — 0.13%
Pegas Nonwovens SA		2,375		67,811
Philip Morris CR AS		42		19,486
				87,297
EGYPT — 0.48%
Orascom Telecom Media And Technology Holding SAE GDRa		379,722		329,978
				329,978
GREECE — 0.67%
Aegean Airlines SAa		3,625		30,495
Ellaktor SAa		17,260		47,625
Frigoglass SAICa		15,844		32,522
Grivalia Properties REIC		5,610		55,374
Hellenic Exchanges – Athens Stock Exchange SA Holding		8,730		61,004
Intralot SA-Integrated Lottery Systems & Servicesa		20,130		40,416
Marfin Investment Group Holdings SAa		106,397		23,629
Metka SA		3,912		40,149
Motor Oil Hellas Corinth Refineries SA		6,691		60,040
Mytilineos Holdings SAa		8,895		62,456
				453,710
HUNGARY — 0.11%
Magyar Telekom Telecommunications PLCa		50,815		72,038
				72,038
INDIA — 9.81%
AIA Engineering Ltd.		7,723		141,802
Amara Raja Batteries Ltd.		10,923		155,384
Amtek Auto Ltd.		15,708		39,089
Andhra Banka		52,100		72,032
Arvind Ltd.		28,416		140,942
Ashok Leyland Ltd.a		195,807		221,295
Bajaj Finance Ltd.		3,074		218,095
Bayer CropScience Ltd./India		1,189		65,688
Berger Paints India Ltd.		33,092		119,909
Bharat Forge Ltd.		15,759		319,833
Biocon Ltd.		13,808		95,386
CESC Ltd.		12,785		122,875
Cox & Kings Ltd.		22,208		115,091

Security	Shares		Value
Cyient Ltd.		16,917	$	150,694
EID Parry India Ltd.a		33,538		95,532
Federal Bank Ltd.		100,073		231,056
Gujarat Fluorochemicals Ltd.		8,684		105,541
Gujarat Gas Co. Ltd.a		7,043		65,205
Gujarat Mineral Development Corp. Ltd.		42,087		79,571
Gujarat Pipavav Port Ltd.a		40,875		143,547
Gujarat State Petronet Ltd.		47,500		90,150
GVK Power & Infrastructure Ltd.a		287,273		46,248
Havells India Ltd.		41,957		183,462
Hexaware Technologies Ltd.		32,206		141,007
Housing Development & Infrastructure Ltd.a		49,906		96,170
IIFL Holdings Ltd.		49,018		137,644
Indiabulls Housing Finance Ltd.		24,159		243,584
Indian Hotels Co. Ltd.a		70,733		128,179
Indraprastha Gas Ltd.		20,001		141,387
Jaiprakash Associates Ltd.a		212,402		87,119
Jammu & Kashmir Bank Ltd. (The)		43,023		79,043
Jindal Saw Ltd.		38,264		48,321
Just Dial Ltd.		4,253		92,657
Manappuram Finance Ltd.		82,057		46,270
MAX India Ltd.		22,746		169,459
MindTree Ltd.		8,034		188,147
MRF Ltd.		237		157,989
Page Industries Ltd.		855		163,561
PI Industries Ltd.		6,003		59,083
PTC India Ltd.		85,292		119,993
Redington India Ltd.		56,216		111,832
Reliance Capital Ltd.		18,543		136,961
SKS Microfinance Ltd.a		19,205		135,822
Sundaram Finance Ltd.		6,783		166,883
Suzlon Energy Ltd.a		149,988		66,130
Syndicate Bank		36,247		69,878
Tata Global Beverages Ltd.		71,816		179,990
Thermax Ltd.		10,018		187,604
Torrent Pharmaceuticals Ltd.		9,472		164,658
TVS Motor Co. Ltd.		25,000		112,592
Voltas Ltd.		26,270		107,962
Wockhardt Ltd.		4,418		113,207
				6,671,559
INDONESIA — 3.57%
Ace Hardware Indonesia Tbk PT		1,240,000		81,068
Agung Podomoro Land Tbk PT		1,351,500		47,995

CONSOLIDATED SCHEDULESOF INVESTMENTS 47

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Alam Sutera Realty Tbk PT		1,734,600	$	89,917
Arwana Citramulia Tbk PT		1,265,700		93,520
Bank Bukopin Tbk PT		1,249,600		76,861
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		308,000		23,353
Bank Tabungan Negara Persero Tbk PT		537,223		44,474
Ciputra Development Tbk PT		1,467,900		168,652
Eagle High Plantations Tbk PT		1,500,000		42,476
Gajah Tunggal Tbk PT		355,100		38,464
Garuda Indonesia Persero Tbk PTa		1,024,909		41,631
Hanson International Tbk PTa		1,197,300		69,939
Japfa Comfeed Indonesia Tbk PT		766,200		53,353
Kawasan Industri Jababeka Tbk PT		3,590,475		100,561
Medco Energi Internasional Tbk PT		254,600		59,095
Mitra Adiperkasa Tbk PT		162,100		68,665
MNC Investama Tbk PT		3,198,500		84,139
MNC Sky Vision Tbk PTa		112,985		14,904
Multipolar Tbk PT		998,513		71,460
Pakuwon Jati Tbk PT		3,259,200		138,689
Pembangunan Perumahan Persero Tbk PT		430,200		135,134
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		390,100		56,742
Ramayana Lestari Sentosa Tbk PT		585,100		32,367
Sampoerna Agro PT		347,100		55,321
Sentul City Tbk PTa		4,953,700		55,574
Sigmagold Inti Perkasa Tbk PTa		4,370,600		158,931
Sugih Energy Tbk PTa		2,664,200		85,749
Summarecon Agung Tbk PT		1,480,600		207,914
Surya Semesta Internusa Tbk PT		668,950		69,612
Timah Persero Tbk PT		503,196		39,711
Wijaya Karya Persero Tbk PT		427,200		120,971
				2,427,242
MALAYSIA — 4.15%
Bursa Malaysia Bhd		91,900		211,645
Carlsberg Brewery Malaysia Bhd		35,800		127,744
DRB-Hicom Bhd		151,900		82,188
Eastern & Oriental Bhd		151,350		94,489
Hartalega Holdings Bhd		89,200		199,240
Hibiscus Petroleum Bhda		121,300		30,964
IGB REIT		317,000		118,743
IJM Land Bhd		146,400		150,300
KNM Group Bhda		403,600		78,951
KPJ Healthcare Bhd		130,750		145,117

Security	Shares		Value
Magnum Bhd		121,400	$	92,296
Mah Sing Group Bhd		264,446		148,953
Malaysian Pacific Industries Bhd		42,500		73,703
Malaysian Resources Corp. Bhd		323,400		122,935
Media Prima Bhd		206,500		103,135
OSK Holdings Bhd		131,687		79,655
POS Malaysia Bhd		86,800		116,087
QL Resources Bhd		145,900		152,620
Sarawak Oil Palms Bhd		33,500		51,589
Sunway Bhd		122,900		115,261
Sunway REIT		292,400		132,245
TIME dotCom Bhda		88,400		137,113
Top Glove Corp. Bhd		92,100		129,308
Wah Seong Corp. Bhd		137,546		51,904
WCT Holdings Bhd		171,688		79,079
				2,825,264
MEXICO — 2.72%
Alsea SAB de CVa,b		58,559		179,570
Axtel SAB de CV CPOa,b		209,600		61,820
Banregio Grupo Financiero SAB de CVa		29,900		158,779
Bolsa Mexicana de Valores SAB de CV		51,300		92,534
Concentradora Fibra Hotelera Mexicana SA de CV		75,000		112,259
Consorcio ARA SAB de CVa		144,100		68,137
Corp GEO SAB de CVa		38,700		—
Corp Inmobiliaria Vesta SAB de CVb		63,800		122,505
Empresas ICA SAB de CVa,b		84,400		76,260
Grupo Aeromexico SAB de CVa,b		73,300		123,490
Grupo Aeroportuario del Centro Norte SAB de CV		32,400		153,744
Grupo Herdez SAB de CVa,b		36,200		90,573
Industrias CH SAB de CV Series Ba,b		22,000		100,274
Mexico Real Estate Management SA de CVa,b		92,600		159,288
PLA Administradora Industrial S. de RL de CVa		88,700		190,961
Prologis Property Mexico SA de CV		44,400		85,255
TV Azteca SAB de CV CPOa,b		179,400		76,430
Urbi Desarrollos Urbanos SAB de CVa,b		124,600		—
				1,851,879
PHILIPPINES — 1.76%
Belle Corp.		780,933		75,986

48 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Cebu Air Inc.		54,230	$	110,699
Cosco Capital Inc.		271,400		59,832
EEI Corp.		211,772		50,914
Filinvest Land Inc.		1,572,000		59,899
First Gen Corp.		208,600		137,915
First Philippine Holdings Corp.		24,370		57,042
Manila Water Co. Inc.		179,900		129,957
Melco Crown Philippines Resorts Corp.a		238,500		55,176
Nickel Asia Corp.		167,800		110,370
Philippine National Banka		19,043		36,043
Security Bank Corp.		60,000		217,736
Vista Land & Lifescapes Inc.		580,600		94,155
				1,195,724
POLAND — 1.28%
Asseco Poland SA		10,605		155,056
Budimex SA		2,065		90,968
Globe Trade Centre SAa		42,300		55,674
Kernel Holding SAa		7,004		60,573
Lubelski Wegiel Bogdanka SA		3,798		99,894
Netia SA		57,558		91,311
PKP Cargo SA		3,669		86,763
TVN SAa		28,626		137,167
Warsaw Stock Exchange		7,200		93,927
				871,333
QATAR — 0.59%
Al Khalij Commercial Bank		16,845		100,797
Qatar National Cement Co. QSC		2,786		104,814
Qatari Investors Group QSC		4,916		60,615
Salam International Investment Co.		14,702		58,340
United Development Co. PSC		11,525		76,812
				401,378
RUSSIA — 0.51%
Acron JSC		1,321		53,341
Aeroflot – Russian Airlines OJSC		63,656		40,214
DIXY Group OJSCa		10,160		77,727
LSR Group GDRc		31,349		67,087
M Video OJSC		12,870		34,624
Pharmstandard OJSC GDRa,c		4,832		37,448
TMK OAO GDRc		11,908		37,272
				347,713
SOUTH AFRICA — 7.52%
Acucap Properties Ltd.		17,167		83,898
Adcock Ingram Holdings Ltd.a		17,714		79,806

Security	Shares		Value
Aeci Ltd.		15,477	$	172,129
Alexander Forbes Group Holdings Ltd.a		117,997		109,056
ArcelorMittal South Africa Ltd.a		18,217		40,645
Astral Foods Ltd.		8,017		120,169
Attacq Ltd.a		51,354		101,580
Aveng Ltd.a		43,599		58,404
AVI Ltd.		39,239		282,212
Capital Property Funda		164,384		199,185
City Lodge Hotels Ltd.		7,939		93,411
Clicks Group Ltd.		33,181		254,987
Clover Industries Ltd.		57,980		99,362
DataTec Ltd.		19,394		99,941
Emira Property Fund		53,548		84,322
EOH Holdings Ltd.		15,594		181,312
Famous Brands Ltd.		9,090		87,366
Fountainhead Property Trust		76,450		61,407
Grindrod Ltd.		55,680		87,154
Group Five Ltd./South Africa		26,786		57,466
Harmony Gold Mining Co. Ltd.a		51,674		127,444
Hosken Consolidated Investments Ltd.		5,006		66,805
Hyprop Investments Ltd.		29,186		278,761
Illovo Sugar Ltd.		25,897		54,870
JSE Ltd.		12,934		134,912
Lewis Group Ltd.		11,395		89,699
Mondi Ltd.		13,730		280,267
Murray & Roberts Holdings Ltd.		44,536		66,462
Northam Platinum Ltd.a		46,725		207,101
Omnia Holdings Ltd.		6,099		99,443
Pick n Pay Holdings Ltd.		38,661		75,809
Reunert Ltd.		18,659		99,676
Royal Bafokeng Platinum Ltd.a		9,927		49,409
SA Corporate Real Estate Fund Nominees Pty Ltd.		226,305		99,044
Sibanye Gold Ltd.		91,831		242,797
Sun International Ltd./South Africa		12,811		144,755
Super Group Ltd./South Africaa		40,160		121,552
Tongaat Hulett Ltd.		12,455		164,877
Trencor Ltd.		17,139		99,645
Vukile Property Fund Ltd.		53,432		90,375
Wilson Bayly Holmes-Ovcon Ltd.		6,059		59,389
Zeder Investments Ltd.		164,340		107,181
				5,114,085

CONSOLIDATED SCHEDULESOF INVESTMENTS 49

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
SOUTH KOREA — 16.54%
Able C&C Co. Ltd.b		2,270	$	61,013
Ahnlab Inc.		2,230		98,339
Asiana Airlines Inc.a		16,045		127,769
BGF retail Co. Ltd.		1,640		134,183
Binggrae Co. Ltd.		1,170		78,139
Chabiotech Co. Ltd.a		6,104		92,877
Chong Kun Dang Pharmaceutical Corp.		1,763		93,808
CJ CGV Co. Ltd.		2,386		139,784
CJ E&M Corp.a		3,278		146,047
CJ O Shopping Co. Ltd.		445		95,280
Com2uSCorp.a		898		145,228
Cosmax Inc.b		1,175		138,638
CrucialTec Co. Ltd.a		4,486		43,938
D.I Corp.		5,869		43,581
Daesang Corp.		3,154		107,332
Daishin Securities Co. Ltd.		7,793		78,104
Dong-A Socio Holdings Co. Ltd.		667		72,926
Dong-A ST Co. Ltd.		851		73,117
Dongsuh Co. Inc.		5,001		131,455
Doosan Engine Co. Ltd.a,b		8,680		59,709
Duksan Hi-Metal Co. Ltd.a,b		6,278		50,050
DY Corp.		15,728		96,442
EO Technics Co. Ltd.		1,432		187,228
Fila Korea Ltd.		1,639		138,879
Gamevil Inc.a		696		79,838
GemVax & Kael Co. Ltd.a,b		4,589		79,442
Grand Korea Leisure Co. Ltd.		4,518		143,046
Green Cross Corp./South Korea		1,124		142,862
GS Home Shopping Inc.		500		106,601
Halla Holdings Corp.		1,289		76,338
Hana Tour Service Inc.		1,956		173,938
Handsome Co. Ltd.		3,639		103,611
Hanjin Heavy Industries & Construction Co. Ltd.a,b		11,453		49,514
Hanjin Kal Corp.a		4,696		133,921
Hanjin Shipping Co. Ltd.a,b		13,911		98,355
Hankook Tire Worldwide Co. Ltd.		4,661		100,648
Hanmi Pharm Co. Ltd.a		1,291		126,448
Hansae Co. Ltd.		3,570		133,198
Hansol Holdings Co. Ltd.a		10,660		73,038
Hanwha Investment & Securities Co. Ltd.a		19,646		76,790
Huchems Fine Chemical Corp.		4,856		113,486

Security	Shares		Value
Hwa Shin Co. Ltd.		9,930	$	66,499
Hyundai Corp.		2,721		64,210
Hyundai Greenfood Co. Ltd.		6,403		108,511
Hyundai Home Shopping Network Corp.		903		110,247
Hyundai Hysco Co. Ltd.a		1,636		96,292
Hyundai Securities Co. Ltd.		22,134		155,284
Ilyang Pharmaceutical Co. Ltd.b		4,128		110,953
KIWOOM Securities Co. Ltd.		1,933		110,603
Kolao Holdingsb		4,757		80,833
Kolon Industries Inc.		2,027		93,450
Komipharm International Co. Ltd.a,b		9,843		85,467
Korea Kolmar Co. Ltd.		2,225		124,473
Korea Petrochemical Ind Co. Ltd.		765		65,519
Korean Reinsurance Co.		13,063		123,780
KT Skylife Co. Ltd.		4,267		64,342
Kumho Tire Co. Inc.a		10,400		90,682
LF Corp.		3,400		97,581
LG Hausys Ltd.		945		167,036
LG International Corp.		3,732		126,151
LG Life Sciences Ltd.a		3,101		126,012
LIG Insurance Co. Ltd.		4,990		109,116
Lock&Lock Co. Ltd.		5,365		51,081
Lotte Chilsung Beverage Co. Ltd.		78		125,292
Lotte Food Co. Ltd.		131		75,911
Lumens Co. Ltd.a,b		9,377		54,679
Mando Corp.		879		124,937
Medipost Co. Ltd.a,b		1,875		133,251
Medy-Tox Inc.		650		209,590
MegaStudy Co. Ltd.		1,221		72,867
Meritz Financial Group Inc.		11,112		119,468
Meritz Fire & Marine Insurance Co. Ltd.		8,270		98,708
Meritz Securities Co. Ltd.		32,575		135,933
Namhae Chemical Corp.		12,375		99,108
Namyang Dairy Products Co. Ltd.		177		118,532
Naturalendo Tech Co. Ltd.a		2,248		106,916
Nexen Tire Corp.		5,936		83,019
NHN Entertainment Corp.a		1,848		119,883
NongShim Co. Ltd.		462		106,708
OCI Materials Co. Ltd.		1,946		142,907
Ottogi Corp.a		206		111,864
Partron Co. Ltd.b		6,264		73,053
Poongsan Corp.		2,828		66,091
POSCO Chemtech Co. Ltd.		635		84,065

50 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
POSCO ICT Co. Ltd.		12,645	$	67,283
S&T Dynamics Co. Ltd.		6,110		60,958
Samsung Engineering Co. Ltd.a		2,001		76,572
Samsung Fine Chemicals Co. Ltd.		3,041		99,884
Samsung Techwin Co. Ltd.a		5,431		123,213
Samyang Holdings Corp.		882		72,646
SeAH Besteel Corp.		2,458		77,712
Seegene Inc.a,b		2,897		97,662
Seoul Semiconductor Co. Ltd.a,b		4,159		68,966
SFA Engineering Corp.b		2,107		97,906
SK Broadband Co. Ltd.a		21,271		88,084
SK Chemicals Co. Ltd.		2,154		119,323
SK Securities Co. Ltd.a		123,439		116,404
SKC Co. Ltd.		2,970		91,599
SM Entertainment Co.a		3,125		94,244
Soulbrain Co. Ltd.		2,263		82,268
Sung Kwang Bend Co. Ltd.		4,870		65,448
Sungwoo Hitech Co. Ltd.		5,466		61,505
Suprema Inc.a		4,113		93,873
Taekwang Industrial Co. Ltd.		67		71,118
Taewoong Co. Ltd.a		4,721		77,425
Taihan Electric Wire Co. Ltd.a		9,521		10,410
TK Corp.a		6,243		65,698
Tongyang Life Insurance		9,523		103,252
ViroMed Co. Ltd.a		2,505		133,061
Wonik IPS Co. Ltd.a		7,803		90,290
Woongjin Thinkbig Co. Ltd.a		10,454		73,627
YESCO Co. Ltd.		1,482		47,665
Youngone Corp.		2,979		137,069
Yuanta Securities Koreaa		13,417		54,705
				11,255,714
TAIWAN — 18.31%
Ability Enterprise Co. Ltd.		81,000		49,005
Airtac International Group		17,000		146,155
ALI Corp.		130,000		113,628
Altek Corp.a		48,793		57,796
Ambassador Hotel (The)		140,000		123,038
AmTRAN Technology Co. Ltd.		78,312		43,763
Asia Optical Co. Inc.a		45,000		65,053
Asia Polymer Corp.		95,400		65,615
BES Engineering Corp.		301,000		73,704
Career Technology MFG. Co. Ltd.		64,000		71,530
Cathay Real Estate Development Co. Ltd.		84,000		47,075
Cheng Loong Corp.		219,000		88,562

Security	Shares		Value
Cheng Uei Precision Industry Co. Ltd.		64,000	$	115,141
China Bills Finance Corp.		85,000		31,938
China Man-Made Fiber Corp.a		251,000		87,516
China Petrochemical Development Corp.a		346,000		130,556
China Steel Chemical Corp.		22,000		102,977
China Synthetic Rubber Corp.		94,000		95,781
Chipbond Technology Corp.		79,000		153,447
Chong Hong Construction Co. Ltd.		35,642		73,769
Chroma ATE Inc.		45,000		115,634
Chung Hung Steel Corp.a		384,000		87,303
Compeq Manufacturing Co. Ltd.		158,000		88,043
Coretronic Corp.		73,000		112,504
CSBC Corp. Taiwan		258,420		136,184
Cyberlink Corp.		40,125		116,012
CyberTAN Technology Inc.		149,000		111,495
D-Link Corp.		143,520		81,574
Dynapack International Technology Corp.		32,000		75,504
Elan Microelectronics Corp.		54,000		91,476
Eternal Materials Co. Ltd.		84,440		85,636
Everlight Electronics Co. Ltd.		52,000		133,953
Far Eastern International Bank		203,000		68,518
Faraday Technology Corp.		68,000		88,018
Feng Hsin Iron & Steel Co.		60,000		74,510
Feng TAY Enterprise Co. Ltd.		42,240		176,196
Firich Enterprises Co. Ltd.		25,295		86,183
FLEXium Interconnect Inc.		32,610		81,200
Formosan Rubber Group Inc.		85,000		88,099
Gallop No. 1 REIT		246,000		147,576
Gemtek Technology Corp.		105,000		77,902
Genius Electronic Optical Co. Ltd.a		12,357		41,511
Gigabyte Technology Co. Ltd.		77,000		98,074
Gigastorage Corp.a		69,400		57,345
Gintech Energy Corp.a		93,000		66,926
Global Unichip Corp.		28,000		77,835
Gloria Material Technology Corp.		148,818		103,303
Goldsun Development & Construction Co. Ltd.a		255,000		84,445
Grand Pacific Petrochemical		127,000		68,140
Great Wall Enterprise Co. Ltd.		89,128		78,046
Greatek Electronics Inc.		71,000		86,249
Green Energy Technology Inc.a		88,125		53,596
HannStar Display Corp.		281,320		70,319
HannsTouch Solution Inc.a		329,000		80,770

CONSOLIDATED SCHEDULESOF INVESTMENTS 51

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Hey Song Corp.		65,500	$	79,046
Ho Tung Chemical Corp.a		233,548		75,482
Holy Stone Enterprise Co. Ltd.		118,500		166,402
Huaku Development Co. Ltd.		31,080		58,884
Huang Hsiang Construction Corp.		37,000		53,547
Hung Sheng Construction Ltd.		114,000		71,148
ITEQ Corp.		89,600		71,041
Jih Sun Financial Holdings Co. Ltd.		145,197		39,160
Kenda Rubber Industrial Co. Ltd.		58,198		118,787
Kerry TJ Logistics Co. Ltd.		85,000		105,150
Kindom Construction Corp.		54,000		54,507
King Slide Works Co. Ltd.		8,000		129,661
King Yuan Electronics Co. Ltd.		169,000		143,143
King’s Town Bank Co. Ltd.		114,000		123,057
Kinpo Electronicsa		186,000		87,359
Lealea Enterprise Co. Ltd.a		415,590		125,716
Lien Hwa Industrial Corp.		79,000		52,197
Macronix Internationala		388,000		84,383
Makalot Industrial Co. Ltd.		22,231		138,745
Masterlink Securities Corp.		255,496		84,609
Medigen Biotechnology Corp.a		10,397		53,466
Mercuries & Associates Holding Ltd.		155,548		104,508
Merry Electronics Co. Ltd.		22,000		75,657
Micro-Star International Co. Ltd.		83,000		100,430
Microbio Co. Ltd.a		121,727		103,878
MIN AIK Technology Co. Ltd.		14,000		67,537
Mitac Holdings Corp.		51,000		38,487
Motech Industries Inc.		47,000		62,108
Nan Kang Rubber Tire Co. Ltd.		80,000		82,152
Neo Solar Power Corp.		83,364		71,538
Pan-International Industrial Corp.		183,722		105,009
PChome Online Inc.		10,774		127,621
Pixart Imaging Inc.		26,635		77,433
President Securities Corp.		154,510		79,457
Primax Electronics Ltd.		66,000		92,890
Prince Housing & Development Corp.		162,917		66,401
Qisda Corp.a		220,000		100,876
Radium Life Tech Co. Ltd.		105,968		55,338
Richtek Technology Corp.		22,000		115,587
Ritek Corp.a		805,000		94,329
Sanyang Motor Co. Ltd.a		82,820		73,972
Senao International Co. Ltd.		19,000		30,855
Shihlin Electric & Engineering Corp.		68,000		86,394
Shining Building Business Co. Ltd.a		137,280		79,339
Shinkong Synthetic Fibers Corp.		230,135		81,340

Security	Shares		Value
Shinkong Textile Co. Ltd.		69,000	$	86,566
Sino-American Silicon Products Inc.a		63,000		102,309
Sinyi Realty Inc.		40,879		46,600
Soft-World International Corp.		26,140		80,738
Solar Applied Materials Technology Co.		112,799		92,847
Solartech Energy Corp.a		124,744		78,250
St. Shine Optical Co. Ltd.		6,000		97,246
TA Chen Stainless Pipe		124,600		84,905
Ta Chong Bank Ltd.a		250,552		84,568
Taichung Commercial Bank Co. Ltd.		173,694		57,797
Taiflex Scientific Co. Ltd.		47,000		68,244
Tainan Spinning Co. Ltd.		119,000		65,932
Taiwan Hon Chuan Enterprise Co. Ltd.		52,000		93,552
Taiwan Life Insurance Co. Ltd.a		94,599		73,197
Taiwan Paiho Ltd.		68,050		134,128
Taiwan Secom Co. Ltd.		37,450		99,811
Taiwan Sogo Shin Kong SEC		85,640		107,169
Taiwan Surface Mounting Technology Co. Ltd.		58,746		76,788
Taiwan TEA Corp.		91,000		51,578
Tatung Co. Ltd.a		177,000		48,752
Ton Yi Industrial Corp.		84,000		62,455
Tong Hsing Electronic Industries Ltd.		19,000		73,205
Tong Yang Industry Co. Ltd.		57,133		71,132
Tripod Technology Corp.		58,000		127,986
TTY Biopharm Co. Ltd.		50,450		107,310
Tung Ho Steel Enterprise Corp.		87,000		65,794
TXC Corp.		64,000		77,949
Union Bank of Taiwana		119,546		40,160
Unity Opto Technology Co. Ltd.a		62,679		69,854
UPC Technology Corp.		199,661		73,430
USI Corp.		126,950		69,731
Visual Photonics Epitaxy Co. Ltd.		124,900		130,846
Wah Lee Industrial Corp.		62,000		107,397
Waterland Financial Holdings Co. Ltd.		231,826		63,115
Win Semiconductors Corp.		121,000		138,319
Winbond Electronics Corp.a		351,000		119,030
WT Microelectronics Co. Ltd.		76,943		119,316
Yageo Corp.		79,467		150,811
YFY Inc.		186,000		74,921
Yieh Phui Enterprise Co. Ltd.		153,034		45,416
YungShin Global Holding Corp.		53,000		91,976
Yungtay Engineering Co. Ltd.		49,000		113,587

52 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
Zinwell Corp.		113,000	$	117,480
				12,456,951
THAILAND — 4.28%
Amata Corp. PCL NVDRb		223,200		128,411
Bangkok Expressway PCL NVDR		90,200		127,641
Bangkok Land PCL NVDR		2,253,400		118,490
CH Karnchang PCL NVDR		105,800		89,994
Esso Thailand PCL NVDRa		353,400		70,505
Hana Microelectronics PCL NVDR		102,800		131,163
Hemaraj Land and Development PCL NVDRb		974,500		133,229
Italian-Thai Development PCL NVDRa,b		332,900		95,247
Jasmine International PCL NVDR		539,200		147,600
KCE Electronics PCL NVDR		64,000		108,877
Khon Kaen Sugar Industry PCL NVDR		288,500		110,653
Kiatnakin Bank PCL NVDRb		61,232		74,338
LPN Development PCL NVDR		167,700		102,187
Quality Houses PCL NVDR		909,100		115,289
Samart Corp. PCL NVDRb		102,800		118,444
Siam Global House PCL NVDRb		246,300		89,896
Sino-Thai Engineering & Construction PCL NVDRb		137,728		105,224
Sri Trang Agro-Industry PCL NVDR		178,000		77,080
Supalai PCL NVDR		181,500		132,490
Superblock PCL NVDRa		137,400		100,723
Thai Airways International PCL NVDRa		90,200		37,107
Thai Vegetable Oil PCL NVDR		143,900		101,927
Thaicom PCL NVDRb		81,200		87,906
Thanachart Capital PCL NVDR		73,200		79,245
Tisco Financial Group PCL NVDR		88,340		128,425
TPI Polene PCL NVDR		542,300		56,696
TTW PCL NVDR		321,200		123,195
VGI Global Media PCL NVDRb		332,200		120,221
				2,912,203
TURKEY — 1.61%
Akcansa Cimento ASb		12,493		83,701
Aksa Akrilik Kimya Sanayii AS		12,000		45,948
Asya Katilim Bankasi ASa,b		70,006		17,815
Bizim Toptan Satis Magazalari ASb		7,297		47,438
Cimsa Cimento Sanayi VE Ticaret AS		14,053		93,035
Dogan Sirketler Grubu Holding ASa,b		170,000		47,316
Dogus Otomotiv Servis ve Ticaret AS		10,768		54,803

Security	Shares		Value
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Da,b		135,421	$	97,998
Koza Altin Isletmeleri AS		6,374		56,263
Koza Anadolu Metal Madencilik Isletmeleri ASa,b		25,802		17,235
NET Holding ASa,b		56,336		84,672
Otokar Otomotiv Ve Savunma Sanayi AS		2,201		82,702
Sekerbank TASa		64,518		47,972
Tekfen Holding ASa		33,559		74,057
Trakya Cam Sanayii AS		72,648		106,300
Turkiye Sinai Kalkinma Bankasi AS		117,233		92,295
Yazicilar Holding AS		5,474		45,163
				1,094,713
UNITED ARAB EMIRATES — 0.70%
Air Arabia PJSC		314,778		139,701
Ajman Bank PJSCa		99,026		65,518
Al Waha Capital PJSC		124,673		101,157
Dana Gas PJSCa		502,497		62,936
Deyaar Development PJSCa		125,000		26,343
Eshraq Properties Co. PJSCa		187,251		42,317
Union Properties PJSCa		135,024		39,705
				477,677
TOTAL COMMON STOCKS
(Cost: $67,303,920)				67,456,144
PREFERRED STOCKS — 0.47%
BRAZIL — 0.35%
Banco ABC Brasil SA		6,601		27,588
Banco Daycoval SA		6,000		16,619
Banco Pan SA		32,400		21,303
Cia. Ferro Ligas da Bahia-Ferbasa		10,800		23,229
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		13,200		40,809
GOL Linhas Aereas Inteligentes SA		10,100		35,499
Marcopolo SA		55,600		43,557
Randon Participacoes SA		20,425		27,573
				236,177
COLOMBIA — 0.12%
Avianca Holdings SA		54,422		83,351
				83,351
TOTAL PREFERRED STOCKS
(Cost: $565,207)				319,528

CONSOLIDATED SCHEDULESOF INVESTMENTS 53

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS SMALL-CAP ETF

February 28, 2015

Security	Shares		Value
RIGHTS — 0.01%
SOUTH KOREA — 0.01%
NHN Entertainment Corp.a		549	$	4,552
				4,552
THAILAND — 0.00%
Superblock PCL NVDRa		6,870		1,423
				1,423
TURKEY — 0.00%
Sekerbank TASa		33,750		537
				537
TOTAL RIGHTS
(Cost: $0)				6,512
WARRANTS — 0.00%
MALAYSIA — 0.00%
Mah Sing Group Bhd (Expires 02/21/20)a		18,308		1,727
				1,727
THAILAND — 0.00%
Samart Corp. PCL NVDR (Expires 02/19/18)a		20,560		—
				—
TOTAL WARRANTS
(Cost: $0)				1,727
SHORT-TERM INVESTMENTS — 9.56%
MONEY MARKET FUNDS — 9.56%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%d,e,f		6,143,414		6,143,414
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%d,e,f		358,545		358,545
				6,501,959
TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,501,959)				6,501,959
TOTAL INVESTMENTS IN SECURITIES — 109.19%
(Cost: $74,371,086)				74,285,870
Other Assets, Less Liabilities — (9.19)%				(6,250,264	)
NET ASSETS — 100.00%			$	68,035,606

CPO  —  Certificates of Participation (Ordinary)

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

^c  This security may be resold to qualified 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.

54 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 93.80%
BRAZIL — 3.18%
Ambev SA		19,000	$	121,867
Banco do Brasil SA		10,000		82,956
Banco Santander Brasil SA Units		5,000		24,708
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		14,000		49,158
Centrais Eletricas Brasileiras SA		3,000		5,613
Cia. de Saneamento Basico do Estado de Sao Paulo		2,800		16,588
Cia. Siderurgica Nacional SA		6,000		10,807
CPFL Energia SA		2,000		12,989
Cyrela Brazil Realty SA Empreendimentos e Participacoes		3,400		13,770
Duratex SA		4,000		10,618
EcoRodovias Infraestrutura e Logistica SA		3,000		11,059
EDP – Energias do Brasil SA		3,000		9,453
Petroleo Brasileiro SA		35,000		116,040
Souza Cruz SA		2,000		17,738
Sul America SA		1,000		4,575
TIM Participacoes SA		10,000		41,688
Tractebel Energia SA		2,000		23,362
Transmissora Alianca de Energia Eletrica SA Units		1,000		7,320
Vale SA		15,000		111,476
				691,785
CHILE — 1.41%
AES Gener SA		25,036		13,356
Aguas Andinas SA Series A		33,240		19,760
Banco de Chile		237,634		27,766
Banco de Credito e Inversiones		200		9,242
Banco Santander Chile		808,230		42,415
Colbun SA		76,698		21,546
CorpBanca SA		1,657,274		20,027
Empresa Nacional de Electricidad SA/Chile		19,230		28,899
Empresas CMPC SA		8,046		20,947
Empresas COPEC SA		1,870		21,932
Enersis SA		203,046		66,752
ENTEL Chile SA		1,450		15,255
				307,897

Security	Shares		Value
CHINA — 23.10%
Agricultural Bank of China Ltd. Class H		256,000	$	127,085
Alibaba Health Information Technology Ltd.a		20,000		13,668
Bank of China Ltd. Class H		926,000		532,524
Bank of Communications Co. Ltd. Class H		104,000		89,712
BBMG Corp. Class H		15,000		13,133
China Agri-Industries Holdings Ltd.b		30,800		12,391
China CITIC Bank Corp. Ltd. Class H		98,000		74,301
China Coal Energy Co. Ltd. Class Hb		50,000		26,949
China Communications Construction Co. Ltd. Class H		50,000		61,118
China Communications Services Corp. Ltd. Class H		32,000		14,689
China Construction Bank Corp. Class H		828,000		688,625
China COSCO Holdings Co. Ltd. Class Ha,b		15,000		7,466
China Everbright Bank Co. Ltd. Class H		30,000		15,821
China Galaxy Securities Co. Ltd. Class H		20,000		23,854
China International Marine Containers Group Co. Ltd. Class H		3,000		5,686
China Merchants Bank Co. Ltd. Class H		54,000		123,242
China Merchants Holdings International Co. Ltd.b		16,000		60,860
China Minsheng Banking Corp. Ltd. Class H		47,400		57,268
China Mobile Ltd.		70,000		951,331
China National Building Material Co. Ltd. Class H		36,000		35,232
China Petroleum & Chemical Corp. Class H		296,000		248,084
China Railway Construction Corp. Ltd. Class H		25,000		30,527
China Railway Group Ltd. Class H		50,000		40,617
China Resources Enterprise Ltd.b		16,000		33,380
China Shenhua Energy Co. Ltd. Class H		40,000		104,701
China South City Holdings Ltd.b		12,000		3,791
China Telecom Corp. Ltd. Class H		160,000		103,566

CONSOLIDATED SCHEDULESOF INVESTMENTS 55

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

February 28, 2015

Security	Shares		Value
Chongqing Rural Commercial Bank Co. Ltd. Class H		30,000	$	18,684
CITIC Ltd.		22,000		38,636
CNOOC Ltd.		210,000		301,646
COSCO Pacific Ltd.b		20,000		28,831
Country Garden Holdings Co. Ltd.b		50,666		20,187
Datang International Power Generation Co. Ltd. Class H		20,000		10,006
Evergrande Real Estate Group Ltd.b		70,000		30,869
Far East Horizon Ltd.		10,000		9,323
Fosun International Ltd.b		17,000		27,488
Franshion Properties China Ltd.b		40,000		11,759
Guangzhou R&F Properties Co. Ltd. Class H		12,000		13,957
Haitong Securities Co. Ltd. Class Hb		7,200		17,175
Hanergy Thin Film Power Group Ltd.a,b		52,000		30,306
Huadian Power International Corp. Ltd. Class H		20,000		16,814
Industrial & Commercial Bank of China Ltd. Class H		860,000		627,636
Inner Mongolia Yitai Coal Co. Ltd. Class B		13,000		17,667
Jiangsu Expressway Co. Ltd. Class H		16,000		19,744
Jiangxi Copper Co. Ltd. Class H		18,000		30,729
Kingboard Chemical Holdings Ltd.		10,000		17,278
Lee & Man Paper Manufacturing Ltd.		20,000		10,315
New World China Land Ltd.		36,000		23,581
Shanghai Electric Group Co. Ltd. Class H		36,000		21,399
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		4,000		8,355
Shimao Property Holdings Ltd.		15,000		31,836
Shui On Land Ltd.		45,833		10,638
Sino-Ocean Land Holdings Ltd.		40,000		24,963
Sinopec Engineering Group Co. Ltd. Class H		10,000		8,110
Sinopec Shanghai Petrochemical Co. Ltd. Class H		40,000		13,668
SOHO China Ltd.		25,000		17,891
Yuexiu Property Co. Ltd.b		106,400		21,402
Zhejiang Expressway Co. Ltd. Class H		20,000		24,602
Zijin Mining Group Co. Ltd. Class H		68,000		20,166
ZTE Corp. Class H		2,000		4,456
				5,029,738

Security	Shares		Value
COLOMBIA — 0.58%
Almacenes Exito SA		844	$	8,358
Ecopetrol SA		55,732		46,589
Grupo Argos SA/Colombia		1,914		14,580
Grupo de Inversiones Suramericana SA		2,790		39,196
Interconexion Electrica SA ESP		4,180		13,089
Isagen SA ESP		4,790		5,608
				127,420
CZECH REPUBLIC — 0.18%
CEZ AS		1,230		31,174
O2 Czech Republic AS		920		7,808
				38,982
EGYPT — 0.15%
Global Telecom Holding SAE GDRa		12,530		31,952
				31,952
GREECE — 0.38%
Eurobank Ergasias SAa		33,190		5,100
National Bank of Greece SAa		18,640		28,016
OPAP SA		2,635		24,324
Piraeus Bank SAa		25,030		15,947
Public Power Corp. SAa		1,310		10,286
				83,673
HUNGARY — 0.18%
MOL Hungarian Oil & Gas PLC		464		20,593
OTP Bank PLC		1,210		19,191
				39,784
INDIA — 7.63%
ACC Ltd.		518		14,064
Adani Enterprises Ltd.		1,550		17,493
Aditya Birla Nuvo Ltd.		440		12,252
Ambuja Cements Ltd.		7,990		35,176
Bajaj Auto Ltd.		980		34,146
Bharat Heavy Electricals Ltd.		7,000		29,691
Bharat Petroleum Corp. Ltd.		1,960		23,664
Bharti Airtel Ltd.		3,510		20,232
Cairn India Ltd.		4,894		20,176
Coal India Ltd.		7,986		50,903
DLF Ltd.		4,270		10,736
GAIL (India) Ltd.		3,430		22,934
GlaxoSmithKline Consumer Healthcare Ltd.		40		3,755
Hero Motocorp Ltd.		574		24,933
Hindalco Industries Ltd.		12,510		30,938

56 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

February 28, 2015

Security	Shares		Value
Housing Development Finance Corp. Ltd.		6,004	$	129,702
ICICI Bank Ltd.		12,900		72,249
Infosys Ltd.		6,886		255,859
Jindal Steel & Power Ltd.		3,730		11,814
JSW Steel Ltd.		640		10,468
Larsen & Toubro Ltd.		1,850		52,924
LIC Housing Finance Ltd.		2,110		16,353
Mahindra & Mahindra Financial Services Ltd.		3,270		13,119
Mahindra & Mahindra Ltd.		3,950		82,569
NTPC Ltd.		18,520		46,716
Oil & Natural Gas Corp. Ltd.		8,940		47,004
Oil India Ltd.		1,318		10,612
Piramal Enterprises Ltd.		850		12,246
Power Finance Corp. Ltd.		2,900		13,753
Ranbaxy Laboratories Ltd.a		740		8,525
Reliance Communications Ltd.a		8,720		9,665
Reliance Industries Ltd.		14,878		208,263
Reliance Infrastructure Ltd.		1,190		9,154
Rural Electrification Corp. Ltd.		3,110		16,633
Sesa Sterlite Ltd.		13,954		49,129
Shriram Transport Finance Co. Ltd.		1,730		34,133
State Bank of India		11,400		55,640
Tata Motors Ltd.		3,140		30,145
Tata Power Co. Ltd.		13,051		18,340
Tata Steel Ltd.		3,430		19,715
Wipro Ltd.		7,076		75,471
				1,661,294
INDONESIA — 2.85%
Adaro Energy Tbk PT		168,000		12,478
Astra Agro Lestari Tbk PT		5,000		9,536
Astra International Tbk PT		233,600		141,877
Bank Danamon Indonesia Tbk PT		39,000		14,484
Bank Mandiri Persero Tbk PT		68,800		63,876
Bank Negara Indonesia Persero Tbk PT		87,000		46,277
Bank Rakyat Indonesia Persero Tbk PT		65,000		64,748
Indo Tambangraya Megah Tbk PT		5,000		6,538
Indocement Tunggal Prakarsa Tbk PT		17,000		31,632
Perusahaan Gas Negara Persero Tbk PT		124,600		50,129

Security	Shares		Value
Tambang Batubara Bukit Asam Persero Tbk PT		10,000	$	8,259
Telekomunikasi Indonesia Persero Tbk PT		576,000		130,798
United Tractors Tbk PT		20,000		32,108
XL Axiata Tbk PT		20,000		7,420
				620,160
MALAYSIA — 3.60%
AirAsia Bhd		6,400		4,653
Alliance Financial Group Bhd		14,000		18,724
AMMB Holdings Bhd		18,000		31,915
Astro Malaysia Holdings Bhd		18,000		16,332
British American Tobacco Malaysia Bhd		800		15,338
Bumi Armada Bhda		13,000		4,112
CIMB Group Holdings Bhd		57,700		95,259
DiGi.Com Bhd		13,000		22,905
Felda Global Ventures Holdings Bhd		10,000		6,437
Genting Bhd		12,000		29,467
Genting Malaysia Bhd		34,000		38,774
Hong Leong Bank Bhd		7,000		27,891
Hong Leong Financial Group Bhd		1,000		4,667
IJM Corp. Bhd		7,000		13,946
IOI Properties Group Bhd		18,200		10,756
Lafarge Malaysia Bhd		5,200		14,573
Malayan Banking Bhd		52,000		132,741
Malaysia Airports Holdings Bhd		3,000		6,118
Maxis Bhd		22,000		43,035
Petronas Chemicals Group Bhd		33,000		50,086
Petronas Gas Bhd		3,000		19,195
RHB Capital Bhd		7,000		15,461
Sime Darby Bhd		35,000		90,608
Telekom Malaysia Bhd		7,000		13,829
UEM Sunrise Bhd		9,000		3,546
UMW Holdings Bhd		7,000		21,521
YTL Corp. Bhd		52,000		23,807
YTL Power International Bhd		18,440		8,033
				783,729
MEXICO — 5.05%
America Movil SAB de CV Series L		191,000		204,387
Arca Continental SAB de CVa		4,600		29,159
Cemex SAB de CV CPOa		71,001		71,941
Coca-Cola Femsa SAB de CV Series L		5,000		43,165

CONSOLIDATED SCHEDULESOF INVESTMENTS 57

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

February 28, 2015

Security	Shares		Value
Controladora Comercial Mexicana SAB de CV BC Units		5,000	$	16,038
Fibra Uno Administracion SA de CV		27,000		75,716
Fomento Economico Mexicano SAB de CVa		22,600		215,737
Grupo Aeroportuario del Pacifico SAB de CV Series B		3,600		24,402
Grupo Aeroportuario del Sureste SAB de CV Series Ba		2,000		27,425
Grupo Comercial Chedraui SA de CVa		4,000		13,098
Grupo Financiero Banorte SAB de CV Series O		19,000		103,171
Grupo Financiero Santander Mexico SAB de CV Series Bb		21,000		46,320
Grupo Lala SAB de CVb		4,000		7,978
Grupo Mexico SAB de CV Series B		44,000		133,071
Industrias Penoles SAB de CV		1,530		32,512
Kimberly-Clark de Mexico SAB de CV Series Ab		18,000		36,657
OHL Mexico SAB de CVa		9,000		18,576
				1,099,353
PERU — 0.44%
Cia. de Minas Buenaventura SA ADR		2,240		25,939
Credicorp Ltd.		280		40,661
Southern Copper Corp.		980		29,175
				95,775
PHILIPPINES — 1.42%
Aboitiz Equity Ventures Inc.		22,120		28,522
Aboitiz Power Corp.		17,000		17,120
Alliance Global Group Inc.		8,000		4,318
Bank of the Philippine Islands		9,200		20,126
BDO Unibank Inc.		11,000		27,693
Globe Telecom Inc.		390		16,851
JG Summit Holdings Inc.		19,840		30,149
Megaworld Corp.		130,000		16,128
Metro Pacific Investments Corp.		123,600		15,138
Metropolitan Bank & Trust Co.		3,340		7,011
Philippine Long Distance Telephone Co.		1,150		82,474
SM Investments Corp.		1,123		22,414
SM Prime Holdings Inc.		49,000		21,961
				309,905

Security	Shares		Value
POLAND — 1.58%
Bank Handlowy w Warszawie SA		400	$	11,443
Bank Pekao SA		540		27,079
ENEA SA		2,592		11,355
Energa SA		2,200		13,378
Grupa Lotos SAa		952		6,700
KGHM Polska Miedz SA		1,650		53,957
Orange Polska SA		5,240		13,978
PGE Polska Grupa Energetyczna SA		9,550		53,478
Polski Koncern Naftowy Orlen SA		1,320		19,482
Polskie Gornictwo Naftowe i Gazownictwo SA		20,300		27,596
Powszechny Zaklad Ubezpieczen SA		644		85,057
Synthos SA		4,880		5,829
Tauron Polska Energia SA		12,050		15,957
				345,289
QATAR — 0.85%
Barwa Real Estate Co.		1,140		15,246
Commercial Bank of Qatar QSC (The)		870		16,485
Doha Bank QSC		660		10,530
Industries Qatar QSC		1,770		75,340
Ooredoo QSC		940		29,556
Qatar Electricity & Water Co. QSC		320		16,740
Qatar Islamic Bank SAQ		720		20,504
				184,401
RUSSIA — 3.77%
Gazprom OAO		67,850		167,884
Gazprom OAO ADR		33,925		169,286
Lukoil OAO		1,914		92,752
Lukoil OAO ADR (London)		1,914		92,638
MegaFon OAO GDRc		1,090		19,195
MMC Norilsk Nickel OJSC		636		115,997
Rosneft OAO		8,200		35,266
RusHydro JSC		1,300,000		13,563
Severstal PAO		900		10,077
Sistema JSFC GDR		1,980		14,058
Surgutneftegas OAO		42,000		23,710
Surgutneftegas OAO ADR		4,200		23,331
Tatneft OAO Class S		8,300		42,813
				820,570
SOUTH AFRICA — 7.44%
African Bank Investments Ltd.a,b		17,203		15
African Rainbow Minerals Ltd.		1,270		13,341

58 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

February 28, 2015

Security	Shares		Value
AngloGold Ashanti Ltd.a		4,730	$	53,222
Assore Ltd.		410		5,351
Barclays Africa Group Ltd.		3,894		64,403
Barloworld Ltd.		2,740		21,028
Exxaro Resources Ltd.		1,680		16,473
Gold Fields Ltd.		8,604		40,063
Growthpoint Properties Ltd.		25,890		65,941
Impala Platinum Holdings Ltd.a		6,330		38,953
Imperial Holdings Ltd.		2,190		36,933
Investec Ltd.		2,790		24,661
Kumba Iron Ore Ltd.		750		14,739
Liberty Holdings Ltd.		914		11,087
Massmart Holdings Ltd.		640		9,156
MMI Holdings Ltd./South Africa		12,150		33,938
MTN Group Ltd.		18,820		333,731
Nedbank Group Ltd.		2,334		51,239
PPC Ltd.		6,250		9,718
Redefine Properties Ltd.		36,648		37,236
Sasol Ltd.		6,438		234,095
Shoprite Holdings Ltd.		1,880		26,781
Standard Bank Group Ltd.		13,942		182,468
Steinhoff International Holdings Ltd.		24,232		139,886
Telkom SA SOC Ltd.a		2,750		19,351
Tiger Brands Ltd.		1,870		55,765
Truworths International Ltd.		4,460		34,017
Vodacom Group Ltd.		4,112		47,920
				1,621,511
SOUTH KOREA — 11.81%
BS Financial Group Inc.		2,185		29,663
Daelim Industrial Co. Ltd.		326		19,247
Daewoo International Corp.		190		5,020
Daewoo Securities Co. Ltd.a		1,370		13,294
Daewoo Shipbuilding & Marine Engineering Co. Ltd.		1,140		21,033
Daum Kakao Corp.		100		12,127
DGB Financial Group Inc.		1,885		19,923
Dongbu Insurance Co. Ltd.		510		24,628
Doosan Corp.		90		9,799
Doosan Heavy Industries & Construction Co. Ltd.		706		18,686
E-Mart Co. Ltd.		240		46,905
GS Engineering & Construction Corp.a		394		10,877
GS Holdings Corp.		612		24,674
Hana Financial Group Inc.		3,330		91,324

Security	Shares		Value
Hanwha Chemical Corp.		900	$	11,562
Hanwha Corp.		600		16,728
Hanwha Life Insurance Co. Ltd.		2,728		19,412
Hite Jinro Co. Ltd.a		300		6,246
Hyosung Corp.		258		17,207
Hyundai Department Store Co. Ltd.		126		15,383
Hyundai Engineering & Construction Co. Ltd.		840		37,808
Hyundai Heavy Industries Co. Ltd.a		490		53,574
Hyundai Marine & Fire Insurance Co. Ltd.		252		6,257
Hyundai Merchant Marine Co. Ltd.a		306		2,520
Hyundai Mipo Dockyard Co. Ltd.a		60		4,204
Hyundai Mobis Co. Ltd.		788		179,132
Hyundai Motor Co.		1,778		260,006
Hyundai Steel Co.		830		50,667
Industrial Bank of Korea		2,960		36,408
Kangwon Land Inc.a		690		21,375
KB Financial Group Inc.		4,454		158,267
KCC Corp.		40		21,539
Kia Motors Corp.		3,020		125,197
Korea Electric Power Corp.		1,050		42,763
Korea Gas Corp.		110		4,249
KT Corp.a		360		10,037
KT&G Corp.		1,260		91,841
Kumho Petrochemical Co. Ltd.		160		12,566
LG Chem Ltd.		534		111,904
LG Corp.		1,116		64,669
LG Uplus Corp.		2,510		27,100
Lotte Chemical Corp.		180		31,242
Lotte Shopping Co. Ltd.		130		29,611
LS Corp.		230		10,792
LS Industrial Systems Co. Ltd.		150		8,446
Mirae Asset Securities Co. Ltd.a		315		13,905
NH Investment & Securities Co. Ltd.		482		5,402
OCI Co. Ltd.a		70		6,250
POSCO		760		185,231
S-Oil Corp.		530		31,292
Samsung Card Co. Ltd.		400		13,667
Samsung Electro-Mechanics Co. Ltd.		640		40,177
Samsung Heavy Industries Co. Ltd.		1,850		33,206
Samsung Securities Co. Ltd.		420		18,253
Shinhan Financial Group Co. Ltd.		4,906		195,337
Shinsegae Co. Ltd.		80		12,574
SK Holdings Co. Ltd.		310		52,535

CONSOLIDATED SCHEDULESOF INVESTMENTS 59

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

February 28, 2015

Security	Shares			Value
SK Innovation Co. Ltd.a		720		$	67,897
SK Telecom Co. Ltd.		110	��		28,714
Woori Banka		3,570			30,836
					2,571,188
TAIWAN — 13.28%
Advanced Semiconductor Engineering Inc.		70,000			94,284
Asia Cement Corp.		30,706			37,839
Asia Pacific Telecom Co. Ltd.		20,000			9,744
ASUSTeK Computer Inc.		8,000			83,171
AU Optronics Corp.		70,000			36,889
Chang Hwa Commercial Bank Ltd.		31,671			18,606
Cheng Shin Rubber Industry Co. Ltd.		20,000			48,273
Chicony Electronics Co. Ltd.		10,095			28,062
China Development Financial Holding Corp.		150,000			52,062
China Life Insurance Co. Ltd./Taiwan		33,000			28,371
China Motor Corp.		10,000			8,613
China Steel Corp.		90,856			75,508
Chunghwa Telecom Co. Ltd.		46,000			143,837
Clevo Co.		8,000			12,304
Compal Electronics Inc.		50,000			38,847
CTBC Financial Holding Co. Ltd.		80,098			53,305
CTCI Corp.		10,000			16,494
Far Eastern Department Stores Ltd.		10,200			8,769
Far Eastern New Century Corp.		40,208			41,738
Far EasTone Telecommunications Co. Ltd.		20,000			49,419
First Financial Holding Co. Ltd.		80,355			47,463
Formosa Plastics Corp.		50,000			123,388
Formosa Taffeta Co. Ltd.		10,000			10,572
Foxconn Technology Co. Ltd.		10,500			27,015
Fubon Financial Holding Co. Ltd.		74,000			131,954
Hon Hai Precision Industry Co. Ltd.		147,776			409,848
Hua Nan Financial Holdings Co. Ltd.		74,263			42,564
Innolux Corp.		64,774			33,207
Inotera Memories Inc.a		28,000			41,325
Inventec Corp.		30,000			23,022
Lite-On Technology Corp.		20,189			25,650
Mega Financial Holding Co. Ltd.		116,130			92,261
Nan Ya Plastics Corp.		50,000			108,581
Novatek Microelectronics Corp.		10,000			53,813
Pegatron Corp.		20,000			54,896
Pou Chen Corp.		20,000			28,849
Powertech Technology Inc.		10,000			17,099

Security	Shares		Value
Quanta Computer Inc.		30,000	$	75,848
Realtek Semiconductor Corp.		6,060		18,988
Ruentex Development Co. Ltd.		10,586		15,843
Ruentex Industries Ltd.		8,000		17,271
Shin Kong Financial Holding Co. Ltd.		90,154		25,894
Siliconware Precision Industries Co. Ltd.		40,000		71,199
SinoPac Financial Holdings Co. Ltd.		70,656		28,910
Synnex Technology International Corp.		18,000		26,279
Taishin Financial Holding Co. Ltd.		90,023		38,555
Taiwan Cement Corp.		40,000		54,705
Taiwan Cooperative Financial Holding Co. Ltd.		73,660		37,880
Taiwan Fertilizer Co. Ltd.		10,000		17,354
Taiwan Glass Industry Corp.		10,000		7,419
Taiwan Mobile Co. Ltd.		20,000		68,460
Teco Electric and Machinery Co. Ltd.		20,000		20,474
U-Ming Marine Transport Corp.		10,000		15,141
Unimicron Technology Corp.		20,000		13,469
United Microelectronics Corp.		140,000		71,326
Walsin Lihwa Corp.a		50,000		16,001
Wistron Corp.		31,518		29,757
WPG Holdings Ltd.		10,000		12,832
Yuanta Financial Holding Co. Ltd.		98,500		49,869
				2,891,116
THAILAND — 2.47%
Bangkok Bank PCL Foreign		3,000		17,074
Bangkok Bank PCL NVDR		3,600		20,377
Banpu PCL NVDR		12,300		11,509
BEC World PCL NVDRb		11,000		15,991
BTS Group Holdings PCL NVDR		65,000		19,301
Delta Electronics Thailand PCL NVDR		6,000		12,945
Kasikornbank PCL NVDR		7,000		46,984
Krung Thai Bank PCL NVDRb		46,000		32,441
PTT Exploration & Production PCL NVDR		16,400		57,321
PTT Global Chemical PCL NVDR		19,200		33,257
PTT PCL NVDR		11,000		116,703
Siam Cement PCL (The) Foreign		3,800		60,415
Siam Cement PCL (The) NVDR		1,000		16,208
Siam Commercial Bank PCL (The) NVDR		9,000		47,185
Thai Oil PCL NVDR		9,400		15,264

60 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

February 28, 2015

Security	Shares		Value
True Corp. PCL NVDRa		35,492	$	16,028
				539,003
TURKEY — 1.66%
Akbank TAS		7,254		23,651
Anadolu Efes Biracilik ve Malt Sanayii ASa		1,580		12,879
Arcelik AS		2,770		16,686
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		22,280		27,728
Enka Insaat ve Sanayi AS		5,433		11,060
Eregli Demir ve Celik Fabrikalari TAS		10,670		17,904
Haci Omer Sabanci Holding AS		7,360		28,328
KOC Holding AS		7,630		35,495
Petkim Petrokimya Holding AS		4,690		7,124
Tofas Turk Otomobil Fabrikasi AS		1,420		9,260
Tupras Turkiye Petrol Rafinerileri AS		730		15,384
Turkcell Iletisim Hizmetleri ASa		4,790		25,045
Turkiye Halk Bankasi AS		6,950		41,313
Turkiye Is Bankasi Class C		18,100		45,268
Turkiye Sise ve Cam Fabrikalari AS		5,268		7,750
Turkiye Vakiflar Bankasi Tao Class D		8,488		17,752
Yapi ve Kredi Bankasi AS		9,970		18,394
				361,021
UNITED ARAB EMIRATES — 0.79%
Abu Dhabi Commercial Bank PJSC		8,530		17,883
Aldar Properties PJSC		36,860		26,395
DP World Ltd.		970		20,564
Dubai Islamic Bank PJSC		5,940		10,836
Emaar Properties PJSC		13,640		28,039
First Gulf Bank PJSC		8,410		40,874
National Bank of Abu Dhabi PJSC		7,340		27,280
				171,871
TOTAL COMMON STOCKS
(Cost: $21,450,118)				20,427,417
PREFERRED STOCKS — 5.83%
BRAZIL — 4.02%
AES Tiete SA		1,000		6,050
Banco Bradesco SA		16,000		210,398
Banco do Estado do Rio Grande do Sul SA Class B		2,000		8,904
Bradespar SA		3,000		13,891
Braskem SA Class A		2,000		8,953

Security	Shares		Value
Centrais Eletricas Brasileiras SA Class B		3,000	$	7,271
Cia. Energetica de Minas Gerais		8,395		38,109
Cia. Energetica de Sao Paulo Class B		2,000		16,472
Cia. Paranaense de Energia Class B		1,000		12,066
Gerdau SA		10,000		35,568
Itausa – Investimentos Itau SA		37,496		132,315
Metalurgica Gerdau SA		3,000		11,709
Oi SA		3,500		7,271
Petroleo Brasileiro SA		48,200		161,321
Telefonica Brasil SA		3,000		55,513
Usinas Siderurgicas de Minas Gerais SA Class A		3,000		4,333
Vale SA		22,400		145,006
				875,150
CHILE — 0.04%
Embotelladora Andina SA Class B		3,330		9,288
				9,288
COLOMBIA — 0.11%
Grupo Argos SA/Colombia		1,108		8,263
Grupo de Inversiones Suramericana SA		1,150		16,091
				24,354
RUSSIA — 0.24%
Surgutneftegas OAO		81,000		50,712
				50,712
SOUTH KOREA — 1.42%
Hyundai Motor Co.		272		27,137
Hyundai Motor Co. Series 2		440		45,501
LG Chem Ltd.		80		11,808
Samsung Electronics Co. Ltd.		236		225,346
				309,792
TOTAL PREFERRED STOCKS
(Cost: $1,945,140)				1,269,296
RIGHTS — 0.00%
BRAZIL — 0.00%
Itausa – Investimentos Itau SAa		275		327
				327
MALAYSIA — 0.00%
Malaysia Airports Holdings Bhda		600		314
				314

CONSOLIDATED SCHEDULESOF INVESTMENTS 61

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS VALUE ETF

February 28, 2015

Security	Shares		Value
SOUTH KOREA — 0.00%
Hyundai Merchant Marine Co. Ltd.a		47	$	76
				76
TOTAL RIGHTS
(Cost: $0)				717
SHORT-TERM INVESTMENTS — 2.20%
MONEY MARKET FUNDS — 2.20%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%d,e,f		452,008		452,008
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%d,e,f		26,381		26,381
				478,389
TOTAL SHORT-TERM INVESTMENTS
(Cost: $478,389)				478,389
TOTAL INVESTMENTS IN SECURITIES — 101.83%
(Cost: $23,873,647)				22,175,819
Other Assets, Less Liabilities — (1.83)%				(399,256	)
NET ASSETS — 100.00%			$	21,776,563

ADR  —  American Depositary Receipts

CPO  —  Certificates of Participation (Ordinary)

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

^c  This security may be resold to qualified 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.

62 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Assets and Liabilities (Unaudited)

iSHARES^® , INC.

February 28, 2015

	iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF			iShares MSCI Emerging Markets Consumer Discretionary ETF
ASSETS
Investments, at cost:
Unaffiliated	$	296,067,370		$	125,820,363		$	5,120,544
Affiliated (Note 2)		10,258,879			6,581,182			78,046
Total cost of investments	$	306,326,249		$	132,401,545		$	5,198,590
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	292,824,778		$	132,874,200		$	5,442,140
Affiliated (Note 2)		10,258,879			6,581,182			78,046
Total fair value of investments		303,083,657			139,455,382			5,520,186
Foreign currency, at valueb		374,185			96,498			7,262
Cash		129,624			107,469			314
Receivables:
Investment securities sold		973,474			700,119			80,711
Dividends and interest		281,395			321,468			17,182
Total Assets		304,842,335			140,680,936			5,625,655
LIABILITIES
Payables:
Investment securities purchased		955,704			733,277			81,793
Collateral for securities on loan (Note 1)		10,258,879			6,581,182			78,046
Foreign taxes (Note 1)		—			87			—
Investment advisory fees (Note 2)		151,729			49,473			2,846
Total Liabilities		11,366,312			7,364,019			162,685
NET ASSETS	$	293,476,023		$	133,316,917		$	5,462,970
Net assets consist of:
Paid-in capital	$	493,146,689		$	137,084,633		$	6,088,418
Distributions in excess of net investment income		(429,001	)		(36,160	)		(35	)
Accumulated net realized loss		(195,977,506	)		(10,785,728	)		(946,646	)
Net unrealized appreciation (depreciation)		(3,264,159	)		7,054,172			321,233
NET ASSETS	$	293,476,023		$	133,316,917		$	5,462,970
Shares outstandingc		7,900,000			2,200,000			100,000
Net asset value per share	$	37.15		$	60.60		$	54.63

^a  Securities on loan with values of $9,590,341, $6,180,768 and $72,459, respectively. See Note 1.

^b  Cost of foreign currency: $382,439, $96,261 and $7,515, 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 63

Consolidated Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2015

	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	$	4,045,772		$	5,011,607		$	2,068,442,853
Affiliated (Note 2)		64,908			97,221			76,022,372
Total cost of investments	$	4,110,680		$	5,108,828		$	2,144,465,225
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	2,875,370		$	5,540,814		$	2,119,331,380
Affiliated (Note 2)		64,908			97,221			76,022,372
Total fair value of investments		2,940,278			5,638,035			2,195,353,752
Foreign currency, at valueb		884			7,549			4,506,141
Cash		—			3,620			146,528
Receivables:
Investment securities sold		56,029			31,846			6,063,092
Due from custodian (Note 4)		—			—			186,332
Dividends and interest		3,748			10,080			4,123,547
Capital shares sold		—			—			6,574,801
Total Assets		3,000,939			5,691,130			2,216,954,193
LIABILITIES
Payables:
Investment securities purchased		53,085			31,374			12,829,230
Deposit for capital contribution		—			—			3,134,832
Collateral for securities on loan (Note 1)		62,614			97,221			71,051,730
Investment advisory fees (Note 2)		1,506			2,065			400,510
Total Liabilities		117,205			130,660			87,416,302
NET ASSETS	$	2,883,734		$	5,560,470		$	2,129,537,891
Net assets consist of:
Paid-in capital	$	5,227,225		$	5,931,623		$	2,229,826,049
Undistributed (distributions in excess of) net investment income		(2,990	)		1,037			466,532
Accumulated net realized loss		(1,170,047	)		(901,083	)		(151,617,310	)
Net unrealized appreciation (depreciation)		(1,170,454	)		528,893			50,862,620
NET ASSETS	$	2,883,734		$	5,560,470		$	2,129,537,891
Shares outstandingc		100,000			100,000			36,400,000
Net asset value per share	$	28.84		$	55.60		$	58.50

^a  Securities on loan with values of $58,314, $91,181 and $66,544,140, respectively. See Note 1.

^b  Cost of foreign currency: $916, $7,798 and $4,508,808, respectively.

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

See notes to consolidated financial statements.

