iShares U.S. ETF Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22649

iShares U.S. ETF Trust

(Exact name of Registrant as specified in charter)

c/o: State Street Bank and Trust Company

1 Iron Street, Boston, MA 02210

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2015

Date of reporting period: October 31, 2015

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, 2015

2015 ANNUAL REPORT

iShares U.S. ETF Trust

^Ø   iShares Short Maturity Bond ETF  |  NEAR  |  BATS

^Ø   iShares Short Maturity Municipal Bond ETF  |  MEAR  |  BATS

^Ø   iShares Ultra Short-Term Bond ETF  |  ICSH  |  BATS

Table of Contents

Management’s Discussions of Fund Performance	5
About Fund Performance	12
Shareholder Expenses	12
Schedules of Investments	13
iShares Short Maturity Bond ETF	13
iShares Short Maturity Municipal Bond ETF	25
iShares Ultra Short-Term Bond ETF	27
Financial Statements	29
Financial Highlights	33
Notes to Financial Statements	36
Report of Independent Registered Public Accounting Firm	50
Tax Information	51
Board Review and Approval of Investment Advisory Contract	52
Supplemental Information	59
Trustee and Officer Information	61

Management’s Discussion of Fund Performance

iSHARES^® U.S. ETF TRUST

U.S. BOND MARKET OVERVIEW

U.S. bonds returned approximately 2% for the 12 months ended October 31, 2015 (the “reporting period”). The modest bond market returns reflected an inconsistent but moderate overall level of U.S. economic growth and low inflation. After generating its fastest quarterly growth rate in 11 years in the third quarter of 2014, the U.S. economy slowed over the next two quarters, weighed down by a stronger U.S. dollar (which made U.S. goods more expensive overseas) and severe winter weather in many regions of the country. The economy rebounded in the second and third quarters of 2015, led by strong employment growth — sending the unemployment rate to its lowest level since April 2008 — and robust vehicle sales.

Inflation stayed low throughout the reporting period, with the consumer price index increasing 0.2% for the reporting period. Falling energy prices, including a decline of more than 40% in the price of oil, contributed to the muted inflation rate.

At the beginning of the reporting period, the U.S. Federal Reserve Bank (the “Fed”) ended a two-year quantitative easing program and signaled its intent to raise its short-term interest rate target sometime in 2015. However, the mixed economic data, lack of inflationary pressure, and slowing growth elsewhere in the world (particularly in China and other emerging economies) convinced the Fed to hold short-term interest rates steady throughout the reporting period.

Nonetheless, short-term bond yields generally rose during the reporting period in anticipation of a potential Fed interest rate increase. In contrast, intermediate- and long-term bond yields declined modestly for the reporting period, reflecting the benign inflationary environment and investor demand for U.S. bonds.

A number of other factors buffeted the fixed-income market during the reporting period. Geopolitical conflicts, most notably in Ukraine and across the Middle East, continued to have an effect on financial markets. Greece and Puerto Rico wrestled with potential defaults on their government debt. The U.S. dollar strengthened against most major currencies during the reporting period, which made U.S. investments more attractive to international investors but created headwinds for the domestic economy.

Investor concerns brought on by many of these factors, as well as uncertainty surrounding the strength of the U.S. economy and Fed interest rate policy, led to a flight to quality during the reporting period. As a result, higher-quality bonds outperformed riskier assets for the reporting period.

Mortgage-backed securities were the leading performers for the reporting period. Both residential and commercial mortgage-backed securities benefited from investor demand for high credit quality and relatively high yields. U.S. Treasury bonds were also among the better performers in the fixed-income market. In addition to the flight to quality, Treasury securities benefited from their interest-rate sensitivity as declining yields across most maturity sectors of the Treasury market led to rising bond prices. The primary exception was Treasury inflation-protected securities, which posted negative returns for the reporting period, reflecting a lack of investor demand for inflation protection.

Corporate bonds underperformed the broader bond market for the reporting period. Corporate bonds tend to have greater credit risk than other sectors of the bond market, and the broad flight to quality led to reduced demand for corporate securities. In particular, high-yield corporate bonds were among the only sectors of the bond market to decline for the reporting period.

MANAGEMENT’S DISCUSSIONSOF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® SHORT MATURITY BOND ETF

Performance as of October 31, 2015

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		0.62%		0.82%		0.62%		1.73%
Fund Market		0.50%		0.82%		0.50%		1.73%
Barclays Short-Term Government/Corporate Index		0.28%		0.24%		0.28%		0.50%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/25/13. The first day of secondary market trading was 9/26/13.

The Barclays Short-Term Government/Corporate Index is an unmanaged index that measures the performance of government and corporate securities with less than 1 year remaining to maturity.

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 12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During Period a		Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,002.50	$	1.26	$	1,000.00	$	1,023.90	$	1.28		0.25%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information.

6 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® SHORT MATURITY BOND ETF

The iShares Short Maturity Bond ETF (the “Fund”) seeks to maximize current income by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed income securities and maintain a weighted average maturity that is less than three years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the 12-month reporting period ended October 31, 2015, the total return for the Fund was 0.62%, net of fees.

Short-term investment-grade bonds produced modestly positive returns for the reporting period, benefiting from a combination of high credit quality and attractive yields in a period of market uncertainty and low prevailing interest rates. However, interest rate volatility increased during the last half of the reporting period, driven by headlines around a potential Greek exit from the euro, a Chinese stock market correction, declining commodity prices, and the potential for a short-term interest rate increase by the Fed. At the same time, the corporate bond market experienced record levels of new issuance driven by heavy merger activity, share buybacks, and dividend payments. As a result, corporate bonds generally underperformed U.S. Treasury securities.

Against this backdrop, a decision to underweight Treasury securities in favor of higher-yielding bond sectors detracted marginally from Fund performance relative to the Barclays Short-Term Government/Corporate Index. However, many short-term corporate securities performed well during the reporting period, making the Fund’s allocation to investment-grade financial and industrial bonds key contributors. Another active decision that contributed to relative results was an overweight to securitized bonds, such as asset-backed and commercial mortgage-backed securities, which benefited from strong investor demand for yield.

During the reporting period, the Fund’s allocation to short-term floating-rate securities increased, which lowered the Fund’s duration (a measure of interest rate sensitivity) in anticipation of a possible interest rate hike from the Fed. As a result, the Fund ended the reporting period with a duration of 0.40 years, the lowest level since the Fund’s inception in September 2013.

ALLOCATION BY INVESTMENT TYPE

As of 10/31/15

Investment Type Percentage of
Total  Investments¹

Corporate Bonds & Notes	55.47	%
Asset-Backed Securities	28.07
Mortgage-Backed Securities	10.41
Foreign Government Obligations	1.05
Municipal Debt Obligations	0.17
Repurchase Agreements	4.83
TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY As of 10/31/15
Moody’s Credit Rating2	Percentage of Total  Investments1

Aaa	27.75	%
Aa	4.26
A	18.63
Baa	30.01
Ba	1.58
Not Rated	17.77
TOTAL	100.00	%

¹  Excludes money market funds.

²  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

MANAGEMENT’S DISCUSSIONSOF FUND PERFORMANCE 7

Management’s Discussion of Fund Performance

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

Performance as of October 31, 2015

	Cumulative Total Returns
	Since Inception
Fund NAV		0.48%
Fund Market		0.54%
Barclays Municipal Bond: 1 Year (1-2) Index		0.52%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 3/3/15. The first day of secondary market trading was 3/5/15.

The Barclays Municipal Bond: 1 Year (1-2) Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years.

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 12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During Period a		Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,005.40	$	1.26	$	1,000.00	$	1,023.90	$	1.28		0.25%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information.

8 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

The iShares Short Maturity Municipal Bond ETF (the “Fund”) seeks to maximize tax-free current income by investing, under normal circumstances, at least 80% of its net assets in municipal securities such that the interest on each bond is exempt from U.S. federal income taxes and the federal alternative minimum tax. The Fund will also seek to maintain a weighted average maturity that is less than three years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the period from March 3, 2015 (inception date of the Fund) through October 31, 2015 (the “reporting period”), the total return for the Fund was 0.48%, net of fees.

Short-term municipal bonds generated positive returns for the reporting period. Looking at the broad economic and interest rate backdrop, bonds generally rallied as a lack of inflation, a sharp decline in commodity prices, and disappointing growth in China helped support bond prices and lower yields. However, shorter-term securities were influenced more by expectations that the Fed would raise its short-term interest rate target at some point in 2015.

In the municipal bond market, favorable supply and demand trends contributed to a positive backdrop for performance. With investors concerned about the possibility that the Fed would raise short-term interest rates, the market saw significant demand for short-term bonds as investors maintained a defensive posture. In particular, municipal notes and bonds with remaining maturities of 13 months or less were in high demand as lower levels of supply remained a dominant theme.

The Fund performed well during the reporting period on both an absolute basis and relative (before fees) to the Barclays Municipal Bond: 1 Year (1-2) Index. Outperformance was derived mainly from security selection decisions among tax-backed local bonds, with an emphasis on newly issued securities. Additionally, security selection in the education sector, as well as municipal securities backed by corporate obligors, aided Fund performance. At the other end of the spectrum, an underweight position in the transportation sector detracted from performance relative to the Barclays Municipal Bond: 1 Year (1-2) Index, as did limited exposure to pre-refunded bonds.

ALLOCATION BY CREDIT QUALITY As of 10/31/15

S&P Credit Rating¹ Percentage of
Total  Investments²

AA	16.22	%
A	47.92
BBB	4.32
Not Rated	31.54
TOTAL	100.00	%

TEN LARGEST STATES As of 10/31/15

State Percentage of Total  Investments²

New Jersey	26.69	%
Ohio	9.96
California	7.86
Michigan	7.82
Illinois	7.66
Florida	5.57
Rhode Island	5.22
Georgia	5.03
Indiana	4.63
Utah	4.32
TOTAL	84.76	%

¹  Credit quality ratings shown reflect the ratings assigned by Standard & Poor’s Ratings Service (“S&P”), a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

²  Excludes money market funds.

MANAGEMENT’S DISCUSSIONSOF FUND PERFORMANCE 9

Management’s Discussion of Fund Performance

iSHARES^® ULTRA SHORT-TERM BOND ETF

Performance as of October 31, 2015

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		0.32%		0.41%		0.32%		0.77%
Fund Market		0.38%		0.41%		0.38%		0.77%
Bank of America Merrill Lynch 6-Month US Treasury Bill Index		0.20%		0.17%		0.20%		0.32%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 12/11/13. The first day of secondary market trading was 12/13/13.

The Bank of America Merrill Lynch 6-month US Treasury Bill Index is an unmanaged index that measures the performance of government securities with less than 6 months remaining to maturity.

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 12 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During  Period a		Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	1,001.20	$	0.91	$	1,000.00	$	1,024.30	$	0.92		0.18%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 12 for more information.

10 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

The iShares Ultra Short-Term Bond ETF (the “Fund”) (formerly the iShares Liquidity Income ETF) seeks to provide current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed- and floating-rate debt securities and maintain a dollar-weighted average maturity that is less than 180 days. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the 12-month reporting period ended October 31, 2015, the total return for the Fund was 0.32%, net of fees.

Short-term investment-grade bonds produced modestly positive returns for the reporting period as the Fed kept short-term interest rates unchanged. However, yields were somewhat volatile among one- to two-year securities as investors aimed to anticipate an expected interest rate increase from the Fed. Additional sources of rate volatility included a potential Greek exit from the euro, a Chinese stock market correction, and declining commodity prices.

At the same time, the corporate bond market experienced record levels of new issuance driven by heavy merger activity, share buybacks, and dividend payments. As a result, corporate bonds generally underperformed U.S. Treasury securities. Nevertheless, many short-term corporate securities performed well during the reporting period, benefiting from a combination of attractive yields, investment-grade credit quality, and short remaining maturities.

The Fund performed well on both an absolute basis and relative to the Bank of America Merrill Lynch 6-Month US Treasury Bill Index during the reporting period. Sector allocation and security selection decisions contributed the most to Fund performance. From a sector allocation standpoint, the Fund’s allocation to high-quality corporate securities, particularly those issued by the financials sector, were key contributors to performance. In general, the Fund was focused primarily on corporate securities in the financials and industrials sectors, as Fund managers believed that these bonds provided more attractive risk-adjusted return potential relative to other short-term fixed-income sectors due to strong demand from investors seeking yield.

ALLOCATION BY INVESTMENT TYPE

As of 10/31/15

Investment Type Percentage of
Total Investments¹

Corporate Bonds & Notes	72.58	%
Repurchase Agreements	9.63
Commercial Paper	9.14
Certificates Of Deposit	8.02
Asset-backed Securities	0.63
TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY

As of 10/31/15

Moody’s Credit Rating² Percentage of
Total  Investments¹

Aaa	0.63	%
Aa	23.65
A	44.48
Baa	19.61
P-1	2.01
Not Rated	9.62
TOTAL	100.00	%

¹  Excludes money market funds.

² Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

MANAGEMENT’S DISCUSSIONSOF FUND PERFORMANCE 11

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on May 1, 2015 and held through October 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

12 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2015

Security	Principal (000s)		Value
ASSET-BACKED SECURITIES — 26.55%
ABCLO Ltd.
Series 2007-1A, Class A1B
0.67%, 04/15/21a,b	$	110	$	110,030
ACAS CLO Ltd.
Series 2007-1A, Class A1S
0.53%, 04/20/21a,b		164		163,269
Series 2012-1AR, Class A1R
1.57%, 09/20/23a,b		7,990		7,960,280
Ally Auto Receivables Trust
Series 2014-1, Class A3
0.97%, 10/15/18 (Call 11/15/17)		9,000		8,990,887
American Credit Acceptance Receivables Trust
Series 2014-4, Class A
1.33%, 07/10/18 (Call 08/10/17)a		276		275,198
American Express Credit Account Master Trust
Series 2013-1, Class A
0.62%, 02/16/21b		5,000		5,000,163
American Express Credit Account Secured Note
Series 2012-4, Class A
0.44%, 05/15/20b		14,500		14,448,145
American Homes 4 Rent
Series 2014-SFR1, Class A
1.25%, 06/17/31a,b		449		439,270
AmeriCredit Automobile Receivables Trust
Series 2012-3, Class D
3.03%, 07/09/18 (Call 10/08/16)		1,700		1,725,761
Series 2013-1, Class D
2.09%, 02/08/19 (Call 04/08/17)		2,500		2,509,099
Apidos CDO V
0.55%, 04/15/21a,b		1,085		1,072,471
ARI Fleet Lease Trust
Series 2012-B, Class A
0.50%, 01/15/21 (Call 03/15/16)a,b		1,296		1,292,708
Series 2014-A, Class A2
0.81%, 11/15/22 (Call 06/15/17)a		580		579,725
Avalon IV Capital Ltd.
Series 2012-1AR, Class AR
1.46%, 04/17/23a,b		1,253		1,249,914

Security	Principal (000s)		Value
BA Credit Card Trust
Series 2014-A3, Class A
0.49%, 01/15/20b	$	2,000	$	1,995,658
BlueMountain CLO Ltd.
Series 2012-1A, Class A
1.61%, 07/20/23a,b		15,000		14,921,355
Cabela’s Credit Card Master Note Trust
Series 2014-2, Class A
0.65%, 07/15/22b		3,500		3,463,748
Capital One Multi-Asset Execution Trust
Series 2007-A1, Class A1
0.25%, 11/15/19b		10,250		10,215,149
Series 2007-A5, Class A5
0.24%, 07/15/20b		6,860		6,805,115
CarMax Auto Owner Trust
Series 2015-4, Class A2B
0.80%, 04/15/19		10,000		9,947,108
Chase Issuance Trust
Series 2007-A5, Class A5
0.24%, 03/15/19b		5,120		5,101,824
Series 2012-A02, Class A2
0.47%, 05/15/19b		9,480		9,471,009
Series 2012-A10, Class A10
0.46%, 12/16/19b		3,994		3,980,301
Series 2013-A9, Class A
0.62%, 11/16/20b		2,000		1,997,817
Chesapeake Funding LLC
Series 2012-1A, Class B
1.79%, 11/07/23a,b		1,635		1,636,438
Chrysler Capital Auto Receivables Trust
Series 2013-BA, Class A4
1.27%, 03/15/19 (Call 09/15/17)a		1,460		1,460,199
Series 2014-BA, Class A3
1.27%, 05/15/19 (Call 05/15/18)a		9,300		9,302,958
CIFC Funding Ltd.
Series 2012-2A, Class A1R
1.68%, 12/05/24a,b		1,500		1,490,833
Citibank Credit Card Issuance Trust
Series 2013-A4, Class A4
0.62%, 07/24/20b		2,000		1,997,654

