2018 SEMI-ANNUAL REPORT (UNAUDITED) - BlackRock · Ambev SA 4.49 B3 SA — Brasil Bolsa Balcao 4.17 Petroleo Brasileiro SA 3.92 Itausa-Investimentos Itau SA (Preferred) 3.43 Banco

FEBRUARY 28, 2018

2018 SEMI-ANNUAL REPORT (UNAUDITED)

iShares, Inc.

� iShares MSCI Brazil ETF | EWZ | NYSE Arca

� iShares MSCI Chile ETF | ECH | Cboe BZX

� iShares MSCI Colombia ETF | ICOL | NYSE Arca

� iShares MSCI Israel ETF | EIS | NYSE Arca

� iShares MSCI Russia ETF | ERUS | NYSE Arca

� iShares MSCI South Africa ETF | EZA | NYSE Arca

� iShares MSCI Turkey ETF | TUR | NASDAQ

� iShares MSCI USA Equal Weighted ETF | EUSA | NYSE Arca

Table of Contents

Fund Performance Overviews . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Shareholder Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

iShares MSCI Brazil ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

iShares MSCI Chile ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

iShares MSCI Colombia ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

iShares MSCI Israel ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

iShares MSCI Russia ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

iShares MSCI South Africa ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

iShares MSCI Turkey ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

iShares MSCI USA Equal Weighted ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

THIS PAGE INTENTIONALLY LEFT BLANK.

Fund Performance OverviewiSHARES® MSCI BRAZIL ETFPerformance as of February 28, 2018

The iShares MSCI Brazil ETF (the “Fund”) (formerly the iShares MSCI Brazil Capped ETF) seeks to track the investment results

of an index composed of Brazilian equities, as represented by the MSCI Brazil 25/50 Index (the “Index”). The Fund invests in a

representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the

use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the

six-month reporting period ended February 28, 2018, the total return for the Fund was 14.67%, net of fees, while the total return

for the Index was 14.92%.

Average Annual Total Returns Cumulative Total Returns

NAV MARKET INDEX NAV MARKET INDEX

1 Year 20.25% 22.85% 20.91% 20.25% 22.85% 20.91%

5 Years (1.30)% (1.18)% (0.69)% (6.31)% (5.75)% (3.39)%

10 Years (2.89)% (2.93)% (2.38)% (25.38)% (25.70)% (21.43)%

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

performance of the MSCI Brazil 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on

the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Shareholder Expenses

Actual Hypothetical 5% Return

BeginningAccount Value

(9/1/17)

EndingAccount Value

(2/28/18)Expenses Paid

During Period a


(9/1/17)

EndingAccount Value


During Period aAnnualized

Expense Ratio

$ 1,000.00 $ 1,146.70 $ 3.14 $ 1,000.00 $ 1,021.90 $ 2.96 0.59%

a Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multipliedby 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 moreinformation.

ALLOCATION BY SECTOR

As of 2/28/18

Sector

Percentage of

Total Investments*

Financials 36.37%

Materials 16.09

Energy 11.79

Consumer Staples 10.59

Industrials 6.02

Utilities 5.76

Consumer Discretionary 4.77

Telecommunication Services 2.85

Information Technology 2.32

Health Care 1.96

Real Estate 1.48

TOTAL 100.00%

TEN LARGEST FUND HOLDINGS

As of 2/28/18

Security

Percentage of

Total Investments*

Itau Unibanco Holding SA (Preferred) 11.62%

Vale SA 10.21

Banco Bradesco SA (Preferred) 8.29

Petroleo Brasileiro SA (Preferred) 5.05

Ambev SA 4.49

B3 SA — Brasil Bolsa Balcao 4.17

Petroleo Brasileiro SA 3.92

Itausa-Investimentos Itau SA (Preferred) 3.43

Banco do Brasil SA 2.79

Cielo SA 2.32

TOTAL 56.29%

* Excludes money market funds.

F U N D P E R F O R M A N C E O V E R V I E W S 5

Fund Performance OverviewiSHARES® MSCI CHILE ETFPerformance as of February 28, 2018

The iShares MSCI Chile ETF (the “Fund”) (formerly the iShares MSCI Chile Capped ETF) seeks to track the investment results

of a broad-based index composed of Chilean equities, as represented by the MSCI Chile IMI 25/50 Index (the “Index”). The Fund

invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the

Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

For the six-month reporting period ended February 28, 2018, the total return for the Fund was 12.91%, net of fees, while the total

return for the Index was 13.14%.



1 Year 35.82% 35.54% 36.10% 35.82% 35.54% 36.10%

5 Years (2.44)% (2.46)% (2.22)% (11.62)% (11.69)% (10.60)%

10 Years 2.55% 2.41% 3.09% 28.63% 26.95% 35.59%

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

2013 reflects the performance of the MSCI Chile IMI 25/50 Index.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk

of volatility and investors should not expect that such exceptional returns will be repeated.






(9/1/17)

EndingAccount Value


During Period a


(9/1/17)

EndingAccount Value



Expense Ratio

$ 1,000.00 $ 1,129.10 $ 3.11 $ 1,000.00 $ 1,021.90 $ 2.96 0.59%



As of 2/28/18

Sector

Percentage of

Total Investments*

Utilities 24.08%

Financials 19.28

Materials 12.08



Energy 8.30

Industrials 7.22

Real Estate 2.76



TOTAL 100.00%


As of 2/28/18

Security

Percentage of

Total Investments*

SACI Falabella 8.97%

Empresas COPEC SA 8.30

Enel Americas SA 8.04

Banco Santander Chile 6.53

Sociedad Quimica y Minera de Chile SA

Series B (Preferred) 5.88

Cencosud SA 4.58

LATAM Airlines Group SA 4.54

Empresas CMPC SA 4.45

Banco de Credito e Inversiones SA 4.36

Banco de Chile 4.01

TOTAL 59.66%


6 2 0 1 8 i S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Fund Performance OverviewiSHARES® MSCI COLOMBIA ETFPerformance as of February 28, 2018

The iShares MSCI Colombia ETF (the “Fund”) (formerly the iShares MSCI Colombia Capped ETF) seeks to track the investment

results of a broad-based index composed of Colombian equities, as represented by the MSCI All Colombia Capped Index (the

“Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile

similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are

included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 1.52%, net of

fees, while the total return for the Index was 1.79%.



1 Year 13.41% 14.74% 13.89% 13.41% 14.74% 13.89%

Since Inception (9.23)% (8.92)% (8.94)% (36.58)% (35.56)% (35.61)%

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






(9/1/17)

EndingAccount Value


During Period a


(9/1/17)

EndingAccount Value



Expense Ratio

$ 1,000.00 $ 1,015.20 $ 3.05 $ 1,000.00 $ 1,021.80 $ 3.06 0.61%



As of 2/28/18

Sector

Percentage of

Total Investments*

Financials 34.13%

Materials 17.37

Energy 17.19

Utilities 15.88


Industrials 4.84


TOTAL 100.00%


As of 2/28/18

Security

Percentage of

Total Investments*

Bancolombia SA (Preferred) 12.70%

Ecopetrol SA 11.34

Bancolombia SA 6.05

Grupo Argos SA/Colombia 4.82

Grupo Energia Bogota SA ESP 4.70

Interconexion Electrica SA ESP 4.68

Grupo Nutresa SA 4.67

Almacenes Exito SA 4.57

Grupo de Inversiones Suramericana SA 4.37

Banco Davivienda SA (Preferred) 4.27

TOTAL 62.17%



Fund Performance OverviewiSHARES® MSCI ISRAEL ETFPerformance as of February 28, 2018

The iShares MSCI Israel ETF (the “Fund”) (formerly the iShares MSCI Israel Capped ETF) seeks to track the investment results

of a broad-based index composed of Israeli equities, as represented by the MSCI Israel Capped Investable Market Index (the

“Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile

similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are

included in the Index. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 8.70%, net of

fees, while the total return for the Index was 8.96%.



1 Year 4.59% 4.24% 5.06% 4.59% 4.24% 5.06%

5 Years 5.64% 5.48% 6.04% 31.59% 30.59% 34.09%

Since Inception 2.65% 2.61% 3.10% 29.72% 29.19% 35.37%







(9/1/17)

EndingAccount Value


During Period a


(9/1/17)

EndingAccount Value



Expense Ratio

$ 1,000.00 $ 1,087.00 $ 3.05 $ 1,000.00 $ 1,021.90 $ 2.96 0.59%



As of 2/28/18

Sector

Percentage of

Total Investments*

Information Technology 27.13%

Financials 23.68

Health Care 15.90

Real Estate 8.97

Materials 6.42

Industrials 5.52


Energy 3.49



Utilities 0.67

TOTAL 100.00%


As of 2/28/18

Security

Percentage of

Total Investments*

Teva Pharmaceutical Industries Ltd. ADR 14.98%

Check Point Software Technologies Ltd. 11.89

Bank Leumi Le-Israel BM 7.50

Bank Hapoalim BM 6.49

Nice Ltd. 4.55

Frutarom Industries Ltd. 3.34

Elbit Systems Ltd. 3.15

Israel Discount Bank Ltd. Class A 3.04

Bezeq The Israeli Telecommunication Corp. Ltd. 2.98

Mizrahi Tefahot Bank Ltd. 2.45

TOTAL 60.37%



Fund Performance OverviewiSHARES® MSCI RUSSIA ETFPerformance as of February 28, 2018

The iShares MSCI Russia ETF (the “Fund”) (formerly the iShares MSCI Russia Capped ETF) seeks to track the investment

results of an index composed of Russian equities, as represented by the MSCI Russia 25/50 Index (the “Index”). The Fund

invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the

Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

For the six-month reporting period ended February 28, 2018, the total return for the Fund was 21.31%, net of fees, while the total

return for the Index was 21.70%.



1 Year 24.82% 23.65% 24.95% 24.82% 23.65% 24.95%

5 Years 0.01% (0.21)% 0.62% 0.04% (1.05)% 3.15%

Since Inception (0.69)% (0.89)% (0.10)% (4.91)% (6.30)% (0.72)%







(9/1/17)

EndingAccount Value


During Period a


(9/1/17)

EndingAccount Value



Expense Ratio

$ 1,000.00 $ 1,213.10 $ 3.24 $ 1,000.00 $ 1,021.90 $ 2.96 0.59%



As of 2/28/18

Sector

Percentage of

Total Investments*

Energy 41.80%

Financials 27.09

Materials 19.05



Utilities 3.72

TOTAL 100.00%


As of 2/28/18

Security

Percentage of

Total Investments*

Sberbank of Russia PJSC ADR 14.76%

Lukoil PJSC 11.49

Gazprom PJSC 10.33

Sberbank of Russia PJSC 6.88

Tatneft PJSC Class S 4.70

Novatek PJSC GDR 4.66

MMC Norilsk Nickel PJSC 4.63

Magnit PJSC GDR 4.41

Mobile TeleSystems PJSC ADR 3.93

Severstal PJSC 3.15

TOTAL 68.94%



Fund Performance OverviewiSHARES® MSCI SOUTH AFRICA ETFPerformance as of February 28, 2018

The iShares MSCI South Africa ETF (the “Fund”) seeks to track the investment results of an index composed of South African

equities, as represented by the MSCI South Africa 25/50 Index (the “Index”). The Fund invests in a representative sample of

securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative

sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period

ended February 28, 2018, the total return for the Fund was 15.98%, net of fees, while the total return for the Index was 16.41%.


1 Year 5 Years 10 years 1 Year 5 Years 10 years

NAV 32.30% 4.85% 4.98% 32.30% 26.70% 62.52%

MARKET 32.14% 4.79% 5.09% 32.14% 26.38% 64.22%

INDEX a 33.37% 5.53% 5.82% 33.37% 30.87% 76.11%

MSCI South Africa Index 33.34% 5.52% 5.82% 33.34% 30.84% 76.07%

MSCI South Africa 25/50 Index b n/a n/a n/a n/a n/a n/a

a Index performance through August 31, 2017 reflects the performance of the MSCI South Africa Index. Index performance beginning on September 1, 2017 reflectsthe performance of the MSCI South Africa 25/50 Index, which, effective as of September 1, 2017, replaced the MSCI South Africa Index as the underlying index ofthe Fund.

b The inception date of the MSCI South Africa 25/50 Index was May 12, 2017.






(9/1/17)

EndingAccount Value


During Period a


(9/1/17)

EndingAccount Value



Expense Ratio

$ 1,000.00 $ 1,159.80 $ 3.16 $ 1,000.00 $ 1,021.90 $ 2.96 0.59%



As of 2/28/18

Sector

Percentage of

Total Investments*

Financials 30.82%


Materials 10.97



Real Estate 6.23

Health Care 4.07

Industrials 1.79

Energy 0.85

TOTAL 100.00%


As of 2/28/18

Security

Percentage of

Total Investments*

Naspers Ltd. Class N 22.03%

Standard Bank Group Ltd. 6.17

FirstRand Ltd. 5.46

Sasol Ltd. 5.05

MTN Group Ltd. 4.79

Barclays Africa Group Ltd. 3.12

Sanlam Ltd. 2.91

Remgro Ltd. 2.91

Shoprite Holdings Ltd. 2.64

Aspen Pharmacare Holdings Ltd. 2.39

TOTAL 57.47%



Fund Performance OverviewiSHARES® MSCI TURKEY ETFPerformance as of February 28, 2018

The iShares MSCI Turkey ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Turkish

equities, as represented by the MSCI Turkey Investable Market Index (the “Index”). The Fund invests in a representative sample

of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative

sampling, the Fund may or may not hold all of the securities that are included in the Index. For the six-month reporting period

ended February 28, 2018, the total return for the Fund was -2.67%, net of fees, while the total return for the Index was -2.52%.



1 Year 30.06% 30.73% 30.48% 30.06% 30.73% 30.48%

5 Years (5.49)% (5.45)% (5.16)% (24.62)% (24.42)% (23.26)%

Since Inception 0.94% 0.90% 1.29% 9.73% 9.35% 13.56%







(9/1/17)

EndingAccount Value


During Period a


(9/1/17)

EndingAccount Value



Expense Ratio

$ 1,000.00 $ 973.30 $ 2.89 $ 1,000.00 $ 1,021.90 $ 2.96 0.59%



As of 2/28/18

Sector

Percentage of

Total Investments*

Financials 34.51%

Industrials 18.62

Materials 12.30




Energy 5.64

Real Estate 2.08

Utilities 1.35


Health Care 0.17

TOTAL 100.00%


As of 2/28/18

Security

Percentage of

Total Investments*

Turkiye Garanti Bankasi AS 10.08%

Akbank Turk AS 8.70

Turkcell Iletisim Hizmetleri AS 6.28

BIM Birlesik Magazalar AS 5.95

Eregli Demir ve Celik Fabrikalari TAS 5.92

Tupras Turkiye Petrol Rafinerileri AS 5.45

KOC Holding AS 5.09

Turkiye Is Bankasi AS Class C 4.45

Turk Hava Yollari AO 3.92

Haci Omer Sabanci Holding AS 3.67

TOTAL 59.51%



Fund Performance OverviewiSHARES® MSCI USA EQUAL WEIGHTED ETFPerformance as of February 28, 2018

The iShares MSCI USA Equal Weighted ETF (the “Fund”) seeks to track the investment results of an index composed of equal

weighted U.S. equities, as represented by the MSCI USA Equal Weighted Index (the “Index”). The Fund invests in a

representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the

use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. For the

six-month reporting period ended February 28, 2018, the total return for the Fund was 9.16%, net of fees, while the total return for

the Index was 9.24%.



1 Year 12.81% 12.76% 12.95% 12.81% 12.76% 12.95%

5 Years 13.34% 13.35% 13.50% 87.05% 87.15% 88.37%

Since Inception 12.89% 12.88% 13.06% 158.08% 157.99% 161.18%


Index performance through August 31, 2015 reflects the performance of the MSCI USA Index. Index performance beginning on September 1, 2015 reflects the

performance of the MSCI USA Equal Weighted Index.






