Post on 20-Dec-2018
transcript
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
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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
BeginningAccount Value
(9/1/17)
EndingAccount Value
(2/28/18)Expenses Paid
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%.
Average Annual Total Returns Cumulative Total Returns
NAV MARKET INDEX NAV MARKET INDEX
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.
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
BeginningAccount Value
(9/1/17)
EndingAccount Value
(2/28/18)Expenses Paid
During Period aAnnualized
Expense Ratio
$ 1,000.00 $ 1,129.10 $ 3.11 $ 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*
Utilities 24.08%
Financials 19.28
Materials 12.08
Consumer Discretionary 11.25
Consumer Staples 10.95
Energy 8.30
Industrials 7.22
Real Estate 2.76
Telecommunication Services 2.55
Information Technology 1.53
TOTAL 100.00%
TEN LARGEST FUND HOLDINGS
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%
* Excludes money market funds.
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%.
Average Annual Total Returns Cumulative Total Returns
NAV MARKET INDEX NAV MARKET INDEX
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.
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
BeginningAccount Value
(9/1/17)
EndingAccount Value
(2/28/18)Expenses Paid
During Period aAnnualized
Expense Ratio
$ 1,000.00 $ 1,015.20 $ 3.05 $ 1,000.00 $ 1,021.80 $ 3.06 0.61%
a Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, 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 34.13%
Materials 17.37
Energy 17.19
Utilities 15.88
Consumer Staples 9.23
Industrials 4.84
Telecommunication Services 1.36
TOTAL 100.00%
TEN LARGEST FUND HOLDINGS
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%
* 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 7
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%.
Average Annual Total Returns Cumulative Total Returns
NAV MARKET INDEX NAV MARKET INDEX
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%
The inception date of the Fund was 3/26/08. The first day of secondary market trading was 3/28/08.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on
the redemption or sale of fund shares. See “About Fund Performance” on page 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
BeginningAccount Value
(9/1/17)
EndingAccount Value
(2/28/18)Expenses Paid
During Period aAnnualized
Expense Ratio
$ 1,000.00 $ 1,087.00 $ 3.05 $ 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*
Information Technology 27.13%
Financials 23.68
Health Care 15.90
Real Estate 8.97
Materials 6.42
Industrials 5.52
Telecommunication Services 4.43
Energy 3.49
Consumer Staples 2.03
Consumer Discretionary 1.76
Utilities 0.67
TOTAL 100.00%
TEN LARGEST FUND HOLDINGS
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%
* Excludes money market funds.
8 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 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%.
Average Annual Total Returns Cumulative Total Returns
NAV MARKET INDEX NAV MARKET INDEX
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)%
The inception date of the Fund was 11/9/10. The first day of secondary market trading was 11/10/10.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on
the redemption or sale of fund shares. See “About Fund Performance” on page 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
BeginningAccount Value
(9/1/17)
EndingAccount Value
(2/28/18)Expenses Paid
During Period aAnnualized
Expense Ratio
$ 1,000.00 $ 1,213.10 $ 3.24 $ 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*
Energy 41.80%
Financials 27.09
Materials 19.05
Consumer Staples 4.41
Telecommunication Services 3.93
Utilities 3.72
TOTAL 100.00%
TEN LARGEST FUND HOLDINGS
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%
* 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 9
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%.
Average Annual Total Returns Cumulative Total Returns
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.
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
BeginningAccount Value
(9/1/17)
EndingAccount Value
(2/28/18)Expenses Paid
During Period aAnnualized
Expense Ratio
$ 1,000.00 $ 1,159.80 $ 3.16 $ 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 30.82%
Consumer Discretionary 28.95
Materials 10.97
Consumer Staples 8.79
Telecommunication Services 7.53
Real Estate 6.23
Health Care 4.07
Industrials 1.79
Energy 0.85
TOTAL 100.00%
TEN LARGEST FUND HOLDINGS
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%
* Excludes money market funds.
10 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 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%.
Average Annual Total Returns Cumulative Total Returns
NAV MARKET INDEX NAV MARKET INDEX
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%
The inception date of the Fund was 3/26/08. The first day of secondary market trading was 3/28/08.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on
the redemption or sale of fund shares. See “About Fund Performance” on page 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
BeginningAccount Value
(9/1/17)
EndingAccount Value
(2/28/18)Expenses Paid
During Period aAnnualized
Expense Ratio
$ 1,000.00 $ 973.30 $ 2.89 $ 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 34.51%
Industrials 18.62
Materials 12.30
Consumer Staples 10.85
Telecommunication Services 7.56
Consumer Discretionary 6.62
Energy 5.64
Real Estate 2.08
Utilities 1.35
Information Technology 0.30
Health Care 0.17
TOTAL 100.00%
TEN LARGEST FUND HOLDINGS
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%
* 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 11
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%.
Average Annual Total Returns Cumulative Total Returns
NAV MARKET INDEX NAV MARKET INDEX
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%
The inception date of the Fund was 5/5/10. The first day of secondary market trading was 5/7/10.
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.
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
BeginningAccount Value
(9/1/17)
EndingAccount Value
(2/28/18)Expenses Paid
During Period aAnnualized
Expense Ratio
$ 1,000.00 $ 1,091.60 $ 0.78 $ 1,000.00 $ 1,024.10 $ 0.75 0.15%
a Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, 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*
Information Technology 16.13%
Consumer Discretionary 15.33
Financials 14.42
Industrials 13.85
Health Care 10.91
Real Estate 6.39
Energy 6.15
Consumer Staples 5.89
Utilities 5.11
Materials 4.86
Telecommunication Services 0.96
TOTAL 100.00%
TEN LARGEST FUND HOLDINGS
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%
* Excludes money market funds.