64 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI Emerging  Markets Small-Cap ETF			iShares MSCI Emerging Markets Value ETF
ASSETS
Investments, at cost:
Unaffiliated	$	67,869,127		$	23,395,258
Affiliated (Note 2)		6,501,959			478,389
Total cost of investments	$	74,371,086		$	23,873,647
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	67,783,911		$	21,697,430
Affiliated (Note 2)		6,501,959			478,389
Total fair value of investments		74,285,870			22,175,819
Foreign currency, at valueb		66,813			23,468
Cash		140,702			10,081
Receivables:
Investment securities sold		662,981			33,282
Dividends and interest		76,874			56,085
Total Assets		75,233,240			22,298,735
LIABILITIES
Payables:
Investment securities purchased		661,136			35,673
Collateral for securities on loan (Note 1)		6,501,959			478,389
Foreign taxes (Note 1)		20			—
Investment advisory fees (Note 2)		34,519			8,110
Total Liabilities		7,197,634			522,172
NET ASSETS	$	68,035,606		$	21,776,563
Net assets consist of:
Paid-in capital	$	76,659,948		$	24,845,732
Distributions in excess of net investment income		(339,835	)		(24,567	)
Accumulated net realized loss		(8,198,619	)		(1,345,480	)
Net unrealized depreciation		(85,888	)		(1,699,122	)
NET ASSETS	$	68,035,606		$	21,776,563
Shares outstandingc		1,450,000			500,000
Net asset value per share	$	46.92		$	43.55

^a  Securities on loan with values of $5,859,857 and $443,949, respectively. See Note 1.

^b  Cost of foreign currency: $66,817 and $24,122, 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 65

Consolidated Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF			iShares MSCI Emerging Markets Consumer Discretionary ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	2,782,022		$	583,233		$	40,174
Interest — unaffiliated		—			3			—
Interest — affiliated (Note 2)		82			12			—
Securities lending income — affiliated (Note 2)		130,854			38,072			559
		2,912,958			621,320			40,733
Less: Other foreign taxes (Note 1)		—			(2,002	)		—
Total investment income		2,912,958			619,318			40,733
EXPENSES
Investment advisory fees (Note 2)		1,118,436			353,966			18,451
Mauritius income taxes (Note 1)		19,363			—			—
Commitment fees (Note 7)		1,618			211			8
Interest expense (Note 7)		234			—			17
Total expenses		1,139,651			354,177			18,476
Less investment advisory fees waived (Note 2)		—			(98,902	)		—
Net expenses		1,139,651			255,275			18,476
Net investment income		1,773,307			364,043			22,257
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(7,563,553	)		(342,197	)		(42,833	)
In-kind redemptions — unaffiliated		1,805,265			—			—
Foreign currency transactions		(112,806	)		(13,906	)		(1,382	)
Net realized loss		(5,871,094	)		(356,103	)		(44,215	)
Net change in unrealized appreciation/depreciation on:
Investments		(30,086,923	)		722,283			(626,637	)
Translation of assets and liabilities in foreign currencies		(25,492	)		(92	)		(333	)
Net change in unrealized appreciation/depreciation		(30,112,415	)		722,191			(626,970	)
Net realized and unrealized gain (loss)		(35,983,509	)		366,088			(671,185	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(34,210,202	)	$	730,131		$	(648,928	)

^a  Net of foreign withholding tax of $218,290, $97,950 and $7,404, respectively.

See notes to consolidated financial statements.

66 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2015

	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	$	19,664		$	35,165		$	15,836,812
Interest — unaffiliated		—			—			163
Interest — affiliated (Note 2)		—			—			238
Securities lending income — affiliated (Note 2)		493			1,391			1,173,059
		20,157			36,556			17,010,272
Less: Other foreign taxes (Note 1)		—			—			(7,573	)
Total investment income		20,157			36,556			17,002,699
EXPENSES
Investment advisory fees (Note 2)		9,281			18,541			6,895,767
Mauritius income taxes (Note 1)		—			—			5,052
Commitment fees (Note 7)		6			10			1,095
Interest expense (Note 7)		—			—			3,155
Total expenses		9,287			18,551			6,905,069
Less investment advisory fees waived (Note 2)		—			(5,181	)		(4,361,568	)
Net expenses		9,287			13,370			2,543,501
Net investment income		10,870			23,186			14,459,198
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(72,965	)		(146,391	)		(19,839,205	)
In-kind redemptions — unaffiliated		—			—			7,795,576
Foreign currency transactions		(332	)		(975	)		(630,085	)
Net realized loss		(73,297	)		(147,366	)		(12,673,714	)
Net change in unrealized appreciation/depreciation on:
Investments		(804,157	)		(183,285	)		(115,197,060	)
Translation of assets and liabilities in foreign currencies		(12	)		(242	)		(36,058	)
Net change in unrealized appreciation/depreciation		(804,169	)		(183,527	)		(115,233,118	)
Net realized and unrealized loss		(877,466	)		(330,893	)		(127,906,832	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(866,596	)	$	(307,707	)	$	(113,447,634	)

^a  Net of foreign withholding tax of $2,760, $3,901 and $1,641,991, respectively.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 67

Consolidated Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI Emerging Markets Small-Cap ETF			iShares MSCI Emerging Markets Value ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	288,953		$	208,683
Interest — unaffiliated		2			2
Interest — affiliated (Note 2)		4			1
Securities lending income — affiliated (Note 2)		52,887			2,580
		341,846			211,266
Less: Other foreign taxes (Note 1)		(619	)		(645	)
Total investment income		341,227			210,621
EXPENSES
Investment advisory fees (Note 2)		156,563			75,615
Commitment fees (Note 7)		75			41
Interest expense (Note 7)		135			34
Total expenses		156,773			75,690
Less investment advisory fees waived (Note 2)		—			(21,128	)
Net expenses		156,773			54,562
Net investment income		184,454			156,059
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(13,390	)		(111,272	)
Foreign currency transactions		(8,837	)		(5,666	)
Net realized loss		(22,227	)		(116,938	)
Net change in unrealized appreciation/depreciation on:
Investments		(2,428,488	)		(3,067,635	)
Translation of assets and liabilities in foreign currencies		(832	)		(1,080	)
Net change in unrealized appreciation/depreciation		(2,429,320	)		(3,068,715	)
Net realized and unrealized loss		(2,451,547	)		(3,185,653	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,267,093	)	$	(3,029,594	)

^a  Net of foreign withholding tax of $27,852 and $28,595, respectively.

See notes to consolidated financial statements.

68 2015 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, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,773,307		$	10,441,817		$	364,043		$	1,029,865
Net realized loss		(5,871,094	)		(15,454,106	)		(356,103	)		(135,653	)
Net change in unrealized appreciation/depreciation		(30,112,415	)		84,789,618			722,191			7,842,979
Net increase (decrease) in net assets resulting from operations		(34,210,202	)		79,777,329			730,131			8,737,191
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(4,958,330	)		(7,905,401	)		(833,965	)		(898,216	)
Total distributions to shareholders		(4,958,330	)		(7,905,401	)		(833,965	)		(898,216	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		64,282			38,350,012			52,714,515			59,268,915
Cost of shares redeemed		(78,584,226	)		(173,918,382	)		—			(17,742,448	)
Net increase (decrease) in net assets from capital share transactions		(78,519,944	)		(135,568,370	)		52,714,515			41,526,467
INCREASE (DECREASE) IN NET ASSETS		(117,688,476	)		(63,696,442	)		52,610,681			49,365,442
NET ASSETS
Beginning of period		411,164,499			474,860,941			80,706,236			31,340,794
End of period	$	293,476,023		$	411,164,499		$	133,316,917		$	80,706,236
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(429,001	)	$	2,756,022		$	(36,160	)	$	433,762
SHARES ISSUED AND REDEEMED
Shares sold		—			950,000			900,000			1,000,000
Shares redeemed		(2,100,000	)		(4,750,000	)		—			(300,000	)
Net increase (decrease) in shares outstanding		(2,100,000	)		(3,800,000	)		900,000			700,000

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 69

Consolidated Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Emerging Markets Consumer Discretionary ETF						iShares MSCI Emerging Markets Energy Capped ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	22,257		$	40,952		$	10,870		$	52,396
Net realized loss		(44,215	)		(88,056	)		(73,297	)		(93,856	)
Net change in unrealized appreciation/depreciation		(626,970	)		897,935			(804,169	)		249,936
Net increase (decrease) in net assets resulting from operations		(648,928	)		850,831			(866,596	)		208,476
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(34,054	)		(29,115	)		(33,981	)		(34,812	)
Total distributions to shareholders		(34,054	)		(29,115	)		(33,981	)		(34,812	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			2,816,123			1,805,531			—
Net increase in net assets from capital share transactions		—			2,816,123			1,805,531			—
INCREASE (DECREASE) IN NET ASSETS		(682,982	)		3,637,839			904,954			173,664
NET ASSETS
Beginning of period		6,145,952			2,508,113			1,978,780			1,805,116
End of period	$	5,462,970		$	6,145,952		$	2,883,734		$	1,978,780
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(35	)	$	11,762		$	(2,990	)	$	20,121
SHARES ISSUED
Shares sold		—			50,000			50,000			—
Net increase in shares outstanding		—			50,000			50,000			—

See notes to consolidated financial statements.

70 2015 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, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	23,186		$	81,041		$	14,459,198		$	57,548,609
Net realized loss		(147,366	)		(106,978	)		(12,673,714	)		(80,037,690	)
Net change in unrealized appreciation/depreciation		(183,527	)		992,519			(115,233,118	)		311,606,077
Net increase (decrease) in net assets resulting from operations		(307,707	)		966,582			(113,447,634	)		289,116,996
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(49,536	)		(75,147	)		(28,501,574	)		(58,169,702	)
Total distributions to shareholders		(49,536	)		(75,147	)		(28,501,574	)		(58,169,702	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			—			378,070,274			323,291,843
Cost of shares redeemed		—			—			(186,946,485	)		(929,603,299	)
Net increase (decrease) in net assets from capital share transactions		—			—			191,123,789			(606,311,456	)
INCREASE (DECREASE) IN NET ASSETS		(357,243	)		891,435			49,174,581			(375,364,162	)
NET ASSETS
Beginning of period		5,917,713			5,026,278			2,080,363,310			2,455,727,472
End of period	$	5,560,470		$	5,917,713		$	2,129,537,891		$	2,080,363,310
Undistributed net investment income included in net assets at end of period	$	1,037		$	27,387		$	466,532		$	14,508,908
SHARES ISSUED AND REDEEMED
Shares sold		—			—			6,400,000			5,300,000
Shares redeemed		—			—			(3,300,000	)		(16,200,000	)
Net increase (decrease) in shares outstanding		—			—			3,100,000			(10,900,000	)

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 71

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, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	184,454		$	706,744		$	156,059		$	533,777
Net realized gain (loss)		(22,227	)		338,522			(116,938	)		(258,642	)
Net change in unrealized appreciation/depreciation		(2,429,320	)		5,681,431			(3,068,715	)		2,860,897
Net increase (decrease) in net assets resulting from operations		(2,267,093	)		6,726,697			(3,029,594	)		3,136,032
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(786,482	)		(736,376	)		(379,744	)		(388,580	)
Total distributions to shareholders		(786,482	)		(736,376	)		(379,744	)		(388,580	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		27,423,296			7,031,811			—			11,651,839
Net increase in net assets from capital share transactions		27,423,296			7,031,811			—			11,651,839
INCREASE (DECREASE) IN NET ASSETS		24,369,721			13,022,132			(3,409,338	)		14,399,291
NET ASSETS
Beginning of period		43,665,885			30,643,753			25,185,901			10,786,610
End of period	$	68,035,606		$	43,665,885		$	21,776,563		$	25,185,901
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(339,835	)	$	262,193		$	(24,567	)	$	199,118
SHARES ISSUED
Shares sold		600,000			150,000			—			250,000
Net increase in shares outstanding		600,000			150,000			—			250,000

See notes to consolidated financial statements.

72 2015 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, 2015 (Consolidated) (Unaudited)			Year ended Aug. 31, 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
Net asset value, beginning of period	$	41.12		$	34.41		$	35.68		$	42.25		$	42.94		$	37.57
Income from investment operations:
Net investment incomea		0.20			0.89			0.84			0.98			0.89			0.66
Net realized and unrealized gain (loss)b		(3.59	)		6.53			(1.25	)		(6.62	)		(0.58	)		5.35
Total from investment operations		(3.39	)		7.42			(0.41	)		(5.64	)		0.31			6.01
Less distributions from:
Net investment income		(0.58	)		(0.71	)		(0.86	)		(0.93	)		(1.00	)		(0.64	)
Total distributions		(0.58	)		(0.71	)		(0.86	)		(0.93	)		(1.00	)		(0.64	)
Net asset value, end of period	$	37.15		$	41.12		$	34.41		$	35.68		$	42.25		$	42.94
Total return		(8.13	)%c	��	21.73	%		(1.17	)%		(13.33	)%		0.49	%		15.95	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	293,476		$	411,164		$	474,861		$	685,149		$	866,194		$	946,814
Ratio of expenses to average net assetsd		0.69	%		0.68	%		0.67	%		0.69	%		0.67	%		0.69	%
Ratio of expenses to average net assets prior to waived feesd		n/a			n/a			n/a			n/a			0.67	%		n/a
Ratio of net investment income to average net assetsd		1.08	%		2.38	%		2.18	%		2.55	%		1.86	%		1.52	%
Portfolio turnover ratee		3	%		10	%		10	%		32	%		13	%		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 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, 2015, the years ended August 31, 2014, August 31, 2013, August 31, 2012, August 31, 2011 and August 31, 2010 were 3%, 6%, 9%, 20%, 10% and 8%, 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 Asia ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Feb. 8, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	62.08		$	52.23		$	50.18		$	54.71
Income from investment operations:
Net investment incomeb		0.20			1.36			1.15			0.87
Net realized and unrealized gain (loss)c		(1.22	)		9.75			1.82			(4.99	)
Total from investment operations		(1.02	)		11.11			2.97			(4.12	)
Less distributions from:
Net investment income		(0.46	)		(1.26	)		(0.92	)		(0.41	)
Total distributions		(0.46	)		(1.26	)		(0.92	)		(0.41	)
Net asset value, end of period	$	60.60		$	62.08		$	52.23		$	50.18
Total return		(1.60	)%d		21.54	%e		5.88	%		(7.52	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	133,317		$	80,706		$	31,341		$	20,071
Ratio of expenses to average net assetsf		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of expenses to average net assets prior to waived feesf		0.68	%		0.68	%		0.68	%		0.68	%
Ratio of net investment income to average net assetsf		0.70	%		2.36	%		2.09	%		3.05	%
Portfolio turnover rateg		3	%		33	%		174	%		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  Includes payment from an affiliate. Not including these proceeds, the Fund’s total return would have been 21.46%.

^f  Annualized for periods of less than one year.

^g  Portfolio turnover rates exclude portfolio securities received or delivered in Creation Units but include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012, were 3%, 33%, 21% and 3%, respectively. See Note 4.

See notes to consolidated financial statements.

74 2015 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, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Feb. 8, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	61.46		$	50.16		$	48.48		$	51.54
Income from investment operations:
Net investment incomeb		0.22			0.44			0.39			0.26
Net realized and unrealized gain (loss)c		(6.71	)		11.15			1.90			(3.19	)
Total from investment operations		(6.49	)		11.59			2.29			(2.93	)
Less distributions from:
Net investment income		(0.34	)		(0.29	)		(0.61	)		(0.13	)
Total distributions		(0.34	)		(0.29	)		(0.61	)		(0.13	)
Net asset value, end of period	$	54.63		$	61.46		$	50.16		$	48.48
Total return		(10.55	)%d		23.16	%		4.73	%		(5.68	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	5,463		$	6,146		$	2,508		$	2,424
Ratio of expenses to average net assetse		0.68	%		0.67	%		0.67	%		0.68	%
Ratio of net investment income to average net assetse		0.82	%		0.79	%		0.76	%		0.94	%
Portfolio turnover ratef		4	%		10	%		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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 4%, 10%, 10%, and 5%, 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 Energy Capped  ETF

	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Feb. 8, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	39.58		$	36.10		$	40.16		$	51.12
Income from investment operations:
Net investment incomeb		0.12			1.05			1.04			1.05
Net realized and unrealized gain (loss)c		(10.52	)		3.13			(4.16	)		(11.14	)
Total from investment operations		(10.40	)		4.18			(3.12	)		(10.09	)
Less distributions from:
Net investment income		(0.34	)		(0.70	)		(0.94	)		(0.84	)
Return of capital		—			—			—			(0.03	)
Total distributions		(0.34	)		(0.70	)		(0.94	)		(0.87	)
Net asset value, end of period	$	28.84		$	39.58		$	36.10		$	40.16
Total return		(26.24	)%d		11.65	%		(7.73	)%		(19.71	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,884		$	1,979		$	1,805		$	2,008
Ratio of expenses to average net assetse		0.68	%		0.67	%		0.67	%		0.68	%
Ratio of net investment income to average net assetse		0.80	%		2.79	%		2.56	%		4.23	%
Portfolio turnover ratef		5	%		15	%		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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 5%, 15%, 7% and 3%, respectively. See Note 4.

See notes to consolidated financial statements.

76 2015 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, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Feb. 8, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	59.18		$	50.26		$	50.60		$	54.24
Income from investment operations:
Net investment incomeb		0.23			0.81			0.85			0.66
Net realized and unrealized gain (loss)c		(3.31	)		8.86			0.13			(3.87	)
Total from investment operations		(3.08	)		9.67			0.98			(3.21	)
Less distributions from:
Net investment income		(0.50	)		(0.75	)		(1.32	)		(0.43	)
Total distributions		(0.50	)		(0.75	)		(1.32	)		(0.43	)
Net asset value, end of period	$	55.60		$	59.18		$	50.26		$	50.60
Total return		(5.12	)%d		19.36	%		1.76	%		(5.90	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	5,560		$	5,918		$	5,026		$	10,121
Ratio of expenses to average net assetse		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of expenses to average net assets prior to waived feese		0.68	%		0.68	%		0.68	%		0.68	%
Ratio of net investment income to average net assetse		0.85	%		1.47	%		1.59	%		2.27	%
Portfolio turnover ratef		15	%		26	%		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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 15%, 26%, 28% and 12%, 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 Minimum Volatility  ETF

	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Oct. 18, 2011a to Aug. 31, 2012
Net asset value, beginning of period	$	62.47		$	55.56		$	55.32		$	49.30
Income from investment operations:
Net investment incomeb		0.42			1.51			1.85			1.93
Net realized and unrealized gain (loss)c		(3.57	)		6.94			(0.60	)		5.41
Total from investment operations		(3.15	)		8.45			1.25			7.34
Less distributions from:
Net investment income		(0.82	)		(1.54	)		(1.01	)		(1.32	)
Total distributions		(0.82	)		(1.54	)		(1.01	)		(1.32	)
Net asset value, end of period	$	58.50		$	62.47		$	55.56		$	55.32
Total return		(4.97	)%d		15.44	%		2.22	%		15.16	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,129,538		$	2,080,363		$	2,455,727		$	387,227
Ratio of expenses to average net assetse		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of expenses to average net assets prior to waived feese		0.68	%		0.67	%		0.67	%		0.69	%
Ratio of net investment income to average net assetse		1.43	%		2.58	%		3.13	%		4.08	%
Portfolio turnover ratef		17	%		34	%		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 ended February 28, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 12%, 26%, 23% and 16%, respectively. See Note 4.

See notes to consolidated financial statements.

78 2015 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, 2015 (Unaudited)			Year ended Aug. 31, 2014			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	$	51.37		$	43.78		$	43.44		$	49.60		$	50.54
Income from investment operations:
Net investment incomeb		0.19			0.93			1.07			0.50			0.07
Net realized and unrealized gain (loss)c		(3.71	)		7.67			1.13			(5.52	)		(1.01	)
Total from investment operations		(3.52	)		8.60			2.20			(5.02	)		(0.94	)
Less distributions from:
Net investment income		(0.93	)		(1.01	)		(1.86	)		(1.14	)		–
Total distributions		(0.93	)		(1.01	)		(1.86	)		(1.14	)		–
Net asset value, end of period	$	46.92		$	51.37		$	43.78		$	43.44		$	49.60
Total return		(6.73	)%d		19.92	%e		4.85	%		(9.98	)%		(1.86	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	68,036		$	43,666		$	30,644		$	8,689		$	69,443
Ratio of expenses to average net assetsf		0.68	%		0.67	%		0.67	%		0.69	%		0.69	%
Ratio of net investment income to average net assetsf		0.80	%		1.93	%		2.26	%		1.13	%		3.33	%
Portfolio turnover rateg		10	%		20	%		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. Not including these proceeds, the Fund’s total return would have been 19.73%.

^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, 2015, the years ended August 31, 2014, August 31, 2013, August 31, 2012 and the period ended August 31, 2011 were 10%, 20%, 21%, 17% and 2%, respectively. See Note 4.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 79

Consolidated Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Value ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Feb. 8, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	50.37		$	43.15		$	45.30		$	52.58
Income from investment operations:
Net investment incomeb		0.31			1.36			1.34			1.00
Net realized and unrealized gain (loss)c		(6.37	)		6.83			(2.11	)		(7.54	)
Total from investment operations		(6.06	)		8.19			(0.77	)		(6.54	)
Less distributions from:
Net investment income		(0.76	)		(0.97	)		(1.38	)		(0.74	)
Total distributions		(0.76	)		(0.97	)		(1.38	)		(0.74	)
Net asset value, end of period	$	43.55		$	50.37		$	43.15		$	45.30
Total return		(11.97	)%d		19.20	%		(1.83	)%		(12.41	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	21,777		$	25,186		$	10,787		$	9,061
Ratio of expenses to average net assetse		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of expenses to average net assets prior to waived feese		0.68	%		0.68	%		0.68	%		0.68	%
Ratio of net investment income to average net assetse		1.40	%		2.94	%		2.84	%		3.73	%
Portfolio turnover ratef		14	%		25	%		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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 14%, 25%, 26% and 12%, respectively. See Note 4.

See notes to consolidated financial statements.

80 2015 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		Diversified
MSCI Emerging Markets Small-Cap		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. Intercompany accounts and transactions, if any, have been eliminated.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 81

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

• Open-end U.S. mutual funds 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 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.

82 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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, 2015. 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	$	267,733,042	$	860,132	$	—	$	268,593,174
Preferred Stocks		24,226,499		—		—		24,226,499
Rights		5,105		—		—		5,105
Money Market Funds		10,258,879		—		—		10,258,879
	$	302,223,525	$	860,132	$	—	$	303,083,657
MSCI Emerging Markets Asia
Assets:
Common Stocks	$	131,274,377	$	200,352	$	—	$	131,474,729
Preferred Stocks		1,391,124		—		—		1,391,124
Rights		8,347		—		—		8,347
Money Market Funds		6,581,182		—		—		6,581,182
	$	139,255,030	$	200,352	$	—	$	139,455,382
MSCI Emerging Markets Consumer Discretionary
Assets:
Common Stocks	$	5,305,461	$	—	$	—	$	5,305,461
Preferred Stocks		136,679		—		—		136,679
Money Market Funds		78,046		—		—		78,046
	$	5,520,186	$	—	$	—	$	5,520,186
MSCI Emerging Markets Energy Capped
Assets:
Common Stocks	$	2,701,430	$	—	$	—	$	2,701,430
Preferred Stocks		173,940		—		—		173,940
Money Market Funds		64,908		—		—		64,908
	$	2,940,278	$	—	$	—	$	2,940,278
MSCI Emerging Markets Growth
Assets:
Common Stocks	$	5,340,083	$	12,666	$	—	$	5,352,749
Preferred Stocks		187,598		—		—		187,598
Rights		467		—		—		467
Money Market Funds		97,221		—		—		97,221
	$	5,625,369	$	12,666	$	—	$	5,638,035

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 83

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 Minimum Volatility
Assets:
Common Stocks	$	2,077,535,122	$	—		$	—	$	2,077,535,122
Preferred Stocks		41,796,258		—			—		41,796,258
Money Market Funds		76,022,372		—			—		76,022,372
	$	2,195,353,752	$	—		$	—	$	2,195,353,752
MSCI Emerging Markets Small-Cap
Assets:
Common Stocks	$	67,294,633	$	157,507		$	4,004	$	67,456,144
Preferred Stocks		319,528		—			—		319,528
Rights		537		5,975			—		6,512
Warrants		1,727		0	a		—		1,727
Money Market Funds		6,501,959		—			—		6,501,959
	$	74,118,384	$	163,482		$	4,004	$	74,285,870
MSCI Emerging Markets Value
Assets:
Common Stocks	$	20,427,402	$	—		$	15	$	20,427,417
Preferred Stocks		1,269,296		—			—		1,269,296
Rights		717		—			—		717
Money Market Funds		478,389		—			—		478,389
	$	22,175,804	$	—		$	15	$	22,175,819

^a  Rounds to less than $1.

The iShares MSCI Emerging Markets Small-Cap ETF had transfers from Level 2 to Level 1 during the six months ended February 28, 2015 in the amount of $547,036, resulting from the resumption of trading after temporary suspensions.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 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.

84 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their consolidated statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2015, if any, are disclosed in the Funds’ consolidated statements of assets and liabilities.

Each Fund conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. Each Fund has obtained a tax residence certificate from the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, a system of tax credits effectively reduces the Mauritius income tax rate to a maximum of 3%. These income taxes, if any, are paid by the Funds and are disclosed in the consolidated statements of operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Further, each Subsidiary is also exempt from tax in Mauritius on any gains from the sale of securities.

However, there can be no assurance that any future changes to the India-Mauritius treaty will not adversely affect the tax position of the Funds’ investments in India. If the DTAA is interpreted, amended, terminated, renegotiated, or possibly overridden by the General Anti-Avoidance Rules provisions (which are due to take effect April 1, 2017, the details of which are pending further authoritative guidance), in a manner that would adversely affect the tax position in India of each Fund, such an interpretation, amendment, or override renegotiation may cause the Funds to incur capital gains tax in India.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by 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

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 85

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the consolidated schedules of investments. The value of any securities on loan as of February 28, 2015 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 or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:

iShares ETF	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
MSCI BRIC	$	9,590,341	$	9,590,341	$	—
MSCI Emerging Markets Asia		6,180,768		6,180,768		—
MSCI Emerging Markets Consumer Discretionary		72,459		72,459		—
MSCI Emerging Markets Energy Capped		58,314		58,314		—
MSCI Emerging Markets Growth		91,181		91,181		—
MSCI Emerging Markets Minimum Volatility		66,544,140		66,544,140		—
MSCI Emerging Markets Small-Cap		5,859,857		5,859,857		—
MSCI Emerging Markets Value		443,949		443,949		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s consolidated statement of assets and liabilities.

86 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

RECENT ACCOUNTING STANDARD

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except 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
	0.54		Over $42 billion, up to and including $56 billion
	0.47		Over $56 billion, up to and including $70 billion
	0.41		Over $70 billion, up to and including $84 billion
	0.35		Over $84 billion

The total of the investment advisory fee and any other fund expenses is a fund’s total annual operating expense. For the iShares MSCI Emerging Markets Minimum Volatility ETF, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2015 in order to limit total annual operating expenses to 0.25% of average daily net assets.

For its investment advisory services to each of the iShares MSCI Emerging Markets Asia, iShares MSCI Emerging Markets Growth and iShares MSCI Emerging Markets Value ETFs, BFA is entitled to an annual investment advisory fee of 0.68% based on the average daily net assets of each Fund. BFA has contractually agreed to waive a portion of its investment advisory fees for each Fund through December 31, 2015 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

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 87

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.

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

Prior to January 1, 2015, each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2015, 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	$	40,342
MSCI Emerging Markets Asia		11,325
MSCI Emerging Markets Consumer Discretionary		178
MSCI Emerging Markets Energy Capped		151

iShares ETF	Fees Paid to BTC
MSCI Emerging Markets Growth	$	423
MSCI Emerging Markets Minimum Volatility		342,556
MSCI Emerging Markets Small-Cap		15,980
MSCI Emerging Markets Value		769

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, 2015, 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 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.

88 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended February 28, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI BRIC	$	10,709,232	$	47,356,021
MSCI Emerging Markets Asia		50,573,870		2,792,612
MSCI Emerging Markets Consumer Discretionary		206,763		222,365
MSCI Emerging Markets Energy Capped		802,657		129,596
MSCI Emerging Markets Growth		828,446		854,972
MSCI Emerging Markets Minimum Volatility		449,828,296		355,409,599
MSCI Emerging Markets Small-Cap		31,513,642		4,735,144
MSCI Emerging Markets Value		3,084,132		3,310,511

In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI BRIC	$	—	$	44,911,846
MSCI Emerging Markets Asia		4,267,388		—
MSCI Emerging Markets Energy Capped		1,103,340		—
MSCI Emerging Markets Minimum Volatility		165,978,918		83,239,261

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.

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

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

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 89

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

5. MARKET AND CREDIT RISK

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

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

MARKET RISK

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

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

Each Fund invests a substantial amount of its assets 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 issuers from countries with less developed markets.

The iShares MSCI Emerging Markets Consumer Discretionary ETF and iShares MSCI Emerging Markets Energy Capped ETF each invests substantially all of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions affecting those market sectors may have a significant impact on its investment performance.

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares MSCI BRIC ETF, iShares MSCI Emerging Markets Energy Capped ETF, iShares MSCI Emerging Markets Growth ETF, iShares MSCI Emerging Markets Minimum Volatility ETF, iShares MSCI Emerging Markets Small-Cap ETF and iShares MSCI Emerging Markets Value ETF issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of

90 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

CREDIT RISK

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

6. INCOME TAX INFORMATION

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

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or 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, 2014, the Funds’ fiscal year-end, the following Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI BRIC	$	141,120,103	$	1,540,740	$	11,268,086	$	7,760,558	$	161,689,487
MSCI Emerging Markets Asia		9,289,694		—		—		—		9,289,694
MSCI Emerging Markets Consumer Discretionary		811,736		—		—		—		811,736
MSCI Emerging Markets Energy Capped		996,570		—		—		—		996,570
MSCI Emerging Markets Growth		627,663		—		—		—		627,663
MSCI Emerging Markets Minimum Volatility		15,978,688		—		—		—		15,978,688
MSCI Emerging Markets Small-Cap		8,080,278		—		—		—		8,080,278
MSCI Emerging Markets Value		511,452		—		—		—		511,452

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

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 91

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

As of February 28, 2015, 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	$	318,315,268	$	57,702,439	$	(72,934,050	)	$	(15,231,611	)
MSCI Emerging Markets Asia		133,630,661		12,554,684		(6,729,963	)		5,824,721
MSCI Emerging Markets Consumer Discretionary		5,205,126		985,333		(670,273	)		315,060
MSCI Emerging Markets Energy Capped		4,129,379		27,390		(1,216,491	)		(1,189,101	)
MSCI Emerging Markets Growth		5,133,474		1,020,846		(516,285	)		504,561
MSCI Emerging Markets Minimum Volatility		2,172,567,759		198,834,313		(176,048,320	)		22,785,993
MSCI Emerging Markets Small-Cap		74,844,160		6,484,031		(7,042,321	)		(558,290	)
MSCI Emerging Markets Value		24,449,585		1,639,300		(3,913,066	)		(2,273,766	)

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, 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.

7. 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 28, 2015. 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, 2015, the maximum amounts borrowed, the average borrowings and the weighted average interest rates, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowings		Weighted Average Interest Rates
MSCI BRIC	$	1,035,600	$	40,051		1.16	%
MSCI Emerging Markets Consumer Discretionary		75,500		2,920		1.16
MSCI Emerging Markets Minimum Volatility		11,704,000		541,039		1.16
MSCI Emerging Markets Small-Cap		600,000		23,204		1.16
MSCI Emerging Markets Value		150,000		5,801		1.16

92 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The iShares MSCI Emerging Markets Asia ETF, the iShares MSCI Emerging Markets Energy Capped ETF, and the iShares MSCI Emerging Markets Growth ETF did not borrow under the credit agreement during the six months ended February 28, 2015.

8. 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 93

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources 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	$	0.530924	$	—	$	0.045626	$	0.576550		92	%		—	%		8	%		100	%
MSCI Emerging Markets Asia		0.386083		—		0.077231		0.463314		83			—			17			100
MSCI Emerging Markets Consumer Discretionary		0.230353		—		0.110187		0.340540		68			—			32			100
MSCI Emerging Markets Energy Capped		0.289606		—		0.050204		0.339810		85			—			15			100
MSCI Emerging Markets Growth		0.474443		—		0.020917		0.495360		96			—			4			100
MSCI Emerging Markets Minimum Volatility		0.720185		—		0.101186		0.821371		88			—			12			100
MSCI Emerging Markets Small-Cap		0.885678		—		0.039595		0.925273		96			—			4			100
MSCI Emerging Markets Value		0.669960		—		0.089528		0.759488		88			—			12			100

94 2015 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 basis on the Funds’ website.

©2015 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-810-0215

FEBRUARY 28, 2015

2015 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø   iShares Currency Hedged MSCI Emerging Markets ETF  |  HEEM  |  NYSE Arca

^Ø   iShares MSCI Emerging Markets ETF  |  EEM  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	7
Shareholder Expenses	7
Schedules of Investments	8
iShares Currency Hedged MSCI Emerging Markets ETF	8
iShares MSCI Emerging Markets ETF (Consolidated)	10
Financial Statements	26
Financial Highlights	29
Notes to Financial Statements	31
Board Review and Approval of Investment Advisory Contract	45
Supplemental Information	48

Fund Performance Overview

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

Performance as of February 28, 2015

The iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets 100% Hedged to USD Index (the “Index”).

The Index applies a one-month forward rate to the total value of the non-U.S. dollar denominated securities included in the Index to effectively create a “hedge” against fluctuations in the relative value of the component currencies in relation to the U.S. dollar. In order to replicate the “hedging” component of the Index, the Fund enters into foreign currency forward contracts designed to offset the Fund’s exposure to the component currencies.

The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Emerging Markets ETF. For the period from September 23, 2014 (inception date of the Fund) through February 28, 2015, the total return for the Fund was 2.08%, net of fees, while the total return for the Index was 1.69%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		2.08%		2.20%		1.69%

The inception date of the Fund was 9/23/14. The first day of secondary market trading was 9/25/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/23/14) a		Ending Account Value (2/28/15)		Expenses Paid During Period b,c		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period b,c		Annualized Expense Ratio b
$	1,000.00	$	1,020.80	$	0.17	$	1,000.00	$	1,024.60	$	0.20		0.04%

^a  The beginning of the period (commencement of operations) is September 23, 2014.

^b  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^c  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 (158 days for actual and 181 days for hypothetical expenses) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

PORTFOLIO ALLOCATION¹

As of 2/28/15

Sector Percentage of
Total Investments  ²

Financials	28.54	%
Information Technology	18.66
Consumer Discretionary	9.19
Energy	8.21
Consumer Staples	8.15
Telecommunication Services	7.58
Materials	7.31
Industrials	6.72
Utilities	3.35
Health Care	2.29
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS¹

As of 2/28/15

Country Percentage of
Total Investments ²

China	22.24	%
South Korea	14.59
Taiwan	12.73
Brazil	8.15
South Africa	8.03
India	7.72
Mexico	4.78
Russia	3.73
Malaysia	3.55
Indonesia	2.70
TOTAL	88.22	%

¹  Reflects the portfolio allocation and ten largest countries of the iShares MSCI Emerging Markets ETF, the underlying fund in which the Fund invests.

²  Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -8.61%, 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		4.49%		5.47%		5.01%		4.49%		5.47%		5.01%
5 Years		2.81%		2.86%		3.64%		14.85%		15.12%		19.55%
10 Years		7.08%		7.09%		7.89%		98.15%		98.34%		113.72%

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 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	913.90	$	3.23	$	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 7 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Financials	28.54	%
Information Technology	18.66
Consumer Discretionary	9.19
Energy	8.21
Consumer Staples	8.15
Telecommunication Services	7.58
Materials	7.31
Industrials	6.72
Utilities	3.35
Health Care	2.29
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total Investments*

China	22.24	%
South Korea	14.59
Taiwan	12.73
Brazil	8.15
South Africa	8.03
India	7.72
Mexico	4.78
Russia	3.73
Malaysia	3.55
Indonesia	2.70
TOTAL	88.22	%

* Excludes money market funds.

6 2015 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, 2014 (or commencement of operations, as applicable) and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number 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 7

Schedule of Investments  (Unaudited)

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
INVESTMENT COMPANIES — 99.86%
EXCHANGE-TRADED FUNDS — 99.86%
iShares MSCI Emerging Markets ETFa		959,976	$	39,061,423
				39,061,423
TOTAL INVESTMENT COMPANIES
(Cost: $38,958,625)				39,061,423
SHORT-TERM INVESTMENTS — 0.20%
MONEY MARKET FUNDS — 0.20%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%a,b		78,035		78,035
				78,035
TOTAL SHORT-TERM INVESTMENTS
(Cost: $78,035)				78,035
TOTAL INVESTMENTS IN SECURITIES — 100.06%
(Cost: $39,036,660)				39,139,458
Other Assets, Less Liabilities — (0.06)%				(22,086	)
NET ASSETS — 100.00%			$	39,117,372

^a  Affiliated issuer. See Note 2.

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

Forward currency contracts as of February 28, 2015 were as follows:

Currency Sold			Currency Purchased		Settlement Date		Counter- party		Unrealized Appreciation (Depreciation)
	BRL	540,000	USD	193,654		3/4/2015		BNP	$	3,496
	BRL	54,000	USD	19,868		3/4/2015		CITI		852
	BRL	6,810,000	USD	2,597,650		3/4/2015		SCB		199,552
	EUR	122,000	USD	138,225		3/4/2015		BNP		1,699
	EUR	48,000	USD	54,372		3/4/2015		DB		657
	EUR	605,000	USD	686,157		3/4/2015		MS		9,124
	HKD	4,046,000	USD	521,794		3/4/2015		BNP		121
	HKD	52,005,000	USD	6,708,274		3/4/2015		MS		2,983
	KRW	491,321,000	USD	448,040		3/4/2015		BNP		618
	MXN	2,437,000	USD	164,199		3/4/2015		CITI		954
	MXN	30,534,000	USD	2,054,930		3/4/2015		MS		9,586
	TRY	342,000	USD	137,614		3/4/2015		BNP		1,361
	TRY	1,309,000	USD	540,030		3/4/2015		HSBC		18,525
	USD	3,004,171	BRL	8,643,000		3/4/2015		RBS		39,407
	USD	49,974	INR	3,098,000		3/4/2015		CITI		168
	USD	2,876,263	INR	177,848,000		3/4/2015		UBS		2,235
	USD	67,206	KRW	73,952,000		3/4/2015		CITI		138
	USD	7,125,720	KRW	7,840,073,000		3/4/2015		UBS		13,859
	USD	2,588,071	MXN	38,637,000		3/4/2015		BNP		59
	USD	34,797	MXN	522,000		3/4/2015		SSB		170
	USD	114,415	TWD	3,613,000		3/4/2015		CITI		607
	USD	13,705	TWD	435,000		3/4/2015		SCB		143
	ZAR	5,686,000	USD	487,537		3/4/2015		BNP		236
	ZAR	27,423,000	USD	2,370,658		3/4/2015		CITI		20,454
	ZAR	2,270,000	USD	195,100		3/4/2015		DB		556

Currency Sold			Currency Purchased		Settlement Date		Counter- party		Unrealized Appreciation (Depreciation)
	EUR	66,000	USD	74,058		4/8/2015		BBP	$	171
	EUR	736,000	USD	830,564		4/8/2015		SCB		6,609
	HKD	67,038,000	USD	8,644,552		4/8/2015		BBP		1,157
	KRW	7,840,073,000	USD	7,114,856		4/8/2015		UBS		5,727
	MXN	38,637,000	USD	2,581,948		4/8/2015		BNP		98
	RUB	75,383,000	USD	1,219,001		4/8/2015		SCB		18,649
	TRY	1,640,000	USD	651,012		4/8/2015		SCB		3,623
	TWD	220,890,000	USD	7,030,459		4/8/2015		RBS		8,005
	USD	6,921	BRL	20,000		4/8/2015		UBS		49
	USD	3,357	EUR	3,000		4/8/2015		UBS		2
	USD	6,820	KRW	7,528,000		4/8/2015		UBS		6
	USD	24,105	RUB	1,517,000		4/8/2015		UBS		51
	USD	10,240	TRY	26,000		4/8/2015		BBP		23
	USD	7,105	TRY	18,000		4/8/2015		UBS		1
	USD	4,257	ZAR	50,000		4/8/2015		UBS		4
	ZAR	1,837,000	USD	156,724		4/8/2015		BBP		173
	ZAR	35,034,000	USD	3,027,651		4/8/2015		SSB		42,030
										413,938
	BRL	1,410,000	USD	488,464		3/4/2015		CITI		(8,059)
	HKD	10,349,000	USD	1,334,204		3/4/2015		BNP		(150)
	INR	11,102,000	USD	177,803		3/4/2015		BNP		(1,885)
	INR	28,395,000	USD	455,879		3/4/2015		CITI		(3,699)
	INR	141,449,000	USD	2,278,782		3/4/2015		SCB		(10,592)
	KRW	1,244,035,000	USD	1,121,227		3/4/2015		CITI		(11,656)
	KRW	6,178,669,000	USD	5,616,462		3/4/2015		SCB		(10,155)
	MXN	6,203,000	USD	411,042		3/4/2015		BNP		(4,471)
	RUB	4,576,000	USD	68,433		3/4/2015		BNP		(5,774)
	RUB	70,807,000	USD	1,027,776		3/4/2015		CITI		(120,479)
	TWD	14,058,000	USD	444,592		3/4/2015		BNP		(2,952)
	TWD	35,544,000	USD	1,118,552		3/4/2015		CITI		(13,011)
	TWD	175,336,000	USD	5,557,753		3/4/2015		SCB		(24,164)
	USD	63,228	BRL	171,000		3/4/2015		UBS		(3,011)
	USD	830,241	EUR	736,000		3/4/2015		SCB		(6,611)
	USD	44,020	EUR	39,000		3/4/2015		WBC		(377)
	USD	8,293,542	HKD	64,314,000		3/4/2015		BBP		(1,185)
	USD	193,733	HKD	1,502,000		3/4/2015		BNP		(72)
	USD	75,318	HKD	584,000		3/4/2015		SSB		(20)
	USD	1,007	MXN	15,000		3/4/2015		BNP		(2)
	USD	1,241,486	RUB	75,383,000		3/4/2015		SCB		(19,022)
	USD	2,865	TRY	7,000		3/4/2015		BNP		(76)
	USD	656,859	TRY	1,640,000		3/4/2015		SCB		(3,483)
	USD	1,629	TRY	4,000		3/4/2015		SSB		(36)
	USD	7,032,474	TWD	220,890,000		3/4/2015		RBS		(320)
	USD	92,409	ZAR	1,066,000		3/4/2015		BNP		(1,051)
	ZAR	721,000	USD	61,702		3/4/2015		SSB		(89)
	BRL	8,643,000	USD	2,972,657		4/8/2015		RBS		(39,126)
	BRL	638,000	USD	220,528		4/8/2015		UBS		(1,793)
	HKD	626,000	USD	80,708		4/8/2015		UBS		(4)
	INR	182,728,000	USD	2,938,571		4/8/2015		UBS		(10,387)
	KRW	239,823,000	USD	217,325		4/8/2015		UBS		(139)
	MXN	1,380,000	USD	92,063		4/8/2015		BBP		(153)
	MXN	357,000	USD	23,837		4/8/2015		UBS		(19)
	RUB	258,000	USD	4,088		4/8/2015		UBS		(20)
	TWD	9,754,000	USD	309,849		4/8/2015		UBS		(246)
	USD	24,620	INR	1,525,000		4/8/2015		UBS		(8)
	USD	37,908	TWD	1,192,000		4/8/2015		UBS		(12)
										(304,309)
				Net Unrealized Appreciation					$	109,629

8 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® CURRENCY HEDGED MSCI EMERGING MARKETS ETF

February 28, 2015

Counterparties:

BBP — Barclays Bank PLC Wholesale

BNP — BNP Paribas SA

CITI — Citibank N.A. London

DB — Deutsche Bank AG London

HSBC — HSBC Bank PLC

MS — Morgan Stanley and Co. International PLC

RBS — Royal Bank of Scotland PLC

SCB — Standard Chartered Bank, London

SSB — State Street Bank London

UBS — UBS AG London

WBC — Westpac Banking Corporation

Currency abbreviations:

BRL — Brazilian Real

EUR — Euro

HKD — Hong Kong Dollar

INR — Indian Rupee

KRW — South Korean Won

MXN — Mexican Peso

RUB — New Russian Ruble

TRY — Turkish Lira

TWD — Taiwan Dollar

USD — United States Dollar

ZAR — South African Rand

See notes to financial statements

SCHEDULESOF INVESTMENTS 9

Consolidated Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 95.05%
BRAZIL — 4.84%
Ambev SA		38,232,415	$	245,224,436
B2W Cia. Digitala		834,900		5,854,388
Banco Bradesco SA		5,235,040		68,363,927
Banco do Brasil SA		6,979,774		57,901,355
Banco Santander Brasil SA Units		2,834,600		14,007,693
BB Seguridade Participacoes SA		5,819,500		65,942,190
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		14,903,700		52,331,176
BR Malls Participacoes SA		3,625,500		21,440,959
BRF SA		5,408,785		121,876,656
CCR SA		7,231,600		42,160,201
Centrais Eletricas Brasileiras SA		2,235,737		4,183,186
CETIP SA — Mercados Organizados		1,776,734		21,375,365
Cia. de Saneamento Basico do Estado de Sao Paulo		2,818,724		16,699,314
Cia. Siderurgica Nacional SA		5,509,628		9,923,439
Cielo SA		5,822,124		91,037,181
Cosan SA Industria e Comercio		1,044,700		10,336,112
CPFL Energia SA		1,944,736		12,630,055
Cyrela Brazil Realty SA Empreendimentos e Participacoes		2,157,800		8,738,813
Duratex SA		2,634,655		6,993,558
EcoRodovias Infraestrutura e Logistica SA		1,605,200		5,917,012
EDP — Energias do Brasil SA		2,160,800		6,808,823
Embraer SA		5,298,100		46,137,300
Estacio Participacoes SA		2,405,500		16,236,610
Fibria Celulose SAa		2,106,661		27,157,055
Hypermarcas SAa		2,825,300		18,872,551
JBS SA		5,868,065		25,694,012
Klabin SA Units		3,887,500		21,753,196
Kroton Educacional SA		11,318,080		41,126,428
Localiza Rent A Car SA		1,118,889		13,695,810
Lojas Americanas SA		1,070,175		4,790,683

Security	Shares		Value
Lojas Renner SA		1,060,800	$	31,196,836
M. Dias Branco SA		200,300		5,814,224
Multiplan Empreendimentos Imobiliarios SA		662,600		12,640,925
Natura Cosmeticos SA		1,421,200		13,976,653
Odontoprev SA		2,475,000		9,045,325
Petroleo Brasileiro SA		24,604,574		81,574,960
Porto Seguro SA		1,000,700		10,961,206
Qualicorp SAa		1,683,500		15,308,025
Raia Drogasil SA		1,611,200		16,059,314
Souza Cruz SA		3,143,600		27,881,056
Sul America SA		1,269,165		5,805,752
TIM Participacoes SA		6,915,476		28,829,095
TOTVS SA		1,063,400		12,759,982
Tractebel Energia SA		1,374,600		16,056,670
Transmissora Alianca de Energia Eletrica SA Units		499,100		3,653,335
Ultrapar Participacoes SA		2,865,800		59,714,398
Vale SA		10,808,648		80,327,267
Via Varejo SAa		592,000		3,498,977
WEG SA		2,359,910		25,337,660
				1,565,651,144	��
CHILE — 1.33%
AES Gener SA		21,353,039		11,390,938
Aguas Andinas SA Series A		20,700,961		12,305,771
Banco de Chile		197,991,522		23,134,143
Banco de Credito e Inversiones		287,502		13,285,402
Banco Santander Chile		565,766,253		29,691,105
Cencosud SA		9,923,605		24,549,704
Cia. Cervecerias Unidas SA		1,091,732		10,348,893
Colbun SA		58,568,116		16,453,034
CorpBanca SA		1,241,425,150		15,001,831
Empresa Nacional de Electricidad SA/Chile		28,286,264		42,509,435
Empresas CMPC SA		10,598,496		27,592,215
Empresas COPEC SA		3,720,808		43,638,121
Enersis SA		167,906,635		55,199,909
ENTEL Chile SA		1,010,516		10,631,301
LATAM Airlines Group SAa		2,654,602		28,243,255
SACI Falabella		7,605,329		55,248,006
SONDA SA		1,637,251		4,097,005
Vina Concha y Toro SA		2,694,526		5,370,509
				428,690,577

10 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
CHINA — 22.14%
AAC Technologies Holdings Inc.b		6,040,500	$	39,995,058
Agricultural Bank of China Ltd. Class H		174,519,000		86,635,611
Air China Ltd. Class H		16,046,000		14,234,697
Alibaba Health Information Technology Ltd.a		19,410,000		13,264,607
Alibaba Pictures Group Ltd.a,b		43,320,000		10,054,349
Aluminum Corp. of China Ltd. Class Ha,b		31,812,000		15,423,105
Anhui Conch Cement Co. Ltd. Class Hb		9,995,500		33,960,818
Anta Sports Products Ltd.		8,471,402		17,040,129
AviChina Industry & Technology Co. Ltd. Class H		17,244,000		11,228,517
Bank of China Ltd. Class H		648,887,000		373,161,586
Bank of Communications Co. Ltd. Class H		72,197,600		62,279,035
BBMG Corp. Class H		9,197,500		8,052,534
Beijing Capital International Airport Co. Ltd. Class H		14,918,000		14,061,154
Beijing Enterprises Holdings Ltd.		4,363,500		32,407,868
Beijing Enterprises Water Group Ltd.b		32,276,000		20,059,483
Belle International Holdings Ltd.		37,889,000		40,989,074
Brilliance China Automotive Holdings Ltd.		24,726,000		48,524,550
Byd Co. Ltd. Class Hb		5,226,000		22,776,087
CGN Power Co. Ltd. Class Ha,c		40,804,000		16,467,970
China Agri-Industries Holdings Ltd.b		22,371,600		9,000,044
China Cinda Asset Management Co. Ltd. Class Ha		35,722,000		17,595,116
China CITIC Bank Corp. Ltd. Class H		67,979,800		51,540,687
China CNR Corp. Ltd. Class Ha,c		15,019,500		20,644,562

Security	Shares		Value
China Coal Energy Co. Ltd. Class Hb		33,575,000	$	18,096,113
China Communications Construction Co. Ltd. Class H		36,670,000		44,824,169
China Communications Services Corp. Ltd. Class H		16,314,000		7,488,649
China Construction Bank Corp. Class H		587,018,760		488,207,777
China COSCO Holdings Co. Ltd. Class Ha,b		22,479,500		11,188,373
China Everbright Bank Co. Ltd. Class H		13,980,000		7,372,648
China Everbright International Ltd.b		21,047,000		29,363,678
China Everbright Ltd.		7,570,000		18,545,668
China Galaxy Securities Co. Ltd. Class Hb		12,218,000		14,572,526
China Gas Holdings Ltd.		17,162,000		26,687,519
China Huishan Dairy Holdings Co. Ltd.b		32,370,000		5,592,944
China International Marine Containers Group Co. Ltd. Class H		2,664,500		5,050,403
China Life Insurance Co. Ltd. Class H		60,650,000		260,025,208
China Longyuan Power Group Corp. Ltd.		22,911,000		24,578,783
China Medical System Holdings Ltd.		7,567,000		12,528,000
China Mengniu Dairy Co. Ltd.		11,337,000		51,163,375
China Merchants Bank Co. Ltd. Class H		37,449,967		85,470,787
China Merchants Holdings International Co. Ltd.b		9,924,000		37,748,680
China Minsheng Banking Corp. Ltd. Class H		51,655,040		62,408,722
China Mobile Ltd.		49,690,500		675,315,900
China National Building Material Co. Ltd. Class H		23,262,000		22,765,743
China Oilfield Services Ltd. Class H		14,662,000		22,270,579

SCHEDULESOF INVESTMENTS 11

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
China Overseas Land & Investment Ltd.		33,484,960	$	102,111,329
China Pacific Insurance Group Co. Ltd. Class H		21,618,600		112,895,229
China Petroleum & Chemical Corp. Class H		206,934,800		173,436,255
China Railway Construction Corp. Ltd. Class H		17,078,500		20,854,160
China Railway Group Ltd. Class H		31,834,000		25,859,776
China Resources Cement Holdings Ltd.		17,440,000		10,344,210
China Resources Enterprise Ltd.b		10,140,000		21,154,827
China Resources Gas Group Ltd.b		7,588,000		18,765,879
China Resources Land Ltd.b		18,037,333		47,910,703
China Resources Power Holdings Co. Ltd.		16,152,999		42,801,402
China Shenhua Energy Co. Ltd. Class H		27,616,500		72,286,579
China Shipping Container Lines Co. Ltd. Class Ha		33,928,000		10,543,099
China South City Holdings Ltd.b		15,576,000		4,920,566
China State Construction International Holdings Ltd.		14,576,000		20,749,156
China Taiping Insurance Holdings Co. Ltd.a		8,299,060		28,892,536
China Telecom Corp. Ltd. Class H		112,902,000		73,079,968
China Unicom Hong Kong Ltd.		46,018,000		77,493,257
China Vanke Co. Ltd. Class Ha,b		9,768,631		22,420,573
Chongqing Changan Automobile Co. Ltd. Class B		6,009,016		16,325,290
Chongqing Rural Commercial Bank Co. Ltd. Class H		21,216,000		13,213,067
CITIC Ltd.		18,480,000		32,454,287
CITIC Securities Co. Ltd. Class Hb		8,858,000		31,409,525

Security	Shares		Value
CNOOC Ltd.		145,362,000	$	208,799,319
COSCO Pacific Ltd.		13,586,000		19,585,128
Country Garden Holdings Co. Ltd.b		40,576,939		16,167,049
CSPC Pharmaceutical Group Ltd.		20,238,000		16,544,355
CSR Corp. Ltd. Class Hb		16,644,000		21,546,881
Datang International Power Generation Co. Ltd. Class H		23,120,000		11,566,782
Dongfeng Motor Group Co. Ltd. Class H		22,060,000		35,100,529
ENN Energy Holdings Ltd.		6,402,000		33,968,667
Evergrande Real Estate Group Ltd.b		50,764,388		22,386,091
Far East Horizon Ltd.		11,226,000		10,465,412
Fosun International Ltd.b		13,257,500		21,436,416
Franshion Properties China Ltd.b		22,544,000		6,627,639
GCL-Poly Energy Holdings Ltd.a,b		82,046,000		19,677,203
Geely Automobile Holdings Ltd.b		40,195,000		17,984,340
GOME Electrical Appliances Holding Ltd.b		84,199,200		11,399,617
Great Wall Motor Co. Ltd. Class H		8,494,500		54,107,537
Guangdong Investment Ltd.		22,622,110		29,140,137
Guangzhou Automobile Group Co. Ltd. Class H		18,190,742		17,450,840
Guangzhou R&F Properties Co. Ltd. Class H		7,940,000		9,234,641
Haier Electronics Group Co. Ltd.		8,488,000		22,381,628
Haitian International Holdings Ltd.b		3,507,000		7,587,885
Haitong Securities Co. Ltd. Class Hb		10,310,800		24,595,581
Hanergy Thin Film Power Group Ltd.b		100,590,000		58,625,457
Hengan International Group Co. Ltd.		6,117,000		70,158,037
Huadian Power International Corp. Ltd. Class H		11,540,000		9,701,668

12 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Huaneng Power International Inc. Class H		28,632,000	$	35,995,590
Industrial & Commercial Bank of China Ltd. Class H		599,843,085		437,771,098
Inner Mongolia Yitai Coal Co. Ltd. Class B		8,399,854		11,415,402
Jiangsu Expressway Co. Ltd. Class H		9,328,000		11,510,481
Jiangxi Copper Co. Ltd. Class H		11,042,000		18,850,754
Kingboard Chemical Holdings Ltd.		5,306,100		9,167,971
Kingsoft Corp. Ltd.b		5,322,000		12,228,567
Kunlun Energy Co. Ltd.b		26,306,000		25,880,481
Lee & Man Paper Manufacturing Ltd.b		12,295,000		6,341,347
Lenovo Group Ltd.b		54,110,000		83,445,268
Longfor Properties Co. Ltd.		12,271,500		16,139,528
New China Life Insurance Co. Ltd. Class H		6,155,200		35,436,974
New World China Land Ltd.		13,652,000		8,942,377
Nine Dragons Paper Holdings Ltd.		13,978,000		9,065,798
People’s Insurance Co. Group of China Ltd. Class H		42,679,000		22,067,422
PetroChina Co. Ltd. Class H		171,076,000		198,529,292
PICC Property & Casualty Co. Ltd. Class H		28,836,128		61,796,085
Ping An Insurance Group Co. of China Ltd. Class H		21,269,000		236,537,048
Semiconductor Manufacturing International Corp.a,b		185,136,000		16,232,776
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		14,388,000		11,854,801
Shanghai Electric Group Co. Ltd. Class H		20,100,000		11,947,856
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		2,718,500		9,043,615
Shanghai Industrial Holdings Ltd.		5,389,000		16,329,356

Security	Shares		Value
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		5,684,500	$	11,874,089
Shenzhou International Group Holdings Ltd.		3,819,000		15,117,537
Shimao Property Holdings Ltd.		11,486,500		24,378,700
Shui On Land Ltd.		43,791,600		10,163,805
Sihuan Pharmaceutical Holdings Group Ltd.b		36,003,000		21,447,351
Sino Biopharmaceutical Ltd.		26,236,000		24,932,057
Sino-Ocean Land Holdings Ltd.		32,335,000		20,179,538
Sinopec Engineering Group Co. Ltd. Class H		6,937,000		5,626,202
Sinopec Shanghai Petrochemical Co. Ltd. Class H		31,285,000		10,689,934
Sinopharm Group Co. Ltd. Class H		9,196,400		32,194,426
Sinotrans Ltd. Class H		13,444,000		8,892,807
SOHO China Ltd.		20,647,000		14,775,526
Sun Art Retail Group Ltd.b		19,350,000		17,365,337
Tencent Holdings Ltd.		41,877,000		733,817,419
Tingyi Cayman Islands Holding Corp.b		16,174,000		40,667,273
Tsingtao Brewery Co. Ltd. Class H		3,254,000		20,580,198
Uni-President China Holdings Ltd.b		8,824,800		6,941,090
Want Want China Holdings Ltd.		48,689,000		53,677,214
Weichai Power Co. Ltd. Class H		3,753,200		15,244,222
Yanzhou Coal Mining Co. Ltd. Class Hb		16,076,800		13,266,995
Yuexiu Property Co. Ltd.		61,317,420		12,333,930
Zhejiang Expressway Co. Ltd. Class H		13,934,000		17,140,251
Zhuzhou CSR Times Electric Co. Ltd. Class H		4,423,500		24,925,304
Zijin Mining Group Co. Ltd. Class H		50,096,000		14,856,752
ZTE Corp. Class H		5,493,400		12,239,903
				7,156,681,144

SCHEDULESOF INVESTMENTS 13

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
COLOMBIA — 0.44%
Almacenes Exito SA		1,679,893	$	16,636,072
Bancolombia SA ADR		29,287		1,203,696
Cementos Argos SA		3,448,506		12,388,285
Cemex Latam Holdings SAa		1,049,435		6,311,303
Corp. Financiera Colombiana SA		742,141		11,158,091
Corp. Financiera Colombiana SA Newa		13,462		200,242
Ecopetrol SA		40,217,010		33,619,252
Grupo Argos SA/Colombia		2,275,209		17,331,937
Grupo de Inversiones Suramericana SA		2,007,115		28,197,367
Interconexion Electrica SA ESP		2,795,239		8,752,703
Isagen SA ESP		6,848,844		8,018,116
				143,817,064
CZECH REPUBLIC — 0.22%
CEZ AS		1,392,246		35,285,783
Komercni Banka AS		137,972		29,861,852
O2 Czech Republic AS		530,164		4,499,827
				69,647,462
EGYPT — 0.12%
Global Telecom Holding SAE GDRa		15,434,400		39,357,720
				39,357,720
GREECE — 0.39%
Alpha Bank AEa,b		31,104,926		12,908,867
Eurobank Ergasias SAa,b		65,684,313		10,093,446
FF Groupa		273,531		8,682,608
Hellenic Telecommunications Organization SAa		1,989,978		19,865,317
JUMBO SA		828,591		9,479,766
National Bank of Greece SAa,b		12,909,920		19,403,745
OPAP SA		1,813,167		16,737,664
Piraeus Bank SAa,b		17,341,546		11,048,247
Public Power Corp. SAa		941,910		7,395,451
Titan Cement Co. SA		394,571		9,997,666
				125,612,777
HUNGARY — 0.18%
MOL Hungarian Oil & Gas PLC		356,828		15,836,155

Security	Shares		Value
OTP Bank PLC		1,753,429	$	27,810,619
Richter Gedeon Nyrt		985,967		14,342,556
				57,989,330
INDIA — 7.69%
Adani Ports & Special Economic Zone Ltd.		3,754,069		20,089,933
ACC Ltd.		308,000		8,362,670
Adani Enterprises Ltd.		1,122,054		12,662,934
Aditya Birla Nuvo Ltd.		275,575		7,673,340
Ambuja Cements Ltd.		5,710,019		25,138,681
Apollo Hospitals Enterprise Ltd.		610,258		12,976,314
Asian Paints Ltd.		2,477,305		32,811,615
Aurobindo Pharma Ltd.		1,082,840		18,982,331
Bajaj Auto Ltd.		683,793		23,825,160
Bharat Heavy Electricals Ltd.		4,877,563		20,688,506
Bharat Petroleum Corp. Ltd.		1,521,750		18,372,783
Bharti Airtel Ltd.		5,061,520		29,175,091
Bosch Ltd.		58,181		24,368,053
Cairn India Ltd.		3,736,198		15,403,014
Cipla Ltd.		2,992,528		33,024,087
Coal India Ltd.		5,197,536		33,129,509
Dabur India Ltd.		3,508,788		14,965,076
Divi’s Laboratories Ltd.		362,223		10,087,212
DLF Ltd.		3,577,154		8,994,252
Dr. Reddy’s Laboratories Ltd.		937,968		50,826,013
GAIL (India) Ltd.		2,845,565		19,026,450
GlaxoSmithKline Consumer Healthcare Ltd.		54,639		5,128,887
Godrej Consumer Products Ltd.		973,017		17,868,689
HCL Technologies Ltd.		2,044,668		66,849,941
Hero Motocorp Ltd.		375,281		16,301,240
Hindalco Industries Ltd.		9,178,960		22,700,494
Hindustan Unilever Ltd.		6,033,411		88,844,064
Housing Development Finance Corp. Ltd.		12,265,458		264,966,042
ICICI Bank Ltd.		9,272,973		51,934,950
Idea Cellular Ltd.		7,761,792		19,201,974
Infosys Ltd.		7,527,248		279,685,279
ITC Ltd.		18,292,625		106,949,924
Jindal Steel & Power Ltd.		3,035,346		9,613,607
JSW Steel Ltd.		739,848		12,100,564

14 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Larsen & Toubro Ltd.		2,659,900	$	76,093,669
LIC Housing Finance Ltd.		2,701,318		20,935,706
Mahindra & Mahindra Financial Services Ltd.		2,054,138		8,240,814
Mahindra & Mahindra Ltd.		2,721,926		56,898,185
Motherson Sumi Systems Ltd.		1,521,673		11,130,950
Nestle India Ltd.		143,893		16,352,885
NTPC Ltd.		12,100,598		30,523,149
Oil & Natural Gas Corp. Ltd.		6,410,774		33,705,704
Oil India Ltd.		747,276		6,017,020
Piramal Enterprises Ltd.		391,691		5,643,253
Power Finance Corp. Ltd.		2,099,213		9,955,171
Ranbaxy Laboratories Ltd.a		1,117,185		12,870,991
Reliance Communications Ltd.a		5,409,396		5,995,366
Reliance Industries Ltd.		10,626,284		148,747,344
Reliance Infrastructure Ltd.		771,046		5,931,459
Rural Electrification Corp. Ltd.		2,486,527		13,298,625
Sesa Sterlite Ltd.		9,399,390		33,092,909
Shriram Transport Finance Co. Ltd.		1,158,325		22,853,515
Siemens Ltd.		516,147		11,166,831
State Bank of India		12,261,291		59,843,353
Sun Pharmaceuticals Industries Ltd.		5,907,525		87,076,374
Tata Consultancy Services Ltd.		3,866,187		167,349,191
Tata Motors Ltd.		6,387,297		61,320,325
Tata Power Co. Ltd.		8,837,216		12,418,287
Tata Steel Ltd.		2,514,244		14,451,665
Tech Mahindra Ltd.		527,454		24,435,871
Ultratech Cement Ltd.		346,148		17,562,229
United Breweries Ltd.		561,662		9,077,196
United Spirits Ltd.a		395,548		21,888,739
Wipro Ltd.		5,143,759		54,862,324
Zee Entertainment Enterprises Ltd.		4,021,894		22,544,862
				2,485,012,641
INDONESIA — 2.69%
Adaro Energy Tbk PT		108,842,900		8,084,270
Astra Agro Lestari Tbk PT		3,349,800		6,388,593
Astra International Tbk PT		166,398,300		101,062,024
Bank Central Asia Tbk PT		105,478,100		115,067,018

Security	Shares		Value
Bank Danamon Indonesia Tbk PT		32,247,516	$	11,975,867
Bank Mandiri Persero Tbk PT		78,702,500		73,070,019
Bank Negara Indonesia Persero Tbk PT		63,382,676		33,714,189
Bank Rakyat Indonesia Persero Tbk PT		92,453,822		92,096,167
Bumi Serpong Damai Tbk PT		56,021,900		9,622,330
Charoen Pokphand Indonesia Tbk PT		65,167,745		19,083,939
Global Mediacom Tbk PT		48,219,000		7,517,314
Gudang Garam Tbk PT		4,492,700		18,570,406
Indo Tambangraya Megah Tbk PT		2,887,400		3,775,401
Indocement Tunggal Prakarsa Tbk PT		11,165,900		20,776,781
Indofood CBP Sukses Makmur Tbk PT		6,673,000		7,382,894
Indofood Sukses Makmur Tbk PT		40,087,600		22,951,508
Jasa Marga Persero Tbk PT		15,146,100		8,320,101
Kalbe Farma Tbk PT		185,026,915		25,839,349
Lippo Karawaci Tbk PT		160,903,900		14,689,873
Matahari Department Store Tbk PT		14,906,500		20,586,540
Media Nusantara Citra Tbk PT		34,444,000		8,394,476
Perusahaan Gas Negara Persero Tbk PT		93,184,100		37,489,928
Semen Indonesia Persero Tbk PT		23,529,100		27,078,945
Surya Citra Media Tbk PT		27,941,100		7,890,523
Tambang Batubara Bukit Asam Persero Tbk PT		5,471,100		4,518,684
Telekomunikasi Indonesia Persero Tbk PT		406,484,800		92,304,285
Tower Bersama Infrastructure Tbk PT		10,692,500		7,672,955
Unilever Indonesia Tbk PT		12,121,000		33,760,619
United Tractors Tbk PT		14,320,253		22,989,961
XL Axiata Tbk PT		19,107,500		7,088,624
				869,763,583

