VEGI iShares MSCI Agriculture Producers ETF

Item 1.     Reports to Stockholders.

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

		OCTOBER 31, 2019

iShares, Inc.

Table of Contents

Market Overview

iShares, Inc.

Global Bond Market Overview

Global investment-grade bonds advanced for the 12 months ended October 31, 2019 (“reporting period”). The Bloomberg Barclays Global Aggregate Index, a broad measure of global bond market performance, returned 9.54% in U.S. dollar terms for the reporting period.

The performance of global bonds was driven primarily by lower interest rates, as concerns about the global economy led central banks around the world to implement a series of interest rate reductions. Following a cycle of higher interest rates in 2018, slowing economic growth and the protracted trade dispute between the U.S. and China prompted central banks to adopt or signal more accommodative monetary policies beginning January 2019. Low inflation and weak economic indicators led investors to anticipate continued stimulative policies from the world’s central banks. Consequently, global bond yields (which are inversely related to prices) declined to their lowest level in 120 years, with more than $17 trillion in bonds worldwide offering a negative yield as of August 2019.

U.S. bond yields declined significantly as the delayed impact of higher interest rates early in the reporting period and the trade dispute between the U.S. and China weighed on economic growth, particularly in the manufacturing and industrial sectors. In response to deteriorating economic conditions, the U.S. Federal Reserve Bank (“Fed”) shifted to a more accommodative monetary policy starting in January 2019. After raising short-term interest rates in December 2018, the Fed reversed course and lowered them three times in 2019. Long-term bond yields declined more than short-term yields, reflecting lower inflation expectations and solid demand for the relative stability of U.S. Treasuries amid economic uncertainty. Consequently, the U.S. Treasury yield curve (a graphical representation of U.S. Treasury yields at different maturities) flattened before briefly inverting in August 2019, as 10-year Treasury yields dipped below two-year Treasury yields.

European bonds also posted strong returns in an environment of tepid economic growth and softening exports. The Eurozone’s slowing economy prompted the European Central Bank (“ECB”) to reinstate its monetary stimulus program and lower the interest rate on deposits made by commercial banks. The ECB also signaled its willingness to decrease its headline short-term interest rate in the future, which further helped Eurozone bond yields. Investors generally viewed the nomination of a new president of the ECB late in the reporting period as a positive development, anticipating that she would continue policies that promote low interest rates and monetary stimulus. As yields for many government bonds turned negative, investors seeking higher returns moved toward debt issued by countries that are considered higher risk. Italian bonds in particular benefited from a shift toward higher-yielding debt, despite the fact that the country dipped into recession briefly in 2019 before returning to growth. U.K. bond yields also declined, as uncertainty surrounding Brexit prompted investors to move away from equities, which are generally more exposed to trade risk.

A slowing Chinese economy and the trade dispute between the U.S. and China helped the performance of bonds in the Asia/Pacific region, as concerns about a possible economic downturn prompted investors to move into bonds. Japanese bond prices increased due to strong demand from both domestic and foreign investors, while South Korean bonds benefited from the country’s high credit rating and trade surplus, which investors viewed as signs of stability. Emerging market bonds also posted solid returns, driven by investors’ demand for yield as an increasing number of developed-market bonds offered negative interest rates.

Investment Objective

The iShares Emerging Markets High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market high yield sovereign and corporate bonds, as represented by the Morningstar^® Emerging Markets High Yield Bond Index^SM (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.

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.

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

Portfolio Management Commentary

Emerging market high-yield bonds increased sharply for the reporting period. Demand for emerging market debt strengthened, as low yields in developed countries sent investors in search of higher yields in emerging markets. Similarly, interest rate reductions by the Fed drove capital flows to emerging markets and provided room for emerging market central banks to lower interest rates.

Brazilian bonds contributed the most to the Index’s return, benefiting from declining short-term interest rates as the central bank reduced interest rates multiple times, reaching record lows. While economic growth remained modest, bonds advanced due to low inflation, plans to reform government pensions, and the restructuring and recapitalization of Brazil’s state-run energy sector.

