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: April 30, 2016

Date of reporting period: October 31, 2015

Item 1. Reports to Stockholders.

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

OCTOBER 31, 2015

2015 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

^Ø   iShares Asia/Pacific Dividend ETF  |  DVYA  |  NYSE Arca

^Ø   iShares Emerging Markets Dividend ETF  |  DVYE  |  NYSE Arca

Table of Contents

Fund Performance Overviews	5
About Fund Performance	7
Shareholder Expenses	7
Schedules of Investments	8
iShares Asia/Pacific Dividend ETF	8
iShares Emerging Markets Dividend ETF	9
Financial Statements	12
Financial Highlights	15
Notes to Financial Statements	17
Board Review and Approval of Investment Advisory Contract	26
Supplemental Information	30

Fund Performance Overview

iSHARES^® ASIA/PACIFIC DIVIDEND ETF

Performance as of October 31, 2015

The iShares Asia/Pacific Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying equities in Asia/Pacific developed markets, as represented by the Dow Jones Asia/Pacific Select Dividend 30 Index^TM (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 October 31, 2015, the total return for the Fund was -17.06%, net of fees, while the total return for the Index was -17.19%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(21.30)%		(22.33)%		(21.30)%		(21.30)%		(22.33)%		(21.30)%
Since Inception		(1.35)%		(1.48)%		(1.11)%		(4.90)%		(5.34)%		(4.03)%

The inception date of the Fund was 2/23/12. The first day of secondary market trading was 2/24/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During  Period a		Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	829.40	$	2.25	$	1,000.00	$	1,022.70	$	2.49		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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 7 for more information.

ALLOCATION BY SECTOR

As of 10/31/15

Sector Percentage of
Total Investments*

Financials	26.68	%
Industrials	24.83
Telecommunication Services	17.44
Consumer Discretionary	16.21
Energy	6.25
Utilities	3.81
Information Technology	3.03
Materials	1.75
TOTAL	100.00	%

ALLOCATION BY COUNTRY

As of 10/31/15

Country Percentage of
Total Investments*

Australia	54.36	%
Hong Kong	17.07
New Zealand	12.38
Singapore	9.76
Japan	6.43
TOTAL	100.00	%

* Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® EMERGING MARKETS DIVIDEND ETF

Performance as of October 31, 2015

The iShares Emerging Markets Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying equities in emerging markets, as represented by the Dow Jones Emerging Markets Select Dividend Index^TM (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 October 31, 2015, the total return for the Fund was -25.38%, net of fees, while the total return for the Index was -25.89%.

	Average Annual Total Returns						Cumulative Total Returns
	NAV		MARKET		INDEX		NAV		MARKET		INDEX
1 Year		(22.60)%		(22.53)%		(23.35)%		(22.60)%		(22.53)%		(23.35)%
Since Inception		(8.70)%		(8.74)%		(9.05)%		(28.50)%		(28.62)%		(29.49)%

The inception date of the Fund was 2/23/12. The first day of secondary market trading was 2/24/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During  Period a		Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	746.20	$	2.15	$	1,000.00	$	1,022.70	$	2.49		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 (184 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 7 for more information.

ALLOCATION BY SECTOR

As of 10/31/15

Sector Percentage of
Total Investments*

Financials	24.49	%
Materials	13.95
Telecommunication Services	12.69
Utilities	11.53
Information Technology	11.37
Consumer Discretionary	9.81
Energy	6.92
Industrials	6.19
Consumer Staples	3.05
TOTAL	100.00	%

TEN LARGEST COUNTRIES

As of 10/31/15

Country Percentage of
Total Investments*

Taiwan	27.19	%
Brazil	15.18
China	14.52
South Africa	8.03
Thailand	7.22
Malaysia	5.16
Turkey	4.44
Poland	3.97
Russia	3.38
Chile	2.61
TOTAL	91.70	%

* 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 advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on May 1, 2015 and held through October 31, 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 corresponding to your Fund under the heading entitled “Expenses Paid During Period.”