(9/1/17)

EndingAccount Value


During Period a


(9/1/17)

EndingAccount Value



Expense Ratio

$ 1,000.00 $ 1,091.60 $ 0.78 $ 1,000.00 $ 1,024.10 $ 0.75 0.15%



As of 2/28/18

Sector

Percentage of

Total Investments*

Information Technology 16.13%


Financials 14.42

Industrials 13.85

Health Care 10.91

Real Estate 6.39

Energy 6.15


Utilities 5.11

Materials 4.86


TOTAL 100.00%


As of 2/28/18

Security

Percentage of

Total Investments*

Veeva Systems Inc. Class A 0.19%

Hewlett Packard Enterprise Co. 0.18

Macy’s Inc. 0.18

Booking Holdings Inc. 0.18

Micron Technology Inc. 0.18

Worldpay Inc. Class A 0.18

Macquarie Infrastructure Corp. 0.17

TJX Companies Inc. (The) 0.17

Arista Networks Inc. 0.17

Activision Blizzard Inc. 0.17

TOTAL 1.77%



About Fund PerformancePast 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 ExpensesAs a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases

and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example,

which is based on an investment of $1,000 invested on September 1, 2017 and held through February 28, 2018, is intended to

help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing

costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense

ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the

period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply

the result by the number corresponding to your Fund under the heading entitled “Expenses Paid During Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and

hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before

expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so,

compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other

funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any

transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical

examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different

funds. In addition, if these transactional costs were included, your costs would have been higher.

A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S 13

Schedule of Investments (Unaudited)

iSHARES® MSCI BRAZIL ETFFebruary 28, 2018

Security Shares Value

COMMON STOCKS — 63.60%

AEROSPACE & DEFENSE — 1.20%

Embraer SA 15,704,887 $ 105,190,717

105,190,717

BANKS — 6.08%

Banco Bradesco SA 15,988,786 181,259,558

Banco do Brasil SA 18,729,387 240,981,416

Banco Santander Brasil

SA Units 9,683,475 109,599,500

531,840,474

BEVERAGES — 4.44%

Ambev SA 57,343,555 388,321,111

388,321,111

CAPITAL MARKETS — 4.13%

B3 SA — Brasil Bolsa Balcao 45,765,377 360,910,799

360,910,799

CONTAINERS & PACKAGING — 0.92%

Klabin SA Units 14,609,144 80,493,629

80,493,629

DIVERSIFIED CONSUMER SERVICES — 1.71%

Kroton Educacional SA 31,398,819 149,805,831

149,805,831

ELECTRIC UTILITIES — 2.74%

Centrais Eletricas

Brasileiras SAa 6,349,300 48,410,054

Cia. Energetica de

Minas Geraisa 2,390,550 5,997,070

EDP — Energias do Brasil SA 9,602,645 39,312,098

Equatorial Energia SA 4,710,900 103,824,683

Transmissora Alianca de

Energia Eletrica SA Units 6,637,000 41,880,262

239,424,167

FOOD & STAPLES RETAILING — 2.04%

Atacadao Distribuicao

Comercio e Industria Ltdaa 11,285,300 51,584,981

Raia Drogasil SA 5,301,800 126,867,851

178,452,832

FOOD PRODUCTS — 2.46%

BRF SAa 10,635,650 97,951,103

JBS SA 21,214,107 64,711,597

M. Dias Branco SA 2,853,500 52,550,952

215,213,652


HEALTH CARE PROVIDERS & SERVICES — 0.92%

Odontoprev SA 5,181,465 $ 24,418,078

Qualicorp SA 6,298,505 55,738,982

80,157,060

INDEPENDENT POWER AND RENEWABLE ELECTRICITY

PRODUCERS — 0.63%

Engie Brasil Energia SA 4,530,375 54,594,592

54,594,592

INSURANCE — 2.65%

BB Seguridade

Participacoes SA 15,859,095 142,054,533

Porto Seguro SA 3,373,320 47,545,771

Sul America SA Units 6,420,749 42,195,611

231,795,915

IT SERVICES — 2.30%

Cielo SA 27,000,696 201,045,583

201,045,583

MACHINERY — 1.12%

WEG SA 13,568,370 97,771,617

97,771,617

METALS & MINING — 10.73%

Cia. Siderurgica Nacional SAa 17,739,969 55,424,605

Vale SA 63,683,831 883,095,525

938,520,130

MULTILINE RETAIL — 1.94%

Lojas Renner SA 15,978,090 169,777,196

169,777,196

OIL, GAS & CONSUMABLE FUELS — 6.66%

Cosan SA Industria e Comercio 4,308,050 57,511,390

Petroleo Brasileiro SAa 47,616,969 339,309,837

Ultrapar Participacoes SA 8,005,455 185,650,167

582,471,394

PAPER & FOREST PRODUCTS — 2.12%

Fibria Celulose SA 5,856,551 111,173,066

Suzano Papel e Celulose SA 11,120,430 74,449,974

185,623,040

PERSONAL PRODUCTS — 0.58%

Natura Cosmeticos SA 4,831,465 51,054,773

51,054,773

PHARMACEUTICALS — 1.02%

Hypera SA 8,382,700 89,071,429

89,071,429


Schedule of Investments (Unaudited) (Continued)



REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.46%

BR Malls Participacoes SA 20,735,838 $ 76,145,763

Multiplan Empreendimentos

Imobiliarios SA 2,387,646 51,592,997

127,738,760

ROAD & RAIL — 2.39%

Localiza Rent a Car SA 12,027,831 96,037,533

Rumo SAa 25,699,590 112,647,068

208,684,601

TRANSPORTATION INFRASTRUCTURE — 1.25%

CCR SA 27,969,265 109,337,335

109,337,335

WATER UTILITIES — 1.09%

Cia. de Saneamento Basico do

Estado de Sao Paulo 8,242,100 95,518,296

95,518,296

WIRELESS TELECOMMUNICATION SERVICES — 1.02%

TIM Participacoes SA 20,633,625 89,552,632

89,552,632

TOTAL COMMON STOCKS

(Cost: $3,719,186,892) 5,562,367,565

PREFERRED STOCKS — 35.26%

BANKS — 23.08%

Banco Bradesco SA,

Preference Shares 60,060,718 716,753,840

Itau Unibanco Holding SA,

Preference Shares 64,800,698 1,004,897,011

Itausa-Investimentos Itau SA,


2,018,532,541

CHEMICALS — 0.74%

Braskem SA Class A,


64,457,162

DIVERSIFIED TELECOMMUNICATION SERVICES — 1.80%

Telefonica Brasil SA,


157,238,554


Centrais Eletricas Brasileiras

SA Class B,



Cia. Energetica de Minas

Gerais, Preference Shares 20,884,420 $ 52,777,557

108,558,200


Cia. Brasileira de Distribuicao,


83,226,581


Gerdau SA, Preference Shares 23,990,026 122,728,505

122,728,505


Lojas Americanas SA,


92,817,097


Petroleo Brasileiro SA,


436,984,608

TOTAL PREFERRED STOCKS

(Cost: $1,804,041,562) 3,084,543,248

RIGHTS — 0.04%

DIVERSIFIED FINANCIAL SERVICES — 0.04%

Itausa-Investimentos Itau SA

(Expires 03/29/18)a 1,962,733 3,262,411

3,262,411

TOTAL RIGHTS

(Cost: $0) 3,262,411

SHORT-TERM INVESTMENTS — 0.07%

MONEY MARKET FUNDS — 0.07%

BlackRock Cash Funds: Treasury,

SL Agency Shares

1.32%b,c 6,244,689 6,244,689

6,244,689

TOTAL SHORT-TERM INVESTMENTS

(Cost: $6,244,689) 6,244,689

TOTAL INVESTMENTS

IN SECURITIES — 98.97%

(Cost: $5,529,473,143) 8,656,417,913

Other Assets, Less Liabilities — 1.03% 89,844,090

NET ASSETS — 100.00% $ 8,746,262,003

S C H E D U L E S O F I N V E S T M E N T S 15



a Non-income producing security.b Affiliate of the Fund.c Annualized 7-day yield as of period end.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of

Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer

Sharesheld at

08/31/17Shares

purchasedShares

sold

Sharesheld at

02/28/18Value at02/28/18 Income

Net realizedgain (loss) a

Change inunrealized

appreciation(depreciation)

BlackRock Cash Funds: Treasury,SL Agency Shares 16,859 6,227,830b — 6,244,689 $6,244,689 $31,463 $ — $ —

a Includes realized capital gain distributions from an affiliated fund, if any.b Net of purchases and sales.

Futures Contracts (Note 5)

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

DescriptionNumber of

contractsExpiration

date

Notionalamount

(000)

Value /unrealized


Long ContractsMSCI Emerging Markets E-Mini 1,978 Mar 2018 $116,999 $ 54,106

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information

about the Fund’s policy regarding valuation of financial instruments, see Note 1.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018.

The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total

InvestmentsAssets

Common stocks $5,562,367,565 $ — $ — $5,562,367,565Preferred stocks 3,084,543,248 — — 3,084,543,248Rights 3,262,411 — — 3,262,411Money market funds 6,244,689 — — 6,244,689

Total $8,656,417,913 $ — $ — $8,656,417,913

Derivative financial instrumentsa

AssetsFutures contracts $ 54,106 $ — $ — $ 54,106

Total $ 54,106 $ — $ — $ 54,106

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

See notes to financial statements.



iSHARES® MSCI CHILE ETFFebruary 28, 2018



AIRLINES — 4.54%

Latam Airlines Group SA 1,371,504 $ 22,469,630

22,469,630

BANKS — 17.19%

Banco de Chile 116,934,593 19,846,652

Banco de Credito e

Inversiones SA 289,416 21,570,780

Banco Santander Chile 393,425,980 32,305,296

Itau CorpBanca 1,111,889,521 11,362,525

85,085,253

BEVERAGES — 4.45%

Cia. Cervecerias Unidas SA 1,012,175 14,277,204

Vina Concha y Toro SA 3,606,935 7,772,861

22,050,065


Sociedad de Inversiones Oro

Blanco SA 365,605,357 3,947,655

3,947,655

CONSTRUCTION & ENGINEERING — 2.17%

Besalco SA 3,990,764 4,523,810

Salfacorp SA 3,104,208 6,223,345

10,747,155


Inversiones La Construccion SA 318,707 6,345,521

6,345,521


Enel Americas SA 172,352,081 39,796,298

Enel Chile SA 111,600,530 13,780,461

Engie Energia Chile SA 3,953,351 8,916,928

62,493,687


Cencosud SA 7,449,871 22,660,176

22,660,176


PRODUCERS — 7.69%

AES Gener SA 22,769,033 6,957,406

Colbun SA 54,965,624 13,361,748

Enel Generacion Chile SA 18,981,833 17,773,025

38,092,179


SONDA SA 3,750,120 7,581,969

7,581,969


MARINE — 0.50%

Cia. Sud Americana de

Vapores SAa 49,345,945 $ 2,491,901

2,491,901


CAP SA 610,776 8,714,704

8,714,704


Ripley Corp. SA 6,440,619 6,908,933

SACI Falabella 4,384,338 44,372,005

51,280,938


Empresas COPEC SA 2,540,581 41,063,192

41,063,192


Empresas CMPC SA 5,698,674 21,997,589

21,997,589


Parque Arauco SA 4,275,323 13,644,770

13,644,770

TEXTILES, APPAREL & LUXURY GOODS — 0.88%

Forus SA 952,930 4,375,334

4,375,334


Aguas Andinas SA Series A 18,363,444 12,275,750

Inversiones Aguas

Metropolitanas SA 3,335,860 6,272,092

18,547,842


Empresa Nacional de

Telecomunicaciones SA 1,065,897 12,636,724

12,636,724

TOTAL COMMON STOCKS

(Cost: $271,029,717) 456,226,284


BEVERAGES — 1.91%

Embotelladora Andina SA

Class B, Preference Shares 1,912,046 9,458,144

9,458,144





CHEMICALS — 5.87%

Sociedad Quimica y Minera de

Chile SA Series B,

Preference Shares 573,765 $ 29,083,354

29,083,354


(Cost: $18,237,466) 38,541,498

RIGHTS — 0.00%


Enel Chile SA

(Expires 03/16/18)a 12,277,008 2,085

2,085

TOTAL RIGHTS

(Cost: $0) 2,085





SL Agency Shares

1.32%b,c 275,371 $ 275,371

275,371


(Cost: $275,371) 275,371

TOTAL INVESTMENTS


(Cost: $289,542,554) 495,045,238

Other Assets, Less Liabilities — 0.01% 34,893

NET ASSETS — 100.00% $495,080,131


Affiliates (Note 2)



Affiliated issuer

Sharesheld at

08/31/17Shares

purchasedShares

sold

Sharesheld at



Change inunrealized


BlackRock Cash Funds: Treasury,SL Agency Shares 227,709 47,662b — 275,371 $275,371 $ 3,601 $ — $ —











InvestmentsAssets

Common stocks $456,226,284 $ — $ — $456,226,284Preferred stocks 38,541,498 — — 38,541,498Rights 2,085 — — 2,085Money market funds 275,371 — — 275,371

Total $495,045,238 $ — $ — $495,045,238




iSHARES® MSCI COLOMBIA ETFFebruary 28, 2018



BANKS — 7.03%

Banco de Bogota SA 6,948 $ 159,915

Bancolombia SA 122,351 1,286,453

Grupo Aval Acciones y Valores SA 114,753 50,207

1,496,575


Bolsa de Valores de Colombia 46,658,766 408,284

408,284


Constructora Conconcreto SA 1,167,946 401,879

401,879

CONSTRUCTION MATERIALS — 11.67%

Cementos Argos SA 234,726 854,312

Cemex Latam Holdings SAa 184,092 605,204

Grupo Argos SA/Colombia 152,279 1,025,657

2,485,173


Corp. Financiera Colombiana SA 17,835 150,717

Grupo de Inversiones

Suramericana SA 69,281 927,954

1,078,671


Empresa de Telecomunicaciones

de Bogotaa 1,923,019 288,945

288,945


Celsia SA ESP 234,419 371,434

Enel Americas SA 2,687,111 620,457

Interconexion Electrica SA ESP 208,481 995,731

1,987,622


Almacenes Exito SA 165,938 970,717

970,717


Grupo Nutresa SA 105,386 991,977

991,977

GAS UTILITIES — 6.52%

Grupo Energia Bogota SA ESP 1,412,706 999,776

Promigas SA ESP 150,394 387,987

1,387,763



Mineros SA 448,282 $ 375,075

375,075


Canacol Energy Ltd.a 185,890 613,661

Ecopetrol SA 2,754,449 2,410,257

Empresas COPEC SA 38,976 629,966

3,653,884

TOTAL COMMON STOCKS

(Cost: $12,701,774) 15,526,565


AIRLINES — 2.94%

Avianca Holdings SA,

Preference Shares 541,894 626,257

626,257

BANKS — 19.83%

Banco Davivienda SA,


Bancolombia SA, Preference Shares 256,537 2,699,133

Grupo Aval Acciones y Valores SA,

Preference Shares 1,422,682 615,013

4,222,458


Cementos Argos SA,


Grupo Argos SA/Colombia,


832,166


Grupo de Inversiones Suramericana

SA, Preference Shares 3,973 49,226

49,226


(Cost: $4,903,406) 5,730,107



iSHARES® MSCI COLOMBIA ETFFebruary 28, 2018





SL Agency Shares

1.32%b,c 11,069 $ 11,069

11,069


(Cost: $11,069) 11,069

Value

TOTAL INVESTMENTS


(Cost: $17,616,249) $21,267,741

Other Assets, Less Liabilities — 0.13% 26,857

NET ASSETS — 100.00% $21,294,598


Affiliates (Note 2)



Affiliated issuer

Sharesheld at

08/31/17Shares

purchasedShares

sold

Sharesheld at



Change inunrealized


BlackRock Cash Funds: Institutional,SL Agency Shares 59,106 — (59,106)b — $ — $ 806c $ (15) $ 4

BlackRock Cash Funds: Treasury,SL Agency Shares 57,311 — (46,242)b 11,069 11,069 210 — —

$ 11,069 $ 1,016 $ (15) $ 4

a Includes realized capital gain distributions from an affiliated fund, if any.b Net of purchases and sales.c Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral

investment fees), net of fees and other payments to and from borrowers of securities.