SCHEDULESOF INVESTMENTS 15

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
MALAYSIA — 3.53%
AirAsia Bhdb		10,425,400	$	7,578,953
Alliance Financial Group Bhdb		7,640,900		10,218,962
AMMB Holdings Bhdb		17,630,175		31,258,829
Astro Malaysia Holdings Bhd		7,875,500		7,145,640
Axiata Group Bhdb		20,744,300		41,212,316
Berjaya Sports Toto Bhdb		8,990,363		8,381,692
British American Tobacco Malaysia Bhd		1,233,000		23,640,483
Bumi Armada Bhdb		13,893,500		4,394,725
CIMB Group Holdings Bhdb		39,649,000		65,458,255
Dialog Group Bhdb		22,119,112		10,003,927
DiGi.Com Bhd		25,748,000		45,366,204
Felda Global Ventures Holdings Bhdb		9,555,400		6,151,090
Gamuda Bhdb		14,451,300		21,091,520
Genting Bhdb		18,014,000		44,235,266
Genting Malaysia Bhdb		27,549,600		31,417,552
Genting Plantations Bhd		3,349,200		9,664,728
Hong Leong Bank Bhd		3,711,800		14,789,525
Hong Leong Financial Group Bhd		799,200		3,729,896
IHH Healthcare Bhd		18,379,100		28,404,991
IJM Corp. Bhdb		11,835,620		23,579,287
IOI Corp. Bhdb		25,880,420		33,822,635
IOI Properties Group Bhd		18,303,085		10,817,306
Kuala Lumpur Kepong Bhdb		4,625,100		29,131,457
Lafarge Malaysia Bhdb		3,181,100		8,914,847
Malayan Banking Bhd		36,044,600		92,011,743
Malaysia Airports Holdings Bhdb		4,817,300		9,824,405
Maxis Bhdb		15,225,600		29,783,707
MISC Bhdb		8,754,600		20,453,311
Petronas Chemicals Group Bhd		21,002,700		31,877,017
Petronas Dagangan Bhdb		1,618,200		8,791,442
Petronas Gas Bhd		5,209,800		33,334,625
PPB Group Bhd		4,390,100		17,760,171
Public Bank Bhdb		21,812,730		110,879,360
RHB Capital Bhdb		3,591,200		7,931,729
Sapurakencana Petroleum Bhdb		28,104,200		22,224,465
Sime Darby Bhd		23,881,373		61,823,865

Security	Shares		Value
Telekom Malaysia Bhd		9,312,600	$	18,397,811
Tenaga Nasional Bhd		26,743,250		109,228,812
UEM Sunrise Bhd		9,528,800		3,754,411
UMW Holdings Bhdb		5,373,300		16,519,468
YTL Corp. Bhdb		37,025,762		16,951,306
YTL Power International Bhd		23,349,143		10,171,519
				1,142,129,253
MEXICO — 4.75%
Alfa SAB de CV Series Aa		23,276,300		50,422,643
America Movil SAB de CV Series L		271,331,700		290,349,599
Arca Continental SAB de CVa		3,601,436		22,829,327
Cemex SAB de CV CPOa		99,805,460		101,127,121
Coca-Cola Femsa SAB de CV Series L		3,472,793		29,980,479
Controladora Comercial Mexicana SAB de CV BC Units		3,182,600		10,208,500
El Puerto de Liverpool SAB de CV Series C1a		1,735,600		19,605,594
Fibra Uno Administracion SA de CV		18,377,400		51,535,874
Fomento Economico Mexicano SAB de CVa		16,235,100		154,978,319
Genomma Lab Internacional SAB de CV Series Ba,b		6,145,600		6,707,878
Gentera SAB de CVa,b		9,380,800		17,981,121
Gruma SAB de CV Series B		1,415,800		17,340,520
Grupo Aeroportuario del Pacifico SAB de CV Series B		2,079,800		14,097,628
Grupo Aeroportuario del Sureste SAB de CV Series Ba		1,801,600		24,704,524
Grupo Bimbo SAB de CVa		12,491,700		35,272,845
Grupo Carso SAB de CV Series A1		3,906,041		17,628,387
Grupo Comercial Chedraui SA de CVa,b		1,312,300		4,297,098
Grupo Financiero Banorte SAB de CV Series O		20,523,556		111,443,788

16 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Grupo Financiero Inbursa SAB de CV Series O		19,125,000	$	53,696,328
Grupo Financiero Santander Mexico SAB de CV Series Bb		15,097,300		33,300,492
Grupo Lala SAB de CVb		3,220,900		6,423,705
Grupo Mexico SAB de CV Series B		31,329,788		94,752,074
Grupo Televisa SAB CPOa		21,473,700		145,929,819
Industrias Penoles SAB de CV		1,176,748		25,005,108
Kimberly-Clark de Mexico SAB de CV Series Ab		13,385,600		27,260,000
Mexichem SAB de CVb		8,293,992		24,174,169
Minera Frisco SAB de CV Series A1a,b		3,833,741		5,102,424
OHL Mexico SAB de CVa		4,957,800		10,232,592
Promotora y Operadora de Infraestructura SAB de CVa		2,057,200		24,629,439
Wal-Mart de Mexico SAB de CV Series V		42,833,000		104,819,387
				1,535,836,782
PERU — 0.43%
Cia. de Minas Buenaventura SA ADR		1,603,485		18,568,356
Credicorp Ltd.		558,817		81,151,405
Southern Copper Corp.		1,298,099		38,644,407
				138,364,168
PHILIPPINES — 1.35%
Aboitiz Equity Ventures Inc.		16,850,580		21,727,273
Aboitiz Power Corp.		6,975,764		7,024,811
Alliance Global Group Inc.		17,141,080		9,252,840
Ayala Corp.		1,991,136		32,380,234
Ayala Land Inc.		56,179,300		46,189,604
Bank of the Philippine Islands		9,096,792		19,899,877
BDO Unibank Inc.		11,372,986		28,632,376
DMCI Holdings Inc.		20,090,000		7,199,410
Energy Development Corp.		62,090,300		12,463,124
Globe Telecom Inc.		375,750		16,235,059
International Container Terminal Services Inc.		6,366,610		16,187,276
JG Summit Holdings Inc.		16,620,774		25,257,243
Jollibee Foods Corp.		4,535,429		22,610,281

Security	Shares		Value
Megaworld Corp.		63,334,300	$	7,857,533
Metro Pacific Investments Corp.		57,144,600		6,998,885
Metropolitan Bank & Trust Co.		2,473,378		5,191,906
Philippine Long Distance Telephone Co.		787,433		56,472,287
SM Investments Corp.		1,565,965		31,255,369
SM Prime Holdings Inc.		61,702,425		27,653,434
Universal Robina Corp.		7,376,420		36,472,206
				436,961,028
POLAND — 1.48%
Alior Bank SAa,b		376,388		8,421,594
Bank Handlowy w Warszawie SA		300,392		8,593,299
Bank Millennium SA		3,864,429		7,363,005
Bank Pekao SA		1,116,391		55,983,230
Bank Zachodni WBK SA		268,132		24,275,832
CCC SA		74,115		3,638,498
Cyfrowy Polsat SA		1,830,647		11,913,566
ENEA SA		1,257,407		5,508,579
Energa SA		1,196,056		7,273,019
Eurocash SA		649,494		5,862,762
Getin Noble Bank SAa		6,079,264		3,055,939
Grupa Azoty SA		226,923		4,722,260
Grupa Lotos SAa,b		581,366		4,091,394
KGHM Polska Miedz SA		1,128,994		36,919,658
LPP SA		7,072		13,817,746
mBankb		133,732		16,527,882
Orange Polska SA		5,630,494		15,019,114
PGE Polska Grupa Energetyczna SA		6,706,679		37,555,880
Polski Koncern Naftowy Orlen SA		2,722,272		40,177,634
Polskie Gornictwo Naftowe i Gazownictwo SA		15,353,806		20,872,031
Powszechna Kasa Oszczednosci Bank Polski SA		7,316,597		64,462,539
Powszechny Zaklad Ubezpieczen SA		479,581		63,341,009
Synthos SA		5,179,521		6,187,177
Tauron Polska Energia SA		9,681,200		12,820,529
				478,404,176

SCHEDULESOF INVESTMENTS 17

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
QATAR — 0.84%
Barwa Real Estate Co.		1,066,809	$	14,267,087
Commercial Bank of Qatar QSC (The)		569,000		10,781,546
Doha Bank QSC		407,453		6,500,898
Gulf International Services QSC		381,085		9,983,663
Industries Qatar QSC		1,242,480		52,886,008
Masraf Al Rayan		3,147,736		41,577,949
Ooredoo QSC		552,481		17,371,708
Qatar Electricity & Water Co. QSC		237,973		12,449,226
Qatar Islamic Bank SAQ		401,063		11,421,182
Qatar National Bank SAQ		1,440,206		80,404,745
Vodafone Qatar QSC		3,202,791		15,593,982
				273,237,994
RUSSIA — 3.49%
Alrosa AO		10,490,800		11,922,473
Gazprom OAO		48,306,739		119,527,710
Gazprom OAO ADR		24,020,974		119,864,660
Lukoil OAO		2,051,095		99,395,448
Lukoil OAO ADR (London)		2,089,230		101,118,732
Magnit PJSC GDRd		2,153,938		102,678,224
MegaFon OAO GDRd		746,879		13,152,539
MMC Norilsk Nickel OJSC		456,790		83,311,703
Mobile TeleSystems OJSC ADR		4,247,490		42,050,151
Moscow Exchange MICEX-RTS OAO		8,242,730		10,239,698
NOVATEK OAO GDRd		743,374		62,331,910
Rosneft OAO		9,334,737		40,146,727
Rostelecom OJSC		7,739,650		11,298,787
RusHydro JSC		997,024,100		10,401,822
Sberbank of Russia		86,029,051		105,757,938
Severstal PAO		1,767,703		19,793,424
Sistema JSFC GDRd		1,194,054		8,477,783
Surgutneftegas OAO		29,365,060		16,576,983
Surgutneftegas OAO ADR		2,920,395		16,222,794
Tatneft OAO Class S		11,498,940		59,313,783
Uralkali PJSC		5,506,815		15,233,791
Uralkali PJSC GDRd		1,095,317		15,356,344
VTB Bank OJSC		41,086,082,000		45,357,086
				1,129,530,510

Security	Shares		Value
SOUTH AFRICA — 7.99%
African Bank Investments Ltd.a,b		14,665,413	$	12,585
African Rainbow Minerals Ltd.		673,634		7,076,250
Anglo American Platinum Ltd.a		467,210		14,892,745
AngloGold Ashanti Ltd.a		3,315,747		37,308,912
Aspen Pharmacare Holdings Ltd.		2,708,654		96,184,762
Assore Ltd.		189,633		2,475,172
Barclays Africa Group Ltd.		2,752,869		45,529,944
Barloworld Ltd.		1,858,810		14,265,286
Bidvest Group Ltd. (The)		2,744,170		75,752,562
Brait SEa		2,521,039		16,922,309
Coronation Fund Managers Ltd.		1,539,075		13,652,637
Discovery Ltd.		2,527,032		25,977,273
Exxaro Resources Ltd.b		1,248,144		12,238,302
FirstRand Ltd.		27,323,223		125,443,442
Foschini Group Ltd. (The)		1,771,037		25,140,731
Gold Fields Ltd.		6,455,048		30,056,715
Growthpoint Properties Ltd.		17,394,945		44,304,640
Impala Platinum Holdings Ltd.a		4,385,234		26,985,766
Imperial Holdings Ltd.		1,583,123		26,698,304
Investec Ltd.		2,625,488		23,206,493
Kumba Iron Ore Ltd.		508,901		10,000,715
Liberty Holdings Ltd.		1,083,042		13,138,146
Life Healthcare Group Holdings Ltd.		7,611,786		29,590,140
Massmart Holdings Ltd.		672,135		9,615,689
Mediclinic International Ltd.		2,837,478		29,991,604
MMI Holdings Ltd./South Africa		7,615,787		21,272,966
Mr. Price Group Ltd.		1,916,865		44,372,637
MTN Group Ltd.		13,521,924		239,781,205
Nampak Ltd.		4,023,484		14,049,220
Naspers Ltd. Class N		3,234,229		475,226,002
Nedbank Group Ltd.		1,846,781		40,542,651
Netcare Ltd.		9,336,463		32,905,564
Pick n Pay Stores Ltd.		2,610,727		11,833,742
PPC Ltd.		5,032,859		7,825,917
Rand Merchant Insurance Holdings Ltd.		4,396,768		16,978,852

18 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Redefine Properties Ltd.		23,296,364	$	23,670,209
Remgro Ltd.		3,886,317		92,380,487
Resilient Property Income Fund Ltd.		1,480,234		11,908,688
RMB Holdings Ltd.		5,127,835		29,870,200
Sanlam Ltd.		15,503,173		100,578,381
Sappi Ltd.a		3,805,657		16,002,505
Sasol Ltd.		4,468,773		162,491,075
Shoprite Holdings Ltd.		3,804,027		54,189,349
SPAR Group Ltd. (The)		1,544,546		23,679,151
Standard Bank Group Ltd.		10,005,000		130,941,607
Steinhoff International Holdings Ltd.		17,299,432		99,865,510
Telkom SA SOC Ltd.a		1,589,694		11,186,382
Tiger Brands Ltd.		1,431,381		42,684,708
Truworths International Ltd.		3,183,520		24,281,409
Tsogo Sun Holdings Ltd.		1,516,889		3,694,268
Vodacom Group Ltd.		2,893,451		33,719,269
Woolworths Holdings Ltd./South Africa		7,720,537		59,568,650
				2,581,961,728
SOUTH KOREA — 13.85%
AmorePacific Corp.		26,943		70,085,431
AmorePacific Group		22,911		27,888,566
BS Financial Group Inc.		1,649,646		22,395,085
Celltrion Inc.a,b		539,451		32,193,559
Cheil Industries Inc.a,b		136,650		20,169,742
Cheil Worldwide Inc.a,b		697,294		13,278,160
CJ CheilJedang Corp.		67,169		21,878,655
CJ Corp.		128,684		20,342,284
CJ Korea Express Co. Ltd.a,b		47,366		7,811,258
Coway Co. Ltd.		457,296		35,915,371
Daelim Industrial Co. Ltd.		233,422		13,781,373
Daewoo Engineering & Construction Co. Ltd.a,b		680,886		4,907,119
Daewoo International Corp.b		344,365		9,098,980
Daewoo Securities Co. Ltd.a		1,321,742		12,825,431
Daewoo Shipbuilding & Marine Engineering Co. Ltd.b		843,775		15,567,804
Daum Kakao Corp.b		201,539		24,440,655
DGB Financial Group Inc.		1,365,376		14,430,652
Dongbu Insurance Co. Ltd.		365,069		17,628,953

Security	Shares		Value
Doosan Corp.		73,667	$	8,020,779
Doosan Heavy Industries & Construction Co. Ltd.b		406,922		10,770,429
Doosan Infracore Co. Ltd.a,b		1,024,539		12,041,869
E-Mart Co. Ltd.		175,388		34,277,004
GS Engineering & Construction Corp.a,b		389,350		10,748,763
GS Holdings Corp.		410,712		16,558,704
Halla Visteon Climate Control Corp.a,b		277,445		10,831,869
Hana Financial Group Inc.		2,361,096		64,752,394
Hankook Tire Co. Ltd.		607,785		26,580,730
Hanssem Co. Ltd.a		60,441		9,719,682
Hanwha Chemical Corp.		734,733		9,438,964
Hanwha Corp.		344,244		9,597,619
Hanwha Life Insurance Co. Ltd.		1,889,478		13,445,240
Hite Jinro Co. Ltd.b		110,435		2,299,157
Hotel Shilla Co. Ltd.b		275,162		24,819,861
Hyosung Corp.		194,613		12,979,519
Hyundai Department Store Co. Ltd.		119,043		14,533,973
Hyundai Development Co. Engineering & Construction		451,152		20,552,685
Hyundai Engineering & Construction Co. Ltd.		591,779		26,635,582
Hyundai Glovis Co. Ltd.b		141,892		30,833,440
Hyundai Heavy Industries Co. Ltd.a,b		338,089		36,964,767
Hyundai Marine & Fire Insurance Co. Ltd.b		597,462		14,833,802
Hyundai Merchant Marine Co. Ltd.a,b		529,589		4,361,974
Hyundai Mipo Dockyard Co. Ltd.a,b		92,344		6,470,096
Hyundai Mobis Co. Ltd.		552,585		125,616,106
Hyundai Motor Co.		1,260,508		184,330,130
Hyundai Steel Co.		554,366		33,841,303
Hyundai Wia Corp.		130,766		16,739,668
Industrial Bank of Korea		1,970,020		24,231,488
Kangwon Land Inc.		898,020		27,818,942
KB Financial Group Inc.		3,189,987		113,352,005
KCC Corp.		47,728		25,700,194

SCHEDULESOF INVESTMENTS 19

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
KEPCO Plant Service & Engineering Co. Ltd.		131,032	$	11,007,380
Kia Motors Corp.		2,139,326		88,687,835
Korea Aerospace Industries Ltd.b		390,524		17,933,041
Korea Electric Power Corp.		2,112,912		86,052,723
Korea Gas Corp.		236,447		9,134,302
Korea Investment Holdings Co. Ltd.		276,959		13,777,925
Korea Zinc Co. Ltd.		72,841		27,177,249
Korean Air Lines Co. Ltd.a		210,071		9,608,277
KT Corp.a		243,680		6,793,866
KT Corp. ADR		177,519		2,487,041
KT&G Corp.		904,108		65,900,087
Kumho Petrochemical Co. Ltd.b		115,997		9,110,238
LG Chem Ltd.		375,380		78,663,751
LG Corp.		801,640		46,452,830
LG Display Co. Ltd.		1,939,190		60,072,398
LG Electronics Inc.b		866,812		48,807,782
LG Household & Health Care Ltd.		78,138		47,699,385
LG Innotek Co. Ltd.b		99,495		9,518,450
LG Uplus Corp.		1,763,704		19,042,315
Lotte Chemical Corp.		128,400		22,286,183
Lotte Confectionery Co. Ltd.		4,292		7,113,250
Lotte Shopping Co. Ltd.		86,238		19,643,296
LS Corp.		132,055		6,196,376
LS Industrial Systems Co. Ltd.		144,449		8,133,523
Mirae Asset Securities Co. Ltd.		177,645		7,841,921
NAVER Corp.		229,292		138,091,214
NCsoft Corp.		127,991		20,815,811
NH Investment & Securities Co. Ltd.b		955,748		10,710,856
OCI Co. Ltd.a,b		130,235		11,628,655
Orion Corp./Republic of Koreab		29,105		25,563,500
Paradise Co. Ltd.b		330,574		6,370,225
POSCO		530,649		129,332,247
S-1 Corp.		173,986		12,681,773
S-Oil Corp.b		360,013		21,255,380
Samsung C&T Corp.		1,026,240		56,662,698

Security	Shares		Value
Samsung Card Co. Ltd.		298,742	$	10,207,120
Samsung Electro-Mechanics Co. Ltd.		486,648		30,549,904
Samsung Electronics Co. Ltd.		897,249		1,109,349,818
Samsung Fire & Marine Insurance Co. Ltd.		276,997		64,356,280
Samsung Heavy Industries Co. Ltd.b		1,289,212		23,140,154
Samsung Life Insurance Co. Ltd.		507,232		46,030,073
Samsung SDI Co. Ltd.		449,997		55,965,187
Samsung SDS Co. Ltd.b		212,853		56,144,088
Samsung Securities Co. Ltd.		494,762		21,502,572
Shinhan Financial Group Co. Ltd.		3,503,328		139,488,345
Shinsegae Co. Ltd.		58,999		9,272,769
SK C&C Co. Ltd.b		171,279		33,864,100
SK Holdings Co. Ltd.		211,494		35,841,542
SK Hynix Inc.b		4,729,026		200,785,943
SK Innovation Co. Ltd.a		484,712		45,708,799
SK Networks Co. Ltd.		847,093		7,293,544
SK Telecom Co. Ltd.		73,796		19,263,408
SK Telecom Co. Ltd. ADR		80,009		2,325,862
Woori Banka		2,501,196		21,603,880
Yuhan Corp.		84,886		13,225,371
				4,476,510,358
TAIWAN — 12.67%
Acer Inc.a,b		23,258,121		15,219,054
Advanced Semiconductor Engineering Inc.b		51,198,701		68,960,517
Advantech Co. Ltd.b		2,703,370		20,659,411
Asia Cement Corp.b		19,194,077		23,652,628
Asia Pacific Telecom Co. Ltd.b		11,912,000		5,803,331
ASUSTeK Computer Inc.b		5,793,968		60,236,604
AU Optronics Corp.b		71,609,000		37,736,951
Catcher Technology Co. Ltd.b		5,301,210		48,446,020
Cathay Financial Holding Co. Ltd.		67,302,644		102,438,032
Chailease Holding Co. Ltd.b		7,773,820		18,911,633
Chang Hwa Commercial Bank Ltd.		37,333,996		21,933,203

20 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Cheng Shin Rubber Industry Co. Ltd.b		13,074,128	$	31,556,087
Chicony Electronics Co. Ltd.		4,984,088		13,854,828
China Airlines Ltd.a		18,405,347		9,025,389
China Development Financial Holding Corp.		119,760,848		41,566,414
China Life Insurance Co. Ltd./Taiwan		20,735,803		17,827,310
China Motor Corp.		4,073,000		3,508,188
China Steel Corp.b		97,460,313		80,997,108
Chunghwa Telecom Co. Ltd.		31,247,410		97,707,233
Clevo Co.		4,904,553		7,543,064
Compal Electronics Inc.		34,143,908		26,527,985
CTBC Financial Holding Co. Ltd.		115,863,494		77,107,054
CTCI Corp.		2,668,000		4,400,650
Delta Electronics Inc.		14,965,000		96,732,845
E.Sun Financial Holding Co. Ltd.		48,846,232		30,485,150
Eclat Textile Co. Ltd.b		1,437,360		16,476,663
Epistar Corp.b		7,095,345		13,578,419
EVA Airways Corp.a		13,110,360		9,601,601
Evergreen Marine Corp. Taiwan Ltd.a		15,005,325		11,013,302
Far Eastern Department Stores Ltd.b		10,002,191		8,599,241
Far Eastern New Century Corp.		25,652,763		26,628,883
Far EasTone Telecommunications Co. Ltd.		12,894,000		31,860,353
Farglory Land Development Co. Ltd.		6,036,727		7,208,319
First Financial Holding Co. Ltd.		59,626,706		35,219,723
Formosa Chemicals & Fibre Corp.b		26,292,090		58,938,485
Formosa International Hotels Corp.		265,015		2,772,088
Formosa Petrochemical Corp.b		7,647,000		16,752,543
Formosa Plastics Corp.		33,525,280		82,732,342
Formosa Taffeta Co. Ltd.		7,646,000		8,083,019

Security	Shares		Value
Foxconn Technology Co. Ltd.		7,168,659	$	18,443,803
Fubon Financial Holding Co. Ltd.		55,409,969		98,804,594
Giant Manufacturing Co. Ltd.		2,659,203		25,825,726
Hermes Microvision Inc.b		342,000		17,097,277
Highwealth Construction Corp.		4,223,900		8,997,896
Hiwin Technologies Corp.b		1,700,449		13,725,962
Hon Hai Precision Industry Co. Ltd.b		102,107,812		283,190,270
Hotai Motor Co. Ltd.b		2,091,000		31,826,079
HTC Corp.a,b		5,500,708		26,798,546
Hua Nan Financial Holdings Co. Ltd.		41,836,636		23,978,967
Innolux Corp.b		64,159,002		32,891,576
Inotera Memories Inc.a,b		18,911,000		27,910,360
Inventec Corp.b		19,101,281		14,658,203
Kinsus Interconnect Technology Corp.b		2,117,000		6,842,079
Largan Precision Co. Ltd.		830,000		70,829,486
Lite-On Technology Corp.		16,429,157		20,873,216
MediaTek Inc.b		11,513,338		173,405,791
Mega Financial Holding Co. Ltd.		78,345,162		62,242,057
Merida Industry Co. Ltd.		1,786,500		14,420,562
Nan Ya Plastics Corp.		38,846,160		84,359,437
Novatek Microelectronics Corp.		4,766,000		25,647,317
Pegatron Corp.		12,845,414		35,257,911
Phison Electronics Corp.		1,194,535		9,052,677
Pou Chen Corp.b		17,541,220		25,302,253
Powertech Technology Inc.b		5,069,300		8,668,091
President Chain Store Corp.		4,865,000		37,798,440
Quanta Computer Inc.		21,639,000		54,709,014
Radiant Opto-Electronics Corp.b		3,611,240		11,901,396
Realtek Semiconductor Corp.b		3,628,637		11,369,460
Ruentex Development Co. Ltd.b		5,327,337		7,972,770
Ruentex Industries Ltd.b		4,370,598		9,435,649
ScinoPharm Taiwan Ltd.b		2,294,545		3,528,945
Shin Kong Financial Holding Co. Ltd.		53,034,074		15,232,203

SCHEDULESOF INVESTMENTS 21

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Siliconware Precision Industries Co. Ltd.b		24,729,190	$	44,017,250
Simplo Technology Co. Ltd.b		2,672,202		13,273,794
SinoPac Financial Holdings Co. Ltd.		60,744,001		24,854,654
Standard Foods Corp.b		2,987,066		7,076,507
Synnex Technology International Corp.		10,672,985		15,582,116
Taishin Financial Holding Co. Ltd.		60,224,025		25,792,490
Taiwan Business Banka		22,503,723		6,685,551
Taiwan Cement Corp.		27,633,296		37,791,755
Taiwan Cooperative Financial Holding Co. Ltd.		40,986,808		21,077,438
Taiwan Fertilizer Co. Ltd.b		5,556,000		9,641,840
Taiwan Glass Industry Corp.b		4,714,176		3,497,542
Taiwan Mobile Co. Ltd.		13,897,600		47,571,788
Taiwan Semiconductor Manufacturing Co. Ltd.		200,206,000		959,433,307
Teco Electric and Machinery Co. Ltd.		16,624,000		17,018,360
TPK Holding Co. Ltd.b		2,037,827		14,729,716
Transcend Information Inc.		872,000		2,873,810
U-Ming Marine Transport Corp.		3,538,000		5,356,851
Uni-President Enterprises Corp.		37,917,576		63,749,340
Unimicron Technology Corp.b		9,332,000		6,284,725
United Microelectronics Corp.b		98,603,000		50,235,568
Vanguard International Semiconductor Corp.b		6,692,000		11,655,864
Walsin Lihwa Corp.a		19,462,000		6,228,088
Wan Hai Lines Ltd.		2,972,000		3,312,211
Wistron Corp.		17,620,560		16,635,873
WPG Holdings Ltd.		10,281,532		13,193,623
Yang Ming Marine Transport Corp.a		17,163,075		9,290,631
Yuanta Financial Holding Co. Ltd.		70,790,343		35,840,358
Yulon Motor Co. Ltd.		8,268,000		11,820,831

Security	Shares		Value
Zhen Ding Technology Holding Ltd.b		2,073,075	$	6,462,475
				4,096,284,039
THAILAND — 2.41%
Advanced Info Service PCL NVDR		8,590,300		61,909,678
Airports of Thailand PCL NVDR		3,744,900		35,792,580
Bangkok Bank PCL Foreign		2,298,800		13,083,180
Bangkok Bank PCL NVDR		2,534,400		14,345,660
Bangkok Dusit Medical Services PCL NVDRb		27,068,500		18,001,013
Banpu PCL NVDRb		9,208,400		8,615,963
BEC World PCL NVDRb		8,491,400		12,344,442
BTS Group Holdings PCL NVDR		39,872,100		11,839,535
Bumrungrad Hospital PCL NVDR		1,802,300		8,668,656
Central Pattana PCL NVDR		11,378,700		15,486,013
Charoen Pokphand Foods PCL NVDR		23,016,900		17,015,277
CP ALL PCL NVDR		36,647,800		45,342,159
Delta Electronics Thailand PCL NVDR		2,116,900		4,567,082
Energy Absolute PCL NVDRb		5,582,100		5,222,967
Glow Energy PCL NVDR		4,721,600		12,450,244
Home Product Center PCL NVDRb		21,460,107		5,675,345
Indorama Ventures PCL NVDR		11,229,280		9,030,661
IRPC PCL NVDR		82,696,100		11,408,123
Kasikornbank PCL Foreign		9,661,100		64,546,786
Kasikornbank PCL NVDR		5,396,100		36,218,797
Krung Thai Bank PCL NVDR		31,370,200		22,123,123
Minor International PCL NVDRb		11,496,200		12,090,034
PTT Exploration & Production PCL NVDR		11,066,639		38,680,180
PTT Global Chemical PCL NVDR		13,139,730		22,759,817
PTT PCL NVDR		8,184,600		86,833,214
Siam Cement PCL (The) Foreign		2,535,900		40,317,123

22 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Siam Cement PCL (The) NVDR		932,700	$	15,117,068
Siam Commercial Bank PCL (The) NVDR		13,127,400		68,824,445
Thai Oil PCL NVDR		7,003,500		11,372,835
Thai Union Frozen Products PCL NVDR		11,729,500		7,764,036
TMB Bank PCL NVDR		99,491,900		9,293,707
True Corp. PCL NVDRa,b		71,404,821		32,245,914
				778,985,657
TURKEY — 1.56%
Akbank TAS		15,199,615		49,557,393
Anadolu Efes Biracilik ve Malt Sanayii ASa		1,466,499		11,953,570
Arcelik AS		1,548,678		9,329,015
BIM Birlesik Magazalar AS		1,750,821		32,719,120
Coca-Cola Icecek ASb		467,764		9,066,996
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		16,642,713		20,712,402
Enka Insaat ve Sanayi AS		3,185,905		6,485,818
Eregli Demir ve Celik Fabrikalari TASb		12,247,513		20,550,498
Ford Otomotiv Sanayi AS		640,030		8,639,769
Haci Omer Sabanci Holding AS		7,532,804		28,993,059
KOC Holding ASb		5,217,970		24,274,453
Petkim Petrokimya Holding ASb		1,167,859		1,773,846
TAV Havalimanlari Holding AS		1,434,848		11,438,848
Tofas Turk Otomobil Fabrikasi AS		909,668		5,931,831
Tupras Turkiye Petrol Rafinerileri AS		1,066,643		22,477,964
Turk Hava Yollaria		4,947,214		17,802,102
Turk Telekomunikasyon AS		3,556,987		10,310,312
Turkcell Iletisim Hizmetleri ASa		6,808,850		35,600,945
Turkiye Garanti Bankasi AS		19,217,331		68,616,951
Turkiye Halk Bankasi AS		5,228,169		31,077,983
Turkiye Is Bankasi Class C		13,442,515		33,619,650
Turkiye Sise ve Cam Fabrikalari AS		4,508,340		6,632,548
Turkiye Vakiflar Bankasi Tao Class D		6,940,134		14,514,952

Security	Shares		Value
Ulker Biskuvi Sanayi ASb		994,595	$	7,691,798
Yapi ve Kredi Bankasi AS		8,284,990		15,285,230
				505,057,053
UNITED ARAB EMIRATES — 0.66%
Abu Dhabi Commercial Bank PJSC		8,705,878		18,252,062
Aldar Properties PJSC		27,748,572		19,870,327
Arabtec Holding PJSCa		16,980,084		14,609,507
DP World Ltd.		1,286,075		27,264,790
Dubai Financial Market		16,746,125		8,982,334
Dubai Islamic Bank PJSC		8,808,884		16,069,572
Emaar Properties PJSC		30,280,108		62,246,223
First Gulf Bank PJSC		6,226,219		30,260,162
National Bank of Abu Dhabi PJSC		4,614,335		17,149,458
				214,704,435
TOTAL COMMON STOCKS
(Cost: $29,860,683,130)				30,730,190,623
PREFERRED STOCKS — 4.47%
BRAZIL — 3.27%
AES Tiete SA		903,800		5,468,285
Banco Bradesco SA		17,060,758		224,346,268
Banco do Estado do Rio Grande do Sul SA Class B		1,604,100		7,141,551
Bradespar SA		1,804,600		8,356,061
Braskem SA Class A		1,347,600		6,032,588
Centrais Eletricas Brasileiras SA Class B		1,933,737		4,686,659
Cia. Brasileira de Distribuicao		1,094,086		37,172,943
Cia. Energetica de Minas Gerais		6,172,302		28,019,123
Cia. Energetica de Sao Paulo Class B		1,546,300		12,735,540
Cia. Paranaense de Energia Class B		884,875		10,676,618
Gerdau SA		6,894,185		24,520,909
Itau Unibanco Holding SA		22,463,352		286,747,809
Itausa — Investimentos Itau SA		26,281,765		92,742,410
Lojas Americanas SA		4,229,070		24,685,043
Metalurgica Gerdau SA		2,246,700		8,768,836
Oi SA		2,031,477		4,220,180

SCHEDULESOF INVESTMENTS 23

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Petroleo Brasileiro SA		33,498,927	$	112,118,045
Suzano Papel e Celulose SA Class A		2,557,300		10,786,031
Telefonica Brasil SA		2,476,267		45,821,353
Usinas Siderurgicas de Minas Gerais SA Class Aa		2,986,900		4,314,231
Vale SA		15,090,651		97,689,317
				1,057,049,800
CHILE — 0.08%
Embotelladora Andina SA Class B		1,861,604		5,192,566
Sociedad Quimica y Minera de Chile SA Series B		796,324		20,467,232
				25,659,798
COLOMBIA — 0.23%
Banco Davivienda SA		820,067		8,680,115
Bancolombia SA		3,714,840		38,426,606
Grupo Argos SA/Colombia		915,309		6,825,789
Grupo Aval Acciones y Valores		23,361,013		11,473,607
Grupo de Inversiones Suramericana SA		655,215		9,168,145
				74,574,262
RUSSIA — 0.22%
AK Transneft OAO		12,839		28,665,080
Sberbank of Russia		7,861,538		6,837,198
Surgutneftegas OAO		56,568,100		35,415,547
				70,917,825
SOUTH KOREA — 0.67%
Hyundai Motor Co.		170,059		16,966,389
Hyundai Motor Co. Series 2		300,042		31,027,987
LG Chem Ltd.		64,317		9,493,284
Samsung Electronics Co. Ltd.		167,325		159,770,945
				217,258,605
TOTAL PREFERRED STOCKS
(Cost: $1,849,145,310)				1,445,460,290
RIGHTS — 0.00%
BRAZIL — 0.00%
Itausa — Investimentos Itau SAa		194,566		231,355
				231,355

Security	Shares		Value
MALAYSIA — 0.00%
Malaysia Airports Holdings Bhda,b		910,960	$	477,723
				477,723
SOUTH KOREA — 0.00%
Hyundai Merchant Marine Co. Ltd.a		81,350		131,192
Korean Air Lines Co. Ltd.a		22,375		291,524
				422,716
TOTAL RIGHTS
(Cost: $0)				1,131,794
SHORT-TERM INVESTMENTS — 3.64%
MONEY MARKET FUNDS —3.64%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%e,f,g		1,080,189,990		1,080,189,990
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%e,f,g		63,042,488		63,042,488
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		33,319,358		33,319,358
				1,176,551,836
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,176,551,836)				1,176,551,836
TOTAL INVESTMENTS IN SECURITIES — 103.16%
(Cost: $32,886,380,276)				33,353,334,543
Other Assets, Less Liabilities — (3.16)%				(1,022,832,373	)
NET ASSETS — 100.00%			$	32,330,502,170

ADR  —  American Depositary Receipts

CPO  —  Certificates of Participation (Ordinary)

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated 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.

24 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS ETF

February 28, 2015

Open futures contracts as of February 28, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
MSCI Emerging Markets E-Mini		2,805		Mar. 2015		NYSE Liffe	$	139,113,975	$	7,157,688

See notes to financial statements.

SCHEDULESOF INVESTMENTS 25

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2015

	iShares Currency Hedged MSCI Emerging Markets ETF			iShares MSCI Emerging Markets ETF (Consolidated)
ASSETS
Investments, at cost:
Unaffiliated	$	—		$	31,709,828,440
Affiliated (Note 2)		39,036,660			1,176,551,836
Total cost of investments	$	39,036,660		$	32,886,380,276
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	—		$	32,176,782,707
Affiliated (Note 2)		39,139,458			1,176,551,836
Total fair value of investments		39,139,458			33,353,334,543
Foreign currency, at valueb		—			25,302,700
Cash		—			40,333,238
Cash pledged to broker		—			5,198,010
Receivables:
Investment securities sold		—			137,665,944
Dividends and interest		15,719			72,923,621
Unrealized appreciation on forward currency contracts (Note 1)		413,938			—
Total Assets		39,569,115			33,634,758,056
LIABILITIES
Payables:
Investment securities purchased		146,577			143,983,220
Collateral for securities on loan (Note 1)		—			1,143,232,478
Futures variation margin		—			121,184
Foreign taxes (Note 1)		—			59,717
Unrealized depreciation on forward currency contracts (Note 1)		304,309			—
Investment advisory fees (Note 2)		857			16,859,287
Total Liabilities		451,743			1,304,255,886
NET ASSETS	$	39,117,372		$	32,330,502,170
Net assets consist of:
Paid-in capital	$	38,715,588		$	40,522,361,568
Distributions in excess of net investment income		(26,322	)		(90,255,758	)
Undistributed net realized gain (accumulated net realized loss)		257,420			(8,574,709,007	)
Net unrealized appreciation		170,686			473,105,367
NET ASSETS	$	39,117,372		$	32,330,502,170
Shares outstandingc		1,600,000			795,150,000
Net asset value per share	$	24.45		$	40.66

^a  Securities on loan with values of $  — and $1,073,579,143, respectively. See Note 1.

^b  Cost of foreign currency: $  — and $25,597,876, respectively.

^c  $0.001 par value, number of shares authorized: 250 million and 2 billion, respectively.

See notes to financial statements.

26 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares Currency Hedged MSCI Emerging Markets ETFa			iShares MSCI Emerging Markets ETF (Consolidated)
NET INVESTMENT INCOME
Dividends — unaffiliatedb	$	—		$	282,694,069
Dividends — affiliated (Note 2)		47,158			—
Interest — unaffiliated		—			574
Interest — affiliated (Note 2)		—			6,136
Securities lending income — affiliated (Note 2)c		—			11,822,910
		47,158			294,523,689
Less: Other foreign taxes (Note 1)		—			(499,082	)
Total investment income		47,158			294,024,607
EXPENSES
Investment advisory fees (Note 2)		30,097			119,767,378
Mauritius income taxes (Note 1)		—			846,395
Commitment fees (Note 9)		—			69,630
Total expenses		30,097			120,683,403
Less investment advisory fees waived (Note 2)		(28,695	)		—
Net expenses		1,402			120,683,403
Net investment income		45,756			173,341,204
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		—			(1,169,050,543	)
In-kind redemptions — unaffiliated		—			519,518,526
Futures contracts		—			(12,798,226	)
Foreign currency transactions		257,420			(12,127,072	)
Net realized gain (loss)		257,420			(674,457,315	)
Net change in unrealized appreciation/depreciation on:
Investments		102,798			(3,446,791,958	)
Forward currency contracts		109,629			—
Futures contracts		—			858,162
Translation of assets and liabilities in foreign currencies		(41,741	)		(1,032,976	)
Net change in unrealized appreciation/depreciation		170,686			(3,446,966,772	)
Net realized and unrealized gain (loss)		428,106			(4,121,424,087	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	473,862		$	(3,948,082,883	)

^a  For the period from September 23, 2014 (commencement of operations) to February 28, 2015.

^b  Net of foreign withholding tax of $  — and $34,673,070, respectively.

^c  Net of securities lending income tax paid of $  — and $446,840, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statements of Changes in Net Assets

iSHARES^®, INC.

	iShares Currency Hedged MSCI Emerging Markets ETF			iShares MSCI Emerging Markets ETF (Consolidated)
	Period from September 23, 2014a to February 28, 2015 (Unaudited)			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	45,756		$	173,341,204		$	758,783,170
Net realized gain (loss)		257,420			(674,457,315	)		(970,499,346	)
Net change in unrealized appreciation/depreciation		170,686			(3,446,966,772	)		6,267,266,623
Net increase (decrease) in net assets resulting from operations		473,862			(3,948,082,883	)		6,055,550,447
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(72,078	)		(437,459,921	)		(673,353,625	)
Total distributions to shareholders		(72,078	)		(437,459,921	)		(673,353,625	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		38,715,588			290,876,114			16,425,662,994
Cost of shares redeemed		—			(7,911,231,783	)		(12,275,651,505	)
Net increase (decrease) in net assets from capital share transactions		38,715,588			(7,620,355,669	)		4,150,011,489
INCREASE (DECREASE) IN NET ASSETS		39,117,372			(12,005,898,473	)		9,532,208,311
NET ASSETS
Beginning of period		—			44,336,400,643			34,804,192,332
End of period	$	39,117,372		$	32,330,502,170		$	44,336,400,643
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(26,322	)	$	(90,255,758	)	$	173,862,959
SHARES ISSUED AND REDEEMED
Shares sold		1,600,000			6,750,000			388,800,000
Shares redeemed		—			(194,400,000	)		(311,400,000	)
Net increase (decrease) in shares outstanding		1,600,000			(187,650,000	)		77,400,000

^a  Commencement of operations.

See notes to financial statements.

28 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout the period)

iShares Currency Hedged MSCI Emerging Markets ETF

	Period from Sep. 23, 2014a to Feb. 28, 2015 (Unaudited)
Net asset value, beginning of period	$	24.44
Income from investment operations:
Net investment incomeb		0.12
Net realized and unrealized gainc		0.37
Total from investment operations		0.49
Less distributions from:
Net investment income		(0.48	)
Total distributions		(0.48	)
Net asset value, end of period	$	24.45
Total return		2.08	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	39,117
Ratio of expenses to average net assetse,f		0.04	%
Ratio of expenses to average net assets prior to waived feese,f		0.78	%
Ratio of net investment income to average net assetse,f		1.19	%
Portfolio turnover rateg,h		0	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout the 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  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^f  Annualized for periods of less than one year.

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

^h  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See page 30 for the portfolio turnover rates of the underlying fund.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 29

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets ETF
	Six months ended Feb. 28, 2015 (Consolidated) (Unaudited)			Year ended Aug. 31, 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
Net asset value, beginning of period	$	45.11		$	38.44		$	39.22		$	42.71		$	40.19		$	35.48
Income from investment operations:
Net investment incomea		0.20			0.83			0.75			0.86			0.81			0.58
Net realized and unrealized gain (loss)b		(4.11	)		6.55			(0.76	)		(3.53	)		2.56			4.73
Total from investment operations		(3.91	)		7.38			(0.01	)		(2.67	)		3.37			5.31
Less distributions from:
Net investment income		(0.54	)		(0.71	)		(0.77	)		(0.82	)		(0.85	)		(0.60	)
Total distributions		(0.54	)		(0.71	)		(0.77	)		(0.82	)		(0.85	)		(0.60	)
Net asset value, end of period	$	40.66		$	45.11		$	38.44		$	39.22		$	42.71		$	40.19
Total return		(8.61	)%c		19.34	%		(0.08	)%		(6.18	)%		8.23	%		14.97	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	32,330,502		$	44,336,401		$	34,804,192		$	34,256,628		$	33,496,549		$	39,766,955
Ratio of expenses to average net assetsd		0.68	%		0.67	%		0.67	%		0.68	%		0.67	%		0.68	%
Ratio of expenses to average net assets prior to waived feesd		0.68	%		0.68	%		0.67	%		0.69	%		0.67	%		0.68	%
Ratio of net investment income to average net assetsd		0.98	%		1.98	%		1.78	%		2.13	%		1.76	%		1.45	%
Portfolio turnover ratee		3	%		22	%		24	%		15	%		17	%		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 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, 2015 and the years ended August 31, 2014, August 31, 2013, August 31, 2012 and August 31, 2011 were 3%, 7%, 9%, 10% and 15%, respectively. See Note 4.

See notes to financial statements.

30 2015 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
Currency Hedged MSCI Emerging Marketsa		Non-diversified
MSCI Emerging Markets		Diversified

^a  The Fund commenced operations on September 23, 2014.

The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to try to achieve each Fund’s investment objective. Currently the iShares Currency Hedged MSCI Emerging Markets ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI Emerging Markets ETF. The financial statements and schedule of investments for the iShares MSCI Emerging Markets ETF are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI Emerging Markets ETF.

The iShares MSCI Emerging Markets ETF carries out its investment strategies associated with investment in Indian securities by investing in a wholly-owned subsidiary in the Republic of Mauritius (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. Intercompany accounts and transactions, if any, have been eliminated.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

NOTESTO FINANCIAL STATEMENTS 31

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

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

• 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).

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

• Forward currency contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

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;

32 2015 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, 2015. 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
Currency Hedged MSCI Emerging Markets
Assets:
Exchange-Traded Funds	$	39,061,423	$	—		$	—	$	39,061,423
Money Market Funds		78,035		—			—		78,035
Forward Currency Contractsa		—		413,938			—		413,938
	$	39,139,458	$	413,938		$	—	$	39,553,396
Liabilities:
Forward Currency Contractsa	$	—	$	(304,309	)	$	—	$	(304,309	)
MSCI Emerging Markets
Assets:
Common Stocks	$	30,694,741,064	$	35,436,974		$	12,585	$	30,730,190,623
Preferred Stocks		1,445,460,290		—			—		1,445,460,290
Rights		1,131,794		—			—		1,131,794
Money Market Funds		1,176,551,836		—			—		1,176,551,836
Futures Contractsa		7,157,688		—			—		7,157,688
	$	33,325,042,672	$	35,436,974		$	12,585	$	33,360,492,231

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 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

NOTESTO FINANCIAL STATEMENTS 33

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for federal income tax purposes. The iShares Currency Hedged MSCI Emerging Markets ETF has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

The iShares MSCI Emerging Markets ETF conducts its investment activities in India through the Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. The Fund has obtained a tax residence certificate from the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, 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. Any dividends paid by the Subsidiary to the Fund are not subject to tax in Mauritius. Further, the Subsidiary is also exempt from tax in Mauritius on any gains from the sale of securities.

However, there can be no assurance that any future changes to the India-Mauritius treaty will not adversely affect the tax position of the Fund’s investments in India. If the DTAA is interpreted, amended, terminated, renegotiated, or possibly overridden by the General Anti-Avoidance Rules provisions (which are due to take effect April 1, 2017, the details of which are pending further authoritative guidance), in a manner that would adversely affect the tax position in India of the Fund, such an interpretation, amendment, or override renegotiation may cause the Fund to incur capital gains tax in India.

34 2015 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.

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. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of February 28, 2015 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 or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:

iShares ETF	Market Value of Securities on Loan		Cash Collateral Received a		Net Amount
MSCI Emerging Markets	$	1,073,579,143	$	1,073,579,143	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

NOTESTO FINANCIAL STATEMENTS 35

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

RECENT ACCOUNTING STANDARD

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

With respect to the iShares MSCI Emerging Markets ETF, 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.

For its investment advisory services to the iShares Currency Hedged MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.78% based on the average daily net assets of the Fund. In addition, the Fund indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2020 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI Emerging Markets ETF (“EEM”) (and those assets used to hedge the securities in EEM against the U.S. dollar) such that the investment advisory fee on such assets is equal to the investment advisory fee of EEM plus 0.03%.

For its investment advisory services to EEM, 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
	0.54		Over $42 billion, up to and including $56 billion
	0.47		Over $56 billion, up to and including $70 billion
	0.41		Over $70 billion, up to and including $84 billion
	0.35		Over $84 billion

BFA has contractually agreed to waive a portion of its investment advisory fees for EEM through December 31, 2015 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other iShares funds, if any.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA,

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Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.

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

Prior to January 1, 2015, each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2015, the iShares MSCI Emerging Markets ETF paid to BTC securities lending agent services and collateral investment fees in the amount of $8,714,344.

For the six months ended February 28, 2015, BTC, the Funds’ securities lending agent, has agreed to voluntarily reimburse the iShares MSCI Emerging Markets ETF in the amount of $102,952, related to the foreign tax on the securities lending income. Such reimbursement is included in “Securities lending income — affiliated” in the Fund’s consolidated statement of operations.

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

Cross trades for the six months ended February 28, 2015, 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.

Each 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.

NOTESTO FINANCIAL STATEMENTS 37

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the six months ended February 28, 2015, 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)
Currency Hedged MSCI Emerging Markets
iShares MSCI Emerging Markets ETF		—		959,976		—		959,976	$	39,061,423	$	47,158	$	—

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, 2015 were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI Emerging Markets	$	238,869	$	—
MSCI Emerging Markets		1,135,026,908		5,449,058,186

In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI Emerging Markets	$	38,719,756	$	—
MSCI Emerging Markets		130,341,577		3,691,755,388

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. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.

5. FUTURES CONTRACTS

Each Fund may purchase or sell 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

38 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 Emerging Markets ETF as of February 28, 2015 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 appreciationa	$	7,157,688

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

The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares MSCI Emerging Markets ETF during the six months ended February 28, 2015 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	$	(12,798,226	)	$	858,162

The following table shows the average quarter-end balances of open futures contracts held by the iShares MSCI Emerging Markets ETF for the six months ended February 28, 2015:

Average value of contracts purchased $ 138,721,017

6. FORWARD CURRENCY CONTRACTS

The iShares Currency Hedged MSCI Emerging Markets ETF may enter into forward currency contracts for the purpose of hedging against the effects of foreign currencies on the value of the Fund’s assets that are denominated in a non-U.S. currency. A forward currency contract is an obligation to purchase or sell a currency against another currency at a specified future date at an agreed upon price and quantity. Forward currency contracts are traded over-the-counter (“OTC”) and not on an organized exchange. The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation. When the contract is closed, a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed is recorded. Losses may arise if there are unfavorable movements in the value of a foreign currency relative to the U.S. dollar or if the counterparties do not meet the terms of the agreement. The Fund’s use of forward currency contracts also involves the risks of imperfect correlation between the value of its currency positions and its other investments or the Fund failing to close out its position due to an illiquid market.

NOTESTO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table shows the value of forward currency contracts held by the iShares Currency Hedged MSCI Emerging Markets ETF as of February 28, 2015 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Assets
Forward currency contracts:
Unrealized appreciation on forward currency contracts/Net assets consist of – net unrealized appreciation	$	413,938
Liabilities
Forward currency contracts:
Unrealized depreciation on forward currency contracts/Net assets consist of –net unrealized depreciation	$	304,309

The following table shows the realized and unrealized gains (losses) on forward currency contracts held by the iShares Currency Hedged MSCI Emerging Markets ETF during the six months ended February 28, 2015 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Forward currency contracts:
Foreign currency transactions/Forward currency contracts	$	257,420	$	109,629

The following table shows the average quarter-end balances of outstanding forward currency contracts for the six months ended February 28, 2015:

	iShares Currency Hedged MSCI Emerging Markets ETF
Average amounts purchased in U.S. dollars	$	18,446,586
Average amounts sold in U.S. dollars	$	40,232,457

The iShares Currency Hedged MSCI Emerging Markets ETF’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund. In order to better define its contractual rights and to secure rights that will help the Fund to mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency.

40 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The collateral requirements under an ISDA Master Agreement are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by the parties. Forward currency contracts held by the Fund generally do not require collateral. To the extent amounts due to the Fund from the counterparty are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to netting arrangements in the statements of assets and liabilities.

The following table presents the exposure of the open forward currency contracts held by the iShares Currency Hedged MSCI Emerging Markets ETF that are subject to potential offset on the statement of assets and liabilities as of February 28, 2015:

	Derivative Assets Subject to Offsetting		Derivatives Available for Offset			Net Amount of Derivative Assets
Forward currency contracts	$	413,938	$	(161,456	)	$	252,482
	Derivative Liabilities Subject to Offsetting		Derivatives Available for Offset			Net Amount of Derivative Liabilities
Forward currency contracts	$	304,309	$	(161,456	)	$	142,853

7. MARKET AND CREDIT RISK

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

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

MARKET RISK

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

NOTESTO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

Each Fund invests a substantial amount of its assets, with the iShares Currency Hedged MSCI Emerging Markets ETF investing indirectly, 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 issuers from countries with less developed markets.

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares MSCI Emerging Markets ETF issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.

CREDIT RISK

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

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment 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.

42 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or 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, 2014, the Funds’ fiscal year-end, the following Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring a		Expiring 2015		Expiring 2016		Expiring 2017		Expiring 2018		Expiring 2019		Total
MSCI Emerging Markets	$	3,444,042,588	$	29,973,301	$	13,844,901	$	228,196,854	$	1,201,366,175	$	873,167,649	$	5,790,591,468

^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, 2015, 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)
Currency Hedged MSCI Emerging Markets	$	39,036,660	$	102,798	$	—		$	102,798
MSCI Emerging Markets		34,103,717,143		5,745,707,966		(6,496,090,566	)		(750,382,600	)

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

9. LINE OF CREDIT

The iShares MSCI Emerging Markets 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 28, 2015. 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 iShares MSCI Emerging Markets ETF did not borrow under the credit agreement during the six months ended February 28, 2015.

NOTESTO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

10. 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 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. 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 “Sixth Circuit”). Oral argument of the Plaintiff’s appeal was heard by the Sixth Circuit on July 30, 2014. On September 30, 2014, the Sixth Circuit affirmed the dismissal of the lawsuit. On December 29, 2014, the Plaintiffs filed a petition for a writ of certiorari asking the U.S. Supreme Court to hear their appeal of the Sixth Circuit’s ruling.

11. SUBSEQUENT EVENTS

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

44 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract

iSHARES^®, INC.

iShares Currency Hedged MSCI Emerging Markets ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required to consider and approve the proposed Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract.

At a meeting held on March 18-19, 2014, the Board, including all of the Independent Directors, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on its review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Directors were advised by their independent counsel throughout the process.

In selecting BFA and approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and made the following conclusions:

Expenses of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including any proposed advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other registered investment companies objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary methodology, and any registered funds that would otherwise have been excluded from Lipper’s comparison group because of the size, sponsor, inception date, or other differentiating factors included in Lipper’s proprietary selection methodology, but that were nonetheless included at the request of BFA (the “Lipper Group”). Because there are few, if any, exchange traded funds or index funds that track an index similar to that tracked by the Fund, the Lipper Group included, in part, mutual funds, exchange traded funds, or funds with differing investment objective classifications, investment focuses and other characteristics (e.g., actively managed funds and funds sponsored by an “at cost” service provider), as applicable. In support of its review of the statistical information, the Board was provided with a general description of the methodology used by Lipper to determine the applicable Lipper Group and to prepare this information. The Board also received a detailed explanation from BFA regarding its rationale for including funds that had been excluded from Lipper’s consideration due to Lipper’s methodology parameters, as well as information showing the effect of including these additional funds in the analysis. The Board further noted that due to the limitations in identifying comparable funds in the Lipper Group, the statistical information may or may not provide meaningful direct comparisons to the Fund.

The Board also noted that the proposed investment advisory fee rate and overall expenses for the Fund compared favorably to the investment advisory fee rates and overall expenses of the funds in the Lipper Group.

Based on this review, the other factors considered at the meeting, and their general knowledge of fund pricing, the Board concluded that the proposed investment advisory fees and expense levels of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services to be Provided by BFA — The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting iShares funds and their shareholders. The Board noted that BFA is an indirect wholly-owned subsidiary of BlackRock. The Board acknowledged that additional resources to support iShares funds and their shareholders have been added

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 45

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

or enhanced since BlackRock’s acquisition of BFA in December 2009, including in such areas as risk management, investor education, product management, customized portfolio consulting support, and capital markets support. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund. In addition to the above considerations, the Board reviewed and considered BFA’s investment and risk management processes and strategies, and matters related to BFA’s portfolio compliance policies and procedures.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates — The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA on at least an annual basis following the Fund’s launch and will thus be in a position to evaluate whether, following the expiration of the Advisory Contract’s initial two-year term, any adjustments in the Fund’s fees would be appropriate.

Economies of Scale — The Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate. The Board noted that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue at least annually following an initial two-year period, concluded that the investment advisory fee rate incorporates potential economies of scale and supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board considered certain information received at previous meetings regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (together, the “Other Accounts”). The Board noted that BFA and its affiliates do not manage Other Accounts that track the same underlying index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different, generally more extensive, services provided to the iShares funds, as well as other significant differences in the approach of BFA and its affiliates to the iShares funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the

46 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

“all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses to be borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for investment companies, including the Fund, were generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed. The Board considered the proposed investment advisory fee rate for the Fund in relation to that of iShares MSCI Emerging Markets ETF. The Board noted that the Fund’s proposed investment advisory fee rate is higher than that of iShares MSCI Emerging Markets ETF, which invests in similar underlying securities but unlike the Fund, is not currency rate hedged, and concluded that the Fund’s higher relative fee is appropriate.

Other Benefits to BFA and/or its Affiliates — Except as noted below, the Board did not consider ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally would not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates, in the event of any lending of the Fund’s securities. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that the existence of any such ancillary benefits would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Based on the considerations described above, the Board determined that the investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining and concluded that it is in the best interest of the Fund and its shareholders to approve the Advisory Contract.

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 47

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources 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
Currency Hedged MSCI Emerging Markets	$	0.312356	$	—	$	0.168164	$	0.480520		65	%		—	%		35	%		100	%
MSCI Emerging Markets		0.449492		—		0.085529		0.535021		84			—			16			100

48 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 49

Notes:

50 2015 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 basis on the Funds’ website.

©2015 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-85-0215

FEBRUARY 28, 2015

  2015 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 Emerging Markets Horizon ETF  |  EMHZ  |  BATS

^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	10
Shareholder Expenses	10
Schedules of Investments	11
iShares MSCI All Country World Minimum Volatility ETF	11
iShares MSCI Emerging Markets EMEA ETF	17
iShares MSCI Emerging Markets Horizon ETF	20
iShares MSCI Frontier 100 ETF	24
iShares MSCI World ETF	27
Financial Statements	43
Financial Highlights	50
Notes to Financial Statements	55
Board Review and Approval of Investment Advisory Contract	66
Supplemental Information	69

Fund Performance Overview

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was 6.17%, net of fees, while the total return for the Index was 6.10%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		15.12%		15.52%		14.97%		15.12%		15.52%		14.97%
Since Inception		13.72%		13.77%		13.43%		54.16%		54.39%		52.88%

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 10 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,061.70	$	1.02	$	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 10 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Health Care	17.08	%
Financials	16.88
Consumer Staples	14.59
Consumer Discretionary	10.17
Information Technology	8.86
Telecommunication Services	8.51
Utilities	8.18
Industrials	8.08
Materials	4.47
Energy	3.18
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total Investments*

United States	50.14	%
Japan	13.03
Canada	7.81
China	5.78
Switzerland	5.23
Taiwan	3.88
Hong Kong	3.40
United Kingdom	2.64
Singapore	1.29
Malaysia	1.09
Total	94.29	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS EMEA ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -12.09%, net of fees, while the total return for the Index was -11.78%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(6.80)%		(5.94)%		(6.47)%		(6.80)%		(5.94)%		(6.47)%
Since Inception		(1.55)%		(1.35)%		(1.09)%		(4.75)%		(4.13)%		(3.35)%

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 10 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	879.10	$	2.28	$	1,000.00	$	1,022.40	$	2.46		0.49%

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

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Financials	34.99	%
Energy	17.59
Consumer Discretionary	15.21
Telecommunication Services	9.02
Materials	7.29
Consumer Staples	5.54
Industrials	4.43
Health Care	3.57
Utilities	2.36
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total Investments*

South Africa	46.23	%
Russia	21.59
Turkey	9.06
Poland	8.62
Qatar	4.85
United Arab Emirates	3.82
Greece	2.24
Egypt	1.30
Czech Republic	1.20
Hungary	1.09
TOTAL	100.00	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI EMERGING MARKETS HORIZON ETF

Performance as of February 28, 2015

The iShares MSCI Emerging Markets Horizon ETF (the “Fund”) seeks to track the investment results of an index that takes the smallest 25% of countries by market capitalization from the universe of an index of emerging markets countries, and then excludes Brazil, China, India, and Russia, as represented by the MSCI Emerging Markets Horizon 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 period from October 14, 2014 (inception date of the Fund) through February 28, 2015, the total return for the Fund was -5.05%, net of fees, while the total return for the Index was -4.81%.

	Cumulative Total Returns
	NAV		MARKET		INDEX
Since Inception		(5.05)%		(4.14)%		(4.81)%

The inception date of the Fund was 10/14/14. The first day of secondary market trading was 10/16/14.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account  Value (10/14/14) a		Ending Account Value (2/28/15)		Expenses Paid During  Period b		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period b		Annualized Expense Ratio
$	1,000.00	$	949.50	$	1.83	$	1,000.00	$	1,022.30	$	2.51		0.50%

^a  The beginning of the period (commencement of operations) is October 14, 2014.

^b  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (137 days for actual and 181 days for hypothetical expenses) 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 2/28/15

Sector Percentage of
Total Investments*

Financials	36.93	%
Consumer Staples	11.96
Telecommunication Services	11.78
Industrials	9.40
Materials	9.24
Consumer Discretionary	7.58
Utilities	6.61
Energy	4.96
Health Care	1.54
TOTAL	100.00	%

TEN LARGEST COUNTRIES ALLOCATIONS

As of 2/28/15

Country Percentage of
Total Investments*

Mexico	21.06	%
Malaysia	15.68
Indonesia	11.92
Thailand	10.28
Turkey	6.89
Poland	6.30
Chile	6.14
Philippines	5.98
Qatar	3.54
Colombia	2.95
TOTAL	90.74	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI FRONTIER 100 ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -11.27%, net of fees, while the total return for the Index was -10.48%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(0.32)%		(0.55)%		0.93%		(0.32)%		(0.55)%		0.93%
Since Inception		13.79%		14.27%		14.64%		37.50%		38.95%		40.08%

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 10 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	887.30	$	3.70	$	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 10 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Financials	50.99	%
Telecommunication Services	16.19
Energy	12.41
Consumer Staples	6.73
Materials	5.93
Industrials	5.25
Utilities	1.32
Health Care	1.18
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total Investments*

Kuwait	26.43	%
Argentina	13.09
Pakistan	10.75
Nigeria	10.70
Kenya	8.17
Oman	6.28
Morocco	5.65
Vietnam	3.86
Kazakhstan	3.78
Romania	3.28
TOTAL	91.99	%

* Excludes money market funds.

8 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI WORLD ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was 2.13%, net of fees, while the total return for the Index was 2.14%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		7.83%		7.87%		7.87%		7.83%		7.87%		7.87%
Since Inception		15.47%		15.57%		15.37%		57.01%		57.44%		56.67%

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 10 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,021.30	$	1.20	$	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 10 for more information.