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

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

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 7

Schedule of Investments (Unaudited)

iSHARES^® ASIA/PACIFIC DIVIDEND ETF

October 31, 2015

Security	Shares		Value
COMMON STOCKS — 99.75%
AUSTRALIA — 54.23%
ALS Ltd.		378,822	$	1,391,893
Amcor Ltd./Australia		68,533		667,415
AusNet Services		1,408,470		1,452,041
Australia & New Zealand Banking Group Ltd.		64,410		1,250,390
Bendigo & Adelaide Bank Ltd.		181,013		1,381,838
Commonwealth Bank of Australia		22,572		1,235,659
Mineral Resources Ltd.		529,283		1,616,201
Monadelphous Group Ltd.a		671,172		3,313,626
National Australia Bank Ltd.		63,403		1,363,831
Suncorp Group Ltd.		182,685		1,708,713
Sydney Airport		274,056		1,261,138
Telstra Corp. Ltd.		335,312		1,291,833
Westpac Banking Corp.		55,232		1,236,537
Westpac Banking Corp. Newb		2,501		54,333
WorleyParsons Ltd.		318,345		1,480,843
				20,706,291
HONG KONG — 17.03%
Giordano International Ltd.		4,712,000		2,541,407
Hang Seng Bank Ltd.		53,200		978,867
PCCW Ltd.		1,615,000		875,215
Sino Land Co. Ltd.a		614,000		952,282
VTech Holdings Ltd.a		95,100		1,155,297
				6,503,068
JAPAN — 6.41%
Accordia Golf Co. Ltd.		83,600		761,354
NTT DOCOMO Inc.		40,400		789,252
TonenGeneral Sekiyu KK		86,000		897,236
				2,447,842
NEW ZEALAND — 12.35%
Sky Network Television Ltd.		475,931		1,461,948
SKYCITY Entertainment Group Ltd.		519,384		1,409,175
Spark New Zealand Ltd.		811,319		1,844,433
				4,715,556
SINGAPORE — 9.73%
SATS Ltd.a		429,400		1,162,032
Singapore Post Ltd.		526,300		712,131
Singapore Telecommunications Ltd.		323,000		917,915
StarHub Ltd.		359,182		923,281
				3,715,359
TOTAL COMMON STOCKS
(Cost: $48,123,577)				38,088,116

Security	Shares		Value
SHORT-TERM INVESTMENTS — 7.60%
MONEY MARKET FUNDS — 7.60%
BlackRock Cash Funds: Institutional,
SL Agency Shares
0.19%c,d,e		2,758,501	$	2,758,501
BlackRock Cash Funds: Prime,
SL Agency Shares
0.19%c,d,e		142,735		142,735
BlackRock Cash Funds: Treasury,
SL Agency Shares
0.02%c,d		1,222		1,222
				2,902,458
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,902,458)				2,902,458
TOTAL INVESTMENTS IN SECURITIES — 107.35%
(Cost: $51,026,035)				40,990,574
Other Assets, Less Liabilities — (7.35)%				(2,806,432	)
NET ASSETS — 100.00%			$	38,184,142

^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.

8 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® EMERGING MARKETS DIVIDEND ETF