Turkish bonds also contributed to the Index’s return despite volatility of the Turkish lira in an uncertain political environment. Easing tensions between the U.S. and Turkey led to substantial reductions in interest rates by the Turkish central bank, which drove bond yields sharply lower in the second half of the reporting period.

Similarly, central bank interest rate reductions, declining inflation, and the restructuring of debt and financial commitments from the government in the state-run energy sector aided Mexican bonds. In China, policy reforms designed to attract more foreign investment in Chinese corporate debt led to substantial foreign inflows. Strong domestic demand in key sectors also benefited Chinese corporate bonds.

On the downside, Argentine bonds detracted significantly from the Index’s return amid concern about the country’s rising debt, including large payments due to the International Monetary Fund in coming years. The weakening of the Argentine peso, which declined substantially against the U.S. dollar amid dramatic political change and uncertainty, also weighed on returns.

Investment Objective

The iShares International High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index composed of euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx^® Global Developed Markets ex-US High Yield 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.

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/3/12.

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

Portfolio Management Commentary

International high-yield bonds advanced during the reporting period as investors sought the higher yields available from corporate bonds compared to other segments of the fixed income market. Negative yields in sovereign bonds around the world increased demand for corporate bonds, benefiting the Index’s return.

From a country perspective, Italian euro-denominated high-yield corporate bonds were the leading contributor to the Index’s return. The ECB reduced deposit interest rates and signaled plans for additional stimulus measures, benefiting the European corporate bond market. In Italy, the perception of improving political stability following the formation of a new government increased demand for Italian corporate bonds. Investors seeking European debt especially favored Italian corporate bonds, whose yields exceeded those offered by many other European countries. Investor confidence in Italian companies, many of which are multinational, also aided Italian corporate bonds.

High-yield U.S. corporate bonds also contributed to the Index’s return, benefiting from falling interest rates and investors’ search for yield. The supply of high-yield bonds increased, rising to its highest level in three years during June 2019, as low interest rates and strong investor demand drove significant new issuance. Defaults on high-yield corporate bonds rose near the end of the reporting period, particularly among energy companies. Corporate bonds from Luxembourg and Ireland also contributed modestly to the Index’s returns, benefiting from the ECB’s economic stimulus policies.

From a bond rating perspective, bonds rated Ba, which constituted more than half of the Index on average for the reporting period, contributed the most to the Index’s return. Other rating tiers within the high-yield category also contributed, with higher-rated debt generally contributing more.

Investment Objective

The iShares J.P. Morgan EM Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, emerging market corporate bonds, as represented by the J.P. Morgan CEMBI Broad Diversified Core 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.

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 4/17/12. The first day of secondary market trading was 4/19/12.

Index Performance through May 31, 2017 reflects the performance of the Morningstar^® Emerging Markets Corporate Bond Index^SM. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan CEMBI Broad Diversified Core Index.

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

Portfolio Management Commentary

U.S. dollar-denominated emerging market corporate bonds posted a strong positive return for the reporting period. The Index advanced as investors sought the high yields available from corporate bonds compared to other segments of the fixed income market. Negative yields in developed nations’ sovereign and corporate bonds increased demand for emerging market corporate bonds among investors seeking positive yield.

Chinese corporate bonds contributed the most to the Index’s return, as policy reforms designed to attract more foreign investment in Chinese corporate debt led to substantial foreign inflows. In addition, strong domestic demand in key sectors benefited Chinese corporate bonds, which advanced despite U.S.-China trade tensions.

In Brazil, corporate bonds gained, benefiting from declining short-term interest rates as the central bank reduced interest rates multiple times, reaching record lows. While economic growth remained modest, bonds advanced due to low inflation, plans to reform government pensions, and the restructuring and recapitalization of Brazil’s state-run energy sector.

Mexican corporate bonds contributed to the Index’s return, aided by central bank interest rate reductions and relatively high yields given the country’s degree of economic and political stability. Bond yields in Mexico declined with inflation, which led to solid performance for Mexican bonds despite ongoing credit concerns in the energy sector.