InvestmentsAssets

Common stocks $15,526,565 $ — $ — $15,526,565Preferred stocks 5,730,107 — — 5,730,107Money market funds 11,069 — — 11,069

Total $21,267,741 $ — $ — $21,267,741




iSHARES® MSCI ISRAEL ETFFebruary 28, 2018




Elbit Systems Ltd. 26,213 $ 3,748,001

3,748,001

AIRLINES — 0.09%

El Al Israel Airlines 294,706 106,447

106,447

BANKS — 20.44%

Bank Hapoalim BM 1,074,937 7,703,424

Bank Leumi Le-Israel BM 1,468,956 8,912,116

First International Bank of Israel Ltd. 52,321 1,153,771

Israel Discount Bank Ltd. Class Aa 1,253,655 3,608,107

Mizrahi Tefahot Bank Ltd. 156,727 2,905,801

24,283,219

BUILDING PRODUCTS — 0.50%

Caesarstone Ltd.b 27,694 599,575

599,575

CHEMICALS — 6.42%

Frutarom Industries Ltd. 43,129 3,972,106

Israel Chemicals Ltd. 652,129 2,800,295

Israel Corp. Ltd. (The)a 4,345 856,607

7,629,008

COMMUNICATIONS EQUIPMENT — 1.55%

Ituran Location and Control Ltd. 21,542 744,276

Radware Ltd.a 53,223 1,100,120

1,844,396


Electra Ltd./Israel 2,474 640,831

Shapir Engineering and Industry Ltd. 131,627 504,604

Shikun & Binui Ltd. 268,260 500,920

1,646,355


B Communications Ltd.a 20,655 361,495

Bezeq The Israeli

Telecommunication Corp. Ltd. 2,307,353 3,539,506

3,901,001

ELECTRONIC EQUIPMENT, INSTRUMENTS &

COMPONENTS — 2.41%

Orbotech Ltd.a 52,195 2,868,637

2,868,637


EQUITY REAL ESTATE INVESTMENT TRUSTS

(REITS) — 0.74%

REIT 1 Ltd. 207,170 $ 875,295

875,295


Rami Levy Chain Stores Hashikma

Marketing 2006 Ltd. 8,966 510,677

Shufersal Ltd. 94,128 674,287

1,184,964


Strauss Group Ltd. 54,314 1,227,108

1,227,108

HEALTH CARE EQUIPMENT & SUPPLIES — 0.92%

Mazor Robotics Ltd.a 33,361 1,087,855

1,087,855

HOUSEHOLD DURABLES — 1.08%

SodaStream International Ltd.a,b 15,811 1,279,426

1,279,426


PRODUCERS — 0.67%

Kenon Holdings Ltd./Singaporea 25,741 798,630

798,630

INSURANCE — 3.24%

Clal Insurance Enterprises

Holdings Ltd.a 28,338 516,593

Harel Insurance Investments &

Financial Services Ltd. 134,599 1,076,932

IDI Insurance Co. Ltd. 9,046 613,906

Menora Mivtachim Holdings Ltd. 37,024 512,223

Migdal Insurance & Financial

Holding Ltd. 511,069 565,852

Phoenix Holdings Ltd. (The)a 93,935 559,356

3,844,862

INTERNET SOFTWARE & SERVICES — 2.00%

Wix.com Ltd.a,b 31,647 2,375,107

2,375,107


Formula Systems 1985 Ltd. 5,384 192,300

Matrix IT Ltd. 47,589 538,681

730,981

MACHINERY — 0.39%

Kornit Digital Ltd.a,b 35,778 457,958

457,958






Delek Group Ltd. 5,158 $ 889,221

Jerusalem Oil Explorationa 11,470 684,683

Naphtha Israel Petroleum Corp. Ltd. 54,051 360,124

Oil Refineries Ltd. 1,754,993 837,455

Paz Oil Co. Ltd.a 8,376 1,369,261

4,140,744


Teva Pharmaceutical Industries

Ltd. ADRb 950,296 17,789,541

17,789,541


Africa Israel Properties Ltd.a 19,187 472,852

Airport City Ltd.a 95,182 1,137,125

Alony Hetz Properties &

Investments Ltd. 124,093 1,203,590

Amot Investments Ltd. 155,890 897,325

Azrieli Group Ltd. 47,823 2,363,244

Bayside Land Corp. 1,020 475,572

Big Shopping Centers Ltd. 2,960 196,535

Blue Square Real Estate Ltd. 4,609 179,343

Brack Capital Properties NVa 1,186 146,161

Gazit-Globe Ltd. 117,123 1,193,293

Jerusalem Economy Ltd.a 86,476 216,280

Melisron Ltd. 21,428 945,406

Norstar Holdings Inc. 18,880 353,577

9,780,303

SEMICONDUCTORS & SEMICONDUCTOR

EQUIPMENT — 2.68%

Nova Measuring Instruments Ltd.a 11,257 308,919

Tower Semiconductor Ltd.a 97,875 2,881,690

3,190,609

SOFTWARE — 17.85%

Check Point Software

Technologies Ltd.a,b 135,900 14,118,651

CyberArk Software Ltd.a,b 26,791 1,326,422

Nice Ltd. 55,413 5,406,458

Sapiens International Corp. NVb 37,253 358,104

21,209,635

SPECIALTY RETAIL — 0.31%

Delek Automotive Systems Ltd. 55,330 364,031

364,031



Delta-Galil Industries Ltd.b 13,388 $ 441,187

441,187


Cellcom Israel Ltd.a 73,334 610,387

Partner Communications Co. Ltd.a 143,467 753,144

1,363,531

TOTAL COMMON STOCKS

(Cost: $122,629,790) 118,768,406



BlackRock Cash Funds: Institutional,

SL Agency Shares

1.58%c,d,e 10,911,435 10,912,526


SL Agency Shares

1.32%c,d 9,100 9,100

10,921,626


(Cost: $10,921,381) 10,921,626

TOTAL INVESTMENTS


(Cost: $133,551,171) 129,690,032

Other Assets, Less Liabilities — (9.15)% (10,869,912)

NET ASSETS — 100.00% $118,820,120

ADR — American Depositary Receipts

a Non-income producing security.b All or a portion of this security is on loan.c Affiliate of the Fund.d Annualized 7-day yield as of period end.e All or a portion of this security was purchased with cash collateral received

from loaned securities.




Affiliates (Note 2)



Affiliated issuer

Sharesheld at

08/31/17Shares

purchasedShares

sold

Sharesheld at



Change inunrealized


BlackRock Cash Funds: Institutional,SL Agency Shares 15,525,641 — (4,614,206)b 10,911,435 $10,912,526 $26,894c $ (1,679) $ (301)

BlackRock Cash Funds: Treasury,SL Agency Shares 40,997 — (31,897)b 9,100 9,100 120 — —

$10,921,626 $27,014 $ (1,679) $ (301)









InvestmentsAssets

Common stocks $118,768,406 $ — $ — $118,768,406Money market funds 10,921,626 — — 10,921,626

Total $129,690,032 $ — $ — $129,690,032




iSHARES® MSCI RUSSIA ETFFebruary 28, 2018



BANKS — 24.68%

Sberbank of Russia PJSC 11,591,520 $ 56,086,506

Sberbank of Russia PJSC ADR 5,885,786 120,364,324

VTB Bank PJSC 7,757,295,000 7,269,859

VTB Bank PJSC GDR 8,306,686 17,776,308

201,496,997


Moscow Exchange

MICEX-RTS PJSC 9,781,210 19,432,983

19,432,983

CHEMICALS — 1.78%

PhosAgro PJSC GDR 944,317 14,542,482

14,542,482


Inter RAO UES PJSC 237,861,000 15,717,268

RusHydro PJSC 1,052,364,000 14,608,508

30,325,776


Magnit PJSC GDR 1,736,143 35,938,160

35,938,160


Alrosa PJSC 16,469,300 25,246,247

Magnitogorsk Iron & Steel

Works PJSC 18,076,400 15,309,432

MMC Norilsk Nickel PJSC 190,612 37,782,127

Novolipetsk Steel PJSC 7,705,710 19,997,411

Polyus PJSC 203,665 16,807,631

Severstal PJSC 1,576,255 25,713,976

140,856,824


Gazprom PJSC 33,122,290 84,227,311

Gazprom PJSC ADR 1,446,864 7,240,107

LUKOIL PJSC 1,397,683 93,758,157

LUKOIL PJSC ADR 61,068 4,097,663

Novatek PJSC GDR 278,459 38,009,654

Rosneft Oil Co. PJSC 1,363,360 8,003,739

Rosneft Oil Co. PJSC GDR 3,485,602 20,390,772


Surgutneftegas OJSC 30,493,746 $ 15,553,584

Surgutneftegas OJSC ADR 696,229 3,481,145

Tatneft PJSC Class S 3,633,415 38,336,489

313,098,621


Mobile TeleSystems PJSC ADR 2,681,715 32,073,311

32,073,311

TOTAL COMMON STOCKS

(Cost: $658,564,978) 787,765,154



Surgutneftegas OJSC,


Transneft PJSC,

Preference Shares 2,740 9,003,952

27,844,547


(Cost: $26,754,310) 27,844,547




SL Agency Shares

1.32%a,b 1,290,488 1,290,488

1,290,488


(Cost: $1,290,488) 1,290,488

TOTAL INVESTMENTS


(Cost: $686,609,776) 816,900,189

Other Assets, Less Liabilities — (0.05)% (381,846)

NET ASSETS — 100.00% $816,518,343

ADR — American Depositary ReceiptsGDR — Global Depositary Receipts

a Affiliate of the Fund.b Annualized 7-day yield as of period end.



iSHARES® MSCI RUSSIA ETFFebruary 28, 2018

Affiliates (Note 2)



Affiliated issuer

Sharesheld at

08/31/17Shares

purchasedShares

sold

Sharesheld at



Change inunrealized


BlackRock Cash Funds: Treasury,SL Agency Shares 1,026,049 264,439b — 1,290,488 $1,290,488 $ 9,867 $ — $ —








InvestmentsAssets

Common stocks $787,765,154 $ — $ — $787,765,154Preferred stocks 27,844,547 — — 27,844,547Money market funds 1,290,488 — — 1,290,488

Total $816,900,189 $ — $ — $816,900,189




iSHARES® MSCI SOUTH AFRICA ETFFebruary 28, 2018



BANKS — 11.70%

Barclays Africa Group Ltd. 958,156 $ 16,113,012

Capitec Bank Holdings Ltd. 65,442 4,615,300

Nedbank Group Ltd. 328,772 8,009,461

Standard Bank Group Ltd. 1,728,547 31,896,204

60,633,977


Brait SEa 741,515 2,817,490

Coronation Fund Managers Ltd. 434,740 2,944,612

Investec Ltd. 472,088 4,099,462

9,861,564

CHEMICALS — 5.04%

Sasol Ltd. 739,385 26,105,153

26,105,153

DISTRIBUTORS — 0.98%

Imperial Holdings Ltd. 240,276 5,102,411

5,102,411


FirstRand Ltd. 4,510,018 28,235,970

PSG Group Ltd. 245,701 4,527,372

Remgro Ltd. 733,591 15,008,978

RMB Holdings Ltd. 1,044,446 7,708,748

55,481,068


Telkom SA SOC Ltd. 557,850 2,445,726

2,445,726


(REITS) — 5.13%

Fortress REIT Ltd. Series A 2,070,675 2,792,769

Fortress REIT Ltd. Series B 1,367,117 1,853,129

Growthpoint Properties Ltd. 3,229,034 8,070,020

Hyprop Investments Ltd. 421,489 3,897,535

Redefine Properties Ltd. 7,558,494 7,261,533

Resilient REIT Ltd. 477,037 2,681,874

26,556,860


Bid Corp. Ltd. 474,778 10,855,287

Pick n Pay Stores Ltd. 629,310 3,873,825

Shoprite Holdings Ltd. 619,325 13,639,710

SPAR Group Ltd. (The) 302,430 5,600,864

33,969,686



Pioneer Foods Group Ltd. 256,007 $ 2,852,053

Tiger Brands Ltd. 238,511 8,619,635

11,471,688


Life Healthcare Group Holdings Ltd. 2,119,230 4,876,271

Netcare Ltd. 1,755,628 3,792,737

8,669,008


Steinhoff International Holdings NV

Class Hb 4,067,720 1,998,753

1,998,753

INDUSTRIAL CONGLOMERATES — 1.78%

Bidvest Group Ltd. (The) 484,365 9,237,353

9,237,353

INSURANCE — 6.43%

Discovery Ltd. 524,757 7,947,987

Liberty Holdings Ltd. 252,305 2,849,500

MMI Holdings Ltd./South Africa 1,728,011 3,195,805

Rand Merchant Investment

Holdings Ltd. 1,133,114 4,287,186

Sanlam Ltd. 1,944,474 15,031,939

33,312,417

MEDIA — 21.98%

Naspers Ltd. Class N 410,886 113,862,807

113,862,807


Anglo American Platinum Ltd.a 100,820 3,124,342

AngloGold Ashanti Ltd. 621,768 5,698,431

Gold Fields Ltd. 1,291,329 5,011,609

Kumba Iron Ore Ltd. 116,379 3,454,767

Sibanye Gold Ltd. 2,939,322 2,826,331

20,115,480


Woolworths Holdings Ltd./

South Africa 1,460,351 8,085,052

8,085,052


Exxaro Resources Ltd. 392,750 4,406,054

4,406,054


Mondi Ltd. 190,110 4,961,100

Sappi Ltd. 848,338 5,505,258

10,466,358






Aspen Pharmacare Holdings Ltd. 540,181 $ 12,360,723

12,360,723


NEPI Rockcastle PLC 559,875 5,655,313

5,655,313


Foschini Group Ltd. (The) 342,782 6,229,100

Mr. Price Group Ltd. 355,152 8,508,303

Truworths International Ltd. 677,508 5,813,238

20,550,641


MTN Group Ltd. 2,274,757 24,763,848

Vodacom Group Ltd. 849,901 11,718,428

36,482,276

TOTAL COMMON STOCKS

(Cost: $508,919,910) 516,830,368





SL Agency Shares

1.58%c,d,e 2,053,061 $ 2,053,266


SL Agency Shares

1.32%c,d 19,174 19,174

2,072,440


(Cost: $2,072,618) 2,072,440

TOTAL INVESTMENTS


(Cost: $510,992,528) 518,902,808

Other Assets, Less Liabilities — (0.15)% (769,608)

NET ASSETS — 100.00% $518,133,200



Affiliates (Note 2)



Affiliated issuer

Sharesheld at

08/31/17Shares

purchasedShares

sold

Sharesheld at



Change inunrealized


BlackRock Cash Funds: Institutional,SL Agency Shares — 2,053,061b — 2,053,061 $2,053,266 $16,842c $ (1,001) $ (178)

BlackRock Cash Funds: Treasury,SL Agency Shares 225,602 — (206,428)b 19,174 19,174 1,603 — —

$2,072,440 $18,445 $ (1,001) $ (178)