October 31, 2015

Security	Shares		Value
COMMON STOCKS — 94.02%
BRAZIL — 9.86%
Banco do Brasil SA		329,800	$	1,370,288
CCR SA		310,400		978,770
EcoRodovias Infraestrutura e Logistica SA		989,400		1,531,599
EDP – Energias do Brasil SA		1,037,900		3,045,936
Light SA		1,309,500		4,371,076
Tractebel Energia SA		155,200		1,367,612
Transmissora Alianca de Energia Eletrica SA Units		591,700		3,063,450
				15,728,731
CHILE — 2.59%
CAP SA		745,639		1,972,901
CorpBanca SA		109,743,084		1,000,416
Empresa Nacional de Telecomunicaciones SA		125,227		1,159,547
				4,132,864
CHINA — 14.40%
Agile Property Holdings Ltd.a		6,014,000		3,282,438
Anta Sports Products Ltd.		582,000		1,633,334
China Shanshui Cement Group Ltd.a,b		1,012,000		623,809
Dongyue Group Ltd.		2,328,000		639,816
Evergrande Real Estate Group Ltd.a		9,700,000		7,459,516
Guangzhou R&F Properties Co. Ltd. Class H		2,134,000		2,125,712
PetroChina Co. Ltd. Class H		1,164,000		910,161
Shenzhen Investment Ltd.		8,536,000		3,469,426
Shougang Fushan Resources Group Ltd.a		12,028,000		1,629,579
Zhejiang Expressway Co. Ltd. Class H		970,000		1,199,030
				22,972,821
COLOMBIA — 1.78%
Ecopetrol SA		1,268,590		592,286
Ecopetrol SA ADR		241,162		2,247,630
				2,839,916
CZECH REPUBLIC — 2.39%
CEZ AS		93,508		1,879,489
Komercni Banka AS		9,312		1,936,231
				3,815,720

Security	Shares		Value
INDIA — 0.44%
Reliance Industries Ltd. GDRc		24,250	$	695,975
				695,975
INDONESIA — 2.11%
AKR Corporindo Tbk PT		1,134,900		489,199
Indo Tambangraya Megah Tbk PT		3,365,900		2,084,091
Matahari Putra Prima Tbk PT		4,791,800		785,943
				3,359,233
MALAYSIA — 5.12%
Berjaya Sports Toto Bhd		1,924,313		1,433,380
British American Tobacco Malaysia Bhd		77,600		1,116,674
Kuala Lumpur Kepong Bhd		135,800		720,094
Malayan Banking Bhda		805,100		1,547,981
PPB Group Bhd		145,500		523,610
Public Bank Bhd		184,300		775,639
Sime Darby Bhd		533,500		1,038,189
Telekom Malaysia Bhd		649,900		1,007,527
				8,163,094
MOROCCO — 0.80%
Maroc Telecom		113,490		1,271,741
				1,271,741
PHILIPPINES — 0.73%
Globe Telecom Inc.		23,765		1,157,288
				1,157,288
POLAND — 3.93%
KGHM Polska Miedz SA		49,179		1,147,210
Orange Polska SA		706,354		1,300,066
Powszechny Zaklad Ubezpieczen SA		18,915		1,845,025
Synthos SA		2,071,338		1,984,148
				6,276,449
RUSSIA — 3.35%
Gazprom Neft PAO ADR		194,679		2,209,607
Mobile TeleSystems PJSC		960,300		3,133,052
				5,342,659
SOUTH AFRICA — 7.97%
African Bank Investments Ltd.a,b		2,216,313		1,605
Barloworld Ltd.		176,734		1,000,754
Exxaro Resources Ltd.a		186,919		778,048
Foschini Group Ltd. (The)		77,115		789,601
Grindrod Ltd.		490,238		531,546

SCHEDULESOF INVESTMENTS 9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS DIVIDEND ETF