European bonds also contributed to the Index’s performance, particularly in Russia, where revenues from the state-run energy sector increased cash reserves and drove down bond yields. In Turkey, easing tensions between the U.S. and Turkey led to substantial reductions in interest rates by the Turkish central bank, driving bond yields sharply lower in the second half of the reporting period.

Investment Objective

The iShares J.P. Morgan EM Local Currency Bond ETF (the “Fund”) seeks to track the investment results of an index composed of local currency denominated, emerging market sovereign bonds, as represented by the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor 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.

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

Index performance through May 31, 2017 reflects the performance of the Bloomberg Barclays Emerging Markets Broad Local Currency Bond Index. Index performance beginning on June 1, 2017 reflects the performance of the J.P. Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index.

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

Portfolio Management Commentary

Emerging market sovereign bonds denominated in local currencies posted a positive return for the reporting period. Central banks around the world reduced interest rates amid trade tensions between the U.S. and China, slowing economic growth, and concerns about Brexit. Demand for emerging market debt strengthened due to relatively low yields in established markets as investors sought higher returns.

Mexican bonds contributed the most to the Index’s return. Bond yields in Mexico declined along with inflation, which led to solid gains for Mexican bonds. The performance of Mexican government bonds was buoyed by investors’ demand for higher-yielding sovereign bonds in emerging markets as yields in developed markets declined, in some cases below zero.

Turkish bonds contributed to the Index’s return despite the volatility of the Turkish lira in an uncertain political environment. Easing tensions between the U.S. and Turkey led to substantial reductions in interest rates by the Turkish central bank, which drove bond yields sharply lower in the second half of the reporting period, particularly benefiting government bonds.

Indonesian bonds also contributed to the Index’s performance. Despite four interest rate decreases by the country’s central bank, yields remained relatively high and attracted foreign investment. The government’s fiscal situation improved as the budget deficit declined, and volatility in the bond market decreased, which also helped attract investors.

On the downside, Argentine bonds detracted significantly from the Index’s return amid concern about the country’s rising debt, including large payments due to the International Monetary Fund in coming years. The weakening of the Argentine peso, which declined substantially against the U.S. dollar amid dramatic political change and uncertainty, also weighed on returns.

Investment Objective

The iShares US & Intl High Yield Corp Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar, euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx^® Global Developed Markets High Yield 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.

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 4/3/12. The first day of secondary market trading was 4/5/12.

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

Portfolio Management Commentary

High-yield corporate bonds posted solid gains during the reporting period, benefiting from lower interest rates and investors’ search for yield. Demand for high-yield corporate bonds remained relatively strong, given that they offered more attractive yields than many other segments of the fixed income market.

Corporate bonds issued by companies in the U.S. contributed the most to the Index’s returns. The supply of high-yield bonds increased, rising to its highest level in three years during June 2019, as lower interest rates and strong investor demand drove new issuance.

U.S. high-yield credit spreads, or yield differentials relative to U.S. Treasuries, remained relatively unchanged despite considerable volatility. Credit spreads widened dramatically in late 2018, as riskier asset classes declined sharply. An improving economic outlook narrowed credit spreads in early 2019, but conflicting economic signals and the fast-changing trade conflict between the U.S. and China led to volatility in high-yield spreads thereafter.

Defaults on U.S. high-yield corporate bonds rose during the reporting period, particularly among energy companies. Furthermore, the degree of protection offered to bondholders declined, as corporations issued more lower-rated bonds. The number of investment-grade bonds downgraded to high-yield status remained relatively low.

Italian corporate bonds also contributed to the Index’s returns. The ECB reduced the deposit interest rate and signaled plans for additional stimulus measures, benefiting European bonds. In Italy, the perception of improving political stability following the formation of a new government increased demand for Italian corporate bonds. Investor confidence in Italian companies, many of which are multinational, also benefited Italian corporate bonds. Canadian corporate bonds also contributed modestly to the Index’s return due to strong investor demand and declining yields.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at 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 ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your 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 at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your 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 under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on your 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.