12 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
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
Security Shares Value
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
14 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
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRAZIL ETFFebruary 28, 2018
Security Shares Value
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,
Preference Shares 73,513,292 296,881,690
2,018,532,541
CHEMICALS — 0.74%
Braskem SA Class A,
Preference Shares 4,509,156 64,457,162
64,457,162
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.80%
Telefonica Brasil SA,
Preference Shares 10,085,464 157,238,554
157,238,554
ELECTRIC UTILITIES — 1.24%
Centrais Eletricas Brasileiras
SA Class B,
Preference Shares 6,495,246 55,780,643
Security Shares Value
Cia. Energetica de Minas
Gerais, Preference Shares 20,884,420 $ 52,777,557
108,558,200
FOOD & STAPLES RETAILING — 0.95%
Cia. Brasileira de Distribuicao,
Preference Shares 3,947,764 83,226,581
83,226,581
METALS & MINING — 1.40%
Gerdau SA, Preference Shares 23,990,026 122,728,505
122,728,505
MULTILINE RETAIL — 1.06%
Lojas Americanas SA,
Preference Shares 17,863,717 92,817,097
92,817,097
OIL, GAS & CONSUMABLE FUELS — 4.99%
Petroleo Brasileiro SA,
Preference Shares 66,153,483 436,984,608
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
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI BRAZIL ETFFebruary 28, 2018
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
appreciation(depreciation)
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.
16 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
Schedule of Investments (Unaudited)
iSHARES® MSCI CHILE ETFFebruary 28, 2018
Security Shares Value
COMMON STOCKS — 92.15%
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
CAPITAL MARKETS — 0.80%
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
DIVERSIFIED FINANCIAL SERVICES — 1.28%
Inversiones La Construccion SA 318,707 6,345,521
6,345,521
ELECTRIC UTILITIES — 12.62%
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
FOOD & STAPLES RETAILING — 4.58%
Cencosud SA 7,449,871 22,660,176
22,660,176
INDEPENDENT POWER AND RENEWABLE ELECTRICITY
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
IT SERVICES — 1.53%
SONDA SA 3,750,120 7,581,969
7,581,969
Security Shares Value
MARINE — 0.50%
Cia. Sud Americana de
Vapores SAa 49,345,945 $ 2,491,901
2,491,901
METALS & MINING — 1.76%
CAP SA 610,776 8,714,704
8,714,704
MULTILINE RETAIL — 10.36%
Ripley Corp. SA 6,440,619 6,908,933
SACI Falabella 4,384,338 44,372,005
51,280,938
OIL, GAS & CONSUMABLE FUELS — 8.30%
Empresas COPEC SA 2,540,581 41,063,192
41,063,192
PAPER & FOREST PRODUCTS — 4.44%
Empresas CMPC SA 5,698,674 21,997,589
21,997,589
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.76%
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
WATER UTILITIES — 3.75%
Aguas Andinas SA Series A 18,363,444 12,275,750
Inversiones Aguas
Metropolitanas SA 3,335,860 6,272,092
18,547,842
WIRELESS TELECOMMUNICATION SERVICES — 2.55%
Empresa Nacional de
Telecomunicaciones SA 1,065,897 12,636,724
12,636,724
TOTAL COMMON STOCKS
(Cost: $271,029,717) 456,226,284
PREFERRED STOCKS — 7.78%
BEVERAGES — 1.91%
Embotelladora Andina SA
Class B, Preference Shares 1,912,046 9,458,144
9,458,144
S C H E D U L E S O F I N V E S T M E N T S 17
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI CHILE ETFFebruary 28, 2018
Security Shares Value
CHEMICALS — 5.87%
Sociedad Quimica y Minera de
Chile SA Series B,
Preference Shares 573,765 $ 29,083,354
29,083,354
TOTAL PREFERRED STOCKS
(Cost: $18,237,466) 38,541,498
RIGHTS — 0.00%
ELECTRIC UTILITIES — 0.00%
Enel Chile SA
(Expires 03/16/18)a 12,277,008 2,085
2,085
TOTAL RIGHTS
(Cost: $0) 2,085
Security Shares Value
SHORT-TERM INVESTMENTS — 0.06%
MONEY MARKET FUNDS — 0.06%
BlackRock Cash Funds: Treasury,
SL Agency Shares
1.32%b,c 275,371 $ 275,371
275,371
TOTAL SHORT-TERM INVESTMENTS
(Cost: $275,371) 275,371
TOTAL INVESTMENTS
IN SECURITIES — 99.99%
(Cost: $289,542,554) 495,045,238
Other Assets, Less Liabilities — 0.01% 34,893
NET ASSETS — 100.00% $495,080,131
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 227,709 47,662b — 275,371 $275,371 $ 3,601 $ — $ —
a Includes realized capital gain distributions from an affiliated fund, if any.b Net of purchases and sales.
18 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
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI CHILE ETFFebruary 28, 2018
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information
about the Fund’s policy regarding valuation of financial instruments, see Note 1.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of 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 $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
See notes to financial statements.