October 31, 2015

Security	Shares		Value
Kumba Iron Ore Ltd.a		419,428	$	1,820,291
Lewis Group Ltd.a		288,963		1,253,244
Nampak Ltd.		396,536		644,204
PPC Ltd.		1,499,135		1,807,868
RMB Holdings Ltd.		201,857		986,576
Tiger Brands Ltd.		31,913		731,889
Truworths International Ltd.		205,446		1,395,021
Woolworths Holdings Ltd./South Africa		130,465		968,756
				12,709,403
TAIWAN — 26.98%
A-DATA Technology Co. Ltd.		2,522,000		2,618,060
AmTRAN Technology Co. Ltd.		5,335,000		2,703,367
Asustek Computer Inc.		194,000		1,738,999
China Steel Corp.		1,164,388		704,798
Chong Hong Construction Co. Ltd.		1,709,462		2,424,899
Chunghwa Telecom Co. Ltd.		485,000		1,489,504
Dynapack International Technology Corp.		970,000		1,595,577
Far EasTone Telecommunications Co. Ltd.		679,000		1,472,472
Farglory Land Development Co. Ltd.		1,164,263		1,344,891
Formosa Plastics Corp.		388,840		904,321
Formosan Rubber Group Inc.		2,134,000		1,209,531
Gigabyte Technology Co. Ltd.		2,134,000		2,235,002
Highwealth Construction Corp.		416,500		615,830
Huaku Development Co. Ltd.		1,552,000		2,949,725
IEI Integration Corp.		1,746,000		2,205,123
Inventec Corp.		3,104,475		1,788,275
Lite-On Technology Corp.		1,843,915		1,919,828
Novatek Microelectronics Corp.		194,000		663,330
Oriental Union Chemical Corp.		1,552,000		1,164,114
Ruentex Development Co. Ltd.		1,940,143		2,363,659
Ruentex Industries Ltd.		1,164,000		2,151,339
Taiwan Mobile Co. Ltd.		485,000		1,531,335
TSRC Corp.		1,261,925		864,905
U-Ming Marine Transport Corp.		970,000		1,150,369
Wistron NeWeb Corp.		605,509		1,600,341
WPG Holdings Ltd.		1,552,000		1,625,456
				43,035,050
THAILAND — 7.16%
Advanced Info Service PCL NVDR		242,500		1,588,599
Charoen Pokphand Foods PCL NVDRa		1,619,900		942,769

Security	Shares		Value
Intouch Holdings PCL NVDRa		766,300	$	1,615,871
Land & Houses PCL NVDRa		7,110,100		1,709,183
PTT Global Chemical PCL NVDR		1,251,300		1,961,340
Sansiri PCL NVDRa		32,368,966		1,556,222
Siam Cement PCL (The) NVDR		48,500		619,076
Thai Oil PCL NVDR		940,900		1,435,126
				11,428,186
TURKEY — 4.41%
Ford Otomotiv Sanayi AS		82,450		971,299
Tofas Turk Otomobil Fabrikasi AS		336,978		2,227,925
Turk Telekomunikasyon AS		902,294		1,949,248
Turk Traktor ve Ziraat Makineleri AS		78,958		1,882,018
				7,030,490
TOTAL COMMON STOCKS
(Cost: $200,949,855)				149,959,620
PREFERRED STOCKS — 5.20%
BRAZIL — 5.20%
AES Tiete SA		873,000		3,138,907
Cia. Energetica de Minas Gerais		737,263		1,373,383
Telefonica Brasil SA		135,800		1,411,473
Vale SA		649,900		2,372,250
				8,296,013
TOTAL PREFERRED STOCKS
(Cost: $15,153,653)				8,296,013
SHORT-TERM INVESTMENTS — 12.10%
MONEY MARKET FUNDS — 12.10%
BlackRock Cash Funds: Institutional,
SL Agency Shares
0.19%d,e,f		18,185,808		18,185,808
BlackRock Cash Funds: Prime,
SL Agency Shares
0.19%d,e,f		941,002		941,002
BlackRock Cash Funds: Treasury,
SL Agency Shares
0.02%d,e		169,238		169,238
				19,296,048
TOTAL SHORT-TERM INVESTMENTS
(Cost: $19,296,048)				19,296,048

10 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EMERGING MARKETS DIVIDEND ETF

October 31, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 111.32%
(Cost: $235,399,556)	$	177,551,681
Other Assets, Less Liabilities — (11.32)%		(18,048,911	)
NET ASSETS — 100.00%	$	159,502,770

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 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 11

Statements of Assets and Liabilities (Unaudited)

iSHARES^® , INC.