SCHEDULESOF INVESTMENTS 13

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2015

Security	Principal (000s)		Value
CNH Wholesale Master Note Trust
Series 2013-2A, Class B
1.10%, 08/15/19a,b	$	300	$	299,773
COA Caerus CLO Ltd.
Series 2007-6A, Class A1
0.96%, 12/13/19 (Call 01/11/16)a,b		1,158		1,150,112
Cornerstone CLO Ltd.
Series 2007-1A, Class A1S
0.54%, 07/15/21 (Call 01/15/16)a,b		178		175,622
Credit Acceptance Auto Loan Trust
2.00%, 07/15/22a		2,315		2,306,147
Series 2013-2A, Class A
1.50%, 04/15/21a		1,000		999,063
Discover Card Execution Note Trust
Series 2013-A6, Class A6
0.65%, 04/15/21b		3,370		3,365,024
Series 2015-A1, Class A1
0.55%, 08/17/20b		11,100		11,064,079
Discover Card Master Trust
Series 2012-A4, Class A
0.56%, 11/15/19b		10,470		10,465,437
Drive Auto Receivables Trust
Series 2015-BA, Class A2B
0.80%, 12/15/17a,b		3,340		3,336,811
Series 2015-DA, Class A2B
1.07%, 06/15/18a,b		8,000		8,000,471
Dryden XXII Senior Loan Fund
Series 2011-22A, Class A1R
1.49%, 01/15/22a,b		1,353		1,349,551
Dryden XXV Senior Loan Fund
Series 2012-25A, Class A
1.70%, 01/15/25a,b		9,000		8,944,105
DT Auto Owner Trust
Series 2014-1A, Class B
1.43%, 03/15/18 (Call 07/15/17)a		760		759,558
Flatiron CLO Ltd.
Series 2011-1A, Class A
1.87%, 01/15/23a,b		10,000		10,008,737
Ford Credit Auto Owner Trust
Series 2012-B, Class D
2.93%, 10/15/18 (Call 08/15/16)		1,790		1,815,306
Series 2014-B, Class A3
0.90%, 10/15/18 (Call 02/15/18)		6,943		6,942,401

Security	Principal (000s)		Value
Ford Credit Floorplan Master Owner Trust A
Series 2012-2, Class D
3.50%, 01/15/19	$	1,885	$	1,926,250
Series 2013-1, Class A1
0.85%, 01/15/18		3,970		3,971,577
Series 2013-5, Class A1
1.50%, 09/15/18		11,785		11,833,248
Series 2014-1, Class A1
1.20%, 02/15/19		17,375		17,365,074
Series 2014-1, Class A2
0.60%, 02/15/19b		6,110		6,103,290
Series 2014-4, Class A2
0.55%, 08/15/19b		3,000		2,989,160
Series 2015-1, Class A2
0.60%, 01/15/20b		5,940		5,903,805
Fraser Sullivan CLO VII Ltd.
Series 2012-7A, Class A1R
1.36%, 04/20/23 (Call 01/20/16)a,b		4,838		4,817,986
GoldenTree Loan Opportunities VII Ltd.
Series 2013-7A, Class A
1.47%, 04/25/25a,b		10,000		9,783,000
Honda Auto Receivables Owner Trust
Series 2014-2, Class A3
0.77%, 03/19/18 (Call 07/18/17)		5,700		5,692,601
Hyundai Auto Receivables Trust
Series 2015-C, Class A2B
0.57%, 11/15/18b		16,000		15,997,949
ING IM CLO Ltd.
Series 2012-1RA, Class A1R
1.54%, 03/14/22a,b		4,170		4,157,625
Invitation Homes Trust
Series 2013-SFR1, Class A
1.40%, 12/17/30a,b		1,966		1,935,643
Series 2014-SFR3, Class A
1.40%, 12/17/31		3,000		2,941,593
Series 2015-SFR3, Class A
1.50%, 08/17/32a,b		7,355		7,207,585
John Deere Capital Corp.
Series 2015-B, Class A2
0.98%, 06/15/18		15,000		14,990,158
Katonah Ltd. Series 2007-10A, Class A2B
0.57%, 04/17/20a,b		621		620,345

14 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2015

Security	Principal (000s)		Value
LCM X LP Series 10AR, Class AR
1.58%, 04/15/22a,b	$	1,767	$	1,762,630
LCM XII LP Series 12A, Class AR
1.55%, 10/19/22a,b		5,000		4,977,488
Mercedes Benz Auto Receivables Trust Series 2015-1, Class A2A
0.82%, 06/15/18		2,000		1,997,447
Navient Private Education Loan Trust
Series 2014-AA, Class A1
0.68%, 05/16/22a,b		438		437,423
Series 2014-CT, Class A
0.90%, 09/16/24a,b		4,636		4,584,340
Navient Student Loan Trust Series 2015-2, Class A2
0.62%, 08/27/29b		4,465		4,398,990
Nissan Master Owner Trust Receivables Series 2013-A, Class A
0.50%, 02/15/18b		10,000		9,996,129
OneMain Financial Issuance Trust Series 2014-2A, Class A
2.47%, 09/18/24a		3,510		3,513,292
Palmer Square CLO Ltd. Series 2014-1A, Class A1
1.59%, 10/17/22 (Call 01/17/16)a,b		2,486		2,481,381
PFS Financing Corp.
Series 2014-AA, Class A
0.80%, 02/15/19a,b		1,000		995,238
Series 2014-AA, Class B
1.15%, 02/15/19a,b		1,100		1,095,952
Series 2014-BA, Class A
0.80%, 10/15/19a,b		1,915		1,893,045
Regatta Funding Ltd. Series 2007-1A, Class A1L
0.59%, 06/15/20 (Call 12/15/15)a,b		199		197,891
Santander Drive Auto Receivables Trust
Series 2012-1, Class D
4.56%, 11/15/17 (Call 06/15/16)		6,480		6,578,874
Series 2012-2, Class D
3.87%, 02/15/18 (Call 08/15/16)		2,000		2,032,003

Security	Principal (000s)		Value
Series 2012-2A, Class E
5.95%, 04/15/19 (Call 08/15/16)a	$	3,695	$	3,809,569
Series 2012-AA, Class C
1.78%, 11/15/18 (Call 03/15/17)a		1,545		1,548,606
Series 2012-AA, Class D
2.46%, 12/17/18 (Call 03/15/17)a		2,500		2,523,573
Series 2013-1, Class C
1.76%, 01/15/19		2,250		2,256,404
Series 2013-2, Class B
1.33%, 03/15/18 (Call 07/15/17)		1,749		1,750,100
Series 2013-5, Class B
1.55%, 10/15/18 (Call 10/15/17)		775		775,910
Series 2014-1, Class D
2.91%, 04/15/20 (Call 09/15/17)		2,345		2,362,009
Series 2014-3, Class B
1.45%, 05/15/19 (Call 11/15/17)		785		785,132
Series 2014-S1, Class R
1.42%, 08/16/18a		102		102,441
Silver Bay Realty Trust Series 2014-1, Class A
1.20%, 09/17/31		993		968,085
SLM Private Credit Student Loan Trust
Series 2004-A, Class A2
0.54%, 03/16/20b		113		113,416
Series 2004-B, Class A2
0.54%, 06/15/21b		1,690		1,681,833
Series 2005-A, Class A3
0.54%, 06/15/23b		2,514		2,417,175
Series 2006-A, Class A4
0.53%, 12/15/23b		814		801,884
SLM Private Education Loan Trust
Series 2011-C, Class A1
1.60%, 12/15/23a,b		2,234		2,235,055
Series 2011-C, Class A2A
3.45%, 10/17/44a,b		2,000		2,118,799
Series 2012-A, Class A1
1.60%, 08/15/25a,b		575		576,238
Series 2012-B, Class A1
1.30%, 12/15/21a,b		20		19,811
Series 2012-B, Class A2
3.48%, 10/15/30a		1,250		1,279,667
Series 2012-C, Class A1
1.30%, 08/15/23a,b		952		951,845

SCHEDULESOF INVESTMENTS 15

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Series 2012-E, Class A1
0.95%, 10/16/23a,b	$	759	$	758,361
Series 2012-E, Class A2B
1.95%, 06/15/45a,b		5,250		5,354,479
Series 2013-A, Class A1
0.80%, 08/15/22a,b		2,176		2,169,304
Series 2013-A, Class A2B
1.25%, 05/17/27a,b		265		263,123
Series 2013-B, Class A1
0.85%, 07/15/22a,b		1,234		1,231,710
Series 2013-C, Class A1
1.05%, 02/15/22a,b		1,092		1,091,755
Series 2013-C, Class A2B
1.60%, 10/15/31a,b		1,750		1,760,889
Series 2014-A, Class A1
0.80%, 07/15/22a,b		7,531		7,503,422
Series 2015-B, Class A1
0.90%, 02/15/23a,b		3,432		3,426,284
SLM Student Loan Trust
Series 2006-4, Class A5
0.42%, 10/27/25b		1,614		1,599,223
Series 2011-2, Class A1
0.80%, 11/25/27b		1,184		1,169,328
SMB Private Education Loan Trust
Series 2014-A, Class A1
0.70%, 09/15/21a,b		1,873		1,867,100
Series 2015-A, Class A1
0.80%, 07/17/23a,b		4,754		4,721,556
Series 2015-C, Class A1
1.09%, 07/15/22		7,500		7,495,350
SoFi Professional Loan Program LLC
1.40%, 03/25/33a,b		2,300		2,284,414
Series 2014-A, Class A1
1.80%, 06/25/25a,b		1,307		1,311,296
Series 2014-B, Class A1
1.45%, 08/25/32a,b		794		790,017
SWAY Residential Trust Series 2014-1, Class A
1.50%, 01/17/32a,b		6,503		6,371,571
Synchrony Credit Card Master Note Trust Series 2012-3, Class A
0.65%, 03/15/20b		9,295		9,281,091

Security	Principal (000s)		Value
Voya CLO Ltd. Series 2013-1A, Class A1
1.46%, 04/15/24a,b	$	1,900	$	1,869,354
Wheels SPV 2 LLC Series 2014-1A, Class A2
0.84%, 03/20/23a		383		382,230
World Financial Network Credit Card Master Trust Series 2015-A, Class A
0.68%, 02/15/22b		15,405		15,349,611
TOTAL ASSET-BACKED SECURITIES
(Cost: $474,547,663)				472,894,315
COLLATERALIZED MORTGAGE OBLIGATIONS — 9.84%
MORTGAGE-BACKED SECURITIES — 9.84%
BAMLL Commercial Mortgage Securities Trust
Series 2013-DSNY, Class A
1.25%, 09/15/26a,b		525		523,688
Series 2014-FL1, Class A
1.60%, 12/15/31a,b		2,670		2,669,122
Banc of America Commercial Mortgage Trust
Series 2006-2, Class A4
5.76%, 05/10/45b		1,430		1,441,916
Series 2007-4, Class A1A
5.77%, 02/10/51b		1,888		1,990,875
Series 2007-5, Class A4
5.49%, 02/10/51		2,946		3,073,951
Banc of America Merrill Lynch Commercial Mortgage Inc. Series 2005-6, Class B
5.15%, 09/10/47b		1,580		1,579,124
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW12, Class A4
5.71%, 09/11/38b		1,144		1,156,392
Series 2006-PW14, Class A1A
5.19%, 12/11/38		191		197,012
Series 2006-T22, Class AJ
5.62%, 04/12/38b		4,055		4,113,189

16 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Series 2007-PW15, Class A1A
5.32%, 02/11/44	$	218	$	226,508
Series 2007-PW15, Class A4
5.33%, 02/11/44		794		822,726
Series 2007-PW17, Class A4
5.69%, 06/11/50b		7,768		8,166,768
Series 2007-PW18, Class A4
5.70%, 06/11/50		1,300		1,367,142
Brunel Residential Mortgage Securitisation PLC Series 2007-1A, Class A4C
0.52%, 01/13/39 (Call 01/13/16)a,b		1,166		1,148,378
Carefree Portfolio Trust Series 2014-CARE, Class A
1.52%, 11/15/19a,b		4,500		4,492,962
CDGJ Commercial Mortgage Trust Series 2014-BXCH, Class A
1.60%, 12/15/27a,b		7,350		7,313,180
Citigroup Commercial Mortgage Trust
Series 2006-C5, Class A4
5.43%, 10/15/49		1,987		2,036,024
Series 2014-388G, Class A
0.95%, 06/15/33a,b		2,125		2,108,974
COMM Mortgage Trust
Series 2006-C7, Class A4
5.76%, 06/10/46b		1,231		1,243,009
Series 2006-C8, Class AM
5.35%, 12/10/46		5,000		5,156,466
Series 2014-FL5, Class A
1.57%, 10/15/31a,b		1,375		1,369,840
Series 2014-PAT, Class A
1.00%, 08/13/27a,b		1,420		1,409,321
Credit Suisse Commercial Mortgage Trust
Series 2006-C1, Class AJ
5.47%, 02/15/39b		791		794,529
Series 2006-C3, Class AM
5.82%, 06/15/38b		2,500		2,552,182
Series 2006-C5, Class A3
5.31%, 12/15/39		475		483,580
DBRR Trust
Series 2013-EZ2, Class A
0.85%, 02/25/45a,b		4		3,771

Security	Principal (000s)		Value
Series 2013-EZ3, Class A
1.64%, 12/18/49a,b	$	917	$	917,324
FCT Marsollier Mortgages Series 2009-1, Class A
0.46%, 09/27/50b,c		202		223,497
GMAC Commercial Mortgage Securities Inc. Trust Series 2006-C1, Class A1A
5.23%, 11/10/45b		1,272		1,272,016
Granite Master Issuer PLC
Series 2005-1, Class A4
0.39%, 12/20/54b		244		242,874
Series 2006-1A, Class A5
0.33%, 12/20/54a,b		3,676		3,656,283
Series 2006-2, Class A4
0.27%, 12/20/54b		1,211		1,204,827
Series 2006-3, Class A3
0.27%, 12/20/54b		1,027		1,021,676
Series 2006-3, Class A4
0.27%, 12/20/54b		1,829		1,819,403
Series 2007-1, Class 2A1
0.33%, 12/20/54b		1,525		1,516,992
Series 2007-2, Class 2A1
0.28%, 12/17/54b		332		330,262
Series 2007-2, Class 3A1
0.38%, 12/17/54b		451		448,507
Series 2007-2, Class 4A1
0.29%, 12/17/54b		84		83,454
Granite Mortgages PLC Series 2004-1, Class 2A1
0.67%, 03/20/44b		740		733,668
GS Mortgage Securities Trust Series 2006-GG8, Class AM
5.59%, 11/10/39 (Call 10/06/16)		1,000		1,029,860
Hilton USA Trust Series 2013-HLT, Class EFX
2.66%, 11/05/30		12,667		12,680,627
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2006-CB14, Class AM
5.49%, 12/12/44b		1,000		1,002,783
Series 2006-LDP7, Class A4
5.91%, 04/15/45b		2,990		3,025,345

SCHEDULESOF INVESTMENTS 17

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Series 2006-LDP9, Class A3
5.34%, 05/15/47	$	2,386	$	2,455,926
Series 2007-CB18, Class A1A
5.43%, 06/12/47b		245		254,171
Series 2007-CB18, Class A4
5.44%, 06/12/47		1,878		1,920,482
Series 2007-CB20, Class A4
5.79%, 02/12/51b		1,700		1,797,413
Series 2007-LDPX, Class A3
5.42%, 01/15/49		12,528		12,947,068
Series 2013-WT, Class A
2.80%, 02/16/25a		3,999		4,062,748
Series 2014-FL6, Class A
1.60%, 11/15/31a,b		2,295		2,285,597
Series 2015-CSMO, Class A
1.45%, 01/15/32a,b		4,000		3,977,421
LB Commercial Mortgage Trust Series 2007-C3, Class A1A
5.85%, 07/15/44b		3,745		3,963,135
LB-UBS Commercial Mortgage Trust
Series 2006-C3, Class A1A
5.64%, 03/15/39b		1,216		1,222,861
Series 2006-C4, Class AM
5.84%, 06/15/38b		1,250		1,281,100
Series 2006-C7, Class A3
5.35%, 11/15/38		525		538,450
Series 2007-C2, Class A1A
5.39%, 02/15/40		2,494		2,611,124
Series 2007-C2, Class A3
5.43%, 02/15/40		1,965		2,036,034
Merrill Lynch Mortgage Trust Series 2006-C2, Class AM
5.78%, 08/12/43b		4,400		4,509,629
ML-CFC Commercial Mortgage Trust
Series 2006-1, Class AM
5.51%, 02/12/39b		6,043		6,091,412
Series 2006-3, Class A4
5.41%, 07/12/46b		2,522		2,572,372
Series 2006-4, Class AM
5.20%, 12/12/49		2,050		2,119,718
Series 2007-9, Class A4
5.70%, 09/12/49		1,421		1,486,011