InvestmentsAssets


Total $518,902,808 $ — $ — $518,902,808




iSHARES® MSCI TURKEY ETFFebruary 28, 2018




Aselsan Elektronik Sanayi Ve

Ticaret ASa 1,096,130 $ 8,973,035

8,973,035

AIRLINES — 4.38%

Pegasus Hava Tasimaciligi ASb 196,134 1,827,139

Turk Hava Yollari AOb 3,025,323 15,156,618

16,983,757

AUTO COMPONENTS — 0.29%

Goodyear Lastikleri TASa 445,334 476,168

Kordsa Teknik Tekstil ASa 322,266 640,900

1,117,068

AUTOMOBILES — 3.05%

Ford Otomotiv Sanayi AS 384,647 6,335,921

Tofas Turk Otomobil Fabrikasi AS 685,092 5,467,849

11,803,770

BANKS — 29.89%

Akbank Turk AS 12,057,453 33,671,984

Albaraka Turk Katilim Bankasi ASa 1,736,138 729,767

Turkiye Garanti Bankasi AS 12,660,326 39,014,206

Turkiye Halk Bankasi AS 3,425,410 8,666,001

Turkiye Is Bankasi AS Class C 8,631,983 17,234,712

Turkiye Sinai Kalkinma Bankasi AS 5,919,366 2,628,099

Turkiye Vakiflar Bankasi TAO

Class D 4,110,527 7,937,152

Yapi ve Kredi Bankasi ASb 4,764,742 5,958,353

115,840,274

BEVERAGES — 3.02%

Anadolu Efes Biracilik Ve Malt

Sanayii AS 1,135,798 7,662,597

Coca-Cola Icecek AS 418,213 4,056,384

11,718,981


Trakya Cam Sanayii AS 2,167,675 2,761,950

2,761,950


Verusa Holding ASa 135,431 932,179

932,179

CHEMICALS — 3.16%

Gubre Fabrikalari TASa,b 442,098 526,135

Petkim Petrokimya Holding AS 3,699,469 7,843,191

Sasa Polyester Sanayi ASa 450,297 1,224,388


Soda Sanayii AS 1,978,616 $ 2,635,417

12,229,131


Tekfen Holding AS 811,090 3,871,719

3,871,719


Adana Cimento Sanayii TAS

Class Aa 291,304 474,480

Akcansa Cimento AS 264,559 756,191

Cimsa Cimento Sanayi VE

Ticaret ASa 294,461 1,038,150

2,268,821


Anadolu Cam Sanayii AS 1,036,416 876,738

876,738


Haci Omer Sabanci Holding AS 5,032,243 14,198,608

14,198,608


Turk Telekomunikasyon ASb 2,877,225 4,943,465

4,943,465


(REITS) — 2.07%

Emlak Konut Gayrimenkul Yatirim

Ortakligi ASa,b 10,413,290 7,222,237

Is Gayrimenkul Yatirim Ortakligi AS 2,257,109 818,298

8,040,535


BIM Birlesik Magazalar AS 1,164,747 23,010,672

Migros Ticaret ASb 194,389 1,229,725

24,240,397


Ulker Biskuvi Sanayi AS 843,437 4,998,867

4,998,867


Aygaz AS 410,663 1,684,102

1,684,102


Selcuk Ecza Deposu Ticaret ve

Sanayi AS 686,520 676,339

676,339






Arcelik AS 1,296,208 $ 6,453,032

Vestel Elektronik Sanayi ve

Ticaret ASb 457,785 1,304,883

7,757,915


PRODUCERS — 0.92%

Aksa Enerji Uretim ASa,b 834,920 1,046,269

Zorlu Enerji Elektrik Uretim ASa,b 4,384,689 2,499,645

3,545,914


AG Anadolu Grubu Holding ASa 477,511 3,665,586

Alarko Holding ASa 432,331 776,877

Dogan Sirketler Grubu Holding ASa,b 7,127,357 1,497,954

Enka Insaat ve Sanayi AS 1 2

KOC Holding AS 4,169,515 19,705,915

Turkiye Sise ve Cam Fabrikalari AS 4,315,834 5,419,666

31,066,000

INSURANCE — 0.66%

Anadolu Anonim Turk Sigorta Sirketi 953,009 1,031,511

Anadolu Hayat Emeklilik AS 475,373 934,149

AvivaSA Emeklilik ve Hayat ASa 130,430 608,213

2,573,873

MACHINERY — 0.75%

Otokar Otomotiv Ve Savunma

Sanayi ASa 45,944 1,436,335

Turk Traktor ve Ziraat Makineleri AS 73,013 1,488,476

2,924,811

MEDIA — 0.31%

Besiktas Futbol Yatirimlari Sanayi ve

Ticaret ASa,b 663,303 665,664

Fenerbahce Futbol ASa,b 54,472 518,038

1,183,702


Borusan Mannesmann Boru Sanayi

ve Ticaret ASa 235,064 836,768

Eregli Demir ve Celik

Fabrikalari TAS 7,672,922 22,899,132

Kardemir Karabuk Demir Celik

Sanayi ve Ticaret AS Class Ab 1,129,042 937,297

Kardemir Karabuk Demir Celik

Sanayi ve Ticaret AS Class Db 4,274,411 3,862,910

Koza Altin Isletmeleri ASb 250,748 2,159,366


Koza Anadolu Metal Madencilik

Isletmeleri ASb 1,061,853 $ 1,520,340

32,215,813


Ipek Dogal Enerji Kaynaklari

Arastirma Ve Uretim ASa,b 574,389 752,986

Tupras Turkiye Petrol

Rafinerileri AS 686,230 21,074,830

21,827,816


EIS Eczacibasi Ilac ve Sinai ve

Finansal Yatirimlar Sanayi ve

Ticaret ASa 933,194 1,024,774

1,024,774

SOFTWARE — 0.30%

Logo Yazilim Sanayi Ve

Ticaret ASa,b 81,876 1,176,586

1,176,586


Aksa Akrilik Kimya Sanayii AS 405,166 1,639,206

Mavi Giyim Sanayi Ve Ticaret AS

Class Bb,c 149,688 2,097,980

3,737,186


TAV Havalimanlari Holding AS 895,921 5,460,565

5,460,565


Turkcell Iletisim Hizmetleri AS 6,028,725 24,295,772

24,295,772

TOTAL COMMON STOCKS

(Cost: $508,406,593) 386,950,463




SL Agency Shares

1.58%d,e,f 17,534,009 17,535,763


SL Agency Shares

1.32%d,e 140,120 140,120

17,675,883


(Cost: $17,674,992) 17,675,883




Value

TOTAL INVESTMENTS


(Cost: $526,081,585) $404,626,346Other Assets, Less Liabilities — (4.39)% (17,007,397)

NET ASSETS — 100.00% $387,618,949

a All or a portion of this security is on loan.b Non-income producing security.c Security exempt from registration pursuant to Rule 144A under the Securities

Act of 1933, as amended. These securities may be resold in transactionsexempt from registration to qualified institutional investors.

d Affiliate of the Fund.e Annualized 7-day yield as of period end.f All or a portion of this security was purchased with cash collateral received


Affiliates (Note 2)

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

Affiliated issuer

Sharesheld at

08/31/17Shares

purchasedShares

sold

Sharesheld at



Change inunrealized


BlackRock Cash Funds: Institutional,SL Agency Shares 15,951,030 1,582,979b — 17,534,009 $17,535,763 $572,786c $ (500) $ (3,039)

BlackRock Cash Funds: Treasury,SL Agency Shares 100,988 39,132b — 140,120 140,120 961 — —

$17,675,883 $573,747 $ (500) $ (3,039)




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

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


InvestmentsAssets


Total $404,626,346 $ — $ — $404,626,346




iSHARES® MSCI USA EQUAL WEIGHTED ETFFebruary 28, 2018




Arconic Inc. 9,319 $ 227,290

Boeing Co. (The) 667 241,594

General Dynamics Corp. 1,049 233,350

Harris Corp. 1,471 229,697

Huntington Ingalls Industries Inc. 879 230,307

L3 Technologies Inc. 1,088 225,814

Lockheed Martin Corp. 650 229,086

Northrop Grumman Corp. 662 231,726

Raytheon Co. 1,071 232,953

Rockwell Collins Inc. 1,687 232,334

Spirit AeroSystems Holdings Inc.