October 31, 2015

		iShares Asia/Pacific Dividend ETF			iShares Emerging Markets Dividend ETF
ASSETS	��
Investments, at cost:
Unaffiliated		$	48,123,577		$	216,103,508
Affiliated (Note 2)			2,902,458			19,296,048
Total cost of investments		$	51,026,035		$	235,399,556
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated		$	38,088,116		$	158,255,633
Affiliated (Note 2)			2,902,458			19,296,048
Total fair value of investments			40,990,574			177,551,681
Foreign currency, at valueb			77,250			338,935
Cash			—			73,190
Receivables:
Dividends and interest			50,062			731,296
Total Assets			41,117,886			178,695,102
LIABILITIES
Payables:
Investment securities purchased			16,661			—
Collateral for securities on loan (Note 1)			2,901,236			19,126,810
Investment advisory fees (Note 2)			15,847			65,522
Total Liabilities			2,933,744			19,192,332
NET ASSETS		$	38,184,142		$	159,502,770
Net assets consist of:
Paid-in capital		$	53,845,408		$	269,154,583
Distributions in excess of net investment income			(113,221	)		(229,345	)
Accumulated net realized loss			(5,511,453	)		(51,442,924	)
Net unrealized depreciation			(10,036,592	)		(57,979,544	)
NET ASSETS		$	38,184,142		$	159,502,770
Shares outstandingc			950,000			4,850,000
Net asset value per share		$	40.19		$	32.89

^a  Securities on loan with values of $2,720,334 and $17,502,613, respectively. See Note 1.

^b  Cost of foreign currency: $77,928 and $339,053, respectively.

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

See notes to financial statements.

12 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^®, INC.

Six months ended October 31, 2015

	iShares Asia/Pacific Dividend ETF			iShares Emerging Markets Dividend ETF
NET INVESTMENT INCOME
Dividends — unaffiliateda	$	1,413,902		$	7,987,755
Interest — affiliated (Note 2)		1			36
Securities lending income — affiliated — net (Note 2)		11,256			165,022
		1,425,159			8,152,813
Less: Other foreign taxes (Note 1)		—			(11,796	)
Total investment income		1,425,159			8,141,017
EXPENSES
Investment advisory fees (Note 2)		114,962			658,997
Total expenses		114,962			658,997
Less investment advisory fees waived (Note 2)		—			(184,131	)
Net expenses		114,962			474,866
Net investment income		1,310,197			7,666,151
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(4,114,763	)		(17,117,134	)
In-kind redemptions — unaffiliated		(89,511	)		(3,035	)
Foreign currency transactions		(25,690	)		(165,558	)
Net realized loss		(4,229,964	)		(17,285,727	)
Net change in unrealized appreciation/depreciation on:
Investments		(6,514,844	)		(51,472,732	)
Translation of assets and liabilities in foreign currencies		(1,739	)		(127,686	)
Net change in unrealized appreciation/depreciation		(6,516,583	)		(51,600,418	)
Net realized and unrealized loss		(10,746,547	)		(68,886,145	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,436,350	)	$	(61,219,994	)

^a  Net of foreign withholding tax of $32,645 and $1,052,931, respectively.

See notes to financial statements.

FINANCIAL STATEMENTS 13

Statements of Changes in Net Assets

iSHARES^® , INC.