Security	Principal (000s)		Value
Morgan Stanley Capital I Trust
Series 2006-HQ9, Class A4FL
0.34%, 07/12/44b	$	2,957	$	2,947,981
Series 2006-IQ12, Class A1A
5.32%, 12/15/43		376		388,233
Series 2006-T23, Class A4
5.84%, 08/12/41b		2,606		2,650,084
Series 2007-HQ11, Class A4FL
0.33%, 02/12/44b		3,960		3,929,580
Series 2007-IQ13, Class A1A
5.31%, 03/15/44		5,315		5,502,905
Series 2007-IQ15, Class A4
5.92%, 06/11/49b		1,457		1,528,028
Series 2007-T25, Class A3
5.51%, 11/12/49b		482		496,480
Series 2007-T27, Class A4
5.65%, 06/11/42b		2,615		2,760,459
PUMA Global Trust No. 5 Series G5, Class A1
0.47%, 02/21/38a,b		467		466,126
Wachovia Bank Commercial Mortgage Trust
Series 2006-C24, Class A3
5.56%, 03/15/45b		102		102,481
Series 2006-C29, Class A1A
5.30%, 11/15/48		215		221,851
Series 2007-C32, Class AMFL
0.42%, 06/15/49a,b		8,000		7,572,413
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost: $176,680,717)				175,349,320
CORPORATE BONDS & NOTES — 52.45%
ADVERTISING — 0.15%
Omnicom Group Inc.
5.90%, 04/15/16		2,649		2,705,686
				2,705,686
AEROSPACE & DEFENSE — 0.15%
Exelis Inc.
4.25%, 10/01/16		2,260		2,315,377
L-3 Communications Corp.
3.95%, 11/15/16		403		411,171

18 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2015

Security	Principal (000s)		Value
AGRICULTURE — 1.47%
BAT International Finance PLC
0.85%, 06/15/18a,b	$	2,000	$	1,998,340
Philip Morris International Inc.
2.50%, 05/16/16d		10,000		10,103,450
Reynolds American Inc.
3.50%, 08/04/16a,d		13,800		14,016,260
				26,118,050
AIRLINES — 0.62%
Continental Airlines Inc. 2009-1 Pass Through Trust
9.00%, 01/08/18		2,684		2,806,980
Delta Air Lines 2010-2 Pass Through Trust Class B
6.75%, 05/23/17		5,000		5,012,500
Delta Air Lines Inc. 2010-1 Pass Through Trust Series 101B
6.38%, 07/02/17a		1,500		1,511,250
UAL 2009-1 Pass Through Trust
10.40%, 05/01/18d		125		132,930
UAL 2009-2 Pass Through Trust Class A
9.75%, 07/15/18		1,518		1,620,810
				11,084,470
AUTO MANUFACTURERS — 1.02%
Daimler Finance North America LLC
0.64%, 08/01/17a,b		1,700		1,684,784
1.01%, 08/03/17a,b		6,450		6,422,188
2.63%, 09/15/16a		2,250		2,275,184
3.00%, 03/28/16a		2,750		2,773,471
Ford Motor Credit Co. LLC
0.96%, 03/27/17b		1,600		1,588,069
Nissan Motor Acceptance Corp.
0.88%, 03/03/17a,b,d		250		249,572
1.00%, 03/15/16a		2,400		2,403,595
1.03%, 09/26/16a,b		750		750,494
				18,147,357
AUTO PARTS & EQUIPMENT — 0.03%
Johnson Controls Inc.
5.50%, 01/15/16d		500		504,248
				504,248

Security	Principal (000s)		Value
BANKS — 20.70%
Abbey National Treasury Services PLC/United Kingdom
4.00%, 04/27/16	$	6,000	$	6,096,060
ABN AMRO Bank NV
1.12%, 10/28/16a,b		635		636,829
1.38%, 01/22/16a		250		250,198
Bank of America Corp.
0.94%, 08/25/17b		1,250		1,247,241
1.14%, 03/22/16b,d		2,750		2,754,661
1.35%, 11/21/16		1,300		1,301,138
1.39%, 03/22/18b		6,750		6,790,770
3.63%, 03/17/16d		5,250		5,307,293
5.63%, 10/14/16		910		949,212
Series 1
3.75%, 07/12/16		11,000		11,211,838
Bank of Montreal
0.93%, 07/31/18b		6,450		6,439,557
Banque Federative du Credit Mutuel SA
1.17%, 01/20/17a,b		1,000		1,004,747
Barclays Bank PLC
0.90%, 02/17/17b		3,150		3,148,671
BB&T Corp.
1.20%, 06/15/18 (Call 05/15/18)b		15,275		15,360,616
3.95%, 04/29/16		1,000		1,015,865
BNP Paribas SA
0.93%, 12/12/16b		750		751,175
3.60%, 02/23/16		3,500		3,530,520
BPCE SA
0.96%, 06/17/17b		700		699,469
1.16%, 02/10/17b,d		1,900		1,905,694
Capital One Financial Corp.
1.00%, 11/06/15		2,220		2,220,029
3.15%, 07/15/16		26,150		26,522,271
Capital One N.A./Mclean VA
0.98%, 02/05/18 (Call 01/05/18)b		500		497,780
Citigroup Inc.
0.87%, 03/10/17b		1,750		1,745,629
1.28%, 07/25/16b		975		977,384
1.30%, 04/01/16		3,500		3,501,844
Credit Suisse/New York NY
1.00%, 04/27/18b		5,035		5,012,307

SCHEDULESOF INVESTMENTS 19

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2015

Security		Principal (000s)		Value
1.01%, 01/29/18b,d		$	1,250	$	1,248,115
Deutsche Bank AG/London
0.80%, 05/30/17b			1,000		995,098
0.99%, 02/13/18b			3,000		2,985,156
3.25%, 01/11/16			5,959		5,989,307
Fifth Third Bancorp	��
0.77%, 12/20/16b			750		745,963
3.63%, 01/25/16			5,000		5,033,355
Fifth Third Bank/Cincinnati OH
1.15%, 11/18/16 (Call 10/18/16)			3,500		3,506,065
Goldman Sachs Group Inc. (The)
0.77%, 03/22/16b			4,665		4,665,079
0.96%, 06/04/17b,d			5,000		4,993,125
1.52%, 04/30/18b			2,000		2,018,374
1.60%, 11/23/15			1,700		1,701,165
3.63%, 02/07/16d			8,500		8,565,849
5.35%, 01/15/16			3,400		3,433,177
5.63%, 01/15/17			2,000		2,095,738
5.75%, 10/01/16			4,000		4,173,404
HSBC Bank PLC
0.96%, 05/15/18a,b			5,000		4,988,690
HSBC USA Inc.
0.78%, 03/03/17b			3,000		2,993,880
1.08%, 08/07/18b			3,250		3,244,709
Huntington National Bank (The)
0.74%, 04/24/17 (Call 03/25/17)b			1,405		1,396,212
ING Bank NV
0.89%, 03/16/18a,b			4,250		4,234,823
1.28%, 03/07/16a,b			800		801,465
2.50%, 01/14/16a			11,020		11,063,419
4.00%, 03/15/16a			1,250		1,265,775
Intesa Sanpaolo SpA
3.13%, 01/15/16			8,253		8,288,158
Intesa Sanpaolo SpA/New York NY
1.70%, 04/11/16b			1,500		1,501,743
JPMorgan Chase & Co.
0.84%, 02/15/17b			4,952		4,949,940
0.87%, 04/25/18b			3,000		2,985,435
0.95%, 02/26/16b			1,575		1,576,430
3.15%, 07/05/16			15,960		16,164,033
3.45%, 03/01/16			3,800		3,835,515
KeyBank N.A./Cleveland OH
1.10%, 11/25/16 (Call 10/25/16)			7,250		7,259,128
5.45%, 03/03/16			5,000		5,073,435

Security	Principal (000s)		Value
Morgan Stanley
1.06%, 01/05/18b	$	1,600	$	1,600,206
1.58%, 02/25/16b		1,750		1,754,645
1.60%, 04/25/18b		6,282		6,365,613
1.75%, 02/25/16d		4,000		4,014,208
3.80%, 04/29/16		4,960		5,035,293
5.45%, 01/09/17		5,000		5,237,470
MUFG Union Bank N.A.
1.08%, 09/26/16b,d		1,000		1,001,756
National Bank of Canada
2.20%, 10/19/16a		10,500		10,627,774
Nordea Bank AB
1.17%, 09/17/18a,b		10,000		10,045,210
Nordea Eiendomskreditt AS
2.13%, 09/22/17a		1,000		1,010,621
Royal Bank of Canada
0.86%, 07/30/18b		6,000		5,993,028
1.13%, 07/22/16		9,000		9,017,766
Royal Bank of Scotland Group PLC
1.27%, 03/31/17b		1,150		1,149,501
SpareBank 1 Boligkreditt AS
2.63%, 05/27/16a		1,250		1,262,711
Standard Chartered PLC
3.20%, 05/12/16a		4,171		4,219,067
Sumitomo Mitsui Trust Bank Ltd.
1.11%, 09/16/16a,b		500		501,334
Swedbank Hypotek AB
2.13%, 08/31/16a		11,000		11,106,249
Toronto-Dominion Bank (The)
0.86%, 07/23/18b		7,000		6,991,901
1.63%, 09/14/16a		12,000		12,086,820
UBS AG/Stamford CT
1.03%, 03/26/18b		6,450		6,441,841
Wachovia Corp.
0.69%, 10/15/16b		3,250		3,243,715
5.63%, 10/15/16		3,000		3,134,145
Wells Fargo & Co.
0.95%, 04/23/18b		4,000		4,017,172
2.63%, 12/15/16		8,000		8,149,752
				368,658,356
BEVERAGES — 0.48%
PepsiCo Inc.
0.67%, 10/13/17b		8,500		8,506,417
				8,506,417

20 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2015

Security	Principal (000s)		Value
BIOTECHNOLOGY — 0.44%
Amgen Inc.
2.30%, 06/15/16	$	7,750	$	7,820,936
				7,820,936
CHEMICALS — 0.27%
Eastman Chemical Co.
3.00%, 12/15/15d		4,800		4,812,648
				4,812,648
COMMERCIAL SERVICES — 0.12%
ERAC USA Finance LLC
1.40%, 04/15/16a		1,660		1,661,826
5.90%, 11/15/15a		400		400,637
				2,062,463
COMPUTERS — 0.92%
Hewlett Packard Enterprise Co.
2.25%, 10/05/18a,b		16,340		16,385,817
				16,385,817
DIVERSIFIED FINANCIAL SERVICES — 5.10%
Air Lease Corp.
4.50%, 01/15/16d		6,595		6,628,832
American Express Credit Corp.
1.30%, 07/29/16d		12,000		12,049,440
Caisse Centrale Desjardins
0.69%, 09/12/17a,b		3,800		3,780,726
Credit Suisse USA Inc.
5.85%, 08/16/16d		5,000		5,193,750
Ford Motor Credit Co. LLC
0.90%, 12/06/17b		1,000		987,028
1.56%, 05/09/16b		1,500		1,504,212
1.70%, 05/09/16		750		751,721
2.50%, 01/15/16d		3,500		3,511,197
3.98%, 06/15/16		15,570		15,810,214
4.21%, 04/15/16d		8,750		8,868,213
8.00%, 12/15/16		2,000		2,139,650
General Electric Capital Corp.
2.95%, 05/09/16		5,000		5,061,595
General Motors Financial Co. Inc.
2.75%, 05/15/16d		20,328		20,461,067
HSBC Finance Corp.
0.75%, 06/01/16b		4,025		4,017,956
				90,765,601

Security	Principal (000s)		Value
ELECTRIC — 1.41%
Duke Energy Corp.
2.15%, 11/15/16	$	715	$	722,337
Duke Energy Florida LLC
0.65%, 11/15/15		370		370,004
Duke Energy Indiana Inc.
6.05%, 06/15/16		7,300		7,535,330
Jersey Central Power & Light Co.
5.63%, 05/01/16		7,339		7,474,008
LG&E and KU Energy LLC
2.13%, 11/15/15		1,233		1,233,410
Nevada Power Co. Series M
5.95%, 03/15/16		1,091		1,111,932
Ohio Power Co.
6.00%, 06/01/16		835		858,844
Progress Energy Inc.
5.63%, 01/15/16		3,725		3,758,994
Southern Co. (The)
1.95%, 09/01/16		2,105		2,120,276
				25,185,135
ELECTRONICS — 0.57%
Thermo Fisher Scientific Inc.
2.25%, 08/15/16		5,250		5,290,940
3.20%, 03/01/16		4,864		4,899,390
				10,190,330
FOOD — 0.23%
Mondelez International Inc.
4.13%, 02/09/16		4,000		4,034,372
				4,034,372
HEALTH CARE — PRODUCTS — 0.60%
Life Technologies Corp.
3.50%, 01/15/16		7,310		7,347,880
Medtronic Inc.
2.63%, 03/15/16		1,158		1,166,540
Zimmer Biomet Holdings Inc.
1.45%, 04/01/17		2,250		2,244,920
				10,759,340
HEALTH CARE — SERVICES — 1.57%
UnitedHealth Group Inc.
0.77%, 01/17/17b		12,000		12,013,356
Ventas Realty LP
1.55%, 09/26/16		15,900		15,968,863
				27,982,219

SCHEDULESOF INVESTMENTS 21

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2015

Security	Principal (000s)		Value
HOLDING COMPANIES — DIVERSIFIED — 0.11%
MUFG Americas Holdings Corp.
0.88%, 02/09/18 (Call 01/09/18)b	$	2,000	$	2,002,214
				2,002,214
INSURANCE — 3.85%
Allied World Assurance Co. Holdings Ltd.
7.50%, 08/01/16		4,000		4,181,644
American International Group Inc.
5.60%, 10/18/16		5,140		5,363,179
Aon Corp.
3.13%, 05/27/16		15,830		16,026,941
Liberty Mutual Group Inc.
6.70%, 08/15/16a		13,445		14,018,779
MetLife Inc.
6.75%, 06/01/16		12,451		12,886,760
Pricoa Global Funding I
1.15%, 11/25/16a		6,180		6,186,495
Prudential Financial Inc.
3.00%, 05/12/16		9,715		9,824,877
				68,488,675
LEISURE TIME — 0.71%
Carnival Corp.
1.20%, 02/05/16		12,650		12,664,105
				12,664,105
LODGING — 0.05%
Marriott International Inc./MD
6.20%, 06/15/16		945		974,274
MANUFACTURING — 0.21%
Pentair Finance SA
1.35%, 12/01/15		3,800		3,800,315
				3,800,315
MEDIA — 1.18%
Comcast Corp.
4.95%, 06/15/16		7,722		7,925,668
Cox Communications Inc.
5.88%, 12/01/16a		1,850		1,934,210
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
2.40%, 03/15/17d		11,000		11,143,704
				21,003,582

Security	Principal (000s)		Value
OIL & GAS — 0.14%
Anadarko Petroleum Corp.
5.95%, 09/15/16	$	1,300	$	1,347,823
Marathon Oil Corp.
0.90%, 11/01/15		1,200		1,200,000
				2,547,823
PHARMACEUTICALS — 3.00%
AbbVie Inc.
1.20%, 11/06/15		8,350		8,350,334
Actavis Funding SCS
1.20%, 09/01/16b		4,000		3,995,264
1.42%, 03/12/18b,d		2,000		1,988,326
Allergan Inc./U.S.
5.75%, 04/01/16d		9,630		9,814,193
Express Scripts Holding Co.
3.13%, 05/15/16		7,750		7,840,660
McKesson Corp.
0.95%, 12/04/15		600		599,946
Mylan Inc.
1.80%, 06/24/16		13,300		13,291,222
Perrigo Co. PLC
1.30%, 11/08/16		1,220		1,206,751
Zoetis Inc.
1.15%, 02/01/16		6,400		6,401,875
				53,488,571
PIPELINES — 0.25%
Kinder Morgan Finance Co. LLC
5.70%, 01/05/16d		4,500		4,533,610
				4,533,610
REAL ESTATE INVESTMENT TRUSTS — 1.45%
DDR Corp.
9.63%, 03/15/16d		1,500		1,544,929
ERP Operating LP
5.13%, 03/15/16d		3,400		3,453,479
5.38%, 08/01/16		11,759		12,124,023
HCP Inc.
3.75%, 02/01/16d		6,129		6,165,535
Welltower Inc.
6.20%, 06/01/16		2,500		2,566,595
				25,854,561
RETAIL — 1.27%
AutoZone Inc.
5.50%, 11/15/15		500		500,752
6.95%, 06/15/16		4,000		4,142,948