PORTFOLIO ALLOCATION

As of 2/28/15

Sector Percentage of
Total Investments*

Financials	20.29	%
Information Technology	13.45
Health Care	13.17
Consumer Discretionary	12.86
Industrials	10.91
Consumer Staples	9.89
Energy	7.56
Materials	5.35
Telecommunication Services	3.32
Utilities	3.20
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total Investments*

United States	57.18	%
Japan	8.33
United Kingdom	8.00
France	3.75
Canada	3.68
Switzerland	3.66
Germany	3.54
Australia	2.88
Spain	1.33
Sweden	1.23
TOTAL	93.58	%

* 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, 2014 (or commencement of operations, as applicable) and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number 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 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.48%
CANADA — 7.82%
Agnico Eagle Mines Ltd.		153,703	$	4,944,740
Bank of Montreal		87,884		5,451,884
Bank of Nova Scotia (The)		134,366		7,189,358
Barrick Gold Corp.		79,346		1,033,249
BCE Inc.		129,540		5,675,837
Canadian Imperial Bank of Commerce/Canada		62,992		4,826,368
Dollarama Inc.		124,825		6,249,997
Eldorado Gold Corp.		147,112		849,459
Enbridge Inc.		360,172		16,767,548
Fairfax Financial Holdings Ltd.		7,639		4,013,282
First Capital Realty Inc.		88,493		1,391,905
Franco-Nevada Corp.		147,828		7,809,022
Goldcorp Inc.		577,088		12,723,527
H&R REIT		48,945		947,816
Intact Financial Corp.		124,206		8,947,527
National Bank of Canadaa		291,846		11,244,713
Pembina Pipeline Corp.		30,738		984,187
RioCan REIT		93,773		2,198,163
Rogers Communications Inc. Class B		52,832		1,870,582
Royal Bank of Canada		71,628		4,492,202
Shaw Communications Inc. Class B		357,886		8,311,932
Silver Wheaton Corp.		255,778		5,530,778
TELUS Corp.		161,856		5,760,526
Thomson Reuters Corp.		133,096		5,229,400
Toronto-Dominion Bank (The)		20,320		891,792
TransCanada Corp.		158,168		6,940,315
				142,276,109
CHILE — 0.42%
Aguas Andinas SA Series A		2,284,730		1,358,167
Banco de Chile		22,565,798		2,636,681
Empresa Nacional de Electricidad SA/Chile		592,692		890,715
Empresas COPEC SA		238,252		2,794,250
				7,679,813
CHINA — 5.78%
Bank of China Ltd. Class H		9,473,000		5,447,728
Beijing Capital International Airport Co. Ltd. Class H		948,000		893,550

Security	Shares		Value
Beijing Enterprises Holdings Ltd.		524,000	$	3,891,766
Beijing Enterprises Water Group Ltd.		3,144,000		1,953,991
China Communications Services Corp. Ltd. Class H		2,096,000		962,131
China Construction Bank Corp. Class H		11,580,000		9,630,776
China Everbright Bank Co. Ltd. Class H		2,358,000		1,243,541
China Medical System Holdings Ltd.		1,048,000		1,735,079
China Mengniu Dairy Co. Ltd.		524,000		2,364,789
China Merchants Holdings International Co. Ltd.a		1,048,000		3,986,358
China Mobile Ltd.		1,048,000		14,242,784
China Resources Gas Group Ltd.a		1,048,000		2,591,808
China Resources Power Holdings Co. Ltd.a		524,000		1,388,469
China South City Holdings Ltd.a		1,572,000		496,606
China Unicom Hong Kong Ltd.		2,096,000		3,529,616
Guangdong Investment Ltd.		1,572,000		2,024,935
Haier Electronics Group Co. Ltd.		524,000		1,381,712
Hanergy Thin Film Power Group Ltd.a		9,012,000		5,252,337
Hengan International Group Co. Ltd.		393,000		4,507,456
Industrial & Commercial Bank of China Ltd. Class H		2,358,000		1,720,890
Inner Mongolia Yitai Coal Co. Ltd. Class B		911,036		1,238,098
Jiangsu Expressway Co. Ltd. Class H		1,048,000		1,293,202
Kunlun Energy Co. Ltd.a		1,572,000		1,546,572
Lenovo Group Ltd.a		5,588,000		8,617,486
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		2,096,000		1,726,971
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		650,400		1,358,590
Shenzhou International Group Holdings Ltd.a		524,000		2,074,257
Sihuan Pharmaceutical Holdings Group Ltd.a		4,002,000		2,384,032

SCHEDULESOF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

February 28, 2015

Security	Shares		Value
Sino Biopharmaceutical Ltd.		3,144,000	$	2,987,742
Sinopec Shanghai Petrochemical Co. Ltd. Class H		2,096,000		716,193
Sinopharm Group Co. Ltd. Class H		290,400		1,016,622
SOHO China Ltd.		1,287,500		921,368
Sun Art Retail Group Ltd.a		2,204,500		1,978,392
Tingyi Cayman Islands Holding Corp.a		1,572,000		3,952,575
Uni-President China Holdings Ltd.a		1,048,000		824,298
Zhejiang Expressway Co. Ltd. Class H		1,452,000		1,786,109
Zijin Mining Group Co. Ltd. Class H		5,240,000		1,554,004
				105,222,833
COLOMBIA — 0.08%
Corp. Financiera Colombiana SA		45,567		685,100
Corp. Financiera Colombiana SA Newb		757		11,260
Ecopetrol SA		925,960		774,053
				1,470,413
EGYPT — 0.08%
Commercial International Bank Egypt SAE		192,278		1,392,053
				1,392,053
GERMANY — 0.62%
Celesio AG		48,768		1,509,463
Fresenius Medical Care AG & Co. KGaA		38,100		3,126,909
Kabel Deutschland Holding AGb		21,590		3,002,836
MAN SE		33,782		3,630,012
				11,269,220
HONG KONG — 3.40%
Cheung Kong Infrastructure Holdings Ltd.		524,000		4,469,450
CLP Holdings Ltd.		1,572,000		14,138,058
Hang Seng Bank Ltd.		703,900		12,833,744
Hong Kong & China Gas Co. Ltd.a		278,600		628,655
Link REIT (The)		2,127,000		13,575,808
MTR Corp. Ltd.		1,441,000		6,688,973
Power Assets Holdings Ltd.		655,000		6,739,648

Security	Shares		Value
Swire Pacific Ltd. Class A		131,000	$	1,790,483
Yue Yuen Industrial Holdings Ltd.		262,000		1,016,859
				61,881,678
INDONESIA — 0.81%
Bank Central Asia Tbk PT		5,851,400		6,383,345
Indofood Sukses Makmur Tbk PT		1,600,200		916,169
Jasa Marga Persero Tbk PT		1,948,100		1,070,136
Kalbe Farma Tbk PT		12,126,100		1,693,432
Telekomunikasi Indonesia Persero Tbk PT		6,327,100		1,436,753
Tower Bersama Infrastructure Tbk PT		1,441,400		1,034,351
Unilever Indonesia Tbk PT		482,600		1,344,186
XL Axiata Tbk PT		2,502,400		928,357
				14,806,729
IRELAND — 0.20%
Kerry Group PLC Class A		28,117		2,049,932
Ryanair Holdings PLC ADR		25,613		1,622,584
				3,672,516
ISRAEL — 0.59%
Bank Leumi le-Israel BMa,b		302,660		1,050,460
Mizrahi Tefahot Bank Ltd.b		82,550		856,015
NICE-Systems Ltd.		52,185		3,023,055
Teva Pharmaceutical Industries Ltd.		102,274		5,732,330
				10,661,860
JAPAN — 13.03%
ABC-Mart Inc.		26,200		1,472,784
Ajinomoto Co. Inc.		54,000		1,037,584
ANA Holdings Inc.		978,000		2,657,195
Aozora Bank Ltd.		786,000		2,833,795
Astellas Pharma Inc.		257,500		4,094,755
Benesse Holdings Inc.		52,400		1,670,032
Calbee Inc.		78,600		2,971,868
Canon Inc.		203,200		6,610,438
Chugai Pharmaceutical Co. Ltd.		26,200		798,854
East Japan Railway Co.		26,200		2,199,314
Eisai Co. Ltd.		235,800		12,312,214
FamilyMart Co. Ltd.		52,400		2,366,975
Hikari Tsushin Inc.		26,200		1,700,715
ITOCHU Techno-Solutions Corp.		26,200		1,030,072
Japan Airlines Co. Ltd.		109,800		3,380,016

12 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

February 28, 2015

Security	Shares		Value
Japan Prime Realty Investment Corp.		786	$	2,823,932
Japan Real Estate Investment Corp.		762		3,799,005
Japan Retail Fund Investment Corp.		2,286		4,904,923
Kakaku.com Inc.		131,000		2,174,110
Kamigumi Co. Ltd.		262,000		2,555,456
Kintetsu Corp.		262,000		1,016,923
Kyowa Hakko Kirin Co. Ltd.		262,000		3,166,925
Lawson Inc.		52,400		3,427,730
M3 Inc.		183,400		4,077,772
McDonald’s Holdings Co. Japan Ltd.a		52,400		1,156,749
Miraca Holdings Inc.		52,400		2,516,007
Mitsubishi Tanabe Pharma Corp.		209,600		3,531,176
Nagoya Railroad Co. Ltd.		524,000		2,217,943
Nippon Building Fund Inc.		786		3,944,958
Nippon Prologis REIT Inc.		1,235		2,851,311
Nippon Telegraph & Telephone Corp.		52,400		3,252,399
Nissin Foods Holdings Co. Ltd.		52,400		2,599,289
Nitori Holdings Co. Ltd.		52,400		3,471,563
Nomura Research Institute Ltd.		104,800		3,668,811
NTT DOCOMO Inc.		929,400		16,516,879
Oracle Corp. Japan		32,900		1,439,349
Oriental Land Co. Ltd./Japan		52,400		14,127,333
Osaka Gas Co. Ltd.		786,000		3,244,070
Otsuka Corp.		52,400		2,077,678
Otsuka Holdings Co. Ltd.		314,400		9,427,135
Park24 Co. Ltd.		97,800		1,845,638
Sankyo Co. Ltd.		26,200		988,431
Santen Pharmaceutical Co. Ltd.		78,600		5,266,519
Secom Co. Ltd.		131,000		8,160,584
Shimamura Co. Ltd.		26,200		2,540,115
Showa Shell Sekiyu KK		104,800		1,004,649
Suntory Beverage & Food Ltd.		131,000		4,920,239
Takeda Pharmaceutical Co. Ltd.		450,600		23,079,374
Tobu Railway Co. Ltd.		786,000		3,905,508
Toho Co. Ltd./Tokyo		97,800		2,376,586
Tokyo Gas Co. Ltd.		262,000		1,595,955
TonenGeneral Sekiyu KK		262,000		2,476,557
Unicharm Corp.		104,800		2,901,297
United Urban Investment Corp.		2,358		3,830,554

Security	Shares		Value
USS Co. Ltd.		205,100	$	3,626,930
West Japan Railway Co.		157,200		8,962,945
Yamato Holdings Co. Ltd.		336,100		7,872,182
Yamazaki Baking Co. Ltd.		48,000		799,030
				237,279,130
MALAYSIA — 1.09%
Axiata Group Bhd		2,159,000		4,289,245
Hong Leong Bank Bhd		183,400		730,750
IHH Healthcare Bhd		1,423,000		2,199,254
Malayan Banking Bhd		1,210,400		3,089,811
Maxis Bhd		1,712,300		3,349,533
Public Bank Bhd		868,760		4,416,117
Telekom Malaysia Bhd		921,100		1,819,709
				19,894,419
NEW ZEALAND — 0.16%
Auckland International Airport Ltd.		852,170		2,805,227
				2,805,227
PERU — 0.15%
Cia. de Minas Buenaventura SA ADR		179,324		2,076,572
Credicorp Ltd.		4,978		722,905
				2,799,477
PHILIPPINES — 0.40%
Bank of the Philippine Islands		729,459		1,595,743
BDO Unibank Inc.		1,305,560		3,286,849
International Container Terminal Services Inc.		482,140		1,225,854
Philippine Long Distance Telephone Co.		15,720		1,127,390
				7,235,836
QATAR — 0.26%
Ooredoo QSC		22,860		718,789
Qatar National Bank SAQ		73,017		4,076,440
				4,795,229
RUSSIA — 0.11%
Alrosa AO		1,723,400		1,958,591
				1,958,591
SINGAPORE — 1.29%
Oversea-Chinese Banking Corp. Ltd.		685,800		5,284,306
Singapore Airlines Ltd.a		524,000		4,623,189
Singapore Press Holdings Ltd.a		1,030,000		3,097,346

SCHEDULESOF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

February 28, 2015

Security	Shares		Value
Singapore Technologies Engineering Ltd.		524,000	$	1,352,283
Singapore Telecommunications Ltd.		2,364,600		7,336,675
StarHub Ltd.a		584,200		1,842,672
				23,536,471
SOUTH KOREA — 0.39%
Dongbu Insurance Co. Ltd.		39,265		1,896,082
Samsung Fire & Marine Insurance Co. Ltd.		15,748		3,658,822
Samsung Life Insurance Co. Ltd.		9,211		835,876
Yuhan Corp.		4,900		763,428
				7,154,208
SWITZERLAND — 5.23%
Barry Callebaut AG Registered		2,051		2,138,622
Chocoladefabriken Lindt & Sprungli AG Registered		86		5,635,359
Givaudan SA Registeredb		5,010		9,676,487
Kuehne + Nagel International AG Registered		7,620		1,115,671
Nestle SA Registered		261,874		20,552,137
Novartis AG Registered		189,738		19,504,186
Partners Group Holding AG		9,211		2,844,430
Roche Holding AG		25,908		7,072,775
Schindler Holding AG Registered		19,558		3,193,648
SGS SA Registered		3,144		6,397,443
Swiss Prime Site AG Registeredb		52,185		4,778,120
Swisscom AG Registered		21,336		12,299,709
				95,208,587
TAIWAN — 3.88%
Advanced Semiconductor Engineering Inc.		978,000		1,317,287
Asia Cement Corp.		1,016,000		1,252,004
Chang Hwa Commercial Bank Ltd.		4,517,096		2,653,731
Chicony Electronics Co. Ltd.		524,930		1,459,207
China Development Financial Holding Corp.		3,623,000		1,257,465
Chunghwa Telecom Co. Ltd.		3,750,000		11,725,840
Delta Electronics Inc.		260,000		1,680,624
Far EasTone Telecommunications Co. Ltd.		1,527,000		3,773,132
First Financial Holding Co. Ltd.		6,979,232		4,122,425
Foxconn Technology Co. Ltd.		530,200		1,364,119
HTC Corp.b		520,000		2,533,355

Security	Shares		Value
Hua Nan Financial Holdings Co. Ltd.		5,648,050	$	3,237,220
Kinsus Interconnect Technology Corp.		262,000		846,776
Lite-On Technology Corp.		1,796,261		2,282,147
MediaTek Inc.		262,760		3,957,506
SinoPac Financial Holdings Co. Ltd.		6,823,330		2,791,905
Synnex Technology International Corp.		1,040,000		1,518,357
Taiwan Business Bankb		3,771,800		1,120,551
Taiwan Cooperative Financial Holding Co. Ltd.		5,514,062		2,835,603
Taiwan Mobile Co. Ltd.		1,572,000		5,380,990
Taiwan Semiconductor Manufacturing Co. Ltd.		2,620,000		12,555,644
Yulon Motor Co. Ltd.		726,000		1,037,968
				70,703,856
THAILAND — 0.68%
Advanced Info Service PCL NVDR		438,600		3,160,959
BTS Group Holdings PCL NVDR		5,054,600		1,500,902
CP ALL PCL NVDR		1,828,800		2,262,666
PTT Exploration & Production PCL NVDR		543,300		1,898,945
PTT PCL NVDR		340,600		3,613,542
				12,437,014
UNITED ARAB EMIRATES — 0.23%
DP World Ltd.		47,902		1,015,522
First Gulf Bank PJSC		222,758		1,082,630
National Bank of Abu Dhabi PJSC		578,034		2,148,299
				4,246,451
UNITED KINGDOM — 2.64%
Capita PLC		53,177		976,295
Compass Group PLC		505,404		8,997,707
Fresnillo PLC		206,502		2,620,041
GlaxoSmithKline PLC		294,748		7,021,584
Inmarsat PLC		272,034		3,682,714
Randgold Resources Ltd.		80,010		6,404,935
Reckitt Benckiser Group PLC		66,415		6,014,568
Royal Dutch Shell PLC Class B		43,956		1,498,187
Sky PLC		470,080		7,239,186

14 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

February 28, 2015

Security	Shares		Value
SSE PLC		144,724	$	3,518,114
				47,973,331
UNITED STATES — 50.14%
Abbott Laboratories		297,117		14,074,432
Accenture PLC Class A		17,748		1,597,852
Actavis PLCb		3,668		1,068,709
Airgas Inc.		8,345		978,201
Alleghany Corp.b		12,366		5,843,430
Altria Group Inc.		181,864		10,237,125
American Tower Corp.		46,380		4,598,113
American Water Works Co. Inc.		33,460		1,809,517
AmerisourceBergen Corp.		180,309		18,528,553
Arch Capital Group Ltd.b		121,261		7,173,801
AT&T Inc.		293,878		10,156,424
Automatic Data Processing Inc.		305,816		27,168,693
AutoZone Inc.b		23,452		15,072,131
Becton Dickinson and Co.		92,004		13,498,827
Berkshire Hathaway Inc. Class Bb		47,690		7,029,983
Bristol-Myers Squibb Co.		171,088		10,422,681
CH Robinson Worldwide Inc.		19,432		1,443,798
Chevron Corp.		7,825		834,771
Chipotle Mexican Grill Inc.b		4,543		3,020,959
Chubb Corp. (The)		117,563		11,809,203
Church & Dwight Co. Inc.		123,952		10,553,273
Clorox Co. (The)		98,044		10,651,500
Coca-Cola Co. (The)		151,130		6,543,929
Colgate-Palmolive Co.		252,486		17,881,059
Consolidated Edison Inc.		264,668		16,711,138
Costco Wholesale Corp.		13,628		2,002,771
CR Bard Inc.		53,757		9,092,459
Crown Castle International Corp.		59,300		5,118,183
DaVita HealthCare Partners Inc.b		55,085		4,109,341
Dollar General Corp.b		58,081		4,217,842
Dollar Tree Inc.b		75,375		6,005,880
Dominion Resources Inc./VA		175,514		12,652,804
Duke Energy Corp.		182,118		14,305,369
Ecolab Inc.		95,421		11,024,942
Eli Lilly & Co.		201,390		14,131,536
Everest Re Group Ltd.		41,361		7,338,682
Express Scripts Holding Co.b		60,673		5,144,464
Exxon Mobil Corp.		163,449		14,471,775
Facebook Inc. Class Ab		12,669		1,000,471
Family Dollar Stores Inc.		92,266		7,265,025

Security	Shares		Value
Federal Realty Investment Trust		58,252	$	8,273,532
General Mills Inc.		433,070		23,294,835
Genuine Parts Co.		21,390		2,055,151
Health Care REIT Inc.		107,696		8,304,439
Henry Schein Inc.b		79,468		11,129,493
Hershey Co. (The)		77,470		8,039,837
Hormel Foods Corp.		88,033		5,150,811
Intel Corp.		45,974		1,528,636
International Business Machines Corp.		45,594		7,383,492
Intuit Inc.		98,806		9,646,430
JB Hunt Transport Services Inc.		36,634		3,132,207
JM Smucker Co. (The)		41,148		4,746,422
Johnson & Johnson		239,236		24,524,082
Kellogg Co.		195,846		12,628,150
Kimberly-Clark Corp.		148,844		16,322,233
Laboratory Corp. of America Holdingsb		79,502		9,781,131
Marsh & McLennan Companies Inc.		252,698		14,375,989
McCormick & Co. Inc./MD		107,442		8,098,978
McDonald’s Corp.		241,223		23,856,955
McKesson Corp.		18,695		4,275,547
Merck & Co. Inc.		263,365		15,417,387
Microsoft Corp.		131,531		5,767,634
Motorola Solutions Inc.		81,026		5,504,906
Newmont Mining Corp.		304,800		8,025,384
NextEra Energy Inc.		19,432		2,010,435
O’Reilly Automotive Inc.b		29,178		6,072,817
OGE Energy Corp.		23,714		770,942
Omnicare Inc.		48,479		3,720,278
PartnerRe Ltd.		41,402		4,740,529
Patterson Companies Inc.		77,432		3,877,407
Paychex Inc.		295,656		14,734,017
People’s United Financial Inc.		284,430		4,303,426
PepsiCo Inc.		164,338		16,266,175
Perrigo Co. PLC		17,526		2,707,241
PetSmart Inc.		63,533		5,267,521
Pfizer Inc.		210,645		7,229,336
PG&E Corp.		202,184		10,863,346
Procter & Gamble Co. (The)		197,104		16,779,464
Public Storage		16,732		3,299,885
QUALCOMM Inc.		153,670		11,142,612
Range Resources Corp.		17,123		848,273

SCHEDULESOF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI ALL COUNTRY WORLD MINIMUM VOLATILITY ETF

February 28, 2015

Security	Shares		Value
RenaissanceRe Holdings Ltd.a		36,372	$	3,729,221
Republic Services Inc.		123,630		5,058,940
Reynolds American Inc.		27,186		2,055,805
Ross Stores Inc.		17,801		1,883,524
SBA Communications Corp. Class Ab		74,930		9,344,520
SCANA Corp.		21,869		1,245,440
Sherwin-Williams Co. (The)		6,561		1,871,197
Southern Co. (The)		525,272		24,052,205
Starbucks Corp.		76,161		7,119,911
Stericycle Inc.b		76,161		10,279,450
Synopsys Inc.b		140,259		6,509,420
Sysco Corp.		32,196		1,255,322
Target Corp.		161,353		12,396,751
TJX Companies Inc. (The)		100,877		6,924,197
Travelers Companies Inc. (The)		67,212		7,221,257
Union Pacific Corp.		26,948		3,240,767
United Parcel Service Inc. Class B		81,180		8,258,441
UnitedHealth Group Inc.		50,613		5,751,155
Varian Medical Systems Inc.b		35,019		3,255,716
Verisk Analytics Inc. Class Ab		113,622		8,159,196
Verizon Communications Inc.		386,080		19,091,656
VF Corp.		17,358		1,330,664
Visa Inc. Class A		19,219		5,214,307
Wal-Mart Stores Inc.		197,106		16,543,107
Waste Management Inc.		239,522		13,049,159
Wisconsin Energy Corp.		203,962		10,397,983
WR Berkley Corp.		97,547		4,868,571
Xcel Energy Inc.		255,715		9,021,625
Yum! Brands Inc.		15,016		1,217,948
				912,834,466
TOTAL COMMON STOCKS
(Cost: $1,571,549,310)				1,811,195,517
PREFERRED STOCKS — 0.13%
COLOMBIA — 0.13%
Grupo Aval Acciones y Valores		3,022,883		1,484,669
Grupo de Inversiones Suramericana SA		57,466		804,097
				2,288,766
TOTAL PREFERRED STOCKS
(Cost: $3,106,658)				2,288,766

Security	Shares		Value
SHORT-TERM INVESTMENTS — 2.32%
MONEY MARKET FUNDS — 2.32%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		37,044,316	$	37,044,316
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		2,161,996		2,161,996
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		3,083,292		3,083,292
				42,289,604
TOTAL SHORT-TERM INVESTMENTS
(Cost: $42,289,604)				42,289,604
TOTAL INVESTMENTS IN SECURITIES — 101.93%
(Cost: $1,616,945,572)				1,855,773,887
Other Assets, Less Liabilities — (1.93)%				(35,067,313	)
NET ASSETS — 100.00%			$	1,820,706,574

ADR  —  American Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

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

^b  Non-income earning security.

^c  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.

16 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS EMEA ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 98.64%
CZECH REPUBLIC — 1.19%
CEZ AS		2,154	$	54,592
Komercni Banka AS		198		42,854
O2 Czech Republic AS		1,076		9,133
				106,579
EGYPT — 1.30%
Commercial International Bank Egypt SAE GDR		13,300		88,977
Global Telecom Holding SAE GDRa		10,546		26,892
				115,869
GREECE — 2.24%
Alpha Bank AEa		48,296		20,043
Eurobank Ergasias SAa,b		107,048		16,450
FF Groupa		428		13,586
Hellenic Telecommunications Organization SAa		3,126		31,206
JUMBO SA		1,334		15,262
National Bank of Greece SAa		20,198		30,358
OPAP SA		2,958		27,306
Piraeus Bank SAa		28,300		18,030
Public Power Corp. SAa		1,620		12,719
Titan Cement Co. SA		600		15,203
				200,163
HUNGARY — 1.09%
MOL Hungarian Oil & Gas PLC		548		24,320
OTP Bank PLC		2,910		46,155
Richter Gedeon Nyrt		1,836		26,708
				97,183
POLAND — 8.61%
Alior Bank SAa		594		13,291
Bank Handlowy w Warszawie SA		422		12,072
Bank Millennium SA		5,792		11,036
Bank Pekao SA		1,702		85,350
Bank Zachodni WBK SA		454		41,104
CCC SA		300		14,728
Cyfrowy Polsat SA		2,422		15,762
ENEA SA		2,766		12,118
Energa SA		2,754		16,747
Eurocash SA		1,048		9,460
Getin Noble Bank SAa		14,168		7,122
Grupa Azoty SA		604		12,569
Grupa Lotos SAa		1,222		8,600

Security	Shares		Value
KGHM Polska Miedz SA		1,856	$	60,694
LPP SA		12		23,446
mBank		194		23,976
Orange Polska SA		8,568		22,855
PGE Polska Grupa Energetyczna SA		10,860		60,813
Polski Koncern Naftowy Orlen SA		4,154		61,308
Polskie Gornictwo Naftowe i Gazownictwo SA		23,376		31,777
Powszechna Kasa Oszczednosci Bank Polski SA		11,348		99,981
Powszechny Zaklad Ubezpieczen SA		728		96,151
Synthos SA		7,360		8,792
Tauron Polska Energia SA		13,980		18,513
				768,265
QATAR — 4.85%
Barwa Real Estate Co.		1,328		17,760
Commercial Bank of Qatar QSC (The)		934		17,698
Doha Bank QSC		784		12,509
Gulf International Services QSC		616		16,138
Industries Qatar QSC		1,976		84,108
Masraf Al Rayan		4,762		62,900
Ooredoo QSC		1,044		32,827
Qatar Electricity & Water Co. QSC		358		18,728
Qatar Islamic Bank SAQ		768		21,870
Qatar National Bank SAQ		2,270		126,731
Vodafone Qatar QSC		4,340		21,131
				432,400
RUSSIA — 20.31%
Alrosa AO		23,200		26,366
Gazprom OAO		76,710		189,807
Gazprom OAO ADR		38,355		191,392
Lukoil OAO		3,310		160,402
Lukoil OAO ADR		3,310		160,204
Magnit PJSC GDRc		3,376		160,934
MegaFon OAO GDRc		1,222		21,519
MMC Norilsk Nickel OJSC		718		130,953
Mobile TeleSystems OJSC ADR		6,620		65,538
Moscow Exchange MICEX-RTS OAO		18,060		22,435
NOVATEK OAO GDRc		1,184		99,278
Rosneft OAO		14,980		64,426
Rostelecom OJSC		10,380		15,153
RusHydro JSC		1,530,000		15,962
Sberbank of Russia		138,920		170,778

SCHEDULESOF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS EMEA ETF

February 28, 2015

Security	Shares		Value
Severstal PAO		2,760	$	30,905
Sistema JSFC GDRc		2,304		16,358
Surgutneftegas OAO		45,300		25,573
Surgutneftegas OAO ADR		4,530		25,164
Tatneft OAO Class S		18,320		94,498
Uralkali PJSC		8,730		24,150
Uralkali PJSC GDRc		1,746		24,479
VTB Bank OJSC		68,480,000		75,599
				1,811,873
SOUTH AFRICA — 46.19%
African Bank Investments Ltd.a,b		19,726		17
African Rainbow Minerals Ltd.		1,424		14,959
Anglo American Platinum Ltd.a		706		22,504
AngloGold Ashanti Ltd.a		5,254		59,118
Aspen Pharmacare Holdings Ltd.		4,142		147,083
Assore Ltd.		486		6,343
Barclays Africa Group Ltd.		4,360		72,110
Barloworld Ltd.		2,906		22,302
Bidvest Group Ltd. (The)		4,132		114,063
Brait SEa		4,448		29,857
Coronation Fund Managers Ltd.		2,984		26,470
Discovery Ltd.		4,164		42,805
Exxaro Resources Ltd.		1,910		18,728
FirstRand Ltd.		43,654		200,420
Foschini Group Ltd. (The)		2,464		34,978
Gold Fields Ltd.		10,130		47,168
Growthpoint Properties Ltd.		28,720		73,149
Impala Platinum Holdings Ltd.a		7,094		43,655
Imperial Holdings Ltd.		2,428		40,947
Investec Ltd.		3,150		27,843
Kumba Iron Ore Ltd.		846		16,625
Liberty Holdings Ltd.		1,404		17,032
Life Healthcare Group Holdings Ltd.		11,988		46,602
Massmart Holdings Ltd.		1,424		20,372
Mediclinic International Ltd.		5,076		53,652
MMI Holdings Ltd./South Africa		14,262		39,838
Mr. Price Group Ltd.		3,086		71,436
MTN Group Ltd.		21,584		382,744
Nampak Ltd.		7,504		26,203
Naspers Ltd. Class N		5,148		756,429
Nedbank Group Ltd.		2,626		57,649
Netcare Ltd.		12,468		43,942
Pick n Pay Stores Ltd.		3,340		15,139
PPC Ltd.		6,754		10,502

Security	Shares		Value
Rand Merchant Insurance Holdings Ltd.		8,672	$	33,488
Redefine Properties Ltd.		45,102		45,826
Remgro Ltd.		6,238		148,282
Resilient Property Income Fund Ltd.		3,292		26,485
RMB Holdings Ltd.		9,140		53,242
Sanlam Ltd.		23,842		154,677
Sappi Ltd.a		7,116		29,922
Sasol Ltd.		7,178		261,003
Shoprite Holdings Ltd.		5,928		84,446
SPAR Group Ltd. (The)		2,160		33,115
Standard Bank Group Ltd.		15,724		205,790
Steinhoff International Holdings Ltd.		27,658		159,663
Telkom SA SOC Ltd.a		3,100		21,814
Tiger Brands Ltd.		2,106		62,802
Truworths International Ltd.		5,004		38,167
Tsogo Sun Holdings Ltd.		4,762		11,597
Vodacom Group Ltd.		4,850		56,520
Woolworths Holdings Ltd./South Africa		11,846		91,399
				4,120,922
TURKEY — 9.05%
Akbank TAS		23,300		75,968
Anadolu Efes Biracilik ve Malt Sanayii ASa		2,736		22,301
Arcelik AS		3,116		18,770
BIM Birlesik Magazalar AS		2,738		51,167
Coca-Cola Icecek ASb		1,012		19,616
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		24,616		30,636
Enka Insaat ve Sanayi AS		6,082		12,382
Eregli Demir ve Celik Fabrikalari TAS		18,488		31,022
Ford Otomotiv Sanayi AS		896		12,095
Haci Omer Sabanci Holding AS		11,830		45,533
KOC Holding AS		8,224		38,259
Petkim Petrokimya Holding AS		5,264		7,996
TAV Havalimanlari Holding AS		2,110		16,821
Tofas Turk Otomobil Fabrikasi AS		1,588		10,355
Tupras Turkiye Petrol Rafinerileri AS		1,656		34,898
Turk Hava Yollaria		7,324		26,355
Turk Telekomunikasyon AS		6,764		19,606
Turkcell Iletisim Hizmetleri ASa		11,536		60,318
Turkiye Garanti Bankasi AS		29,960		106,975
Turkiye Halk Bankasi AS		7,992		47,507

18 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS EMEA ETF

February 28, 2015

Security	Shares		Value
Turkiye Is Bankasi Class C		20,420	$	51,070
Turkiye Sise ve Cam Fabrikalari AS		7,496		11,028
Turkiye Vakiflar Bankasi Tao Class D		9,922		20,751
Ulker Biskuvi Sanayi AS		1,902		14,709
Yapi ve Kredi Bankasi AS		11,548		21,305
				807,443
UNITED ARAB EMIRATES — 3.81%
Abu Dhabi Commercial Bank PJSC		15,046		31,544
Aldar Properties PJSC		40,792		29,211
Arabtec Holding PJSCa		27,932		24,032
DP World Ltd.		2,134		45,241
Dubai Financial Market		26,366		14,142
Dubai Islamic Bank PJSC		12,750		23,259
Emaar Properties PJSC		45,502		93,538
First Gulf Bank PJSC		10,156		49,359
National Bank of Abu Dhabi PJSC		8,048		29,911
				340,237
TOTAL COMMON STOCKS
(Cost: $10,125,641)				8,800,934
PREFERRED STOCKS — 1.27%
RUSSIA — 1.27%
AK Transneft OAO		20		44,653
Sberbank of Russia		13,600		11,828
Surgutneftegas OAO		89,800		56,221
				112,702
TOTAL PREFERRED STOCKS
(Cost: $138,572)				112,702
SHORT-TERM INVESTMENTS — 0.26%
MONEY MARKET FUNDS — 0.26%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%d,e,f		17,060		17,060
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%d,e,f		996		996
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		5,276		5,276
				23,332
TOTAL SHORT-TERM INVESTMENTS
(Cost: $23,332)				23,332

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.17%
(Cost: $10,287,545)	$	8,936,968
Other Assets, Less Liabilities — (0.17)%		(14,919	)
NET ASSETS — 100.00%	$	8,922,049

ADR  —  American Depositary Receipts

GDR  —  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 financial statements.

SCHEDULESOF INVESTMENTS 19

Schedule of Investments (Unaudited)

iSHARES^® MSCI EMERGING MARKETS HORIZON ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.01%
CHILE — 5.80%
Banco de Chile		64,654	$	7,554
Banco de Credito e Inversiones		100		4,621
Banco Santander Chile		197,062		10,342
Cencosud SA		3,862		9,554
Cia. Cervecerias Unidas SA		568		5,384
Colbun SA		28,352		7,965
CorpBanca SA		353,940		4,277
Empresa Nacional de Electricidad SA/Chile		9,022		13,559
Empresas CMPC SA		3,446		8,971
Empresas COPEC SA		1,398		16,396
Enersis SA		51,746		17,012
LATAM Airlines Group SAa		924		9,831
SACI Falabella		2,542		18,466
				133,932
COLOMBIA — 2.41%
Almacenes Exito SA		644		6,378
Cementos Argos SA		1,464		5,259
Cemex Latam Holdings SAa		494		2,971
Corp. Financiera Colombiana SA		308		4,631
Corp. Financiera Colombiana SA Newa		5		74
Ecopetrol SA		13,040		10,901
Grupo Argos SA/Colombia		1,100		8,379
Grupo de Inversiones Suramericana SA		888		12,475
Interconexion Electrica SA ESP		1,446		4,528
				55,596
CZECH REPUBLIC — 0.92%
CEZ AS		460		11,659
Komercni Banka AS		44		9,523
				21,182
EGYPT — 1.00%
Commercial International Bank Egypt SAE GDR		2,600		17,394
Global Telecom Holding SAE GDRa		2,240		5,712
				23,106
GREECE — 1.69%
Alpha Bank AEa		14,546		6,037
Eurobank Ergasias SAa		28,858		4,434
Hellenic Telecommunications Organization SA		942		9,404
National Bank of Greece SAa		4,456		6,697

Security	Shares		Value
OPAP SA		778	$	7,182
Public Power Corp. SAa		660		5,182
				38,936
HUNGARY — 0.86%
MOL Hungarian Oil & Gas PLC		116		5,148
OTP Bank PLC		588		9,326
Richter Gedeon Nyrt		368		5,353
				19,827
INDONESIA — 11.90%
Astra International Tbk PT		57,800		35,105
Bank Central Asia Tbk PT		33,600		36,655
Bank Mandiri Persero Tbk PT		26,600		24,696
Bank Negara Indonesia Persero Tbk PT		24,800		13,191
Bank Rakyat Indonesia Persero Tbk PT		30,000		29,884
Charoen Pokphand Indonesia Tbk PT		22,800		6,677
Gudang Garam Tbk PT		1,600		6,614
Indocement Tunggal Prakarsa Tbk PT		5,200		9,676
Indofood Sukses Makmur Tbk PT		16,600		9,504
Kalbe Farma Tbk PT		75,200		10,502
Lippo Karawaci Tbk PT		50,800		4,638
Matahari Department Store Tbk PT		5,200		7,181
Perusahaan Gas Negara Persero Tbk PT		31,000		12,472
Semen Indonesia Persero Tbk PT		9,600		11,048
Telekomunikasi Indonesia Persero Tbk PT		135,400		30,747
Unilever Indonesia Tbk PT		4,600		12,812
United Tractors Tbk PT		5,600		8,990
XL Axiata Tbk PT		11,600		4,303
				274,695
MALAYSIA — 15.67%
Alliance Financial Group Bhd		4,200		5,617
AMMB Holdings Bhd		5,800		10,284
Astro Malaysia Holdings Bhd		7,400		6,714
Axiata Group Bhd		6,600		13,112
British American Tobacco Malaysia Bhd		400		7,669
CIMB Group Holdings Bhd		13,200		21,792
Dialog Group Bhd		14,600		6,603
DiGi.Com Bhd		8,200		14,448
Gamuda Bhd		6,000		8,757
Genting Bhd		5,400		13,260
Genting Malaysia Bhd		8,600		9,807
Hong Leong Bank Bhd		1,800		7,172
IHH Healthcare Bhd		6,200		9,582

20 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS HORIZON ETF

February 28, 2015

Security	Shares		Value
IJM Corp. Bhd		4,400	$	8,766
IOI Corp. Bhd		8,200		10,716
Kuala Lumpur Kepong Bhd		1,600		10,078
Malayan Banking Bhd		11,600		29,611
Maxis Bhd		5,200		10,172
MISC Bhd		3,000		7,009
Petronas Chemicals Group Bhd		8,000		12,142
Petronas Gas Bhd		2,000		12,797
PPB Group Bhd		1,800		7,282
Public Bank Bhd		7,000		35,583
Sapurakencana Petroleum Bhd		10,800		8,540
Sime Darby Bhd		7,800		20,193
Telekom Malaysia Bhd		2,800		5,532
Tenaga Nasional Bhd		8,400		34,309
UMW Holdings Bhd		2,200		6,764
YTL Corp. Bhd		15,600		7,142
				361,453
MEXICO — 21.03%
Alfa SAB de CV Series Aa		7,400		16,030
America Movil SAB de CV Series L		85,800		91,814
Arca Continental SAB de CVa		1,000		6,339
Cemex SAB de CV CPOa		31,600		32,018
Coca-Cola Femsa SAB de CV Series L		1,200		10,360
Controladora Comercial Mexicana SAB de CV BC Units		1,200		3,849
El Puerto de Liverpool SAB de CV Series C1a		600		6,778
Fibra Uno Administracion SA de CV		6,200		17,387
Fomento Economico Mexicano SAB de CVa		5,000		47,729
Genomma Lab Internacional SAB de CV Series Ba		2,200		2,401
Gentera SAB de CV		2,800		5,367
Gruma SAB de CV Series B		400		4,899
Grupo Aeroportuario del Pacifico SAB de CV Series B		800		5,423
Grupo Aeroportuario del Sureste SAB de CV Series Ba		600		8,228
Grupo Bimbo SAB de CVa		4,400		12,424
Grupo Carso SAB de CV Series A1		1,600		7,221
Grupo Financiero Banorte SAB de CV Series O		6,400		34,752
Grupo Financiero Inbursa SAB de CV Series O		5,800		16,284

Security	Shares		Value
Grupo Financiero Santander Mexico SAB de CV Series B		4,800	$	10,588
Grupo Mexico SAB de CV Series B		10,000		30,243
Grupo Televisa SAB CPOa		6,600		44,852
Industrias Penoles SAB de CV		410		8,712
Kimberly-Clark de Mexico SAB de CV Series A		4,000		8,146
Mexichem SAB de CV		2,400		6,995
OHL Mexico SAB de CVa		2,200		4,541
Promotora y Operadora de Infraestructura SAB de CVa		800		9,578
Wal-Mart de Mexico SAB de CV Series V		13,200		32,303
				485,261
PERU — 1.93%
Cia. de Minas Buenaventura SA ADR		480		5,559
Credicorp Ltd.		178		25,849
Southern Copper Corp.		438		13,039
				44,447
PHILIPPINES — 5.97%
Aboitiz Equity Ventures Inc.		7,440		9,593
Ayala Corp.		740		12,034
Ayala Land Inc.		20,600		16,937
Bank of the Philippine Islands		2,960		6,475
BDO Unibank Inc.		4,960		12,487
Energy Development Corp.		32,400		6,503
JG Summit Holdings Inc.		7,080		10,759
Jollibee Foods Corp.		1,580		7,877
Philippine Long Distance Telephone Co.		280		20,081
SM Investments Corp.		540		10,778
SM Prime Holdings Inc.		23,200		10,398
Universal Robina Corp.		2,800		13,844
				137,766
POLAND — 6.30%
Bank Pekao SA		378		18,955
Bank Zachodni WBK SA		102		9,235
Cyfrowy Polsat SA		700		4,555
KGHM Polska Miedz SA		432		14,127
mBank		54		6,674
Orange Polska SA		1,992		5,314
PGE Polska Grupa Energetyczna SA		2,304		12,902
Polski Koncern Naftowy Orlen SA		1,044		15,408
Polskie Gornictwo Naftowe i Gazownictwo SA		6,288		8,548

SCHEDULESOF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS HORIZON ETF

February 28, 2015

Security	Shares		Value
Powszechna Kasa Oszczednosci Bank Polski SA		2,538	$	22,361
Powszechny Zaklad Ubezpieczen SA		158		20,868
Tauron Polska Energia SA		4,782		6,333
				145,280
QATAR — 3.53%
Industries Qatar QSC		430		18,303
Masraf Al Rayan		1,090		14,398
Ooredoo QSC		276		8,678
Qatar Islamic Bank SAQ		218		6,208
Qatar National Bank SAQ		500		27,914
Vodafone Qatar QSC		1,236		6,018
				81,519
THAILAND — 10.26%
Advanced Info Service PCL NVDR		3,000		21,621
Airports of Thailand PCL NVDR		1,400		13,381
Bangkok Bank PCL Foreign		1,200		6,830
Bangkok Dusit Medical Services PCL NVDR		11,600		7,714
BTS Group Holdings PCL NVDR		18,600		5,523
Central Pattana PCL NVDR		6,000		8,166
Charoen Pokphand Foods PCL NVDR		9,200		6,801
CP ALL PCL NVDR		12,800		15,837
Kasikornbank PCL Foreign		3,000		20,043
Kasikornbank PCL NVDR		1,600		10,739
Krung Thai Bank PCL NVDR		12,000		8,463
Minor International PCL NVDR		5,800		6,100
PTT Exploration & Production PCL NVDR		4,000		13,981
PTT Global Chemical PCL NVDR		6,000		10,393
PTT PCL NVDR		2,600		27,584
Siam Cement PCL (The) Foreign		1,200		19,078
Siam Commercial Bank PCL (The) NVDR		4,400		23,068
True Corp. PCL NVDRa		25,400		11,470
				236,792
TURKEY — 6.88%
Akbank TAS		5,000		16,302
Anadolu Efes Biracilik ve Malt Sanayii ASa		648		5,282
BIM Birlesik Magazalar AS		576		10,764
Coca-Cola Icecek AS		222		4,303
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		6,738		8,386

Security	Shares		Value
Eregli Demir ve Celik Fabrikalari TAS		4,024	$	6,752
Haci Omer Sabanci Holding AS		3,036		11,685
KOC Holding AS		1,852		8,616
Tupras Turkiye Petrol Rafinerileri AS		374		7,881
Turk Hava Yollaria		2,130		7,665
Turkcell Iletisim Hizmetleri ASa		2,500		13,071
Turkiye Garanti Bankasi AS		6,330		22,602
Turkiye Halk Bankasi AS		1,678		9,975
Turkiye Is Bankasi Class C		5,188		12,975
Turkiye Vakiflar Bankasi Tao Class D		3,036		6,350
Yapi ve Kredi Bankasi AS		3,298		6,085
				158,694
UNITED ARAB EMIRATES — 2.86%
Abu Dhabi Commercial Bank PJSC		3,282		6,881
Aldar Properties PJSC		9,916		7,101
DP World Ltd.		506		10,727
Dubai Financial Market		5,422		2,908
Emaar Properties PJSC		9,518		19,566
First Gulf Bank PJSC		2,316		11,256
National Bank of Abu Dhabi PJSC		2,012		7,478
				65,917
TOTAL COMMON STOCKS
(Cost: $2,407,715)				2,284,403
PREFERRED STOCKS — 0.87%
CHILE — 0.33%
Sociedad Quimica y Minera de Chile SA Series B		296		7,608
				7,608
COLOMBIA — 0.54%
Bancolombia SA		1,206		12,475
				12,475
TOTAL PREFERRED STOCKS
(Cost: $23,764)				20,083
SHORT-TERM INVESTMENTS — 0.07%
MONEY MARKET FUNDS — 0.07%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,c		1,588		1,588
				1,588
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,588)				1,588

22 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI EMERGING MARKETS HORIZON ETF

February 28, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 99.95%
(Cost: $2,433,067)	$	2,306,074
Other Assets, Less Liabilities — 0.05%		1,122
NET ASSETS — 100.00%	$	2,307,196

ADR  —  American Depositary Receipts

CPO  —  Certificates of Participation (Ordinary)

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^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 FRONTIER 100 ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.60%
ARGENTINA — 13.04%
Banco Macro SA ADR		292,995	$	14,825,547
BBVA Banco Frances SA ADR		343,551		5,792,270
Cresud SACIF y A ADRa		257,376		3,213,339
Grupo Financiero Galicia SA ADR		671,782		13,912,605
Pampa Energia SA ADRa		322,486		4,150,395
Petrobras Argentina SA ADR		546,541		3,175,403
Telecom Argentina SA ADR		669,484		15,029,916
YPF SA ADR		606,289		15,575,565
				75,675,040
BAHRAIN — 0.18%
Al-Salam Bank		3,142,055		1,075,133
				1,075,133
BANGLADESH — 3.17%
GrameenPhone Ltd.		1,149,000		4,945,250
Islami Bank Bangladesh Ltd.		1		—
Lafarge Surma Cement Ltd.		3,198,050		4,778,294
Square Pharmaceuticals Ltd.		2,018,418		6,834,718
Titas Gas Transmission & Distribution Co. Ltd.		1,915,400		1,846,435
				18,404,697
ESTONIA — 0.25%
Tallink Group AS		1,518,595		1,447,832
				1,447,832
JORDAN — 0.77%
Arab Bank PLC		465,728		4,491,242
				4,491,242
KAZAKHSTAN — 3.77%
Halyk Savings Bank of Kazakhstan JSC GDRb		551,137		3,631,993
KazMunaiGas Exploration Production JSC GDRb		1,297,221		14,853,180
KCell JSC GDRb		410,959		3,382,193
				21,867,366
KENYA — 8.14%
Co-operative Bank of Kenya Ltd. (The)		11,606,432		2,857,163
East African Breweries Ltd.		3,027,442		10,235,007
Equity Group Holdings Ltd./Kenya		15,550,900		9,102,551
Kenya Commercial Bank Ltd.		17,273,360		11,339,186
Safaricom Ltd.		79,357,600		13,718,272
				47,252,179

Security	Shares		Value
KUWAIT — 26.32%
Agility Public Warehousing Co. KSC		4,195,382	$	11,336,955
ALAFCO Aviation Lease & Finance Co. KSCP		1,629,088		1,265,632
Burgan Bank SAK		4,189,637		6,792,858
Commercial Real Estate Co. KSC		6,400,396		2,097,073
Jazeera Airways		974,735		1,679,158
Kuwait Finance House KSCP		11,974,878		31,145,604
Kuwait International Bank KSCP		2,890,501		2,538,525
Kuwait Projects Co. Holding KSCP		3,563,049		8,665,412
Mabanee Co. SAK		2,261,000		8,095,457
Mobile Telecommunications Co. KSC		14,662,006		28,724,754
National Bank of Kuwait SAKP		13,083,663		41,542,453
National Industries Group Holding KPSCa		6,035,314		3,914,137
National Real Estate Co. KSCa		3,232,903		1,528,818
Qurain Petrochemical Co. KSC		1,848,741		1,236,449
Warba Bank KSCPa		2,919,226		2,228,492
				152,791,777
MAURITIUS — 0.93%
MCB Group Ltd.		880,134		5,374,964
				5,374,964
MOROCCO — 5.63%
Attijariwafa Bank		276,143		10,811,895
Banque Centrale Populaire		217,927		5,343,457
Douja Promotion Groupe Addoha SA		935,782		3,068,392
Maroc Telecom		976,600		13,464,397
				32,688,141
NIGERIA — 10.66%
Access Bank PLC		65,091,999		2,056,721
Afriland Properties PLCa		7,291		79
Dangote Cement PLC		4,027,628		3,042,346
Diamond Bank PLC		53,838,310		1,036,630
Ecobank Transnational Inc.a		39,527,487		3,200,448
FBN Holdings PLC		96,673,413		3,675,069
Guaranty Trust Bank PLC		83,975,814		9,742,936
Lafarge Africa PLC		5,921,563		2,484,981
Nestle Nigeria PLC		1,792,057		7,254,933
Nigerian Breweries PLC		20,888,054		14,437,559
Oando PLC		22,619,597		1,562,321

24 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRONTIER 100 ETF

February 28, 2015

Security	Shares		Value
SEPLAT Petroleum Development Co. PLC		985,872	$	2,287,632
Transnational Corp. of Nigeria PLC		140,912,594		1,864,457
United Bank for Africa PLC		79,451,398		1,361,127
Zenith Bank PLC		90,400,256		7,855,070
				61,862,309
OMAN — 6.25%
Bank Muscat SAOG		6,813,570		10,615,793
Bank Sohar SAOG		3,497,939		1,961,971
HSBC Bank Oman SAOG		4,694,298		1,694,384
National Bank of Oman SAOG		2,050,199		1,905,924
Oman Cables Industry		379,936		1,968,248
Oman Cement Co.		897,978		1,203,211
Oman Telecommunications Co. SAOG		1,846,443		8,462,664
Ooredoo QSC		2,254,338		4,167,979
Raysut Cement Co. SAOG		558,826		2,532,203
Renaissance Services SAOG		1,509,020		1,763,332
				36,275,709
PAKISTAN — 10.71%
Bank Al Habib Ltd.		4,213,000		2,069,783
Engro Corp. Ltd./Pakistan		1,915,461		5,697,008
Fauji Fertilizer Co. Ltd.		4,825,850		6,683,258
Hub Power Co. Ltd. (The)		4,021,530		3,507,559
Lucky Cement Ltd.		1,340,798		6,606,493
MCB Bank Ltd.		3,002,066		8,960,357
National Bank of Pakistan		4,787,626		3,179,057
Oil & Gas Development Co. Ltd.		4,940,700		10,244,305
Pakistan Oilfields Ltd.		574,500		2,081,706
Pakistan Petroleum Ltd.		1,149,150		1,947,354
Pakistan State Oil Co. Ltd.		1,149,000		4,324,194
United Bank Ltd./Pakistan		4,136,467		6,856,133
				62,157,207
ROMANIA — 3.26%
Banca Transilvaniaa		10,815,920		5,797,904
BRD-Groupe Societe Generalea		1,283,050		3,087,076
OMV Petrom SA		36,806,300		3,488,352
Societatea Nationala de Gaze Naturale ROMGAZ SA		441,982		3,770,034
Transgaz SA Medias		39,832		2,788,552
				18,931,918
SLOVENIA — 0.30%
Telekom Slovenije DD		10,724		1,735,723
				1,735,723

Security	Shares or Principal		Value
SRI LANKA — 2.37%
Commercial Bank of Ceylon PLC		3,749,570	$	5,026,648
John Keells Holdings PLC		5,680,273		8,732,647
				13,759,295
VIETNAM — 3.85%
Bank for Foreign Trade of Vietnam JSC		1,784,780		3,210,472
Masan Group Corp.a		1,736,950		6,956,750
PetroVietnam Drilling and Well Services JSC		746,850		2,029,151
Saigon Thuong Tin Commercial JSBa		2,972,086		2,700,947
Vingroup JSC		3,205,715		7,433,325
				22,330,645
TOTAL COMMON STOCKS
(Cost: $595,706,580)				578,121,177
CONVERTIBLE BONDS — 0.00%
OMAN — 0.00%
Bank Muscat SAOG
4.50%, 03/20/17	$	540,521		—
				—
TOTAL CONVERTIBLE BONDS
(Cost: $0)				—
RIGHTS — 0.00%
NIGERIA — 0.00%
Access Bank PLCa		24,827,146		1
				1
TOTAL RIGHTS
(Cost: $0)				1
SHORT-TERM INVESTMENTS — 0.66%
MONEY MARKET FUNDS — 0.66%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		3,829,274		3,829,274
				3,829,274
TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,829,274)				3,829,274

SCHEDULESOF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI FRONTIER 100 ETF

February 28, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.26%
(Cost: $599,535,854)	$	581,950,452
Other Assets, Less Liabilities — (0.26)%		(1,499,641	)
NET ASSETS — 100.00%	$	580,450,811

ADR  —  American Depositary Receipts

GDR  —  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.

26 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI WORLD ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 99.53%
AUSTRALIA — 2.87%
AGL Energy Ltd.		5,166	$	60,857
Amcor Ltd./Australia		9,796		104,742
AMP Ltd.		21,080		110,553
APA Group		9,748		70,122
Asciano Ltd.		9,238		46,857
ASX Ltd.		1,863		64,368
Aurizon Holdings Ltd.		15,686		58,076
Australia & New Zealand Banking Group Ltd.		17,763		491,367
Bendigo & Adelaide Bank Ltd.		3,782		37,952
BHP Billiton Ltd.		21,638		569,935
Brambles Ltd.		11,563		100,465
Cochlear Ltd.		446		31,566
Commonwealth Bank of Australia		10,416		749,434
Computershare Ltd.		4,433		43,652
Crown Resorts Ltd.		4,588		54,946
CSL Ltd.		3,317		239,490
Dexus Property Group		9,716		60,081
Fortescue Metals Group Ltd.		16,691		32,532
Goodman Group		15,810		77,222
GPT Group (The)		18,538		68,200
Iluka Resources Ltd.		3,941		24,247
Incitec Pivot Ltd.		13,702		43,652
Insurance Australia Group Ltd.		16,647		79,486
James Hardie Industries PLC		4,596		54,466
Lend Lease Group		6,541		88,831
Macquarie Group Ltd.		2,211		126,096
Mirvac Group		42,036		68,440
National Australia Bank Ltd.		15,252		452,469
Newcrest Mining Ltd.a		6,727		75,771
Novion Property Group		25,482		49,067
Orica Ltd.		2,945		45,689
Origin Energy Ltd.		7,967		76,144
QBE Insurance Group Ltd.		9,889		100,551
Ramsay Health Care Ltd.		1,271		66,557
Rio Tinto Ltd.		3,224		162,544
Santos Ltd.		8,401		52,213
Scentre Group		44,909		135,689
Sonic Healthcare Ltd.		3,164		48,146
Stockland		19,164		70,353
Suncorp Group Ltd.		8,356		91,438
Sydney Airport		6,064		24,492

Security	Shares		Value
Tatts Group Ltd.		15,314	$	47,708
Telstra Corp. Ltd.		26,714		133,199
Toll Holdings Ltd.		5,878		41,133
Transurban Group		12,728		91,160
Wesfarmers Ltd.		6,855		235,288
Westfield Corp.		16,399		125,924
Westpac Banking Corp.		20,057		596,586
Woodside Petroleum Ltd.		4,433		122,072
Woolworths Ltd.		8,587		206,417
				6,608,245
AUSTRIA — 0.09%
ANDRITZ AG		899		51,981
Erste Group Bank AG		2,542		66,776
IMMOFINANZ AGa		14,990		45,851
OMV AG		1,209		34,912
				199,520
BELGIUM — 0.52%
Ageas		2,170		78,362
Anheuser-Busch InBev NV		5,332		679,998
Belgacom SA		1,023		38,571
Colruyt SA		651		30,544
Groupe Bruxelles Lambert SA		527		46,231
KBC Groep NVa		2,123		129,112
Solvay SA		434		64,647
UCB SA		899		68,922
Umicore SA		1,147		50,181
				1,186,568
CANADA — 3.67%
Agnico Eagle Mines Ltd.		1,984		63,827
Agrium Inc.		1,085		125,457
Alimentation Couche-Tard Inc. Class B		3,613		139,584
ARC Resources Ltd.		2,201		42,569
Bank of Montreal		3,968		246,155
Bank of Nova Scotia (The)		8,029		429,598
Barrick Gold Corp.		7,781		101,325
BCE Inc.		1,333		58,406
BlackBerry Ltd.a,b		3,224		34,960
Bombardier Inc. Class Bb		12,059		25,110
Brookfield Asset Management Inc. Class A		4,340		235,830
Cameco Corp.		2,976		45,999
Canadian Imperial Bank of Commerce/Canada		2,821		216,141

SCHEDULESOF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2015

Security	Shares		Value
Canadian National Railway Co.		5,828	$	403,033
Canadian Natural Resources Ltd.		7,440		216,649
Canadian Oil Sands Ltd.		4,619		41,468
Canadian Pacific Railway Ltd.		1,426		267,350
Canadian Tire Corp. Ltd. Class A		589		62,134
Canadian Utilities Ltd. Class A		992		33,010
Catamaran Corp.a,b		1,519		75,923
Cenovus Energy Inc.		5,208		89,966
CGI Group Inc. Class Aa,b		1,860		77,921
CI Financial Corp.		1,674		47,084
Crescent Point Energy Corp.		2,883		71,229
Eldorado Gold Corp.		4,412		25,476
Enbridge Inc.		5,053		235,239
Encana Corp.		5,301		69,157
Fairfax Financial Holdings Ltd.		124		65,146
Finning International Inc.		1,643		33,145
First Quantum Minerals Ltd.		5,061		64,243
Fortis Inc./Canada		1,643		52,080
Franco-Nevada Corp.		1,767		93,342
George Weston Ltd.		527		44,759
Gildan Activewear Inc.		899		54,740
Goldcorp Inc.		5,952		131,229
Great-West Lifeco Inc.		1,457		41,143
Husky Energy Inc.		2,418		54,396
IGM Financial Inc.		899		31,888
Imperial Oil Ltd.		2,046		79,045
Intact Financial Corp.		1,147		82,627
Inter Pipeline Ltd.		1,876		49,880
Loblaw Companies Ltd.		1,891		96,606
Magna International Inc. Class A		1,581		172,047
Manulife Financial Corp.		11,935		208,085
Metro Inc.		2,976		82,751
National Bank of Canada		2,232		85,998
Onex Corp.		868		49,057
Open Text Corp.		992		57,852
Pembina Pipeline Corp.		2,356		75,436
Potash Corp. of Saskatchewan Inc.		5,797		208,221
Power Corp. of Canada		2,108		56,927
Power Financial Corp.		1,116		33,302
Restaurant Brands International Inc.		1,118		49,478
RioCan REIT		2,077		48,688
Rogers Communications Inc. Class B		2,480		87,807
Royal Bank of Canada		9,207		577,424

Security	Shares		Value
Saputo Inc.		2,232	$	64,923
Shaw Communications Inc. Class B		2,641		61,337
Silver Wheaton Corp.		4,030		87,142
SNC-Lavalin Group Inc.		1,271		40,044
Sun Life Financial Inc.		3,875		119,479
Suncor Energy Inc.		10,385		312,136
Talisman Energy Inc.		7,099		55,318
Teck Resources Ltd. Class B		4,340		69,793
TELUS Corp.		64		2,278
Thomson Reuters Corp.		2,356		92,568
Toronto-Dominion Bank (The)		11,966		525,157
Tourmaline Oil Corp.a,b		1,457		45,344
TransCanada Corp.		4,588		201,319
Valeant Pharmaceuticals International Inc.a,b		2,309		455,402
Vermilion Energy Inc.		1,178		53,039
				8,433,221
DENMARK — 0.68%
AP Moeller – Maersk A/S Class A		62		138,297
AP Moeller – Maersk A/S Class B		31		71,618
Carlsberg A/S Class B		930		79,749
Coloplast A/S Class B		1,147		91,805
Danske Bank A/S		5,363		142,359
DSV A/S		2,604		84,309
Novo Nordisk A/S Class B		13,795		662,903
Novozymes A/S Class B		2,139		104,009
Pandora A/S		589		53,872
Vestas Wind Systems A/Sa		2,046		86,447
William Demant Holding A/Sa,b		589		48,427
				1,563,795
FINLAND — 0.34%
Elisa OYJ		1,209		32,966
Fortum OYJ		2,728		62,299
Kone OYJ Class B		2,418		111,686
Metso OYJ		1,116		35,988
Nokia OYJ		25,699		207,110
Sampo OYJ Class A		2,604		131,727
Stora Enso OYJ Class R		5,022		48,331
UPM-Kymmene OYJ		4,123		77,554
Wartsila OYJ Abp		1,364		61,977
				769,638
FRANCE — 3.74%
Accor SA		1,240		65,126
Air Liquide SA		2,277		301,627

28 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2015

Security	Shares		Value
Airbus Group NV		4,172	$	258,918
Alcatel-Lucenta,b		23,467		92,047
Alstom SAa		1,581		52,402
ArcelorMittalb		6,200		67,943
AtoS		527		37,636
AXA SA		11,501		292,703
BNP Paribas SA		7,006		409,338
Bollore SA		5,968		32,827
Bouygues SA		1,426		56,669
Bureau Veritas SA		1,984		46,866
Cap Gemini SA		1,147		92,978
Carrefour SA		4,247		140,837
Casino Guichard Perrachon SA		496		46,788
Christian Dior SA		341		66,303
Cie. de Saint-Gobain		2,790		125,911
Cie. Generale des Etablissements Michelin Class B		1,085		104,637
Credit Agricole SA		8,401		118,447
Danone SA		3,906		273,078
Dassault Systemes		992		69,576
Edenred		1,705		46,625
Electricite de France SA		1,519		42,084
Essilor International SA		1,395		163,433
Eutelsat Communications SA		1,178		40,346
GDF Suez		9,331		208,014
Groupe Eurotunnel SE Registered		5,897		80,828
Hermes International		102		32,990
Iliad SA		248		64,549
Kering		558		113,910
Klepierre		2,132		104,478
L’Oreal SA		1,612		293,364
Lafarge SA		1,457		108,416
Lagardere SCA		1,209		34,838
Legrand SA		1,953		108,215
LVMH Moet Hennessy Louis Vuitton SA		1,798		330,541
Numericable-SFR SASa		651		40,453
Orange SA		12,958		236,910
Pernod Ricard SA		1,488		176,832
Peugeot SAa		3,689		61,922
Publicis Groupe SA		1,302		106,418
Renault SA		1,347		129,707
Safran SA		1,767		124,665
Sanofi		7,812		768,456

Security	Shares		Value
Schneider Electric SE		3,708	$	299,370
SCOR SE		1,364		45,072
SES SA		2,604		89,960
Societe BIC SA		310		46,489
Societe Generale SA		5,091		235,922
Sodexo SA		775		78,287
STMicroelectronics NV		4,867		43,563
Suez Environnement Co.		2,201		39,364
Technip SA		868		56,683
Thales SA		961		55,415
Total SA		14,291		773,183
Unibail-Rodamco SE		744		214,969
Veolia Environnement SA		3,255		63,527
Vinci SA		3,193		189,887
Vivendi SA		8,463		207,079
				8,609,421
GERMANY — 3.31%
adidas AGb		1,519		118,294
Allianz SE Registered		2,945		494,167
BASF SE		6,262		601,586
Bayer AG Registered		5,549		821,884
Bayerische Motoren Werke AG		2,170		275,040
Beiersdorf AG		837		72,881
Brenntag AG		1,674		98,107
Commerzbank AGa		7,781		105,211
Continental AG		824		197,140
Daimler AG Registered		6,355		616,650
Deutsche Annington Immobilien SE		1,705		65,930
Deutsche Bank AG Registered		9,209		303,422
Deutsche Boerse AG		1,519		124,206
Deutsche Post AG Registered		7,099		242,302
Deutsche Telekom AG Registered		20,832		389,515
E.ON SE		12,369		200,405
Fresenius Medical Care AG & Co. KGaA		1,550		127,210
Fresenius SE & Co. KGaA		2,790		160,163
GEA Group AG		1,891		93,750
Hannover Rueck SE		620		59,911
HeidelbergCement AG		1,116		89,038
Henkel AG & Co. KGaA		992		104,603
Infineon Technologies AG		8,370		97,121
Kabel Deutschland Holding AGa		341		47,428
Lanxess AG		744		38,416
Linde AG		1,364		278,141

SCHEDULESOF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2015

Security	Shares		Value
MAN SE		403	$	43,304
Merck KGaA		930		96,177
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered		1,209		251,552
Osram Licht AG		1,116		51,297
QIAGEN NVa,b		2,263		57,048
RWE AG		3,658		102,513
SAP SE		6,293		443,559
Siemens AG Registered		5,456		610,870
ThyssenKrupp AG		3,793		101,213
Volkswagen AG		124		30,786
				7,610,840
HONG KONG — 1.20%
AIA Group Ltd.		99,200		583,909
Bank of East Asia Ltd.		31,000		127,510
BOC Hong Kong Holdings Ltd.		46,500		163,985
CLP Holdings Ltd.		31,000		278,804
Galaxy Entertainment Group Ltd.b		31,000		157,489
Hang Seng Bank Ltd.		15,500		282,601
Hong Kong & China Gas Co. Ltd.b		93,464		210,900
Hong Kong Exchanges and Clearing Ltd.b		5,500		126,943
Li & Fung Ltd.b		62,000		63,395
Link REIT (The)		31,000		197,861
Michael Kors Holdings Ltd.a		1,426		96,127
MTR Corp. Ltd.		46,500		215,848
New World Development Co. Ltd.		62,333		73,542
Sands China Ltd.b		24,800		113,200
Wynn Macau Ltd.b		24,800		65,074
				2,757,188
IRELAND — 0.61%
Bank of Irelanda		198,090		75,544
CRH PLC		5,270		149,639
Endo International PLCa		620		53,072
Jazz Pharmaceuticals PLCa		186		31,637
Kerry Group PLC Class A		1,364		99,445
Medtronic PLC		9,445		732,838
Pentair PLC		1,581		105,089
Tyco International PLC		3,441		145,279
				1,392,543
ISRAEL — 0.18%
Bank Hapoalim BM		15,500		70,200
Teva Pharmaceutical Industries Ltd.		6,324		354,452
				424,652

Security	Shares		Value
ITALY — 0.88%
Assicurazioni Generali SpA		8,432	$	174,023
Atlantia SpA		3,942		104,083
Banca Monte dei Paschi di Siena SpAa,b		45,209		31,236
Banco Popolare SCa		1,377		21,283
CNH Industrial NV		8,184		67,929
Enel Green Power SpA		15,004		32,177
Enel SpA		45,880		211,917
Eni SpA		16,585		310,291
Finmeccanica SpAa		1,457		17,682
Intesa Sanpaolo SpA		89,621		299,962
Intesa Sanpaolo SpA RSP		13,485		40,839
Luxottica Group SpA		1,364		84,376
Saipem SpAa		3,441		35,450
Snam SpA		14,477		73,429
Telecom Italia SpAa		86,397		103,303
Telecom Italia SpA RSP		35,681		35,039
Tenaris SA		3,472		49,809
Terna Rete Elettrica Nazionale SpA		11,346		51,287
UniCredit SpA		33,356		222,425
Unione di Banche Italiane SpA		7,812		61,424
				2,027,964
JAPAN — 8.31%
Aeon Co. Ltd.		9,300		99,539
ANA Holdings Inc.		31,000		84,226
Asahi Group Holdings Ltd.		6,200		191,713
Astellas Pharma Inc.		21,700		345,073
Bridgestone Corp.		6,200		237,741
Canon Inc.		9,300		302,545
Casio Computer Co. Ltd.		3,100		54,301
Chubu Electric Power Co. Inc.a		6,200		76,447
Chugai Pharmaceutical Co. Ltd.		3,100		94,521
Chugoku Electric Power Co. Inc. (The)		6,200		81,685
Dai-ichi Life Insurance Co. Ltd. (The)		9,300		140,692
Daiichi Sankyo Co. Ltd.		9,300		145,632
Daikin Industries Ltd.		3,100		202,189
Daiwa House Industry Co. Ltd.		6,200		122,008
Denso Corp.		6,200		291,368
East Japan Railway Co.		3,100		260,224
Eisai Co. Ltd.		3,100		161,865
FANUC Corp.		1,100		211,130