Class A 2,526 230,599

Textron Inc. 3,874 231,859

TransDigm Group Inc. 787 226,900

United Technologies Corp. 1,726 232,561

3,236,070

AIR FREIGHT & LOGISTICS — 0.65%

CH Robinson Worldwide Inc. 2,559 238,908

Expeditors International of

Washington Inc. 3,584 232,817

FedEx Corp. 941 231,872

United Parcel Service Inc. Class B 2,194 229,075

932,672

AIRLINES — 0.65%

American Airlines Group Inc. 4,352 236,096

Delta Air Lines Inc. 4,464 240,610

Southwest Airlines Co. 4,056 234,599

United Continental Holdings Inc.a 3,457 234,350

945,655

AUTO COMPONENTS — 0.78%

Aptiv PLC 2,481 226,590

Autoliv Inc.b 1,578 226,348

BorgWarner Inc. 4,414 216,639

Goodyear Tire & Rubber Co. (The) 7,916 229,089

Lear Corp. 1,219 227,429

1,126,095

AUTOMOBILES — 0.63%

Ford Motor Co. 21,692 230,152

General Motors Co. 5,636 221,777

Harley-Davidson Inc. 4,941 224,222

Tesla Inc.a 666 228,478

904,629


BANKS — 3.52%

Bank of America Corp. 7,276 $ 233,560

BB&T Corp. 4,286 232,944

CIT Group Inc. 4,320 229,176

Citigroup Inc. 3,107 234,547

Citizens Financial Group Inc. 5,073 220,625

Comerica Inc. 2,385 231,870

East West Bancorp. Inc. 3,522 230,867

Fifth Third Bancorp. 7,015 231,846

First Republic Bank/CA 2,411 223,741

Huntington Bancshares Inc./OH 14,659 230,146

JPMorgan Chase & Co. 2,026 234,003

KeyCorp 11,231 237,311

M&T Bank Corp. 1,220 231,605

People’s United Financial Inc. 11,867 227,134

PNC Financial Services Group

Inc. (The)c 1,478 233,021

Regions Financial Corp. 11,941 231,775

Signature Bank/New York NYa 1,565 228,787

SunTrust Banks Inc. 3,289 229,704

SVB Financial Groupa 946 235,535

U.S. Bancorp. 4,315 234,563

Wells Fargo & Co. 3,936 229,902

Zions BanCorp. 4,214 231,644

5,084,306

BEVERAGES — 1.12%

Brown-Forman Corp. Class B 3,395 236,937

Coca-Cola Co. (The) 5,298 228,980

Constellation Brands Inc. Class A 1,082 233,149

Dr Pepper Snapple Group Inc. 2,008 233,430

Molson Coors Brewing Co. Class B 2,939 224,099

Monster Beverage Corp.a 3,623 229,590

PepsiCo Inc. 2,110 231,530

1,617,715

BIOTECHNOLOGY — 2.38%

AbbVie Inc. 1,961 227,143

Alexion Pharmaceuticals Inc.a 2,061 242,064

Alkermes PLCa,b 4,077 232,715

Alnylam Pharmaceuticals Inc.a 1,924 231,188

Amgen Inc. 1,264 232,285

Biogen Inc.a 810 234,082

BioMarin Pharmaceutical Inc.a 2,705 219,565

Celgene Corp.a 2,459 214,228

Gilead Sciences Inc. 2,904 228,632

Incyte Corp.a 2,707 230,528





Regeneron Pharmaceuticals Inc.a 730 $ 233,921

Seattle Genetics Inc.a,b 4,287 231,498

TESARO Inc.a,b 3,787 209,156

United Therapeutics Corp.a 1,962 227,298

Vertex Pharmaceuticals Inc.a 1,463 242,902

3,437,205


Allegion PLC 2,708 227,770

AO Smith Corp. 3,517 225,756

Fortune Brands Home & Security Inc. 3,645 221,106

Johnson Controls International PLC 6,061 223,469

Lennox International Inc. 1,139 233,073

Masco Corp. 5,415 222,665

Owens Corning 2,712 220,486

1,574,325


Affiliated Managers Group Inc. 1,234 233,670

Ameriprise Financial Inc. 1,459 228,246

Bank of New York Mellon Corp. (The) 4,135 235,819

BlackRock Inc.c 428 235,156

Cboe Global Markets Inc. 2,097 234,885

Charles Schwab Corp. (The) 4,432 234,985

CME Group Inc. 1,444 239,935

E*TRADE Financial Corp.a 4,544 237,333

Eaton Vance Corp. NVS 4,252 225,058

Franklin Resources Inc. 5,955 230,280

Goldman Sachs Group Inc. (The) 882 231,904

Intercontinental Exchange Inc. 3,297 240,945

Invesco Ltd. 7,000 227,780

Moody’s Corp. 1,388 231,630

Morgan Stanley 4,203 235,452

MSCI Inc. 1,614 228,413

Nasdaq Inc. 2,896 233,852

Northern Trust Corp. 2,220 235,031

Raymond James Financial Inc. 2,634 244,198

S&P Global Inc. 1,230 235,914

SEI Investments Co. 3,133 228,176

State Street Corp. 2,257 239,581

T Rowe Price Group Inc. 2,088 233,647

TD Ameritrade Holding Corp. 4,215 242,363

5,624,253

CHEMICALS — 2.80%

Air Products & Chemicals Inc. 1,385 222,694

Albemarle Corp. 2,028 203,672

Axalta Coating Systems Ltd.a,b 7,462 229,830


Celanese Corp. Series A 2,249 $ 226,834

CF Industries Holdings Inc. 5,366 221,294

Chemours Co. (The) 4,599 218,498

DowDuPont Inc. 3,143 220,953

Eastman Chemical Co. 2,272 229,654

Ecolab Inc. 1,781 232,331

FMC Corp. 2,760 216,605

International Flavors & Fragrances Inc. 1,616 228,260

LyondellBasell Industries NV Class A 2,143 231,915

Monsanto Co. 1,892 233,416

Mosaic Co. (The) 8,400 221,088

PPG Industries Inc. 1,990 223,756

Praxair Inc. 1,466 219,534

Sherwin-Williams Co. (The) 568 228,097

WR Grace & Co. 3,466 229,380

4,037,811

COMMERCIAL SERVICES & SUPPLIES — 0.98%

Cintas Corp. 1,380 235,511

Republic Services Inc. 3,588 241,042

Rollins Inc. 4,577 230,086

Stericycle Inc.a 3,803 238,334

Waste Connections Inc. 3,249 229,964

Waste Management Inc. 2,791 240,919

1,415,856

COMMUNICATIONS EQUIPMENT — 1.16%

Arista Networks Inc.a,b 925 249,509

Cisco Systems Inc. 5,370 240,469

CommScope Holding Co. Inc.a 6,028 233,344

F5 Networks Inc.a 1,603 238,078

Juniper Networks Inc. 8,858 227,296

Motorola Solutions Inc. 2,202 233,742

Palo Alto Networks Inc.a 1,424 246,879

1,669,317


Fluor Corp. 3,968 225,779

Jacobs Engineering Group Inc. 3,683 224,884

450,663


Martin Marietta Materials Inc. 1,088 221,876

Vulcan Materials Co. 1,828 215,210

437,086

CONSUMER FINANCE — 0.81%

Ally Financial Inc. 8,432 235,253

American Express Co. 2,398 233,829





Capital One Financial Corp. 2,391 $ 234,151

Discover Financial Services 2,966 233,810

Synchrony Financial 6,347 230,967

1,168,010


Avery Dennison Corp. 1,950 230,393

Ball Corp. 5,830 232,908

Crown Holdings Inc.a 4,533 225,925

International Paper Co. 4,071 242,591

Packaging Corp. of America 1,941 231,367

Sealed Air Corp. 5,498 232,950

WestRock Co. 3,532 232,264

1,628,398

DISTRIBUTORS — 0.32%

Genuine Parts Co. 2,481 227,855

LKQ Corp.a 5,878 232,063

459,918

DIVERSIFIED CONSUMER SERVICES — 0.15%

H&R Block Inc. 8,717 220,802

220,802


Berkshire Hathaway Inc. Class Ba 1,150 238,280

Leucadia National Corp. 9,419 225,962

Voya Financial Inc. 4,547 231,988

696,230


AT&T Inc. 6,426 233,264

CenturyLink Inc. 12,824 226,600

Verizon Communications Inc. 4,760 227,243

Zayo Group Holdings Inc.a 6,284 225,281

912,388


Alliant Energy Corp. 5,974 230,895

American Electric Power Co. Inc. 3,511 230,251

Duke Energy Corp. 3,052 229,938

Edison International 3,860 233,877

Entergy Corp. 3,073 232,995

Eversource Energy 4,012 228,684

Exelon Corp. 6,192 229,352

FirstEnergy Corp. 7,004 226,439

NextEra Energy Inc. 1,514 230,355

OGE Energy Corp. 7,327 229,628

PG&E Corp. 5,752 236,350

Pinnacle West Capital Corp. 3,005 231,265


PPL Corp. 7,811 $ 223,785

Southern Co. (The) 5,360 230,802

Westar Energy Inc. 4,639 226,059

Xcel Energy Inc. 5,287 228,821

3,679,496

ELECTRICAL EQUIPMENT — 0.94%

Acuity Brands Inc. 1,576 224,706

AMETEK Inc. 3,022 228,886

Eaton Corp. PLC 2,824 227,897

Emerson Electric Co. 3,199 227,321

Rockwell Automation Inc. 1,247 225,458

Sensata Technologies Holding NVa,b 4,306 227,615

1,361,883

ELECTRONIC EQUIPMENT, INSTRUMENTS &

COMPONENTS — 1.78%

Amphenol Corp. Class A 2,555 233,501

Arrow Electronics Inc.a 2,837 231,442

Avnet Inc. 5,569 237,796

CDW Corp./DE 3,226 235,272

Cognex Corp. 4,229 227,140

Corning Inc. 7,894 229,558

Flex Ltd.a 13,057 236,332

FLIR Systems Inc. 4,750 233,225

IPG Photonics Corp.a 962 236,306

TE Connectivity Ltd. 2,347 241,952

Trimble Inc.a 6,039 229,059

2,571,583

ENERGY EQUIPMENT & SERVICES — 0.94%

Baker Hughes a GE Co. 8,223 217,087

Halliburton Co. 4,892 227,087

Helmerich & Payne Inc. 3,526 227,603

National Oilwell Varco Inc. 6,569 230,506

Schlumberger Ltd. 3,610 236,961

TechnipFMC PLC 7,550 217,591

1,356,835


(REITS) — 6.04%

Alexandria Real Estate Equities Inc. 1,922 233,158

American Tower Corp. 1,659 231,148

AvalonBay Communities Inc. 1,468 229,037

Boston Properties Inc. 1,946 231,321

Brixmor Property Group Inc. 14,934 232,074

Camden Property Trust 2,869 228,688

Colony NorthStar Inc. Class Ab 29,299 227,946

Crown Castle International Corp. 2,126 233,988





Digital Realty Trust Inc. 2,287 $ 230,164

Duke Realty Corp. 9,260 229,370

Equinix Inc. 591 231,731

Equity Residential 4,105 230,824

Essex Property Trust Inc. 1,041 233,007

Extra Space Storage Inc.b 2,731 232,272

Federal Realty Investment Trust 2,021 230,273

GGP Inc. 10,836 229,398

HCP Inc. 10,534 227,956

Host Hotels & Resorts Inc. 12,066 223,945

Invitation Homes Inc. 10,636 231,333

Iron Mountain Inc. 7,301 229,689

Kimco Realty Corp. 15,382 230,115

Liberty Property Trust 5,857 229,946

Macerich Co. (The) 3,921 231,104

Mid-America Apartment

Communities Inc. 2,684 230,341

National Retail Properties Inc. 6,062 225,749

Prologis Inc. 3,847 233,436

Public Storage 1,194 232,161

Realty Income Corp. 4,677 230,015

Regency Centers Corp. 3,956 229,883

SBA Communications Corp.a 1,317 207,125

Simon Property Group Inc. 1,497 229,804

SL Green Realty Corp. 2,404 232,996

UDR Inc. 6,895 231,810

Ventas Inc. 4,642 224,301

VEREIT Inc. 33,859 231,934

Vornado Realty Trust 3,466 230,385

Welltower Inc. 4,291 225,278

Weyerhaeuser Co. 6,614 231,688

8,725,393


Costco Wholesale Corp. 1,236 235,952

CVS Health Corp. 3,391 229,672

Kroger Co. (The) 8,471 229,734

Sysco Corp. 3,928 234,305

Walgreens Boots Alliance Inc. 3,310 228,026

Walmart Inc. 2,486 223,765

1,381,454


Archer-Daniels-Midland Co. 5,522 229,273

Bunge Ltd. 3,050 230,062

Campbell Soup Co. 5,245 225,797

Conagra Brands Inc. 6,308 227,908


General Mills Inc. 4,168 $ 210,692

Hershey Co. (The) 2,375 233,368

Hormel Foods Corp. 6,987 226,798

Ingredion Inc. 1,801 235,283

JM Smucker Co. (The) 1,877 237,065

Kellogg Co. 3,443 227,927

Kraft Heinz Co. (The) 3,409 228,573

McCormick & Co. Inc./MD NVS 2,255 240,789

Mondelez International Inc. Class A 5,306 232,933

Tyson Foods Inc. Class A 3,087 229,611

3,216,079


Atmos Energy Corp. 2,852 229,557

UGI Corp. 5,341 230,144

459,701

HEALTH CARE EQUIPMENT & SUPPLIES — 2.91%

Abbott Laboratories 3,986 240,475

Align Technology Inc.a 881 231,280

Baxter International Inc. 3,488 236,451

Becton Dickinson and Co. 1,072 238,005

Boston Scientific Corp.a 8,708 237,380

Cooper Companies Inc. (The) 1,013 233,517

Danaher Corp. 2,384 233,108

DENTSPLY SIRONA Inc. 4,037 226,314

Edwards Lifesciences Corp.a 1,725 230,581

Hologic Inc.a 5,921 229,912

IDEXX Laboratories Inc.a 1,261 236,097

Intuitive Surgical Inc.a 563 240,091

Medtronic PLC 2,868 229,125

ResMed Inc. 2,459 234,269

Stryker Corp. 1,447 234,646

Teleflex Inc. 926 231,343

Varian Medical Systems Inc.a,b 1,924 229,610

Zimmer Biomet Holdings Inc. 1,979 230,059

4,202,263


Aetna Inc. 1,317 233,188

AmerisourceBergen Corp. 2,374 225,910

Anthem Inc. 1,015 238,911

Cardinal Health Inc. 3,399 235,245

Centene Corp.a 2,301 233,367

Cigna Corp. 1,202 235,460

DaVita Inc.a 3,199 230,392

Envision Healthcare Corp.a 6,123 235,735

Express Scripts Holding Co.a 3,086 232,839





HCA Healthcare Inc. 2,293 $ 227,580

Henry Schein Inc.a,b 3,392 224,516

Humana Inc. 861 234,037

Laboratory Corp. of America Holdingsa 1,354 233,836

McKesson Corp. 1,547 230,859

Quest Diagnostics Inc. 2,286 235,572

UnitedHealth Group Inc. 1,017 230,005

Universal Health Services Inc. Class B 1,976 225,659

3,943,111

HEALTH CARE TECHNOLOGY — 0.35%

Cerner Corp.a 3,665 235,146

Veeva Systems Inc. Class Aa 3,853 268,554

503,700

HOTELS, RESTAURANTS & LEISURE — 2.69%

Aramark 5,412 225,735

Carnival Corp. 3,351 224,215

Chipotle Mexican Grill Inc.a,b 735 234,031

Darden Restaurants Inc. 2,459 226,695

Domino’s Pizza Inc. 1,016 225,969

Hilton Worldwide Holdings Inc. 2,765 223,384

Las Vegas Sands Corp. 3,161 230,152

Marriott International Inc./MD Class A 1,640 231,584

McDonald’s Corp. 1,435 226,357

MGM Resorts International 6,625 226,774

Norwegian Cruise Line Holdings Ltd.a,b 4,031 229,364

Royal Caribbean Cruises Ltd. 1,785 225,981

Starbucks Corp. 4,162 237,650

Vail Resorts Inc. 1,089 224,193

Wyndham Worldwide Corp. 1,926 222,992

Wynn Resorts Ltd. 1,403 235,003

Yum! Brands Inc. 2,944 239,583

3,889,662


DR Horton Inc. 5,210 218,299

Garmin Ltd. 3,818 226,178

Leggett & Platt Inc. 5,198 225,905

Lennar Corp. Class A 3,946 223,265

Mohawk Industries Inc.a 926 222,129

Newell Brands Inc. 8,633 221,782

NVR Inc.a 75 213,238

PulteGroup Inc. 7,899 221,725

Toll Brothers Inc. 4,987 218,580

Whirlpool Corp. 1,334 216,681

2,207,782


HOUSEHOLD PRODUCTS — 0.95%

Church & Dwight Co. Inc. 4,787 $ 235,473

Clorox Co. (The) 1,811 233,764

Colgate-Palmolive Co. 3,323 229,187

Kimberly-Clark Corp. 2,044 226,720

Procter & Gamble Co. (The) 2,852 223,939

Spectrum Brands Holdings Inc. 2,224 219,531

1,368,614


PRODUCERS — 0.33%

AES Corp./VA 22,387 243,347

Vistra Energy Corp.a 12,317 233,407

476,754


3M Co. 968 227,974

General Electric Co. 15,772 222,543

Honeywell International Inc. 1,495 225,909

Roper Technologies Inc. 825 226,949

903,375

INSURANCE — 5.23%

Aflac Inc. 2,632 233,932

Alleghany Corp.a 314 190,331

Allstate Corp. (The) 2,485 229,266

American Financial Group Inc./OH 2,062 232,594

American International Group Inc. 3,789 217,261

Aon PLC 1,613 226,336

Arch Capital Group Ltd.a 2,622 231,365

Arthur J Gallagher & Co. 3,421 236,425

Assurant Inc. 2,625 224,359

Athene Holding Ltd. Class Aa 4,875 230,149

Axis Capital Holdings Ltd. 4,631 228,494

Brighthouse Financial Inc.a 4,179 226,794

Chubb Ltd. 1,612 228,775

Cincinnati Financial Corp. 3,083 229,961

Everest Re Group Ltd. 963 231,351

FNF Group 5,906 235,827

Hartford Financial Services Group

Inc. (The) 4,333 228,999

Lincoln National Corp. 3,058 232,928

Loews Corp. 4,531 223,514

Markel Corp.a 208 231,296

Marsh & McLennan Companies Inc. 2,815 233,701

MetLife Inc. 4,945 228,410

Principal Financial Group Inc. 3,697 230,434

Progressive Corp. (The) 4,056 233,544





Prudential Financial Inc. 2,139 $ 227,418

Reinsurance Group of America Inc. 1,506 231,608

RenaissanceRe Holdings Ltd. 1,797 230,519

Torchmark Corp. 2,640 225,377

Travelers Companies Inc. (The) 1,722 239,358

Unum Group 4,498 229,218

Willis Towers Watson PLC 1,473 232,587

WR Berkley Corp. 3,379 231,056

XL Group Ltd. 5,350 226,359

7,549,546

INTERNET & DIRECT MARKETING RETAIL — 0.99%

Amazon.com Inc.a 155 234,430

Booking Holdings Inc.a 127 258,323

Expedia Inc. 2,206 232,005

Liberty Interactive Corp. QVC Group

Series Aa 8,168 235,810

Netflix Inc.a 829 241,554

TripAdvisor Inc.a,b 5,536 221,883

1,424,005

INTERNET SOFTWARE & SERVICES — 1.45%

Akamai Technologies Inc.a 3,533 238,336

Alphabet Inc. Class Aa 104 114,808

Alphabet Inc. Class Ca 111 122,625

eBay Inc.a 5,384 230,758

Facebook Inc. Class Aa 1,288 229,676

IAC/InterActiveCorp.a 1,529 227,684

MercadoLibre Inc. 624 242,093

Twitter Inc.a 7,181 228,787

VeriSign Inc.a,b 2,006 232,736

Zillow Group Inc. Class Ca,b 4,821 229,817

2,097,320


Accenture PLC Class A 1,438 231,532

Alliance Data Systems Corp. 966 232,767

Automatic Data Processing Inc. 2,037 234,907

Broadridge Financial Solutions Inc. 2,309 231,777

Cognizant Technology Solutions Corp.

Class A 2,825 231,707

DXC Technology Co. 2,288 234,612

Fidelity National Information

Services Inc. 2,352 228,567

First Data Corp. Class Aa 14,715 229,848

Fiserv Inc.a 1,623 232,722

FleetCor Technologies Inc.a 1,130 225,921

Gartner Inc.a 1,996 226,366


Global Payments Inc. 2,058 $ 233,357

International Business Machines Corp. 1,472 229,382

Jack Henry & Associates Inc. 1,954 229,204

Leidos Holdings Inc. 3,507 222,028

Mastercard Inc. Class A 1,333 234,288

Paychex Inc. 3,459 225,285

PayPal Holdings Inc.a 2,968 235,689

Sabre Corp. 9,862 226,530

Square Inc. Class Aa 5,135 236,467

Total System Services Inc. 2,656 233,595

Visa Inc. Class A 1,919 235,922

Western Union Co. (The) 11,382 225,591

Worldpay Inc. Class Aa 3,089 251,074

5,559,138

LEISURE PRODUCTS — 0.47%

Hasbro Inc. 2,362 225,737

Mattel Inc. 13,857 220,326

Polaris Industries Inc. 1,985 226,270

672,333

LIFE SCIENCES TOOLS & SERVICES — 0.96%

Agilent Technologies Inc. 3,224 221,134

Illumina Inc.a 1,041 237,369

IQVIA Holdings Inc.a 2,344 230,486

Mettler-Toledo International Inc.a 369 227,385

Thermo Fisher Scientific Inc. 1,103 230,064

Waters Corp.a 1,144 234,108

1,380,546

MACHINERY — 2.98%

AGCO Corp. 3,413 227,306

Caterpillar Inc. 1,454 224,832

Cummins Inc. 1,398 235,102

Deere & Co. 1,409 226,666

Dover Corp. 2,259 226,126

Flowserve Corp. 5,291 224,074

Fortive Corp. 3,012 231,322

IDEX Corp. 1,712 234,201

Illinois Tool Works Inc. 1,403 226,500

Ingersoll-Rand PLC 2,553 226,706

Middleby Corp. (The)a 1,734 208,513

PACCAR Inc. 3,340 239,110

Parker-Hannifin Corp. 1,227 218,983

Pentair PLC 3,233 222,075

Snap-on Inc. 1,401 223,067

Stanley Black & Decker Inc. 1,446 230,189

WABCO Holdings Inc.a 1,644 226,823





Wabtec Corp./DEb 2,802 $ 227,915

Xylem Inc./NY 3,072 229,110

4,308,620

MEDIA — 2.99%

CBS Corp. Class B NVS 4,245 224,858

Charter Communications Inc. Class Aa 647 221,229

Comcast Corp. Class A 5,962 215,884

Discovery Communications Inc.

Class Aa,b 4,249 103,336

Discovery Communications Inc.

Class C NVSa 5,728 131,629

DISH Network Corp. Class Aa,b 5,256 219,122

Interpublic Group of Companies

Inc. (The) 9,632 225,389

Liberty Broadband Corp. Class Ca 2,544 223,567

Liberty Global PLC Series Aa 1,971 61,377

Liberty Global PLC Series C NVSa 5,496 165,045

Liberty Media Corp.-Liberty Formula

One Class Ca 6,701 220,664

Liberty Media Corp.-Liberty SiriusXM

Class Aa 1,869 78,404

Liberty Media Corp.-Liberty SiriusXM

Class Ca 3,620 151,171

Live Nation Entertainment Inc.a 4,941 221,357

News Corp. Class A 14,182 228,756

Omnicom Group Inc. 3,003 228,919

Scripps Networks Interactive Inc.

Class A 2,627 236,062

Sirius XM Holdings Inc.b 37,493 235,456

Time Warner Inc. 2,499 232,307

Twenty-First Century Fox Inc. Class A 4,395 161,824

Twenty-First Century Fox Inc. Class B 1,831 66,685

Viacom Inc. Class B NVS 7,002 233,447

Walt Disney Co. (The) 2,179 224,785

4,311,273


Freeport-McMoRan Inc.a 12,035 223,851

Newmont Mining Corp. 6,096 232,867

Nucor Corp. 3,444 225,238

Steel Dynamics Inc. 4,804 222,185

904,141

MORTGAGE REAL ESTATE INVESTMENT — 0.31%

AGNC Investment Corp.b 12,397 222,402

Annaly Capital Management Inc. 22,650 227,180

449,582


MULTI-UTILITIES — 1.75%

Ameren Corp. 4,224 $ 229,363

CenterPoint Energy Inc. 8,540 231,007

CMS Energy Corp. 5,361 227,575

Consolidated Edison Inc. 3,042 227,815

Dominion Energy Inc. 3,134 232,136

DTE Energy Co. 2,264 228,166

NiSource Inc. 9,991 231,092

Public Service Enterprise Group Inc. 4,689 227,088

SCANA Corp. 5,775 229,094

Sempra Energy 2,162 235,615

WEC Energy Group Inc. 3,821 228,954

2,527,905


Dollar General Corp. 2,399 226,921

Dollar Tree Inc.a 2,155 221,189

Kohl’s Corp. 3,561 235,347

Macy’s Inc. 8,811 259,132

Nordstrom Inc. 4,587 235,359

Target Corp. 3,073 231,735

1,409,683


Anadarko Petroleum Corp. 3,956 225,650

Andeavor 2,494 223,512

Antero Resources Corp.a,b 12,484 234,824

Apache Corp. 6,616 225,936

Cabot Oil & Gas Corp. 9,656 233,289

Cheniere Energy Inc.a 4,100 215,332

Chevron Corp. 2,098 234,808

Cimarex Energy Co. 2,416 232,153

Concho Resources Inc.a 1,592 240,074

ConocoPhillips 4,199 228,048

Continental Resources Inc./OKa 4,786 227,383

Devon Energy Corp. 7,582 232,540

Diamondback Energy Inc.a 1,870 233,077

EOG Resources Inc. 2,199 223,023

EQT Corp. 4,537 228,256

Exxon Mobil Corp. 3,040 230,250

Hess Corp. 5,037 228,781

HollyFrontier Corp. 5,078 217,491

Kinder Morgan Inc./DE 13,840 224,208

Marathon Oil Corp. 14,778 214,577

Marathon Petroleum Corp. 3,469 222,224

Newfield Exploration Co.a 9,829 229,311

Noble Energy Inc. 7,846 234,046





Occidental Petroleum Corp. 3,395 $ 222,712

ONEOK Inc. 4,033 227,179

Parsley Energy Inc. Class Aa 9,209 232,803

Phillips 66 2,558 231,166

Pioneer Natural Resources Co. 1,300 221,299

Plains GP Holdings LP Class A 11,071 230,277

Range Resources Corp. 17,737 235,725

Targa Resources Corp. 5,154 230,126

Valero Energy Corp. 2,505 226,502

Williams Companies Inc. (The) 7,966 221,136

7,517,718


Coty Inc. Class A 11,161 215,630

Estee Lauder Companies Inc. (The)