S C H E D U L E S O F I N V E S T M E N T S 19
Schedule of Investments (Unaudited)
iSHARES® MSCI COLOMBIA ETFFebruary 28, 2018
Security Shares Value
COMMON STOCKS — 72.91%
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
CAPITAL MARKETS — 1.92%
Bolsa de Valores de Colombia 46,658,766 408,284
408,284
CONSTRUCTION & ENGINEERING — 1.89%
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
DIVERSIFIED FINANCIAL SERVICES — 5.06%
Corp. Financiera Colombiana SA 17,835 150,717
Grupo de Inversiones
Suramericana SA 69,281 927,954
1,078,671
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.35%
Empresa de Telecomunicaciones
de Bogotaa 1,923,019 288,945
288,945
ELECTRIC UTILITIES — 9.33%
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
FOOD & STAPLES RETAILING — 4.56%
Almacenes Exito SA 165,938 970,717
970,717
FOOD PRODUCTS — 4.66%
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
Security Shares Value
METALS & MINING — 1.76%
Mineros SA 448,282 $ 375,075
375,075
OIL, GAS & CONSUMABLE FUELS — 17.16%
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
PREFERRED STOCKS — 26.91%
AIRLINES — 2.94%
Avianca Holdings SA,
Preference Shares 541,894 626,257
626,257
BANKS — 19.83%
Banco Davivienda SA,
Preference Shares 87,725 908,312
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
CONSTRUCTION MATERIALS — 3.91%
Cementos Argos SA,
Preference Shares 78,764 236,695
Grupo Argos SA/Colombia,
Preference Shares 103,269 595,471
832,166
DIVERSIFIED FINANCIAL SERVICES — 0.23%
Grupo de Inversiones Suramericana
SA, Preference Shares 3,973 49,226
49,226
TOTAL PREFERRED STOCKS
(Cost: $4,903,406) 5,730,107
20 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
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI COLOMBIA ETFFebruary 28, 2018
Security Shares Value
SHORT-TERM INVESTMENTS — 0.05%
MONEY MARKET FUNDS — 0.05%
BlackRock Cash Funds: Treasury,
SL Agency Shares
1.32%b,c 11,069 $ 11,069
11,069
TOTAL SHORT-TERM INVESTMENTS
(Cost: $11,069) 11,069
Value
TOTAL INVESTMENTS
IN SECURITIES — 99.87%
(Cost: $17,616,249) $21,267,741
Other Assets, Less Liabilities — 0.13% 26,857
NET ASSETS — 100.00% $21,294,598
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: 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.
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 $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
See notes to financial statements.
S C H E D U L E S O F I N V E S T M E N T S 21
Schedule of Investments (Unaudited)
iSHARES® MSCI ISRAEL ETFFebruary 28, 2018
Security Shares Value
COMMON STOCKS — 99.96%
AEROSPACE & DEFENSE — 3.15%
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
CONSTRUCTION & ENGINEERING — 1.39%
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
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.28%
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
Security Shares Value
EQUITY REAL ESTATE INVESTMENT TRUSTS
(REITS) — 0.74%
REIT 1 Ltd. 207,170 $ 875,295
875,295
FOOD & STAPLES RETAILING — 1.00%
Rami Levy Chain Stores Hashikma
Marketing 2006 Ltd. 8,966 510,677
Shufersal Ltd. 94,128 674,287
1,184,964
FOOD PRODUCTS — 1.03%
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
INDEPENDENT POWER AND RENEWABLE ELECTRICITY
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
IT SERVICES — 0.62%
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
22 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
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ISRAEL ETFFebruary 28, 2018
Security Shares Value
OIL, GAS & CONSUMABLE FUELS — 3.48%
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
PHARMACEUTICALS — 14.97%
Teva Pharmaceutical Industries
Ltd. ADRb 950,296 17,789,541
17,789,541
REAL ESTATE MANAGEMENT & DEVELOPMENT — 8.23%
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
Security Shares Value
TEXTILES, APPAREL & LUXURY GOODS — 0.37%
Delta-Galil Industries Ltd.b 13,388 $ 441,187
441,187
WIRELESS TELECOMMUNICATION SERVICES — 1.15%
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
SHORT-TERM INVESTMENTS — 9.19%
MONEY MARKET FUNDS — 9.19%
BlackRock Cash Funds: Institutional,
SL Agency Shares
1.58%c,d,e 10,911,435 10,912,526
BlackRock Cash Funds: Treasury,
SL Agency Shares
1.32%c,d 9,100 9,100
10,921,626
TOTAL SHORT-TERM INVESTMENTS
(Cost: $10,921,381) 10,921,626
TOTAL INVESTMENTS
IN SECURITIES — 109.15%
(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.
S C H E D U L E S O F I N V E S T M E N T S 23
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI ISRAEL ETFFebruary 28, 2018
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: 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)
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.
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 $118,768,406 $ — $ — $118,768,406Money market funds 10,921,626 — — 10,921,626
Total $129,690,032 $ — $ — $129,690,032
See notes to financial statements.
24 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
Schedule of Investments (Unaudited)
iSHARES® MSCI RUSSIA ETFFebruary 28, 2018
Security Shares Value
COMMON STOCKS — 96.48%
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
CAPITAL MARKETS — 2.38%
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
ELECTRIC UTILITIES — 3.71%
Inter RAO UES PJSC 237,861,000 15,717,268
RusHydro PJSC 1,052,364,000 14,608,508
30,325,776
FOOD & STAPLES RETAILING — 4.40%
Magnit PJSC GDR 1,736,143 35,938,160
35,938,160
METALS & MINING — 17.25%
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
OIL, GAS & CONSUMABLE FUELS — 38.35%
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
Security Shares Value
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
WIRELESS TELECOMMUNICATION SERVICES — 3.93%
Mobile TeleSystems PJSC ADR 2,681,715 32,073,311
32,073,311
TOTAL COMMON STOCKS
(Cost: $658,564,978) 787,765,154
PREFERRED STOCKS — 3.41%
OIL, GAS & CONSUMABLE FUELS — 3.41%
Surgutneftegas OJSC,
Preference Shares 35,955,200 18,840,595
Transneft PJSC,
Preference Shares 2,740 9,003,952
27,844,547
TOTAL PREFERRED STOCKS
(Cost: $26,754,310) 27,844,547
SHORT-TERM INVESTMENTS — 0.16%
MONEY MARKET FUNDS — 0.16%
BlackRock Cash Funds: Treasury,
SL Agency Shares
1.32%a,b 1,290,488 1,290,488
1,290,488
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,290,488) 1,290,488
TOTAL INVESTMENTS
IN SECURITIES — 100.05%
(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.