22 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2015

Security	Principal (000s)		Value
CVS Health Corp.
6.13%, 08/15/16	$	17,013	$	17,688,944
Macy’s Retail Holdings Inc.
5.90%, 12/01/16		230		241,768
				22,574,412
SAVINGS & LOANS — 0.19%
Santander Holdings USA Inc.
4.63%, 04/19/16		3,319		3,374,059
				3,374,059
TELECOMMUNICATIONS — 2.32%
AT&T Inc.
2.40%, 08/15/16		6,000		6,068,226
2.95%, 05/15/16d		6,250		6,314,137
Orange SA
2.75%, 09/14/16		2,000		2,030,342
Verizon Communications Inc.
0.73%, 06/09/17b		3,500		3,489,668
1.87%, 09/15/16b		3,250		3,280,374
2.00%, 11/01/16		6,850		6,914,445
2.09%, 09/14/18b		4,500		4,622,796
2.50%, 09/15/16		8,000		8,109,360
Vodafone Group PLC
0.72%, 02/19/16b,d		500		499,768
				41,329,116
TRANSPORTATION — 0.20%
Kansas City Southern de Mexico SA de CV
1.02%, 10/28/16b		1,000		990,557
Ryder System Inc.
3.60%, 03/01/16		784		790,037
Union Pacific Corp.
7.00%, 02/01/16		1,700		1,726,352
				3,506,946
TRUCKING & LEASING — 1.67%
GATX Corp.
3.50%, 07/15/16		8,007		8,115,439
Penske Truck Leasing Co. LP/PTL Finance Corp.
2.50%, 03/15/16a		21,578		21,685,739
				29,801,178
TOTAL CORPORATE BONDS & NOTES
(Cost: $935,061,871)				934,393,434

Security	Principal (000s)		Value
FOREIGN GOVERNMENT OBLIGATIONSe — 0.99%
ITALY — 0.06%
Italy Government International Bond
5.25%, 09/20/16	$	1,000	$	1,034,882
JAPAN — 0.93%
Japan Treasury Discount Bill
0.00%, 12/21/15		2,000,000		16,573,524
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $17,631,159)				17,608,406
MUNICIPAL DEBT OBLIGATIONS — 0.18%
NEW JERSEY — 0.18%
New Jersey Economic Development Authority RB Series Q
1.10%, 06/15/16d		3,180		3,177,901
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $3,176,586)				3,177,901
REPURCHASE AGREEMENTS — 4.55%
Barclays Capital Inc., 0.70%, 11/02/15b (Purchased on 10/30/15 to be repurchased at $21,001,225 collateralized by various non-agency asset-backed and mortgage-backed securities, 0.34% to 7.52%, due 2/25/21 to 8/25/47, par and fair value of $35,409,694 and $23,995,842, respectively)f		21,000		21,000,000
Merrill Lynch, 0.85%, 11/02/15b (Purchased on 10/30/15 to be repurchased at $15,001,063, collateralized by a non-agency mortgage backed security, 0.00%, due 03/25/58, par and fair value of $17,789,063 and $17,250,001, respectively)f		15,000		15,000,000
Mizuho Securities USA Inc., 1.42%, 11/02/15b (Purchased on 10/30/15 to be repurchased at $45,005,332, collateralized by a U.S. government debt obligation, 3.13%, due 05/15/21, par and fair value of $42,109,500 and $45,900,042, respectively)f		45,000		45,000,000
TOTAL REPURCHASE AGREEMENTS
(Cost: $81,000,000)				81,000,000

SCHEDULESOF INVESTMENTS 23

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY BOND ETF

October 31, 2015

Security	Shares (000s)		Value
MONEY MARKET FUNDS — 7.99%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.19%g,h,i		47,721		47,721,212
BlackRock Cash Funds: Prime, SL Agency Shares
0.19%g,h,i		94,640		94,640,405
TOTAL MONEY MARKET FUNDS
(Cost: $142,361,617)				142,361,617
TOTAL INVESTMENTS IN SECURITIES — 102.55%
(Cost: $1,830,459,613)				1,826,784,993
Other Assets, Less Liabilities — (2.55)%				(45,478,678	)
NET ASSETS — 100.00%			$	1,781,306,315

RB — Revenue Bond

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

^b  Variable rate security. Rate shown is as of report date.

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

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

^e  Investments are denominated in U.S. dollars.

^f  Maturity date represents next reset date.

^g  Affiliated issuer. See Note 2.

^h  The rate quoted is the annualized seven-day yield of the fund at period end.

ⁱ  All or a portion of this security represents an investment of securities lending collateral. See Note 1.

Forward currency contracts as of October 31, 2015 were as follows:

Currency Purchased		Currency Sold	Settlement Date	Counter- party		Unrealized Appreciation (Depreciation)
	USD      770,436	EUR           678,000	11/04/2015		BBP	$	21,475
	USD 16,637,360	JPY 2,000,000,000	12/21/2015		MS		50,318
							71,793
	EUR      590,000	USD           669,080	11/04/2015		RBC	$	(17,329)
	USD        97,099	EUR             88,000	12/03/2015		NTC		(147)
							(17,476)
	Net unrealized appreciation					$	54,317

Counterparties:

BBP — Barclays Bank PLC Wholesale

MS — Morgan Stanley and Co. International PLC

NTC — Northern Trust Company

RBC — Royal Bank of Canada

Currency abbreviations:

EUR — Euro

JPY — Japanese Yen

USD — United States Dollar

See notes to financial statements.

24 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

October 31, 2015

Security	Principal (000s)		Value
MUNICIPAL DEBT OBLIGATIONS — 99.02%
ARIZONA — 1.34%
Maricopa County Unified School District No. 60 Higley GOL
3.00%, 07/01/17 (AGM)	$	455	$	470,716
				470,716
CALIFORNIA — 7.78%
California Housing Finance Agency RB Series A
0.85%, 08/01/16		20		20,002
Lake Elsinore School District RB Series A
2.00%, 06/30/16		1,000		1,007,390
Sacramento Municipal Utility District RB
0.22%, 08/15/41 (Call 08/15/23)a		1,400		1,400,000
Southern California Public Power Authority RB Series DB-1048
0.22%, 07/01/31 (Call 07/01/21)		300		300,000
				2,727,392
COLORADO — 0.29%
City & County of Denver CO
3.00%, 12/01/16		100		102,752
				102,752
FLORIDA — 5.52%
Village Community Development District No. 7
3.00%, 05/01/16		555		561,338
3.00%, 05/01/17		600		616,764
Volusia County Educational Facility Authority RB
2.00%, 10/15/16		105		106,484
3.00%, 10/15/17		110		114,580
5.00%, 06/01/17		500		533,850
				1,933,016
GEORGIA — 4.98%
Burke County Development Authority RB
2.20%, 10/01/32		1,700		1,745,560
				1,745,560

Security	Principal (000s)		Value
ILLINOIS — 7.59%
Chicago IIIinois Transit Authority Sales Tax RB
0.46%, 12/01/36 (Call 12/01/21)a	$	1,500	$	1,500,000
City of Chicago IL Wastewater Transmission Revenue RB
5.00%, 01/01/16		500		503,585
Illinois Finance Authority RB
5.00%, 08/15/17		375		398,854
Village of Romeoville IL RB
4.00%, 10/01/16		250		256,867
				2,659,306
INDIANA — 4.59%
City of Whiting IN RB
5.00%, 01/01/16		1,000		1,007,660
Indianapolis Local Public Improvement Bond Bank RB
0.21%, 01/01/17 (AGM)a		600		600,000
				1,607,660
KENTUCKY — 1.22%
Hardin County School District Finance Corp. RB
4.00%, 02/01/18		400		427,428
				427,428
MICHIGAN — 7.74%
Lawton Community Schools GO
2.00%, 05/01/17		605		616,525
Macomb Township Building Authority RB
3.00%, 04/01/17		500		515,820
3.00%, 04/01/18		500		524,830
Michigan Strategic Fund RB
5.00%, 03/01/17		1,000		1,057,090
				2,714,265
NEW JERSEY — 26.42%
City of Newark NJ RB
5.00%, 09/01/17		2,000		2,121,120
New Jersey Economic Development Authority RB
Series A
5.00%, 05/01/17		1,240		1,307,568
Series EE
5.00%, 09/01/17		610		658,733

SCHEDULESOF INVESTMENTS 25

Schedule of Investments (Continued)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

October 31, 2015

Security	Principal (000s)		Value
New Jersey Transportation Trust Fund Authority RB
5.00%, 12/15/17	$	2,350	$	2,513,490
Township of Barnegat NJ GO
1.50%, 03/11/16		2,651		2,659,960
				9,260,871
NEW YORK — 4.00%
Elmira City School District GO
5.00%, 06/15/17		300		321,141
Troy Capital Resource Corp. RB
5.00%, 09/01/18		975		1,080,866
				1,402,007
OHIO — 9.86%
City of Defiance OH GOL
1.00%, 04/01/16		2,100		2,104,011
City of Garfield Heights OH RB
1.50%, 06/22/16		600		602,892
Urbana City School District
5.00%, 12/01/17		690		748,574
				3,455,477
PENNSYLVANIA — 3.25%
Pottsgrove School District
2.00%, 08/15/16		365		369,168
3.00%, 08/15/17		740		770,962
				1,140,130
RHODE ISLAND — 5.17%
Providence Redevelopment Agency RB Series A
3.00%, 04/01/17		1,210		1,242,984
Town of Coventry RI GO
4.00%, 03/15/17		545		570,005
				1,812,989
TEXAS — 4.01%
Metropolitan Transit Authority of Harris County RB
0.22%, 11/01/41 (Call 11/01/21)a		1,300		1,300,000
Southmost Regional Water Authority
5.00%, 09/01/16		100		103,689
				1,403,689

Security	Principal or Shares (000s)		Value
UTAH — 4.28%
Utah Transit Authority RB
0.22%, 06/15/36 (Call 06/15/18)a	$	1,500	$	1,500,000
				1,500,000
WEST VIRGINIA — 0.98%
Berkeley County Public Service District RB
2.00%, 12/01/17		335		342,162
				342,162
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $34,676,689)				34,705,420
MONEY MARKET FUNDS — 0.17%
BlackRock Liquidity Funds: MuniFund, Institutional Shares
0.02%b,c		60		59,615
TOTAL MONEY MARKET FUNDS
(Cost: $59,615)				59,615
TOTAL INVESTMENTS IN SECURITIES — 99.19%
(Cost: $34,736,304)				34,765,035
Other Assets, Less Liabilities — 0.81%				283,814
NET ASSETS — 100.00%			$	35,048,849

GO — General Obligation

GOL — General Obligation Limited

RB — Revenue Bond

Insured by:

AGM — Assured Guaranty Municipal Corp.

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

^b  Affiliated issuer. See Note 2.

^c  The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.

26 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

iSHARES^® ULTRA SHORT-TERM BOND ETF

October 31, 2015

Security	Principal (000s)		Value
ASSET-BACKED SECURITIES — 0.63%
Honda Auto Receivables Owner Trust Series 2014-2, Class A2
0.39%, 09/19/16 (Call 12/18/15)	$	35	$	35,177
Volkswagen Auto Loan Enhanced Trust Series 2014-1, Class A2
0.42%, 03/20/17		44		43,696
TOTAL ASSET-BACKED SECURITIES
(Cost: $78,912)				78,873
CERTIFICATES OF DEPOSIT — 8.00%
Canadian Imperial Bank of Commerce/NY
0.66%, 03/13/17		500		499,874
Toronto-Dominion Bank (The)
0.57%, 10/17/16		250		249,952
Westpacking Corp. NY
0.57%, 10/21/16		250		249,951
TOTAL CERTIFICATES OF DEPOSIT
(Cost: $1,000,000)				999,777
COMMERCIAL PAPERa — 9.12%
B.A.T International Finance PLC
0.50%, 01/21/16		250		249,795
Barclays U.S. Funding LLC
0.70%, 04/22/16		250		249,257
Campbell Soup Co.
0.43%, 11/24/15		350		349,950
Duke Energy Corp.
0.51%, 01/06/16		290		289,815
TOTAL COMMERCIAL PAPER
(Cost: $1,138,350)				1,138,817
CORPORATE BONDS & NOTES — 72.42%
AGRICULTURE — 0.72%
Philip Morris International Inc.
1.25%, 08/11/17		90		90,308
				90,308
AUTO MANUFACTURERS — 1.89%
Volkswagen Group of America Finance LLC
0.80%, 05/22/18b,c		250		235,599
				235,599

Security	Principal (000s)		Value
BANKS — 36.40%
Bank of America N.A.
0.78%, 11/14/16c	$	275	$	274,965
Banque Federative du Credit Mutuel SA
1.17%, 01/20/17b,c		250		251,187
BPCE SA
1.16%, 02/10/17c		250		250,749
Capital One N.A./Mclean VA
1.47%, 08/17/18 (Call 07/18/18)c		250		252,121
Commonwealth Bank of Australia
0.54%, 12/04/15b,c		250		250,011
0.85%, 09/20/16b,c		250		250,610
JPMorgan Chase & Co.
3.45%, 03/01/16		580		585,421
Macquarie Bank Ltd.
0.79%, 06/15/16b,c		275		274,996
National Australia Bank Ltd.
0.76%, 12/02/16b,c		350		350,715
Nordea Bank AB
1.17%, 09/17/18b,c		500		502,260
Royal Bank of Canada
0.79%, 09/09/16c		275		275,492
Suncorp-Metway Ltd.
0.80%, 05/23/16b,c		250		250,000
Toronto-Dominion Bank (The)
2.38%, 10/19/16		200		203,098
UBS AG/Stamford CT
1.38%, 06/01/17		250		249,728
Wells Fargo & Co.
0.85%, 07/20/16c		325		325,716
				4,547,069
BEVERAGES — 0.92%
Coca-Cola Co. (The)
0.88%, 10/27/17		115		114,766
				114,766
DIVERSIFIED FINANCIAL SERVICES — 6.69%
American Express Credit Corp.
2.80%, 09/19/16		260		264,706
General Electric Capital Corp.
0.51%, 05/11/16c		150		150,067
0.92%, 01/08/16c		250		250,232
1.18%, 05/09/16c		170		170,653
				835,658

SCHEDULESOF INVESTMENTS 27

Schedule of Investments (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

October 31, 2015

Security	Principal (000s)		Value
INTERNET — 1.08%
Amazon.com Inc.
0.65%, 11/27/15	$	135	$	135,018
				135,018
MANUFACTURING — 4.81%
Eaton Electric Holdings LLC
2.38%, 01/15/16		350		351,075
Tyco Electronics Group SA
0.52%, 01/29/16c		250		249,988
				601,063
MEDIA — 1.20%
NBCUniversal Enterprise Inc.
0.86%, 04/15/16b,c		150		150,169
				150,169
OIL & GAS — 4.00%
BP Capital Markets PLC
0.66%, 02/10/17c		250		249,178
Devon Energy Corp.
0.79%, 12/15/15c		250		250,014
				499,192
PHARMACEUTICALS — 3.00%
AbbVie Inc.
1.80%, 05/14/18		125		125,100
Bayer U.S. Finance LLC
0.57%, 10/07/16b,c		250		249,703
				374,803
RETAIL — 1.04%
Lowe’s Companies Inc.
0.94%, 09/14/18c		130		130,442
				130,442
TELECOMMUNICATIONS — 10.67%
America Movil SAB de CV
2.38%, 09/08/16		250		252,216
AT&T Inc.
0.70%, 02/12/16c		300		299,904
Deutsche Telekom International Finance BV
5.75%, 03/23/16		200		203,671
Verizon Communications Inc.
0.70%, 11/02/15		300		300,000
2.50%, 09/15/16		274		277,746
				1,333,537
TOTAL CORPORATE BONDS & NOTES
(Cost: $9,054,192)				9,047,624

Security	Principal or Shares (000s)		Value
REPURCHASE AGREEMENTS — 9.60%
Citigroup Global Markets Inc., 0.35%, 11/2/15c (Purchased on 10/30/15 to be repurchased at $600,018, collateralized by a commercial paper, 0.00%, due 12/3/15, par and fair value of $612,171 and $612,000, respectively)d	$	600	$	600,000
SG Americas Securities LLC, 0.29%, 11/2/15c (Purchased on 10/30/15 to be repurchased at $600,015, collateralized by various non-agency mortgage-backed securities and corporate debt obligations securities, 0.43% to 10.75%, due 5/7/20 to 6/15/88, par and fair value of $631,226 and $632,666, respectively)d		600		600,000
TOTAL REPURCHASE AGREEMENTS
(Cost: $1,200,000)				1,200,000
MONEY MARKET FUNDS — 0.07%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.02%e,f		8		8,174
TOTAL MONEY MARKET FUNDS
(Cost: $8,174)				8,174
TOTAL INVESTMENTS IN SECURITIES — 99.84%
(Cost: $12,479,628)				12,473,265
Other Assets, Less Liabilities — 0.16%				19,904
NET ASSETS — 100.00%			$	12,493,169

^a  Rates shown are discount rates paid at the time of purchase.

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

^c  Variable rate security. Rate shown is as of report date.

^d  Maturity date represents next reset date.

^e  Affiliated issuer. See Note 2.

^f  The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.