Class A 1,645 227,734

443,364


Allergan PLC 1,447 223,156

Bristol-Myers Squibb Co. 3,504 231,965

Eli Lilly & Co. 2,987 230,059

Jazz Pharmaceuticals PLCa,b 1,616 233,997

Johnson & Johnson 1,775 230,537

Merck & Co. Inc. 4,114 223,061

Mylan NVa 5,586 225,227

Perrigo Co. PLC 2,586 210,656

Pfizer Inc. 6,325 229,661

Zoetis Inc. 2,855 230,855

2,269,174

PROFESSIONAL SERVICES — 1.28%

CoStar Group Inc.a 656 224,437

Equifax Inc. 2,035 229,955

IHS Markit Ltd.a 4,925 231,721

ManpowerGroup Inc. 1,900 225,074

Nielsen Holdings PLC 7,203 235,034

Robert Half International Inc. 4,090 233,416

TransUniona 4,057 231,533

Verisk Analytics Inc. Class Aa 2,383 243,519

1,854,689


CBRE Group Inc. Class Aa 5,220 244,035

Jones Lang LaSalle Inc. 1,490 239,309

483,344

ROAD & RAIL — 1.26%

AMERCO 661 227,384

CSX Corp. 4,193 225,248


JB Hunt Transport Services Inc. 1,926 $ 228,366

Kansas City Southern 2,107 217,105

Knight-Swift Transportation

Holdings Inc. 4,821 232,179

Norfolk Southern Corp. 1,635 227,396

Old Dominion Freight Line Inc. 1,657 230,190

Union Pacific Corp. 1,726 224,812

1,812,680

SEMICONDUCTORS & SEMICONDUCTOR

EQUIPMENT — 2.80%

Advanced Micro Devices Inc.a 19,653 237,998

Analog Devices Inc. 2,604 234,751

Applied Materials Inc. 4,112 236,810

Broadcom Ltd. 925 227,975

Intel Corp. 4,997 246,302

KLA-Tencor Corp. 2,135 241,917

Lam Research Corp. 1,224 234,837

Marvell Technology Group Ltd. 9,969 234,172

Maxim Integrated Products Inc. 3,778 230,231

Microchip Technology Inc. 2,748 244,380

Micron Technology Inc.a 5,211 254,349

NVIDIA Corp. 954 230,868

Qorvo Inc.a 2,937 237,045

QUALCOMM Inc. 3,708 241,020

Skyworks Solutions Inc. 2,150 234,887

Texas Instruments Inc. 2,251 243,896

Xilinx Inc. 3,345 238,331

4,049,769

SOFTWARE — 3.90%

Activision Blizzard Inc. 3,389 247,838

Adobe Systems Inc.a 1,141 238,617

ANSYS Inc.a 1,475 235,912

Autodesk Inc.a 2,052 241,048

CA Inc. 6,633 232,818

Cadence Design Systems Inc.a 5,943 230,410

CDK Global Inc. 3,267 224,378

Citrix Systems Inc.a 2,517 231,564

Dell Technologies Inc. Class Va 3,268 242,780

Electronic Arts Inc.a 1,869 231,195

Fortinet Inc.a 4,687 236,553

Intuit Inc. 1,340 223,592

Microsoft Corp. 2,518 236,113

Oracle Corp. 4,564 231,258

Red Hat Inc.a 1,594 234,956

salesforce.com Inc.a 2,087 242,614





ServiceNow Inc.a 1,478 $ 237,973

Splunk Inc.a 2,474 230,577

SS&C Technologies Holdings Inc. 4,597 227,643

Symantec Corp. 8,546 224,674

Synopsys Inc.a 2,733 231,403

Take-Two Interactive Software Inc.a 2,123 237,500

VMware Inc. Class Aa,b 1,802 237,413

Workday Inc. Class Aa 1,854 234,846

5,623,675


Advance Auto Parts Inc. 2,087 238,440

AutoNation Inc.a,b 4,448 223,334

AutoZone Inc.a 325 216,034

Best Buy Co. Inc. 3,234 234,271

CarMax Inc.a 3,778 233,934

Gap Inc. (The) 7,123 224,944

Home Depot Inc. (The) 1,243 226,562

L Brands Inc. 4,792 236,389

Lowe’s Companies Inc. 2,380 213,224

O’Reilly Automotive Inc.a 932 227,585

Ross Stores Inc. 2,937 229,350

Tiffany & Co. 2,265 228,856

TJX Companies Inc. (The) 3,018 249,528

Tractor Supply Co. 3,479 225,891

Ulta Beauty Inc.a 1,130 229,786

3,438,128

TECHNOLOGY HARDWARE, STORAGE &

PERIPHERALS — 1.18%

Apple Inc. 1,337 238,147

Hewlett Packard Enterprise Co. 14,051 261,208

HP Inc. 10,533 246,367

NetApp Inc. 3,964 240,020

Seagate Technology PLC 4,513 240,994

Western Digital Corp. 2,696 234,660

Xerox Corp. 7,850 238,012

1,699,408


Hanesbrands Inc. 11,284 218,910

Lululemon Athletica Inc.a 2,853 231,378

Michael Kors Holdings Ltd.a 3,616 227,555

NIKE Inc. Class B 3,435 230,248

PVH Corp. 1,544 222,768

Ralph Lauren Corp. 2,145 227,027

Tapestry Inc. 4,633 235,866

Under Armour Inc. Class Aa,b 7,231 119,890


Under Armour Inc. Class Ca,b 7,375 $ 110,994

VF Corp. 3,026 225,649

2,050,285

THRIFTS & MORTGAGE FINANCE — 0.16%

New York Community Bancorp. Inc. 16,577 225,779

225,779

TOBACCO — 0.32%

Altria Group Inc. 3,640 229,138

Philip Morris International Inc. 2,239 231,848

460,986

TRADING COMPANIES & DISTRIBUTORS — 0.64%

Fastenal Co. 4,255 232,833

HD Supply Holdings Inc.a 6,383 231,384

United Rentals Inc.a 1,319 230,944

WW Grainger Inc. 875 228,856

924,017


Macquarie Infrastructure Corp. 6,164 249,642

249,642


American Water Works Co. Inc. 2,928 232,366

232,366

WIRELESS TELECOMMUNICATION

SERVICES — 0.32%

Sprint Corp.a,b 44,088 228,817

T-Mobile U.S. Inc.a 3,926 237,955

466,772

TOTAL COMMON STOCKS

(Cost: $127,200,226) 144,222,977




SL Agency Shares

1.58%c,d,e 3,976,113 3,976,511


SL Agency Shares

1.32%c,d 111,858 111,858

4,088,369


(Cost: $4,088,169) 4,088,369




Value

TOTAL INVESTMENTS


(Cost: $131,288,395) $148,311,346

Other Assets, Less Liabilities — (2.74)% (3,959,743)

NET ASSETS — 100.00% $144,351,603

NVS — Non-Voting Shares



Affiliates (Note 2)



Affiliated issuer

Sharesheld at

08/31/17Shares

purchasedShares

sold

Sharesheld at



Change inunrealized


BlackRock Cash Funds: Institutional,SL Agency Shares 7,464,215 — (3,488,102)b 3,976,113 $3,976,511 $16,293c $ (706) $ (498)

BlackRock Cash Funds: Treasury,SL Agency Shares 69,879 41,979b — 111,858 111,858 796 — —

BlackRock Inc. 515 83 (170) 428 235,156 1,100 18,268 43,032PNC Financial Services Group

Inc. (The) 1,677 328 (527) 1,478 233,021 2,378 19,053 32,819

$4,556,546 $20,567 $ 36,615 $ 75,353









InvestmentsAssets


Total $148,311,346 $ — $ — $148,311,346



Statements of Assets and Liabilities (Unaudited)

iSHARES®, INC.February 28, 2018

iSharesMSCI Brazil

ETF

iSharesMSCI Chile

ETF

iSharesMSCI Colombia

ETF

ASSETS

Investments in securities, at cost:

Unaffiliated $ 5,523,228,454 $ 289,267,183 $ 17,605,180

Affiliated (Note 2) 6,244,689 275,371 11,069

Total cost of investments in securities $ 5,529,473,143 $ 289,542,554 $ 17,616,249

Investments in securities, at fair value(Note 1):

Unaffiliated $ 8,650,173,224 $ 494,769,867 $ 21,256,672

Affiliated (Note 2) 6,244,689 275,371 11,069

Foreign currency, at valuea 16,810,392 — 16,834

Cash pledged to broker for futures contracts 5,195,000 — —

Receivables:

Investment securities sold 507,627,805 7,284,920 1,468,485

Dividends 104,488,080 436 2,859

Total Assets 9,290,539,190 502,330,594 22,755,919

LIABILITIES

Payables:

Investment securities purchased 538,882,490 7,018,692 1,451,000

Futures variation margin 1,542,840 — —

Investment advisory fees (Note 2) 3,851,857 231,771 10,321

Total Liabilities 544,277,187 7,250,463 1,461,321

NET ASSETS $ 8,746,262,003 $ 495,080,131 $ 21,294,598

Net assets consist of:

Paid-in capital $ 8,328,507,464 $ 484,793,226 $ 30,036,160

Undistributed net investment income 68,618,662 593,609 33,189

Accumulated net realized loss (2,778,182,111) (195,809,388) (12,426,051)

Net unrealized appreciation 3,127,317,988 205,502,684 3,651,300

NET ASSETS $ 8,746,262,003 $ 495,080,131 $ 21,294,598

Shares outstandingb 192,450,000 9,150,000 1,450,000

Net asset value per share $ 45.45 $ 54.11 $ 14.69

a Cost of foreign currency: $16,864,639, $ — and $17,007, respectively.b $0.001 par value, number of shares authorized: 500 million, 200 million and 25 million, respectively.


F I N A N C I A L S T A T E M E N T S 43

Statements of Assets and Liabilities (Unaudited) (Continued)


iSharesMSCI Israel

ETF

iSharesMSCI Russia

ETF

iSharesMSCI South Africa

ETF

ASSETS


Unaffiliated $122,629,790 $ 685,319,288 $ 508,919,910

Affiliated (Note 2) 10,921,381 1,290,488 2,072,618

Total cost of investments in securities $133,551,171 $ 686,609,776 $ 510,992,528

Investments in securities, at fair value (including securities on loana) (Note 1):

Unaffiliated $118,768,406 $ 815,609,701 $ 516,830,368

Affiliated (Note 2) 10,921,626 1,290,488 2,072,440

Foreign currency, at valueb 179,412 — 143,355

Receivables:

Investment securities sold 859,975 27,958,693 12,607,638

Due from custodian (Note 4) 447,596 — —

Dividends and interest 34,331 1,376 467,075

Tax reclaims — — 4,671

Total Assets 131,211,346 844,860,258 532,125,547

LIABILITIES

Payables:

Investment securities purchased 1,383,810 27,984,718 11,710,125

Collateral for securities on loan (Note 1) 10,911,032 — 2,054,004

Deferred foreign capital gains taxes (Note 1) 44,253 — —

Investment advisory fees (Note 2) 52,131 357,197 228,218

Total Liabilities 12,391,226 28,341,915 13,992,347

NET ASSETS $118,820,120 $ 816,518,343 $ 518,133,200


Paid-in capital $177,512,261 $ 804,092,500 $ 611,873,598

Distributions in excess of net investment income (1,209,653) (617,128) (58,482)

Accumulated net realized loss (53,576,414) (117,247,442) (101,595,918)

Net unrealized appreciation (depreciation) (3,906,074) 130,290,413 7,914,002

NET ASSETS $118,820,120 $ 816,518,343 $ 518,133,200

Shares outstandingc 2,300,000 21,600,000 7,200,000

Net asset value per share $ 51.66 $ 37.80 $ 71.96

a Securities on loan with values of $10,523,308, $ — and $1,940,911, respectively. See Note 1.b Cost of foreign currency: $180,092, $ — and $141,131, respectively.c $0.001 par value, number of shares authorized: 500 million, 1 billion and 400 million, respectively.



Statements of Assets and Liabilities (Unaudited) (Continued)


iSharesMSCI Turkey

ETF

iSharesMSCI USA Equal

Weighted ETF

ASSETS


Unaffiliated $ 508,406,593 $126,891,461

Affiliated (Note 2) 17,674,992 4,396,934

Total cost of investments in securities $ 526,081,585 $131,288,395

Investments in securities, at fair value (including securities on loana) (Note 1):

Unaffiliated $ 386,950,463 $143,754,800

Affiliated (Note 2) 17,675,883 4,556,546

Foreign currency, at valueb 96,927 —

Receivables:

Investment securities sold 2,505,949 6,169,848

Dividends and interest 71,496 197,891

Total Assets 407,300,718 154,679,085

LIABILITIES

Payables:

Investment securities purchased 1,985,501 6,333,344

Collateral for securities on loan (Note 1) 17,527,624 3,977,386

Investment advisory fees (Note 2) 168,644 16,752

Total Liabilities 19,681,769 10,327,482

NET ASSETS $ 387,618,949 $144,351,603


Paid-in capital $ 601,639,394 $122,686,461

Undistributed (distributions in excess of) net investment income (100,978) 298,786

Undistributed net realized gain (accumulated net realized loss) (92,464,475) 4,343,405

Net unrealized appreciation (depreciation) (121,454,992) 17,022,951

NET ASSETS $ 387,618,949 $144,351,603

Shares outstandingc 8,650,000 2,600,000

Net asset value per share $ 44.81 $ 55.52

a Securities on loan with values of $16,728,164 and $3,839,338, respectively. See Note 1.b Cost of foreign currency: $96,672 and $ —, respectively.c $0.001 par value, number of shares authorized: 200 million and 500 million, respectively.



Statements of Operations (Unaudited)

iSHARES®, INC.Six months ended February 28, 2018

iSharesMSCI Brazil

ETF

iSharesMSCI Chile

ETF


ETF

NET INVESTMENT INCOME

Dividends — unaffiliateda $ 141,611,900 $ 2,775,336 $220,469

Dividends — affiliated (Note 2) 31,463 3,601 210

Interest — unaffiliated 249 — —

Securities lending income — affiliated — net (Note 2) — — 806

Total investment income 141,643,612 2,778,937 221,485

EXPENSESInvestment advisory fees (Note 2) 21,920,144 1,573,032 67,546

Proxy fees 620 55 2

Commitment fees (Note 6) — — 36

Total expenses 21,920,764 1,573,087 67,584

Net investment income 119,722,848 1,205,850 153,901

NET REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:

Investments — unaffiliated 63,265,557 15,897,003 15,341

Investments — affiliated (Note 2) — — (15)

In-kind redemptions — unaffiliated — — 17,544

Futures contracts 570,869 — —

Foreign currency transactions (436,389) 31,551 8,190

Net realized gain 63,400,037 15,928,554 41,060

Net change in unrealized appreciation/depreciation on:

Investments — unaffiliated 904,929,177 46,958,390 189,177

Investments — affiliated (Note 2) — — 4

Futures contracts 54,106 — —

Translation of assets and liabilities in foreign currencies (57,609) (185) (234)

Net change in unrealized appreciation/depreciation 904,925,674 46,958,205 188,947

Net realized and unrealized gain 968,325,711 62,886,759 230,007

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $1,088,048,559 $64,092,609 $383,908

a Net of foreign withholding tax of $15,244,357, $572,033 and $1,160, respectively.



Statements of Operations (Unaudited) (Continued)


iSharesMSCI Israel

ETF

iSharesMSCI Russia

ETF


ETF


Dividends — unaffiliateda $ 601,916 $ 8,403,102 $ 5,118,284

Dividends — affiliated (Note 2) 120 9,867 1,603

Securities lending income — affiliated — net (Note 2) 26,894 — 16,842

Total investment income 628,930 8,412,969 5,136,729

EXPENSESInvestment advisory fees (Note 2) 300,495 1,982,769 1,324,289

Proxy fees 11 57 48

Total expenses 300,506 1,982,826 1,324,337

Net investment income 328,424 6,430,143 3,812,392



Investments — unaffiliatedb (712,497) (8,219,337) (20,327,525)

Investments — affiliated (Note 2) (1,679) — (1,001)

In-kind redemptions — unaffiliated — — 21,492,671

Foreign currency transactions 755 63,003 57,040

Net realized gain (loss) (713,421) (8,156,334) 1,221,185


Investments — unaffiliatedc 9,051,762 132,988,675 67,373,621

Investments — affiliated (Note 2) (301) — (178)

Translation of assets and liabilities in foreign currencies (805) (282) (1,845)

Net change in unrealized appreciation/depreciation 9,050,656 132,988,393 67,371,598

Net realized and unrealized gain 8,337,235 124,832,059 68,592,783

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $8,665,659 $131,262,202 $ 72,405,175

a Net of foreign withholding tax of $143,815, $920,660 and $870,681, respectively.b Net of foreign capital gains taxes of $3,696, $ — and $ —, respectively.c Net of deferred foreign capital gains taxes of $44,253, $ — and $ —, respectively.