S C H E D U L E S O F I N V E S T M E N T S 25
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI RUSSIA ETFFebruary 28, 2018
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 1,026,049 264,439b — 1,290,488 $1,290,488 $ 9,867 $ — $ —
a Includes realized capital gain distributions from an affiliated fund, if any.b Net of purchases and sales.
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information
about the Fund’s policy regarding valuation of financial instruments, see Note 1.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of 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 $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
See notes to financial statements.
26 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
Schedule of Investments (Unaudited)
iSHARES® MSCI SOUTH AFRICA ETFFebruary 28, 2018
Security Shares Value
COMMON STOCKS — 99.75%
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
CAPITAL MARKETS — 1.90%
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
DIVERSIFIED FINANCIAL SERVICES — 10.71%
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
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.47%
Telkom SA SOC Ltd. 557,850 2,445,726
2,445,726
EQUITY REAL ESTATE INVESTMENT TRUSTS
(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
FOOD & STAPLES RETAILING — 6.56%
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
Security Shares Value
FOOD PRODUCTS — 2.21%
Pioneer Foods Group Ltd. 256,007 $ 2,852,053
Tiger Brands Ltd. 238,511 8,619,635
11,471,688
HEALTH CARE PROVIDERS & SERVICES — 1.67%
Life Healthcare Group Holdings Ltd. 2,119,230 4,876,271
Netcare Ltd. 1,755,628 3,792,737
8,669,008
HOUSEHOLD DURABLES — 0.39%
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
METALS & MINING — 3.88%
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
MULTILINE RETAIL — 1.56%
Woolworths Holdings Ltd./
South Africa 1,460,351 8,085,052
8,085,052
OIL, GAS & CONSUMABLE FUELS — 0.85%
Exxaro Resources Ltd. 392,750 4,406,054
4,406,054
PAPER & FOREST PRODUCTS — 2.02%
Mondi Ltd. 190,110 4,961,100
Sappi Ltd. 848,338 5,505,258
10,466,358
S C H E D U L E S O F I N V E S T M E N T S 27
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SOUTH AFRICA ETFFebruary 28, 2018
Security Shares Value
PHARMACEUTICALS — 2.39%
Aspen Pharmacare Holdings Ltd. 540,181 $ 12,360,723
12,360,723
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.09%
NEPI Rockcastle PLC 559,875 5,655,313
5,655,313
SPECIALTY RETAIL — 3.97%
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
WIRELESS TELECOMMUNICATION SERVICES — 7.04%
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
Security Shares Value
SHORT-TERM INVESTMENTS — 0.40%
MONEY MARKET FUNDS — 0.40%
BlackRock Cash Funds: Institutional,
SL Agency Shares
1.58%c,d,e 2,053,061 $ 2,053,266
BlackRock Cash Funds: Treasury,
SL Agency Shares
1.32%c,d 19,174 19,174
2,072,440
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,072,618) 2,072,440
TOTAL INVESTMENTS
IN SECURITIES — 100.15%
(Cost: $510,992,528) 518,902,808
Other Assets, Less Liabilities — (0.15)% (769,608)
NET ASSETS — 100.00% $518,133,200
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)
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: 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)
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.
28 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
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI SOUTH AFRICA ETFFebruary 28, 2018
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information
about the Fund’s policy regarding valuation of financial instruments, see Note 1.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of 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 $516,830,368 $ — $ — $516,830,368Money market funds 2,072,440 — — 2,072,440
Total $518,902,808 $ — $ — $518,902,808
See notes to financial statements.