	iShares Asia/Pacific Dividend ETF						iShares Emerging Markets Dividend ETF
	Six months ended October 31, 2015 (Unaudited)			Year ended April 30, 2015			Six months ended October 31, 2015 (Unaudited)			Year ended April 30, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,310,197		$	2,331,019		$	7,666,151		$	10,349,648
Net realized gain (loss)		(4,229,964	)		934,422			(17,285,727	)		(21,770,300	)
Net change in unrealized appreciation/depreciation		(6,516,583	)		(7,561,520	)		(51,600,418	)		(860,850	)
Net decrease in net assets resulting from operations		(9,436,350	)		(4,296,079	)		(61,219,994	)		(12,281,502	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,391,011	)		(2,543,745	)		(7,731,829	)		(10,133,285	)
Total distributions to shareholders		(1,391,011	)		(2,543,745	)		(7,731,829	)		(10,133,285	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			13,283,521			46,786,678			132,233,021
Cost of shares redeemed		(6,108,111	)		—			(29,893,965	)		(77,094,234	)
Net increase (decrease) in net assets from capital share transactions		(6,108,111	)		13,283,521			16,892,713			55,138,787
INCREASE (DECREASE) IN NET ASSETS		(16,935,472	)		6,443,697			(52,059,110	)		32,724,000
NET ASSETS
Beginning of period		55,119,614			48,675,917			211,561,880			178,837,880
End of period	$	38,184,142		$	55,119,614		$	159,502,770		$	211,561,880
Distributions in excess of net investment income included in net assets at end of period	$	(113,221	)	$	(32,407	)	$	(229,345	)	$	(163,667	)
SHARES ISSUED AND REDEEMED
Shares sold		—			250,000			1,050,000			2,700,000
Shares redeemed		(150,000	)		—			(800,000	)		(1,800,000	)
Net increase (decrease) in shares outstanding		(150,000	)		250,000			250,000			900,000

See notes to financial statements.

14 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® , INC.

(For a share outstanding throughout each period)

	iShares Asia/Pacific Dividend ETF
	Six months ended Oct. 31, 2015 (Unaudited)			Year ended Apr. 30, 2015			Year ended Apr. 30, 2014			Year ended Apr. 30, 2013			Period from Feb. 23, 2012a To Apr. 30, 2012
Net asset value, beginning of period	$	50.11		$	57.27		$	61.76		$	52.74		$	51.62
Income from investment operations:
Net investment incomeb		1.25			2.38			2.61			2.71			0.55
Net realized and unrealized gain (loss)c		(9.78	)		(6.85	)		(4.04	)		8.86			1.14
Total from investment operations		(8.53	)		(4.47	)		(1.43	)		11.57			1.69
Less distributions from:
Net investment income		(1.39	)		(2.69	)		(3.06	)		(2.55	)		(0.54	)
Net realized gain		—			—			—			—			(0.01	)
Return of capital		—			—			—			—			(0.02	)
Total distributions		(1.39	)		(2.69	)		(3.06	)		(2.55	)		(0.57	)
Net asset value, end of period	$	40.19		$	50.11		$	57.27		$	61.76		$	52.74
Total return		(17.06	)%d		(8.04	)%		(1.78	)%		22.87	%		3.32	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	38,184		$	55,120		$	48,676		$	43,229		$	13,186
Ratio of expenses to average net assetse		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of net investment income to average net assetse		5.58	%		4.47	%		4.77	%		4.99	%		5.76	%
Portfolio turnover ratef		10	%		40	%		33	%		32	%		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.

FINANCIAL HIGHLIGHTS 15

Financial Highlights (Continued)

iSHARES^®, INC.

(For a share outstanding throughout each period)

	iShares Emerging Markets Dividend ETF
	Six months ended Oct. 31, 2015 (Unaudited)			Year ended Apr. 30, 2015			Year ended Apr. 30, 2014			Year ended Apr. 30, 2013			Period from Feb. 23, 2012a to Apr. 30, 2012
Net asset value, beginning of period	$	45.99		$	48.33		$	53.80		$	53.23		$	54.61
Income from investment operations:
Net investment incomeb		1.51			2.00			1.96			2.02			0.74
Net realized and unrealized gain (loss)c		(13.07	)		(2.45	)		(5.18	)		0.56			(1.98	)
Total from investment operations		(11.56	)		(0.45	)		(3.22	)		2.58			(1.24	)
Less distributions from:
Net investment income		(1.54	)		(1.89	)		(2.25	)		(2.01	)		(0.14	)
Total distributions		(1.54	)		(1.89	)		(2.25	)		(2.01	)		(0.14	)
Net asset value, end of period	$	32.89		$	45.99		$	48.33		$	53.80		$	53.23
Total return		(25.38	)%d		(0.91	)%		(5.86	)%		5.09	%		(2.27	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	159,503		$	211,562		$	178,838		$	131,806		$	15,970
Ratio of expenses to average net assetse		0.49	%		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	%		0.68	%
Ratio of net investment income to average net assetse		7.91	%		4.42	%		4.01	%		3.80	%		7.51	%
Portfolio turnover ratef		16	%		59	%		44	%		41	%		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 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 October 31, 2015 and the years ended April 30, 2015, April 30, 2014 and April 30, 2013 were 8%, 43%, 39% and 41%, respectively. See Note 4.