Statements of Operations (Unaudited) (Continued)


iSharesMSCI Turkey

ETF


Weighted ETF


Dividends — unaffiliateda $ 1,648,645 $ 1,153,693

Dividends — affiliated (Note 2) 961 4,274

Securities lending income — affiliated — net (Note 2) 572,786 16,293

Total investment income 2,222,392 1,174,260

EXPENSESInvestment advisory fees (Note 2) 1,117,211 101,548

Proxy fees 44 14

Total expenses 1,117,255 101,562

Net investment income 1,105,137 1,072,698



Investments — unaffiliated (8,931,477) (254,198)

Investments — affiliated (Note 2) (500) 3,303

In-kind redemptions — unaffiliated 6,962,587 6,681,730

In-kind redemptions — affiliated (Note 2) — 33,312

Foreign currency transactions (13,011) (6)

Net realized gain (loss) (1,982,401) 6,464,141


Investments — unaffiliated (11,317,038) 3,934,993

Investments — affiliated (Note 2) (3,039) 75,353

Translation of assets and liabilities in foreign currencies (6,872) —

Net change in unrealized appreciation/depreciation (11,326,949) 4,010,346

Net realized and unrealized gain (loss) (13,309,350) 10,474,487

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $(12,204,213) $11,547,185

a Net of foreign withholding tax of $287,020 and $315, respectively.



Statements of Changes in Net AssetsiSHARES®, INC.

iSharesMSCI Brazil

ETF

iSharesMSCI Chile

ETFSix months

endedFebruary 28, 2018

(Unaudited)Year ended

August 31, 2017

Six monthsended

February 28, 2018(Unaudited)

Year endedAugust 31, 2017

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:

Net investment income $ 119,722,848 $ 104,757,147 $ 1,205,850 $ 6,990,238

Net realized gain (loss) 63,400,037 (57,957,125) 15,928,554 (1,199,111)

Net change in unrealized appreciation/depreciation 904,925,674 984,438,707 46,958,205 110,031,708

Net increase in net assets resulting from operations 1,088,048,559 1,031,238,729 64,092,609 115,822,835

DISTRIBUTIONS TO SHAREHOLDERS:

From net investment income (78,425,641) (93,579,029) (533,885) (6,944,133)

Return of capital — — — (462,190)

Total distributions to shareholders (78,425,641) (93,579,029) (533,885) (7,406,323)

CAPITAL SHARE TRANSACTIONS:

Proceeds from shares sold 1,408,720,049 1,830,568,929 107,541,239 222,913,747

Cost of shares redeemed — (339,939,142) (143,664,880) (190,929,443)

Net increase (decrease) in net assets from capital

share transactions 1,408,720,049 1,490,629,787 (36,123,641) 31,984,304

INCREASE IN NET ASSETS 2,418,342,967 2,428,289,487 27,435,083 140,400,816

NET ASSETSBeginning of period 6,327,919,036 3,899,629,549 467,645,048 327,244,232

End of period $8,746,262,003 $6,327,919,036 $ 495,080,131 $ 467,645,048

Undistributed (distributions in excess of) net investment

income included in net assets at end of period $ 68,618,662 $ 27,321,455 $ 593,609 $ (78,356)

SHARES ISSUED AND REDEEMEDShares sold 34,500,000 50,950,000 2,200,000 5,400,000

Shares redeemed — (9,350,000) (2,800,000) (4,550,000)

Net increase (decrease) in shares outstanding 34,500,000 41,600,000 (600,000) 850,000



Statements of Changes in Net Assets (Continued)

iSHARES®, INC.


ETF

iSharesMSCI Israel

ETFSix months



August 31, 2017

Six monthsended




OPERATIONS:

Net investment income $ 153,901 $ 309,200 $ 328,424 $ 1,230,124

Net realized gain (loss) 41,060 (151,505) (713,421) 2,010,978

Net change in unrealized appreciation/depreciation 188,947 1,966,444 9,050,656 (2,512,946)

Net increase in net assets resulting from operations 383,908 2,124,139 8,665,659 728,156


From net investment income (168,036) (229,358) (1,498,969) (1,597,362)

Total distributions to shareholders (168,036) (229,358) (1,498,969) (1,597,362)


Proceeds from shares sold — 3,562,888 22,501,440 14,260,227

Cost of shares redeemed (1,515,157) — — (18,031,594)


share transactions (1,515,157) 3,562,888 22,501,440 (3,771,367)

INCREASE (DECREASE) IN NET ASSETS (1,299,285) 5,457,669 29,668,130 (4,640,573)

NET ASSETSBeginning of period 22,593,883 17,136,214 89,151,990 93,792,563

End of period $21,294,598 $22,593,883 $118,820,120 $ 89,151,990


income included in net assets at end of period $ 33,189 $ 47,324 $ (1,209,653) $ (39,108)

SHARES ISSUED AND REDEEMEDShares sold — 250,000 450,000 300,000

Shares redeemed (100,000) — — (350,000)

Net increase (decrease) in shares outstanding (100,000) 250,000 450,000 (50,000)




iSHARES®, INC.

iSharesMSCI Russia

ETF


ETFSix months



August 31, 2017a

Six monthsended




OPERATIONS:


Net realized gain (loss) (8,156,334) (22,078,447) 1,221,185 2,780,139

Net change in unrealized appreciation/depreciation 132,988,393 66,063,307 67,371,598 67,112,331

Net increase in net assets resulting from operations 131,262,202 62,790,626 72,405,175 77,731,580


From net investment income (19,835,594) (13,531,335) (4,319,700) (7,473,325)

Total distributions to shareholders (19,835,594) (13,531,335) (4,319,700) (7,473,325)


Proceeds from shares sold 175,015,286 189,716,789 139,903,195 87,244,010

Cost of shares redeemed — (28,528,183) (109,442,180) (144,358,566)


share transactions 175,015,286 161,188,606 30,461,015 (57,114,556)

INCREASE IN NET ASSETS 286,441,894 210,447,897 98,546,490 13,143,699


End of period $816,518,343 $530,076,449 $ 518,133,200 $ 419,586,710


income included in net assets at end of period $ (617,128) $ 12,788,323 $ (58,482) $ 448,826

SHARES ISSUED AND REDEEMEDShares sold 5,100,000 6,000,000 2,200,000 1,600,000

Shares redeemed — (950,000) (1,700,000) (2,600,000)

Net increase (decrease) in shares outstanding 5,100,000 5,050,000 500,000 (1,000,000)

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




iSHARES®, INC.

iSharesMSCI Turkey

ETF


Weighted ETFSix months



August 31, 2017

Six monthsended




OPERATIONS:


Net realized gain (loss) (1,982,401) (373,124) 6,464,141 3,014,793

Net change in unrealized appreciation/depreciation (11,326,949) 90,151,289 4,010,346 8,677,766

Net increase (decrease) in net assets resulting

from operations (12,204,213) 99,452,792 11,547,185 13,605,328


From net investment income (1,038,822) (10,121,626) (1,171,420) (1,736,320)

Total distributions to shareholders (1,038,822) (10,121,626) (1,171,420) (1,736,320)


Proceeds from shares sold 30,914,959 103,777,923 24,803,303 60,481,105

Cost of shares redeemed (54,779,558) (136,607,007) (26,772,660) (10,078,303)


share transactions (23,864,599) (32,829,084) (1,969,357) 50,402,802

INCREASE (DECREASE) IN NET ASSETS (37,107,634) 56,502,082 8,406,408 62,271,810


End of period $387,618,949 $ 424,726,583 $144,351,603 $135,945,195


income included in net assets at end of period $ (100,978) $ (167,293) $ 298,786 $ 397,508

SHARES ISSUED AND REDEEMEDShares sold 750,000 3,150,000 450,000 1,250,000

Shares redeemed (1,300,000) (3,600,000) (500,000) (200,000)

Net increase (decrease) in shares outstanding (550,000) (450,000) (50,000) 1,050,000



Financial HighlightsiSHARES®, INC.(For a share outstanding throughout each period)

iShares MSCI Brazil ETFSix months

endedFeb. 28, 2018


Aug. 31, 2017Year ended




Aug. 31, 2013

Net asset value, beginning of period $ 40.06 $ 33.52 $ 24.71 $ 53.61 $ 42.52 $ 52.61

Income from investment operations:

Net investment incomea 0.67 0.76 0.63 1.00 1.56 1.59

Net realized and unrealized gain (loss)b 5.14 6.45 8.62 (28.87) 11.08 (10.32)

Total from investment operations 5.81 7.21 9.25 (27.87) 12.64 (8.73)

Less distributions from:

Net investment income (0.42) (0.67) (0.44) (1.03) (1.55) (1.36)

Total distributions (0.42) (0.67) (0.44) (1.03) (1.55) (1.36)

Net asset value, end of period $ 45.45 $ 40.06 $ 33.52 $ 24.71 $ 53.61 $ 42.52

Total return 14.67%c 22.03% 38.22% (52.49)% 30.33% (16.85)%

Ratios/Supplemental data:

Net assets, end of period (000s) $8,746,262 $6,327,919 $3,899,630 $1,989,135 $5,449,685 $4,983,630

Ratio of expenses to average net assetsd 0.59% 0.62% 0.63% 0.62% 0.62% 0.61%

Ratio of net investment income to

average net assetsd 3.23% 2.10% 2.41% 2.73% 3.37% 3.02%

Portfolio turnover ratee 9%c 20% 18% 63% 54% 56%

a Based on average shares outstanding throughout each period.b The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of

capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.c Not annualized.d Annualized for periods of less than one year.e Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash

in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, years ended August 31, 2017, August 31,2016, August 31, 2015, August 31, 2014 and August 31, 2013 were 9%, 13%, 4%, 48%, 11% and 20%, respectively. See Note 4.


F I N A N C I A L H I G H L I G H T S 53

Financial Highlights (Continued)

iSHARES®, INC.(For a share outstanding throughout each period)

iShares MSCI Chile ETFSix months

endedFeb. 28, 2018






Aug. 31, 2013




Net realized and unrealized gain (loss)b 6.09 11.21 2.03 (8.81) (4.18) (12.58)

Total from investment operations 6.20 11.90 2.81 (8.15) (3.49) (11.90)



Return of capital — (0.04) (0.04) — — (0.03)



Total return 12.91%c 32.65% 8.17% (18.85)% (7.40)% (19.87)%


Net assets, end of period (000s) $495,080 $467,645 $327,244 $234,536 $352,499 $364,890






capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.c Not annualized.d Annualized for periods of less than one year.e Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash

in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, the years ended August 31, 2017,August 31, 2016, August 31, 2015, August 31, 2014 and August 31, 2013 were 4%, 8%, 11%, 10%, 11% and 16%, respectively. See Note 4.





iShares MSCI Colombia ETFSix months

endedFeb. 28, 2018





Aug. 31, 2014

Period fromJun. 18, 2013a

toAug. 31, 2013



Net investment incomeb 0.10 0.23 0.25 0.46c 0.67 0.03

Net realized and unrealized gain (loss)d 0.12 1.34 1.23 (16.34) 2.24 0.67

Total from investment operations 0.22 1.57 1.48 (15.88) 2.91 0.70


Net investment income (0.11) (0.17) (0.18) (0.45) (0.63) —

Net realized gain — — — — (0.03) —

Return of capital — — — (0.01) (0.01) —

Total distributions (0.11) (0.17) (0.18) (0.46) (0.67) —


Total return 1.52%e 12.05% 12.49% (56.73)% 11.44% 2.77%e



Ratio of expenses to average net assetsf 0.61% 0.61% 0.61% 0.61% 0.61% 0.61%


average net assetsf 1.39% 1.72% 2.16% 2.60%c 2.54% 0.61%

Portfolio turnover rateg 14%e 14% 68% 86% 34% 2%e

a Commencement of operations.b Based on average shares outstanding throughout each period.c Includes a distribution from Ecopetrol SA. Excluding such distribution, the net investment income would have been $0.33 per share and 1.87% of average net

assets.d The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of

capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.e Not annualized.f Annualized for periods of less than one year.g Portfolio turnover rates include portfolio transactions that are executed as a result of the Fund processing capital share transactions in Creation Units solely for cash

in U.S. dollars. Excluding such cash transactions, the portfolio turnover rates for the six months ended February 28, 2018, the years ended August 31, 2017,August 31, 2016, August 31, 2015, August 31, 2014 and for the period ended August 31, 2013 were 14%, 14%, 32%, 49%, 33% and 2%, respectively. See Note 4.





iShares MSCI Israel ETFSix months

endedFeb. 28, 2018






Aug. 31, 2013




Net realized and unrealized gain (loss)b 4.01 (0.98) (0.87) (0.34) 7.95 5.68

Total from investment operations 4.17 (0.36) (0.16) 0.89 8.82 6.63





Total return 8.70%c (0.77)% (0.23)% 1.80% 20.67% 17.82%








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.





iShares MSCI Russia ETFSix months

endedFeb. 28, 2018


Aug. 31, 2017aYear ended




Aug. 31, 2013a



Net investment incomeb 0.33 1.14 1.06 0.94 1.26 1.24

Net realized and unrealized gain (loss)c 6.37 4.07 2.65 (11.27) (4.01) (2.71)

Total from investment operations 6.70 5.21 3.71 (10.33) (2.75) (1.47)





Total return 21.31%d 18.73% 15.62% (27.57)% (7.00)% (3.40)%



Ratio of expenses to average net assetse 0.59% 0.62% 0.64% 0.62% 0.62% 0.61%


average net assetse 1.92% 4.27% 4.17% 3.33% 3.14% 2.87%

Portfolio turnover ratef 11%d 18% 23% 19% 15% 14%

a Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.b Based on average shares outstanding throughout each period.c The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of

capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.d Not annualized.e Annualized for periods of less than one year.f Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.





iShares MSCI South Africa ETFSix months

endedFeb. 28, 2018






Aug. 31, 2013




Net realized and unrealized gain (loss)b 9.41 9.79 (3.24) (13.24) 11.86 (5.31)

Total from investment operations 9.96 10.86 (2.22) (11.96) 13.43 (3.99)





Total return 15.98%c 20.91% (3.64)% (17.07)% 23.13% (6.35)%













iShares MSCI Turkey ETFSix months

endedFeb. 28, 2018






Aug. 31, 2013



Net investment incomea 0.12 0.97 0.96 1.13b 0.85 1.07

Net realized and unrealized gain (loss)c (1.36) 8.12 (0.17) (17.49) 6.75 (7.08)

Total from investment operations (1.24) 9.09 0.79 (16.36) 7.60 (6.01)





Total return (2.67)%d 24.23% 1.98% (29.69)% 15.52% (11.05)%



Ratio of expenses to average net assetse 0.59% 0.62% 0.64% 0.62% 0.62% 0.61%


average net assetse 0.59% 2.58% 2.45% 2.31%b 1.64% 1.67%

Portfolio turnover ratef 3%d 6% 6% 6% 8% 9%

a Based on average shares outstanding throughout each period.b Includes a special distribution from Turkcell Iletisim Hizmetleri AS. Excluding such special distribution, the net investment income would have been $0.76 per share

and 1.55% of average net assets.c The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of

capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.d Not annualized.e Annualized for periods of less than one year.f Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.





iShares MSCI USA Equal Weighted ETFSix months

endedFeb. 28, 2018






Aug. 31, 2013




Net realized and unrealized gain (loss)b 4.26 5.18 3.63 (0.57) 8.01 4.96

Total from investment operations 4.69 6.03 4.40 0.23 8.72 5.65





Total return 9.16%c 13.22% 10.54% 0.48% 24.98% 18.85%











Notes to Financial Statements (Unaudited)

iSHARES®, INC.

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an

open-end management investment company. The Company was incorporated under the laws of the State of Maryland on

September 1, 1994 pursuant to Articles of Incorporation as subsequently amended and restated.

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

iShares ETF Former Name

Diversification

Classification

MSCI Brazil iShares MSCI Brazil Capped ETF Non-diversified

MSCI Chile iShares MSCI Chile Capped ETF Non-diversified

MSCI Colombia iShares MSCI Colombia Capped ETF Non-diversified

MSCI Israel iShares MSCI Israel Capped ETF Non-diversified

MSCI Russia iShares MSCI Russia Capped ETF Non-diversified

MSCI South Africa N/A Non-diversified

MSCI Turkey N/A Non-diversified

MSCI USA Equal Weighted N/A Diversified

The investment objective of each Fund is to seek investment results that correspond generally to the price and yield performance,

before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to try to achieve

each Fund’s investment objective.