S C H E D U L E S O F I N V E S T M E N T S 29
Schedule of Investments (Unaudited)
iSHARES® MSCI TURKEY ETFFebruary 28, 2018
Security Shares Value
COMMON STOCKS — 99.83%
AEROSPACE & DEFENSE — 2.32%
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
BUILDING PRODUCTS — 0.71%
Trakya Cam Sanayii AS 2,167,675 2,761,950
2,761,950
CAPITAL MARKETS — 0.24%
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
Security Shares Value
Soda Sanayii AS 1,978,616 $ 2,635,417
12,229,131
CONSTRUCTION & ENGINEERING — 1.00%
Tekfen Holding AS 811,090 3,871,719
3,871,719
CONSTRUCTION MATERIALS — 0.59%
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
CONTAINERS & PACKAGING — 0.23%
Anadolu Cam Sanayii AS 1,036,416 876,738
876,738
DIVERSIFIED FINANCIAL SERVICES — 3.66%
Haci Omer Sabanci Holding AS 5,032,243 14,198,608
14,198,608
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.28%
Turk Telekomunikasyon ASb 2,877,225 4,943,465
4,943,465
EQUITY REAL ESTATE INVESTMENT TRUSTS
(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
FOOD & STAPLES RETAILING — 6.25%
BIM Birlesik Magazalar AS 1,164,747 23,010,672
Migros Ticaret ASb 194,389 1,229,725
24,240,397
FOOD PRODUCTS — 1.29%
Ulker Biskuvi Sanayi AS 843,437 4,998,867
4,998,867
GAS UTILITIES — 0.43%
Aygaz AS 410,663 1,684,102
1,684,102
HEALTH CARE PROVIDERS & SERVICES — 0.17%
Selcuk Ecza Deposu Ticaret ve
Sanayi AS 686,520 676,339
676,339
30 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
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TURKEY ETFFebruary 28, 2018
Security Shares Value
HOUSEHOLD DURABLES — 2.00%
Arcelik AS 1,296,208 $ 6,453,032
Vestel Elektronik Sanayi ve
Ticaret ASb 457,785 1,304,883
7,757,915
INDEPENDENT POWER AND RENEWABLE ELECTRICITY
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
INDUSTRIAL CONGLOMERATES — 8.02%
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
METALS & MINING — 8.31%
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
Security Shares Value
Koza Anadolu Metal Madencilik
Isletmeleri ASb 1,061,853 $ 1,520,340
32,215,813
OIL, GAS & CONSUMABLE FUELS — 5.63%
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
PERSONAL PRODUCTS — 0.26%
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
TEXTILES, APPAREL & LUXURY GOODS — 0.96%
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
TRANSPORTATION INFRASTRUCTURE — 1.41%
TAV Havalimanlari Holding AS 895,921 5,460,565
5,460,565
WIRELESS TELECOMMUNICATION SERVICES — 6.27%
Turkcell Iletisim Hizmetleri AS 6,028,725 24,295,772
24,295,772
TOTAL COMMON STOCKS
(Cost: $508,406,593) 386,950,463
SHORT-TERM INVESTMENTS — 4.56%
MONEY MARKET FUNDS — 4.56%
BlackRock Cash Funds: Institutional,
SL Agency Shares
1.58%d,e,f 17,534,009 17,535,763
BlackRock Cash Funds: Treasury,
SL Agency Shares
1.32%d,e 140,120 140,120
17,675,883
TOTAL SHORT-TERM INVESTMENTS
(Cost: $17,674,992) 17,675,883
S C H E D U L E S O F I N V E S T M E N T S 31
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI TURKEY ETFFebruary 28, 2018
Value
TOTAL INVESTMENTS
IN SECURITIES — 104.39%
(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
from loaned securities.
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
02/28/18Value at02/28/18 Income
Net realizedgain (loss) a
Change inunrealized
appreciation(depreciation)
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)
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.
Fair Value Measurements
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.
Level 1 Level 2 Level 3 Total
InvestmentsAssets
Common stocks $386,950,463 $ — $ — $386,950,463Money market funds 17,675,883 — — 17,675,883
Total $404,626,346 $ — $ — $404,626,346
See notes to financial statements.
32 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
Schedule of Investments (Unaudited)
iSHARES® MSCI USA EQUAL WEIGHTED ETFFebruary 28, 2018
Security Shares Value
COMMON STOCKS — 99.91%
AEROSPACE & DEFENSE — 2.24%
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
Security Shares Value
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
S C H E D U L E S O F I N V E S T M E N T S 33
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA EQUAL WEIGHTED ETFFebruary 28, 2018
Security Shares Value
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
BUILDING PRODUCTS — 1.09%
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
CAPITAL MARKETS — 3.90%
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
Security Shares Value
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
CONSTRUCTION & ENGINEERING — 0.31%
Fluor Corp. 3,968 225,779
Jacobs Engineering Group Inc. 3,683 224,884
450,663
CONSTRUCTION MATERIALS — 0.30%
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
34 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
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA EQUAL WEIGHTED ETFFebruary 28, 2018
Security Shares Value
Capital One Financial Corp. 2,391 $ 234,151
Discover Financial Services 2,966 233,810
Synchrony Financial 6,347 230,967
1,168,010
CONTAINERS & PACKAGING — 1.13%
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
DIVERSIFIED FINANCIAL SERVICES — 0.48%
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
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.63%
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
ELECTRIC UTILITIES — 2.55%
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
Security Shares Value
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
EQUITY REAL ESTATE INVESTMENT TRUSTS
(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
S C H E D U L E S O F I N V E S T M E N T S 35
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA EQUAL WEIGHTED ETFFebruary 28, 2018
Security Shares Value
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
FOOD & STAPLES RETAILING — 0.96%
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
FOOD PRODUCTS — 2.23%
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
Security Shares Value
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
GAS UTILITIES — 0.32%
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
HEALTH CARE PROVIDERS & SERVICES — 2.73%
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
36 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
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA EQUAL WEIGHTED ETFFebruary 28, 2018
Security Shares Value
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
HOUSEHOLD DURABLES — 1.53%
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
Security Shares Value
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
INDEPENDENT POWER AND RENEWABLE ELECTRICITY
PRODUCERS — 0.33%
AES Corp./VA 22,387 243,347
Vistra Energy Corp.a 12,317 233,407
476,754
INDUSTRIAL CONGLOMERATES — 0.63%
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
S C H E D U L E S O F I N V E S T M E N T S 37
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA EQUAL WEIGHTED ETFFebruary 28, 2018
Security Shares Value
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
IT SERVICES — 3.85%
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
Security Shares Value
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
38 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
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA EQUAL WEIGHTED ETFFebruary 28, 2018
Security Shares Value
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
METALS & MINING — 0.63%
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
Security Shares Value
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
MULTILINE RETAIL — 0.98%
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
OIL, GAS & CONSUMABLE FUELS — 5.21%
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
S C H E D U L E S O F I N V E S T M E N T S 39
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA EQUAL WEIGHTED ETFFebruary 28, 2018
Security Shares Value
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
PERSONAL PRODUCTS — 0.31%
Coty Inc. Class A 11,161 215,630
Estee Lauder Companies Inc. (The)
Class A 1,645 227,734
443,364
PHARMACEUTICALS — 1.57%
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
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.33%
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
Security Shares Value
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
40 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
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA EQUAL WEIGHTED ETFFebruary 28, 2018
Security Shares Value
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
SPECIALTY RETAIL — 2.38%
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
TEXTILES, APPAREL & LUXURY GOODS — 1.42%
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
Security Shares Value
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
TRANSPORTATION INFRASTRUCTURE — 0.17%
Macquarie Infrastructure Corp. 6,164 249,642
249,642
WATER UTILITIES — 0.16%
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
SHORT-TERM INVESTMENTS — 2.83%
MONEY MARKET FUNDS — 2.83%
BlackRock Cash Funds: Institutional,
SL Agency Shares
1.58%c,d,e 3,976,113 3,976,511
BlackRock Cash Funds: Treasury,
SL Agency Shares
1.32%c,d 111,858 111,858
4,088,369
TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,088,169) 4,088,369
S C H E D U L E S O F I N V E S T M E N T S 41
Schedule of Investments (Unaudited) (Continued)
iSHARES® MSCI USA EQUAL WEIGHTED ETFFebruary 28, 2018
Value
TOTAL INVESTMENTS
IN SECURITIES — 102.74%
(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
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)
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: 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
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.