30 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2015

Security	Shares		Value
Fast Retailing Co. Ltd.		200	$	77,511
Fuji Heavy Industries Ltd.		6,200		210,617
FUJIFILM Holdings Corp.		3,100		106,903
Fujitsu Ltd.		9,000		54,273
Hakuhodo DY Holdings Inc.		12,400		137,127
Hitachi Ltd.		31,000		212,121
Honda Motor Co. Ltd.		15,500		512,085
Hoya Corp.		6,200		250,370
Iida Group Holdings Co. Ltd.		3,100		42,969
INPEX Corp.		9,300		110,352
ITOCHU Corp.		15,500		173,742
Japan Airlines Co. Ltd.		3,100		95,428
Japan Display Inc.a		6,200		25,361
Japan Retail Fund Investment Corp.		62		133,029
Japan Tobacco Inc.		9,300		293,443
JFE Holdings Inc.		6,200		154,942
JTEKT Corp.		6,200		97,244
JX Holdings Inc.		31,000		125,743
Kansai Electric Power Co. Inc. (The)a		9,300		83,513
Kao Corp.		6,200		277,469
KDDI Corp.		6,200		429,947
Kirin Holdings Co. Ltd.		9,300		121,710
Kobe Steel Ltd.		31,000		61,199
Komatsu Ltd.		9,300		193,671
Konica Minolta Inc.		9,300		94,910
Kuraray Co. Ltd.		9,300		127,973
Kyocera Corp.		3,100		156,653
Kyushu Electric Power Co. Inc.a		3,100		26,787
Marubeni Corp.		12,400		76,239
Marui Group Co. Ltd.		6,200		72,660
Mazda Motor Corp.		6,200		132,563
Mitsubishi Chemical Holdings Corp.		21,700		120,875
Mitsubishi Corp.		15,500		309,948
Mitsubishi Electric Corp.		8,000		93,755
Mitsubishi Estate Co. Ltd.		5,000		116,839
Mitsubishi Heavy Industries Ltd.		31,000		171,849
Mitsubishi Motors Corp.		6,200		54,923
Mitsubishi UFJ Financial Group Inc.		106,000		689,583
Mitsubishi UFJ Lease & Finance Co. Ltd.		21,700		104,919
Mitsui & Co. Ltd.		18,700		260,059
Mitsui Fudosan Co. Ltd.		4,000		109,967
Mizuho Financial Group Inc.		214,000		394,722

Security	Shares		Value
MS&AD Insurance Group Holdings Inc.		5,000	$	138,149
Murata Manufacturing Co. Ltd.		800		98,674
Nagoya Railroad Co. Ltd.		31,000		131,214
NEC Corp.		15,000		45,673
Nidec Corp.		3,100		209,320
Nikon Corp.		6,200		80,129
Nintendo Co. Ltd.		500		53,453
Nippon Paint Holdings Co. Ltd.		3,100		107,616
Nippon Steel & Sumitomo Metal Corp.		62,470		166,071
Nippon Telegraph & Telephone Corp.		3,100		192,413
Nissan Motor Co. Ltd.		24,800		262,221
Nomura Holdings Inc.		34,100		209,657
NTT DOCOMO Inc.		18,600		330,551
Olympus Corp.a		3,100		112,414
Omron Corp.		3,100		136,919
ORIX Corp.		12,400		175,972
Otsuka Holdings Co. Ltd.		6,200		185,904
Panasonic Corp.		18,600		232,607
Rakuten Inc.		9,300		154,968
Resona Holdings Inc.		34,100		191,573
Ricoh Co. Ltd.		6,200		61,640
Sekisui House Ltd.		4,900		66,094
Seven & I Holdings Co. Ltd.		6,200		237,197
Seven Bank Ltd.		24,800		120,323
Shin-Etsu Chemical Co. Ltd.		3,100		212,717
Shionogi & Co. Ltd.		6,200		182,300
Shiseido Co. Ltd.		6,200		108,576
SoftBank Corp.		6,200		382,077
Sompo Japan Nipponkoa Holdings Inc.		3,100		96,518
Sony Corp.		9,300		265,631
Sumitomo Corp.		12,400		136,400
Sumitomo Electric Industries Ltd.		12,400		160,880
Sumitomo Mitsui Financial Group Inc.		9,300		370,265
Sumitomo Mitsui Trust Holdings Inc.		31,000		128,491
Sumitomo Realty & Development Co. Ltd.		2,000		68,777
Suzuki Motor Corp.		3,100		98,022
T&D Holdings Inc.		9,300		120,854
Takeda Pharmaceutical Co. Ltd.		6,200		317,559

SCHEDULESOF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2015

Security	Shares		Value
Tohoku Electric Power Co. Inc.		6,200	$	72,660
Tokio Marine Holdings Inc.		6,200		225,631
Tokyo Electric Power Co. Inc.a		13,900		54,533
Tokyo Electron Ltd.		3,100		233,126
Tokyu Fudosan Holdings Corp.		9,300		63,558
Toshiba Corp.		31,000		128,206
Toyota Motor Corp.		18,600		1,254,522
Unicharm Corp.		3,100		85,821
USS Co. Ltd.		9,300		164,459
Yahoo Japan Corp.		21,800		87,714
Yamada Denki Co. Ltd.		12,400		53,834
Yamato Holdings Co. Ltd.		3,100		72,609
Yokogawa Electric Corp.		6,200		65,763
				19,111,147
NETHERLANDS — 1.08%
Aegon NV		12,896		100,096
Akzo Nobel NV		1,674		124,675
Altice SAa,b		806		80,551
ASML Holding NV		2,356		255,302
Fiat Chrysler Automobiles NVa,b		6,851		105,968
Gemalto NVb		643		52,317
Heineken Holding NV		744		51,881
Heineken NV		1,519		118,993
ING Groep NV CVAa		27,249		408,180
Koninklijke Ahold NV		6,460		121,477
Koninklijke DSM NV		1,396		78,135
Koninklijke KPN NV		22,052		75,490
Koninklijke Philips NV		6,897		207,093
Randstad Holding NV		1,069		63,130
Reed Elsevier NV		4,588		114,244
Unilever NV CVA		10,540		459,883
Wolters Kluwer NV		2,046		66,518
				2,483,933
NEW ZEALAND — 0.04%
Fletcher Building Ltd.		7,564		49,456
Spark New Zealand Ltd.		18,941		46,871
				96,327
NORWAY — 0.26%
DNB ASA		7,037		115,097
Norsk Hydro ASA		9,641		55,342
Orkla ASA		7,006		55,275
Seadrill Ltd.b		2,976		34,517
Statoil ASA		8,277		156,748
Telenor ASA		4,743		95,603

Security	Shares		Value
Yara International ASA		1,395	$	77,152
				589,734
PORTUGAL — 0.06%
Banco Comercial Portugues SA Registereda,b		167,555		15,636
EDP – Energias de Portugal SA		21,080		83,370
Galp Energia SGPS SA		4,123		48,581
				147,587
SINGAPORE — 0.47%
Ascendas REIT		62,000		112,595
CapitaLand Ltd.b		62,000		163,650
CapitaMall Trustb		93,000		144,276
Genting Singapore PLC		124,000		89,802
Global Logistic Properties Ltd.		62,000		118,065
Hutchison Port Holdings Trustb		124,000		86,180
Noble Group Ltd.		93,000		66,668
Singapore Press Holdings Ltd.b		7,000		21,050
Singapore Telecommunications Ltd.		93,000		288,552
				1,090,838
SPAIN — 1.32%
Abertis Infraestructuras SA		3,875		75,845
ACS Actividades de Construccion y Servicios SA		1,641		61,146
Amadeus IT Holding SA Class A		2,759		114,037
Banco Bilbao Vizcaya Argentaria SA		41,219		415,175
Banco de Sabadell SA		29,946		82,461
Banco Popular Espanol SA		16,678		76,960
Banco Santander SA		93,965		688,551
Bankia SAa		42,098		61,291
Bankinter SA		2,945		23,086
CaixaBank SA		14,613		68,021
Distribuidora Internacional de Alimentacion SA		5,921		45,181
Enagas SA		236		7,258
Ferrovial SA		3,782		80,345
Gas Natural SDG SA		2,573		62,323
Grifols SA		1,302		52,946
Iberdrola SA		30,829		211,176
Inditex SA		7,130		224,606
International Consolidated Airlines Group SAa		16,740		150,155
Red Electrica Corp. SA		112		9,565
Repsol SA		5,891		114,147
Telefonica SA		26,681		415,832
				3,040,107

32 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2015

Security	Shares		Value
SWEDEN — 1.23%
Alfa Laval AB		2,883	$	57,862
Assa Abloy AB Class B		2,852		171,139
Atlas Copco AB Class A		4,061		130,924
Atlas Copco AB Class B		3,472		103,276
Boliden AB		3,414		69,092
Electrolux AB Class B		1,767		57,687
Elekta AB Class Bb		3,038		31,707
Hennes & Mauritz AB Class B		6,200		270,426
Hexagon AB Class B		1,798		64,908
Investment AB Kinnevik Class B		1,984		66,770
Investor AB Class B		3,813		151,638
Lundin Petroleum ABa,b		2,325		34,259
Millicom International Cellular SA SDR		434		30,284
Nordea Bank AB		19,003		256,312
Sandvik AB		8,096		90,853
Skandinaviska Enskilda Banken AB Class A		9,796		123,555
Skanska AB Class B		3,472		86,542
SKF AB Class B		3,100		78,050
Svenska Cellulosa AB SCA Class B		3,782		94,043
Svenska Handelsbanken AB Class A		3,069		154,540
Swedbank AB Class A		6,169		160,498
Swedish Match AB		1,643		51,748
Tele2 AB Class B		2,108		24,730
Telefonaktiebolaget LM Ericsson Class B		20,367		263,966
TeliaSonera AB		12,245		77,736
Volvo AB Class B		10,861		130,997
				2,833,542
SWITZERLAND — 3.65%
ABB Ltd. Registereda		15,469		333,693
Actelion Ltd. Registereda		899		108,203
Adecco SA Registereda		1,116		88,291
Aryzta AGa		1,085		87,212
Baloise Holding AG Registered		589		77,042
Cie. Financiere Richemont SA Class A Registered		3,627		321,380
Credit Suisse Group AG Registered		10,540		258,719
Geberit AG Registered		372		133,261
Givaudan SA Registereda		93		179,623
Holcim Ltd. Registereda		1,705		132,281

Security	Shares		Value
Julius Baer Group Ltd.a		1,829	$	84,910
Kuehne + Nagel International AG Registered		465		68,082
Nestle SA Registered		21,204		1,664,111
Novartis AG Registered		15,531		1,596,515
Partners Group Holding AG		248		76,584
Roche Holding AG		4,588		1,252,505
Schindler Holding AG Participation Certificates		372		61,725
Schindler Holding AG Registered		279		45,558
SGS SA Registered		62		126,158
Sonova Holding AG Registered		403		56,156
Sulzer AG Registered		279		34,110
Swatch Group AG (The) Bearer		310		142,083
Swiss Life Holding AG Registereda		279		66,601
Swiss Prime Site AG Registereda		620		56,768
Swiss Re AG		2,356		217,831
Swisscom AG Registered		155		89,354
Syngenta AG Registered		682		241,578
Transocean Ltd.b		2,759		44,441
UBS Group AGa		22,059		389,756
Weatherford International PLCa		5,332		67,663
Zurich Insurance Group AGa		930		299,013
				8,401,207
UNITED KINGDOM — 7.98%
3i Group PLC		9,269		70,705
Aberdeen Asset Management PLC		8,277		59,940
Admiral Group PLC		1,457		33,212
Aggreko PLC		1,999		52,764
Amec Foster Wheeler PLC		2,449		33,324
Anglo American PLC		9,300		173,904
Antofagasta PLC		3,069		36,378
ARM Holdings PLC		9,858		176,568
Associated British Foods PLC		2,883		139,231
AstraZeneca PLC		8,587		593,118
Aviva PLC		21,204		176,623
Babcock International Group PLC		4,656		72,673
BAE Systems PLC		23,095		189,876
Barclays PLC		108,066		429,036
BG Group PLC		22,661		335,494
BHP Billiton PLC		14,198		354,686
BP PLC		122,078		845,288
British American Tobacco PLC		12,617		737,426
British Land Co. PLC (The)		8,339		106,770

SCHEDULESOF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2015

Security	Shares		Value
BT Group PLC		50,375	$	354,760
Bunzl PLC		3,379		99,007
Burberry Group PLC		3,069		88,786
Capita PLC		4,743		87,078
Carnival PLC		1,426		64,393
Centrica PLC		34,100		128,741
Cobham PLC		10,881		57,391
Compass Group PLC		12,162		216,520
Croda International PLC		1,209		50,988
Diageo PLC		16,678		498,859
Experian PLC		7,316		135,448
Friends Life Group Ltd.		7,573		48,112
G4S PLC		10,695		49,254
GKN PLC		8,835		49,863
GlaxoSmithKline PLC		31,620		753,262
Glencore PLCa		69,161		320,911
Hammerson PLC		8,525		88,994
HSBC Holdings PLC		124,589		1,111,532
ICAP PLC		4,960		41,085
IMI PLC		2,604		55,574
Imperial Tobacco Group PLC		6,603		325,822
Inmarsat PLC		3,503		47,423
InterContinental Hotels Group PLC		2,173		88,991
Intertek Group PLC		1,333		52,118
Intu Properties PLC		9,536		52,095
Investec PLC		4,991		44,582
ITV PLC		28,365		98,761
J Sainsbury PLC		10,058		42,263
Johnson Matthey PLC		1,705		89,824
Kingfisher PLC		15,996		90,328
Land Securities Group PLC		7,006		135,988
Legal & General Group PLC		38,843		167,778
Lloyds Banking Group PLCa		391,034		477,400
London Stock Exchange Group PLC		2,050		78,568
Marks & Spencer Group PLC		10,571		82,417
Meggitt PLC		8,060		67,885
National Grid PLC		22,692		310,915
Next PLC		1,147		132,854
Noble Corp. PLC		1,705		28,371
Old Mutual PLC		30,659		106,653
Pearson PLC		5,332		117,009
Petrofac Ltd.		1,891		25,702
Prudential PLC		16,337		411,403
Randgold Resources Ltd.		620		49,632

Security	Shares		Value
Reckitt Benckiser Group PLC		4,061	$	367,766
Reed Elsevier PLC		8,432		145,684
Rexam PLC		5,443		46,769
Rio Tinto PLC		8,959		441,940
Rolls-Royce Holdings PLCa		13,206		193,677
Royal Bank of Scotland Group PLCa		16,647		94,467
Royal Dutch Shell PLC Class A		26,474		866,535
Royal Dutch Shell PLC Class B		17,329		590,638
RSA Insurance Group PLCa		7,767		51,481
SABMiller PLC		6,386		362,683
Sage Group PLC (The)		9,798		73,362
SEGRO PLC		10,075		67,028
Severn Trent PLC		1,736		54,488
Shire PLC		4,216		343,688
Sky PLC		6,789		104,550
Smith & Nephew PLC		6,479		118,750
Smiths Group PLC		3,348		59,760
SSE PLC		6,373		154,922
Standard Chartered PLC		15,438		236,432
Standard Life PLC		15,376		101,179
Tate & Lyle PLC		4,247		39,085
Tesco PLC		53,568		203,152
Tullow Oil PLC		7,781		46,572
Unilever PLC		8,494		376,209
United Utilities Group PLC		4,774		69,793
Vodafone Group PLC		174,161		603,969
Weir Group PLC (The)		1,767		46,531
Whitbread PLC		1,612		130,912
Wolseley PLC		2,026		124,331
WPP PLC		8,463		200,758
				18,359,467
UNITED STATES — 57.04%
3M Co.		4,092		690,116
Abbott Laboratories		9,889		468,442
AbbVie Inc.		10,447		632,043
Accenture PLC Class A		4,123		371,194
ACE Ltd.		2,077		236,799
Actavis PLCa		1,922		559,994
Activision Blizzard Inc.		3,565		83,136
Adobe Systems Inc.a		3,379		267,279
ADT Corp. (The)		1,240		48,633
Advance Auto Parts Inc.		527		81,648
AES Corp./VA		4,557		59,104
Aetna Inc.		2,635		262,314

34 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2015

Security	Shares		Value
Affiliated Managers Group Inc.a		558	$	120,762
Aflac Inc.		2,387		148,591
AGCO Corp.		868		43,174
Agilent Technologies Inc.		2,325		98,138
Air Products & Chemicals Inc.		1,426		222,656
Airgas Inc.		558		65,409
Akamai Technologies Inc.a		1,333		92,657
Albemarle Corp.		744		42,088
Alcoa Inc.		8,494		125,626
Alexion Pharmaceuticals Inc.a		1,364		246,025
Alleghany Corp.a		124		58,595
Allergan Inc./U.S.		2,077		483,401
Alliance Data Systems Corp.a		403		112,240
Alliant Energy Corp.		1,023		65,063
Allstate Corp. (The)		2,821		199,163
Altera Corp.		2,356		87,196
Altria Group Inc.		12,989		731,151
Amazon.com Inc.a		2,635		1,001,722
Ameren Corp.		1,922		81,512
American Airlines Group Inc.		775		37,123
American Capital Agency Corp.		2,356		50,501
American Electric Power Co. Inc.		3,286		189,208
American Express Co.		6,200		505,858
American International Group Inc.		8,866		490,556
American Realty Capital Properties Inc.		6,014		58,997
American Tower Corp.		2,790		276,601
American Water Works Co. Inc.		1,457		78,795
Ameriprise Financial Inc.		1,488		198,841
AmerisourceBergen Corp.		1,767		181,577
AMETEK Inc.		2,077		110,372
Amgen Inc.		5,022		792,070
Amphenol Corp. Class A		2,108		119,018
Anadarko Petroleum Corp.		3,348		282,002
Analog Devices Inc.		2,142		125,393
Annaly Capital Management Inc.		6,386		67,819
ANSYS Inc.a		775		66,627
Anthem Inc.		2,015		295,097
Aon PLC		1,984		199,114
Apache Corp.		2,449		161,242
Apple Inc.		39,215		5,037,559
Applied Materials Inc.		8,928		223,646
Arch Capital Group Ltd.a		868		51,351
Archer-Daniels-Midland Co.		4,557		218,189

Security	Shares		Value
Arrow Electronics Inc.a		837	$	51,861
Assurant Inc.		620		37,987
AT&T Inc.		32,426		1,120,643
Autodesk Inc.a		1,674		107,538
Autoliv Inc.		682		76,725
Automatic Data Processing Inc.		3,162		280,912
AutoZone Inc.a		217		139,462
Avago Technologies Ltd.		1,891		241,329
AvalonBay Communities Inc.		899		151,338
Avery Dennison Corp.		992		53,122
Avnet Inc.		1,085		49,704
Axis Capital Holdings Ltd.		744		38,562
Baker Hughes Inc.		2,883		180,216
Ball Corp.		1,302		93,366
Bank of America Corp.		69,502		1,098,827
Bank of New York Mellon Corp. (The)		7,843		306,975
Baxter International Inc.		3,224		222,940
BB&T Corp.		4,247		161,598
Becton Dickinson and Co.		1,147		168,288
Bed Bath & Beyond Inc.a		1,550		115,723
Berkshire Hathaway Inc. Class Ba		7,564		1,115,009
Best Buy Co. Inc.		2,325		88,583
Biogen Idec Inc.a		1,581		647,562
BioMarin Pharmaceutical Inc.a		992		106,213
BlackRock Inc.c		930		345,421
Boeing Co. (The)		4,557		687,423
BorgWarner Inc.		1,302		80,021
Boston Properties Inc.		1,178		161,869
Boston Scientific Corp.a		10,106		170,791
Bristol-Myers Squibb Co.		11,005		670,425
Broadcom Corp. Class A		3,565		161,245
Brown-Forman Corp. Class B		1,023		93,799
Bunge Ltd.		1,085		88,731
CA Inc.		2,387		77,625
Cabot Oil & Gas Corp.		3,162		91,698
Calpine Corp.a		2,914		61,777
Cameron International Corp.a		1,674		78,812
Campbell Soup Co.		1,395		64,993
Capital One Financial Corp.		3,627		285,481
Cardinal Health Inc.		2,232		196,394
CareFusion Corp.a		1,705		102,436
CarMax Inc.a		1,581		106,101
Carnival Corp.		2,449		107,732

SCHEDULESOF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2015

Security	Shares		Value
Caterpillar Inc.		4,061	$	336,657
CBRE Group Inc. Class Aa		2,759		94,523
CBS Corp. Class B NVS		3,534		208,859
Celanese Corp. Series A		1,209		69,046
Celgene Corp.a		5,766		700,742
CenterPoint Energy Inc.		2,914		60,582
CenturyLink Inc.		4,061		153,749
Cerner Corp.a		2,108		151,902
CF Industries Holdings Inc.		434		132,904
CH Robinson Worldwide Inc.		1,178		87,525
Charles Schwab Corp. (The)		8,432		247,395
Charter Communications Inc. Class Aa		589		106,373
Cheniere Energy Inc.a		1,736		139,974
Chesapeake Energy Corp.		4,154		69,289
Chevron Corp.		12,059		1,286,454
Chipotle Mexican Grill Inc.a		248		164,913
Chubb Corp. (The)		1,550		155,698
Church & Dwight Co. Inc.		961		81,820
Cigna Corp.		1,953		237,543
Cimarex Energy Co.		682		74,802
Cincinnati Financial Corp.		868		45,796
Cintas Corp.		1,085		90,576
Cisco Systems Inc.		33,759		996,228
CIT Group Inc.		1,271		58,784
Citigroup Inc.		19,933		1,044,888
Citrix Systems Inc.a		1,333		84,879
Clorox Co. (The)		713		77,460
CME Group Inc./IL		2,139		205,194
CMS Energy Corp.		2,139		75,143
Coach Inc.		1,860		81,003
Coca-Cola Co. (The)		25,544		1,106,055
Coca-Cola Enterprises Inc.		1,953		90,229
Cognizant Technology Solutions Corp. Class Aa		4,154		259,563
Colgate-Palmolive Co.		5,642		399,566
Comcast Corp. Class A		14,384		854,122
Comcast Corp. Class A Special NVS		2,759		162,629
Comerica Inc.		1,271		58,186
Computer Sciences Corp.		1,116		79,147
ConAgra Foods Inc.		3,038		106,269
Concho Resources Inc.a		837		91,166
ConocoPhillips		7,967		519,448

Security	Shares		Value
CONSOL Energy Inc.		1,860	$	59,892
Consolidated Edison Inc.		1,798		113,526
Constellation Brands Inc. Class Aa		1,178		135,140
Continental Resources Inc./OKa,b		969		43,111
Core Laboratories NV		341		37,483
Corning Inc.		9,300		226,920
Costco Wholesale Corp.		2,914		428,241
CR Bard Inc.		558		94,380
Cree Inc.a,b		806		31,644
Crown Castle International Corp.		2,294		197,995
Crown Holdings Inc.a		1,302		69,006
CSX Corp.		7,068		242,503
Cummins Inc.		1,271		180,774
CVS Health Corp.		7,874		817,872
Danaher Corp.		4,061		354,444
Darden Restaurants Inc.		1,085		69,440
DaVita HealthCare Partners Inc.a		1,240		92,504
Deere & Co.		2,201		199,411
Delphi Automotive PLC		1,767		139,310
DENTSPLY International Inc.		1,147		60,802
Devon Energy Corp.		2,480		152,743
Dick’s Sporting Goods Inc.		775		41,920
Digital Realty Trust Inc.		1,085		72,022
DIRECTVa		3,348		296,633
Discover Financial Services		3,472		211,723
Discovery Communications Inc. Class Aa,b		1,054		34,044
Discovery Communications Inc. Class Ca		2,356		71,882
DISH Network Corp. Class Aa		1,736		130,269
Dollar General Corp.a		2,139		155,334
Dollar Tree Inc.a		1,612		128,444
Dominion Resources Inc./VA		3,689		265,940
Dover Corp.		1,395		100,510
Dow Chemical Co. (The)		7,936		390,769
DR Horton Inc.		2,108		57,569
Dr. Pepper Snapple Group Inc.		1,612		127,009
DTE Energy Co.		1,209		99,174
Duke Energy Corp.		4,309		338,472
Duke Realty Corp.		3,844		82,108
Dun & Bradstreet Corp. (The)		434		57,496
Eastman Chemical Co.		1,178		87,714
Eaton Corp. PLC		3,038		215,728
Eaton Vance Corp.		1,240		52,204

36 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2015

Security	Shares		Value
eBay Inc.a		7,688	$	445,212
Ecolab Inc.		2,046		236,395
Edison International		2,449		157,348
Edwards Lifesciences Corp.a		837		111,338
EI du Pont de Nemours & Co.		6,045		470,603
Electronic Arts Inc.a		2,480		141,806
Eli Lilly & Co.		6,386		448,106
EMC Corp./MA		13,113		379,490
Emerson Electric Co.		4,371		253,168
Energen Corp.		651		42,081
Energizer Holdings Inc.		434		58,082
Ensco PLC Class A		1,612		39,446
Entergy Corp.		1,395		110,916
EOG Resources Inc.		3,720		333,758
EQT Corp.		1,147		91,542
Equifax Inc.		1,054		98,412
Equinix Inc.		379		84,962
Equity Residential		2,294		176,707
Essex Property Trust Inc.		409		90,974
Estee Lauder Companies Inc. (The) Class A		1,550		128,139
Everest Re Group Ltd.		341		60,504
Eversource Energy		2,139		110,693
Exelon Corp.		6,293		213,459
Expedia Inc.		837		76,795
Expeditors International of Washington Inc.		1,612		77,860
Express Scripts Holding Co.a		5,146		436,329
Exxon Mobil Corp.		27,900		2,470,266
F5 Networks Inc.a		589		69,570
Facebook Inc. Class Aa		13,454		1,062,462
Family Dollar Stores Inc.		713		56,142
Fastenal Co.		2,139		88,875
Federal Realty Investment Trust		775		110,073
FedEx Corp.		1,984		351,128
Fidelity National Information Services Inc.		1,767		119,432
Fifth Third Bancorp		5,518		106,828
First Republic Bank/CA		1,240		70,680
FirstEnergy Corp.		3,069		107,354
Fiserv Inc.a		1,984		154,891
FleetCor Technologies Inc.a		527		80,858
Flextronics International Ltd.a		5,363		65,321
FLIR Systems Inc.		1,364		44,030

Security	Shares		Value
Flowserve Corp.		1,395	$	86,671
Fluor Corp.		1,333		77,314
FMC Corp.		1,147		72,731
FMC Technologies Inc.a		1,643		65,605
FNF Group		1,674		61,469
Ford Motor Co.		22,413		366,228
Fossil Group Inc.a		434		37,328
Franklin Resources Inc.		3,038		163,536
Freeport-McMoRan Inc.		6,200		134,106
Frontier Communications Corp.		8,153		65,061
Gap Inc. (The)		1,891		78,666
Garmin Ltd.		837		41,540
General Dynamics Corp.		2,046		283,944
General Electric Co.		63,891		1,660,527
General Growth Properties Inc.		3,627		105,219
General Mills Inc.		3,782		203,434
General Motors Co.		7,507		280,086
Genuine Parts Co.		1,023		98,290
Gilead Sciences Inc.a		10,323		1,068,740
Goldman Sachs Group Inc. (The)		2,564		486,622
Google Inc. Class Aa		1,891		1,063,933
Google Inc. Class Ca		1,860		1,038,624
H&R Block Inc.		2,449		83,633
Halliburton Co.		6,045		259,572
Hanesbrands Inc.		682		86,982
Harley-Davidson Inc.		1,271		80,797
Harris Corp.		930		72,242
Hartford Financial Services Group Inc. (The)		2,883		118,088
Hasbro Inc.		775		48,294
HCA Holdings Inc.a		2,170		155,242
HCP Inc.		3,503		148,387
Health Care REIT Inc.		2,108		162,548
Helmerich & Payne Inc.		1,023		68,602
Henry Schein Inc.a,b		713		99,856
Hershey Co. (The)		1,147		119,036
Hertz Global Holdings Inc.a		3,605		83,167
Hess Corp.		2,077		155,941
Hewlett-Packard Co.		12,617		439,576
HollyFrontier Corp.		1,364		60,002
Hologic Inc.a		2,139		69,261
Home Depot Inc. (The)		9,114		1,045,831
Honeywell International Inc.		4,712		484,299
Hormel Foods Corp.		1,302		76,180

SCHEDULESOF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2015

Security	Shares		Value
Hospira Inc.a		1,240	$	108,550
Host Hotels & Resorts Inc.		6,665		139,965
Humana Inc.		1,054		173,257
IHS Inc. Class Aa		558		65,582
Illinois Tool Works Inc.		2,759		272,755
Illumina Inc.a		1,023		199,956
Incyte Corp.a		837		71,856
Ingersoll-Rand PLC		2,263		152,051
Integrys Energy Group Inc.		744		55,599
Intel Corp.		31,744		1,055,488
Intercontinental Exchange Inc.		843		198,408
International Business Machines Corp.		6,107		988,968
International Flavors & Fragrances Inc.		713		86,936
International Paper Co.		2,728		153,886
Interpublic Group of Companies Inc. (The)		3,441		76,734
Intuit Inc.		1,953		190,671
Intuitive Surgical Inc.a		225		112,500
Invesco Ltd.		3,255		131,079
Iron Mountain Inc.		1,259		46,268
Jacobs Engineering Group Inc.a		1,240		54,982
JB Hunt Transport Services Inc.		806		68,913
JM Smucker Co. (The)		682		78,669
Johnson & Johnson		18,507		1,897,153
Johnson Controls Inc.		4,123		209,490
Joy Global Inc.		868		38,470
JPMorgan Chase & Co.		24,428		1,496,948
Juniper Networks Inc.		3,720		88,945
Kansas City Southern		837		96,958
Kellogg Co.		1,643		105,941
Keurig Green Mountain Inc.		868		110,739
KeyCorp		5,983		83,343
Kimberly-Clark Corp.		2,325		254,959
Kimco Realty Corp.		2,759		72,507
Kinder Morgan Inc./DE		12,121		497,082
KLA-Tencor Corp.		1,302		84,571
Kohl’s Corp.		1,488		109,814
Kraft Foods Group Inc.		3,689		236,317
Kroger Co. (The)		3,782		269,089
L Brands Inc.		1,643		150,926
L-3 Communications Holdings Inc.		775		100,308
Laboratory Corp. of America Holdingsa		682		83,906

Security	Shares		Value
Lam Research Corp.		1,240	$	102,250
Las Vegas Sands Corp.		2,821		160,515
Legg Mason Inc.		1,178		67,464
Leggett & Platt Inc.		1,178		53,069
Leucadia National Corp.		2,418		57,379
Level 3 Communications Inc.a		1,240		66,786
Liberty Global PLC Series Aa		1,922		103,903
Liberty Global PLC Series Ca		3,689		192,455
Liberty Interactive Corp. Series Aa		3,720		109,852
Liberty Media Corp. Class Aa		806		31,083
Liberty Media Corp. Class Ca		1,144		44,158
Liberty Property Trust		961		35,768
Lincoln National Corp.		2,077		119,718
Linear Technology Corp.		1,550		74,687
LinkedIn Corp. Class Aa		713		190,514
Lockheed Martin Corp.		1,860		372,093
Loews Corp.		1,860		76,279
Lorillard Inc.		2,349		160,719
Lowe’s Companies Inc.		7,130		528,262
lululemon athletica Inc.a		797		54,547
LyondellBasell Industries NV Class A		2,666		229,036
M&T Bank Corp.		744		90,024
Macerich Co. (The)		1,333		111,505
Macy’s Inc.		2,697		171,853
Mallinckrodt PLCa		744		86,840
ManpowerGroup Inc.		620		49,885
Marathon Oil Corp.		4,185		116,594
Marathon Petroleum Corp.		2,170		227,850
Marriott International Inc./MD Class A		2,015		167,447
Marsh & McLennan Companies Inc.		3,100		176,359
Martin Marietta Materials Inc.		434		61,771
Marvell Technology Group Ltd.		3,720		59,966
Masco Corp.		2,852		74,694
MasterCard Inc. Class A		6,913		623,069
Mattel Inc.		2,170		57,114
Maxim Integrated Products Inc.		2,325		79,968
McCormick & Co. Inc./MD		1,054		79,451
McDonald’s Corp.		5,890		582,521
McGraw Hill Financial Inc.		1,829		188,570
McKesson Corp.		1,581		361,575
MDU Resources Group Inc.		1,953		43,552
Mead Johnson Nutrition Co.		1,395		146,140
MeadWestvaco Corp.		1,798		95,402

38 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2015

Security	Shares		Value
Medivation Inc.a		372	$	43,721
Merck & Co. Inc.		18,910		1,106,991
MetLife Inc.		6,107		310,419
MGM Resorts Internationala		3,255		70,731
Microchip Technology Inc.b		1,612		82,647
Micron Technology Inc.a		6,851		210,120
Microsoft Corp.		52,421		2,298,661
Mohawk Industries Inc.a		465		85,723
Molson Coors Brewing Co. Class B		1,178		89,398
Mondelez International Inc. Class A		11,129		411,050
Monsanto Co.		3,565		429,333
Monster Beverage Corp.a		1,116		157,490
Moody’s Corp.		1,457		141,242
Morgan Stanley		9,951		356,146
Mosaic Co. (The)		2,077		110,621
Motorola Solutions Inc.		1,612		109,519
Murphy Oil Corp.		1,209		61,526
Mylan Inc./PAa		2,697		154,606
Nabors Industries Ltd.		2,170		27,798
NASDAQ OMX Group Inc. (The)		1,085		54,424
National Oilwell Varco Inc.		2,573		139,843
Navient Corp.		3,472		74,301
NetApp Inc.		2,480		95,852
Netflix Inc.a		403		191,389
New York Community Bancorp Inc.		2,542		42,223
Newell Rubbermaid Inc.		2,015		79,169
Newmont Mining Corp.		2,418		63,666
News Corp. Class Aa		2,638		45,571
NextEra Energy Inc.		2,994		309,759
Nielsen NV		1,705		77,083
NIKE Inc. Class B		4,960		481,715
NiSource Inc.		2,263		97,105
Noble Energy Inc.		2,418		114,202
Nordstrom Inc.		1,085		87,267
Norfolk Southern Corp.		2,170		236,877
Northern Trust Corp.		1,550		108,237
Northrop Grumman Corp.		1,426		236,302
NRG Energy Inc.		2,635		63,187
Nucor Corp.		2,170		102,055
NVIDIA Corp.		2,914		64,283
O’Reilly Automotive Inc.a,b		806		167,753
Occidental Petroleum Corp.		5,022		391,113
Omnicare Inc.		961		73,747
Omnicom Group Inc.		1,767		140,547

Security	Shares		Value
ONEOK Inc.		1,521	$	67,319
Oracle Corp.		23,529		1,031,041
Owens-Illinois Inc.a		1,395		36,493
PACCAR Inc.		2,449		156,858
Pall Corp.		992		100,004
Palo Alto Networks Inc.a		279		39,679
Parker-Hannifin Corp.		1,116		136,922
PartnerRe Ltd.		372		42,594
Patterson Companies Inc.		868		43,465
Paychex Inc.		2,356		117,411
People’s United Financial Inc.		2,666		40,337
Pepco Holdings Inc.		2,108		57,211
PepsiCo Inc.		9,734		963,471
Perrigo Co. PLC		992		153,234
PetSmart Inc.		806		66,825
Pfizer Inc.		40,393		1,386,288
PG&E Corp.		3,379		181,554
Pharmacyclics Inc.a,b		403		87,020
Philip Morris International Inc.		9,713		805,790
Phillips 66		4,030		316,194
Pinnacle West Capital Corp.		961		61,581
Pioneer Natural Resources Co.		1,023		156,028
Plum Creek Timber Co. Inc.		1,178		51,172
PNC Financial Services Group Inc. (The)c		3,379		310,733
PPG Industries Inc.		1,085		255,387
PPL Corp.		4,402		150,108
Praxair Inc.		1,767		225,999
Precision Castparts Corp.		961		207,864
Priceline Group Inc. (The)a		372		460,343
Principal Financial Group Inc.		2,077		106,280
Procter & Gamble Co. (The)		17,298		1,472,579
Progressive Corp. (The)		3,379		90,050
Prologis Inc.		3,782		161,529
Prudential Financial Inc.		2,945		238,103
Public Service Enterprise Group Inc.		4,278		179,933
Public Storage		1,023		201,756
PulteGroup Inc.		2,790		62,942
PVH Corp.		620		66,049
QEP Resources Inc.		1,364		29,299
Qorvo Inc.a		974		67,596
QUALCOMM Inc.		10,757		779,990
Quanta Services Inc.a		1,953		56,207
Quest Diagnostics Inc.		1,116		78,276

SCHEDULESOF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2015

Security	Shares		Value
Rackspace Hosting Inc.a		217	$	10,778
Ralph Lauren Corp.		403		55,376
Range Resources Corp.		1,116		55,287
Raytheon Co.		2,201		239,403
Realty Income Corp.		1,488		74,489
Red Hat Inc.a		1,395		96,422
Regency Centers Corp.		1,023		67,139
Regeneron Pharmaceuticals Inc.a		589		243,752
Regions Financial Corp.		9,486		91,160
RenaissanceRe Holdings Ltd.		403		41,320
Republic Services Inc.		2,108		86,259
Reynolds American Inc.		2,294		173,472
Robert Half International Inc.		1,302		80,672
Rock-Tenn Co. Class A		1,240		85,114
Rockwell Automation Inc.		1,054		123,360
Rockwell Collins Inc.		1,116		99,413
Roper Industries Inc.		837		140,256
Ross Stores Inc.		1,550		164,006
Royal Caribbean Cruises Ltd.		1,147		87,654
salesforce.com inc.a		4,371		303,260
Salix Pharmaceuticals Ltd.a		279		43,859
SanDisk Corp.		1,488		118,936
SBA Communications Corp. Class Aa		1,147		143,042
SCANA Corp.		1,023		58,260
Schlumberger Ltd.		8,711		733,118
Scripps Networks Interactive Inc. Class A		682		49,309
Seagate Technology PLC		2,449		149,683
SEI Investments Co.		1,674		72,049
Sempra Energy		1,581		171,064
ServiceNow Inc.a		496		37,825
Sherwin-Williams Co. (The)		651		185,665
Sigma-Aldrich Corp.		961		132,676
Simon Property Group Inc.		2,080		395,949
Sirius XM Holdings Inc.a		28,148		109,496
Skyworks Solutions Inc.		496		43,524
SL Green Realty Corp.		538		68,288
Southern Co. (The)		5,332		244,152
Southwestern Energy Co.a		2,418		60,643
Spectra Energy Corp.		4,154		147,425
Sprint Corp.a		7,663		39,235
SPX Corp.		372		33,156
St. Jude Medical Inc.		2,139		142,629

Security	Shares		Value
Stanley Black & Decker Inc.		1,178	$	115,845
Staples Inc.		3,937		66,004
Starbucks Corp.		5,146		481,074
Starwood Hotels & Resorts Worldwide Inc.		1,488		119,531
State Street Corp.		3,131		233,103
Stericycle Inc.a		682		92,050
Stryker Corp.		1,984		187,984
SunTrust Banks Inc.		3,627		148,707
Superior Energy Services Inc.		1,271		28,445
Symantec Corp.		4,867		122,454
Synopsys Inc.a		1,395		64,742
Sysco Corp.		3,596		140,208
T Rowe Price Group Inc.		1,798		148,515
Target Corp.		3,844		295,335
TD Ameritrade Holding Corp.		1,891		68,587
TE Connectivity Ltd.		2,728		196,771
Teradata Corp.a,b		1,333		59,345
Tesla Motors Inc.a,b		620		126,071
Tesoro Corp.		620		56,941
Texas Instruments Inc.		7,006		411,953
Textron Inc.		2,263		100,274
Thermo Fisher Scientific Inc.		2,542		330,460
Tiffany & Co.		868		76,575
Time Warner Cable Inc.		1,891		291,309
Time Warner Inc.		6,014		492,306
TJX Companies Inc. (The)		4,805		329,815
Toll Brothers Inc.a		1,085		41,566
Torchmark Corp.		972		51,759
Total System Services Inc.		1,643		62,763
Tractor Supply Co.		1,054		92,878
TransDigm Group Inc.		465		100,840
Travelers Companies Inc. (The)		2,108		226,484
Trimble Navigation Ltd.a		1,860		48,620
TripAdvisor Inc.a		372		33,201
TRW Automotive Holdings Corp.a		806		84,017
Twenty-First Century Fox Inc. Class A		10,633		372,155
Twenty-First Century Fox Inc. Class B		1,860		63,314
Twitter Inc.a		2,181		104,862
Tyson Foods Inc. Class A		2,387		98,607
U.S. Bancorp/MN		11,625		518,591
UDR Inc.		2,449		78,221

40 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2015

Security	Shares		Value
Ulta Salon Cosmetics & Fragrance Inc.a		496	$	69,817
Under Armour Inc. Class Aa		1,116		85,943
Union Pacific Corp.		6,169		741,884
United Continental Holdings Inc.a		465		30,309
United Parcel Service Inc. Class B		4,557		463,584
United Rentals Inc.a		651		60,582
United Technologies Corp. Class B		5,394		657,583
UnitedHealth Group Inc.		6,572		746,776
Unum Group		1,705		57,220
Urban Outfitters Inc.a		899		35,025
Valero Energy Corp.		3,782		233,312
Varian Medical Systems Inc.a		806		74,934
Ventas Inc.		1,617		120,418
VeriSign Inc.a,b		1,240		79,385
Verisk Analytics Inc. Class Aa		1,147		82,366
Verizon Communications Inc.		26,753		1,322,936
Vertex Pharmaceuticals Inc.a		1,612		192,521
VF Corp.		2,604		199,623
Viacom Inc. Class B		2,480		173,451
Visa Inc. Class A		3,348		908,346
VMware Inc. Class Aa		589		50,106
Vornado Realty Trust		1,302		143,272
Vulcan Materials Co.		961		79,763
Wal-Mart Stores Inc.		10,416		874,215
Walgreens Boots Alliance Inc.		6,076		504,794
Walt Disney Co. (The)		10,974		1,142,174
Waste Management Inc.		2,821		153,688
Waters Corp.a		589		70,904
Wells Fargo & Co.		32,364		1,773,224
Western Digital Corp.		1,519		162,503
Western Union Co. (The)		4,185		81,691
Weyerhaeuser Co.		4,340		152,377
Whirlpool Corp.		589		124,839
Whiting Petroleum Corp.a		1,209		40,900
Whole Foods Market Inc.		2,418		136,593
Williams Companies Inc. (The)		4,650		228,036
Willis Group Holdings PLC		1,054		50,297
Windstream Holdings Inc.		3,751		29,595
Wisconsin Energy Corp.		1,674		85,341
WR Berkley Corp.		682		34,039
WW Grainger Inc.		465		110,163
Wyndham Worldwide Corp.		1,209		110,599
Wynn Resorts Ltd.		638		90,915

Security	Shares		Value
Xcel Energy Inc.		3,162	$	111,555
Xerox Corp.		8,773		119,751
Xilinx Inc.		2,015		85,376
XL Group PLC		1,953		70,699
Xylem Inc./NY		1,612		57,548
Yahoo! Inc.a		7,130		315,716
Yum! Brands Inc.		3,100		251,441
Zillow Group Inc. Class Aa		186		21,344
Zimmer Holdings Inc.		1,210		145,672
Zoetis Inc.		3,720		171,455
				131,216,724
TOTAL COMMON STOCKS
(Cost: $214,223,492)				228,954,208
PREFERRED STOCKS — 0.23%
GERMANY — 0.23%
Henkel AG & Co. KGaA		1,209		143,541
Porsche Automobil Holding SE		992		92,074
Volkswagen AG		1,116		282,272
				517,887
TOTAL PREFERRED STOCKS
(Cost: $500,494)				517,887
SHORT-TERM INVESTMENTS — 1.46%
MONEY MARKET FUNDS — 1.46%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		2,731,642		2,731,642
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		159,425		159,425
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		471,027		471,027
				3,362,094
TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,362,094)				3,362,094

SCHEDULESOF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI WORLD ETF

February 28, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 101.22%
(Cost: $218,086,080)	$	232,834,189
Other Assets, Less Liabilities — (1.22)%		(2,804,549	)
NET ASSETS — 100.00%	$	230,029,640

NVS  —  Non-Voting Shares

SDR  —  Swedish 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.

42 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI All Country World Minimum Volatility ETF		iShares MSCI Emerging Markets EMEA ETF			iShares MSCI Emerging Markets Horizon ETF
ASSETS
Investments, at cost:
Unaffiliated	$	1,574,655,968	$	10,264,213		$	2,431,479
Affiliated (Note 2)		42,289,604		23,332			1,588
Total cost of investments	$	1,616,945,572	$	10,287,545		$	2,433,067
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,813,484,283	$	8,913,636		$	2,304,486
Affiliated (Note 2)		42,289,604		23,332			1,588
Total fair value of investments		1,855,773,887		8,936,968			2,306,074
Foreign currency, at valueb		1,334,389		8,330			1,604
Receivables:
Investment securities sold		6,051,178		35,846			11,193
Dividends and interest		3,881,973		1,564			1,669
Total Assets		1,867,041,427		8,982,708			2,320,540
LIABILITIES
Payables:
Investment securities purchased		6,855,994		39,256			12,462
Collateral for securities on loan (Note 1)		39,206,312		18,056			—
Investment advisory fees (Note 2)		272,547		3,347			882
Total Liabilities		46,334,853		60,659			13,344
NET ASSETS	$	1,820,706,574	$	8,922,049		$	2,307,196
Net assets consist of:
Paid-in capital	$	1,577,877,673	$	10,937,826		$	2,439,470
Undistributed net investment income		3,172,382		2,804			845
Undistributed net realized gain (accumulated net realized loss)		865,474		(667,666	)		(6,108	)
Net unrealized appreciation (depreciation)		238,791,045		(1,350,915	)		(127,011	)
NET ASSETS	$	1,820,706,574	$	8,922,049		$	2,307,196
Shares outstandingc		25,400,000		200,000			100,000
Net asset value per share	$	71.68	$	44.61		$	23.07

^a  Securities on loan with values of $37,043,331, $15,102 and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $1,350,419, $8,647 and $1,635, respectively.

^c  $0.001 par value, number of shares authorized: 500 million, 500 million and 25 million, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 43

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI Frontier 100 ETF			iShares MSCI World ETF
ASSETS
Investments, at cost:
Unaffiliated	$	595,706,580		$	214,165,411
Affiliated (Note 2)		3,829,274			3,920,669
Total cost of investments	$	599,535,854		$	218,086,080
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	578,121,178		$	228,815,941
Affiliated (Note 2)		3,829,274			4,018,248
Total fair value of investments		581,950,452			232,834,189
Foreign currency, at valueb		52,866			150,457
Cash		274,320			—
Receivables:
Investment securities sold		2,152,275			771,955
Due from custodian (Note 4)		—			654,162
Dividends and interest		237,197			421,581
Total Assets		584,667,110			234,832,344
LIABILITIES
Payables:
Investment securities purchased		—			1,875,065
Collateral for securities on loan (Note 1)		—			2,891,067
Deferred foreign capital gains taxes (Note 1)		3,869,573			—
Investment advisory fees (Note 2)		346,726			36,572
Total Liabilities		4,216,299			4,802,704
NET ASSETS	$	580,450,811		$	230,029,640
Net assets consist of:
Paid-in capital	$	624,428,631		$	214,155,800
Undistributed (distributions in excess) of net investment income		(1,376,022	)		541,983
Undistributed net realized gain (accumulated net realized loss)		(22,551,331	)		589,607
Net unrealized appreciation (depreciation)		(20,050,467	)		14,742,250
NET ASSETS	$	580,450,811		$	230,029,640
Shares outstandingc		19,150,000			3,100,000
Net asset value per share	$	30.31		$	74.20

^a  Securities on loan with values of $  — and $2,762,425, respectively. See Note 1.

^b  Cost of foreign currency: $53,531 and $152,241, respectively.

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

See notes to financial statements.

44 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI All Country World Minimum Volatility ETF			iShares MSCI Emerging Markets EMEA ETF			iShares MSCI Emerging Markets Horizon ETFa
NET INVESTMENT INCOME
Dividends — unaffiliatedb	$	14,708,606		$	107,928		$	13,858
Interest — unaffiliated		4			—			—
Interest — affiliated (Note 2)		121			—			—
Securities lending income — affiliated (Note 2)		272,663			1,140			—
		14,981,394			109,068			13,858
Less: Other foreign taxes (Note 1)		(1,205	)		—			—
Total investment income		14,980,189			109,068			13,858
EXPENSES
Investment advisory fees (Note 2)		2,421,396			31,323			4,437
Total expenses		2,421,396			31,323			4,437
Less investment advisory fees waived (Note 2)		(958,490	)		(8,752	)		—
Net expenses		1,462,906			22,571			4,437
Net investment income		13,517,283			86,497			9,421
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		1,353,719			(195,528	)		(6,465	)
In-kind redemptions — unaffiliated		20,490,008			—			—
Foreign currency transactions		(324,446	)		(1,853	)		357
Net realized gain (loss)		21,519,281			(197,381	)		(6,108	)
Net change in unrealized appreciation/depreciation on:
Investments		63,462,731			(1,158,670	)		(126,993	)
Translation of assets and liabilities in foreign currencies		(13,525	)		(208	)		(18	)
Net change in unrealized appreciation/depreciation		63,449,206			(1,158,878	)		(127,011	)
Net realized and unrealized gain (loss)		84,968,487			(1,356,259	)		(133,119	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	98,485,770		$	(1,269,762	)	$	(123,698	)

^a  For the period from October 14, 2014 (commencement of operations) to February 28, 2015.

^b  Net of foreign withholding tax of $593,483, $12,801 and $521, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 45

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI Frontier 100 ETF			iShares MSCI World ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	3,960,648		$	1,876,637
Dividends — affiliated (Note 2)		—			4,221
Interest — unaffiliated		3,618			—
Interest — affiliated (Note 2)		55			5
Securities lending income — affiliated (Note 2)		—			7,345
Total investment income		3,964,321			1,888,208
EXPENSES
Investment advisory fees (Note 2)		2,576,823			221,988
Commitment fees (Note 7)		1,512			—
Interest expense (Note 7)		451			—
Total expenses		2,578,786			221,988
Net investment income		1,385,535			1,666,220
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliatedb		6,536,831			(153,094	)
In-kind redemptions — unaffiliated		6,500,423			1,273,522
In-kind redemptions — affiliated (Note 2)		—			4,808
Foreign currency transactions		(1,009,603	)		(35,282	)
Net realized gain		12,027,651			1,089,954
Net change in unrealized appreciation/depreciation on:
Investmentsc		(100,478,778	)		1,518,019
Translation of assets and liabilities in foreign currencies		(4,735	)		(3,231	)
Net change in unrealized appreciation/depreciation		(100,483,513	)		1,514,788
Net realized and unrealized gain (loss)		(88,455,862	)		2,604,742
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(87,070,327	)	$	4,270,962

^a  Net of foreign withholding tax of $472,691 and $58,218, respectively.

^b  Net of foreign capital gains taxes of $942,711 and $  —, respectively.

^c  Net of deferred foreign capital gains taxes of $2,455,770 and $  —, respectively.

See notes to financial statements.

46 2015 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, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	13,517,283		$	30,124,824		$	86,497		$	234,643
Net realized gain (loss)		21,519,281			15,721,199			(197,381	)		(328,838	)
Net change in unrealized appreciation/depreciation		63,449,206			127,042,867			(1,158,878	)		562,912
Net increase (decrease) in net assets resulting from operations		98,485,770			172,888,890			(1,269,762	)		468,717
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(16,328,988	)		(29,115,840	)		(167,765	)		(158,907	)
Total distributions to shareholders		(16,328,988	)		(29,115,840	)		(167,765	)		(158,907	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		525,164,176			261,249,242			—			5,251,709
Cost of shares redeemed		(69,626,848	)		(129,769,428	)		—			—
Net increase in net assets from capital share transactions		455,537,328			131,479,814			—			5,251,709
INCREASE (DECREASE) IN NET ASSETS		537,694,110			275,252,864			(1,437,527	)		5,561,519
NET ASSETS
Beginning of period		1,283,012,464			1,007,759,600			10,359,576			4,798,057
End of period	$	1,820,706,574		$	1,283,012,464		$	8,922,049		$	10,359,576
Undistributed net investment income included in net assets at end of period	$	3,172,382		$	5,984,087		$	2,804		$	84,072
SHARES ISSUED AND REDEEMED
Shares sold		7,600,000			4,000,000			—			100,000
Shares redeemed		(1,000,000	)		(2,000,000	)		—			—
Net increase in shares outstanding		6,600,000			2,000,000			—			100,000

See notes to financial statements.

FINANCIAL STATEMENTS 47

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Emerging Markets Horizon ETF			iShares MSCI Frontier 100 ETF
	Period from October 14, 2014a to February 28, 2015 (Unaudited)			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	9,421		$	1,385,535		$	17,022,836
Net realized gain (loss)		(6,108	)		12,027,651			20,048,604
Net change in unrealized appreciation/depreciation		(127,011	)		(100,483,513	)		81,912,759
Net increase (decrease) in net assets resulting from operations		(123,698	)		(87,070,327	)		118,984,199
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(8,576	)		(2,591,702	)		(15,334,501	)
From net realized gain		—			(47,428,853	)		—
Total distributions to shareholders		(8,576	)		(50,020,555	)		(15,334,501	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,439,470			76,869,619			581,098,884
Cost of shares redeemed		—			(158,676,689	)		(165,483,378	)
Net increase (decrease) in net assets from capital share transactions		2,439,470			(81,807,070	)		415,615,506
INCREASE (DECREASE) IN NET ASSETS		2,307,196			(218,897,952	)		519,265,204
NET ASSETS
Beginning of period		—			799,348,763			280,083,559
End of period	$	2,307,196		$	580,450,811		$	799,348,763
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	845		$	(1,376,022	)	$	(169,855	)
SHARES ISSUED AND REDEEMED
Shares sold		100,000			2,500,000			16,150,000
Shares redeemed		—			(4,500,000	)		(4,300,000	)
Net increase (decrease) in shares outstanding		100,000			(2,000,000	)		11,850,000

^a  Commencement of operations.

See notes to financial statements.

48 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI World ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,666,220		$	3,214,395
Net realized gain		1,089,954			3,038,160
Net change in unrealized appreciation/depreciation		1,514,788			13,581,244
Net increase in net assets resulting from operations		4,270,962			19,833,799
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,692,658	)		(2,735,328	)
Total distributions to shareholders		(1,692,658	)		(2,735,328	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		66,065,774			148,427,324
Cost of shares redeemed		(7,342,851	)		(21,501,639	)
Net increase in net assets from capital share transactions		58,722,923			126,925,685
INCREASE IN NET ASSETS		61,301,227			144,024,156
NET ASSETS
Beginning of period		168,728,413			24,704,257
End of period	$	230,029,640		$	168,728,413
Undistributed net investment income included in net assets at end of period	$	541,983		$	568,421
SHARES ISSUED AND REDEEMED
Shares sold		900,000			2,200,000
Shares redeemed		(100,000	)		(300,000	)
Net increase in shares outstanding		800,000			1,900,000

See notes to financial statements.

FINANCIAL STATEMENTS 49

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI All Country World Minimum Volatility  ETF

	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Oct. 18, 2011a to Aug. 31, 2012
Net asset value, beginning of period	$	68.25		$	59.99		$	55.65		$	50.02
Income from investment operations:
Net investment incomeb		0.63			1.72			1.68			1.49
Net realized and unrealized gainc		3.54			8.18			4.20			4.67
Total from investment operations		4.17			9.90			5.88			6.16
Less distributions from:
Net investment income		(0.74	)		(1.64	)		(1.54	)		(0.53	)
Total distributions		(0.74	)		(1.64	)		(1.54	)		(0.53	)
Net asset value, end of period	$	71.68		$	68.25		$	59.99		$	55.65
Total return		6.17	%d		16.70	%		10.69	%		12.41	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,820,707		$	1,283,012		$	1,007,760		$	578,776
Ratio of expenses to average net assetse		0.20	%		0.20	%		0.20	%		0.23	%
Ratio of expenses to average net assets prior to waived feese		0.33	%		0.33	%		0.34	%		0.34	%
Ratio of net investment income to average net assetse		1.85	%		2.67	%		2.83	%		3.17	%
Portfolio turnover ratef		9	%		24	%		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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 9%, 23%, 13% and 22%, respectively. See Note 4.

See notes to financial statements.

50 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

iShares MSCI Emerging Markets EMEA  ETF

	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 18, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	51.80		$	47.98		$	51.72		$	51.16
Income from investment operations:
Net investment incomeb		0.43			1.23			1.26			1.43
Net realized and unrealized gain (loss)c		(6.78	)		3.38			(3.22	)		0.02
Total from investment operations		(6.35	)		4.61			(1.96	)		1.45
Less distributions from:
Net investment income		(0.84	)		(0.79	)		(1.78	)		(0.89	)
Total distributions		(0.84	)		(0.79	)		(1.78	)		(0.89	)
Net asset value, end of period	$	44.61		$	51.80		$	47.98		$	51.72
Total return		(12.09	)%d		9.61	%		(3.95	)%		2.91	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	8,922		$	10,360		$	4,798		$	10,343
Ratio of expenses to average net assetse		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of expenses to average net assets prior to waived feese		0.68	%		0.68	%		0.68	%		0.68	%
Ratio of net investment income to average net assetse		1.88	%		2.39	%		2.39	%		4.46	%
Portfolio turnover ratef		5	%		18	%		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.

FINANCIAL HIGHLIGHTS 51

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout the period)

iShares MSCI Emerging Markets Horizon  ETF

	Period from Oct. 14, 2014a to Feb. 28, 2015 (Unaudited)
Net asset value, beginning of period	$	24.39
Income from investment operations:
Net investment incomeb		0.09
Net realized and unrealized lossc		(1.32	)
Total from investment operations		(1.23	)
Less distributions from:
Net investment income		(0.09	)
Total distributions		(0.09	)
Net asset value, end of period	$	23.07
Total return		(5.05	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,307
Ratio of expenses to average net assetse		0.50	%
Ratio of net investment income to average net assetse		1.06	%
Portfolio turnover ratef		3	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout the 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  Annualized for periods of less than one year.

^f  Portfolio turnover rate excludes portfolio securities received or delivered in Creation Units but includes portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units partially for cash in U.S. dollars. Excluding such cash transactions, the portfolio turnover rate for the period ended February 28, 2015 was 3%. See Note 4.

See notes to financial statements.

52 2015 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, 2015 (Unaudited)			Year ended Aug. 31, 2014			Period from Sep. 12, 2012a to Aug. 31, 2013
Net asset value, beginning of period	$	37.79		$	30.12		$	25.25
Income from investment operations:
Net investment incomeb		0.07			1.09			0.67
Net realized and unrealized gain (loss)c		(4.57	)		7.47			4.51
Total from investment operations		(4.50	)		8.56			5.18
Less distributions from:
Net investment income		(0.16	)		(0.89	)		(0.28	)
Net realized gain		(2.82	)		—			—
Return of capital		—			—			(0.03	)
Total distributions		(2.98	)		(0.89	)		(0.31	)
Net asset value, end of period	$	30.31		$	37.79		$	30.12
Total return		(11.27	)%d		28.56	%		20.54	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	580,451		$	799,349		$	280,084
Ratio of expenses to average net assetse		0.79	%		0.79	%		0.79	%
Ratio of net investment income to average net assetse		0.42	%		3.07	%		2.32	%
Portfolio turnover ratef		30	%		61	%		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, 2015, the year ended August 31, 2014 and the period ended August 31, 2013 were 27%, 42% and 10%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 53

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

                                     iShares MSCI World ETF

		Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 10, 2012a to Aug. 31, 2012
Net asset value, beginning of period		$	73.36		$	61.76		$	53.45		$	50.32
Income from investment operations:
Net investment incomeb			0.64			1.81			1.40			0.98
Net realized and unrealized gainc			0.88			11.16			8.03			2.89
	��
Total from investment operations			1.52			12.97			9.43			3.87
Less distributions from:
Net investment income			(0.68	)		(1.37	)		(1.12	)		(0.74	)
Total distributions			(0.68	)		(1.37	)		(1.12	)		(0.74	)
Net asset value, end of period		$	74.20		$	73.36		$	61.76		$	53.45
Total return			2.13	%d		21.07	%		17.84	%		7.76	%d
Ratios/Supplemental data:
Net assets, end of period (000s)		$	230,030		$	168,728		$	24,704		$	10,689
Ratio of expenses to average net assetse			0.24	%		0.24	%		0.24	%		0.24	%
Ratio of net investment income to average net assetse			1.80	%		2.57	%		2.34	%		2.91	%
Portfolio turnover ratef			2	%		5	%		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.

54 2015 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	Diversified
MSCI Emerging Markets EMEA	Non-diversified
MSCI Emerging Markets Horizona	Non-diversified
MSCI Frontier 100	Non-diversified
MSCI World	Diversified

^a  The Fund commenced operations on October 14, 2014.

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

NOTESTO FINANCIAL STATEMENTS 55

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

• 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 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.

56 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2015. 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	$	1,811,195,517	$	—	$	—		$	1,811,195,517
Preferred Stocks		2,288,766		—		—			2,288,766
Money Market Funds		42,289,604		—		—			42,289,604
	$	1,855,773,887	$	—	$	—		$	1,855,773,887
MSCI Emerging Markets EMEA
Assets:
Common Stocks	$	8,800,917	$	—	$	17		$	8,800,934
Preferred Stocks		112,702		—		—			112,702
Money Market Funds		23,332		—		—			23,332
	$	8,936,951	$	—	$	17		$	8,936,968
MSCI Emerging Markets Horizon
Assets:
Common Stocks	$	2,284,403	$	—	$	—		$	2,284,403
Preferred Stocks		20,083		—		—			20,083
Money Market Funds		1,588		—		—			1,588
	$	2,306,074	$	—	$	—		$	2,306,074
MSCI Frontier 100
Assets:
Common Stocks	$	578,121,098	$	79	$	—		$	578,121,177
Convertible Bonds		—		—		0	a		0	a
Rights		—		1		—			1
Money Market Funds		3,829,274		—		—			3,829,274
	$	581,950,372	$	80	$	0	a	$	581,950,452
MSCI World
Assets:
Common Stocks	$	228,954,208	$	—	$	—		$	228,954,208
Preferred Stocks		517,887		—		—			517,887
Money Market Funds		3,362,094		—		—			3,362,094
	$	232,834,189	$	—	$	—		$	232,834,189

^a  Rounds to less than $1.

NOTESTO FINANCIAL STATEMENTS 57

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 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, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by 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. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the

58 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of February 28, 2015 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 or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:

iShares ETF	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
MSCI All Country World Minimum Volatility	$	37,043,331	$	37,043,331	$	—
MSCI Emerging Markets EMEA		15,102		15,102		—
MSCI World		2,762,425		2,762,425		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.

NOTESTO FINANCIAL STATEMENTS 59

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA, manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except 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
	0.350	%	First $30 billion
	0.320		Over $30 billion, up to and including $60 billion
	0.280		Over $60 billion, up to and including $90 billion
	0.252		Over $90 billion

In addition, the iShares MSCI All Country World Minimum Volatility ETF indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses is a fund’s total annual operating expense. BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2015 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other iShares funds, if any. Effective September 12, 2014, BFA has contractually agreed to waive an additional portion of its investment advisory fees for the Fund through December 31, 2015 in order to limit total annual operating expenses to 0.20% of average daily net assets.

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 Emerging Markets Horizon		0.50
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, 2015 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. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit a remaining portion to BTC as compensation for its services as securities lending agent.

60 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

Prior to January 1, 2015 each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2015, 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	$	81,681
MSCI Emerging Markets EMEA		377
MSCI World		2,552

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, 2015, 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 Funds, in order to improve their portfolio liquidity and their ability to track their respective underlying index, may invest in shares of other iShares funds that invest in securities in each Fund’s respective underlying index.

NOTESTO FINANCIAL STATEMENTS 61

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the six months ended February 28, 2015, 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 World
BlackRock Inc.		690		270		(30	)		930	$	345,421	$	1,448	$	2,695
PNC Financial Services Group Inc. (The)		2,507		981		(109	)		3,379		310,733		2,773		2,113
										$	656,154	$	4,221	$	4,808

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, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI All Country World Minimum Volatility	$	256,705,952	$	138,868,066
MSCI Emerging Markets EMEA		450,246		525,205
MSCI Emerging Markets Horizon		899,199		60,990
MSCI Frontier 100		195,996,441		309,456,663
MSCI World		3,917,955		2,999,935

In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI All Country World Minimum Volatility	$	402,399,547	$	68,824,687
MSCI Emerging Markets Horizon		1,599,734		—
MSCI Frontier 100		5,021,622		24,993,944
MSCI World		65,166,951		7,218,455

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

62 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.

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

5. MARKET AND CREDIT RISK

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

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

MARKET RISK

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

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

Each Fund invests a substantial amount of its assets 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 issuers from countries with less developed markets.

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares MSCI All Country World Minimum Volatility ETF and iShares MSCI Emerging Markets EMEA ETF issued prior to the date of the sanctions being imposed are not currently subject to

NOTESTO FINANCIAL STATEMENTS 63

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.

CREDIT RISK

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

6. INCOME TAX INFORMATION

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

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or 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, 2014, the Funds’ fiscal year-end, the following Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
MSCI All Country World Minimum Volatility	$	5,163,254
MSCI Emerging Markets EMEA		138,849
MSCI World		82,372

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.

64 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of February 28, 2015, 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	$	1,622,467,166	$	257,681,080	$	(24,374,359	)	$	233,306,721
MSCI Emerging Markets EMEA		10,307,957		933,193		(2,304,182	)		(1,370,989	)
MSCI Emerging Markets Horizon		2,433,067		78,405		(205,398	)		(126,993	)
MSCI Frontier 100		611,521,503		51,716,110		(81,287,161	)		(29,571,051	)
MSCI World		218,254,111		22,563,838		(7,983,760	)		14,580,078

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. LINE OF CREDIT

The iShares MSCI Frontier 100 ETF, along with certain other iShares funds, is a party to a $150 million credit agreement with State Street Bank and Trust Company, which expires October 28, 2015. 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, 2015, the Fund’s maximum amount borrowed, the average borrowings and the weighted average interest rate under the credit agreement were $2,000,000, $77,348 and 1.16%, 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 65

Board Review and Approval of Investment Advisory

Contract

iSHARES^® , INC.

iShares MSCI Emerging Markets Horizon ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Directors who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Directors”), is required to consider and approve the proposed Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract.