Pursuant to the Company’s organizational documents, the Funds’ officers and directors are indemnified against certain liabilities

that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter

into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these

arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by each Fund in the preparation of its financial statements

in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of

financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect

the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial

statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those

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

applicable to investment companies.

SECURITY VALUATION

Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting

purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP

defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between

market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation

Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant

to policies and procedures developed by the Global Valuation Committee and approved by the Board of Directors of the Company

(the “Board”).

N O T E S T O F I N A N C I A L S T A T E M E N T S 61

Notes to Financial Statements (Unaudited) (Continued)

iSHARES®, INC.

• Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the

official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a

recognized exchange for which there were no sales on that day are valued at the last traded price.

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

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

the contract is traded.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be

representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global

Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by

the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The

valuation techniques used under these approaches take into consideration inputs that include but are not limited to (i) attributes

specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the

investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar

investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment

speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs are reported to the Board on a quarterly

basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active

market does not exist, including regular due diligence of the Company’s pricing vendors, a regular review of key inputs and

assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and

losses, reviews of missing or stale prices, reviews of large movements in market values, and reviews of market related activity.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the

Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the

Fund’s underlying index.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data

(“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs to valuation techniques are

categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly

or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar

assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for

the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds,

loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability based on the best information available in the circumstances, to the

extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the

fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1

measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement

exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may



iSHARES®, INC.

fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is

determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy

for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In

accordance with the Company’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred

as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the

pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in

those securities.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined

using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend

date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of

February 28, 2018 are reflected in tax reclaims receivable. Upon notification from issuers, some of the dividend income received

from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are

recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Distributions received by the Funds

may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of

investments or reclassified to capital gains. Interest income is accrued daily.

FOREIGN CURRENCY TRANSLATION

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and

other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using prevailing market rates as

quoted by one or more data service providers. Purchases and sales of securities, income receipts and expense payments are

translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices

of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from

investments for financial reporting purposes. Each Fund reports realized currency gains (losses) on foreign currency related

transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally

treated as ordinary income for U.S. federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on

investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax

regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the

Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction

of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on

stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign

taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable

or deferred as of February 28, 2018, if any, are disclosed in the Funds’ statements of assets and liabilities.



iSHARES®, INC.

DISTRIBUTIONS TO SHAREHOLDERS

Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis

and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and

distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions.

The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an

approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is

required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and

a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the

current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day

of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on

the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time

and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities

transactions.

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a

fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors

(“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2018, any securities on loan were collateralized by

cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is

disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund,

except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments.

The total value of any securities on loan as of February 28, 2018 and the total value of the related cash collateral are disclosed in

the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of

operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not

return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by

BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received

does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an

investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased

with cash collateral falls below the value of the original cash collateral received.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which

provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral

and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund,

as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of

the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount

payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or

prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the

borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell

or re-pledge the collateral.



iSHARES®, INC.

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

2018:

iShares ETF

and Counterparty

Market Value of

Securities on Loan

Cash Collateral

Received a

Net

Amount b

MSCI IsraelBarclays Capital Inc. $ 50,496 $ 50,496 $ —BNP Paribas New York Branch 21,116 21,116 —Citigroup Global Markets Inc. 29,505 29,505 —Goldman Sachs & Co. 3,744,000 3,744,000 —HSBC Bank PLC 12,990 12,990 —JPMorgan Securities LLC 2,981,359 2,981,359 —Merrill Lynch, Pierce, Fenner & Smith 2,023,597 2,023,597 —Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) 854,669 854,669 —Nomura Securities International Inc. 453,152 453,152 —Scotia Capital (USA) Inc. 256,296 256,296 —UBS AG 96,128 96,128 —

$ 10,523,308 $ 10,523,308 $ —

MSCI South AfricaUBS Securities LLC $ 1,940,911 $ 1,940,911 $ —

MSCI TurkeyCitigroup Global Markets Inc. $ 1,230,830 $ 1,230,830 $ —Credit Suisse Securities (USA) LLC 5,298,927 5,298,927 —Deutsche Bank Securities Inc. 5,180,563 5,180,563 —Goldman Sachs & Co. 151,015 151,015 —JPMorgan Securities LLC 763,480 763,480 —Merrill Lynch, Pierce, Fenner & Smith 882,548 882,548 —Morgan Stanley & Co. LLC 1,291,270 1,291,270 —UBS AG 1,257,043 1,257,043 —UBS Securities LLC 672,488 672,488 —

$ 16,728,164 $ 16,728,164 $ —

MSCI USA Equal WeightedBarclays Capital Inc. $ 212,000 $ 212,000 $ —Citigroup Global Markets Inc. 326,828 326,828 —Credit Suisse Securities (USA) LLC 194,346 194,346 —Deutsche Bank Securities Inc. 121,506 121,506 —Goldman Sachs & Co. 806,215 806,215 —HSBC Bank PLC 256,853 256,853 —Merrill Lynch, Pierce, Fenner & Smith 674,630 674,630 —Morgan Stanley & Co. LLC (U.S. Equity Securities Lending) 909,232 909,232 —Scotia Capital (USA) Inc. 158,380 158,380 —SG Americas Securities LLC 155,628 155,628 —State Street Bank & Trust Company 18,753 18,507 (246)UBS Securities LLC 4,967 4,967 —

$ 3,839,338 $ 3,839,092 $ (246)

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

b Additional collateral is delivered to the Funds on the next business day in accordance with the MSLA. The net amount would be subject to the borrowerdefault indemnity in the event of default by a counterparty.



iSHARES®, INC.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a

California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for

substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected

with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses

and any extraordinary expenses (in each case as determined by a majority of the independent directors).

For its investment advisory services to each of the iShares MSCI Brazil, iShares MSCI Chile, iShares MSCI Israel, iShares MSCI

Russia, iShares MSCI South Africa and iShares MSCI Turkey ETFs, BFA is entitled to an annual investment advisory fee,

accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net

assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee Aggregate Average Daily Net Assets

0.74% First $2 billion

0.69 Over $2 billion, up to and including $4 billion





0.45 Over $32 billion

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued

daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF

Investment

Advisory Fee

MSCI Colombia 0.61%

MSCI USA Equal Weighted 0.15

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust

Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As

securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in

connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA,

however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral

investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal

to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other

payments to and from borrowers of securities. The Funds retain a portion of securities lending income and remit the remaining

portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, the iShares MSCI USA Equal Weighted ETF (the “Group 1 Fund”), retains 71.5% of

securities lending income and the amount retained can never be less than 65% of the total of securities lending income plus the

collateral investment fees.



iSHARES®, INC.

Pursuant to a securities lending agreement, the iShares MSCI Brazil, iShares MSCI Chile, iShares MSCI Colombia, iShares

MSCI Israel, iShares MSCI Russia, iShares MSCI South Africa and iShares MSCI Turkey ETFs (the “Group 2 Funds”), retain

80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income

plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral

investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar

year exceeds the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013, the

Group 1 Fund, pursuant to a securities lending agreement, will retain for the remainder of that calendar year 75% of securities

lending income and the amount retained can never be less than 65% of the total of securities lending income plus the collateral

investment fees. Each Group 2 Fund will receive for the remainder of that calendar year 85% of securities lending income and the

amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

were as follows:

iShares ETF

Fees Paid

to BTC

MSCI Colombia $ 155

MSCI Israel 8,063

MSCI South Africa 4,109

MSCI Turkey 118,376

MSCI USA Equal Weighted 6,982

BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is

responsible for any fees or expenses for distribution services provided to the Funds.

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment

adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter

for compliance with the requirements and restrictions set forth by Rule 17a-7.

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

were as follows:

iShares ETF Purchases Sales

MSCI Israel $ 282,510 $ 25,883

MSCI Russia 3,119,477 2,437,336

MSCI USA Equal Weighted 5,914,047 4,760,000

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income

earned on these temporary cash investments is included in “Dividends – affiliated” in the statements of operations.

It is possible that, from time to time, BlackRock and/or funds managed by BFA or an affiliate (collectively, “Affiliates”) may

purchase and hold shares of a Fund. Affiliates reserve the right, subject to compliance with applicable law, to sell into the market

or redeem in Creation Units through an authorized participant at any time some or all of the shares of a Fund acquired for their

own accounts. A large sale or redemption of shares of a Fund by Affiliates could significantly reduce the asset size of the Fund,



iSHARES®, INC.

which might have an adverse effect on the Fund. As of February 28, 2018, the number of affiliated accounts that individually that

individually represent more than 10% ownership of a Fund’s total shares outstanding and the aggregate percentage of net assets

represented by such holdings were as follows:

iShares ETF

Number of

Affiliated

Accounts

Aggregate Affiliated

Ownership

Percentage

MSCI USA Equal Weighted 1 34%

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

for 1940 Act purposes.

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended

February 28, 2018 were as follows:

iShares ETF Purchases Sales

MSCI Brazil $2,057,317,895 $685,282,153

MSCI Chile 127,266,567 162,570,141

MSCI Colombia 2,995,671 4,488,644

MSCI Israel 4,230,833 4,144,687

MSCI Russia 99,624,081 76,162,604

MSCI South Africa 42,187,619 43,772,754

MSCI Turkey 11,144,523 11,412,033


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

iShares ETF

In-kind

Purchases

In-kind

Sales

MSCI Colombia $ — $ 46,315

MSCI Israel 21,357,194 —

MSCI Russia 139,078,626 —

MSCI South Africa 139,754,109 108,818,016

MSCI Turkey 30,808,591 54,714,478


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.



iSHARES®, INC.

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a

designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units

solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee

and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset

transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for

cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund

for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market

impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from shares

sold” in the statements of changes in net assets.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases,

securities related to in-kind contributions are reflected as “Due from custodian” and securities related to in-kind redemptions are

reflected as “Securities related to in-kind transactions” in the statements of assets and liabilities.

5. FUTURES CONTRACTS

Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in

index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is

intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements

to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to

pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or

other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the

contract is traded.

Pursuant to the contract, the fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in

market value of the contract. Such receipts or payments are known as margin variation and are recorded by the fund as

unrealized appreciation or depreciation. When the contract is closed, the fund records a realized gain or loss equal to the

difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was

closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or

values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The

use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and

the assets underlying such contracts.

The following table shows the value of futures contracts held by the iShares MSCI Brazil ETF as of February 28, 2018 and the

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

Assets

Futures contracts:

Variation margin / Net assets consist of – net unrealized appreciationa $54,106

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



iSHARES®, INC.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares MSCI Brazil ETF

during the six months ended February 28, 2018 and the related locations in the statements of operations, presented by risk

exposure category:

Net Realized

Gain (Loss)

Net Change in

Unrealized

Appreciation/Depreciation

Futures contracts $ 570,869 $ 54,106

The following table shows the average quarter-end balances of open futures contracts for the iShares MSCI Brazil ETF for the six

months ended February 28, 2018:

Average notional value of contracts purchased $38,999,567

6. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions,

and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of

an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors,

including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or

social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or

price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its

underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the

effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

MARKET RISK

Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest

rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market

movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or

by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions,

economic trends or events that are not specifically related to the issuers of the securities including local, regional or global

political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s

exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a

particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio

are disclosed in its schedule of investments.

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of

U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more

substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties;

possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or

other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the



iSHARES®, INC.

securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due

to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed

capital markets.

When a fund concentrates its investments in issuers located in a single country, it assumes the risk that economic, political and

social conditions in that country may have a significant impact on its investment performance.

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia,

Norway, Switzerland and Canada, have imposed economic sanctions, which consist of asset freezes and sectorial sanctions, on

certain Russian individuals and Russian corporate entities. Broader sanctions on Russia could also be instituted. These

sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a

weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia

taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These

retaliatory measures may include the immediate freeze of Russian assets held by a fund.

CREDIT RISK

Credit risk is the risk that an issuer or guarantor of debt instruments or the counterparty to a financial transaction, including

derivatives contracts, repurchase agreements or loans of portfolio securities, is unable or unwilling to make timely interest and/or

principal payments or to otherwise honor its obligations. BFA and its affiliates manage counterparty credit risk by entering into

transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring

the financial stability of those counterparties. Financial assets, which potentially expose a fund to issuer and counterparty credit

risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to

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

assets and liabilities.

7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the policy of

each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment

companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute

substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to

relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is

required.

For purposes of U.S. GAAP, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to

the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the

gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year.

These reclassifications have no effect on net assets or NAV per share.

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



iSHARES®, INC.

As of August 31, 2017, the Funds’ fiscal year-end, the Funds had capital loss carryforwards available to offset future realized

capital gains through the indicated expiration dates as follows:

iShares ETF

Non-

Expiring a

Expiring

2018

Expiring

2019 Total

MSCI Brazil $2,141,732,429 $198,226,310 — $2,339,958,739

MSCI Chile 150,400,264 11,712,090 976,991 163,089,345

MSCI Colombia 8,287,339 — — 8,287,339

MSCI Israel 33,128,188 10,801,191 7,130,249 51,059,628

MSCI Russia 70,987,197 — — 70,987,197

MSCI South Africa 63,988,602 14,856,365 6,137,142 84,982,109

MSCI Turkey 70,376,752 5,982,737 3,859,184 80,218,673

MSCI USA Equal Weighted 885,021 — — 885,021

a Must be utilized prior to losses subject to expiration.

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment

companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would

be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions

and derivatives) for U.S. federal income tax purposes were as follows:

iShares ETF Tax Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net Unrealized

Appreciation

(Depreciation)

MSCI Brazil $6,034,006,807 $3,141,530,134 $(519,064,922) $2,622,465,212

MSCI Chile 338,191,151 206,733,632 (49,879,545) 156,854,087

MSCI Colombia 21,796,021 3,836,447 (4,364,727) (528,280)

MSCI Israel 136,238,336 20,847,704 (27,396,008) (6,548,304)

MSCI Russia 724,786,142 160,261,097 (68,147,050) 92,114,047

MSCI South Africa 528,649,321 95,449,637 (105,196,150) (9,746,513)

MSCI Turkey 536,512,279 28,067,345 (159,953,278) (131,885,933)

MSCI USA Equal Weighted 132,524,110 22,431,579 (6,644,343) 15,787,236

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2018, inclusive of the

open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the

Funds’ financial statements.

8. LINE OF CREDIT

The iShares MSCI Colombia ETF, along with certain other iShares funds, is a party to a credit agreement with State Street Bank

and Trust Company. Effective October 25, 2017, certain terms of the credit agreement were amended, including (i) increasing the

maximum borrowing amount from $250 million to $275 million and (ii) extending the expiration date from October 25, 2017 to

October 24, 2018. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of

trades and rebalancing of portfolio holdings. The credit agreement has the following terms: a commitment fee of 0.20% per

annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR (not

less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts



iSHARES®, INC.

borrowed. The commitment fee is allocated to each fund participating in the credit agreement based on each fund’s pro-rata

share of the aggregate average daily value of assets invested in local securities of certain foreign markets.

The Fund did not borrow under the credit agreement during the six months ended February 28, 2018.

9. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000

Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell

Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF,

iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a putative class action lawsuit against

iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds

(collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing

to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a

‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision

holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all

of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

10. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were

available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the

financial statements.


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 Distributionsfor the Fiscal Year-to-Date

% Breakdown of the Total CumulativeDistributions for the Fiscal Year-to-Date

iShares ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

MSCI Brazil $ 0.266181 $ — $0.149369 $0.415550 64% — % 36% 100%

MSCI Chile 0.048433 — 0.000773 0.049206 98 — 2 100

MSCI Colombia 0.100316 — 0.008094 0.108410 93 — 7 100

MSCI Israel 0.529123 — 0.168072 0.697195 76 — 24 100

MSCI Russia 0.823930 — 0.203821 1.027751 80 — 20 100

MSCI South Africa 0.599240 — 0.017860 0.617100 97 — 3 100

MSCI USA Equal Weighted 0.416583 — 0.048800 0.465383 90 — 10 100


General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the

iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports

in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com

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

advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of

the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same

address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in

enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently

enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year

on Form N-Q. The iShares Funds’ Forms N-Q are available on the SEC’s website and may be reviewed and copied at the SEC’s

Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by

calling 1-800-SEC-0330. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the

iShares website.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio

securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent

twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the

iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

G E N E R A L I N F O R M A T I O N 75

Notes:


Notes:

N O T E S 77

Notes:


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

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

the current prospectus.

Investing involves risk, including possible loss of principal.

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

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

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

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