See notes to financial statements.

16 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 Articles of Incorporation as subsequently amended and restated.

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

iShares ETF	Diversification Classification
Asia/Pacific Dividend	Non-diversified
Emerging Markets Dividend	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 17

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 NAV and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. 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.

18 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 October 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF	Level 1		Level 2		Level 3		Total
Asia/Pacific Dividend
Investments:
Assets:
Common Stocks	$	38,088,116	$	—	$	—	$	38,088,116
Money Market Funds		2,902,458		—		—		2,902,458
Total	$	40,990,574	$	—	$	—	$	40,990,574
Emerging Markets Dividend
Investments:
Assets:
Common Stocks	$	149,334,206	$	—	$	625,414	$	149,959,620
Preferred Stocks		8,296,013		—		—		8,296,013
Money Market Funds		19,296,048		—		—		19,296,048
Total	$	176,926,267	$	—	$	625,414	$	177,551,681

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 October 31, 2015 are reflected in tax reclaims 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

NOTESTO FINANCIAL STATEMENTS 19

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 October 31, 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. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. 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 October 31, 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 securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of October 31, 2015 and the total 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.

20 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of October 31, 2015:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
Asia/Pacific Dividend
Barclays Capital Inc.	$	541,506	$	541,506	$	—
JPMorgan Clearing Corp.		904,679		904,679		—
Morgan Stanley & Co. LLC		1,083,697		1,083,697		—
UBS Securities LLC		190,452		190,452		—
	$	2,720,334	$	2,720,334	$	—
Emerging Markets Dividend
Credit Suisse Securities (USA) LLC	$	774,973	$	774,973	$	—
Goldman Sachs & Co.		6,766,192		6,766,192		—
JPMorgan Clearing Corp.		112,343		112,343		—
Merrill Lynch, Pierce, Fenner & Smith		6,481,408		6,481,408		—
Morgan Stanley & Co. International PLC		731,114		731,114		—
Morgan Stanley & Co. LLC		1,854,582		1,854,582		—
State Street Bank & Trust Company		185,342		185,342		—
UBS Securities LLC		596,659		596,659		—
	$	17,502,613	$	17,502,613	$	—

^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.

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 Asia/Pacific Dividend ETF, BFA is entitled to an annual investment advisory fee of 0.49% based on the average daily net assets of the Fund.

For its investment advisory services to the iShares Emerging Markets Dividend ETF, BFA is entitled to an annual investment advisory fee of 0.68% 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”). 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 August 31, 2017 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other iShares funds, if any. BFA has also contractually agreed to waive any additional portion of its investment advisory fees for the Fund through August 31, 2017 necessary to limit total annual operating expenses after fee waiver 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

NOTESTO FINANCIAL STATEMENTS 21

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit the remaining portion to BTC as compensation for its services as securities lending agent.

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

For the six months ended October 31, 2015, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Asia/Pacific Dividend	$	3,001
Emerging Markets Dividend		43,400

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 October 31, 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 Emerging Markets Dividend ETF, 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 respective underlying index.

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

22 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 October 31, 2015 were as follows:

iShares ETF	Purchases		Sales
Asia/Pacific Dividend	$	4,661,031	$	5,415,930
Emerging Markets Dividend		40,792,369		31,036,704

In-kind transactions (see Note 4) for the six months ended October 31, 2015 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Asia/Pacific Dividend	$	—	$	5,409,350
Emerging Markets Dividend		21,523,759		13,903,462

4. CAPITAL SHARE TRANSACTIONS

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

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

5. PRINCIPAL RISKS

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

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

MARKET RISK

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

NOTESTO FINANCIAL STATEMENTS 23

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

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 Emerging Markets Dividend 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.