At a meeting held on September 10-11, 2014, the Board, including all of the Independent Directors, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on its review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review.

In selecting BFA and approving the Advisory Contract for the Fund, the Board, including the Independent Directors, considered the following factors, no one of which was controlling, and made the following conclusions:

Expenses of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including a fund sponsored by an “at cost” service provider) (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the applicable Lipper Group and to prepare this information. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the proposed investment advisory fee rate and overall expenses for the Fund were lower than the median of the investment advisory fee rates and overall expenses of the funds in the Lipper Group.

Based on this review, the other factors considered at the meeting, and their general knowledge of fund pricing, the Board concluded that the proposed investment advisory fee and expense levels of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services to be Provided by BFA — The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years, including in such areas as investor education, product management, customized portfolio consulting support, capital markets support, and proprietary risk and performance analytics tools. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the

66 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates — The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA on at least an annual basis following the Fund’s launch and will thus be in a position to evaluate whether, following the expiration of the Advisory Contract’s initial two-year term, any adjustments in the Fund’s fees would be appropriate.

Economies of Scale — The Board reviewed information regarding economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue at least annually following an initial two-year period, concluded that the investment advisory fee rate incorporates potential economies of scale and supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts that track the same underlying index that serves as the underlying index for the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares Funds, including in terms of the different, generally more extensive services to be provided to the iShares funds, as well as other significant differences in the approach of BFA and its affiliates to the iShares funds, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses to be borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 67

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Other Benefits to BFA and/or its Affiliates — Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that the existence of any such ancillary benefits would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Based on the considerations described above, the Board determined that the investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining and concluded that it is in the best interest of the Fund and its shareholders to approve the Advisory Contract.

68 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources 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 All Country World Minimum Volatility	$	0.643163	$	—	$	0.092377	$	0.735540		87	%		—	%		13	%		100	%
MSCI Emerging Markets EMEA		0.782420		—		0.056405		0.838825		93			—			7			100
MSCI Emerging Markets Horizon		0.064904		—		0.020856		0.085760		76			—			24			100
MSCI Frontier 100		0.125389		2.823146		0.028879		2.977414		4			95			1			100
MSCI World		0.654846		—		0.022217		0.677063		97			—			3			100

SUPPLEMENTAL INFORMATION 69

Notes:

70 2015 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 basis on the Funds’ website.

©2015 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-811-0215

FEBRUARY 28, 2015

2015 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	23
Financial Statements	24
Financial Highlights	31
Notes to Financial Statements	36
Supplemental Information	47

Fund Performance Overview

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was 1.59%, net of fees, while the total return for the Index was 1.50%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		6.90%		6.23%		6.77%		6.90%		6.23%		6.77%
Since Inception		4.96%		4.80%		5.12%		16.07%		15.54%		16.65%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,015.90	$	1.90	$	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 2/28/15

Sector/Investment Type Percentage of
Total  Investments*

Materials	52.15	%
Food, Beverage & Tobacco	29.67
Capital Goods	17.35
Investment Companies	0.83
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total  Investments*

United States	48.33	%
Canada	12.00
Switzerland	8.30
Japan	6.52
Norway	4.25
Malaysia	2.61
Singapore	2.06
Italy	1.97
Germany	1.89
China	1.74
TOTAL	89.67	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -22.40%, net of fees, while the total return for the Index was -22.49%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(13.78)%		(13.34)%		(13.74)%		(13.78)%		(13.34)%		(13.74)%
Since Inception		(2.08)%		(1.90)%		(2.12)%		(6.26)%		(5.75)%		(6.38)%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	776.00	$	1.72	$	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 2/28/15

Sector Percentage of
Total  Investments*

Integrated Oil & Gas	62.26	%
Oil & Gas Exploration & Production	29.26
Oil & Gas Refining & Marketing	6.84
Coal & Consumable Fuels	1.64
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total  Investments*

United States	52.24	%
United Kingdom	17.48
Canada	8.81
France	5.07
China	2.96
Russia	2.22
Italy	2.11
Australia	1.35
Japan	1.16
Brazil	1.08
TOTAL	94.48	%

* Excludes money market funds.

6 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI GLOBAL GOLD MINERS ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -22.13%, net of fees, while the total return for the Index was -22.09%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(19.75)%		(19.64)%		(19.64)%		(19.75)%		(19.64)%		(19.64)%
Since Inception		(28.18)%		(28.12)%		(28.07)%		(63.91)%		(63.83)%		(63.79)%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	778.70	$	1.72	$	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 2/28/15

Country Percentage of
Total  Investments*

Canada	57.28	%
United States	12.60
South Africa	12.26
Australia	6.21
United Kingdom	6.18
Peru	2.60
Hong Kong	1.25
Turkey	0.91
China	0.71
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total  Investments*

Goldcorp Inc. (Canada)	15.46	%
Barrick Gold Corp. (Canada)	12.61
Newmont Mining Corp.	10.66
Newcrest Mining Ltd. (Australia)	6.21
Randgold Resources Ltd. (United Kingdom)	4.51
Agnico Eagle Mines Ltd. (Canada)	4.48
Eldorado Gold Corp. (Canada)	4.47
Yamana Gold Inc. (Canada)	4.26
AngloGold Ashanti Ltd. (South Africa)	4.11
Gold Fields Ltd. (South Africa)	4.07
TOTAL	70.84	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 7

Fund Performance Overview

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -19.46%, net of fees, while the total return for the Index was -19.34%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(15.11)%		(15.36)%		(14.94)%		(15.11)%		(15.36)%		(14.94)%
Since Inception		(11.01)%		(10.86)%		(10.99)%		(30.18)%		(29.81)%		(30.17)%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	805.40	$	1.75	$	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 2/28/15

Sector Percentage of
Total Investments*

Diversified Metals & Mining	61.46	%
Steel	31.26
Aluminum	5.09
Precious Metals & Minerals	2.19
TOTAL	100.00	%
	��

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total Investments*

United Kingdom	27.80	%
Australia	17.44
United States	12.93
Japan	9.41
Canada	4.25
Brazil	4.08
South Korea	3.73
Germany	2.17
Russia	2.02
Taiwan	1.96
TOTAL	85.79	%

* Excludes money market funds.

8 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® MSCI GLOBAL SILVER MINERS ETF

Performance as of February 28, 2015

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, 2015, the total return for the Fund was -25.05%, net of fees, while the total return for the Index was -25.14%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(27.33)%		(27.57)%		(27.28)%		(27.33)%		(27.57)%		(27.28)%
Since Inception		(25.92)%		(25.87)%		(25.83)%		(60.30)%		(60.22)%		(60.20)%

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	749.50	$	1.69	$	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 2/28/15

Country Percentage of
Total Investments*

Canada	57.68	%
United States	12.21
United Kingdom	11.16
Mexico	8.99
Peru	5.82
Hong Kong	4.00
Australia	0.14
TOTAL	100.00	%

TEN LARGEST FUND HOLDINGS

As of 2/28/15

Security Percentage of
Total  Investments*

Silver Wheaton Corp. (Canada)	22.41	%
Industrias Penoles SAB de CV (Mexico)	8.99
Fresnillo PLC (United Kingdom)	8.55
Cia. de Minas Buenaventura SAA ADR (Peru)	5.82
Tahoe Resources Inc. (Canada)	4.79
Hecla Mining Co.	4.67
G-Resources Group Ltd. (Hong Kong)	4.00
First Majestic Silver Corp. (Canada)	3.87
Pan American Silver Corp. (Canada)	3.87
Coeur Mining Inc.	3.49
TOTAL	70.46	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 9

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment 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, 2014 and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number 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 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 98.24%
AUSTRALIA — 0.84%
Australian Agricultural Co. Ltd.a		40,230	$	50,384
GrainCorp Ltd. Class A		18,840		145,553
Nufarm Ltd./Australia		18,660		106,040
Tassal Group Ltd.		14,580		42,797
				344,774
BRAZIL — 0.27%
Sao Martinho SA		4,100		54,488
SLC Agricola SA		6,000		28,979
Tereos Internacional SA		39,000		13,776
Vanguarda Agro SAa		39,195		12,842
				110,085
CANADA — 11.96%
Ag Growth International Inc.		1,470		63,726
Agrium Inc.		14,910		1,724,027
Clearwater Seafoods Inc.		2,070		23,093
Potash Corp. of Saskatchewan Inc.		86,010		3,089,375
Rogers Sugar Inc.b		8,790		32,945
				4,933,166
CHILE — 0.11%
Empresas Aquachile SAa		43,425		30,587
Multiexport Foods SAa		70,140		16,324
				46,911
CHINA — 1.73%
Asian Citrus Holdings Ltd.a		90,000		9,864
Century Sunshine Group Holdings Ltd.		150,000		14,313
China Agri-Industries Holdings Ltd.b		211,200		84,965
China BlueChemical Ltd. Class H		180,000		72,414
China Huishan Dairy Holdings Co. Ltd.		600,000		103,669
China Modern Dairy Holdings Ltd.a		191,000		69,204
First Tractor Co. Ltd. Class Hb		60,000		42,396
Hubei Sanonda Co. Ltd. Class B		18,000		21,121
Sinofert Holdings Ltd.a		240,000		54,155
WH Group Ltd.a,c		375,000		207,918
YuanShengTai Dairy Farm Ltd.a,b		270,000		35,162
				715,181
DENMARK — 0.17%
Auriga Industries A/S Class Ba		1,530		71,292
				71,292
FINLAND — 0.05%
HKScan OYJ Class A		3,090		19,132
				19,132

Security	Shares		Value
FRANCE — 0.22%
Naturexb		591	$	37,116
Vilmorin & Cie SA		594		52,301
				89,417
GERMANY — 1.88%
K+S AG Registered		17,970		580,998
KWS Saat AG		210		64,069
Suedzucker AGb		8,610		131,582
				776,649
INDONESIA — 1.15%
Astra Agro Lestari Tbk PT		42,000		80,101
Charoen Pokphand Indonesia Tbk PT		765,000		224,025
Eagle High Plantations Tbk PT		1,308,000		37,039
Japfa Comfeed Indonesia Tbk PT		519,000		36,139
Malindo Feedmill Tbk PT		92,300		15,282
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		318,000		46,254
Salim Ivomas Pratama Tbk PT		420,000		24,209
Sampoerna Agro PT		68,300		10,886
				473,935
IRELAND — 0.07%
Origin Enterprises PLCa		3,030		28,888
				28,888
ISRAEL — 1.01%
Israel Chemicals Ltd.		45,900		320,572
Israel Corp. Ltd. (The)		281		95,485
				416,057
ITALY — 1.97%
CNH Industrial NV		97,800		811,760
				811,760
JAPAN — 6.50%
Hokuto Corp.		4,100		84,096
Iseki & Co. Ltd.		30,000		60,730
Kubota Corp.		120,000		1,951,901
Maruha Nichiro Corp.		6,000		89,138
Mitsui Sugar Co. Ltd.		11,000		39,107
NH Foods Ltd.		14,000		318,893
Nihon Nohyaku Co. Ltd.		6,000		70,166
Nippon Beet Sugar Manufacturing Co. Ltd.		11,000		19,231
Sakata Seed Corp.		3,000		48,383
				2,681,645
MALAYSIA — 2.60%
Boustead Plantations Bhd		45,000		18,230

SCHEDULESOF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

February 28, 2015

Security	Shares		Value
Felda Global Ventures Holdings Bhd		135,000	$	86,903
Genting Plantations Bhd		24,000		69,256
IJM Plantations Bhd		36,000		37,958
IOI Corp. Bhd		294,000		384,223
Kim Loong Resources Bhd		15,000		10,905
Kuala Lumpur Kepong Bhd		48,000		302,331
QL Resources Bhd		55,450		58,004
Rimbunan Sawit Bhda		82,100		13,440
Sarawak Oil Palms Bhd		15,000		23,099
TDM Bhd		62,200		14,929
TH Plantations Bhd		33,000		14,925
TSH Resources Bhd		63,000		39,506
				1,073,709
MEXICO — 0.44%
Grupo Lala SAB de CV		66,000		131,629
Industrias Bachoco SAB de CV Series Ba		12,000		51,108
				182,737
NETHERLANDS — 0.88%
Nutreco NV		7,200		364,989
				364,989
NORWAY — 4.24%
Austevoll Seafood ASA		9,420		57,284
Bakkafrost P/F		3,900		90,980
Leroy Seafood Group ASA		2,220		76,519
Marine Harvest ASA		31,860		403,978
Salmar ASA		5,340		87,831
Yara International ASA		18,630		1,030,354
				1,746,946
POLAND — 0.38%
Grupa Azoty SA		5,250		109,253
Kernel Holding SAa		5,430		46,960
				156,213
RUSSIA — 0.99%
Acron JSC		872		35,210
Uralkali PJSC		67,200		185,899
Uralkali PJSC GDRd		13,440		188,429
				409,538
SINGAPORE — 2.06%
Bumitama Agri Ltd.b		41,000		31,351
First Resources Ltd.b		60,000		81,391
GMG Global Ltd.b		450,000		19,521
Golden Agri-Resources Ltd.		720,000		214,396
Indofood Agri Resources Ltd.		60,000		30,880

Security	Shares		Value
Japfa Ltd.a		39,000	$	15,197
Wilmar International Ltd.		191,000		454,996
				847,732
SOUTH AFRICA — 0.69%
Astral Foods Ltd.		4,200		62,955
Illovo Sugar Ltd.		21,480		45,511
Oceana Group Ltd.		3,060		28,885
Tongaat Hulett Ltd.		11,100		146,940
				284,291
SOUTH KOREA — 0.34%
Dongwon Industries Co. Ltd.		120		35,807
Farmscoa		1,260		15,900
Harim Co. Ltd.a		3,881		17,928
Namhae Chemical Corp.		2,820		22,585
Nong Woo Bio Co. Ltd.		870		18,113
Silla Co. Ltd.		710		14,005
TS Corp./Korea		600		14,377
				138,715
SPAIN — 0.00%
Pescanova SAa		414		—
				—
SWEDEN — 0.25%
Cloetta AB Class Ba		24,300		74,875
Scandi Standard ABa,b		4,410		27,758
				102,633
SWITZERLAND — 8.27%
Syngenta AG Registered		9,630		3,411,133
				3,411,133
TAIWAN — 0.30%
Taiwan Fertilizer Co. Ltd.		71,000		123,213
				123,213
THAILAND — 0.68%
Charoen Pokphand Foods PCL NVDR		277,100		204,847
GFPT PCL NVDR		58,100		24,261
Kaset Thai International Sugar Corp. PCL NVDR		72,000		23,606
Khon Kaen Sugar Industry PCL NVDR		76,100		29,188
				281,902
TURKEY — 0.06%
Gubre Fabrikalari TAS		9,210		22,997
				22,997
UNITED STATES — 48.13%
AGCO Corp.		9,120		453,629
Alico Inc.		420		19,181

12 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL AGRICULTURE PRODUCERS ETF

February 28, 2015

Security	Shares		Value
American Vanguard Corp.		3,210	$	36,177
Archer-Daniels-Midland Co.		66,690		3,193,117
Bunge Ltd.		14,940		1,221,793
Cal-Maine Foods Inc.		3,030		114,019
CF Industries Holdings Inc.		5,160		1,580,147
Darling Ingredients Inc.a		16,920		294,746
Deere & Co.		35,130		3,182,778
Fresh Del Monte Produce Inc.		4,590		161,614
Ingredion Inc.		7,590		623,974
Intrepid Potash Inc.a		6,330		89,380
Lindsay Corp.		1,350		118,233
Monsanto Co.		50,220		6,047,994
Mosaic Co. (The)		33,210		1,768,764
Sanderson Farms Inc.		2,190		186,610
Scotts Miracle-Gro Co. (The) Class A		4,770		312,483
Titan International Inc.		6,120		61,078
Toro Co. (The)		5,700		385,605
				19,851,322
TOTAL COMMON STOCKS
(Cost: $40,764,885)				40,516,962
INVESTMENT COMPANIES — 0.83%
INDIA — 0.83%
iShares India 50 ETFe		10,251		340,026
				340,026
TOTAL INVESTMENT COMPANIES
(Cost: $253,657)				340,026
PREFERRED STOCKS — 0.63%
CHILE — 0.63%
Sociedad Quimica y Minera de Chile SA Series B		10,050		258,306
				258,306
TOTAL PREFERRED STOCKS
(Cost: $274,594)				258,306
SHORT-TERM INVESTMENTS — 1.26%
MONEY MARKET FUNDS — 1.26%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%e,f,g		473,329		473,329
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%e,f,g		27,625		27,625

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		19,954	$	19,954
				520,908
TOTAL SHORT-TERM INVESTMENTS
(Cost: $520,908)				520,908
TOTAL INVESTMENTS IN SECURITIES — 100.96%
(Cost: $41,814,044)				41,636,202
Other Assets, Less Liabilities — (0.96)%				(394,175	)
NET ASSETS — 100.00%			$	41,242,027

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated issuer. See 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 13

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 98.60%
AUSTRALIA — 1.35%
AWE Ltd.a,b		6,097	$	5,918
Beach Energy Ltd.		14,366		11,920
Drillsearch Energy Ltd.a		5,278		4,049
Karoon Gas Australia Ltd.a,b		3,406		6,985
Santos Ltd.		11,895		73,928
Senex Energy Ltd.a,b		8,347		2,221
Sundance Energy Australia Ltd.a,b		13,455		5,845
Whitehaven Coal Ltd.a,b		8,840		11,140
Woodside Petroleum Ltd.		9,282		255,600
				377,606
AUSTRIA — 0.20%
OMV AG		1,924		55,559
				55,559
BRAZIL — 0.47%
Petroleo Brasileiro SA		37,700		124,992
QGEP Participacoes SA		2,600		6,229
				131,221
CANADA — 8.75%
Advantage Oil & Gas Ltd.a		2,249		11,689
ARC Resources Ltd.		3,809		73,669
Bankers Petroleum Ltd.a		2,743		6,634
Baytex Energy Corp.		1,991		32,544
Bellatrix Exploration Ltd.a,b		2,964		8,593
Birchcliff Energy Ltd.a,b		1,365		7,543
BlackPearl Resources Inc.a		3,263		2,273
Bonavista Energy Corp.		2,028		11,629
Bonterra Energy Corp.		364		12,655
Cameco Corp.		4,667		72,136
Canadian Natural Resources Ltd.		13,494		392,938
Canadian Oil Sands Ltd.		5,733		51,469
Cenovus Energy Inc.		9,425		162,814
Crescent Point Energy Corp.		5,200		128,475
Crew Energy Inc.a		2,301		10,541
DeeThree Exploration Ltd.a		1,092		5,720
Denison Mines Corp.a,b		3,497		3,137
Encana Corp.		9,126		119,059
Enerplus Corp.		2,730		27,526
Freehold Royalties Ltd.		664		10,077
Husky Energy Inc.		4,290		96,509
Imperial Oil Ltd.		3,588		138,618
Ithaca Energy Inc.a		3,497		2,296
Kelt Exploration Ltd.a		1,092		7,128

Security	Shares		Value
Long Run Exploration Ltd.		1,482	$	1,317
MEG Energy Corp.a,b		2,002		33,526
NuVista Energy Ltd.a		1,898		12,449
Painted Pony Petroleum Ltd.a		1,261		7,089
Paramount Resources Ltd. Class Aa,b		884		22,025
Parex Resources Inc.a		1,300		8,194
Pengrowth Energy Corp.		7,307		24,227
Penn West Petroleum Ltd.b		5,850		11,759
Peyto Exploration & Development Corp.		1,820		50,957
PrairieSky Royalty Ltd.		1,573		39,834
Raging River Exploration Inc.a		2,509		15,673
RMP Energy Inc.a		1,703		6,233
Suncor Energy Inc.		18,044		542,339
Surge Energy Inc.		3,536		8,892
Talisman Energy Inc.		12,558		97,857
TORC Oil & Gas Ltd.		1,014		7,349
Tourmaline Oil Corp.a		2,132		66,351
TransGlobe Energy Corp.		754		2,204
Trilogy Energy Corp.b		1,157		6,848
Twin Butte Energy Ltd.		3,900		2,780
Vermilion Energy Inc.		1,365		61,459
Whitecap Resources Inc.		2,873		31,062
				2,456,096
CHINA — 2.94%
China Coal Energy Co. Ltd. Class Hb		52,000		28,027
China Shenhua Energy Co. Ltd. Class H		39,000		102,083
CNOOC Ltd.		221,000		317,446
Inner Mongolia Yitai Coal Co. Ltd. Class B		100		136
Kunlun Energy Co. Ltd.b		52,000		51,159
MIE Holdings Corp.b		26,000		2,917
PetroChina Co. Ltd. Class H		260,000		301,723
Yanzhou Coal Mining Co. Ltd. Class Hb		26,000		21,456
				824,947
COLOMBIA — 0.20%
Ecopetrol SA		68,094		56,923
				56,923
FINLAND — 0.15%
Neste Oil OYJ		1,586		41,431
				41,431
FRANCE — 5.04%
Etablissements Maurel et Proma		962		8,288

14 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2015

Security	Shares		Value
MPI		2,314	$	8,383
Total SA		25,844		1,398,232
				1,414,903
GREECE — 0.01%
Motor Oil Hellas Corinth Refineries SA		176		1,579
				1,579
HUNGARY — 0.09%
MOL Hungarian Oil & Gas PLC		559		24,808
				24,808
INDIA — 1.03%
Reliance Industries Ltd. GDRc		10,322		287,984
				287,984
INDONESIA — 0.20%
Adaro Energy Tbk PT		163,800		12,166
Energi Mega Persada Tbk PTa		1,006,200		7,474
Indo Tambangraya Megah Tbk PT		6,500		8,499
Medco Energi Internasional Tbk PT		23,400		5,431
Sugih Energy Tbk PTa		401,700		12,929
Tambang Batubara Bukit Asam Persero Tbk PT		13,000		10,737
				57,236
ISRAEL — 0.04%
Naphtha Israel Petroleum Corp. Ltd.a		794		4,400
Oil Refineries Ltd.a		18,916		5,806
				10,206
ITALY — 2.10%
Eni SpA		30,732		574,969
ERG SpA		702		8,858
Saras SpAa		3,783		5,372
				589,199
JAPAN — 1.16%
Cosmo Oil Co. Ltd.		13,000		18,704
Idemitsu Kosan Co. Ltd.		1,300		22,869
INPEX Corp.		11,700		138,830
Japan Petroleum Exploration Co. Ltd.		100		3,354
JX Holdings Inc.		28,600		116,008
Showa Shell Sekiyu KK		2,600		24,925
				324,690
NORWAY — 1.02%
Det Norske Oljeselskap ASAa,b		1,274		6,522
DNO ASAa,b		7,488		14,700
Statoil ASA		13,949		264,163
				285,385

Security	Shares		Value
POLAND — 0.29%
Grupa Lotos SAa		1,456	$	10,247
Lubelski Wegiel Bogdanka SA		416		10,941
Polski Koncern Naftowy Orlen SA		4,069		60,054
				81,242
PORTUGAL — 0.20%
Galp Energia SGPS SA		4,654		54,838
				54,838
RUSSIA — 2.01%
Lukoil OAO		3,045		147,560
Lukoil OAO ADR (London)		3,045		147,378
NOVATEK OAO GDRd		1,157		97,014
Rosneft OAO		9,280		39,911
Surgutneftegas OAO		41,600		23,484
Surgutneftegas OAO ADR		4,160		23,109
Tatneft OAO Class S		16,900		87,174
				565,630
SOUTH AFRICA — 0.08%
Exxaro Resources Ltd.		2,301		22,562
				22,562
SOUTH KOREA — 0.39%
S-Oil Corp.		663		39,144
SK Innovation Co. Ltd.a		754		71,103
				110,247
SPAIN — 0.87%
Repsol SA		12,642		244,958
				244,958
SWEDEN — 0.13%
Lundin Petroleum ABa,b		2,561		37,736
				37,736
THAILAND — 0.48%
Bangchak Petroleum PCL (The) NVDRb		6,500		6,786
Banpu PCL NVDR		19,500		18,246
Esso Thailand PCL NVDRa		41,600		8,299
IRPC PCL NVDR		193,700		26,721
PTT Exploration & Production PCL NVDR		15,631		54,634
Thai Oil PCL NVDR		13,000		21,110
				135,796
TURKEY — 0.11%
Tupras Turkiye Petrol Rafinerileri AS		1,482		31,231
				31,231

SCHEDULESOF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2015

Security	Shares		Value
UNITED KINGDOM — 17.37%
Afren PLCa,b		12,272	$	1,632
Amerisur Resources PLCa		16,952		8,645
Anglo Pacific Group PLC		1,378		1,970
BG Group PLC		41,379		612,613
BP PLC		222,703		1,542,031
Cairn Energy PLCa		6,565		20,646
EnQuest PLCa		11,479		7,406
Faroe Petroleum PLCa		2,132		2,471
Hargreaves Services PLC		351		2,577
Ophir Energy PLCa		6,266		13,489
Premier Oil PLC		6,409		16,689
Royal Dutch Shell PLC Class A		47,684		1,560,771
Royal Dutch Shell PLC Class B		29,525		1,006,324
SOCO International PLCa		2,821		12,229
Tullow Oil PLC		11,206		67,072
				4,876,565
UNITED STATES — 51.92%
Abraxas Petroleum Corp.a		2,548		7,771
Alpha Natural Resources Inc.a		3,497		4,441
Anadarko Petroleum Corp.		6,175		520,120
Antero Resources Corp.a		637		25,130
Apache Corp.		4,745		312,411
Arch Coal Inc.a		3,523		4,615
Bill Barrett Corp.a		611		6,134
Bonanza Creek Energy Inc.a		377		10,160
Cabot Oil & Gas Corp.		5,174		150,046
California Resources Corp.a		3,822		27,366
Callon Petroleum Co.a		1,287		9,421
Carrizo Oil & Gas Inc.a		598		28,459
Chesapeake Energy Corp.		6,526		108,854
Chevron Corp.		22,919		2,444,999
Cimarex Energy Co.		1,118		122,622
Clayton Williams Energy Inc.a		78		3,827
Cloud Peak Energy Inc.a		429		3,556
Cobalt International Energy Inc.a		3,510		35,942
Comstock Resources Inc.		546		2,839
Concho Resources Inc.a		1,404		152,924
ConocoPhillips		14,937		973,892
CONSOL Energy Inc.		2,834		91,255
Contango Oil & Gas Co.a		286		6,730
Continental Resources Inc./OKa		1,066		47,426
CVR Energy Inc.		208		8,734
Delek U.S. Holdings Inc.		611		22,778
Denbury Resources Inc.		4,732		39,749
Devon Energy Corp.		4,758		293,045

Security	Shares		Value
Diamondback Energy Inc.a		638	$	45,432
Energen Corp.		871		56,301
EOG Resources Inc.		6,708		601,842
EQT Corp.		1,885		150,442
EXCO Resources Inc.		1,912		4,015
Exxon Mobil Corp.		51,547		4,563,971
Gulfport Energy Corp.a		1,118		51,216
Halcon Resources Corp.a		3,380		6,490
Hess Corp.		3,367		252,794
HollyFrontier Corp.		2,262		99,505
Kosmos Energy Ltd.a		1,261		11,324
Laredo Petroleum Inc.a		832		9,926
LinnCo LLC		1,288		14,207
Magnum Hunter Resources Corp.a		2,093		5,526
Marathon Oil Corp.		8,476		236,141
Marathon Petroleum Corp.		3,419		358,995
Matador Resources Co.a		741		16,050
Memorial Resource Development Corp.a		936		19,197
Murphy Oil Corp.		2,223		113,129
Newfield Exploration Co.a		1,586		52,386
Noble Energy Inc.		4,316		203,845
Northern Oil and Gas Inc.a		1,105		9,525
Oasis Petroleum Inc.a		1,443		20,678
Occidental Petroleum Corp.		9,399		731,994
Parsley Energy Inc. Class Aa		351		5,226
PBF Energy Inc.		1,066		33,227
PDC Energy Inc.a		442		22,843
Peabody Energy Corp.		3,562		28,140
Penn Virginia Corp.a		858		5,697
Pioneer Natural Resources Co.		1,833		279,569
QEP Resources Inc.		2,106		45,237
Range Resources Corp.		2,067		102,399
Rex Energy Corp.a		429		2,102
Rosetta Resources Inc.a		806		14,290
RSP Permian Inc.a		468		12,711
Sanchez Energy Corp.a		611		8,187
SandRidge Energy Inc.a		4,264		7,547
SM Energy Co.		897		43,522
Southwestern Energy Co.a		4,511		113,136
Stone Energy Corp.a		702		11,892
Synergy Resources Corp.a		546		6,525
Tesoro Corp.		1,573		144,464
Triangle Petroleum Corp.a		1,313		6,513
Ultra Petroleum Corp.a		1,859		30,246
VAALCO Energy Inc.a		1,794		8,683
Valero Energy Corp.		6,409		395,371

16 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL ENERGY PRODUCERS ETF

February 28, 2015

Security	Shares		Value
W&T Offshore Inc.		780	$	4,657
Western Refining Inc.		949		44,698
Whiting Petroleum Corp.a		2,134		72,193
WPX Energy Inc.a		2,314		24,945
				14,574,197
TOTAL COMMON STOCKS
(Cost: $28,614,440)				27,674,775
PREFERRED STOCKS — 0.79%
BRAZIL — 0.60%
Petroleo Brasileiro SA		50,700		169,688
				169,688
RUSSIA — 0.19%
Surgutneftegas OAO		83,200		52,089
				52,089
TOTAL PREFERRED STOCKS
(Cost: $342,117)				221,777
WARRANTS — 0.00%
UNITED STATES — 0.00%
Magnum Hunter Resources Corp. (Expires 04/15/16)a		50		—
				—
TOTAL WARRANTS
(Cost: $0)				—
SHORT-TERM INVESTMENTS — 0.72%
MONEY MARKET FUNDS — 0.72%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%e,f,g		171,497		171,497
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%e,f,g		10,009		10,009
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		20,576		20,576
				202,082
TOTAL SHORT-TERM INVESTMENTS
(Cost: $202,082)				202,082

	Value
TOTAL INVESTMENTS IN SECURITIES — 100.11%
(Cost: $29,158,639)	$	28,098,634
Other Assets, Less Liabilities — (0.11)%		(30,946	)
NET ASSETS — 100.00%	$	28,067,688

ADR  —  American Depositary Receipts

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated issuer. See 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, 2015

Security	Shares		Value
COMMON STOCKS — 99.95%
AUSTRALIA — 6.20%
Newcrest Mining Ltd.a		348,870	$	3,929,593
				3,929,593
CANADA — 57.25%
Agnico Eagle Mines Ltd.		88,160		2,836,173
Alacer Gold Corp.		296,380		643,247
Argonaut Gold Inc.a,b		262,015		436,464
AuRico Gold Inc.		232,435		820,917
Barrick Gold Corp.		612,915		7,981,418
Centerra Gold Inc.		166,170		813,117
China Gold International Resources Corp. Ltd.a		275,065		407,536
Eldorado Gold Corp.		490,535		2,832,465
Goldcorp Inc.		443,990		9,789,008
Kinross Gold Corp.a		798,225		2,250,232
Lake Shore Gold Corp.a		580,725		530,194
New Gold Inc.a		383,235		1,470,144
Primero Mining Corp.a,b		184,150		654,808
Rio Alto Mining Ltd.a,b		298,845		938,191
SEMAFO Inc.a		261,000		808,930
Timmins Gold Corp.a		403,970		352,643
Yamana Gold Inc.		634,810		2,699,588
				36,265,075
CHINA — 0.71%
China Precious Metal Resources Holdings Co. Ltd.a,b		5,801,000		448,794
				448,794
HONG KONG — 1.25%
G-Resources Group Ltd.a		25,665,000		794,229
				794,229
PERU — 2.60%
Cia. de Minas Buenaventura SA ADR		142,390		1,648,876
				1,648,876
SOUTH AFRICA — 12.26%
AngloGold Ashanti Ltd.a		231,130		2,600,684
Gold Fields Ltd.		554,045		2,579,806
Harmony Gold Mining Co. Ltd.a		374,680		924,080
Sibanye Gold Ltd.		627,125		1,658,090
				7,762,660
TURKEY — 0.91%
Koza Altin Isletmeleri AS		65,105		574,684
				574,684

Security	Shares		Value
UNITED KINGDOM — 6.18%
Acacia Mining PLC		15,660	$	66,601
Centamin PLC		974,835		991,283
Randgold Resources Ltd.		35,670		2,855,443
				3,913,327
UNITED STATES — 12.59%
Allied Nevada Gold Corp.a		385,265		385,265
Gold Resource Corp.		113,100		391,326
McEwen Mining Inc.a		402,085		454,356
Newmont Mining Corp.		256,215		6,746,141
				7,977,088
TOTAL COMMON STOCKS
(Cost: $78,454,539)				63,314,326
SHORT-TERM INVESTMENTS — 0.65%
MONEY MARKET FUNDS — 0.65%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		358,770		358,770
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		20,939		20,939
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		29,164		29,164
				408,873
TOTAL SHORT-TERM INVESTMENTS
(Cost: $408,873)				408,873
TOTAL INVESTMENTS IN SECURITIES — 100.60%
(Cost: $78,863,412)				63,723,199
Other Assets, Less Liabilities — (0.60)%				(380,428	)
NET ASSETS — 100.00%			$	63,342,771

ADR  —  American Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated 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 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 97.25%
AUSTRALIA — 17.40%
Alumina Ltd.a		693,843	$	999,314
Arrium Ltd.		834,470		143,700
Atlas Iron Ltd.b		242,795		36,109
BC Iron Ltd.b		43,365		16,633
BHP Billiton Ltd.		869,216		22,894,749
BlueScope Steel Ltd.a		156,433		590,199
CuDeco Ltd.a,b		37,847		41,771
Fortescue Metals Group Ltd.		421,157		820,855
Iluka Resources Ltd.		114,660		705,436
Independence Group NL		64,436		286,988
Jacana Minerals Ltd.b		6,808		—
Lynas Corp. Ltd.a,b		855,540		38,841
Metals X Ltd.		60,828		58,802
Mount Gibson Iron Ltd.		181,791		35,574
OZ Minerals Ltd.		83,790		249,885
PanAust Ltd.		140,140		143,700
Rio Tinto Ltd.		118,580		5,978,440
Sandfire Resources NL		25,480		87,556
Sims Metal Management Ltd.b		49,002		468,331
Sirius Resources NLa,b		77,910		195,149
Syrah Resources Ltd.a,b		29,892		103,653
Western Areas Ltd.		56,026		185,504
Western Desert Resources Ltd.a		84,631		1
				34,081,190
AUSTRIA — 0.65%
AMAG Austria Metall AGc		1,715		60,719
Voestalpine AG		30,870		1,209,463
				1,270,182
BELGIUM — 0.32%
NV Bekaert SA		11,025		335,247
Nyrstar NVa,b		80,456		298,977
				634,224
BRAZIL — 1.53%
Cia. Siderurgica Nacional SA		196,000		353,017
Paranapanema SAa		49,200		41,296
Vale SA		350,100		2,601,859
				2,996,172
CANADA — 4.25%
Canam Group Inc.		10,780		113,528
Capstone Mining Corp.a		96,531		109,778
Dominion Diamond Corp.a		23,275		396,476
Dundee Precious Metals Inc.a,b		32,095		76,597

Security	Shares		Value
First Quantum Minerals Ltd.		162,190	$	2,058,793
HudBay Minerals Inc.		63,210		551,787
Imperial Metals Corp.a		12,987		122,210
Ivanhoe Mines Ltd. Class Aa		138,180		91,851
Labrador Iron Ore Royalty Corp.b		18,130		263,677
Lundin Mining Corp.a		177,625		775,282
Major Drilling Group International Inc.		21,927		122,573
Nevsun Resources Ltd.		53,704		191,393
Sherritt International Corp.		79,870		160,552
Taseko Mines Ltd.a,b		57,085		48,918
Teck Resources Ltd. Class B		153,125		2,462,459
Thompson Creek Metals Co. Inc.a		54,145		86,292
Turquoise Hill Resources Ltd.a,b		218,540		684,332
				8,316,498
CHILE — 0.04%
CAP SA		19,722		80,878
				80,878
CHINA — 1.56%
Aluminum Corp. of China Ltd. Class Ha,b		980,000		475,124
China Metal Recycling Holdings Ltd.a		132,000		—
China Rare Earth Holdings Ltd.a,b		490,000		79,609
China Vanadium Titano-Magnetite Mining Co. Ltd.		245,000		21,798
Chongqing Iron & Steel Co. Ltd. Class Ha		244,000		49,080
CITIC Dameng Holdings Ltd.a		245,000		22,745
Fosun International Ltd.b		490,000		792,294
Honbridge Holdings Ltd.a		490,000		79,609
Hunan Nonferrous Metal Corp. Ltd. Class Ha		384,000		201,025
Inner Mongolia Eerduosi Resourses Co. Ltd. Class B		32,774		29,497
Jiangxi Copper Co. Ltd. Class H		367,000		626,537
MMG Ltd.		980,000		291,898
North Mining Shares Co. Ltd.a,b		1,750,000		81,233
Shougang Concord International Enterprises Co. Ltd.a		1,960,000		83,399
Shougang Fushan Resources Group Ltd.		490,000		96,036
Tiangong International Co. Ltd.		490,000		78,345
Xinjiang Xinxin Mining Industry Co. Ltd. Class Ha		245,000		45,491
				3,053,720

SCHEDULESOF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2015

Security	Shares		Value
FINLAND — 0.17%
Outokumpu OYJa,b		50,471	$	331,739
				331,739
FRANCE — 1.84%
APERAM SAa,b		12,740		452,916
ArcelorMittal		272,930		2,990,908
Erameta		1,470		152,417
				3,596,241
GERMANY — 2.16%
Aurubis AG		9,772		590,675
Salzgitter AG		10,535		301,618
ThyssenKrupp AG		125,151		3,339,535
				4,231,828
GREECE — 0.06%
Mytilineos Holdings SAa		17,544		123,186
				123,186
HONG KONG — 0.01%
IRC Ltd.a,b		490,000		27,800
				27,800
INDIA — 1.37%
Sesa Sterlite Ltd. ADR		116,725		1,660,997
Tata Steel Ltd. GDRd		178,850		1,012,291
				2,673,288
INDONESIA — 0.11%
Aneka Tambang Persero Tbk PT		1,200,500		93,346
Krakatau Steel Persero Tbk PTa		1,450,100		51,946
Timah Persero Tbk PT		986,067		77,817
				223,109
JAPAN — 9.39%
Asahi Holdings Inc.		12,200		206,965
Dowa Holdings Co. Ltd.		43,000		355,021
Hitachi Metals Ltd.		31,000		499,703
JFE Holdings Inc.		147,000		3,673,617
Kobe Steel Ltd.		980,000		1,934,669
Maruichi Steel Tube Ltd.		12,200		290,853
Mitsubishi Materials Corp.		344,000		1,185,562
Mitsui Mining & Smelting Co. Ltd.		122,000		277,586
Neturen Co. Ltd.		12,200		88,787
Nippon Denko Co. Ltd.		73,500		194,901
Nippon Light Metal Holdings Co. Ltd.		220,500		333,853
Nippon Steel & Sumitomo Metal Corp.		2,205,400		5,862,864
Nippon Yakin Kogyo Co. Ltd.a,b		49,000		99,603

Security	Shares		Value
Nisshin Steel Co. Ltd.		24,500	$	341,641
OSAKA Titanium Technologies Co. Ltd.		12,200		256,154
Sumitomo Metal Mining Co. Ltd.		111,000		1,753,511
Toho Titanium Co. Ltd.a		24,500		163,545
Tokyo Steel Manufacturing Co. Ltd.		24,500		182,195
TOPY Industries Ltd.		52,000		130,060
UACJ Corp.		83,386		230,882
Yamato Kogyo Co. Ltd.		12,200		329,123
				18,391,095
MALAYSIA — 0.04%
Press Metal Bhd		98,000		81,848
				81,848
MEXICO — 1.84%
Grupo Mexico SAB de CV Series B		1,029,000		3,112,051
Grupo Simec SAB de CV Series Ba,b		24,500		73,375
Industrias CH SAB de CV Series Ba,b		39,900		181,861
Minera Frisco SAB de CV Series A1a,b		171,500		228,254
				3,595,541
NORWAY — 1.12%
Norsk Hydro ASA		383,302		2,200,272
				2,200,272
PERU — 0.72%
Southern Copper Corp.		46,988		1,398,833
				1,398,833
PHILIPPINES — 0.14%
Atlas Consolidated Mining & Development		245,000		55,401
Nickel Asia Corp.		328,700		216,201
				271,602
POLAND — 0.68%
Jastrzebska Spolka Weglowa SAa		15,191		90,321
KGHM Polska Miedz SA		37,975		1,241,835
				1,332,156
RUSSIA — 2.02%
Alrosa AO		465,500		529,026
Mechel ADRa		39,935		65,893
MMC Norilsk Nickel OJSC		14,945		2,725,746
Severstal PAO		56,350		630,965
				3,951,630
SINGAPORE — 0.04%
Midas Holdings Ltd.b		377,000		85,928
				85,928

20 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2015

Security	Shares		Value
SOUTH AFRICA — 1.43%
African Rainbow Minerals Ltd.		28,175	$	295,967
Anglo American Platinum Ltd.a		14,700		468,576
ArcelorMittal South Africa Ltd.a		54,390		121,354
Assore Ltd.		9,065		118,320
Impala Platinum Holdings Ltd.a		145,775		897,067
Kumba Iron Ore Ltd.		16,905		332,210
Merafe Resources Ltd.		437,571		34,171
Northam Platinum Ltd.a		95,795		424,595
Royal Bafokeng Platinum Ltd.a		21,560		107,310
				2,799,570
SOUTH KOREA — 3.72%
Dongkuk Steel Mill Co. Ltd.a		16,240		93,514
Hyundai BNG Steel Co. Ltd.		2,696		38,074
Hyundai Hysco Co. Ltd.		2,604		153,267
Hyundai Steel Co.		19,417		1,185,312
KISCO Corp.		1,731		48,971
KISWIRE Ltd.		2,060		88,402
Korea Zinc Co. Ltd.		2,450		914,104
Poongsan Corp.		5,390		125,966
Poongsan Holdings Corp.		1,731		65,452
POSCO		17,395		4,239,590
POSCO Chemtech Co. Ltd.		735		97,304
SeAH Besteel Corp.		4,181		132,186
SeAH Holdings Corp.		245		33,595
SeAH Steel Corp.		857		65,902
				7,281,639
SPAIN — 0.33%
Acerinox SA		32,095		523,971
Tubacex SA		23,520		75,978
Tubos Reunidos SAb		22,052		42,296
				642,245
SWEDEN — 1.10%
Boliden AB		75,950		1,537,075
SSAB AB Class Aa,b		61,615		365,003
SSAB AB Class Ba		47,285		250,236
				2,152,314
SWITZERLAND — 0.08%
Schmolz + Bickenbach AG Registereda		161,210		156,449
				156,449
TAIWAN — 1.96%
China Metal Products		127,011		133,057
China Steel Corp.		3,232,612		2,686,552

Security	Shares		Value
Chun Yuan Steel		245,040	$	90,900
Chung Hung Steel Corp.a		245,000		55,701
Feng Hsin Iron & Steel Co.		122,000		151,505
Gloria Material Technology Corp.		128,201		88,992
TA Chen Stainless Pipe		245,300		167,152
Ton Yi Industrial Corp.		245,000		182,161
Tung Ho Steel Enterprise Corp.		245,000		185,281
YC INOX Co. Ltd.		122,000		95,176
				3,836,477
THAILAND — 0.05%
STP & I PCL NVDR		171,500		102,911
				102,911
TURKEY — 0.48%
Borusan Mannesmann Boru Sanayi ve Ticaret AS		11,574		32,950
Eregli Demir ve Celik Fabrikalari TAS		385,633		647,066
Izmir Demir Celik Sanayi ASa		26,046		26,719
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Aa		42,651		39,005
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Da		211,553		153,092
Koza Anadolu Metal Madencilik Isletmeleri ASa		47,632		31,818
Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS		6,629		8,118
				938,768
UNITED KINGDOM — 27.74%
African Minerals Ltd.a,b		69,505		1
Anglo American PLC		376,810		7,046,095
Antofagasta PLC		103,390		1,225,504
BHP Billiton PLC		569,135		14,217,776
Evraz PLC		107,803		327,866
Ferrexpo PLC		45,816		46,377
Gem Diamonds Ltd.a		29,400		69,061
Glencore PLC		2,868,705		13,310,966
KAZ Minerals PLCa,b		72,521		284,219
Lonmin PLCa,b		126,175		306,525
Petra Diamonds Ltd.a		108,290		313,951
Rio Tinto PLC		343,735		16,956,153
Vedanta Resources PLC		24,500		224,713
				54,329,207
UNITED STATES — 12.90%
AK Steel Holding Corp.a,b		46,795		206,834
Alcoa Inc.		318,010		4,703,368

SCHEDULESOF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® MSCI GLOBAL METALS & MINING PRODUCERS ETF

February 28, 2015

Security	Shares		Value
Allegheny Technologies Inc.		29,400	$	989,604
Carpenter Technology Corp.		14,700		622,692
Century Aluminum Co.a		14,945		283,507
Cliffs Natural Resources Inc.b		38,465		263,100
Commercial Metals Co.		31,115		468,281
Compass Minerals International Inc.		10,736		973,433
Freeport-McMoRan Inc.		280,244		6,061,678
Globe Specialty Metals Inc.		15,435		256,993
Haynes International Inc.		3,307		133,537
Horsehead Holding Corp.a		14,210		182,456
Kaiser Aluminum Corp.		6,579		497,043
Materion Corp.		5,267		192,877
Molycorp Inc.a,b		54,146		50,778
Nucor Corp.		88,417		4,158,251
Reliance Steel & Aluminum Co.		21,805		1,243,103
RTI International Metals Inc.a		7,595		211,673
Schnitzer Steel Industries Inc. Class A		7,350		115,395
Steel Dynamics Inc.		65,660		1,196,325
Stillwater Mining Co.a,b		33,320		483,140
SunCoke Energy Inc.		19,355		353,229
TimkenSteel Corp.		9,800		294,588
U.S. Steel Corp.		39,445		944,708
Worthington Industries Inc.		14,210		383,670
				25,270,263
TOTAL COMMON STOCKS
(Cost: $211,425,146)				190,458,803
PREFERRED STOCKS — 2.55%
BRAZIL — 2.55%
Bradespar SA		61,200		283,382
Cia. Ferro Ligas da Bahia-Ferbasa		12,200		26,240
Gerdau SA		245,000		871,404
Metalurgica Gerdau SA		73,500		286,870
Usinas Siderurgicas de Minas Gerais SA Class A		98,000		141,550
Vale SA		521,500		3,375,930
				4,985,376
TOTAL PREFERRED STOCKS
(Cost: $9,554,263)				4,985,376

Security	Shares		Value
SHORT-TERM INVESTMENTS — 2.88%
MONEY MARKET FUNDS — 2.88%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%e,f,g		5,235,018	$	5,235,018
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%e,f,g		305,528		305,528
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		106,323		106,323
				5,646,869
TOTAL SHORT-TERM INVESTMENTS
(Cost: $5,646,869)				5,646,869
TOTAL INVESTMENTS IN SECURITIES — 102.68%
(Cost: $226,626,278)				201,091,048
Other Assets, Less Liabilities — (2.68)%				(5,253,845	)
NET ASSETS — 100.00%			$	195,837,203

ADR  —  American Depositary Receipts

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated issuer. See 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.

22 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® MSCI GLOBAL SILVER MINERS ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 100.05%
AUSTRALIA — 0.14%
Alcyone Resources Ltd.a		26,593,384	$	20,816
				20,816
CANADA — 57.70%
Alexco Resource Corp.a		261,232		112,974
Endeavour Silver Corp.a		104,240		247,942
Excellon Resources Inc.a		227,072		118,205
First Majestic Silver Corp.a,b		93,712		578,641
Fortuna Silver Mines Inc.a		107,760		485,013
GoGold Resources Inc.a		149,152		182,759
Great Panther Silver Ltd.a		237,344		144,461
Klondex Mines Ltd.a,b		142,432		307,986
MAG Silver Corp.a,b		55,120		399,500
Mandalay Resources Corp.		400,640		301,607
Minco Silver Corp.a		246,528		146,102
Pan American Silver Corp.		59,840		577,961
Scorpio Mining Corp.a		1,357,696		201,156
Silver Standard Resources Inc.a,b		71,584		376,652
Silver Wheaton Corp.		154,992		3,351,447
Silvercorp Metals Inc.		196,720		261,527
Tahoe Resources Inc.		51,136		716,268
Wildcat Silver Corp.a		399,296		113,523
				8,623,724
HONG KONG — 4.01%
G-Resources Group Ltd.a		19,344,000		598,619
				598,619
MEXICO — 9.00%
Industrias Penoles SAB de CV		63,280		1,344,658
				1,344,658
PERU — 5.83%
Cia. de Minas Buenaventura SA ADR		75,184		870,631
				870,631
UNITED KINGDOM — 11.16%
Arian Silver Corp.a,b		290,336		136,849
Fresnillo PLC		100,720		1,277,908
Hochschild Mining PLCa		186,688		253,886
				1,668,643
UNITED STATES — 12.21%
Coeur Mining Inc.a		89,264		521,302
Golden Minerals Co.a		225,648		112,892
Hecla Mining Co.		210,240		697,997

Security	Shares		Value
McEwen Mining Inc.a		221,648	$	250,462
Paramount Gold and Silver Corp.a		216,528		242,511
				1,825,164
TOTAL COMMON STOCKS
(Cost: $17,834,350)				14,952,255
SHORT-TERM INVESTMENTS — 6.22%
MONEY MARKET FUNDS — 6.22%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,d,e		876,385		876,385
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,d,e		51,148		51,148
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,d		2,333		2,333
				929,866
TOTAL SHORT-TERM INVESTMENTS
(Cost: $929,866)				929,866
TOTAL INVESTMENTS IN SECURITIES — 106.27%
(Cost: $18,764,216)				15,882,121
Other Assets, Less Liabilities — (6.27)%				(937,658	)
NET ASSETS — 100.00%			$	14,944,463

ADR  —  American Depositary Receipts

^a  Non-income earning security.

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

^c  Affiliated 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 23

Statements of Assets and Liabilities (Unaudited)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF
ASSETS
Investments, at cost:
Unaffiliated	$	41,039,479		$	28,956,557		$	78,454,539
Affiliated (Note 2)		774,565			202,082			408,873
Total cost of investments	$	41,814,044		$	29,158,639		$	78,863,412
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	40,775,268		$	27,896,552		$	63,314,326
Affiliated (Note 2)		860,934			202,082			408,873
Total fair value of investments		41,636,202			28,098,634			63,723,199
Foreign currency, at valueb		62,874			14,583			11,710
Receivables:
Investment securities sold		399,625			3,972			1,267,786
Due from custodian (Note 4)		—			44,546			—
Dividends and interest		69,352			122,637			40,202
Capital shares sold		—			43,509			—
Total Assets		42,168,053			28,327,881			65,042,897
LIABILITIES
Payables:
Investment securities purchased		413,054			71,763			1,301,534
Collateral for securities on loan (Note 1)		500,954			181,506			379,709
Investment advisory fees (Note 2)		12,018			6,924			18,883
Total Liabilities		926,026			260,193			1,700,126
NET ASSETS	$	41,242,027		$	28,067,688		$	63,342,771
Net assets consist of:
Paid-in capital	$	41,533,745		$	29,235,829		$	96,073,459
Undistributed net investment income		121,171			113,866			39,710
Accumulated net realized loss		(232,029	)		(221,361	)		(17,630,010	)
Net unrealized depreciation		(180,860	)		(1,060,646	)		(15,140,388	)
NET ASSETS	$	41,242,027		$	28,067,688		$	63,342,771
Shares outstandingc		1,500,000			1,300,000			7,250,000
Net asset value per share	$	27.49		$	21.59		$	8.74

^a  Securities on loan with values of $468,059, $170,649 and $351,351, respectively. See Note 1.

^b  Cost of foreign currency: $63,927, $15,203 and $11,718, respectively.

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

See notes to financial statements.

24 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) (Continued)

iSHARES^®, INC.

February 28, 2015

	iShares MSCI Global Metals & Mining Producers ETF			iShares MSCI Global Silver Miners ETF
ASSETS
Investments, at cost:
Unaffiliated	$	220,979,409		$	17,834,350
Affiliated (Note 2)		5,646,869			929,866
Total cost of investments	$	226,626,278		$	18,764,216
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	195,444,179		$	14,952,255	��
Affiliated (Note 2)		5,646,869			929,866
Total fair value of investments		201,091,048			15,882,121
Foreign currency, at valueb		103,556			4,226
Cash		1,599			—
Receivables:
Investment securities sold		305,243			360,232
Dividends and interest		127,570			10,648
Capital shares sold		711,745			—
Total Assets		202,340,761			16,257,227
LIABILITIES
Payables:
Investment securities purchased		491,582			380,688
Collateral for securities on loan (Note 1)		5,540,546			927,533
Capital shares redeemed		417,243			—
Investment advisory fees (Note 2)		54,187			4,543
Total Liabilities		6,503,558			1,312,764
NET ASSETS	$	195,837,203		$	14,944,463
Net assets consist of:
Paid-in capital	$	230,986,575		$	20,456,708
Distributions in excess of net investment income		(236,550	)		(268,555	)
Accumulated net realized loss		(9,373,750	)		(2,361,420	)
Net unrealized depreciation		(25,539,072	)		(2,882,270	)
NET ASSETS	$	195,837,203		$	14,944,463
Shares outstandingc		12,250,000			1,600,000
Net asset value per share	$	15.99		$	9.34

^a  Securities on loan with values of $5,237,446 and $878,081, respectively. See Note 1.

^b  Cost of foreign currency: $104,546 and $4,391, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 25

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	398,291		$	206,713		$	268,181
Dividends — affiliated (Note 2)		440			—			—
Interest — affiliated (Note 2)		2			—			1
Securities lending income — affiliated (Note 2)		11,159			345			9,284
		409,892			207,058			277,466
Less: Other foreign taxes (Note 1)		(4	)		—			—
Total investment income		409,888			207,058			277,466
EXPENSES
Investment advisory fees (Note 2)		84,778			22,722			107,371
Total expenses		84,778			22,722			107,371
Less investment advisory fees waived (Note 2)		(1,611	)		—			—
Net expenses		83,167			22,722			107,371
Net investment income		326,721			184,336			170,095
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(86,962	)		(71,785	)		(4,341,119	)
Investments — affiliated (Note 2)		1,895			—			—
In-kind redemptions — unaffiliated		803,956			—			581,507
In-kind redemptions — affiliated (Note 2)		15,865			—			—
Foreign currency transactions		(10,316	)		(2,104	)		(3,593	)
Net realized gain (loss)		724,438			(73,889	)		(3,763,205	)
Net change in unrealized appreciation/depreciation on:
Investments		(452,568	)		(1,709,232	)		(11,258,628	)
Translation of assets and liabilities in foreign currencies		(2,499	)		(570	)		(537	)
Net change in unrealized appreciation/depreciation		(455,067	)		(1,709,802	)		(11,259,165	)
Net realized and unrealized gain (loss)		269,371			(1,783,691	)		(15,022,370	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	596,092		$	(1,599,355	)	$	(14,852,275	)

^a  Net of foreign withholding tax of $25,455, $10,920 and $40,406, respectively.

See notes to financial statements.

26 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited) (Continued)

iSHARES^®, INC.

Six months ended February 28, 2015

	iShares MSCI Global Metals & Mining Producers ETF			iShares MSCI Global Silver Miners ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	1,961,140		$	31,627
Interest — affiliated (Note 2)		7			—
Securities lending income — affiliated (Note 2)		37,363			3,611
		1,998,510			35,238
Less: Other foreign taxes (Note 1)		(20	)		—
Total investment income		1,998,490			35,238
EXPENSES
Investment advisory fees (Note 2)		323,260			26,177
Total expenses		323,260			26,177
Net investment income		1,675,230			9,061
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,949,149	)		(905,344	)
In-kind redemptions — unaffiliated		815,031			171,327
Foreign currency transactions		(75,465	)		(655	)
Net realized loss		(1,209,583	)		(734,672	)
Net change in unrealized appreciation/depreciation on:
Investments		(34,784,919	)		(2,912,401	)
Translation of assets and liabilities in foreign currencies		(394	)		(135	)
Net change in unrealized appreciation/depreciation		(34,785,313	)		(2,912,536	)
Net realized and unrealized loss		(35,994,896	)		(3,647,208	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(34,319,666	)	$	(3,638,147	)

^a  Net of foreign withholding tax of $103,696 and $5,300, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 27

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, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	326,721		$	903,316		$	184,336		$	143,021
Net realized gain (loss)		724,438			(54,954	)		(73,889	)		(96,577	)
Net change in unrealized appreciation/depreciation		(455,067	)		3,654,533			(1,709,802	)		849,565
Net increase (decrease) in net assets resulting from operations		596,092			4,502,895			(1,599,355	)		896,009
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(351,717	)		(869,161	)		(106,952	)		(128,943	)
Total distributions to shareholders		(351,717	)		(869,161	)		(106,952	)		(128,943	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,260,245			12,206,285			21,355,405			2,840,186
Cost of shares redeemed		(6,657,304	)		(5,161,272	)		—			—
Net increase (decrease) in net assets from capital share transactions		(5,397,059	)		7,045,013			21,355,405			2,840,186
INCREASE (DECREASE) IN NET ASSETS		(5,152,684	)		10,678,747			19,649,098			3,607,252
NET ASSETS
Beginning of period		46,394,711			35,715,964			8,418,590			4,811,338
End of period	$	41,242,027		$	46,394,711		$	28,067,688		$	8,418,590
Undistributed net investment income included in net assets at end of period	$	121,171		$	146,167		$	113,866		$	36,482
SHARES ISSUED AND REDEEMED
Shares sold		50,000			450,000			1,000,000			100,000
Shares redeemed		(250,000	)		(200,000	)		—			—
Net increase (decrease) in shares outstanding		(200,000	)		250,000			1,000,000			100,000

See notes to financial statements.

28 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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, 2015 (Unaudited)			Year ended August 31, 2014			Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	170,095		$	419,898		$	1,675,230		$	4,351,654
Net realized gain (loss)		(3,763,205	)		(9,562,667	)		(1,209,583	)		5,287,882
Net change in unrealized appreciation/depreciation		(11,259,165	)		11,792,558			(34,785,313	)		24,025,906
Net increase (decrease) in net assets resulting from operations		(14,852,275	)		2,649,789			(34,319,666	)		33,665,442
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(187,852	)		(410,920	)		(2,429,443	)		(4,935,233	)
Total distributions to shareholders		(187,852	)		(410,920	)		(2,429,443	)		(4,935,233	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		11,396,957			33,392,792			54,828,814			51,854,849
Cost of shares redeemed		(3,990,530	)		(2,940,209	)		(5,941,724	)		(119,693,896	)
Net increase (decrease) in net assets from capital share transactions		7,406,427			30,452,583			48,887,090			(67,839,047	)
INCREASE (DECREASE) IN NET ASSETS		(7,633,700	)		32,691,452			12,137,981			(39,108,838	)
NET ASSETS
Beginning of period		70,976,471			38,285,019			183,699,222			222,808,060
End of period	$	63,342,771		$	70,976,471		$	195,837,203		$	183,699,222
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	39,710		$	57,467		$	(236,550	)	$	517,663
SHARES ISSUED AND REDEEMED
Shares sold		1,400,000			3,300,000			3,500,000			2,650,000
Shares redeemed		(450,000	)		(300,000	)		(350,000	)		(5,850,000	)
Net increase (decrease) in shares outstanding		950,000			3,000,000			3,150,000			(3,200,000	)

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Changes in Net Assets (Continued)

iSHARES^®, INC.

	iShares MSCI Global  Silver Miners ETF
	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	9,061		$	55,868
Net realized loss		(734,672	)		(1,309,004	)
Net change in unrealized appreciation/depreciation		(2,912,536	)		1,092,563
Net decrease in net assets resulting from operations		(3,638,147	)		(160,573	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(234,737	)		(104,622	)
Total distributions to shareholders		(234,737	)		(104,622	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		5,799,772			7,281,618
Cost of shares redeemed		(957,750	)		—
Net increase in net assets from capital share transactions		4,842,022			7,281,618
INCREASE IN NET ASSETS		969,138			7,016,423
NET ASSETS
Beginning of period		13,975,325			6,958,902
End of period	$	14,944,463		$	13,975,325
Distributions in excess of net investment income included in net assets at end of period	$	(268,555	)	$	(42,879	)
SHARES ISSUED AND REDEEMED
Shares sold		600,000			600,000
Shares redeemed		(100,000	)		—
Net increase in shares outstanding		500,000			600,000

See notes to financial statements.

30 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Agriculture Producers ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	27.29		$	24.63		$	24.91		$	24.88
Income from investment operations:
Net investment incomeb		0.20			0.58			0.50			0.28
Net realized and unrealized gain (loss)c		0.22			2.63			(0.46	)		(0.05	)
Total from investment operations		0.42			3.21			0.04			0.23
Less distributions from:
Net investment income		(0.22	)		(0.55	)		(0.32	)		(0.20	)
Total distributions		(0.22	)		(0.55	)		(0.32	)		(0.20	)
Net asset value, end of period	$	27.49		$	27.29		$	24.63		$	24.91
Total return		1.59	%d		13.05	%		0.10	%		0.97	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	41,242		$	46,395		$	35,716		$	9,965
Ratio of expenses to average net assetse		0.38	%		0.38	%		0.38	%		0.38	%
Ratio of expenses to average net assets prior to waived feese		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		1.50	%		2.17	%		1.87	%		1.93	%
Portfolio turnover ratef		4	%		14	%		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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 3%, 13%, 6% and 6%, respectively. See Note 4.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 31

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Energy Producers ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	28.06		$	24.06		$	23.51		$	24.79
Income from investment operations:
Net investment incomeb		0.35			0.68			0.63			0.43
Net realized and unrealized gain (loss)c		(6.64	)		3.96			0.55			(1.39	)
Total from investment operations		(6.29	)		4.64			1.18			(0.96	)
Less distributions from:
Net investment income		(0.18	)		(0.64	)		(0.63	)		(0.32	)
Total distributions		(0.18	)		(0.64	)		(0.63	)		(0.32	)
Net asset value, end of period	$	21.59		$	28.06		$	24.06		$	23.51
Total return		(22.40	)%d		19.44	%		5.10	%		(3.77	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	28,068		$	8,419		$	4,811		$	4,701
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		3.16	%		2.57	%		2.61	%		3.16	%
Portfolio turnover ratef		1	%		8	%		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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 1%, 8%, 6% and 5%, respectively. See Note 4.

See notes to financial statements.

32 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Gold Miners ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	11.27		$	11.60		$	20.05		$	25.00
Income from investment operations:
Net investment incomeb		0.03			0.08			0.21			0.15
Net realized and unrealized lossc		(2.53	)		(0.33	)		(8.47	)		(5.02	)
Total from investment operations		(2.50	)		(0.25	)		(8.26	)		(4.87	)
Less distributions from:
Net investment income		(0.03	)		(0.08	)		(0.19	)		(0.08	)
Total distributions		(0.03	)		(0.08	)		(0.19	)		(0.08	)
Net asset value, end of period	$	8.74		$	11.27		$	11.60		$	20.05
Total return		(22.13	)%d		(2.01	)%		(41.28	)%		(19.45	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	63,343		$	70,976		$	38,285		$	32,084
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		0.62	%		0.81	%		1.37	%		1.25	%
Portfolio turnover ratef		8	%		22	%		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.

FINANCIAL HIGHLIGHTS 33

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Metals & Mining Producers ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	20.19		$	18.11		$	19.00		$	24.76
Income from investment operations:
Net investment incomeb		0.17			0.50			0.50			0.37
Net realized and unrealized gain (loss)c		(4.12	)		2.23			(1.00	)		(6.00	)
Total from investment operations		(3.95	)		2.73			(0.50	)		(5.63	)
Less distributions from:
Net investment income		(0.25	)		(0.65	)		(0.39	)		(0.13	)
Total distributions		(0.25	)		(0.65	)		(0.39	)		(0.13	)
Net asset value, end of period	$	15.99		$	20.19		$	18.11		$	19.00
Total return		(19.46	)%d		15.32	%		(2.68	)%		(22.76	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	195,837		$	183,699		$	222,808		$	123,524
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of expenses to average net assets prior to waived feese		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		2.02	%		2.53	%		2.51	%		2.98	%
Portfolio turnover ratef		2	%		18	%		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, 2015, the years ended August 31, 2014, August 31, 2013 and the period ended August 31, 2012 were 2%, 15%, 7% and 1%, respectively. See Note 4.

See notes to financial statements.

34 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares MSCI Global Silver Miners ETF
	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Year ended Aug. 31, 2013			Period from Jan. 31, 2012a to Aug. 31, 2012
Net asset value, beginning of period	$	12.70		$	13.92		$	20.94		$	24.87
Income from investment operations:
Net investment incomeb		0.01			0.08			0.16			0.11
Net realized and unrealized lossc		(3.21	)		(1.15	)		(6.90	)		(3.90	)
Total from investment operations		(3.20	)		(1.07	)		(6.74	)		(3.79	)
Less distributions from:
Net investment income		(0.16	)		(0.15	)		(0.28	)		(0.14	)
Total distributions		(0.16	)		(0.15	)		(0.28	)		(0.14	)
Net asset value, end of period	$	9.34		$	12.70		$	13.92		$	20.94
Total return		(25.05	)%d		(7.48	)%		(32.49	)%		(15.18	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	14,944		$	13,975		$	6,959		$	2,094
Ratio of expenses to average net assetse		0.39	%		0.39	%		0.39	%		0.39	%
Ratio of net investment income to average net assetse		0.13	%		0.63	%		1.03	%		0.86	%
Portfolio turnover ratef		9	%		22	%		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.