28 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities

iSHARES^® U.S. ETF TRUST

October 31, 2015

	iShares Short Maturity Bond ETF			iShares Short Maturity Municipal Bond ETF			iShares Ultra Short-Term Bond ETF
ASSETS
Investments, at cost:
Unaffiliated	$	1,607,097,996		$	34,676,689		$	11,271,454
Repurchase agreements — unaffiliated		81,000,000			—			1,200,000
Affiliated (Note 2)		142,361,617			59,615			8,174
Total cost of investments	$	1,830,459,613		$	34,736,304		$	12,479,628
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	1,603,423,376		$	34,705,420		$	11,265,091
Repurchase agreements — unaffiliated		81,000,000			—			1,200,000
Affiliated (Note 2)		142,361,617			59,615			8,174
Total fair value of investments		1,826,784,993			34,765,035			12,473,265
Foreign currency, at valueb		717			—			—
Cash		3,957			—			—
Receivables:
Investment securities sold		579			—			—
Interest		7,770,466			291,247			21,311
Unrealized appreciation on forward currency contracts (Note 1)		71,793			—			—
Tax reclaims		2,866			—			501
Total Assets		1,834,635,371			35,056,282			12,495,077
LIABILITIES
Payables:
Investment securities purchased		1,042,085			—			—
Collateral for securities on loan (Note 1)		51,901,745			—			—
Unrealized depreciation on forward currency contracts (Note 1)		17,476			—			—
Investment advisory fees (Note 2)		367,750			7,433			1,908
Total Liabilities		53,329,056			7,433			1,908
NET ASSETS	$	1,781,306,315		$	35,048,849		$	12,493,169
Net assets consist of:
Paid-in capital	$	1,783,990,140		$	35,005,766		$	12,487,744
Undistributed net investment income		1,113,916			23,435			6,633
Undistributed net realized gain (accumulated net realized loss)		(177,548	)		(9,083	)		5,155
Net unrealized appreciation (depreciation)		(3,620,193	)		28,731			(6,363	)
NET ASSETS	$	1,781,306,315		$	35,048,849		$	12,493,169
Shares outstandingc		35,600,000			700,000			250,000
Net asset value per share	$	50.04		$	50.07		$	49.97

^a  Securities on loan with values of $50,395,227, $  — and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $750, $  — and $  —, respectively.

^c  No par value, unlimited number of shares authorized.

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Operations

iSHARES^® U.S. ETF TRUST

Year ended October 31, 2015

	iShares Short Maturity Bond ETF			iShares Short Maturity Municipal Bond ETFa			iShares Ultra Short-Term Bond ETF
NET INVESTMENT INCOME
Interest — unaffiliated	$	10,070,301		$	213,284		$	83,685
Interest — affiliated (Note 2)		119,151			29			217
Securities lending income — affiliated — net (Note 2)		35,952			—			293
Total investment income		10,225,404			213,313			84,195
EXPENSES
Investment advisory fees (Note 2)		2,276,559			63,165			23,278
Total expenses		2,276,559			63,165			23,278
Less investment advisory fees waived (Note 2)		—			(121	)		—
Net expenses		2,276,559			63,044			23,278
Net investment income		7,948,845			150,269			60,917
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(205,381	)		(9,083	)		5,153
Foreign currency transactions		22,539			—			—
Net realized gain (loss)		(182,842	)		(9,083	)		5,153
Net change in unrealized appreciation/depreciation on:
Investments		(3,248,617	)		28,731			(25,041	)
Forward currency contracts		30,714			—			—
Translation of assets and liabilities in foreign currencies		128			—			—
Net change in unrealized appreciation/depreciation		(3,217,775	)		28,731			(25,041	)
Net realized and unrealized gain (loss)		(3,400,617	)		19,648			(19,888	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,548,228		$	169,917		$	41,029

^a  For the period from March 3, 2015 (commencement of operations) to October 31, 2015.

See notes to financial statements.

30 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® U.S. ETF TRUST

	iShares Short Maturity Bond ETF						iShares Short Maturity Municipal Bond ETF
	Year ended October 31, 2015			Year ended October 31, 2014			Period from March 3, 2015a to October 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	7,948,845		$	2,256,250		$	150,269
Net realized gain (loss)		(182,842	)		82,437			(9,083	)
Net change in unrealized appreciation/depreciation		(3,217,775	)		(424,273	)		28,731
Net increase in net assets resulting from operations		4,548,228			1,914,414			169,917
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(7,132,332	)		(2,029,397	)		(126,834	)
Total distributions to shareholders		(7,132,332	)		(2,029,397	)		(126,834	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,445,296,850			358,853,096			45,000,000
Cost of shares redeemed		(80,138,822	)		(42,639,313	)		(9,994,234	)
Net increase in net assets from capital share transactions		1,365,158,028			316,213,783			35,005,766
INCREASE IN NET ASSETS		1,362,573,924			316,098,800			35,048,849
NET ASSETS
Beginning of period		418,732,391			102,633,591			—
End of period	$	1,781,306,315		$	418,732,391		$	35,048,849
Undistributed net investment income included in net assets at end of period	$	1,113,916		$	220,189		$	23,435
SHARES ISSUED AND REDEEMED
Shares sold		28,850,000			7,150,000			900,000
Shares redeemed		(1,600,000	)		(850,000	)		(200,000	)
Net increase in shares outstanding		27,250,000			6,300,000			700,000

^a Commencement of operations.

See notes to financial statements.

FINANCIAL STATEMENTS 31

Statements of Changes in Net Assets (Continued)

iSHARES^® U.S. ETF TRUST

	iShares Ultra Short-Term Bond ETF
	Year ended October 31, 2015			Period from December 11, 2013a to October 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	60,917		$	73,405
Net realized gain		5,153			9,827
Net change in unrealized appreciation/depreciation		(25,041	)		18,678
Net increase in net assets resulting from operations		41,029			101,910
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(62,833	)		(64,856	)
From net realized gain		(9,825	)		—
Total distributions to shareholders		(72,658	)		(64,856	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			27,504,454
Cost of shares redeemed		(2,499,161	)		(12,517,549	)
Net increase (decrease) in net assets from capital share transactions		(2,499,161	)		14,986,905
INCREASE (DECREASE) IN NET ASSETS		(2,530,790	)		15,023,959
NET ASSETS
Beginning of period		15,023,959			—
End of period	$	12,493,169		$	15,023,959
Undistributed net investment income included in net assets at end of period	$	6,633		$	8,549
SHARES ISSUED AND REDEEMED
Shares sold		—			550,000
Shares redeemed		(50,000	)		(250,000	)
Net increase (decrease) in shares outstanding		(50,000	)		300,000

^a  Commencement of operations.

See notes to financial statements.

32 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

	iShares Short Maturity Bond ETF
	Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Period from Sep. 25, 2013a to Oct. 31, 2013
Net asset value, beginning of period	$	50.15		$	50.07		$	50.00
Income from investment operations:
Net investment incomeb		0.44			0.44			0.02
Net realized and unrealized gain (loss)c		(0.13	)		0.04			0.05
Total from investment operations		0.31			0.48			0.07
Less distributions from:
Net investment income		(0.42	)		(0.40	)		—
Total distributions		(0.42	)		(0.40	)		—
Net asset value, end of period	$	50.04		$	50.15		$	50.07
Total return		0.62	%		0.96	%		0.14	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	1,781,306		$	418,732		$	102,634
Ratio of expenses to average net assetse		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assetse		0.87	%		0.87	%		0.42	%
Portfolio turnover ratef		23	%		35	%		2	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 33

Financial Highlights (Continued)

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout the period)

iShares Short Maturity Municipal Bond ETF

	Period from Mar. 3, 2015a to Oct. 31, 2015
Net asset value, beginning of period	$	50.00
Income from investment operations:
Net investment incomeb		0.20
Net realized and unrealized gainc		0.04
Total from investment operations		0.24
Less distributions from:
Net investment income		(0.17	)
Total distributions		(0.17	)
Net asset value, end of period	$	50.07
Total return		0.48	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	35,049
Ratio of expenses to average net assetse		0.25	%
Ratio of expenses to average net assets prior to waived feese		0.25	%
Ratio of net investment income to average net assetse		0.59	%
Portfolio turnover ratef		184	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout the period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

34 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

iShares Ultra Short-Term Bond ETF

	Year ended Oct. 31, 2015			Period from Dec. 11, 2013a to Oct. 31, 2014
Net asset value, beginning of period	$	50.08		$	49.99
Income from investment operations:
Net investment incomeb		0.24			0.16
Net realized and unrealized gain (loss)c		(0.07	)		0.06
Total from investment operations		0.17			0.22
Less distributions from:
Net investment income		(0.24	)		(0.13	)
Net realized gain		(0.04	)		—
Total distributions		(0.28	)		(0.13	)
Net asset value, end of period	$	49.97		$	50.08
Total return		0.32	%		0.45	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	12,493		$	15,024
Ratio of expenses to average net assetse		0.18	%		0.18	%
Ratio of net investment income to average net assetse		0.47	%		0.35	%
Portfolio turnover ratef		41	%		71	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 35

Notes to Financial Statements

iSHARES^® U.S. ETF TRUST

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated June 21, 2011.

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

iShares ETF	Diversification Classification
Short Maturity Bond	Non-diversified
Short Maturity Municipal Bonda	Diversified
Ultra Short-Term Bondb	Diversified

^a  The Fund commenced operations on March 3, 2015.

^b  Formerly the iShares Liquidity Income ETF.

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

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

• Fixed income investments are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments, and calculated yield measures.

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

• Forward currency contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

36 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

• Repurchase agreements are valued at amortized cost, which approximates market value.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’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.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.

NOTES TO FINANCIAL STATEMENTS 37

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of October 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF	Level 1		Level 2			Level 3		Total
Short Maturity Bond
Investments:
Assets:
Asset-Backed Securities	$	—	$	472,791,874		$	102,441	$	472,894,315
Collateralized Mortgage Obligations		—		175,345,549			3,771		175,349,320
Corporate Bonds & Notes		—		934,393,434			—		934,393,434
Foreign Government Obligations		—		17,608,406			—		17,608,406
Municipal Debt Obligations		—		3,177,901			—		3,177,901
Repurchase Agreements		—		81,000,000			—		81,000,000
Money Market Funds		142,361,617		—			—		142,361,617
Total	$	142,361,617	$	1,684,317,164		$	106,212	$	1,826,784,993
Derivative Financial Instrumentsa:
Assets:
Forward Currency Contracts	$	—	$	71,793		$	—	$	71,793
Liabilities:
Forward Currency Contracts		—		(17,476	)	$	—		(17,476	)
Total	$	—	$	54,317		$	—	$	54,317
Short Maturity Municipal Bond
Investments:
Assets:
Municipal Debt Obligations	$	—	$	34,705,420		$	—	$	34,705,420
Money Market Funds		59,615		—			—		59,615
Total	$	59,615	$	34,705,420		$	—	$	34,765,035
Ultra Short-Term Bond
Investments:
Assets:
Asset-Backed Securities	$	—	$	78,873		$	—	$	78,873
Certificates of Deposit		—		999,777			—		999,777
Commercial Paper		—		1,138,817			—		1,138,817
Corporate Bonds & Notes		—		8,797,624			250,000		9,047,624
Repurchase Agreements		—		1,200,000			—		1,200,000
Money Market Funds		8,174		—			—		8,174
Total	$	8,174	$	12,215,091		$	250,000	$	12,473,265

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

38 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

The following table includes a rollforward for the year ended October 31, 2015 of investments whose values are classified as Level 3 as of the beginning or end of the year.

iShares Ultra Short-Term Bond ETF	Corporate Bonds & Notes
Balance at beginning of year	$	501,000
Realized gain (loss) and change in unrealized appreciation/depreciation		(1,125	)
Purchases		—
Sales		(249,875	)
Transfers ina		—
Transfers outa		—
Balance at end of year	$	250,000
Net change in unrealized appreciation/depreciation on investments still held at end of year	$	(500	)

^a  Represents the value as of the beginning of the reporting period.

The Fund’s investments that are categorized as Level 3 were valued utilizing a single broker quote without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value in such Level 3 investments.

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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis.

REPURCHASE AGREEMENTS

The Funds may enter into repurchase agreements. In a repurchase agreement, a Fund purchases a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed repurchase amount. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book entry system or held in a segregated account by the Fund’s custodian or designated sub-custodians under tri-party repurchase agreements. In the event the counterparty defaults and the fair value of the collateral declines, the Fund could experience losses, delays and costs in liquidating the collateral.

Repurchase agreements are entered into by the Funds under Master Repurchase Agreements (each, an “MRA”). The MRA permits the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral. The liability reflects the Fund’s obligation under bankruptcy law to return the excess to the counterparty.

NOTES TO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

The following table summarizes the Funds’ open repurchase agreements as of October 31, 2015 which are subject to offset under an MRA:

iShares ETF	Market Value of Repurchase Agreements		Non-cash Collateral Receiveda		Net Amount
Short Maturity Bond	$	81,000,000	$	81,000,000	$	—
Ultra Short-Term Bond		1,200,000		1,200,000		—

^a  Collateral received in excess of the market value of repurchase agreements is not presented for financial reporting purposes. The total collateral received is disclosed in the Fund’s schedule of investments.

FOREIGN CURRENCY TRANSLATION

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

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

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2015, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities plus the interest accrued on such securities, if any, 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 plus accrued interest, if any. The market value of the loaned

40 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of October 31, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of October 31, 2015 and the total value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

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

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Receiveda		Net Amount
Short Maturity Bond
BNP Paribas Prime Brokerage Inc.	$	6,193,431	$	6,193,431	$	—
Citigroup Global Markets Inc.		639,918		639,918		—
Credit Suisse Securities (USA) LLC		5,094,053		5,094,053		—
Deutsche Bank Securities Inc.		3,156,524		3,156,524		—
Goldman Sachs & Co.		1,682,345		1,682,345		—
Jefferies LLC		210,959		210,959		—
JPMorgan Clearing Corp.		12,344,729		12,344,729		—
JPMorgan Securities LLC		2,309,297		2,309,297		—
Merrill Lynch, Pierce, Fenner & Smith		2,264,161		2,264,161		—
Mizuho Securities USA Inc.		4,356,753		4,356,753		—
Morgan Stanley & Co. LLC		9,358,123		9,358,123		—
National Financial Services LLC		119,456		119,456		—
SG Americas Securities LLC		705,228		705,228		—
Wells Fargo Securities LLC		1,960,250		1,960,250		—
	$	50,395,227	$	50,395,227	$	—

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

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

iShares ETF	Investment Advisory Fee
Short Maturity Bond		0.25	%
Ultra Short-Term Bond		0.18

For its investment advisory services to the iShares Short Maturity Municipal Bond ETF, BFA is entitled to an annual investment advisory fee of 0.25% based on the average daily net assets of the Fund. In addition, the Fund indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees through February 29, 2016 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates, if any.

42 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

BFA entered into a sub-advisory agreement with BlackRock Financial Management, Inc. (the “Sub-Adviser”), an affiliate of BFA, under which BFA paid the Sub-Adviser for services it provided to the iShares Short Maturity Bond ETF. The sub-advisory agreement was terminated effective December 4, 2014.

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

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

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

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

iShares ETF	Fees Paid to BTC
Short Maturity Bond	$	15,312
Ultra Short-Term Bond		126

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.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest – affiliated” in the statements of operations.

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

Certain trustees and officers of the Trust are also officers of BTC and/or BFA.

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the year ended October 31, 2015 were as follows:

iShares ETF	Purchases		Sales
Short Maturity Bond	$	1,082,084,672	$	223,140,304
Short Maturity Municipal Bond		97,061,428		63,532,072
Ultra Short-Term Bond		3,529,398		6,426,743

There were no in-kind transactions for the year ended October 31, 2015.

4. CAPITAL SHARE TRANSACTIONS

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

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

5. FORWARD CURRENCY CONTRACTS

Each Fund may enter into forward currency contracts for the purpose of hedging against the effects of foreign currencies on the value of such Fund’s assets that are denominated in a non-U.S. currency. A forward currency contract is an obligation to purchase or sell a currency against another currency at a specified future date at an agreed upon price and quantity. Forward currency contracts are traded over-the-counter (“OTC”) and not on an organized exchange. The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation. When the contract is closed, a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed is recorded. Losses may arise if there are unfavorable movements in the value of a foreign currency relative to the U.S. dollar or if the counterparties do not meet the terms of the agreement. The Fund’s use of forward currency contracts also involves the risks of imperfect correlation between the value of its currency positions and its other investments or the Fund failing to close out its position due to an illiquid market.

44 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

The following table shows the value of forward currency contracts held by the iShares Short Maturity Bond ETF as of October 31, 2015 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Assets
Forward currency contracts:
Unrealized appreciation on forward currency contracts/ Net assets consist of – net unrealized appreciation (depreciation)	$	71,793
Liabilities
Forward currency contracts:
Unrealized depreciation on forward currency contracts/ Net assets consist of – net unrealized appreciation (depreciation)	$	17,476

The following table shows the realized and unrealized gains (losses) on forward currency contracts held by the iShares Short Maturity Bond ETF during the year ended October 31, 2015 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Forward currency contracts:
Foreign currency transactions/Forward currency contracts	$	22,539	$	30,714

For the year ended October 31, 2015, the average quarter-end amounts purchased and sold in U.S. dollars for the iShares Short Maturity Bond ETF were $133,816 and $ 4,800,392, respectively.