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 $144,222,977 $ — $ — $144,222,977Money market funds 4,088,369 — — 4,088,369
Total $148,311,346 $ — $ — $148,311,346
See notes to financial statements.
42 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
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.
See notes to financial statements.
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)
iSHARES®, INC.February 28, 2018
iSharesMSCI Israel
ETF
iSharesMSCI Russia
ETF
iSharesMSCI South Africa
ETF
ASSETS
Investments in securities, at cost:
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
Net assets consist of:
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.
See notes to financial statements.
44 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
Statements of Assets and Liabilities (Unaudited) (Continued)
iSHARES®, INC.February 28, 2018
iSharesMSCI Turkey
ETF
iSharesMSCI USA Equal
Weighted ETF
ASSETS
Investments in securities, at cost:
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
Net assets consist of:
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.
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S 45
Statements of Operations (Unaudited)
iSHARES®, INC.Six months ended February 28, 2018
iSharesMSCI Brazil
ETF
iSharesMSCI Chile
ETF
iSharesMSCI Colombia
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.
See notes to financial statements.
46 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
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.Six months ended February 28, 2018
iSharesMSCI Israel
ETF
iSharesMSCI Russia
ETF
iSharesMSCI South Africa
ETF
NET INVESTMENT INCOME
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
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
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
Net change in unrealized appreciation/depreciation on:
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.
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S 47
Statements of Operations (Unaudited) (Continued)
iSHARES®, INC.Six months ended February 28, 2018
iSharesMSCI Turkey
ETF
iSharesMSCI USA Equal
Weighted ETF
NET INVESTMENT INCOME
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
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
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
Net change in unrealized appreciation/depreciation on:
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.
See notes to financial statements.
48 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
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
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S 49
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iSharesMSCI Colombia
ETF
iSharesMSCI Israel
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 $ 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
DISTRIBUTIONS TO SHAREHOLDERS:
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)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold — 3,562,888 22,501,440 14,260,227
Cost of shares redeemed (1,515,157) — — (18,031,594)
Net increase (decrease) in net assets from capital
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
Undistributed (distributions in excess of) net investment
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)
See notes to financial statements.
50 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
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iSharesMSCI Russia
ETF
iSharesMSCI South Africa
ETFSix months
endedFebruary 28, 2018
(Unaudited)Year ended
August 31, 2017a
Six monthsended
February 28, 2018(Unaudited)
Year endedAugust 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income $ 6,430,143 $ 18,805,766 $ 3,812,392 $ 7,839,110
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
DISTRIBUTIONS TO SHAREHOLDERS:
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)
CAPITAL SHARE TRANSACTIONS:
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)
Net increase (decrease) in net assets from capital
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
NET ASSETSBeginning of period 530,076,449 319,628,552 419,586,710 406,443,011
End of period $816,518,343 $530,076,449 $ 518,133,200 $ 419,586,710
Undistributed (distributions in excess of) net investment
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.
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S 51
Statements of Changes in Net Assets (Continued)
iSHARES®, INC.
iSharesMSCI Turkey
ETF
iSharesMSCI USA Equal
Weighted 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 $ 1,105,137 $ 9,674,627 $ 1,072,698 $ 1,912,769
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
DISTRIBUTIONS TO SHAREHOLDERS:
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)
CAPITAL SHARE TRANSACTIONS:
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)
Net increase (decrease) in net assets from capital
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
NET ASSETSBeginning of period 424,726,583 368,224,501 135,945,195 73,673,385
End of period $387,618,949 $ 424,726,583 $144,351,603 $135,945,195
Undistributed (distributions in excess of) net investment
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
See notes to financial statements.
52 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
Financial HighlightsiSHARES®, INC.(For a share outstanding throughout each period)
iShares MSCI Brazil ETFSix months
endedFeb. 28, 2018
(Unaudited)Year ended
Aug. 31, 2017Year ended
Aug. 31, 2016Year ended
Aug. 31, 2015Year ended
Aug. 31, 2014Year 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.
See notes to financial statements.