FINANCIAL HIGHLIGHTS 35

Notes to Financial Statements (Unaudited)

iSHARES^®, INC.

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

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. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

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

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

36 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Open-end U.S. mutual funds 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 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.

NOTESTO FINANCIAL STATEMENTS 37

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2015. 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	$	40,516,962	$	—		$	0	a	$	40,516,962
Investment Companies		340,026		—			—			340,026
Preferred Stocks		258,306		—			—			258,306
Money Market Funds		520,908		—			—			520,908
	$	41,636,202	$	—		$	0	a	$	41,636,202
MSCI Global Energy Producers
Assets:
Common Stocks	$	27,674,775	$	—		$	—		$	27,674,775
Preferred Stocks		221,777		—			—			221,777
Warrants		—		0	a		—			0	a
Money Market Funds		202,082		—			—			202,082
	$	28,098,634	$	0	a	$	—		$	28,098,634
MSCI Global Gold Miners
Assets:
Common Stocks	$	63,314,326	$	—		$	—		$	63,314,326
Money Market Funds		408,873		—			—			408,873
	$	63,723,199	$	—		$	—		$	63,723,199
MSCI Global Metals & Mining Producers
Assets:
Common Stocks	$	190,417,030	$	41,771		$	2		$	190,458,803
Preferred Stocks		4,985,376		—			—			4,985,376
Money Market Funds		5,646,869		—			—			5,646,869
	$	201,049,275	$	41,771		$	2		$	201,091,048
MSCI Global Silver Miners
Assets:
Common Stocks	$	14,931,439	$	20,816		$	—		$	14,952,255
Money Market Funds		929,866		—			—			929,866
	$	15,861,305	$	20,816		$	—		$	15,882,121

^a  Rounds to less than $1.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax

38 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

authorities as of February 28, 2015 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, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by 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. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

NOTESTO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of February 28, 2015 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 or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The following table is a summary of each Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:

iShares ETF	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
MSCI Global Agriculture Producers	$	468,059	$	468,059	$	—
MSCI Global Energy Producers		170,649		170,649		—
MSCI Global Gold Miners		351,351		351,351		—
MSCI Global Metals & Mining Producers		5,237,446		5,237,446		—
MSCI Global Silver Miners		878,081		878,081		—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.

40 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

In addition, each of the iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for each Fund through December 31, 2015 in an amount equal to the acquired fund fees and expenses attributable to each Fund’s investments in other iShares funds, if any.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, 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, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013, each Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2015, each Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, each Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

NOTESTO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

For the six months ended February 28, 2015, 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	$	3,482
MSCI Global Energy Producers		109
MSCI Global Gold Miners		3,001
MSCI Global Metals & Mining Producers		11,933
MSCI Global Silver Miners		1,221

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, 2015, 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.

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, 2015, 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		12,183		358		(2,290	)		10,251	$	340,026	$	440	$	17,760

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

42 2015 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, 2015 were as follows:

iShares ETF	Purchases		Sales
MSCI Global Agriculture Producers	$	1,565,268	$	1,868,968
MSCI Global Energy Producers		706,265		141,711
MSCI Global Gold Miners		4,603,031		4,479,551
MSCI Global Metals & Mining Producers		10,770,053		4,114,123
MSCI Global Silver Miners		1,246,173		1,447,646

In-kind transactions (see Note 4) for the six months ended February 28, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Global Agriculture Producers	$	1,175,785	$	6,274,579
MSCI Global Energy Producers		20,740,582		—
MSCI Global Gold Miners		11,285,033		3,955,997
MSCI Global Metals & Mining Producers		46,839,680		5,105,782
MSCI Global Silver Miners		5,782,384		955,883

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. Such variable charges, if any, are included in “Proceeds from shares sold” in the statements of changes in net assets.

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

5. MARKET AND CREDIT RISK

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

NOTESTO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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

MARKET RISK

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

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

Each Fund invests a substantial amount of its assets 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 issuers from countries with less developed markets.

Each Fund invests all or substantially all of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions affecting those market sectors may have a significant impact on its investment performance.

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the iShares MSCI Global Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF and iShares MSCI Global Metals & Mining Producers ETF issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.

44 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

CREDIT RISK

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

6. INCOME TAX INFORMATION

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

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or 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, 2014, the Funds’ fiscal year end, the following Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
MSCI Global Agriculture Producers	$	17,007
MSCI Global Energy Producers		38,653
MSCI Global Gold Miners		1,723,545
MSCI Global Metals & Mining Producers		1,369,119
MSCI Global Silver Miners		112,746

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.

NOTESTO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

As of February 28, 2015, 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	$	42,218,725	$	3,697,640	$	(4,280,163	)	$	(582,523	)
MSCI Global Energy Producers		29,181,283		351,419		(1,434,068	)		(1,082,649	)
MSCI Global Gold Miners		88,253,917		1,664,821		(26,195,539	)		(24,530,718	)
MSCI Global Metals & Mining Producers		230,284,815		9,156,039		(38,349,806	)		(29,193,767	)
MSCI Global Silver Miners		20,051,377		225,673		(4,394,929	)		(4,169,256	)

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. SUBSEQUENT EVENTS

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

46 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources 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	$	0.192497	$	—	$	0.027326	$	0.219823		88	%		—	%		12	%		100	%
MSCI Global Energy Producers		0.169263		—		0.008990		0.178253		95			—			5			100
MSCI Global Gold Miners		0.029108		—		0.000475		0.029583		98			—			2			100
MSCI Global Metals & Mining Producers		0.216352		—		0.036715		0.253067		85			—			15			100

SUPPLEMENTAL INFORMATION 47

Notes:

48 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 49

Notes:

50 2015 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 basis on the Funds’ website.

©2015 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-812-0215

FEBRUARY 28, 2015

  2015 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	36
Consolidated Financial Highlights	39
Notes to Consolidated Financial Statements	40
Supplemental Information	50

Fund Performance Overview

iSHARES^® CORE MSCI EMERGING MARKETS ETF

Performance as of February 28, 2015

The iShares Core MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period ended February 28, 2015, the total return for the Fund was -8.11%, net of fees, while the total return for the Index was -8.10%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		4.78%		5.67%		4.81%		4.78%		5.67%		4.81%
Since Inception		1.66%		1.79%		1.66%		3.98%		4.28%		3.97%

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 (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period  a		Beginning Account Value (9/1/14)		Ending Account Value (2/28/15)		Expenses Paid During Period  a		Annualized Expense Ratio
$	1,000.00	$	918.90	$	0.86	$	1,000.00	$	1,023.90	$	0.90		0.18%

^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 2/28/15

Sector Percentage of
Total  Investments*

Financials	27.50	%
Information Technology	18.18
Consumer Discretionary	10.23
Consumer Staples	8.12
Materials	8.05
Industrials	7.76
Energy	7.42
Telecommunication Services	6.66
Utilities	3.34
Health Care	2.74
TOTAL	100.00	%

TEN LARGEST COUNTRY ALLOCATIONS

As of 2/28/15

Country Percentage of
Total  Investments*

China	21.90	%
South Korea	14.85
Taiwan	13.47
India	8.00
South Africa	7.95
Brazil	7.55
Mexico	4.50
Malaysia	3.61
Russia	3.31
Indonesia	2.81
TOTAL	87.95	%

* 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, 2014 and held through February 28, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number 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 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
COMMON STOCKS — 95.54%
BRAZIL — 4.65%
Abril Educacao SAa		173,000	$	715,149
Aliansce Shopping Centers SA		143,200		816,325
ALL – America Latina Logistica SA		677,800		1,322,722
Alupar Investimento SA Units		113,100		723,846
Ambev SA		6,789,500		43,548,160
Arezzo Industria e Comercio SA		130,800		1,161,914
B2W Cia. Digitala		201,951		1,416,097
Banco ABC Brasil SAa		3,717		15,274
Banco Bradesco SA		911,460		11,902,676
Banco do Brasil SA		1,208,100		10,021,904
Banco Santander Brasil SA Units		537,100		2,654,178
BB Seguridade Participacoes SA		1,015,000		11,501,215
BM&FBovespa SA-Bolsa de Valores Mercadorias e Futuros		2,536,500		8,906,381
BR Malls Participacoes SA		620,000		3,666,638
Brasil Brokers Participacoes SA		484,000		499,344
BRF SA		948,800		21,379,399
CCR SA		1,207,700		7,040,887
Centrais Eletricas Brasileiras SA		370,200		692,664
CETIP SA – Mercados Organizados		288,662		3,472,808
Cia. de Saneamento Basico do Estado de Sao Paulo		447,500		2,651,179
Cia. de Saneamento de Minas Gerais-COPASA		96,200		676,917
Cia. Hering		377,300		2,350,084
Cia. Siderurgica Nacional SA		995,200		1,792,463
Cielo SA		1,025,860		16,040,779
Cosan Logistica SAa		334,600		384,994
Cosan SA Industria e Comercio		196,200		1,941,175
CPFL Energia SA		319,000		2,071,740
Cyrela Brazil Realty SA Empreendimentos e Participacoes		646,400		2,617,837

Security	Shares		Value
Duratex SA		419,329	$	1,113,088
EcoRodovias Infraestrutura e Logistica SA		295,100		1,087,784
EDP – Energias do Brasil SA		335,100		1,055,922
Embraer SA		940,100		8,186,647
Equatorial Energia SA		213,276		2,066,861
Estacio Participacoes SA		435,900		2,942,232
Eternit SA		478,800		514,073
Even Construtora e Incorporadora SA		814,500		1,307,484
EZ TEC Empreendimentos e Participacoes SA		79,000		489,027
Fibria Celulose SAa		346,000		4,460,300
Fleury SA		136,000		656,849
GAEC Educacao SA		55,400		310,388
Gafisa SA		684,400		502,646
Helbor Empreendimentos SA		278,270		388,304
Hypermarcas SAa		445,600		2,976,537
Iguatemi Empresa de Shopping Centers SA		124,800		1,189,361
Iochpe-Maxion SA		139,600		590,750
JBS SA		1,064,400		4,660,601
JSL SA		118,400		467,911
Klabin SA Units		611,000		3,418,959
Kroton Educacional SA		1,983,756		7,208,360
Light SA		108,700		530,698
Linx SA		39,700		610,908
Localiza Rent A Car SA		261,635		3,202,555
Lojas Americanas SA		205,825		921,384
Lojas Renner SA		196,200		5,770,003
LPS Brasil Consultoria de Imoveis SA		135,500		287,174
M. Dias Branco SA		65,400		1,898,403
Magazine Luiza SA		131,300		279,191
Magnesita Refratarios SA		385,300		254,679
Marfrig Global Foods SAa		433,900		731,424
Minerva SA/Brazila		177,400		557,758
MRV Engenharia e Participacoes SA		468,900		1,115,121
Multiplan Empreendimentos Imobiliarios SA		130,800		2,495,371
Multiplus SA		68,700		840,205
Natura Cosmeticos SA		261,600		2,572,680
Odontoprev SA		594,500		2,172,705
Petroleo Brasileiro SA		4,207,200		13,948,714

CONSOLIDATED SCHEDULEOF INVESTMENTS 7

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Porto Seguro SA		151,700	$	1,661,652
Qualicorp SAa		286,900		2,608,775
Raia Drogasil SA		303,900		3,029,063
Restoque Comercio e Confeccoes de Roupas SA		187,800		476,175
Santos Brasil Participacoes SA Units		70,900		303,997
Sao Martinho SA		79,700		1,059,192
SLC Agricola SA		97,600		471,385
Smiles SA		109,800		1,825,168
Sonae Sierra Brasil SA		58,400		362,938
Souza Cruz SA		517,800		4,592,445
Sul America SA		245,089		1,121,151
Technos SA		140,600		279,789
Tecnisa SA		281,500		362,292
Tegma Gestao Logistica		59,200		289,856
TIM Participacoes SA		1,147,200		4,782,424
TOTVS SA		196,200		2,354,249
TPI – Triunfo Participacoes e Investimentos SAa		160,700		221,996
Tractebel Energia SA		261,600		3,055,743
Transmissora Alianca de Energia Eletrica SA Units		119,500		874,722
Ultrapar Participacoes SA		524,400		10,926,872
Vale SA		1,896,600		14,095,074
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		142,600		2,068,669
Vanguarda Agro SAa		1,081,541		354,505
Via Varejo SAa		165,200		976,404
WEG SA		387,930		4,165,090
				308,087,432
CHILE — 1.29%
AES Gener SA		3,529,988		1,883,098
Aguas Andinas SA Series A		3,634,639		2,160,626
Banco de Chile		32,747,384		3,826,339
Banco de Credito e Inversiones		51,866		2,396,716
Banco Santander Chile		104,141,703		5,465,300
Besalco SA		612,717		355,184
CAP SA		120,480		494,074
Cencosud SA		1,845,697		4,566,014
Cia. Cervecerias Unidas SA		226,956		2,151,392

Security	Shares		Value
Cia. Sud Americana de Vapores SAa		18,487,091	$	763,042
Colbun SA		11,401,792		3,203,007
CorpBanca SA		233,095,098		2,816,806
E.CL SA		847,741		1,400,284
Empresa Nacional de Electricidad SA/Chile		4,558,943		6,851,314
Empresas CMPC SA		1,752,446		4,562,333
Empresas COPEC SA		630,983		7,400,251
Enersis SA		28,473,105		9,360,635
ENTEL Chile SA		194,315		2,044,323
Inversiones Aguas Metropolitanas SA		614,767		985,389
Inversiones La Construccion SA		64,038		794,286
LATAM Airlines Group SAa		474,624		5,049,693
Parque Arauco SA		939,212		1,848,084
SACI Falabella		1,411,955		10,256,979
SalfaCorp SA		814,981		612,316
Sociedad Matriz SAAM SA		10,369,744		822,259
SONDA SA		803,826		2,011,469
Vina Concha y Toro SA		760,278		1,515,324
				85,596,537
CHINA — 21.78%
361 Degrees International Ltd.		1,923,000		572,775
AAC Technologies Holdings Inc.b		1,068,500		7,074,699
Agile Property Holdings Ltd.		3,748,500		2,228,186
Agricultural Bank of China Ltd. Class H		30,275,000		15,029,270
AGTech Holdings Ltd.a,b		3,948,000		381,796
Air China Ltd. Class H		2,718,000		2,411,187
Ajisen (China) Holdings Ltd.		1,341,000		817,867
Alibaba Health Information Technology Ltd.a		3,546,000		2,423,302
Alibaba Pictures Group Ltd.a		7,530,000		1,747,674
Aluminum Corp. of China Ltd. Class Ha		5,536,000		2,683,965
Anhui Conch Cement Co. Ltd. Class H		1,865,000		6,336,544
Anhui Expressway Co. Ltd. Class H		1,122,000		781,231
Anta Sports Products Ltd.		1,526,000		3,069,532
APT Satellite Holdings Ltd.		482,000		598,503

8 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Asia Cement China Holdings Corp.		973,500	$	522,182
Asian Citrus Holdings Ltd.a,b		3,225,000		353,461
AVIC International Holding HK Ltd.a,b		6,222,000		585,660
AviChina Industry & Technology Co. Ltd. Class H		3,288,000		2,140,998
Bank of China Ltd. Class H		114,612,000		65,911,007
Bank of Communications Co. Ltd. Class H		12,638,000		10,901,781
BBMG Corp. Class H		2,248,000		1,968,154
Beijing Capital International Airport Co. Ltd. Class H		2,250,000		2,120,767
Beijing Capital Land Ltd. Class H		2,316,000		1,188,542
Beijing Enterprises Holdings Ltd.		727,000		5,399,455
Beijing Enterprises Water Group Ltd.b		6,300,000		3,915,440
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.b		521,000		717,467
Belle International Holdings Ltd.		6,726,000		7,276,321
Bosideng International Holdings Ltd.b		4,492,000		509,701
Brilliance China Automotive Holdings Ltd.		4,504,000		8,839,059
Byd Co. Ltd. Class Hb		905,000		3,944,194
BYD Electronic International Co. Ltd.b		1,292,500		1,443,250
C C Land Holdings Ltd.		3,807,000		687,233
Carnival Group International Holdings Ltd.a,b		11,817,000		1,919,865
CGN Power Co. Ltd. Class Ha,c		7,430,000		2,998,653
Chaowei Power Holdings Ltd.b		1,228,000		566,858
China Agri-Industries Holdings Ltd.b		3,202,200		1,288,238
China Aircraft Leasing Group Holdings Ltd.a		396,500		509,720
China Animal Healthcare Ltd.b		1,076,000		609,074
China Aoyuan Property Group Ltd.b		3,743,000		612,938

Security	Shares		Value
China BlueChemical Ltd. Class H		2,938,000	$	1,181,951
China Cinda Asset Management Co. Ltd. Class Ha		7,227,000		3,559,708
China CITIC Bank Corp. Ltd. Class H		11,868,000		8,998,039
China CNR Corp. Ltd. Class Ha,c		2,739,500		3,765,490
China Coal Energy Co. Ltd. Class Hb		5,806,000		3,129,294
China Communications Construction Co. Ltd. Class H		6,358,000		7,771,804
China Communications Services Corp. Ltd. Class H		3,432,000		1,575,398
China Construction Bank Corp. Class H		103,487,000		86,067,366
China COSCO Holdings Co. Ltd. Class Ha,b		3,697,500		1,840,299
China Datang Corp. Renewable Power Co. Ltd. Class H		4,294,000		592,432
China Dongxiang Group Co. Ltd.b		5,363,000		898,968
China Dynamics Holdings Ltd.a,b		5,380,000		381,538
China Everbright Bank Co. Ltd. Class H		4,850,000		2,557,750
China Everbright International Ltd.		3,601,000		5,023,928
China Everbright Ltd.b		1,308,000		3,204,456
China Galaxy Securities Co. Ltd. Class Hb		2,403,000		2,866,081
China Gas Holdings Ltd.		2,898,000		4,506,493
China High Speed Transmission Equipment Group Co. Ltd.a		1,693,000		1,113,320
China Household Holdings Ltd.a		5,275,000		360,488
China Huishan Dairy Holdings Co. Ltd.b		8,632,000		1,491,452
China Huiyuan Juice Group Ltd.a		943,000		271,150

CONSOLIDATED SCHEDULEOF INVESTMENTS 9

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
China Innovationpay Group Ltd.a,b		7,164,000	$	609,667
China International Marine Containers Group Co. Ltd. Class H		740,400		1,403,385
China Life Insurance Co. Ltd. Class H		10,789,000		46,255,762
China Lilang Ltd.b		906,000		622,656
China Longyuan Power Group Corp. Ltd.		4,192,000		4,497,152
China LotSynergy Holdings Ltd.b		11,360,000		849,570
China Lumena New Materials Corp.a,b		2,584,000		41,648
China Medical System Holdings Ltd.		1,687,000		2,793,014
China Mengniu Dairy Co. Ltd.		2,026,000		9,143,248
China Merchants Bank Co. Ltd. Class H		6,700,464		15,292,241
China Merchants Holdings International Co. Ltd.b		1,662,000		6,321,877
China Metal Recycling Holdings Ltd.a		62,400		—
China Minsheng Banking Corp. Ltd. Class H		9,048,100		10,931,757
China Mobile Ltd.		8,860,500		120,418,119
China Modern Dairy Holdings Ltd.a		3,195,000		1,157,631
China National Building Material Co. Ltd. Class H		4,174,000		4,084,954
China National Materials Co. Ltd. Class H		2,685,000		675,106
China New Town Development Co. Ltd.a		6,720,000		350,927
China Oil and Gas Group Ltd.		13,080,000		1,787,749
China Oilfield Services Ltd. Class H		2,616,000		3,973,526
China Overseas Land & Investment Ltd.		5,926,000		18,071,150
China Pacific Insurance Group Co. Ltd. Class H		3,884,400		20,284,858
China Petroleum & Chemical Corp. Class H		37,874,200		31,743,135
China Power International Development Ltd.		4,077,000		2,118,550

Security	Shares		Value
China Power New Energy Development Co. Ltd.a,b		7,340,000	$	449,555
China Precious Metal Resources Holdings Co. Ltd.a,b		8,558,000		662,089
China Railway Construction Corp. Ltd. Class H		2,840,500		3,468,469
China Railway Group Ltd. Class H		5,872,000		4,770,013
China Rare Earth Holdings Ltd.a,b		5,452,000		885,767
China Resources and Transportation Group Ltd.a,b		29,400,000		606,541
China Resources Cement Holdings Ltd.		2,766,000		1,640,601
China Resources Enterprise Ltd.		1,898,000		3,959,750
China Resources Gas Group Ltd.b		1,308,000		3,234,814
China Resources Land Ltd.		3,495,777		9,285,471
China Resources Power Holdings Co. Ltd.b		3,206,000		8,495,097
China Rongsheng Heavy Industries Group Holdings Ltd.a,b		7,366,000		721,836
China SCE Property Holdings Ltd.a,b		4,309,200		811,227
China Shanshui Cement Group Ltd.b		3,521,000		1,952,214
China Shenhua Energy Co. Ltd. Class H		4,928,000		12,899,110
China Shineway Pharmaceutical Group Ltd.		654,000		996,755
China Shipping Container Lines Co. Ltd. Class Ha		5,476,000		1,701,663
China Singyes Solar Technologies Holdings Ltd.b		806,000		1,074,604
China South City Holdings Ltd.		3,534,000		1,116,415
China State Construction International Holdings Ltd.		2,528,000		3,598,646
China Suntien Green Energy Corp. Ltd. Class H		3,207,000		624,409

10 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
China Taiping Insurance Holdings Co. Ltd.a		1,576,108	$	5,487,098
China Telecom Corp. Ltd. Class H		21,128,000		13,675,874
China Traditional Chinese Medicine Co. Ltd.a,b		1,386,000		852,461
China Travel International Investment Hong Kong Ltd.b		5,256,000		1,653,629
China Unicom Hong Kong Ltd.		8,658,000		14,579,874
China Vanke Co. Ltd. Class Ha,b		1,843,687		4,231,557
China Water Affairs Group Ltd.b		2,198,000		1,014,621
China Yurun Food Group Ltd.a,b		2,667,000		1,021,345
China ZhengTong Auto Services Holdings Ltd.b		1,494,000		785,966
Chinasoft International Ltd.a,b		2,796,000		872,460
Chongqing Changan Automobile Co. Ltd. Class B		1,182,000		3,211,257
Chongqing Rural Commercial Bank Co. Ltd. Class H		3,863,000		2,405,829
CIMC Enric Holdings Ltd.		1,308,000		968,083
CITIC Ltd.		3,366,000		5,911,317
CITIC Resources Holdings Ltd.a,b		3,960,000		536,139
CITIC Securities Co. Ltd. Class H		1,537,500		5,451,811
CNOOC Ltd.		25,506,000		36,637,054
Comba Telecom Systems Holdings Ltd.		2,391,150		696,800
Coolpad Group Ltd.		5,232,000		984,949
COSCO International Holdings Ltd.b		2,020,000		898,594
COSCO Pacific Ltd.b		2,616,000		3,771,139
Country Garden Holdings Co. Ltd.b		8,877,733		3,537,151
CPMC Holdings Ltd.		1,302,000		668,170
Credit China Holdings Ltd.b		2,164,000		477,141
CSPC Pharmaceutical Group Ltd.		4,364,000		3,567,525
CSR Corp. Ltd. Class Hb		2,878,000		3,725,783
CT Environmental Group Ltd.b		950,000		955,457
Dah Chong Hong Holdings Ltd.b		1,452,000		868,716

Security	Shares		Value
Daphne International Holdings Ltd.		1,914,000	$	510,864
Datang International Power Generation Co. Ltd. Class H		3,692,000		1,847,083
Dawnrays Pharmaceutical Holdings Ltd.b		844,000		507,132
Dazhong Transportation Group Co. Ltd. Class B		1,168,100		1,024,424
Digital China Holdings Ltd.		1,377,000		1,340,522
Dongfeng Motor Group Co. Ltd. Class H		3,934,000		6,259,541
Dongyue Group Ltd.		2,097,000		735,462
ENN Energy Holdings Ltd.		1,308,000		6,940,178
EverChina International Holdings Co. Ltd.a,b		11,765,000		455,099
Evergrande Real Estate Group Ltd.b		9,516,000		4,196,368
Fantasia Holdings Group Co. Ltd.b		4,437,000		486,297
Far East Horizon Ltd.		2,037,000		1,898,988
FDG Electric Vehicles Ltd.a,b		14,000,000		875,513
First Tractor Co. Ltd. Class Hb		858,000		606,263
Fosun International Ltd.b		2,467,500		3,989,768
Franshion Properties China Ltd.b		5,324,000		1,565,186
Fufeng Group Ltd.b		1,928,400		967,252
GCL-Poly Energy Holdings Ltd.a,b		14,580,000		3,496,741
Geely Automobile Holdings Ltd.b		7,655,000		3,425,056
Glorious Property Holdings Ltd.a		4,684,000		573,764
Golden Eagle Retail Group Ltd.b		1,111,000		1,346,589
Goldin Properties Holdings Ltd.a,b		2,086,000		1,121,614
GOME Electrical Appliances Holding Ltd.b		14,435,000		1,954,335
Goodbaby International Holdings Ltd.b		2,043,000		690,180
Great Wall Motor Co. Ltd. Class H		1,464,000		9,325,262
Greatview Aseptic Packaging Co. Ltd.		2,525,000		1,071,150
Guangdong Investment Ltd.		3,924,000		5,054,608

CONSOLIDATED SCHEDULEOF INVESTMENTS 11

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Guangdong Land Holdings Ltd.a		2,038,000	$	528,194
Guangzhou Automobile Group Co. Ltd. Class H		3,924,000		3,764,393
Guangzhou R&F Properties Co. Ltd. Class H		1,394,000		1,621,296
Haier Electronics Group Co. Ltd.		1,934,000		5,099,678
Haitian International Holdings Ltd.b		932,000		2,016,512
Haitong Securities Co. Ltd. Class Hb		1,931,200		4,606,722
Hanergy Thin Film Power Group Ltd.b		18,264,000		10,644,551
Hangzhou Steam Turbine Co. Class B		738,300		850,114
Harbin Electric Co. Ltd. Class H		1,338,000		912,651
Hengan International Group Co. Ltd.		1,067,500		12,243,535
Hengdeli Holdings Ltd.b		5,746,800		1,074,452
Hi Sun Technology (China) Ltd.a,b		3,048,000		801,748
Hisense Kelon Electrical Holdings Co. Ltd. Class Ha		662,000		612,026
Honbridge Holdings Ltd.a		3,438,000		558,559
Honghua Group Ltd.b		4,101,000		528,789
Hopson Development Holdings Ltd.a,b		1,308,000		1,081,082
Hua Han Bio-Pharmaceutical Holdings Ltd. Class H		4,736,192		1,038,177
Huabao International Holdings Ltd.b		3,086,000		2,339,733
Huadian Power International Corp. Ltd. Class H		2,352,000		1,977,324
Huaneng Power International Inc. Class H		5,232,000		6,577,568
Hunan Nonferrous Metal Corp. Ltd. Class Ha		2,746,000		1,437,539
Imperial Pacific International Holdings Ltd.a,b		3,780,000		731,099
Industrial & Commercial Bank of China Ltd. Class H		105,907,000		77,291,920
Inner Mongolia Yitai Coal Co. Ltd. Class B		1,537,700		2,089,734

Security	Shares		Value
Intime Retail Group Co. Ltd.		1,898,500	$	1,042,829
Jiangsu Expressway Co. Ltd. Class H		1,706,000		2,105,154
Jiangsu Future Land Co. Ltd. Class B		1,203,100		609,972
Jiangxi Copper Co. Ltd. Class H		2,061,000		3,518,512
Ju Teng International Holdings Ltd.b		1,482,000		875,199
Kaisa Group Holdings Ltd.b		2,773,000		557,786
Kingboard Chemical Holdings Ltd.		920,200		1,589,937
Kingboard Laminates Holdings Ltd.		1,952,000		850,726
Kingdee International Software Group Co. Ltd.a,b		3,156,000		1,037,696
Kingsoft Corp. Ltd.b		978,000		2,247,189
Kunlun Energy Co. Ltd.b		5,232,000		5,147,369
KWG Property Holding Ltd.		1,825,000		1,186,005
Landing International Development Ltd.a		11,250,000		361,198
Lao Feng Xiang Co. Ltd. Class B		389,106		1,250,587
Lee & Man Paper Manufacturing Ltd.		2,392,000		1,233,713
Lenovo Group Ltd.b		9,664,000		14,903,254
Li Ning Co. Ltd.a,b		2,191,500		867,507
Lianhua Supermarket Holdings Co. Ltd. Class Ha,b		840,000		389,919
Lijun International Pharmaceutical Holding Co. Ltd.		3,460,000		1,472,255
Livzon Pharmaceutical Group Inc. Class H		79,700		411,066
Longfor Properties Co. Ltd.		1,860,500		2,446,937
Lonking Holdings Ltd.		5,077,000		995,047
Luthai Textile Co. Ltd. Class B		526,469		719,568
Microport Scientific Corp.a		1,089,000		488,653
MIE Holdings Corp.		3,388,000		380,063
Mingfa Group International Co. Ltd.a		4,273,000		1,443,535
Minth Group Ltd.		1,308,000		2,745,713
MMG Ltd.		2,664,000		793,486
NetDragon Websoft Inc.b		332,500		565,067

12 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
New China Life Insurance Co. Ltd. Class H		1,144,300	$	6,588,012
New World China Land Ltd.		3,610,000		2,364,634
New World Department Store China Ltd.b		1,437,000		368,725
Nexteer Automotive Group Ltd.		1,540,000		1,544,875
Nine Dragons Paper (Holdings) Ltd.		2,398,000		1,555,286
North Mining Shares Co. Ltd.a,b		16,140,000		749,202
NVC Lighting Holdings Ltd.b		1,831,000		415,522
Parkson Retail Group Ltd.b		2,052,000		441,862
PAX Global Technology Ltd.a		979,000		892,473
People’s Insurance Co. Group of China Ltd. Class H		9,137,000		4,724,338
PetroChina Co. Ltd. Class H		31,226,000		36,236,969
Phoenix Satellite Television Holdings Ltd.b		2,372,000		709,571
PICC Property & Casualty Co. Ltd. Class H		5,233,360		11,215,138
Ping An Insurance Group Co. of China Ltd. Class H		3,779,500		42,032,619
Poly Property Group Co. Ltd.		2,934,000		1,430,029
Ports Design Ltd.a,b		1,887,500		732,565
Real Nutriceutical Group Ltd.		2,934,000		809,593
Renhe Commercial Holdings Co. Ltd.a,b		26,194,000		1,182,124
REXLot Holdings Ltd.b		16,350,000		1,285,999
Road King Infrastructure Ltd.b		806,000		678,643
Sany Heavy Equipment International Holdings Co. Ltd.a,b		2,503,000		535,750
Semiconductor Manufacturing International Corp.a,b		35,881,000		3,146,056
Shandong Luoxin Pharmaceutical Group Stock Co. Ltd. Class H		308,000		506,751
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		3,624,000		2,985,947
Shanghai Electric Group Co. Ltd. Class H		4,212,000		2,503,700

Security	Shares		Value
Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H		587,500	$	1,954,432
Shanghai Industrial Holdings Ltd.		687,000		2,081,697
Shanghai Industrial Urban Development Group Ltd.a,b		3,300,000		616,985
Shanghai Jin Jiang International Hotels Group Co. Ltd. Class H		2,444,000		731,109
Shanghai Mechanical and Electrical Industry Co. Ltd. Class B		409,000		1,038,860
Shanghai Pharmaceuticals Holding Co. Ltd. Class H		1,001,100		2,091,151
Shenzhen Expressway Co. Ltd. Class H		1,574,000		1,169,015
Shenzhen International Holdings Ltd.		1,676,250		2,342,939
Shenzhen Investment Ltd.b		3,204,000		1,012,166
Shenzhou International Group Holdings Ltd.		799,000		3,162,847
Shimao Property Holdings Ltd.		1,940,500		4,118,475
Shougang Concord International Enterprises Co. Ltd.a,b		20,656,000		878,928
Shui On Land Ltd.		5,147,166		1,194,631
Shunfeng International Clean Energy Ltd.a,b		1,742,000		1,165,758
Sihuan Pharmaceutical Holdings Group Ltd.		6,285,000		3,744,038
Sino Biopharmaceutical Ltd.		5,232,000		4,971,967
Sino Oil And Gas Holdings Ltd.a,b		22,570,000		544,210
Sino-Ocean Land Holdings Ltd.		5,262,000		3,283,895
Sinofert Holdings Ltd.a		4,660,000		1,051,519
Sinopec Engineering Group Co. Ltd. Class H		1,693,500		1,373,501
Sinopec Kantons Holdings Ltd.b		1,572,000		1,169,557
Sinopec Shanghai Petrochemical Co. Ltd. Class H		5,117,000		1,748,454

CONSOLIDATED SCHEDULEOF INVESTMENTS 13

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Sinopharm Group Co. Ltd. Class H		1,694,400	$	5,931,695
Sinotrans Ltd. Class H		2,772,000		1,833,596
Sinotrans Shipping Ltd.a,b		2,623,000		568,199
Skyworth Digital Holdings Ltd.b		2,872,000		2,047,871
SOHO China Ltd.		2,428,000		1,737,539
Sound Global Ltd.a,b		908,000		771,550
Sun Art Retail Group Ltd.b		3,311,500		2,971,851
Sunac China Holdings Ltd.		2,265,000		2,096,938
Sunny Optical Technology Group Co. Ltd.b		1,022,000		1,689,398
Superb Summit International Group Ltd.a,b		6,035,000		1,136,117
TCC International Holdings Ltd.		1,712,000		626,924
TCL Communication Technology Holdings Ltd.b		879,000		833,046
TCL Multimedia Technology Holdings Ltd.a,b		1,198,000		710,571
Tech Pro Technology Development Ltd.a,b		2,484,000		1,896,122
Tencent Holdings Ltd.		7,467,500		130,854,206
Tiangong International Co. Ltd.b		3,290,000		526,030
Tianjin Development Holdings Ltd.		1,066,000		735,367
Tianjin Port Development Holdings Ltd.		3,572,000		727,715
Tianneng Power International Ltd.b		2,246,000		622,646
Tibet 5100 Water Resources Holdings Ltd.b		2,366,000		799,299
Tingyi Cayman Islands Holding Corp.b		3,114,000		7,829,720
Tong Ren Tang Technologies Co. Ltd. Class H		1,308,000		1,612,347
Tongda Group Holdings Ltd.b		4,630,000		650,729
Towngas China Co. Ltd.b		1,555,000		1,415,559
TravelSky Technology Ltd. Class H		1,504,000		1,619,300
Tsingtao Brewery Co. Ltd. Class H		670,000		4,237,472
Uni-President China Holdings Ltd.		2,014,200		1,584,256

Security	Shares		Value
V1 Group Ltd.a		7,382,000	$	590,145
Vinda International Holdings Ltd.		543,000		922,801
Wanda Hotel Development Co. Ltd.a,b		2,001,000		392,178
Want Want China Holdings Ltd.b		8,920,000		9,833,859
Wasion Group Holdings Ltd.		920,000		912,236
Weichai Power Co. Ltd. Class H		689,000		2,798,484
Weiqiao Textile Co. Class H		1,152,500		628,600
Welling Holding Ltd.b		1,996,000		414,362
West China Cement Ltd.		6,220,000		810,037
Wisdom Holdings Groupb		1,298,000		671,138
Wumart Stores Inc. Class Hb		733,000		533,060
Xingda International Holdings Ltd.b		1,982,000		575,015
Xinhua Winshare Publishing and Media Co. Ltd. Class H		1,244,000		1,101,971
Xinyi Solar Holdings Ltd.		3,720,000		1,103,224
XTEP International Holdings Ltd.b		1,396,500		460,971
Yanchang Petroleum International Ltd.a,b		11,910,000		445,351
Yanzhou Coal Mining Co. Ltd. Class Hb		2,670,000		2,203,354
Yingde Gases Group Co. Ltd.b		1,844,500		1,331,863
Yuanda China Holdings Ltd.		6,250,000		346,531
YuanShengTai Dairy Farm Ltd.a,b		5,139,000		669,257
Yuexiu Property Co. Ltd.		9,638,880		1,938,850
Yuexiu Real Estate Investment Trustb		2,306,000		1,299,373
Yuexiu Transport Infrastructure Ltd.b		1,618,000		1,103,639
Yuzhou Properties Co. Ltd.b		2,843,400		667,271
Zhejiang Expressway Co. Ltd. Class H		2,616,000		3,217,949
Zhongsheng Group Holdings Ltd.		966,000		832,045
Zhuzhou CSR Times Electric Co. Ltd. Class H		760,000		4,282,408
Zijin Mining Group Co. Ltd. Class H		8,918,000		2,644,772
ZTE Corp. Class H		856,800		1,909,045
				1,444,791,428

14 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
COLOMBIA — 0.39%
Almacenes Exito SA		270,411	$	2,677,895
Cementos Argos SA		578,105		2,076,763
Cemex Latam Holdings SAa		265,416		1,596,212
Corp. Financiera Colombiana SA		125,639		1,888,982
Corp. Financiera Colombiana SA Newa		2,250		33,468
Ecopetrol SA		8,468,382		7,079,111
Grupo Argos SA/Colombia		374,329		2,851,539
Grupo de Inversiones Suramericana SA		325,490		4,572,713
Interconexion Electrica SA ESP		568,679		1,780,699
Isagen SA ESP		1,203,273		1,408,702
				25,966,084
CZECH REPUBLIC — 0.18%
CEZ AS		216,456		5,485,970
Komercni Banka AS		22,117		4,786,874
O2 Czech Republic AS		104,393		886,047
Pegas Nonwovens SA		19,823		565,983
Philip Morris CR AS		889		412,463
				12,137,337
EGYPT — 0.33%
Citadel Capital SAEa		1,411,453		523,511
Commercial International Bank Egypt SAE		1,238,753		8,968,318
Egypt Kuwait Holding Co. SAEa		1,131,509		769,426
Egyptian Financial Group-Hermes Holding Co.a		669,459		1,383,656
Ezz Steela		441,906		911,027
Global Telecom Holding SAEa		3,803,032		1,884,059
Global Telecom Holding SAE GDRa		209,442		534,077
Juhayna Food Industriesa		457,488		594,790
Orascom Telecom Media And Technology Holding SAEa		2,097,276		335,342
Orascom Telecom Media And Technology Holding SAE GDRa		50,000		43,450
Palm Hills Developments SAEa		1,908,226		972,864
Pioneers Holding For Financial Investments SAEa		426,854		650,067

Security	Shares		Value
Six of October Development & Investmenta		430,386	$	753,594
South Valley Cement		551,183		493,389
Talaat Moustafa Group		1,729,683		2,409,752
Telecom Egypt Co.		470,960		720,323
				21,947,645
GREECE — 0.42%
Alpha Bank AEa		5,505,298		2,284,756
Athens Water Supply & Sewage Co. SA (The)		48,053		382,680
Ellaktor SAa		219,670		606,126
Eurobank Ergasias SAa		11,203,439		1,721,588
FF Groupa		46,984		1,491,398
Frigoglass SAICa		97,884		200,918
Hellenic Exchanges – Athens Stock Exchange SA Holding		162,170		1,133,224
Hellenic Telecommunications Organization SAa		352,763		3,521,521
Intralot SA-Integrated Lottery Systems & Servicesa		259,880		521,775
JUMBO SA		147,434		1,686,767
Marfin Investment Group Holdings SAa		1,382,363		307,004
Metka SA		50,422		517,486
Motor Oil Hellas Corinth Refineries SA		82,906		743,932
Mytilineos Holdings SAa		121,131		850,524
National Bank of Greece SAa		2,193,262		3,296,496
OPAP SA		320,460		2,958,223
Piraeus Bank SAa,b		3,005,635		1,914,881
Piraeus Port Authority SA		13,844		231,990
Public Power Corp. SAa		235,220		1,846,841
Titan Cement Co. SA		62,970		1,595,538
				27,813,668
HUNGARY — 0.18%
Magyar Telekom Telecommunications PLCa		725,150		1,028,012
MOL Hungarian Oil & Gas PLC		55,786		2,475,803
OTP Bank PLC		327,434		5,193,334
Richter Gedeon Nyrt		204,816		2,979,395
				11,676,544
INDIA — 7.96%
Adani Ports & Special Economic Zone Ltd.		734,600		3,931,218

CONSOLIDATED SCHEDULEOF INVESTMENTS 15

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
ACC Ltd.		87,602	$	2,378,528
Adani Enterprises Ltd.		204,539		2,308,324
Aditya Birla Nuvo Ltd.		67,607		1,882,506
AIA Engineering Ltd.		56,795		1,042,812
Amara Raja Batteries Ltd.		87,807		1,249,088
Ambuja Cements Ltd.		974,046		4,288,292
Apollo Hospitals Enterprise Ltd.		115,578		2,457,610
Apollo Tyres Ltd.		225,812		639,384
Arvind Ltd.		232,450		1,152,941
Ashok Leyland Ltd.a		1,955,773		2,210,351
Asian Paints Ltd.		428,601		5,676,770
Aurobindo Pharma Ltd.		200,389		3,512,846
Bajaj Auto Ltd.		117,320		4,087,740
Bajaj Finance Ltd.		31,886		2,262,253
Balkrishna Industries Ltd.		69,874		677,655
Balrampur Chini Mills Ltd.a		580,247		548,749
Bayer CropScience Ltd./India		21,465		1,185,863
Berger Paints India Ltd.		339,630		1,230,647
Bharat Forge Ltd.		137,010		2,780,657
Bharat Heavy Electricals Ltd.		865,860		3,672,603
Bharat Petroleum Corp. Ltd.		270,123		3,261,318
Bharti Airtel Ltd.		841,375		4,849,767
Biocon Ltd.		97,224		671,625
Bosch Ltd.		10,827		4,534,692
Britannia Industries Ltd.		38,370		1,300,874
Cairn India Ltd.		567,792		2,340,804
Century Textiles & Industries Ltd.		78,929		677,930
CESC Ltd.		114,475		1,100,205
Cipla Ltd.		500,136		5,519,258
Coal India Ltd.		1,004,102		6,400,226
Dabur India Ltd.		757,299		3,229,901
DCB Bank Ltd.a		760,349		1,402,472
Dewan Housing Finance Corp. Ltd.		114,777		916,749
Divi’s Laboratories Ltd.		63,513		1,768,715
DLF Ltd.		662,478		1,665,708
Dr. Reddy’s Laboratories Ltd.		168,191		9,113,827
Federal Bank Ltd.		975,704		2,252,778
Finolex Cables Ltd.		177,678		769,444
GAIL (India) Ltd.		448,359		2,997,886
Gateway Distriparks Ltd.		205,211		1,375,267
GlaxoSmithKline Consumer Healthcare Ltd.		17,670		1,658,659

Security	Shares		Value
GMR Infrastructure Ltd.		4,682,767	$	1,420,627
Godrej Consumer Products Ltd.		171,958		3,157,873
Godrej Industries Ltd.		150,817		811,613
GRUH Finance Ltd.		231,268		993,287
Gujarat Pipavav Port Ltd.a		406,952		1,429,155
Havells India Ltd.		411,328		1,798,583
HCL Technologies Ltd.		353,830		11,568,389
Hero Motocorp Ltd.		62,617		2,719,921
Hexaware Technologies Ltd.		229,632		1,005,395
Hindalco Industries Ltd.		1,612,038		3,986,733
Hindustan Unilever Ltd.		1,137,141		16,744,794
Housing Development & Infrastructure Ltd.a		533,962		1,028,960
Housing Development Finance Corp. Ltd.		2,186,750		47,239,532
ICICI Bank Ltd.		1,573,468		8,812,490
Idea Cellular Ltd.		1,536,981		3,802,352
IFCI Ltd.		1,088,340		679,717
Indiabulls Housing Finance Ltd.		259,413		2,615,536
Indiabulls Real Estate Ltd.		420,722		544,240
Indian Hotels Co. Ltd.a		579,200		1,049,598
Infosys Ltd.		1,318,039		48,973,557
IRB Infrastructure Developers Ltd.		236,172		981,104
ITC Ltd.		3,311,060		19,358,491
Jain Irrigation Systems Ltd.		762,768		892,909
Jaiprakash Associates Ltd.a		3,313,799		1,359,191
Jammu & Kashmir Bank Ltd. (The)		397,974		731,170
Jindal Steel & Power Ltd.		549,193		1,739,415
JSW Steel Ltd.		129,264		2,114,174
Jubilant Foodworks Ltd.a		33,501		893,234
Just Dial Ltd.		39,378		857,899
Kajaria Ceramics Ltd.		74,562		966,031
Karur Vysya Bank Ltd. (The)		123,853		1,177,510
Kaveri Seed Co. Ltd.		40,575		604,046
KPIT Technologies Ltd.		271,249		927,570
Larsen & Toubro Ltd.		452,726		12,951,458
LIC Housing Finance Ltd.		449,798		3,486,016
Mahindra & Mahindra Financial Services Ltd.		432,283		1,734,238
Mahindra & Mahindra Ltd.		475,049		9,930,257
MAX India Ltd.		221,037		1,646,735

16 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
MindTree Ltd.		80,839	$	1,893,154
Motherson Sumi Systems Ltd.		315,721		2,309,481
Mphasis Ltd.		115,446		709,151
MRF Ltd.		3,340		2,226,505
NCC Ltd./India		917,791		1,173,133
Nestle India Ltd.		38,324		4,355,375
NIIT Technologies Ltd.		88,418		571,166
NTPC Ltd.		2,239,061		5,647,919
Oil & Natural Gas Corp. Ltd.		1,059,804		5,572,095
Oil India Ltd.		159,002		1,280,274
Page Industries Ltd.		10,461		2,001,181
Piramal Enterprises Ltd.		103,800		1,495,489
Power Finance Corp. Ltd.		400,263		1,898,181
Prestige Estates Projects Ltd.		169,854		781,458
PTC India Ltd.		531,882		748,275
Rallis India Ltd.		176,427		698,229
Ramco Cements Ltd. (The)		128,431		695,923
Ranbaxy Laboratories Ltd.a		189,281		2,180,690
Raymond Ltd.		88,895		725,198
Redington India Ltd.		430,150		855,707
Reliance Capital Ltd.		167,004		1,233,514
Reliance Communications Ltd.a		1,305,120		1,446,497
Reliance Industries Ltd.		1,905,247		26,669,759
Reliance Infrastructure Ltd.		162,785		1,252,263
Rural Electrification Corp. Ltd.		444,485		2,377,227
Sesa Sterlite Ltd.		1,656,408		5,831,800
Shree Renuka Sugars Ltd.a		1,821,657		467,167
Shriram Transport Finance Co. Ltd.		222,412		4,388,143
Siemens Ltd.		114,618		2,479,758
SKS Microfinance Ltd.a		169,251		1,196,984
Sobha Ltd.		93,489		721,078
State Bank of India		2,170,921		10,595,556
Sun Pharma Advanced Research Co. Ltd.a		158,582		1,051,226
Sun Pharmaceuticals Industries Ltd.		1,033,114		15,228,005
Sundaram Finance Ltd.		57,328		1,410,452
Supreme Industries Ltd.		70,405		752,293
Suzlon Energy Ltd.a		2,238,494		986,958
Tata Consultancy Services Ltd.		679,365		29,406,540
Tata Global Beverages Ltd.		491,915		1,232,872
Tata Motors Ltd.		1,148,324		11,024,319
Tata Power Co. Ltd.		1,574,926		2,213,127

Security	Shares		Value
Tata Steel Ltd.		437,759	$	2,516,202
Tech Mahindra Ltd.		84,174		3,899,610
Thermax Ltd.		66,139		1,238,561
Torrent Pharmaceuticals Ltd.		74,894		1,301,935
TTK Prestige Ltd.		6,515		323,120
Tube Investments of India Ltd.		75,860		431,250
TV18 Broadcast Ltd.a		1,131,552		609,670
TVS Motor Co. Ltd.		206,021		927,853
Ultratech Cement Ltd.		72,078		3,656,963
Unitech Ltd.a		2,436,197		813,971
United Breweries Ltd.		101,511		1,640,551
United Spirits Ltd.a		73,503		4,067,491
VA Tech Wabag Ltd.		26,259		743,690
Vijaya Bank		849,147		662,913
Voltas Ltd.		223,754		919,562
Wipro Ltd.		869,294		9,271,719
Wockhardt Ltd.		43,981		1,126,975
Zee Entertainment Enterprises Ltd.		773,779		4,337,444
				527,992,344
INDONESIA — 2.79%
Ace Hardware Indonesia Tbk PT		13,102,300		856,591
Adaro Energy Tbk PT		19,969,800		1,483,250
Alam Sutera Realty Tbk PT		34,539,800		1,790,458
Aneka Tambang Persero Tbk PT		6,282,100		488,473
Arwana Citramulia Tbk PT		9,951,400		735,287
Astra Agro Lestari Tbk PT		739,800		1,410,914
Astra International Tbk PT		29,349,800		17,825,604
Bank Bukopin Tbk PT		10,385,500		638,799
Bank Central Asia Tbk PT		17,639,600		19,243,200
Bank Danamon Indonesia Tbk PT		4,801,300		1,783,075
Bank Mandiri Persero Tbk PT		13,533,000		12,564,487
Bank Negara Indonesia Persero Tbk PT		11,197,100		5,955,904
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		6,205,700		470,529
Bank Rakyat Indonesia Persero Tbk PT		15,773,400		15,712,381
Bank Tabungan Negara Persero Tbk PT		8,050,276		666,445
Benakat Integra Tbk PT		44,301,800		380,464

CONSOLIDATED SCHEDULEOF INVESTMENTS 17

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Bumi Serpong Damai Tbk PT		11,410,000	$	1,959,783
Charoen Pokphand Indonesia Tbk PT		10,552,900		3,090,346
Ciputra Development Tbk PT		16,241,800		1,866,079
Ciputra Property Tbk PT		7,975,000		459,681
Energi Mega Persada Tbk PTa		67,471,000		501,139
Gajah Tunggal Tbk PT		3,717,400		402,658
Global Mediacom Tbk PT		9,535,100		1,486,517
Gudang Garam Tbk PT		842,800		3,483,682
Hanson International Tbk PTa		14,223,700		830,862
Indo Tambangraya Megah Tbk PT		840,200		1,098,598
Indocement Tunggal Prakarsa Tbk PT		2,394,100		4,454,786
Indofood CBP Sukses Makmur Tbk PT		1,830,200		2,024,902
Indofood Sukses Makmur Tbk PT		6,265,200		3,587,039
Japfa Comfeed Indonesia Tbk PT		8,507,000		592,364
Jasa Marga Persero Tbk PT		3,134,000		1,721,578
Kalbe Farma Tbk PT		31,447,800		4,391,743
Kawasan Industri Jababeka Tbk PT		36,687,723		1,027,540
Krakatau Steel Persero Tbk PTa		4,667,400		167,196
Lippo Cikarang Tbk PTa		878,400		810,439
Lippo Karawaci Tbk PT		28,263,600		2,580,352
Matahari Department Store Tbk PT		2,852,000		3,938,739
Medco Energi Internasional Tbk PT		2,446,400		567,830
Media Nusantara Citra Tbk PT		7,626,900		1,858,780
Mitra Adiperkasa Tbk PT		1,296,500		549,194
MNC Investama Tbk PT		43,102,100		1,133,827
MNC Sky Vision Tbk PTa		2,265,800		298,893
Modernland Realty Tbk PT		23,475,300		1,062,518
Multipolar Tbk PT		10,980,315		785,825
Pakuwon Jati Tbk PT		35,362,300		1,504,779
Panin Financial Tbk PTa		26,387,900		632,901
Pembangunan Perumahan Persero Tbk PT		4,174,300		1,311,231
Perusahaan Gas Negara Persero Tbk PT		15,230,400		6,127,511

Security	Shares		Value
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		4,696,100	$	683,069
Ramayana Lestari Sentosa Tbk PT		6,925,200		383,096
Salim Ivomas Pratama Tbk PT		7,288,200		420,094
Semen Indonesia Persero Tbk PT		4,878,400		5,614,406
Sigmagold Inti Perkasa Tbk PTa		17,105,400		622,015
Sugih Energy Tbk PTa		29,334,600		944,154
Summarecon Agung Tbk PT		15,887,500		2,231,011
Surya Citra Media Tbk PT		7,707,200		2,176,501
Tambang Batubara Bukit Asam Persero Tbk PT		1,215,600		1,003,987
Telekomunikasi Indonesia Persero Tbk PT		73,078,200		16,594,547
Timah Persero Tbk PT		5,757,052		454,328
Tower Bersama Infrastructure Tbk PT		2,861,600		2,053,489
Unilever Indonesia Tbk PT		2,321,400		6,465,795
United Tractors Tbk PT		2,777,600		4,459,203
Wijaya Karya Persero Tbk PT		4,404,600		1,247,260
XL Axiata Tbk PT		4,477,700		1,661,166
				185,329,294
MALAYSIA — 3.59%
AEON Credit Service M Bhd		152,900		564,254
AirAsia Bhdb		1,927,300		1,401,089
Alliance Financial Group Bhd		1,702,300		2,276,661
AMMB Holdings Bhd		2,810,900		4,983,810
Astro Malaysia Holdings Bhd		3,023,300		2,743,116
Axiata Group Bhd		3,729,100		7,408,534
Berjaya Corp. Bhd		5,404,800		674,850
Berjaya Sports Toto Bhd		910,945		849,272
British American Tobacco Malaysia Bhd		224,800		4,310,122
Bumi Armada Bhda,b		3,291,800		1,041,246
Bursa Malaysia Bhd		619,500		1,426,706
Cahya Mata Sarawak Bhdb		817,300		977,404
CapitaMalls Malaysia Trust		2,077,200		864,539
Carlsberg Brewery Malaysia Bhd		284,000		1,013,385
CIMB Group Holdings Bhdb		7,252,600		11,973,632
Dialog Group Bhdb		5,841,696		2,642,055
DiGi.Com Bhd		4,420,000		7,787,736

18 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
DRB-Hicom Bhdb		1,342,500	$	726,380
Eastern & Oriental Bhd		1,351,590		843,806
Felda Global Ventures Holdings Bhd		1,886,500		1,214,395
Gamuda Bhdb		2,528,100		3,689,735
Genting Bhd		3,065,900		7,528,639
Genting Malaysia Bhd		4,231,100		4,825,145
Genting Plantations Bhd		390,500		1,126,859
Hartalega Holdings Bhdb		554,900		1,239,441
Hong Leong Bank Bhd		858,000		3,418,668
Hong Leong Financial Group Bhd		440,900		2,057,696
IHH Healthcare Bhd		3,689,000		5,701,368
IJM Corp. Bhdb		1,642,400		3,272,040
IJM Land Bhd		1,068,300		1,096,756
IOI Corp. Bhd		4,166,500		5,445,121
IOI Properties Group Bhd		2,575,873		1,522,367
KPJ Healthcare Bhdb		949,550		1,053,885
Kuala Lumpur Kepong Bhdb		780,900		4,918,543
Lafarge Malaysia Bhdb		651,400		1,825,511
Magnum Bhd		988,000		751,143
Mah Sing Group Bhd		2,032,438		1,144,797
Malayan Banking Bhd		6,627,900		16,919,168
Malaysia Airports Holdings Bhd		1,039,600		2,120,161
Malaysia Building Society Bhd		1,550,500		946,476
Malaysian Resources Corp. Bhd		2,771,300		1,053,463
Maxis Bhd		2,720,900		5,322,515
Media Chinese International Ltd.		1,363,400		270,486
Media Prima Bhd		1,964,700		981,260
MISC Bhd		1,621,600		3,788,533
OSK Holdings Bhd		1,075,100		650,310
Parkson Holdings Bhda		902,389		588,406
Pavilion REIT		1,462,800		608,824
Petronas Chemicals Group Bhd		3,989,700		6,055,399
Petronas Dagangan Bhdb		466,400		2,533,882
Petronas Gas Bhd		1,138,400		7,283,991
POS Malaysia Bhdb		626,700		838,150
PPB Group Bhd		719,000		2,908,718
Public Bank Bhd		4,095,160		20,816,685
QL Resources Bhd		1,007,550		1,053,958
RHB Capital Bhdb		876,400		1,935,667

Security	Shares		Value
Sapurakencana Petroleum Bhdb		5,622,600	$	4,446,285
Sarawak Oil Palms Bhd		263,200		405,316
Sime Darby Bhd		4,396,400		11,381,357
Sunway Bhd		1,104,500		1,035,852
Sunway REIT		2,591,700		1,172,162
Supermax Corp. Bhdb		1,216,400		739,155
Ta Ann Holdings Bhd		645,400		684,081
TA Enterprise Bhd		2,425,200		514,783
Telekom Malaysia Bhd		1,677,500		3,314,040
Tenaga Nasional Bhd		4,703,600		19,211,152
TIME dotCom Bhda		718,000		1,113,657
Top Glove Corp. Bhdb		794,300		1,115,194
TSH Resources Bhd		1,321,300		828,562
UEM Sunrise Bhdb		2,648,600		1,043,566
UMW Holdings Bhd		910,400		2,798,899
UOA Development Bhd		879,600		529,615
WCT Holdings Bhd		1,795,384		826,953
YTL Corp. Bhdb		6,015,600		2,754,090
YTL Power International Bhd		2,244,735		977,867
				237,909,344
MEXICO — 4.47%
Alfa SAB de CV Series Aa		4,054,400		8,782,906
Alsea SAB de CVa,b		734,600		2,252,636
America Movil SAB de CV Series L		46,973,900		50,266,346
Arca Continental SAB de CVa		567,600		3,597,989
Axtel SAB de CV CPOa,b		2,029,600		598,618
Banregio Grupo Financiero SAB de CVa,b		398,600		2,116,696
Bolsa Mexicana de Valores SAB de CV		677,200		1,221,514
Cemex SAB de CV CPOa		17,602,891		17,835,995
Coca-Cola Femsa SAB de CV Series L		628,800		5,428,405
Concentradora Fibra Hotelera Mexicana SA de CV		776,700		1,162,557
Consorcio ARA SAB de CVa		1,435,600		678,818
Controladora Comercial Mexicana SAB de CV BC Units		596,300		1,912,691
Controladora Vuela Cia. de Aviacion SAB de CV Class Aa		710,200		712,480

CONSOLIDATED SCHEDULEOF INVESTMENTS 19

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Corp Inmobiliaria Vesta SAB de CV		665,500	$	1,277,856
El Puerto de Liverpool SAB de CV Series C1a		250,200		2,826,296
Fibra Uno Administracion SA de CV		3,367,500		9,443,504
Fomento Economico Mexicano SAB de CVa		2,820,300		26,922,246
Genomma Lab Internacional SAB de CV Series Ba,b		1,179,300		1,287,197
Gentera SAB de CVa		1,560,300		2,990,784
Gruma SAB de CV Series B		264,800		3,243,233
Grupo Aeromexico SAB de CVa,b		755,800		1,273,315
Grupo Aeroportuario del Centro Norte SAB de CV		376,100		1,784,664
Grupo Aeroportuario del Pacifico SAB de CV Series B		471,600		3,196,673
Grupo Aeroportuario del Sureste SAB de CV Series Ba		334,000		4,579,991
Grupo Bimbo SAB de CVa		2,569,800		7,256,351
Grupo Carso SAB de CV Series A1		824,000		3,718,802
Grupo Comercial Chedraui SA de CVa		495,600		1,622,832
Grupo Famsa SAB de CV Series Aa,b		779,753		637,278
Grupo Financiero Banorte SAB de CV Series O		3,637,100		19,749,609
Grupo Financiero Inbursa SAB de CV Series O		3,350,300		9,406,474
Grupo Financiero Santander Mexico SAB de CV Series B		2,680,900		5,913,328
Grupo Herdez SAB de CVa,b		409,400		1,024,321
Grupo Lala SAB de CV		865,000		1,725,140
Grupo Mexico SAB de CV Series B		5,531,100		16,727,952
Grupo Simec SAB de CV Series Ba,b		201,500		603,476
Grupo Televisa SAB CPOa		3,793,500		25,779,664
Industrias CH SAB de CV Series Ba,b		246,100		1,121,704
Industrias Penoles SAB de CV		203,805		4,330,720

Security	Shares		Value
Kimberly-Clark de Mexico SAB de CV Series A		2,286,600	$	4,656,699
Mexichem SAB de CVb		1,333,100		3,885,534
Mexico Real Estate Management SA de CVb		1,199,100		2,062,657
Minera Frisco SAB de CV Series A1a		922,500		1,227,779
OHL Mexico SAB de CVa		1,091,800		2,253,407
PLA Administradora Industrial S. de RL de CVa		941,800		2,027,591
Promotora y Operadora de Infraestructura SAB de CVa		443,400		5,308,523
Qualitas Controladora SAB de CVa		376,900		762,774
TV Azteca SAB de CV CPOa		2,002,400		853,082
Urbi Desarrollos Urbanos SAB de CVa,b		558,900		—
Wal-Mart de Mexico SAB de CV Series V		7,628,200		18,667,458
				296,716,565
PERU — 0.39%
Cia. de Minas Buenaventura SA ADR		309,762		3,587,044
Credicorp Ltd.		102,237		14,846,857
Southern Copper Corp.		244,436		7,276,860
				25,710,761
PHILIPPINES — 1.40%
Aboitiz Equity Ventures Inc.		2,802,260		3,613,257
Aboitiz Power Corp.		2,133,900		2,148,904
Alliance Global Group Inc.		2,906,000		1,568,673
Atlas Consolidated Mining & Development		1,660,000		375,373
Ayala Corp.		304,750		4,955,903
Ayala Land Inc.		10,287,200		8,457,950
Bank of the Philippine Islands		1,092,275		2,389,429
BDO Unibank Inc.		2,377,100		5,984,534
Belle Corp.		6,789,600		660,635
Cebu Air Inc.		406,360		829,494
Cosco Capital Inc.		3,020,400		665,872
DMCI Holdings Inc.		5,776,000		2,069,875
East West Banking Corp.a		742,000		429,145
Energy Development Corp.		13,580,000		2,725,856
Filinvest Land Inc.		15,483,000		589,962
First Gen Corp.		1,927,200		1,274,164
First Philippine Holdings Corp.		348,820		816,471

20 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Globe Telecom Inc.		50,795	$	2,194,703
International Container Terminal Services Inc.		738,060		1,876,537
JG Summit Holdings Inc.		3,503,983		5,324,719
Jollibee Foods Corp.		600,800		2,995,143
Lopez Holdings Corp.		3,781,400		766,743
Manila Water Co. Inc.		1,740,500		1,257,313
Megaworld Corp.		17,493,000		2,170,259
Melco Crown Philippines Resorts Corp.a		2,592,600		599,785
Metro Pacific Investments Corp.		15,944,400		1,952,818
Metropolitan Bank & Trust Co.		402,000		843,844
Nickel Asia Corp.		1,755,812		1,154,877
Philippine Long Distance Telephone Co.		152,930		10,967,672
Philippine National Banka		332,176		628,716
Rizal Commercial Banking Corp.		613,890		641,876
Security Bank Corp.		655,600		2,379,134
SM Investments Corp.		275,575		5,500,250
SM Prime Holdings Inc.		9,909,096		4,441,001
Universal Robina Corp.		1,269,440		6,276,660
Vista Land & Lifescapes Inc.		6,757,300		1,095,820
				92,623,367
POLAND — 1.46%
Alior Bank SAa		75,196		1,682,493
Asseco Poland SA		112,706		1,647,878
Bank Handlowy w Warszawie SA		50,226		1,436,813
Bank Millennium SA		666,014		1,268,975
Bank Pekao SA		188,305		9,442,858
Bank Zachodni WBK SA		54,476		4,932,087
Budimex SA		21,555		949,547
CCC SA		31,733		1,557,856
Ciech SA		66,540		935,119
Cyfrowy Polsat SA		291,799		1,898,982
ENEA SA		316,162		1,385,075
Energa SA		306,357		1,862,906
Eurocash SA		124,830		1,126,798
Getin Holding SAa		731,485		395,381
Getin Noble Bank SAa		1,852,534		931,236
Globe Trade Centre SAa,b		458,824		603,887
Grupa Azoty SA		71,342		1,484,625
Grupa Lotos SAa		137,694		969,029

Security	Shares		Value
Kernel Holding SAa		78,568	$	679,480
KGHM Polska Miedz SA		197,627		6,462,675
LPP SA		1,417		2,768,629
Lubelski Wegiel Bogdanka SA		54,511		1,433,729
mBank		25,757		3,183,297
Netia SA		539,685		856,168
Orange Polska SA		902,263		2,406,750
PGE Polska Grupa Energetyczna SA		1,219,989		6,831,661
Polski Koncern Naftowy Orlen SA		456,729		6,740,800
Polskie Gornictwo Naftowe i Gazownictwo SA		2,887,341		3,925,064
Powszechna Kasa Oszczednosci Bank Polski SA		1,268,719		11,177,990
Powszechny Zaklad Ubezpieczen SA		77,744		10,268,095
Synthos SA		1,031,755		1,232,479
Tauron Polska Energia SA		1,434,664		1,899,883
TVN SAa		273,447		1,310,275
Warsaw Stock Exchange		65,286		851,683
				96,540,203
QATAR — 0.80%
Al Khalij Commercial Bank		132,982		795,737
Al Meera Consumer Goods Co. QSC		15,874		950,304
Barwa Real Estate Co.		143,942		1,925,024
Commercial Bank of Qatar QSC (The)		87,012		1,648,724
Doha Bank QSC		57,899		923,777
Gulf International Services QSC		77,533		2,031,209
Industries Qatar QSC		202,610		8,624,070
Masraf Al Rayan		517,354		6,833,648
Mazaya Qatar Real Estate Development QSC		87,866		470,517
Medicare Group		16,103		686,749
Ooredoo QSC		103,942		3,268,257
Qatar Electricity & Water Co. QSC		35,440		1,853,994
Qatar Industrial Manufacturing Co.a		41,680		570,575
Qatar Islamic Bank SAQ		87,445		2,490,195
Qatar National Bank SAQ		265,925		14,846,232