The Funds’ risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Funds. In order to better define their contractual rights and to secure rights that will help the Funds to mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. master agreement (“ISDA Master Agreement”) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency.

The collateral requirements under an ISDA Master Agreement are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by the parties. Forward currency contracts held by the Funds generally do not require collateral. To the extent amounts due to the Funds from the counterparty are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to netting arrangements in the statements of assets and liabilities.

NOTES TO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

The following table presents the exposure of the open forward currency contracts held by the iShares Short Maturity Bond ETF that are subject to potential offset on the statement of assets and liabilities as of October 31, 2015:

	Derivative Assets Subject to Offsetting		Derivatives Available for Offset		Net Amount of Derivative Assets
Forward currency contracts	$	71,793	$	—	$	71,793

	Derivative Liabilities Subject to Offsetting		Derivatives Available for Offset		Net Amount of Derivative Liabilities
Forward currency contracts	$	17,476	$	—	$	17,476

6. PRINCIPAL RISKS

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

MARKET RISK

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

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

Each Fund invests a substantial amount of its assets in fixed-income securities. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. Given the environment of historically low interest rates, each Fund may be subject to a greater risk of price losses if interest rates rise.

46 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

CREDIT RISK

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

The iShares Short Maturity Bond ETF and iShares Short Maturity Municipal Bond ETF each invests a substantial portion of its assets in high yield securities that are rated below investment-grade (including those bonds rated lower than “BBB-” by Standard & Poor’s Ratings Services and Fitch or “Baa3” by Moody’s), or are unrated which may be more volatile than higher-rated securities of similar maturity. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.

The iShares Short Maturity Municipal Bond ETF invests all or substantially all of its assets in municipal securities which are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to government regulation, taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, such as those related to education, health care, housing, transportation, utilities, and water and sewer, conditions in these sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal insurer can affect the overall municipal market. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the taxation supporting the project or assets or the inability to collect revenues for the project or from the assets.

7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’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.

NOTES TO FINANCIAL STATEMENTS 47

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of October 31, 2015, attributable to undistributed capital gains, the treatment of straddles and foreign currency transactions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Undistributed Net Investment Income/Distributions in Excess of Net Investment Income		Undistributed Net Realized Gain/Accumulated Net Realized  Loss
Short Maturity Bond	$	31,632	$	77,214	$	(108,846	)

The tax character of distributions paid during the years ended October 31, 2015 and October 31, 2014 was as follows:

iShares ETF	2015		2014
Short Maturity Bond
Ordinary income	$	7,132,332	$	2,029,397
Short Maturity Municipal Bond
Tax-exempt income	$	126,822		N/A
Ordinary income		12		N/A
	$	126,834		N/A
Ultra Short-Term Bond
Ordinary income	$	72,658	$	64,856

As of October 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Undistributed Tax-Exempt Income		Capital Loss Carryforwards			Net Unrealized Gains (Losses)a			Total
Short Maturity Bond	$	1,126,657	$	—	$	—	$	(213,682	)	$	(3,596,800	)	$	(2,683,825	)
Short Maturity Municipal Bond		—		—		23,435		(9,083	)		28,731			43,083
Ultra Short-Term Bond		11,678		110		—		—			(6,363	)		5,425

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the treatment of straddles.

As of October 31, 2015, the following Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
Short Maturity Bond	$	213,682
Short Maturity Municipal Bond		9,083

48 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

As of October 31, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Short Maturity Bond	$	1,830,381,756	$	411,061	$	(4,007,824	)	$	(3,596,763	)
Short Maturity Municipal Bond		34,736,304		49,137		(20,406	)		28,731
Ultra Short-Term Bond		12,479,628		10,914		(17,277	)		(6,363	)

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

8. SUBSEQUENT EVENTS

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

NOTES TO FINANCIAL STATEMENTS 49

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

iShares U.S. ETF Trust:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares Short Maturity Bond ETF, iShares Short Maturity Municipal Bond ETF and iShares Ultra Short-Term Bond ETF (the “Funds”) at October 31, 2015, the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

December 22, 2015

50 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Tax Information (Unaudited)

iSHARES^® U.S. ETF TRUST

Under Section 871(k)(1)(C) of the Internal Revenue Code (the “Code”), the Funds hereby designate the following maximum amounts allowable as interest-related dividends for the fiscal year ended October 31, 2015:

iShares ETF	Interest- Related Dividends
Short Maturity Bond	$	6,978,636
Ultra Short-Term Bond		38,875

Pursuant to Section 852(b)(5)(A) of the Code, the iShares Short Maturity Municipal Bond ETF hereby designates $126,822 as the amount of distributions from net investment income as exempt-interest dividends for the fiscal year ended October 31, 2015.

The iShares Short Maturity Bond ETF hereby designates $382,171 as the amount of distributions from direct federal obligation interest for the fiscal year ended October 31, 2015.

The law varies in each state as to whether and what percentage of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

Under Section 871(k)(2)(C) of the Code, the iShares Ultra Short-Term Bond ETF hereby designates $9,825 as short-term capital gain dividends for the fiscal year ended October 31, 2015.

TAX INFORMATION 51

Board Review and Approval of Investment Advisory Contract

iSHARES^® U.S. ETF TRUST

I. iShares Short Maturity Bond ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Trustees required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

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

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or

52 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract (Continued)

iSHARES^® U.S. ETF TRUST

benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own investment strategy or investment mandate and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its investment strategy or investment mandate. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

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

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 53

Board Review and Approval of Investment Advisory Contract (Continued)

iSHARES^® U.S. ETF TRUST

inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

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

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

54 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract (Continued)

iSHARES^® U.S. ETF TRUST

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

II. iShares Ultra Short-Term Bond ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Trustees required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

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

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 55

Board Review and Approval of Investment Advisory Contract (Continued)

iSHARES^® U.S. ETF TRUST

comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own investment strategy or investment mandate and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its investment strategy or investment mandate. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

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

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

56 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract (Continued)

iSHARES^® U.S. ETF TRUST

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

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

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 57

Board Review and Approval of Investment Advisory Contract (Continued)

iSHARES^® U.S. ETF TRUST

applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

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

58 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® U.S. ETF TRUST

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Short Maturity Bond	$	0.413790	$	—	$	0.005583		0.419373		99	%		—	%		1	%		100	%
Ultra Short-Term Bond		0.239036		0.032750		—		0.271786		88			12			—			100

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for each of the Funds. The information shown for each Fund is for five calendar years (or from the inception date of such Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for each Fund are disclosed in the table for such Fund.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

SUPPLEMENTAL INFORMATION 59

Supplemental Information (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

iShares Short Maturity Bond ETF

Period Covered: September 25, 2013 through September 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Between 0.5% and –0.5%		508		100.00	%

iShares Short Maturity Municipal Bond ETF

Period Covered: March 3, 2015 through September 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Between 0.5% and –0.5%		144		97.29	%
Less than –0.5% and Greater than –1.0%		1		0.68
Less than –1.0%		3		2.03
		148		100.00	%

iShares Ultra Short-Term Bond ETF

Period Covered: December 11, 2013 through September 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Between 0.5% and –0.5%		449		99.56	%
Less than –0.5% and Greater than –1.0%		1		0.22
Less than –1.0%		1		0.22
		451		100.00	%

60 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information

iSHARES^® U.S. ETF TRUST

The Board of Trustees has responsibility for the overall management and operations of the Trust, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust and, as a result, oversees a total of 324 funds (as of October 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Trustee and Officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapitoa (58)	Trustee (since 2011).	President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983).	Trustee of iShares Trust (since 2009); Director of iShares, Inc. (since 2009); Director of BlackRock, Inc. (since 2006).
Mark Wiedmanb (44)	Trustee (since 2013)	Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Trustee of iShares Trust (since 2013); Director of iShares, Inc. (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

^a  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc.

^b  Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

TRUSTEEAND OFFICER INFORMATION 61

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert H. Silver (60)	Trustee (since 2011); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Director of iShares, Inc. (since 2007); Independent Chairman of iShares, Inc. and iShares Trust (since 2012).
Jane D. Carlin (59)	Trustee (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Director of iShares, Inc. (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).
Cecilia H. Herbert (66)	Trustee (since 2011); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005); Director of Forward Funds (34 portfolios) (since 2009).
Charles A. Hurty (72)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

62 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (60)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005).
John E. Martinez (54)	Trustee (since 2011); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Director of iShares, Inc. (since 2003).
Madhav V. Rajan (51)	Trustee (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Director of iShares, Inc. (since 2011); Director, Cavium, Inc. (since 2013).

TRUSTEEAND OFFICER INFORMATION 63

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).
Jack Gee (56)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).
Benjamin Archibald (40)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director, BlackRock, Inc. (2010-2013).
Charles Park (48)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).
Amy Schioldager (53)	Executive Vice President (since 2011).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).

64 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 65

Notes:

66 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

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”).

A description of the policies that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request, by calling toll-free 1-800-474-2737; on the Funds’ website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Funds also disclose their complete schedules of portfolio holdings on a daily basis on the Funds’ website.

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-108-1015

OCTOBER 31, 2015

2015 ANNUAL REPORT

iShares U.S. ETF Trust

^Ø   iShares Interest Rate Hedged High Yield Bond ETF  |  HYGH  |  NYSE Arca

^Ø   iShares Interest Rate Hedged Corporate Bond ETF  |  LQDH  |  NYSE Arca

Table of Contents

Management’s Discussions of Fund Performance	5
About Fund Performance	10
Shareholder Expenses	10
Schedules of Investments	11
iShares Interest Rate Hedged High Yield Bond ETF	11
iShares Interest Rate Hedged Corporate Bond ETF	12
Financial Statements	13
Financial Highlights	16
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	31
Board Review and Approval of Investment Advisory Contract	32
Supplemental Information	39
Trustee and Officer Information	41
Additional Financial Information as of October 31, 2015 (Unaudited)
Schedules of Investments	45
iShares iBoxx $ High Yield Corporate Bond ETF	45
iShares iBoxx $ Investment Grade Corporate Bond ETF	73
Statements of Assets and Liabilities	102
Selected Audited Financial Statements as of February 28, 2015	103

Management’s Discussion of Fund Performance

iSHARES^® U.S. ETF TRUST

U.S. BOND MARKET OVERVIEW

U.S. bonds returned approximately 2% for the 12 months ended October 31, 2015 (the “reporting period”). The modest bond market returns reflected an inconsistent but moderate overall level of U.S. economic growth and low inflation. After generating its fastest quarterly growth rate in 11 years in the third quarter of 2014, the U.S. economy slowed over the next two quarters, weighed down by a stronger U.S. dollar (which made U.S. goods more expensive overseas) and severe winter weather in many regions of the country. The economy rebounded in the second and third quarters of 2015, led by strong employment growth — sending the unemployment rate to its lowest level since April 2008 — and robust vehicle sales.

Inflation stayed low throughout the reporting period, with the consumer price index increasing 0.2% for the reporting period. Falling energy prices, including a decline of more than 40% in the price of oil, contributed to the muted inflation rate.

At the beginning of the reporting period, the U.S. Federal Reserve Bank (the “Fed”) ended a two-year quantitative easing program and signaled its intent to raise its short-term interest rate target sometime in 2015. However, the mixed economic data, lack of inflationary pressure, and slowing growth elsewhere in the world (particularly in China and other emerging economies) convinced the Fed to hold short-term interest rates steady throughout the reporting period.

Nonetheless, short-term bond yields generally rose during the reporting period in anticipation of a potential Fed interest rate increase. In contrast, intermediate- and long-term bond yields declined modestly for the reporting period, reflecting the benign inflationary environment and investor demand for U.S. bonds.

A number of other factors buffeted the fixed-income market during the reporting period. Geopolitical conflicts, most notably in Ukraine and across the Middle East, continued to have an effect on financial markets. Greece and Puerto Rico wrestled with potential defaults on their government debt. The U.S. dollar strengthened against most major currencies during the reporting period, which made U.S. investments more attractive to international investors but created headwinds for the domestic economy.

Investor concerns brought on by many of these factors, as well as uncertainty surrounding the strength of the U.S. economy and Fed interest rate policy, led to a flight to quality during the reporting period. As a result, higher-quality bonds outperformed riskier assets for the reporting period.

Mortgage-backed securities were the leading performers for the reporting period. Both residential and commercial mortgage-backed securities benefited from investor demand for high credit quality and relatively high yields. U.S. Treasury bonds were also among the better performers in the fixed-income market. In addition to the flight to quality, Treasury securities benefited from their interest-rate sensitivity as declining yields across most maturity sectors of the Treasury market led to rising bond prices. The primary exception was Treasury inflation- protected securities, which posted negative returns for the reporting period, reflecting a lack of investor demand for inflation protection.

Corporate bonds underperformed the broader bond market for the reporting period. Corporate bonds tend to have greater credit risk than other sectors of the bond market, and the broad flight to quality led to reduced demand for corporate securities. In particular, high-yield corporate bonds were among the only sectors of the bond market to decline for the reporting period.

MANAGEMENT’S DISCUSSIONSOF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® INTEREST RATE HEDGED HIGH YIELD BOND ETF

Performance as of October 31, 2015

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		(4.77)%		(4.05)%		(4.77)%		(5.76)%
Fund Market		(4.82)%		(4.08)%		(4.82)%		(5.80)%
Markit iBoxx USD Liquid High Yield Interest Rate Hedged Index		(4.34)%		(3.39)%		(4.34)%		(4.80)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 5/27/14. The first day of secondary market trading was 5/28/14.

The Markit iBoxx USD Liquid High Yield Interest Rate Hedged Index is an unmanaged index that reflects the duration hedged performance of U.S. dollar-denominated high yield corporate debt.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During  Period a,b		Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During  Period a,b		Annualized Expense Ratio  a
$	1,000.00	$	958.10	$	0.30	$	1,000.00	$	1,024.90	$	0.31		0.06%

^a  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^b  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

6 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® INTEREST RATE HEDGED HIGH YIELD BOND ETF

The iShares Interest Rate Hedged High Yield Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ High Yield Corporate Bond ETF (“HYG”). The Fund attempts to mitigate the interest rate risk of HYG by holding short positions in U.S. Treasury futures or interest rate swaps. For the 12-month reporting period ended October 31, 2015, the total return for the Fund was -4.77%, net of fees.

High-yield corporate bond securities (as represented by the Fund’s investment in HYG), posted a negative return for the reporting period, as weakening fundamentals and a selloff in commodities hurt performance. Hedging activity further detracted from the Fund’s return, as longer-term yields declined.

Corporate profits contracted in the second half of the reporting period, as declining oil and gas prices hindered earnings for energy-related companies, and the stronger U.S. dollar reduced revenue for many U.S. corporations. As a result, high-yield bond issuance declined somewhat late in the reporting period, although issuance remained relatively solid. Low interest rates encouraged corporations to issue new debt for refinancing, as well as for merger and acquisition activity. High-yield default rates also remained low relative to the historical average.

Nevertheless, the high-yield bond market generated negative returns, as the yield premium over Treasuries increased, reflecting investors’ risk aversion and weakening corporate fundamentals. In broad terms, higher-quality bonds contributed positively to HYG’s performance, while lower-quality bonds detracted from performance. From a sector perspective, industrial bonds declined during the reporting period. In particular, bonds issued by energy companies were hardest hit. The energy sector had weak performance and generated the majority of HYG’s negative return for the reporting period. The energy sector’s negative performance offset the positive contribution of bonds in the financial and consumer cyclical sectors.

ALLOCATION BY CREDIT QUALITY¹

As of 10/31/15

Moody’s Credit Rating ² Percentage of
Total  Investments  ³

Baa	0.56	%
Ba	45.71
B	41.29
Caa	11.57
Ca	0.18
Not Rated	0.69
TOTAL	100.00	%

ALLOCATION BY MATURITY¹

As of 10/31/15

Maturity Percentage of
Total  Investments  ³

0-1 Year	0.15	%
1-5 Years	33.51
5-10 Years	64.91
10-15 Years	0.47
More than 20 Years	0.96
TOTAL	100.00	%

¹  Reflects the allocation by maturity and credit quality of the iShares iBoxx $ High Yield Corporate Bond ETF, the underlying fund in which the Fund invests.

²  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

³  Excludes money market funds.

MANAGEMENT’S DISCUSSIONSOF FUND PERFORMANCE 7

Management’s Discussion of Fund Performance

iSHARES^® INTEREST RATE HEDGED CORPORATE BOND ETF

Performance as of October 31, 2015

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		(2.97)%		(2.80)%		(2.97)%		(3.99)%
Fund Market		(2.80)%		(2.80)%		(2.80)%		(3.99)%
Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index		(2.02)%		(1.95)%		(2.02)%		(2.77)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 5/27/14. The first day of secondary market trading was 5/28/14.

The Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index is an unmanaged index that is designed to reflect the duration hedged performance of U.S. dollar-denominated investment-grade corporate debt.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 10 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During  Period a,b		Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During  Period a,b		Annualized Expense Ratio  a
$	1,000.00	$	978.10	$	0.55	$	1,000.00	$	1,024.70	$	0.56		0.11%

^a  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^b  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 10 for more information.

8 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® INTEREST RATE HEDGED CORPORATE BOND ETF

The iShares Interest Rate Hedged Corporate Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, investment-grade corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD”). The Fund attempts to mitigate the interest rate risk of LQD by holding short positions in U.S. Treasury futures or interest rate swaps. For the 12-month reporting period ended October 31, 2015, the total return for the Fund was -2.97%, net of fees.

The Fund declined by approximately 3% for the reporting period. During the reporting period, investment-grade corporate bonds (as represented by the Fund’s investment in LQD) posted a modest positive return, as demand for corporate bonds remained relatively healthy despite weakening corporate earnings. Hedging activity detracted from the Fund’s return for the reporting period, as longer-term yields fell.

Corporate profits slowed in the second half of the reporting period, as declining oil and gas prices hindered earnings for energy-related companies, and the stronger U.S. dollar reduced revenue for many U.S. corporations. Nevertheless, investment-grade bond issuance hit record highs, as corporations sought to lock in low interest rates. The corporate debt load nearly hit a 10-year high during the reporting period due to the high level of borrowing in recent years.

The corporate bonds held within LQD generated a modest positive return during the reporting period, although most of the return resulted from declining long-term interest rates, as opposed to yield premiums for corporate bonds. The Fund’s hedging activity countered the effect of declining interest rates, which meant a negative return for the Fund overall due to higher corporate yield premiums. From a sector perspective, bonds in the banking sector helped performance the most, while bonds in the energy sector detracted the most during the reporting period. From a credit perspective, higher-quality bonds delivered positive contributions to return, while lower-quality bonds had a negative impact.

ALLOCATION BY CREDIT QUALITY¹ As of 10/31/15

Moody’s Credit Rating ² Percentage of
Total  Investments  ³

Aaa	1.58	%
Aa	10.85
A	42.66
Baa	42.92
Ba	1.68
Not Rated	0.31
TOTAL	100.00	%

ALLOCATION BY MATURITY¹ As of 10/31/15

Maturity Percentage of
Total  Investments  ³

0-1 Year	0.04	%
1-5 Years	24.95
5-10 Years	41.07
10-15 Years	2.24
15-20 Years	4.99
More than 20 Years	26.71
TOTAL	100.00	%

¹  Reflects the allocation by maturity and credit quality of the iShares iBoxx $ Investment Grade Corporate Bond ETF, the underlying fund in which the Fund invests.

²  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

³  Excludes money market funds.

MANAGEMENT’S DISCUSSIONSOF FUND PERFORMANCE 9

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on May 1, 2015 and held through October 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

10 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

iSHARES^® INTEREST RATE HEDGED HIGH YIELD BOND ETF

October 31, 2015

Security	Shares		Value
INVESTMENT COMPANIES — 97.95%
EXCHANGE-TRADED FUNDS — 97.95%
iShares iBoxx $ High Yield Corporate Bond ETFa,b		551,870	$	47,223,516
				47,223,516
TOTAL INVESTMENT COMPANIES
(Cost: $51,457,432)				47,223,516
SHORT-TERM INVESTMENTS — 26.30%
MONEY MARKET FUNDS — 26.30%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.19%b,c,d		11,618,218		11,618,218
BlackRock Cash Funds: Prime, SL Agency Shares
0.19%b,c,d		601,170		601,170

Security	Shares		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.02%b,c		462,398	$	462,398
				12,681,786
TOTAL SHORT-TERM INVESTMENTS
(Cost: $12,681,786)				12,681,786
TOTAL INVESTMENTS IN SECURITIES — 124.25%
(Cost: $64,139,218)				59,905,302
Other Assets, Less Liabilities — (24.25)%				(11,690,779	)
NET ASSETS — 100.00%			$	48,214,523

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

^b  Affiliated issuer. See Note 2.

^c  The rate quoted is the annualized seven-day yield of the fund at period end.

^d  All or a portion of this security represents an investment of securities lending collateral. See Note 1.

Centrally cleared short interest rate swaps outstanding as of October 31, 2015 were as follows:

Fixed Rate	Floating Rate		Expiration Date		Clearinghouse		Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
0.90%*		3-month LIBOR		09/18/2017		Chicago Mercantile	$	(20,150,000)	$	2,061	$	(31,350)
1.64%*		3-month LIBOR		09/18/2020		Chicago Mercantile		(18,600,000)		—		(123,752)
2.30%*		3-month LIBOR		09/18/2025		Chicago Mercantile		(7,170,000)		—		(146,305)
2.81%*		3-month LIBOR		09/18/2045		Chicago Mercantile		(90,000)		—		(4,784)
Net unrealized depreciation											$	(306,191)

* Fund pays the fixed rate and receives the floating rate.

See notes to financial statements.

SCHEDULESOF INVESTMENTS 11

Schedule of Investments

iSHARES^® INTEREST RATE HEDGED CORPORATE BOND ETF

October 31, 2015

Security	Shares		Value
INVESTMENT COMPANIES — 95.82%
EXCHANGE-TRADED FUNDS — 95.82%
iShares iBoxx $ Investment Grade Corporate Bond ETFa		151,666	$	17,656,956
				17,656,956
TOTAL INVESTMENT COMPANIES
(Cost: $18,037,804)				17,656,956
SHORT-TERM INVESTMENTS — 1.72%
MONEY MARKET FUNDS — 1.72%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.02%a,b		316,384		316,384
				316,384
TOTAL SHORT-TERM INVESTMENTS
(Cost: $316,384)				316,384
TOTAL INVESTMENTS IN SECURITIES — 97.54%
(Cost: $18,354,188)				17,973,340
Other Assets, Less Liabilities — 2.46%				453,342
NET ASSETS — 100.00%			$	18,426,682

^a  Affiliated issuer. See Note 2.

^b  The rate quoted is the annualized seven-day yield of the fund at period end.

Centrally cleared short interest rate swaps outstanding as of October 31, 2015 were as follows:

Fixed Rate	Floating Rate		Expiration Date		Clearinghouse		Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
0.90%*		3-month LIBOR		09/18/2017		Chicago Mercantile	$	(3,000,000)	$	(1,966)	$	(2,394)
1.64%*		3-month LIBOR		09/18/2020		Chicago Mercantile		(4,950,000)		(8,760)		(24,174)
2.30%*		3-month LIBOR		09/18/2025		Chicago Mercantile		(5,300,000)		(18,622)		(89,525)
2.71%*		3-month LIBOR		09/18/2035		Chicago Mercantile		(2,700,000)		(11,436)		(93,095)
2.81%*		3-month LIBOR		09/18/2045		Chicago Mercantile		(870,000)		(6,498)		(39,749)
Net unrealized depreciation											$	(248,937)

* Fund pays the fixed rate and receives the floating rate.

See notes to financial statements.

12 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities

iSHARES^® U.S. ETF TRUST

October 31, 2015

	iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF
ASSETS
Investments, at cost:
Affiliated (Note 2)	$	64,139,218		$	18,354,188
Total cost of investments	$	64,139,218		$	18,354,188
Investments in securities, at fair value (including securities on loana) (Note 1):
Affiliated (Note 2)	$	59,905,302		$	17,973,340
Total fair value of investments		59,905,302			17,973,340
Cash pledged for centrally cleared swaps		540,000			495,000
Receivables:
Interest		20,611			246
Total Assets		60,465,913			18,468,586
LIABILITIES
Payables:
Collateral for securities on loan (Note 1)		12,219,388			—
Variation margin on centrally cleared swaps		29,052			40,250
Investment advisory fees (Note 2)		2,950			1,654
Total Liabilities		12,251,390			41,904
NET ASSETS	$	48,214,523		$	18,426,682
Net assets consist of:
Paid-in capital	$	54,529,262		$	19,604,392
Accumulated net realized loss		(1,774,632	)		(547,925	)
Net unrealized depreciation		(4,540,107	)		(629,785	)
NET ASSETS	$	48,214,523		$	18,426,682
Shares outstandingb		550,000			200,000
Net asset value per share	$	87.66		$	92.13

^a  Securities on loan with values of $11,942,577 and $  —, respectively. See Note 1.

^b  No par value, unlimited number of shares authorized.

See notes to financial statements.

FINANCIAL STATEMENTS 13

Statements of Operations

iSHARES^® U.S. ETF TRUST

Year ended October 31, 2015

	iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF
NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	4,176,800		$	551,956
Interest — affiliated (Note 2)		68			38
Securities lending income — affiliated — net (Note 2)		33,084			302
Total investment income		4,209,952			552,296
EXPENSES
Investment advisory fees (Note 2)		519,072			51,402
Total expenses		519,072			51,402
Less investment advisory fees waived (Note 2)		(472,966	)		(33,238	)
Net expenses		46,106			18,164
Net investment income		4,163,846			534,132
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated (Note 2)		(324,395	)		(46,344	)
In-kind redemptions — affiliated (Note 2)		(2,727,661	)		(162,285	)
Futures contracts		(1,241,799	)		(384,542	)
Swaps		(376,217	)		(31,978	)
Net realized loss		(4,670,072	)		(625,149	)
Net change in unrealized appreciation/depreciation on:
Investments		(3,569,061	)		(381,746	)
Futures contracts		289,528			94,313
Swaps		(306,191	)		(248,937	)
Net change in unrealized appreciation/depreciation		(3,585,724	)		(536,370	)
Net realized and unrealized loss		(8,255,796	)		(1,161,519	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,091,950	)	$	(627,387	)

See notes to financial statements.

14 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® U.S. ETF TRUST

	iShares Interest Rate Hedged High Yield Bond ETF						iShares Interest Rate Hedged Corporate Bond ETF
	Year ended October 31, 2015			Period from May 27, 2014a to October 31, 2014			Year ended October 31, 2015			Period from May 27, 2014a to October 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	4,163,846		$	511,424		$	534,132		$	132,240
Net realized loss		(4,670,072	)		(125,256	)		(625,149	)		(142,974	)
Net change in unrealized appreciation/depreciation		(3,585,724	)		(954,383	)		(536,370	)		(93,415	)
Net decrease in net assets resulting from operations		(4,091,950	)		(568,215	)		(627,387	)		(104,149	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(4,084,037	)		(511,424	)		(502,154	)		(132,240	)
Return of capital		(30,974	)		(2,091	)		(24,646	)		(884	)
Total distributions to shareholders		(4,115,011	)		(513,515	)		(526,800	)		(133,124	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		79,304,038			44,700,309			19,042,441			10,032,213
Cost of shares redeemed		(66,501,133	)		—			(9,256,512	)		—
Net increase in net assets from capital share transactions		12,802,905			44,700,309			9,785,929			10,032,213
INCREASE IN NET ASSETS		4,595,944			43,618,579			8,631,742			9,794,940
NET ASSETS
Beginning of period		43,618,579			—			9,794,940			—
End of period	$	48,214,523		$	43,618,579		$	18,426,682		$	9,794,940
SHARES ISSUED AND REDEEMED
Shares sold		850,000			450,000			200,000			100,000
Shares redeemed		(750,000	)		—			(100,000	)		—
Net increase in shares outstanding		100,000			450,000			100,000			100,000

^a  Commencement of operations.

See notes to financial statements.

FINANCIAL STATEMENTS 15

Financial Highlights

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

iShares Interest Rate Hedged High Yield Bond ETF

	Year ended Oct. 31, 2015			Period from May 27, 2014a to Oct. 31, 2014
Net asset value, beginning of period	$	96.93		$	100.10
Income from investment operations:
Net investment incomeb		4.80			1.86
Net realized and unrealized lossc		(9.29	)		(2.87	)
Total from investment operations		(4.49	)		(1.01	)
Less distributions from:
Net investment income		(4.74	)		(2.15	)
Return of capital		(0.04	)		(0.01	)
Total distributions		(4.78	)		(2.16	)
Net asset value, end of period	$	87.66		$	96.93
Total return		(4.77	)%		(1.03	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	48,215		$	43,619
Ratio of expenses to average net assetse,f		0.06	%		0.06	%
Ratio of expenses to average net assets prior to waived feese,f		0.65	%		0.65	%
Ratio of net investment income to average net assetse		5.21	%		4.41	%
Portfolio turnover rateg,h		3	%		3	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

^h  Portfolio turnover rates exclude the portfolio activity of the underlying fund in which the Fund is invested.

See notes to financial statements.

16 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

iShares Interest Rate Hedged Corporate Bond ETF

	Year ended Oct. 31, 2015			Period from May 27, 2014a to Oct. 31, 2014
Net asset value, beginning of period	$	97.95		$	100.32
Income from investment operations:
Net investment incomeb		2.95			1.32
Net realized and unrealized lossc		(5.82	)		(2.36	)
Total from investment operations		(2.87	)		(1.04	)
Less distributions from:
Net investment income		(2.81	)		(1.32	)
Return of capital		(0.14	)		(0.01	)
Total distributions		(2.95	)		(1.33	)
Net asset value, end of period	$	92.13		$	97.95
Total return		(2.97	)%		(1.05	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	18,427		$	9,795
Ratio of expenses to average net assetse,f		0.11	%		0.11	%
Ratio of expenses to average net assets prior to waived feese,f		0.30	%		0.30	%
Ratio of net investment income to average net assetse		3.12	%		3.09	%
Portfolio turnover rateg,h		8	%		4	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

^f  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

^h  Portfolio turnover rates exclude the portfolio activity of the underlying fund in which the Fund is invested.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 17

Notes to Financial Statements

iSHARES^® U.S. ETF TRUST

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated June 21, 2011.

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

iShares ETF	Diversification Classification
Interest Rate Hedged High Yield Bond	Diversified
Interest Rate Hedged Corporate Bond	Diversified

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an exchange-traded fund of iShares Trust (an “underlying fund”), an affiliate of the Funds. The financial statements and schedules of investments for the underlying funds, can be found elsewhere in this report and should be read in conjunction with the Funds’ financial statements.

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

18 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

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

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’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.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.

NOTESTO FINANCIAL STATEMENTS 19

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of October 31, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF	Level 1		Level 2			Level 3		Total
Interest Rate Hedged High Yield Bond
Investments:
Assets:
Exchange-Traded Funds	$	47,223,516	$	—		$	—	$	47,223,516
Money Market Funds		12,681,786		—			—		12,681,786
Total	$	59,905,302	$	—		$	—	$	59,905,302
Derivative Financial Instruments:a
Liabilities:
Centrally Cleared Interest Rate Swaps	$	—	$	(306,191	)	$	—	$	(306,191	)
Total	$	—	$	(306,191	)	$	—	$	(306,191	)
Interest Rate Hedged Corporate Bond
Investments:
Assets:
Exchange-Traded Funds	$	17,656,956	$	—		$	—	$	17,656,956
Money Market Funds		316,384		—			—		316,384
Total	$	17,973,340	$	—		$	—	$	17,973,340
Derivative Financial Instruments:a
Liabilities:
Centrally Cleared Interest Rate Swaps	$	—	$	(248,937	)	$	—	$	(248,937	)
Total	$	—	$	(248,937	)	$	—	$	(248,937	)

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

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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis. Dividend income and capital gain distributions from other iShares funds held, if any, are recognized on the ex-dividend date.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank,

20 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds, and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of October 31, 2015 any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of October 31, 2015 and the total value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

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

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
Interest Rate Hedged High Yield Bond
Jefferies LLC	$	1,274,993	$	1,274,993	$	—
JPMorgan Clearing Corp.		10,667,584		10,667,584		—
	$	11,942,577	$	11,942,577	$	—

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

NOTESTO FINANCIAL STATEMENTS 21

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to the iShares Interest Rate Hedged High Yield Bond ETF, BFA is entitled to an annual investment advisory fee of 0.65% based on the average daily net assets of the Fund. In addition, the Fund indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses is a fund’s total annual operating expense. BFA has contractually agreed to waive a portion of its investment advisory fees through February 28, 2017 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates. BFA has also contractually agreed to reduce its investment advisory fees for the Fund through February 28, 2017 on assets attributable to the Fund’s investments in the iShares iBoxx $ High Yield Corporate Bond ETF (“HYG”) (and those assets used by the Fund to hedge the securities in HYG’s portfolio) such that the Fund’s total annual investment advisory fee is equal to HYG’s net total expense ratio after fee waiver plus 0.05%. Prior to June 29, 2015, BFA reduced its investment advisory fees on assets attributable to the Fund’s investments in HYG (and those assets used by the Fund to hedge the Fund’s exposure to the securities in HYG’s portfolio) such that the Fund’s total annual investment advisory fee was equal to HYG’s net total expense ratio after fee waiver plus 0.15% and the Fund’s total annual operating expenses after fee waiver did not exceed 0.55% of average daily net assets.