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
(Unaudited)Year ended
Aug. 31, 2017Year ended
Aug. 31, 2016Year ended
Aug. 31, 2015Year ended
Aug. 31, 2014Year ended
Aug. 31, 2013
Net asset value, beginning of period $ 47.96 $ 36.77 $ 34.75 $ 43.52 $ 47.70 $ 60.31
Income from investment operations:
Net investment incomea 0.11 0.69 0.78 0.66 0.69 0.68
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)
Less distributions from:
Net investment income (0.05) (0.67) (0.75) (0.62) (0.69) (0.68)
Return of capital — (0.04) (0.04) — — (0.03)
Total distributions (0.05) (0.71) (0.79) (0.62) (0.69) (0.71)
Net asset value, end of period $ 54.11 $ 47.96 $ 36.77 $ 34.75 $ 43.52 $ 47.70
Total return 12.91%c 32.65% 8.17% (18.85)% (7.40)% (19.87)%
Ratios/Supplemental data:
Net assets, end of period (000s) $495,080 $467,645 $327,244 $234,536 $352,499 $364,890
Ratio of expenses to average net assetsd 0.59% 0.62% 0.64% 0.62% 0.62% 0.61%
Ratio of net investment income to
average net assetsd 0.45% 1.68% 2.20% 1.64% 1.49% 1.12%
Portfolio turnover ratee 24%c 54% 73% 71% 91% 34%
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, 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.
See notes to financial statements.
54 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
Financial Highlights (Continued)
iSHARES®, INC.(For a share outstanding throughout each period)
iShares MSCI Colombia ETFSix months
endedFeb. 28, 2018
(Unaudited)Year ended
Aug. 31, 2017Year ended
Aug. 31, 2016Year ended
Aug. 31, 2015Year ended
Aug. 31, 2014
Period fromJun. 18, 2013a
toAug. 31, 2013
Net asset value, beginning of period $ 14.58 $ 13.18 $ 11.88 $ 28.22 $ 25.98 $ 25.28
Income from investment operations:
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
Less distributions from:
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) —
Net asset value, end of period $ 14.69 $ 14.58 $ 13.18 $ 11.88 $ 28.22 $ 25.98
Total return 1.52%e 12.05% 12.49% (56.73)% 11.44% 2.77%e
Ratios/Supplemental data:
Net assets, end of period (000s) $21,295 $22,594 $17,136 $14,251 $25,396 $18,188
Ratio of expenses to average net assetsf 0.61% 0.61% 0.61% 0.61% 0.61% 0.61%
Ratio of net investment income to
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.
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S 55
Financial Highlights (Continued)
iSHARES®, INC.(For a share outstanding throughout each period)
iShares MSCI Israel ETFSix months
endedFeb. 28, 2018
(Unaudited)Year ended
Aug. 31, 2017Year ended
Aug. 31, 2016Year ended
Aug. 31, 2015Year ended
Aug. 31, 2014Year ended
Aug. 31, 2013
Net asset value, beginning of period $ 48.19 $ 49.36 $ 50.51 $ 50.69 $ 42.85 $ 37.25
Income from investment operations:
Net investment incomea 0.16 0.62 0.71 1.23 0.87 0.95
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
Less distributions from:
Net investment income (0.70) (0.81) (0.99) (1.07) (0.98) (1.03)
Total distributions (0.70) (0.81) (0.99) (1.07) (0.98) (1.03)
Net asset value, end of period $ 51.66 $ 48.19 $ 49.36 $ 50.51 $ 50.69 $ 42.85
Total return 8.70%c (0.77)% (0.23)% 1.80% 20.67% 17.82%
Ratios/Supplemental data:
Net assets, end of period (000s) $118,820 $89,152 $93,793 $126,285 $121,645 $70,710
Ratio of expenses to average net assetsd 0.59% 0.62% 0.64% 0.62% 0.62% 0.61%
Ratio of net investment income to
average net assetsd 0.65% 1.25% 1.46% 2.45% 1.74% 2.20%
Portfolio turnover ratee 4%c 28% 46% 14% 15% 14%
a Based on average shares outstanding throughout each period.b The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of
capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.c Not annualized.d Annualized for periods of less than one year.e Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.
See notes to financial statements.
56 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
Financial Highlights (Continued)
iSHARES®, INC.(For a share outstanding throughout each period)
iShares MSCI Russia ETFSix months
endedFeb. 28, 2018
(Unaudited)Year ended
Aug. 31, 2017aYear ended
Aug. 31, 2016aYear ended
Aug. 31, 2015aYear ended
Aug. 31, 2014aYear ended
Aug. 31, 2013a
Net asset value, beginning of period $ 32.13 $ 27.92 $ 25.03 $ 36.68 $ 39.68 $ 42.31
Income from investment operations:
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)
Less distributions from:
Net investment income (1.03) (1.00) (0.82) (1.32) (0.25) (1.16)
Total distributions (1.03) (1.00) (0.82) (1.32) (0.25) (1.16)
Net asset value, end of period $ 37.80 $ 32.13 $ 27.92 $ 25.03 $ 36.68 $ 39.68
Total return 21.31%d 18.73% 15.62% (27.57)% (7.00)% (3.40)%
Ratios/Supplemental data:
Net assets, end of period (000s) $816,518 $530,076 $319,629 $210,912 $289,775 $310,511
Ratio of expenses to average net assetse 0.59% 0.62% 0.64% 0.62% 0.62% 0.61%
Ratio of net investment income to
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.