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

24 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^®, INC.

substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

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

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

As of April 30, 2015, 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
Asia/Pacific Dividend	$	38,778
Emerging Markets Dividend		12,150,160

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 October 31, 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)
Asia/Pacific Dividend	$	52,268,746	$	1,981,566	$	(13,259,738	)	$	(11,278,172	)
Emerging Markets Dividend		242,897,232		4,987,272		(70,332,823	)		(65,345,551	)

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 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.

NOTESTO FINANCIAL STATEMENTS 25

Board Review and Approval of Investment Advisory

Contract

iSHARES^® , INC.

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 annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) on behalf of the Funds. The Independent Directors requested, and BFA provided, such information as the Independent Directors, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Directors (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Directors required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Directors, reviewed and discussed such information at length. The Independent Directors requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Directors, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Directors, approved the continuance of the Advisory Contract for the Funds, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Directors. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Directors were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Funds, 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 Funds — 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 each Fund in comparison with the same information for other exchange traded funds (including, where applicable, 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 such Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (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 Groups. The Board further noted that due to the limitations in providing comparable funds in the various Lipper Groups, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Funds in all instances.

The Board also noted that the investment advisory fee rates and overall expenses (net of waivers and reimbursements) for the Funds were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in their respective Lipper Group.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of each Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of each 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 any particular Fund, Lipper also provided, and the Board reviewed, a comparison of such Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Funds generally performed in line with their respective performance benchmark indexes over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have different investment objectives and/or benchmarks from the Funds. In addition, the Board noted that each Fund seeks to track its own benchmark index and that, during the prior year, the Board received periodic reports on the Funds’ performance in comparison with their relevant benchmark

26 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

indexes. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, 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 each Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

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 for the coming year 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 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. The Board also considered BFA’s compliance program and its compliance record with respect to the 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 responsible for the day-to-day management of the Funds, as well as the resources available to them in managing the Funds. 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 at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that each Fund had met its investment objective consistently since its respective 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 Funds under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services Provided to Funds and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Funds based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Funds’ operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Funds. The Board also discussed BFA’s profit margin as reflected in the Funds’ profitability analyses 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 Funds 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 Funds’ 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

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 27

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

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 Funds did not provide for any breakpoints in the Funds’ investment advisory fee rates as the assets of the Funds increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Funds 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 periodically, determined to approve the continuance of the Advisory Contract for the coming year.

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 substantially the same investment objectives and strategies as the Funds or that track the same index or a similar index as the Funds. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Funds, including in terms of the different, generally more extensive services provided to the Funds, as well as other significant differences in the approach of BFA and its affiliates to the 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 Funds, as publicly traded exchange traded funds, 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 Funds’ advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rates under the Advisory Contract for the Funds 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.

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 Funds by BFA, such as payment of revenue to BTC, the Funds’ 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 Funds in other funds for which BFA (or its affiliates) provides investment advisory services 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 Funds. The Board further noted that any portfolio transactions on behalf of the Funds 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 Funds’ shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

28 2015 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^®, INC.

Based on the considerations described above, the Board determined that each 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 each Fund and its shareholders to approve the continuance of the Advisory Contract for the coming year.

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 29

Supplemental Information (Unaudited)

iSHARES^®, INC.

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Asia/Pacific Dividend	$	1.283066	$	—	$	0.103569	$	1.386635		93	%		—	%		7	%		100	%
Emerging Markets Dividend		1.407422		—		0.130074		1.537496		92			—			8			100

30 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 S&P Dow Jones Indices, LLC, 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-47-1015

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: December 29, 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: December 29, 2015

By: /s/ Jack Gee

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

Date: December 29, 2015