CONSOLIDATED SCHEDULEOF INVESTMENTS 21

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Qatar National Cement Co. QSC		17,038	$	641,001
Qatari Investors Group QSC		48,330		595,913
Salam International Investment Co.		153,583		609,440
United Development Co. PSC		109,411		729,206
Vodafone Qatar QSC		489,104		2,381,385
				52,875,957
RUSSIA — 3.11%
Alrosa AO		3,597,300		4,088,221
Gazprom OAO		8,515,620		21,070,612
Gazprom OAO ADR		4,257,810		21,246,472
Inter RAO UES JSCa		41,077,000		607,573
LSR Group GDRd		374,464		801,353
Lukoil OAO		362,707		17,576,672
Lukoil OAO ADR (London)		380,707		18,426,219
M Video OJSC		177,030		476,267
Magnit PJSC GDRd		374,358		17,845,646
Mechel ADRa		360,367		594,606
MegaFon OAO GDRd		142,420		2,508,016
MMC Norilsk Nickel OJSC		80,308		14,646,985
Mobile TeleSystems OJSC ADR		709,324		7,022,308
Moscow Exchange MICEX-RTS OAO		2,257,520		2,804,450
NOVATEK OAO GDRd		132,076		11,074,573
Rosneft OAO		1,356,660		5,834,707
Rosneft OAO GDRd		200,000		864,000
Rostelecom OJSC		1,231,690		1,798,092
RusHydro JSC		182,453,000		1,903,508
Sberbank of Russia		13,291,030		16,339,038
Sberbank of Russia ADR		550,000		2,795,650
Severstal PAO		378,690		4,240,289
Sistema JSFC GDRd		244,863		1,738,527
Surgutneftegas OAO		5,220,950		2,947,299
Surgutneftegas OAO ADR		522,159		2,900,593
Tatneft OAO Class S		2,053,370		10,591,684
TMK OAO GDRd		119,763		374,858
Uralkali PJSC		937,640		2,593,843
Uralkali PJSC GDRd		187,528		2,629,143
VTB Bank OJSC		5,671,870,000		6,261,475
VTB Bank OJSC GDRd		800,000		1,760,000
				206,362,679
SOUTH AFRICA — 7.90%
Acucap Properties Ltd.		188,593		921,683

Security	Shares		Value
Adcock Ingram Holdings Ltd.a,b		199,322	$	898,001
Adcorp Holdings Ltd.		306,527		830,698
Advtech Ltd.		808,685		669,683
Aeci Ltd.		190,872		2,122,802
African Oxygen Ltd.		306,503		378,756
African Rainbow Minerals Ltd.		185,616		1,949,820
Anglo American Platinum Ltd.a		81,488		2,597,504
AngloGold Ashanti Ltd.a		591,986		6,661,049
ArcelorMittal South Africa Ltd.a		292,815		653,324
Aspen Pharmacare Holdings Ltd.		447,339		15,885,084
Assore Ltd.		73,233		955,869
Astral Foods Ltd.		80,659		1,209,020
Attacq Ltd.a		750,368		1,484,251
Aveng Ltd.a,b		650,083		870,831
AVI Ltd.		448,082		3,222,668
Barclays Africa Group Ltd.		475,959		7,871,928
Barloworld Ltd.		378,046		2,901,283
Bidvest Group Ltd. (The)		463,340		12,790,458
Blue Label Telecoms Ltd.		826,372		638,235
Brait SEa		566,763		3,804,360
Capital Property Funda		2,033,584		2,464,104
Cashbuild Ltd.		56,672		1,060,150
City Lodge Hotels Ltd.		75,775		891,574
Clicks Group Ltd.		461,038		3,542,946
Clover Industries Ltd.		488,937		837,902
Coronation Fund Managers Ltd.		329,678		2,924,467
DataTec Ltd.		255,774		1,318,049
Discovery Ltd.		472,007		4,852,117
Emira Property Fund		768,864		1,210,732
EOH Holdings Ltd.		156,745		1,822,482
Exxaro Resources Ltd.b		190,206		1,865,008
Famous Brands Ltd.		92,373		887,821
FirstRand Ltd.		4,584,140		21,046,210
Foschini Group Ltd. (The)		285,263		4,049,447
Fountainhead Property Trust		656,091		526,990
Gold Fields Ltd.		1,150,473		5,356,961
Grindrod Ltd.		636,787		996,739
Group Five Ltd./South Africa		282,241		605,511
Growthpoint Properties Ltd.		3,032,367		7,723,389
Harmony Gold Mining Co. Ltd.a		447,898		1,104,659

22 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Hosken Consolidated Investments Ltd.		84,078	$	1,122,026
Hudaco Industries Ltd.		125,586		1,337,982
Hyprop Investments Ltd.		416,369		3,976,819
Illovo Sugar Ltd.		345,708		732,475
Impala Platinum Holdings Ltd.a		766,437		4,716,485
Imperial Holdings Ltd.		255,961		4,316,610
Investec Ltd.		407,438		3,601,314
JSE Ltd.		148,072		1,544,508
Kumba Iron Ore Ltd.		88,999		1,748,972
Lewis Group Ltd.b		151,656		1,193,805
Liberty Holdings Ltd.		183,773		2,229,310
Life Healthcare Group Holdings Ltd.		1,299,447		5,051,485
Massmart Holdings Ltd.		153,512		2,196,171
Mediclinic International Ltd.		566,328		5,985,980
Metair Investments Ltd.b		235,878		696,319
MMI Holdings Ltd./ South Africa		1,382,043		3,860,422
Mondi Ltd.		202,216		4,127,789
Mpact Ltd.		324,219		1,094,270
Mr. Price Group Ltd.		340,723		7,887,242
MTN Group Ltd.		2,333,901		41,386,536
Murray & Roberts Holdings Ltd.		672,222		1,003,170
Nampak Ltd.		833,474		2,910,328
Naspers Ltd. Class N		574,145		84,362,806
Nedbank Group Ltd.		269,925		5,925,703
Netcare Ltd.		1,383,891		4,877,405
Northam Platinum Ltd.a,b		573,115		2,540,238
Omnia Holdings Ltd.b		114,001		1,858,765
Pick n Pay Holdings Ltd.		392,835		770,298
Pick n Pay Stores Ltd.		347,301		1,574,225
PPC Ltd.		759,155		1,180,459
Rand Merchant Insurance Holdings Ltd.		981,875		3,791,674
Redefine Properties Ltd.		4,005,479		4,069,756
Remgro Ltd.		697,587		16,582,133
Resilient Property Income Fund Ltd.		481,136		3,870,806
Reunert Ltd.		260,926		1,393,859
RMB Holdings Ltd.		966,734		5,631,331
Royal Bafokeng Platinum Ltd.a		144,310		718,268

Security	Shares		Value
SA Corporate Real Estate Fund Nominees Pty Ltd.		2,487,463	$	1,088,652
Sanlam Ltd.		2,670,111		17,322,611
Sappi Ltd.a		771,068		3,242,284
Sasol Ltd.		801,895		29,158,067
Shoprite Holdings Ltd.		664,515		9,466,188
Sibanye Gold Ltd.		1,188,367		3,141,988
SPAR Group Ltd. (The)		300,817		4,611,770
Standard Bank Group Ltd.		1,702,768		22,285,175
Steinhoff International Holdings Ltd.		2,889,908		16,682,752
Sun International Ltd./ South Africa		154,106		1,741,280
Super Group Ltd./ South Africaa		452,706		1,370,200
Telkom SA SOC Ltd.a		365,715		2,573,469
Tiger Brands Ltd.		229,841		6,854,007
Tongaat Hulett Ltd.		156,915		2,077,208
Trencor Ltd.		243,933		1,418,215
Truworths International Ltd.		557,177		4,249,712
Tsogo Sun Holdings Ltd.		720,646		1,755,079
Vodacom Group Ltd.		492,925		5,744,376
Vukile Property Fund Ltd.		732,901		1,239,636
Wilson Bayly Holmes-Ovcon Ltd.		102,132		1,001,074
Woolworths Holdings Ltd./ South Africa		1,277,530		9,856,923
Zeder Investments Ltd.		1,688,347		1,101,127
				524,254,102
SOUTH KOREA — 14.18%
Ahnlab Inc.		16,757		738,954
AmorePacific Corp.		4,624		12,028,172
AmorePacific Group		4,140		5,039,442
Asia Cement Co. Ltd.		5,609		597,925
Asiana Airlines Inc.a		175,737		1,399,427
ATLASBX Co. Ltd.b		19,759		733,615
Binggrae Co. Ltd.		10,301		687,953
Bioland Ltd.b		30,224		623,729
BS Financial Group Inc.		258,557		3,510,090
Bukwang Pharmaceutical Co. Ltd.		53,856		1,165,396
Cell Biotech Co. Ltd.		13,989		903,667
Celltrion Inc.a,b		91,815		5,479,370
Chabiotech Co. Ltd.a,b		60,863		926,074
Cheil Industries Inc.a,b		22,610		3,337,269

CONSOLIDATED SCHEDULEOF INVESTMENTS 23

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Cheil Worldwide Inc.a		110,069	$	2,095,979
Chong Kun Dang Pharmaceutical Corp.		13,892		739,185
CJ CGV Co. Ltd.		32,620		1,911,044
CJ CheilJedang Corp.		12,024		3,916,523
CJ Corp.		21,982		3,474,900
CJ E&M Corp.a		30,819		1,373,103
CJ Freshway Corp.b		16,923		781,738
CJ Hellovision Co. Ltd.		62,563		604,226
CJ Korea Express Co. Ltd.a		11,104		1,831,191
CJ O Shopping Co. Ltd.		4,693		1,004,833
Com2uSCorp.a,b		10,700		1,730,445
Cosmax Inc.		11,718		1,382,608
Coway Co. Ltd.		75,393		5,921,258
Daeduck Electronics Co.		84,636		724,868
Daeduck GDS Co. Ltd.		35,045		431,058
Daekyo Co. Ltd.		77,832		486,472
Daelim Industrial Co. Ltd.		38,052		2,246,613
Daesang Corp.		34,838		1,185,549
Daewoo Engineering & Construction Co. Ltd.a		165,448		1,192,377
Daewoo International Corp.		68,584		1,812,160
Daewoo Securities Co. Ltd.a		267,911		2,599,656
Daewoo Shipbuilding & Marine Engineering Co. Ltd.b		150,502		2,776,790
Daewoong Pharmaceutical Co. Ltd.		9,756		517,333
Daishin Securities Co. Ltd.		86,941		871,351
Daou Technology Inc.		65,915		909,856
Daum Kakao Corp.b		36,311		4,403,439
DGB Financial Group Inc.		209,386		2,212,999
Dong-A Socio Holdings Co. Ltd.		4,935		539,565
Dong-A ST Co. Ltd.		7,175		616,466
Dongbu Insurance Co. Ltd.		61,953		2,991,671
Dongkuk Steel Mill Co. Ltd.a,b		105,174		605,621
Dongsuh Co. Inc.		50,109		1,317,156
Dongwon Industries Co. Ltd.		2,620		781,787
Doosan Corp.		11,090		1,207,467
Doosan Engine Co. Ltd.a,b		85,974		591,412
Doosan Heavy Industries & Construction Co. Ltd.		81,668		2,161,592
Doosan Infracore Co. Ltd.a		202,634		2,381,649
Duksan Hi-Metal Co. Ltd.a,b		21,409		170,679

Security	Shares		Value
DuzonBIzon Co. Ltd.		76,738	$	898,440
DY Corp.		60,207		369,180
E-Mart Co. Ltd.		29,193		5,705,342
E1 Corp.		6,936		417,721
EO Technics Co. Ltd.		14,451		1,889,407
Fila Korea Ltd.		15,855		1,343,460
Gamevil Inc.a,b		7,908		907,127
GemVax & Kael Co. Ltd.a		41,399		716,670
Global & Yuasa Battery Co. Ltd.		12,833		478,219
Golfzon Co. Ltd.		30,061		818,937
Grand Korea Leisure Co. Ltd.b		46,836		1,482,895
Green Cross Corp./ South Korea		9,856		1,252,710
Green Cross Holdings Corp.		42,297		847,828
GS Engineering & Construction Corp.a		73,137		2,019,089
GS Holdings Corp.		78,759		3,175,332
GS Home Shopping Inc.		5,119		1,091,382
Gwangju Shinsegae Co. Ltd.		1,969		560,624
Halla Corp.a		78,566		449,542
Halla Holdings Corp.		12,390		733,771
Halla Visteon Climate Control Corp.a		54,315		2,120,539
Hana Financial Group Inc.		402,300		11,032,964
Hana Tour Service Inc.		17,405		1,547,745
Hancom Inc.		34,360		569,771
Handsome Co. Ltd.		28,824		820,692
Hanil Cement Co. Ltd.		5,511		848,580
Hanjin Heavy Industries & Construction Co. Ltd.a,b		121,015		523,180
Hanjin Kal Corp.a		67,015		1,911,138
Hanjin Shipping Co. Ltd.a,b		138,923		982,226
Hanjin Transportation Co. Ltd.		16,631		898,563
Hankook Shell Oil Co. Ltd.		1,575		652,214
Hankook Tire Co. Ltd.		107,414		4,697,619
Hankook Tire Worldwide Co. Ltd.		33,584		725,198
Hanmi Pharm Co. Ltd.a,b		10,378		1,016,478
Hansae Co. Ltd.		33,340		1,243,928
Hansol Chemical Co. Ltd.		24,707		1,181,830
Hansol Holdings Co. Ltd.a		73,713		505,054
Hanssem Co. Ltd.		15,065		2,422,644
Hanwha Chemical Corp.		151,086		1,940,971
Hanwha Corp.		66,127		1,843,639

24 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Hanwha General Insurance Co. Ltd.a		134,161	$	545,787
Hanwha Investment & Securities Co. Ltd.a		165,590		647,243
Hanwha Life Insurance Co. Ltd.		309,582		2,202,939
Hite Jinro Co. Ltd.		37,141		773,242
HMC Investment Securities Co. Ltd.		63,376		623,626
Hotel Shilla Co. Ltd.		46,604		4,203,723
Huchems Fine Chemical Corp.		43,666		1,020,485
Hwa Shin Co. Ltd.b		62,498		418,532
Hy-Lok Corp.		24,680		637,491
Hyosung Corp.		31,873		2,125,738
Hyundai Corp.		21,949		517,953
Hyundai Department Store Co. Ltd.		21,658		2,644,228
Hyundai Development Co. Engineering & Construction		78,954		3,596,829
Hyundai Engineering & Construction Co. Ltd.		101,079		4,549,499
Hyundai Glovis Co. Ltd.		21,890		4,756,745
Hyundai Greenfood Co. Ltd.		68,517		1,161,146
Hyundai Heavy Industries Co. Ltd.a,b		64,262		7,026,049
Hyundai Home Shopping Network Corp.		9,322		1,138,124
Hyundai Hysco Co. Ltd.		15,644		920,780
Hyundai Livart Furniture Co. Ltd.		20,808		787,729
Hyundai Marine & Fire Insurance Co. Ltd.		58,740		1,458,398
Hyundai Merchant Marine Co. Ltd.a,b		104,735		862,653
Hyundai Mipo Dockyard Co. Ltd.a,b		16,897		1,183,891
Hyundai Mobis Co. Ltd.		98,802		22,460,115
Hyundai Motor Co.		214,692		31,395,441
Hyundai Securities Co. Ltd.		197,897		1,388,371
Hyundai Steel Co.		97,884		5,975,334
Hyundai Wia Corp.		22,781		2,916,250
Ilyang Pharmaceutical Co. Ltd.b		33,789		908,182
iMarketKorea Inc.		31,105		783,612

Security	Shares		Value
Industrial Bank of Korea		358,134	$	4,405,092
Interpark Corp.		67,899		621,735
JB Financial Group Co. Ltd.		128,424		798,006
JoyCity Corp.a,b		21,148		545,295
Kangwon Land Inc.		165,560		5,128,732
KB Capital Co. Ltd.		32,332		676,069
KB Financial Group Inc.		551,760		19,606,068
KCC Corp.		9,663		5,203,255
KEPCO Plant Service & Engineering Co. Ltd.		32,328		2,715,723
Kia Motors Corp.		380,788		15,785,936
KISWIRE Ltd.b		15,774		676,922
KIWOOM Securities Co. Ltd.		18,637		1,066,378
Koh Young Technology Inc.		31,729		1,312,466
Kolon Industries Inc.b		25,443		1,172,991
Komipharm International Co. Ltd.a,b		68,623		595,852
Korea Aerospace Industries Ltd.b		72,563		3,332,126
Korea District Heating Corp.		5,260		266,463
Korea Electric Power Corp.		358,610		14,605,136
Korea Gas Corp.		37,148		1,435,083
Korea Investment Holdings Co. Ltd.a		59,253		2,947,669
Korea Kolmar Co. Ltd.b		23,299		1,303,411
Korea Zinc Co. Ltd.		12,564		4,687,675
Korean Air Lines Co. Ltd.a		40,791		1,865,708
Korean Reinsurance Co.		144,987		1,373,846
KT Corp.a		57,904		1,614,380
KT Skylife Co. Ltd.		35,438		534,371
KT&G Corp.		153,865		11,215,161
Kukdo Chemical Co. Ltd.b		16,812		740,613
Kumho Petrochemical Co. Ltd.		20,407		1,602,736
Kumho Tire Co. Inc.a		103,959		906,462
Kwang Dong Pharmaceutical Co. Ltd.		85,828		981,405
Kwangju Banka		73,173		620,025
Kyongnam Banka		57,615		551,189
LF Corp.		35,111		1,007,696
LG Chem Ltd.		69,285		14,519,202
LG Corp.		135,242		7,836,901
LG Display Co. Ltd.		347,132		10,753,485
LG Electronics Inc.		154,234		8,684,489
LG Hausys Ltd.		10,617		1,876,632

CONSOLIDATED SCHEDULEOF INVESTMENTS 25

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
LG Household & Health Care Ltd.		14,132	$	8,626,887
LG Innotek Co. Ltd.		18,684		1,787,454
LG International Corp.		47,093		1,591,864
LG Life Sciences Ltd.a,b		26,928		1,094,245
LG Uplus Corp.		307,284		3,317,676
LIG Insurance Co. Ltd.		58,415		1,277,354
Lock&Lock Co. Ltd.b		42,586		405,470
Lotte Chemical Corp.		22,186		3,850,789
Lotte Chilsung Beverage Co. Ltd.		964		1,548,478
Lotte Confectionery Co. Ltd.		979		1,622,524
Lotte Food Co. Ltd.		1,662		963,083
Lotte Shopping Co. Ltd.		14,960		3,407,590
LS Corp.		25,352		1,189,584
LS Industrial Systems Co. Ltd.		22,760		1,281,553
Lumens Co. Ltd.a,b		92,679		540,427
Maeil Dairy Industry Co. Ltd.b		18,527		599,252
Mando Corp.		9,535		1,355,255
Medipost Co. Ltd.a,b		16,512		1,173,465
Medy-Tox Inc.		6,706		2,162,319
MegaStudy Co. Ltd.		11,935		712,261
Meritz Fire & Marine Insurance Co. Ltd.		90,998		1,086,123
Meritz Securities Co. Ltd.b		323,065		1,348,128
Mirae Asset Securities Co. Ltd.		38,231		1,687,661
Modetour Network Inc.b		33,824		933,777
Muhak Co. Ltd.a		26,213		1,055,637
Namhae Chemical Corp.		78,165		626,004
Namyang Dairy Products Co. Ltd.		1,046		700,478
Naturalendo Tech Co. Ltd.a,b		18,380		874,162
NAVER Corp.		39,141		23,572,686
NCsoft Corp.		21,431		3,485,430
Neowiz Games Corp.a		36,815		722,849
Nexen Corp.		5,106		411,718
Nexen Tire Corp.		54,332		759,871
NH Investment & Securities Co. Ltd.		220,269		2,468,506
NHN Entertainment Corp.a,b		17,848		1,157,831
NICE Holdings Co. Ltd.b		43,036		762,653
Nong Shim Holdings Co. Ltd.		5,748		602,269
NongShim Co. Ltd.		5,277		1,218,823
OCI Co. Ltd.a		23,487		2,097,149

Security	Shares		Value
OCI Materials Co. Ltd.		15,754	$	1,156,915
Orion Corp./Republic of Korea		5,001		4,392,478
Osstem Implant Co. Ltd.a		21,757		907,904
Ottogi Corp.		2,114		1,147,960
Paradise Co. Ltd.		68,357		1,317,253
Partron Co. Ltd.b		53,234		620,833
Poongsan Corp.		39,141		914,734
POSCO		94,186		22,955,451
POSCO Chemtech Co. Ltd.		4,794		634,657
POSCO ICT Co. Ltd.b		106,324		565,744
Pyeong Hwa Automotive Co. Ltd.b		32,726		494,968
S&T Dynamics Co. Ltd.		80,430		802,431
S-1 Corp.		26,899		1,960,658
S-Oil Corp.		64,376		3,800,797
Samchully Co. Ltd.		4,487		504,892
Samkwang Glass		10,072		757,086
Samsung C&T Corp.		181,208		10,005,198
Samsung Card Co. Ltd.		51,545		1,761,138
Samsung Electro-Mechanics Co. Ltd.		86,643		5,439,117
Samsung Electronics Co. Ltd.		159,576		197,298,193
Samsung Engineering Co. Ltd.a		41,547		1,589,881
Samsung Fine Chemicals Co. Ltd.b		31,207		1,025,021
Samsung Fire & Marine Insurance Co. Ltd.		51,100		11,872,352
Samsung Heavy Industries Co. Ltd.		225,699		4,051,087
Samsung Life Insurance Co. Ltd.		84,991		7,712,727
Samsung SDI Co. Ltd.		79,765		9,920,206
Samsung SDS Co. Ltd.		40,991		10,812,168
Samsung Securities Co. Ltd.		83,575		3,632,206
SBS Media Holdings Co. Ltd.		112,696		523,666
SeAH Besteel Corp.		26,819		847,906
SeAH Steel Corp.		5,762		443,089
Sebang Co. Ltd.		33,211		594,594
Seegene Inc.a,b		25,514		860,114
Seobu T&Da		33,052		517,967
Seoyeon Co. Ltd.		38,160		554,555
SFA Engineering Corp.		16,251		755,137
Shinhan Financial Group Co. Ltd.		599,861		23,884,038

26 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Shinsegae Co. Ltd.		9,907	$	1,557,066
Shinsegae Food Co. Ltd.		5,664		639,913
Shinsegae International Co. Ltd.b		5,447		445,170
Simm Tech Co. Ltd.a,b		74,810		780,442
Sindoh Co. Ltd.		10,327		672,753
SK Broadband Co. Ltd.a		220,540		913,265
SK C&C Co. Ltd.		29,339		5,800,704
SK Chemicals Co. Ltd.		24,024		1,330,836
SK Gas Ltd.		8,122		681,551
SK Holdings Co. Ltd.		39,466		6,688,238
SK Hynix Inc.		836,578		35,519,598
SK Innovation Co. Ltd.a		90,824		8,564,789
SK Networks Co. Ltd.		178,185		1,534,188
SK Securities Co. Ltd.a		878,596		828,524
SK Telecom Co. Ltd.		15,152		3,955,217
SKC Co. Ltd.b		35,910		1,107,515
SL Corp.		26,570		434,542
SM Entertainment Co.a,b		28,661		864,361
Soulbrain Co. Ltd.		22,094		803,199
Ssangyong Motor Co.a,b		79,407		723,493
Sung Kwang Bend Co. Ltd.		44,380		596,424
Sungwoo Hitech Co. Ltd.		60,357		679,157
Suprema Inc.a		26,934		614,730
Taekwang Industrial Co. Ltd.		551		584,862
Taewoong Co. Ltd.a		31,496		516,540
Taeyoung Engineering & Construction Co. Ltd.a		140,825		692,866
Taihan Electric Wire Co. Ltd.a		200,343		219,044
Tera Resource Co. Ltd.a		49,111		—
TK Corp.a		51,854		545,682
Tongyang Life Insurance		68,861		746,614
ViroMed Co. Ltd.a,b		21,278		1,130,251
WeMade Entertainment Co. Ltd.a,b		15,119		565,473
Wonik IPS Co. Ltd.a		71,518		827,551
Woori Banka		403,576		3,485,855
YG Entertainment Inc.b		28,028		1,188,742
Youlchon Chemical Co. Ltd.		46,702		497,848
Youngone Corp.		33,953		1,562,231
Youngone Holdings Co. Ltd.		9,860		793,256
Yuanta Securities Koreaa		143,396		584,663
Yuhan Corp.		7,596		1,183,469
Yungjin Pharmaceutical Co. Ltd.a,b		621,343		860,500
				940,354,398

Security	Shares		Value
TAIWAN — 13.40%
A-DATA Technology Co. Ltd.b		324,820	$	557,484
Ability Enterprise Co. Ltd.		1,127,000		681,834
AcBel Polytech Inc.		644,000		785,391
Accton Technology Corp.		1,474,000		762,697
Acer Inc.a		3,788,872		2,479,265
Advanced Semiconductor Engineering Inc.		8,628,000		11,621,220
Advantech Co. Ltd.		603,302		4,610,491
Airtac International Groupb		193,800		1,666,168
ALI Corp.		935,000		817,250
Alpha Networks Inc.		991,000		577,465
Altek Corp.a		490,000		580,417
Ambassador Hotel (The)		805,000		707,467
AmTRAN Technology Co. Ltd.		1,274,000		711,947
Ardentec Corp.		981,912		850,438
Asia Cement Corp.		2,585,050		3,185,526
Asia Optical Co. Inc.a		449,000		649,088
Asia Pacific Telecom Co. Ltd.		3,336,000		1,625,244
Asia Polymer Corp.		926,000		636,892
ASUSTeK Computer Inc.		1,023,000		10,635,552
AU Optronics Corp.		12,434,000		6,552,546
Bank of Kaohsiung Co. Ltd.		2,121,168		615,311
BES Engineering Corp.		2,875,000		703,988
Bizlink Holding Inc.		183,095		658,804
Brogent Technologies Inc.a		73,401		923,209
Capital Securities Corp.		1,920,000		632,765
Career Technology MFG. Co. Ltd.		641,000		716,418
Catcher Technology Co. Ltd.		1,053,000		9,623,022
Cathay Financial Holding Co. Ltd.		11,840,078		18,021,198
Cathay Real Estate Development Co. Ltd.		908,000		508,862
Chailease Holding Co. Ltd.		1,344,640		3,271,151
Chang Hwa Commercial Bank Ltd.		6,043,440		3,550,437
Cheng Loong Corp.		1,415,000		572,218
Cheng Shin Rubber Industry Co. Ltd.		2,616,650		6,315,621
Cheng Uei Precision Industry Co. Ltd.		654,000		1,176,596
Chia Hsin Cement Corp.		1,003,000		434,351
Chicony Electronics Co. Ltd.		681,410		1,894,192
Chin-Poon Industrial Co. Ltd.		654,000		1,191,173

CONSOLIDATED SCHEDULEOF INVESTMENTS 27

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
China Airlines Ltd.a		3,556,000	$	1,743,748
China Bills Finance Corp.		1,551,000		582,767
China Development Financial Holding Corp.		19,623,000		6,810,721
China Life Insurance Co. Ltd./Taiwan		3,826,044		3,289,387
China Man-Made Fiber Corp.a		2,077,000		724,189
China Metal Products		1,293,146		1,354,705
China Motor Corp.		398,000		342,808
China Petrochemical Development Corp.a,b		3,317,900		1,251,938
China Steel Chemical Corp.		204,000		954,880
China Steel Corp.		17,110,529		14,220,182
China Synthetic Rubber Corp.		783,000		797,835
Chipbond Technology Corp.		868,000		1,685,974
Chong Hong Construction Co. Ltd.		238,450		493,528
Chroma ATE Inc.		654,000		1,680,554
Chung Hung Steel Corp.a		2,981,000		677,737
Chunghwa Telecom Co. Ltd.		5,512,000		17,235,421
Clevo Co.		555,175		853,843
CMC Magnetics Corp.a		3,999,000		553,913
Compal Electronics Inc.		5,743,000		4,462,003
Compeq Manufacturing Co. Ltd.		1,561,000		869,846
Continental Holdings Corp.		1,703,600		634,680
Coretronic Corp.		815,750		1,257,198
Coxon Precise Industrial Co. Ltd.		337,000		764,031
CSBC Corp. Taiwan		1,558,000		821,044
CTBC Financial Holding Co. Ltd.		19,731,241		13,131,124
CTCI Corp.		883,000		1,456,437
Cyberlink Corp.		275,540		796,658
CyberTAN Technology Inc.		877,000		656,249
D-Link Corp.		1,136,420		645,919
Darwin Precisions Corp.a		1,401,000		771,766
Delta Electronics Inc.		2,651,000		17,135,902
Depo Auto Parts Ind. Co. Ltd.		196,000		752,046
Dynapack International Technology Corp.		255,000		601,672
E Ink Holdings Inc.a		1,276,000		560,700
E.Sun Financial Holding Co. Ltd.		8,549,526		5,335,797
Eclat Textile Co. Ltd.		243,062		2,786,254

Security	Shares		Value
Elan Microelectronics Corp.		654,000	$	1,107,874
Elite Material Co. Ltd.		800,000		1,134,851
Elite Semiconductor Memory Technology Inc.		474,000		750,884
Epistar Corp.		1,541,694		2,950,352
Eternal Materials Co. Ltd.		1,067,030		1,082,149
EVA Airways Corp.a		2,698,279		1,976,132
Evergreen Marine Corp. Taiwan Ltd.a		2,131,000		1,564,068
Everlight Chemical Industrial Corp.		782,192		694,894
Everlight Electronics Co. Ltd.		654,000		1,684,719
Far Eastern Department Stores Ltd.		1,513,167		1,300,924
Far Eastern International Bank		2,403,587		811,273
Far Eastern New Century Corp.		4,565,291		4,739,006
Far EasTone Telecommunications Co. Ltd.		2,149,000		5,310,059
Faraday Technology Corp.		622,000		805,104
Farglory Land Development Co. Ltd.		654,782		781,860
Federal Corp.		1,215,354		714,004
Feng Hsin Iron & Steel Co.		701,000		870,530
Feng TAY Enterprise Co. Ltd.		654,305		2,729,309
Firich Enterprises Co. Ltd.b		293,903		1,001,357
First Financial Holding Co. Ltd.		10,351,272		6,114,189
FLEXium Interconnect Inc.		340,471		847,790
Formosa Chemicals & Fibre Corp.		4,674,210		10,478,089
Formosa Petrochemical Corp.		1,794,000		3,930,177
Formosa Plastics Corp.		6,221,800		15,353,909
Formosa Taffeta Co. Ltd.		856,000		904,926
Formosan Rubber Group Inc.		812,000		841,605
Foxconn Technology Co. Ltd.		1,308,720		3,367,125
Fubon Financial Holding Co. Ltd.		9,645,000		17,198,535
Gemtek Technology Corp.		907,000		672,921
Getac Technology Corp.		1,006,000		599,019
Giant Manufacturing Co. Ltd.		532,000		5,166,693
Gigabyte Technology Co. Ltd.		797,000		1,015,125
Gigasolar Materials Corp.b		39,800		629,221
Gigastorage Corp.a,b		739,000		610,637

28 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Gintech Energy Corp.a,b		983,000	$	707,397
Global Mixed Mode Technology Inc.		242,000		701,996
Gloria Material Technology Corp.		1,189,200		825,491
Goldsun Development & Construction Co. Ltd.a		1,535,000		508,327
Gourmet Master Co. Ltd.		93,000		490,097
Grand Pacific Petrochemical		1,403,000		752,764
Grape King Bio Ltd.		158,000		659,067
Great Wall Enterprise Co. Ltd.		917,500		803,415
Greatek Electronics Inc.		543,000		659,623
HannStar Display Corp.		3,699,640		924,763
HannsTouch Solution Inc.a		2,899,000		711,711
Hermes Microvision Inc.		57,000		2,849,546
Hey Song Corp.		543,000		655,300
Highwealth Construction Corp.		838,100		1,785,349
Hiwin Technologies Corp.b		292,770		2,363,229
Ho Tung Chemical Corp.a		2,153,177		695,900
Holy Stone Enterprise Co. Ltd.		686,900		964,569
Hon Hai Precision Industry Co. Ltd.		18,122,568		50,261,922
Hotai Motor Co. Ltd.		369,000		5,616,367
HTC Corp.a		1,176,000		5,729,279
Hua Nan Financial Holdings Co. Ltd.		8,450,116		4,843,244
Huaku Development Co. Ltd.		383,000		725,633
Hung Sheng Construction Ltd.		922,000		575,424
Ichia Technologies Inc.		625,000		665,698
IEI Integration Corp.		368,582		602,078
Innolux Corp.		11,085,241		5,682,929
Inotera Memories Inc.a		3,290,000		4,855,644
Inventec Corp.		3,172,000		2,434,173
ITEQ Corp.		733,000		581,172
KEE TAI Properties Co. Ltd.		1,193,000		765,450
Kenda Rubber Industrial Co. Ltd.		850,744		1,736,433
Kerry TJ Logistics Co. Ltd.		488,000		603,687
Kindom Construction Corp.b		577,000		582,420
King Slide Works Co. Ltd.		91,000		1,474,892
King Yuan Electronics Co. Ltd.		1,617,000		1,369,597
King’s Town Bank Co. Ltd.		1,310,000		1,414,074
Kinpo Electronicsa		1,727,000		811,121
Kinsus Interconnect Technology Corp.		654,000		2,113,708

Security	Shares		Value
Kuoyang Construction Co. Ltd.		1,892,023	$	843,443
Largan Precision Co. Ltd.		146,000		12,459,163
LCY Chemical Corp.		895,000		461,678
Lealea Enterprise Co. Ltd.a		2,385,173		721,514
Lien Hwa Industrial Corp.		672,000		444,006
Lite-On Technology Corp.		2,636,547		3,349,729
Long Bon International Co. Ltd.		733,000		533,324
Macronix Internationala		4,439,000		965,399
Makalot Industrial Co. Ltd.		217,727		1,358,844
Masterlink Securities Corp.		1,528,592		506,205
MediaTek Inc.		2,050,572		30,884,272
Medigen Biotechnology Corp.a,b		115,088		591,839
Mega Financial Holding Co. Ltd.		13,826,958		10,984,958
Merida Industry Co. Ltd.		282,850		2,283,155
Merry Electronics Co. Ltd.		262,070		901,244
Micro-Star International Co. Ltd.		1,032,000		1,248,718
Microbio Co. Ltd.a,b		850,141		725,482
MIN AIK Technology Co. Ltd.		166,000		800,796
Mitac Holdings Corp.		703,000		530,524
Motech Industries Inc.b		654,000		864,225
Nan Kang Rubber Tire Co. Ltd.		605,000		621,278
Nan Ya Plastics Corp.		6,899,440		14,983,022
Nan Ya Printed Circuit Board Corp.a		348,000		490,890
National Petroleum Co. Ltd.		662,000		811,559
Neo Solar Power Corp.b		963,806		827,084
Novatek Microelectronics Corp.		811,000		4,364,241
OptoTech Corp.		1,618,000		680,070
Oriental Union Chemical Corp.		954,000		864,235
Pan-International Industrial Corp.		1,135,366		648,935
Parade Technologies Ltd.b		88,000		826,620
PChome Online Inc.		118,502		1,403,685
Pegatron Corp.		2,344,000		6,433,778
PharmaEngine Inc.a		88,000		767,776
Phison Electronics Corp.		178,000		1,348,957
Pixart Imaging Inc.		264,000		767,496
Pou Chen Corp.		2,780,000		4,009,998
Powertech Technology Inc.		951,000		1,626,133

CONSOLIDATED SCHEDULEOF INVESTMENTS 29

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
President Chain Store Corp.		767,000	$	5,959,178
President Securities Corp.		851,000		437,626
Prince Housing & Development Corp.		1,679,995		684,730
Qisda Corp.a		2,184,000		1,001,420
Quanta Computer Inc.		3,924,000		9,920,892
Radiant Opto-Electronics Corp.		654,940		2,158,455
Radium Life Tech Co. Ltd.		1,130,036		590,116
Realtek Semiconductor Corp.		654,110		2,049,496
Rich Development Co. Ltd.		1,659,770		708,197
Richtek Technology Corp.		207,000		1,087,566
Ritek Corp.a,b		6,038,000		707,526
Ruentex Development Co. Ltd.		849,964		1,272,037
Ruentex Industries Ltd.		1,308,906		2,825,787
Sampo Corp.		2,125,000		879,637
Sanyang Motor Co. Ltd.a,b		700,000		625,219
ScinoPharm Taiwan Ltd.		347,366		534,239
Sercomm Corp.		369,000		830,705
Shih Wei Navigation Co. Ltd.		1,291,675		732,107
Shihlin Electric & Engineering Corp.		470,000		597,134
Shihlin Paper Corp.a		151,000		180,546
Shin Kong Financial Holding Co. Ltd.		9,532,384		2,737,848
Shin Zu Shing Co. Ltd.		284,000		704,461
Shining Building Business Co. Ltd.a		844,910		488,302
Shinkong Synthetic Fibers Corp.		2,327,000		822,471
Shinkong Textile Co. Ltd.		356,000		446,629
Sigurd Microelectronics Corp.		753,000		733,698
Siliconware Precision Industries Co. Ltd.		4,016,000		7,148,365
Simplo Technology Co. Ltd.		654,000		3,248,655
Sino-American Silicon Products Inc.a		690,000		1,120,522
SinoPac Financial Holdings Co. Ltd.		10,771,064		4,407,202
Sinyi Realty Inc.		317,687		362,146
Soft-World International Corp.		194,000		599,204
Solar Applied Materials Technology Co.		801,000		659,317
Sonix Technology Co. Ltd.		503,000		779,206

Security	Shares		Value
St. Shine Optical Co. Ltd.b		73,000	$	1,183,156
Standard Foods Corp.		669,953		1,587,152
Synnex Technology International Corp.		1,962,000		2,864,439
TA Chen Stainless Pipe		1,329,200		905,744
Ta Chong Bank Ltd.a		2,728,489		920,936
Taichung Commercial Bank Co. Ltd.		2,541,975		845,841
Taiflex Scientific Co. Ltd.b		654,000		949,607
Taigen Biopharmaceuticals Holdings Ltd.a		406,000		471,221
Tainan Spinning Co. Ltd.		1,317,995		730,238
Taishin Financial Holding Co. Ltd.		11,499,316		4,924,878
Taiwan Acceptance Corp.		233,000		546,795
Taiwan Business Banka		5,462,404		1,622,806
Taiwan Cement Corp.		4,377,000		5,986,058
Taiwan Cogeneration Corp.		823,000		661,702
Taiwan Cooperative Financial Holding Co. Ltd.		7,718,872		3,969,425
Taiwan Fertilizer Co. Ltd.		1,308,000		2,269,893
Taiwan Glass Industry Corp.		1,194,000		885,853
Taiwan Hon Chuan Enterprise Co. Ltd.		654,000		1,176,596
Taiwan Land Development Corp.		2,880,322		1,063,899
Taiwan Life Insurance Co. Ltd.a		834,674		645,839
Taiwan Liposome Co. Ltd.a		77,000		604,378
Taiwan Mobile Co. Ltd.		2,616,000		8,954,625
Taiwan PCB Techvest Co. Ltd.		540,042		935,465
Taiwan Secom Co. Ltd.		370,185		986,610
Taiwan Semiconductor Manufacturing Co. Ltd.b		35,716,000		171,159,306
Taiwan Sogo Shin Kong SEC		708,770		886,950
Taiwan Surface Mounting Technology Co. Ltd.		493,392		644,921
Taiwan TEA Corp.		1,080,000		612,132
Tatung Co. Ltd.a		2,417,000		665,724
Teco Electric and Machinery Co. Ltd.		2,632,000		2,694,437
Test Research Inc.		428,400		709,339
Test-Rite International Co. Ltd.		985,000		652,380

30 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Ton Yi Industrial Corp.b		1,093,000	$	812,659
Tong Hsing Electronic Industries Ltd.		219,000		843,783
Tong Yang Industry Co. Ltd.		654,400		814,744
Topco Scientific Co. Ltd.		654,351		1,273,073
TPK Holding Co. Ltd.		366,000		2,645,502
Transcend Information Inc.		227,000		748,113
Tripod Technology Corp.		654,000		1,443,152
TSRC Corp.		857,900		906,935
TTY Biopharm Co. Ltd.b		372,124		791,526
Tung Ho Steel Enterprise Corp.		1,075,000		812,968
TWi Pharmaceuticals Inc.a		59,000		462,156
TXC Corp.		568,000		691,801
U-Ming Marine Transport Corp.		654,000		990,215
Uni-President Enterprises Corp.		6,540,971		10,997,079
Unimicron Technology Corp.		1,696,000		1,142,188
Union Bank of Taiwana		1,807,511		607,204
Unitech Printed Circuit Board Corp.a		1,855,000		865,332
United Microelectronics Corp.		17,503,000		8,917,306
Unity Opto Technology Co. Ltd.a		569,000		634,135
UPC Technology Corp.		1,520,146		559,073
USI Corp.		1,255,000		689,341
Vanguard International Semiconductor Corp.		1,124,000		1,957,739
Visual Photonics Epitaxy Co. Ltd.		815,000		853,797
Wah Lee Industrial Corp.		654,000		1,132,864
Walsin Lihwa Corp.a		4,159,000		1,330,933
Wan Hai Lines Ltd.		1,028,000		1,145,677
Waterland Financial Holdings Co. Ltd.		1,925,293		524,160
Wei Chuan Foods Corp.		654,000		526,865
Win Semiconductors Corp.		893,000		1,020,815
Winbond Electronics Corp.a		4,099,000		1,390,045
Wistron Corp.		3,152,299		2,976,140
Wistron NeWeb Corp.		339,591		795,857
Wowprime Corp.		106,260		944,007
WPG Holdings Ltd.		1,705,000		2,187,916
WT Microelectronics Co. Ltd.		697,997		1,082,390
Yageo Corp.		912,078		1,730,930

Security	Shares		Value
Yang Ming Marine Transport Corp.a		1,831,000	$	991,148
YC Co. Ltd.		1,683,467		822,838
YFY Inc.		1,308,000		526,865
Yieh Phui Enterprise Co. Ltd.		1,796,340		533,096
Youngtek Electronics Corp.		429,855		910,217
Yuanta Financial Holding Co. Ltd.		12,498,425		6,327,813
Yulon Motor Co. Ltd.		1,308,000		1,870,059
YungShin Global Holding Corp.		654,000		1,134,947
Yungtay Engineering Co. Ltd.		654,000		1,516,039
Zhen Ding Technology Holding Ltd.		419,950		1,309,126
Zinwell Corp.		694,000		721,512
				889,045,292
THAILAND — 2.64%
Advanced Info Service PCL NVDR		1,603,400		11,555,589
Airports of Thailand PCL NVDR		634,000		6,059,573
Amata Corp. PCL NVDRb		1,582,400		910,382
AP Thailand PCL NVDR		3,880,990		834,299
Bangchak Petroleum PCL (The) NVDRb		786,800		821,358
Bangkok Bank PCL Foreign		449,300		2,557,105
Bangkok Bank PCL NVDR		308,500		1,746,226
Bangkok Chain Hospital PCL NVDRb		3,189,750		838,629
Bangkok Dusit Medical Services PCL NVDR		4,851,200		3,226,130
Bangkok Expressway PCL NVDR		809,100		1,144,953
Bangkok Land PCL NVDR		19,005,700		999,372
Banpu PCL NVDRb		1,488,200		1,392,454
BEC World PCL NVDR		1,604,600		2,332,700
BTS Group Holdings PCL NVDR		8,294,400		2,462,921
Bumrungrad Hospital PCL NVDR		643,100		3,093,166
Central Pattana PCL NVDR		2,032,500		2,766,161
Charoen Pokphand Foods PCL NVDR		3,895,100		2,879,458
CP ALL PCL NVDR		6,763,700		8,368,327

CONSOLIDATED SCHEDULEOF INVESTMENTS 31

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Delta Electronics Thailand PCL NVDR		746,800	$	1,611,175
Dynasty Ceramic PCL NVDR		3,784,600		678,957
E for L Aim PCLa		10,696,400		469,808
Energy Absolute PCL NVDR		2,069,300		1,936,168
Esso Thailand PCL NVDRa		3,253,400		649,070
Glow Energy PCL NVDR		803,300		2,118,197
Hana Microelectronics PCL NVDRb		952,100		1,214,789
Hemaraj Land and Development PCL NVDRb		9,446,100		1,291,425
Home Product Center PCL NVDRb		5,832,156		1,542,373
Indorama Ventures PCL NVDR		1,836,400		1,476,845
IRPC PCL NVDR		15,141,000		2,088,737
Jasmine International PCL NVDR		5,424,900		1,485,010
Kasikornbank PCL Foreign		1,700,400		11,360,544
Kasikornbank PCL NVDR		936,900		6,288,503
Khon Kaen Sugar Industry PCL NVDR		1,663,400		637,988
Kiatnakin Bank PCL NVDRb		726,500		882,002
Krung Thai Bank PCL NVDRb		5,298,500		3,736,647
LPN Development PCL NVDRb		1,318,800		803,599
Major Cineplex Group PCL NVDR		904,300		811,157
Minor International PCL NVDRb		2,439,400		2,565,407
Polyplex Thailand PCL NVDRa		1,091,800		347,836
PTT Exploration & Production PCL NVDR		2,181,101		7,623,397
PTT Global Chemical PCL NVDR		2,329,400		4,034,841
PTT PCL NVDR		1,500,700		15,921,438
Quality Houses PCL NVDRb		13,868,500		1,758,764
Samart Corp. PCL NVDRb		855,200		985,345
Siam Cement PCL (The) Foreign		451,500		7,178,194
Siam Cement PCL (The) NVDR		184,200		2,985,487
Siam Commercial Bank PCL (The) NVDR		2,230,900		11,696,182

Security	Shares		Value
Siam Global House PCL NVDRb		1,922,158	$	701,561
Sino-Thai Engineering & Construction PCL NVDRb		1,357,128		1,036,841
Sri Trang Agro-Industry PCL NVDR		1,212,800		525,184
Supalai PCL NVDR		1,391,700		1,015,902
Superblock PCLa		1,337,200		980,255
Thai Airways International PCL NVDRa,b		1,188,900		489,093
Thai Oil PCL NVDR		1,163,200		1,888,896
Thai Union Frozen Products PCL NVDR		2,739,600		1,813,407
Thai Vegetable Oil PCL NVDR		1,113,900		788,998
Thaicom PCL NVDRb		778,500		842,793
Thanachart Capital PCL NVDR		1,133,900		1,227,544
Thoresen Thai Agencies PCL NVDRb		1,573,322		783,498
TICON Industrial Connection PCL NVDRb		1,834,560		1,010,058
Tisco Financial Group PCL NVDRb		901,250		1,310,199
TMB Bank PCL NVDR		21,801,100		2,036,478
TPI Polene PCL NVDRb		11,256,900		1,176,874
True Corp. PCL NVDRa		12,340,418		5,572,846
TTW PCL NVDRb		2,743,600		1,052,293
VGI Global Media PCL NVDRb		2,618,700		947,689
				175,369,097
TURKEY — 1.57%
Akbank TAS		2,601,263		8,481,255
Akfen Holding ASb		219,408		514,715
Akmerkez Gayrimenkul Yatirim Ortakligi AS		44,457		312,878
Aksa Akrilik Kimya Sanayii AS		134,446		514,797
Albaraka Turk Katilim Bankasi AS		846,368		599,020
Anadolu Efes Biracilik ve Malt Sanayii ASa		335,059		2,731,097
Arcelik AS		336,739		2,028,468
BIM Birlesik Magazalar AS		300,463		5,615,014
Bizim Toptan Satis Magazalari ASb		67,873		441,242

32 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Cimsa Cimento Sanayi VE Ticaret AS		137,827	$	912,453
Coca-Cola Icecek AS		135,580		2,628,042
Dogan Sirketler Grubu Holding ASa,b		2,656,962		739,512
Dogus Otomotiv Servis ve Ticaret AS		107,746		548,369
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		2,808,910		3,495,781
Enka Insaat ve Sanayi AS		701,329		1,427,755
Eregli Demir ve Celik Fabrikalari TAS		2,110,102		3,540,609
Ford Otomotiv Sanayi AS		148,667		2,006,857
Haci Omer Sabanci Holding AS		1,314,805		5,060,562
Is Gayrimenkul Yatirim Ortakligi AS		1,262,133		898,297
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class Da,b		1,534,978		1,110,799
KOC Holding AS		966,916		4,498,178
Koza Altin Isletmeleri ASb		92,214		813,976
Sekerbank TASa,b		706,942		525,639
TAV Havalimanlari Holding AS		236,717		1,887,147
Tofas Turk Otomobil Fabrikasi AS		359,074		2,341,477
Trakya Cam Sanayii ASb		637,259		932,451
Tupras Turkiye Petrol Rafinerileri AS		182,975		3,855,934
Turk Hava Yollaria		807,682		2,906,371
Turk Telekomunikasyon AS		755,095		2,188,725
Turkcell Iletisim Hizmetleri ASa		1,212,061		6,337,416
Turkiye Garanti Bankasi AS		3,314,162		11,833,469
Turkiye Halk Bankasi AS		912,920		5,426,701
Turkiye Is Bankasi Class C		2,338,753		5,849,207
Turkiye Sinai Kalkinma Bankasi AS		1,371,377		1,079,653
Turkiye Sise ve Cam Fabrikalari AS		1,050,143		1,544,942
Turkiye Vakiflar Bankasi Tao Class D		1,207,738		2,525,925
Ulker Biskuvi Sanayi AS		313,803		2,426,826
Yapi ve Kredi Bankasi AS		1,371,219		2,529,804
Yazicilar Holding AS		81,416		671,723
				103,783,086

Security	Shares		Value
UNITED ARAB EMIRATES — 0.66%
Abu Dhabi Commercial Bank PJSC		1,612,345	$	3,380,316
Agthia Group PJSC		296,073		551,396
Air Arabia PJSC		2,988,375		1,326,268
Ajman Bank PJSCa		802,521		530,972
Al Waha Capital PJSC		1,315,611		1,067,462
Aldar Properties PJSC		4,432,614		3,174,127
Arabtec Holding PJSCa		3,082,704		2,652,330
Dana Gas PJSCa		4,478,886		560,966
Deyaar Development PJSCa		2,246,716		473,476
DP World Ltd.		229,167		4,858,340
Dubai Financial Market		2,705,599		1,451,237
Dubai Islamic Bank PJSC		1,974,002		3,601,066
Emaar Properties PJSC		4,991,373		10,260,667
Eshraq Properties Co. PJSCa		1,798,567		406,456
First Gulf Bank PJSC		1,089,715		5,296,144
Gulf General Investment Co.a		1,364,669		290,193
National Bank of Abu Dhabi PJSC		865,100		3,215,197
RAK Properties PJSC		1,540,763		323,024
Union Properties PJSCa		1,460,612		429,504
				43,849,141
TOTAL COMMON STOCKS
(Cost: $6,289,897,862)				6,336,732,305
PREFERRED STOCKS — 3.92%
BRAZIL — 2.87%
AES Tiete SA		138,000		834,945
Banco ABC Brasil SA		136,113		568,853
Banco Bradesco SA		3,050,170		40,109,253
Banco Daycoval SA		143,100		396,367
Banco do Estado do Rio Grande do Sul SA Class B		270,100		1,202,502
Banco Industrial e Comercial SA		122,500		242,057
Banco Pan SA		418,863		275,399
Banco Pine SA		130,933		217,508
Bradespar SA		319,100		1,477,568
Braskem SA Class A		214,100		958,428
Centrais Eletricas Brasileiras SA Class B		270,500		655,591
Cia. Brasileira de Distribuicao		196,200		6,666,141
Cia. Energetica de Minas Gerais		1,034,720		4,697,104

CONSOLIDATED SCHEDULEOF INVESTMENTS 33

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
Cia. Energetica de Sao Paulo Class B		255,800	$	2,106,804
Cia. Energetica do Ceara Class A		27,100		382,140
Cia. Ferro Ligas da Bahia-Ferbasa		82,300		177,014
Cia. Paranaense de Energia Class B		142,800		1,722,979
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		174,800		540,414
Gerdau SA		1,177,900		4,189,499
GOL Linhas Aereas Inteligentes SA		152,400		535,653
Itau Unibanco Holding SA		3,997,248		51,025,426
Itausa – Investimentos Itau SA		4,632,398		16,346,686
Lojas Americanas SA		685,475		4,001,111
Metalurgica Gerdau SA		382,500		1,492,892
Petroleo Brasileiro SA		6,096,600		20,404,799
Randon Participacoes SA		382,350		516,156
Suzano Papel e Celulose SA Class A		459,200		1,936,787
Telefonica Brasil SA		457,800		8,471,225
Vale SA		2,792,300		18,075,952
				190,227,253
CHILE — 0.07%
Bupa Chile SA		488,801		404,662
Embotelladora Andina SA Class B		400,550		1,117,253
Sociedad Quimica y Minera de Chile SA Series B		136,117		3,498,498
				5,020,413
COLOMBIA — 0.21%
Avianca Holdings SA		575,047		880,722
Banco Davivienda SA		163,485		1,730,430
Bancolombia SA		604,696		6,255,024
Grupo Argos SA/Colombia		169,689		1,265,432
Grupo Aval Acciones y Valores		4,609,026		2,263,693
Grupo de Inversiones Suramericana SA		112,903		1,579,804
				13,975,105
RUSSIA — 0.18%
AK Transneft OAO		2,068		4,617,134
Sberbank of Russia		1,076,200		935,974

Security	Shares		Value
Surgutneftegas OAO		9,889,800	$	6,191,699
				11,744,807
SOUTH KOREA — 0.59%
Hyundai Motor Co.		32,480		3,240,454
Hyundai Motor Co. Series 2		58,008		5,998,732
LG Chem Ltd.		10,505		1,550,553
Samsung Electronics Co. Ltd.		29,917		28,566,367
				39,356,106
TOTAL PREFERRED STOCKS
(Cost: $340,562,694)				260,323,684
RIGHTS — 0.01%
BRAZIL — 0.00%
Itausa – Investimentos Itau SAa		32,854		39,066
				39,066
MALAYSIA — 0.00%
Malaysia Airports Holdings Bhda		207,920		109,037
				109,037
SOUTH KOREA — 0.01%
Hyundai Merchant Marine Co. Ltd.a		15,891		25,627
Korean Air Lines Co. Ltd.a		7,731		100,728
NHN Entertainment Corp.a		5,302		43,960
				170,315
THAILAND — 0.00%
Superblock PCL NVDRa		66,060		13,690
Thoresen Thai Agencies PCL NVDRa		30,372		—
				13,690
TURKEY — 0.00%
Sekerbank TASa		691,052		10,991
				10,991
TOTAL RIGHTS
(Cost: $0)				343,099
WARRANTS — 0.00%
MALAYSIA — 0.00%
Mah Sing Group Bhd (Expires 02/21/20)a		139,434		13,154
				13,154

34 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

Security	Shares		Value
THAILAND — 0.00%
Samart Corp. PCL NVDR (Expires 02/19/18)a		168,480	$	—
Thoresen Thai Agencies PCL NVDR (Expires 02/28/17)a		1		—
				—
TOTAL WARRANTS
(Cost: $0)				13,154
SHORT-TERM INVESTMENTS — 3.42%
MONEY MARKET FUNDS — 3.42%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%e,f,g		189,097,352		189,097,352
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%e,f,g		11,036,177		11,036,177
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,f		26,385,740		26,385,740
				226,519,269
TOTAL SHORT-TERM INVESTMENTS
(Cost: $226,519,269)				226,519,269
TOTAL INVESTMENTS IN SECURITIES — 102.89%
(Cost: $6,856,979,825)				6,823,931,511
Other Assets, Less Liabilities — (2.89)%				(191,530,374	)
NET ASSETS — 100.00%			$	6,632,401,137

ADR  —  American Depositary Receipts

CPO  —  Certificates of Participation (Ordinary)

GDR  —  Global Depositary Receipts

NVDR  —  Non-Voting Depositary Receipts

^a  Non-income earning security.

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

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

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

^e  Affiliated 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.

Open futures contracts as of February 28, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
MSCI Emerging Markets E-Mini		556		Mar. 2015		NYSE Liffe	$	27,574,820	$	1,095,397

See notes to consolidated financial statements.

CONSOLIDATED SCHEDULEOF INVESTMENTS 35

Consolidated Statement of Assets and Liabilities (Unaudited)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

February 28, 2015

ASSETS
Investments, at cost:
Unaffiliated	$	6,630,460,556
Affiliated (Note 2)		226,519,269
Total cost of investments	$	6,856,979,825
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	6,597,412,242
Affiliated (Note 2)		226,519,269
Total fair value of investments		6,823,931,511
Foreign currency, at valueb		109,154,606
Cash		11,557,016
Receivables:
Investment securities sold		43,200,258
Dividends and interest		13,374,304
Futures variation margin		1,095,397
Total Assets		7,002,313,092
LIABILITIES
Payables:
Investment securities purchased		168,811,335
Due to broker for cash pledged for futures, at value		90,413
Collateral for securities on loan (Note 1)		200,133,529
Foreign taxes (Note 1)		3,402
Investment advisory fees (Note 2)		873,276
Total Liabilities		369,911,955
NET ASSETS	$	6,632,401,137
Net assets consist of:
Paid-in capital	$	6,773,246,334
Distributions in excess of net investment income		(1,513,441	)
Accumulated net realized loss		(107,386,361	)
Net unrealized depreciation		(31,945,395	)
NET ASSETS	$	6,632,401,137
Shares outstandingc		135,800,000
Net asset value per share	$	48.84

^a  Securities on loan with a value of $185,899,487. See Note 1.

^b  Cost of foreign currency: $109,212,166.

^c  $0.001 par value, number of shares authorized: 250 million.

See notes to consolidated financial statements.

36 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statement of Operations (Unaudited)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

Six months ended February 28, 2015

NET INVESTMENT INCOME
Dividends — unaffiliateda	$	45,176,854
Interest — unaffiliated		294
Interest — affiliated (Note 2)		983
Securities lending income — affiliated (Note 2)		2,318,276
		47,496,407
Less: Other foreign taxes (Note 1)		(79,949	)
Total investment income		47,416,458
EXPENSES
Investment advisory fees (Note 2)		5,337,194
Mauritius income taxes (Note 1)		105,154
Commitment fees (Note 8)		9,459
Total expenses		5,451,807
Net investment income		41,964,651
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(43,429,582	)
Futures contracts		(2,362,754	)
Foreign currency transactions		(2,187,077	)
Net realized loss		(47,979,413	)
Net change in unrealized appreciation/depreciation on:
Investments		(466,807,643	)
Futures contracts		724,867
Translation of assets and liabilities in foreign currencies		205,512
Net change in unrealized appreciation/depreciation		(465,877,264	)
Net realized and unrealized loss		(513,856,677	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(471,892,026	)

^a  Net of foreign withholding tax of $5,675,341.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 37

Consolidated Statements of Changes in Net Assets

iSHARES^® CORE MSCI EMERGING MARKETS ETF

	Six months ended February 28, 2015 (Unaudited)			Year ended August 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	41,964,651		$	95,944,162
Net realized loss		(47,979,413	)		(50,781,092	)
Net change in unrealized appreciation/depreciation		(465,877,264	)		584,785,351
Net increase (decrease) in net assets resulting from operations		(471,892,026	)		629,948,421
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(78,618,279	)		(69,107,942	)
Total distributions to shareholders		(78,618,279	)		(69,107,942	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,513,744,516			3,243,361,038
Net increase in net assets from capital share transactions		1,513,744,516			3,243,361,038
INCREASE IN NET ASSETS		963,234,211			3,804,201,517
NET ASSETS
Beginning of period		5,669,166,926			1,864,965,409
End of period	$	6,632,401,137		$	5,669,166,926
Undistributed (distributions in excess of) net investment income included in net assets at end of period	$	(1,513,441	)	$	35,140,187
SHARES ISSUED
Shares sold		30,600,000			64,400,000
Net increase in shares outstanding		30,600,000			64,400,000

See notes to consolidated financial statements.

38 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Financial Highlights

iSHARES^® CORE MSCI EMERGING MARKETS ETF

(For a share outstanding throughout each period)

	Six months ended Feb. 28, 2015 (Unaudited)			Year ended Aug. 31, 2014			Period from Oct. 18, 2012a to Aug. 31, 2013
Net asset value, beginning of period	$	53.89		$	45.71		$	49.06
Income from investment operations:
Net investment incomeb		0.34			1.31			1.33
Net realized and unrealized gain (loss)c		(4.75	)		7.78			(4.14	)
Total from investment operations		(4.41	)		9.09			(2.81	)
Less distributions from:
Net investment income		(0.64	)		(0.91	)		(0.54	)
Total distributions		(0.64	)		(0.91	)		(0.54	)
Net asset value, end of period	$	48.84		$	53.89		$	45.71
Total return		(8.11	)%d		20.05	%		(5.75	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	6,632,401		$	5,669,167		$	1,864,965
Ratio of expenses to average net assetse		0.18	%		0.17	%		0.05	%
Ratio of expenses to average net assets prior to waived feese		0.18	%		0.18	%		0.18	%
Ratio of net investment income to average net assetse		1.42	%		2.61	%		3.17	%
Portfolio turnover ratef		3	%		8	%		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, 2015, the year ended August 31, 2014 and the period ended August 31, 2013 were 3%, 8% and 15%, respectively. See Note 4.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 39

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 ETF	Diversification Classification
Core 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. Intercompany accounts and transactions, if any, have been eliminated.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

40 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

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

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

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

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued 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.

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.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 41

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

The following table summarizes the value of each of the Fund’s investments according to the fair value hierarchy as of February 28, 2015. The breakdown of the Fund’s investments into major categories is disclosed in its consolidated schedule of investments.

Investment Type	Investments
	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks	$	6,325,968,801	$	10,721,856		$	41,648	$	6,336,732,305
Preferred Stocks		260,323,684		—			—		260,323,684
Rights		285,449		57,650			—		343,099
Warrants		13,154		0	a		—		13,154
Money Market Funds		226,519,269		—			—		226,519,269
Futures Contractsb		1,095,397		—			—		1,095,397
	$	6,814,205,754	$	10,779,506		$	41,648	$	6,825,026,908

^a  Rounds to less than $1.

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of February 28, 2015 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 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

42 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

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, 2015, 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”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must, on an annual basis, satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius and related requirements. The Fund has obtained a tax residence certificate from the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, 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. Any dividends paid by the Subsidiary to the Fund are not subject to tax in Mauritius. Further, the Subsidiary is also exempt from tax in Mauritius on any gains from the sale of securities.

However, there can be no assurance that any future changes to the India-Mauritius treaty will not adversely affect the tax position of the Fund’s investments in India. If the DTAA is interpreted, amended, terminated, renegotiated, or possibly overridden by the General Anti-Avoidance Rules provisions (which are due to take effect April 1, 2017, the details of which are pending further authoritative guidance), in a manner that would adversely affect the tax position in India of the Fund, such an interpretation, amendment, or override renegotiation may cause the Fund to incur capital gains tax in India.

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.

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. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the consolidated schedule of investments. The value of any securities on loan as of February 28, 2015 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.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 43

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

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 or request additional collateral. 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.

The following table is a summary of the Fund’s securities lending agreements which are subject to offset under an MSLA as of February 28, 2015:

Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
$	185,899,487	$	185,899,487	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented for financial reporting purposes. The total collateral received is disclosed in the Fund’s consolidated statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Fund’s financial statements and disclosures.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of 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.

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. In addition, the Fund indirectly pays its pro rata share of fees and expenses attributable to

44 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through December 31, 2015 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other iShares funds, if any.

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

Prior to January 1, 2015, the Fund retained 75% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in calendar year 2013 and pursuant to a securities lending agreement, the Fund retained for the remainder of calendar year 2014, 80% of securities lending income and the amount retained was never less than 65% of the total of securities lending income plus the collateral investment fees.

For the six months ended February 28, 2015, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $698,365.

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

Cross trades for the six months ended February 28, 2015, if any, were executed by the Fund 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.

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.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 45

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, 2015, were $1,503,136,940 and $158,229,179, respectively.

In-kind purchases and sales (see Note 4) for the six months ended February 28, 2015, were $125,825,908 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. Such variable charges, if any, are included in “Proceeds from shares sold” in the consolidated statements of changes in net assets.

5. FUTURES CONTRACTS

The Fund may purchase or sell 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.

46 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

The following table shows the value of futures contracts held by the Fund as of February 28, 2015 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 appreciationa	$	1,095,397

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

The following table shows the realized and unrealized gains (losses) on futures contracts held by the Fund during the six months ended February 28, 2015 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	$	(2,362,754	)	$	724,867

The following table shows the average quarter-end balances of open futures contracts for the six months ended February 28, 2015:

Average value of contracts purchased $ 24,905,217

6. MARKET AND CREDIT RISK

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

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

MARKET RISK

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

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

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 47

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

The Fund invests a substantial amount of its assets 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 issuers from countries with less developed markets.

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by the Fund issued prior to the date of the sanctions being imposed are not currently subject to any restrictions under the sanctions. However, compliance with each of these sanctions may impair the ability of a Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. The Sanctioning Bodies could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a Fund.

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

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

48 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

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

As of August 31, 2014, the Fund’s fiscal year-end, the Fund had non-expiring capital loss carryforwards in the amount of $6,567,880 available to offset future realized capital gains.

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, 2015, the cost of investments for federal income tax purposes was $6,900,010,521. Net unrealized depreciation was $76,079,010, of which $640,669,220 represented gross unrealized appreciation on securities and $716,748,230 represented gross unrealized depreciation on securities.

Management has analyzed tax laws and regulations and their application to the Fund as of February 28, 2015, 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.

8. 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 28, 2015. 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, 2015.

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 49

Supplemental Information (Unaudited)

iSHARES^® CORE MSCI EMERGING MARKETS ETF

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources 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
$	0.545817	$	—	$	0.093356	$	0.639173		85	%		—	%		15	%		100	%

50 2015 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 basis on the Fund’s website.

©2015 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-813-0215

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 24, 2015

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 24, 2015
By:	/s/ Jack Gee
Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:	April 24, 2015