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S 57
Financial Highlights (Continued)
iSHARES®, INC.(For a share outstanding throughout each period)
iShares MSCI South Africa ETFSix months
endedFeb. 28, 2018
(Unaudited)Year ended
Aug. 31, 2017Year ended
Aug. 31, 2016Year ended
Aug. 31, 2015Year ended
Aug. 31, 2014Year ended
Aug. 31, 2013
Net asset value, beginning of period $ 62.62 $ 52.78 $ 57.44 $ 70.77 $ 58.88 $ 64.65
Income from investment operations:
Net investment incomea 0.55 1.07 1.02 1.28 1.57 1.32
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)
Less distributions from:
Net investment income (0.62) (1.02) (2.44) (1.37) (1.54) (1.78)
Total distributions (0.62) (1.02) (2.44) (1.37) (1.54) (1.78)
Net asset value, end of period $ 71.96 $ 62.62 $ 52.78 $ 57.44 $ 70.77 $ 58.88
Total return 15.98%c 20.91% (3.64)% (17.07)% 23.13% (6.35)%
Ratios/Supplemental data:
Net assets, end of period (000s) $518,133 $419,587 $406,443 $373,346 $587,396 $547,569
Ratio of expenses to average net assetsd 0.59% 0.62% 0.64% 0.62% 0.62% 0.61%
Ratio of net investment income to
average net assetsd 1.70% 1.91% 1.96% 1.94% 2.40% 2.08%
Portfolio turnover ratee 9%c 13% 12% 9% 6% 5%
a Based on average shares outstanding throughout each period.b The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of
capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.c Not annualized.d Annualized for periods of less than one year.e Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.
See notes to financial statements.
58 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
Financial Highlights (Continued)
iSHARES®, INC.(For a share outstanding throughout each period)
iShares MSCI Turkey ETFSix months
endedFeb. 28, 2018
(Unaudited)Year ended
Aug. 31, 2017Year ended
Aug. 31, 2016Year ended
Aug. 31, 2015Year ended
Aug. 31, 2014Year ended
Aug. 31, 2013
Net asset value, beginning of period $ 46.17 $ 38.16 $ 38.27 $ 55.72 $ 49.00 $ 56.13
Income from investment operations:
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)
Less distributions from:
Net investment income (0.12) (1.08) (0.90) (1.09) (0.88) (1.12)
Total distributions (0.12) (1.08) (0.90) (1.09) (0.88) (1.12)
Net asset value, end of period $ 44.81 $ 46.17 $ 38.16 $ 38.27 $ 55.72 $ 49.00
Total return (2.67)%d 24.23% 1.98% (29.69)% 15.52% (11.05)%
Ratios/Supplemental data:
Net assets, end of period (000s) $387,619 $424,727 $368,225 $371,225 $515,367 $436,076
Ratio of expenses to average net assetse 0.59% 0.62% 0.64% 0.62% 0.62% 0.61%
Ratio of net investment income to
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.
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S 59
Financial Highlights (Continued)
iSHARES®, INC.(For a share outstanding throughout each period)
iShares MSCI USA Equal Weighted ETFSix months
endedFeb. 28, 2018
(Unaudited)Year ended
Aug. 31, 2017Year ended
Aug. 31, 2016Year ended
Aug. 31, 2015Year ended
Aug. 31, 2014Year ended
Aug. 31, 2013
Net asset value, beginning of period $ 51.30 $ 46.05 $ 42.51 $ 43.08 $ 35.26 $ 30.31
Income from investment operations:
Net investment incomea 0.43 0.85 0.77 0.80 0.71 0.69
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
Less distributions from:
Net investment income (0.47) (0.78) (0.86) (0.80) (0.90) (0.70)
Total distributions (0.47) (0.78) (0.86) (0.80) (0.90) (0.70)
Net asset value, end of period $ 55.52 $ 51.30 $ 46.05 $ 42.51 $ 43.08 $ 35.26
Total return 9.16%c 13.22% 10.54% 0.48% 24.98% 18.85%
Ratios/Supplemental data:
Net assets, end of period (000s) $144,352 $135,945 $73,673 $44,632 $47,391 $179,830
Ratio of expenses to average net assetsd 0.15% 0.15% 0.15% 0.15% 0.15% 0.15%
Ratio of net investment income to
average net assetsd 1.58% 1.72% 1.79% 1.82% 1.82% 2.10%
Portfolio turnover ratee 12%c 27% 28% 39% 6% 5%
a Based on average shares outstanding throughout each period.b The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of
capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.c Not annualized.d Annualized for periods of less than one year.e Portfolio turnover rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.
See notes to financial statements.
60 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
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
62 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
Notes to Financial Statements (Unaudited) (Continued)
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.
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 63
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis
and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and
distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
LOANS OF PORTFOLIO SECURITIES
Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions.
The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by 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.
64 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
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of 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.
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 65
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a
California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for
substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected
with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses
and any extraordinary expenses (in each case as determined by a majority of the independent directors).
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
0.64 Over $4 billion, up to and including $8 billion
0.57 Over $8 billion, up to and including $16 billion
0.51 Over $16 billion, up to and including $24 billion
0.48 Over $24 billion, up to and including $32 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.
66 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
Notes to Financial Statements (Unaudited) (Continued)
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,
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 67
Notes to Financial Statements (Unaudited) (Continued)
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
MSCI USA Equal Weighted 16,372,045 16,152,612
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
MSCI USA Equal Weighted 24,695,397 26,641,859
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.
68 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
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a
designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units
solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee
and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset
transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for
cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund
for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market
impact expenses relating to investing in portfolio securities. 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.
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 69
Notes to Financial Statements (Unaudited) (Continued)
iSHARES®, INC.
The following table shows the realized and unrealized gains (losses) on futures contracts held by the iShares MSCI 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
70 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
Notes to Financial Statements (Unaudited) (Continued)
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.
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 71
Notes to Financial Statements (Unaudited) (Continued)
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
72 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
Notes to Financial Statements (Unaudited) (Continued)
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.
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 73
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
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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:
76 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
Notes:
N O T E S 77
Notes:
78 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
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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