For its investment advisory services to the iShares Interest Rate Hedged Corporate Bond ETF, BFA is entitled to an annual investment advisory fee of 0.30% based on the average daily net assets of the Fund. In addition, the Fund indirectly pays acquired fund fees and expenses. BFA has contractually agreed to waive a portion of its investment advisory fees through February 28, 2017 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates. BFA has also contractually agreed to reduce its investment advisory fees for the Fund through February 28, 2017 on assets attributable to the Fund’s investments in the iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD”) (and those assets used by the Fund to hedge the securities in LQD’s portfolio) such that the Fund’s total annual investment advisory fee is equal to LQD’s net total expense ratio after fee waiver plus 0.10%. Prior to June 29, 2015, BFA reduced its investment advisory fees on assets attributable to the Fund’s investments in LQD (and those assets used by the Fund to hedge the Fund’s exposure to the securities in LQD’s portfolio) such that the Fund’s total annual investment advisory fee was equal to LQD’s net total expense ratio after fee waiver plus 0.15% and the Fund’s total annual operating expenses after fee waiver did not exceed 0.25% of average daily net assets.

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

Pursuant to a securities lending agreement, each Fund retains 80% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across

22 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

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

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

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

iShares ETF	Fees Paid to BTC
Interest Rate Hedged High Yield Bond	$	8,983
Interest Rate Hedged Corporate Bond		117

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.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest – affiliated” in the statements of operations.

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

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the year ended October 31, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Shares Held at Beginning of Year		Shares Purchased		Shares Sold			Shares Held at End of Year		Value at End of Year		Dividend Income		Net Realized Gain (Loss)
Interest Rate Hedged High Yield Bond
iShares iBoxx $ High Yield Corporate Bond ETF		462,500		895,261		(805,891	)		551,870	$	47,223,516	$	4,176,800	$	(3,052,056	)
Interest Rate Hedged Corporate Bond
iShares iBoxx $ Investment Grade Corporate Bond ETF		79,200		166,798		(94,332	)		151,666	$	17,656,956	$	551,956	$	(208,629	)

Certain trustees and officers of the Trust are also officers of BTC and/or BFA.

NOTESTO FINANCIAL STATEMENTS 23

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the year ended October 31, 2015 were as follows:

iShares ETF	Purchases		Sales
Interest Rate Hedged High Yield Bond	$	2,197,369	$	4,104,166
Interest Rate Hedged Corporate Bond		1,368,539		1,948,788

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

iShares ETF	In-kind Purchases		In-kind Sales
Interest Rate Hedged High Yield Bond	$	78,396,102	$	65,439,797
Interest Rate Hedged Corporate Bond		18,368,056		8,992,204

4. CAPITAL SHARE TRANSACTIONS

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

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

5. FUTURES CONTRACTS

Each Fund may purchase or sell futures contracts as part of its investment strategy. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

24 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

The following table shows the realized and unrealized gains (losses) on futures contracts held during the year ended October 31, 2015 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF
Interest rate contracts:
Futures contracts	$	(1,241,799	)	$	(384,542	)
	Net Change in Unrealized Appreciation/Depreciation
	iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF
Interest rate contracts:
Futures contracts	$	289,528		$	94,313

The following table shows the average quarter-end balances of open futures contracts for the year ended October 31, 2015:

	iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF
Average value of contracts sold	$	(62,126,103	)	$	(12,009,511	)

6. INTEREST RATE SWAPS

Each Fund may enter into short positions in interest rate swaps in an attempt to mitigate interest rate risk by economically hedging the value of fixed rate bonds, which may decrease when interest rates rise (interest rate risk). Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Interest rate swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). Swap agreements are privately negotiated in the over-the-counter market. Each Fund enters into centrally cleared interest rate swaps.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Funds’ counterparty on the swap. Each Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap and the margin requirements of the CCP. Securities deposited as initial margin are designated on the schedules of investments and cash deposited is recorded on the statements of assets and liabilities as cash pledged for centrally cleared swaps. The daily change in

NOTESTO FINANCIAL STATEMENTS 25

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the statements of assets and liabilities. Payments received from (paid to) the CCP, including at termination, are recorded as realized gain (loss) in the statements of operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the statements of assets and liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

The following table shows the value of interest rate swaps held as of October 31, 2015 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Liabilities
	iShares Interest Rate Hedged High Yield Bond ETF		iShares Interest Rate Hedged Corporate Bond ETF
Centrally cleared interest rate swaps:
Variation margin / Net assets consist of – net unrealized depreciationa	$	306,191	$	248,937

^a  Represents cumulative depreciation of centrally cleared interest rate swaps as reported in the schedules of investments. Only current day’s variation margin is reported separately within the statements of assets and liabilities.

The following table shows the realized and unrealized gains (losses) on interest rate swaps held during the year ended October 31, 2015 and the related locations in the statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF
Centrally cleared interest rate swaps:
Swaps	$	(376,217	)	$	(31,978	)
	Net Change in Unrealized Appreciation/Depreciation
	iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF
Centrally cleared interest rate swaps:
Swaps	$	(306,191	)	$	(248,937	)

26 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

The following table shows the average quarter-end balances of open interest rate swaps for the year ended October 31, 2015:

	iShares Interest Rate Hedged High Yield Bond  ETF		iShares Interest Rate Hedged Corporate Bond  ETF
Average notional value – pays fixed rate	$	9,202,000	$	3,364,000

7. PRINCIPAL RISKS

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

MARKET RISK

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

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

Each Fund invests a substantial amount of its assets indirectly in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.

Each Fund invests a substantial amount of its assets indirectly in fixed-income securities. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. Given the environment of historically low interest rates, each Fund may be subject to a greater risk of price losses if interest rates rise.

NOTESTO FINANCIAL STATEMENTS 27

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

CREDIT RISK

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

The iShares Interest Rate Hedged High Yield Bond ETF invests a substantial portion of its assets indirectly in high yield securities that are rated below investment-grade (including those bonds rated lower than “BBB-” by Standard & Poor’s Ratings Services and Fitch or “Baa3” by Moody’s), or are unrated which may be more volatile than higher-rated securities of similar maturity. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of October 31, 2015, attributable to the accounting for swap agreements and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Undistributed Net Investment Income/Distributions in Excess of Net Investment Income			Undistributed Net Realized Gain/Accumulated Net Realized Loss
Interest Rate Hedged High Yield Bond	$	(2,940,887	)	$	(79,809	)	$	3,020,696
Interest Rate Hedged Corporate Bond		(188,220	)		(31,978	)		220,198

28 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

The tax character of distributions paid during the years ended October 31, 2015 and October 31, 2014 was as follows:

iShares ETF	2015		2014
Interest Rate Hedged High Yield Bond
Ordinary income	$	4,084,037	$	511,424
Return of capital		30,974		2,091
	$	4,115,011	$	513,515
Interest Rate Hedged Corporate Bond
Ordinary income	$	502,154	$	132,240
Return of capital		24,646		884
	$	526,800	$	133,124

As of October 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Capital Loss Carryforwards			Net Unrealized Gains (Losses) a			Total
Interest Rate Hedged High Yield Bond	$	(1,702,956	)	$	(4,611,783	)	$	(6,314,739	)
Interest Rate Hedged Corporate Bond		(536,265	)		(641,445	)		(1,177,710	)

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

As of October 31, 2015, the following Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
Interest Rate Hedged High Yield Bond	$	1,702,956
Interest Rate Hedged Corporate Bond		536,265

As of October 31, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Interest Rate Hedged High Yield Bond	$	64,210,894	$	—	$	(4,305,592	)	$	(4,305,592	)
Interest Rate Hedged Corporate Bond		18,365,848		—		(392,508	)		(392,508	)

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

NOTESTO FINANCIAL STATEMENTS 29

Notes to Financial Statements (Continued)

iSHARES^® U.S. ETF TRUST

9. SUBSEQUENT EVENTS

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

30 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

iShares U.S. ETF Trust:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares Interest Rate Hedged High Yield Bond ETF and iShares Interest Rate Hedged Corporate Bond ETF (the “Funds”) at October 31, 2015, the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

December 22, 2015

REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 31

Board Review and Approval of Investment Advisory

Contract

iSHARES^® U.S. ETF TRUST

I. iShares Interest Rate Hedged High Yield Bond ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Trustees required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group, and in the 5^th quintile. The Board further noted that the Fund’s pricing reflects its interest rate hedging strategy and its narrower, more specialized exposure, as compared to many of the competitor funds as determined by Lipper, which are not interest rate hedged.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that

32 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own investment strategy or investment mandate and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its investment strategy or investment mandate. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

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

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 33

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that to the extent that the Fund invests in the unhedged iShares iBoxx $ High Yield Corporate Bond ETF (“HYG”), Fund shareholders would benefit from breakpoints in HYG’s investment advisory fee rates as the assets of HYG, on an aggregated basis with the assets another iShares fund, increase. The Board further noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

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

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as

34 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

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

II. iShares Interest Rate Hedged Corporate Bond ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Trustees required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 35

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group. The Board further noted that the Lipper Group contained only five funds.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own investment strategy or investment mandate and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its investment strategy or investment mandate. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

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

Nature, Extent and Quality of Services Provided by BFA — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the coming year as compared to the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures. The Board noted that the Fund had met its investment objective consistently since its inception date.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had

36 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that to the extent that the Fund invests in the unhedged iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD”), Fund shareholders would benefit from breakpoints in LQD’s investment advisory fee rates as the assets of LQD, on an aggregated basis with the assets of other iShares funds, increase. The Board further noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

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

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 37

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

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

38 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® U.S. ETF TRUST

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Interest Rate Hedged High Yield Bond	$	4.779295	$	—	$	—	$	4.779295		100	%		—	%		—	%		100	%
Interest Rate Hedged Corporate Bond		2.917488		—		0.030892		2.948380		99			—			1			100

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for each of the Funds. The information shown for each Fund is for five calendar years (or from the inception date of such Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for each Fund are disclosed in the table for such Fund.

SUPPLEMENTAL INFORMATION 39

Supplemental Information (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

iShares Interest Rate Hedged High Yield Bond ETF

Period Covered: May 27, 2014 through September 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.5%		4		1.17	%
Greater than 1.0% and Less than 1.5%		4		1.17
Greater than 0.5% and Less than 1.0%		14		4.11
Between 0.5% and –0.5%		317		92.97
Less than –0.5% and Greater than –1.0%		1		0.29
Less than –1.0% and Greater than –1.5%		1		0.29
		341		100.00	%

iShares Interest Rate Hedged Corporate Bond ETF

Period Covered: May 27, 2014 through September 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 2.0%		16		4.69	%
Greater than –1.5% and Less than –2.0%		1		0.29
Greater than –1.0% and Less than –1.5%		7		2.05
Greater than –0.5% and Less than –1.0%		7		2.05
Between 0.5% and –0.5%		307		90.04
Less than –0.5% and Greater than –1.0%		1		0.29
Less than –1.0%		2		0.59
		341		100.00	%

40 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information

iSHARES^® U.S. ETF TRUST

The Board of Trustees has responsibility for the overall management and operations of the Trust, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust and, as a result, oversees a total of 324 funds (as of October 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Trustee and Officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapitoa (58)	Trustee (since 2011).	President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983).	Trustee of iShares Trust (since 2009); Director of iShares, Inc. (since 2009); Director of BlackRock, Inc. (since 2006).
Mark Wiedmanb (44)	Trustee (since 2013)	Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Trustee of iShares Trust (since 2013); Director of iShares, Inc. (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

^a  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc.

^b  Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

TRUSTEEAND OFFICER INFORMATION 41

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert H. Silver (60)	Trustee (since 2011); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Director of iShares, Inc. (since 2007); Independent Chairman of iShares, Inc. and iShares Trust (since 2012).
Jane D. Carlin (59)	Trustee (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Director of iShares, Inc. (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).
Cecilia H. Herbert (66)	Trustee (since 2011); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005); Director of Forward Funds (34 portfolios) (since 2009).
Charles A. Hurty (72)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

42 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (60)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005).
John E. Martinez (54)	Trustee (since 2011); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Director of iShares, Inc. (since 2003).
Madhav V. Rajan (51)	Trustee (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Director of iShares, Inc. (since 2011); Director, Cavium, Inc. (since 2013).

TRUSTEEAND OFFICER INFORMATION 43

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).
Jack Gee (56)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).
Benjamin Archibald (40)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director, BlackRock, Inc. (2010-2013).
Charles Park (48)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).
Amy Schioldager (53)	Executive Vice President (since 2011).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).

44 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 97.51%
ADVERTISING — 0.46%
Affinion Group Inc.
7.88%, 12/15/18 (Call 11/30/15)a	$	7,700	$	5,890,500
inVentiv Health Inc.
9.00%, 01/15/18 (Call 01/15/16)a,b		13,300		13,665,750
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/01/18)a		9,009		9,256,747
5.38%, 01/15/24 (Call 01/15/19)a		8,125		8,450,000
5.88%, 02/01/22 (Call 02/01/17)a		8,200		8,651,000
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 02/15/22 (Call 02/15/17)		8,925		9,125,813
5.63%, 02/15/24 (Call 02/15/19)		7,200		7,452,000
5.88%, 03/15/25 (Call 09/15/19)		7,900		8,121,990
				70,613,800
AEROSPACE & DEFENSE — 0.64%
KLX Inc.
5.88%, 12/01/22 (Call 12/01/17)a,b		22,790		23,302,775
Meccanica Holdings USA Inc.
6.25%, 07/15/19a,b		7,550		8,154,000
TransDigm Inc.
5.50%, 10/15/20 (Call 11/30/15)a		9,000		9,067,500
6.00%, 07/15/22 (Call 07/15/17)a		19,480		19,820,900
6.50%, 07/15/24 (Call 07/15/19)		23,010		23,412,675
6.50%, 05/15/25 (Call 05/15/20)a,b		7,900		8,038,250
7.50%, 07/15/21 (Call 07/15/16)a		7,850		8,262,125
				100,058,225

Security	Principal (000s)		Value
AIRLINES — 0.36%
Air Canada
6.75%, 10/01/19 (Call 10/01/16)a,b	$	5,625	$	5,934,375
7.75%, 04/15/21b		7,180		7,494,125
American Airlines Group Inc.
4.63%, 03/01/20a,b		10,615		10,482,313
5.50%, 10/01/19b		14,290		14,540,075
Continental Airlines Inc. 2012-3 Pass Through Trust Class C
6.13%, 04/29/18a		6,750		6,935,625
U.S. Airways Group Inc.
6.13%, 06/01/18a		10,010		10,360,350
				55,746,863
APPAREL — 0.22%
Hanesbrands Inc.
6.38%, 12/15/20 (Call 12/15/15)a		13,030		13,518,625
Levi Strauss & Co.
5.00%, 05/01/25 (Call 05/01/20)a		10,315		10,469,725
6.88%, 05/01/22 (Call 05/01/17)		9,246		10,055,025
				34,043,375
AUTO MANUFACTURERS — 1.14%
FCA U.S. LLC/CG Co-Issuer Inc.
8.25%, 06/15/21 (Call 06/15/16)		55,567		59,387,231
Fiat Chrysler Automobile NV
4.50%, 04/15/20a		30,905		31,331,489
5.25%, 04/15/23a		27,340		27,271,650
General Motors Co.
3.50%, 10/02/18a		1,041		1,058,291
General Motors Financial Co. Inc.
3.15%, 01/15/20 (Call 12/15/19)a		1,225		1,221,129
Jaguar Land Rover Automotive PLC
3.50%, 03/15/20 (Call 12/15/19)a,b		7,700		7,584,500
4.13%, 12/15/18a,b		12,400		12,617,000
4.25%, 11/15/19a,b		10,240		10,419,200
5.63%, 02/01/23 (Call 02/01/18)a,b		8,950		9,207,313

SCHEDULESOF INVESTMENTS 45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Navistar International Corp.
8.25%, 11/01/21 (Call 11/30/15)a	$	21,781	$	16,989,180
				177,086,983
AUTO PARTS & EQUIPMENT — 1.31%
American Axle & Manufacturing Inc.
6.25%, 03/15/21 (Call 03/15/16)a		6,806		7,095,255
6.63%, 10/15/22 (Call 10/15/17)a		10,125		10,707,188
Dana Holding Corp.
5.38%, 09/15/21 (Call 09/15/16)a		6,750		6,901,875
5.50%, 12/15/24 (Call 12/15/19)a		6,300		6,300,000
Goodyear Tire & Rubber Co. (The)
6.50%, 03/01/21 (Call 03/01/16)a		17,905		18,956,919
7.00%, 05/15/22 (Call 05/15/17)a		12,945		14,077,687
8.25%, 08/15/20 (Call 11/30/15)a		13,845		14,468,025
Lear Corp.
4.75%, 01/15/23 (Call 01/15/18)a		7,808		7,866,560
5.25%, 01/15/25 (Call 01/15/20)a		13,205		13,469,100
Schaeffler Finance BV
4.25%, 05/15/21 (Call 05/15/17)a,b		12,900		12,900,000
4.75%, 05/15/21 (Call 05/15/16)b		15,350		15,503,500
4.75%, 05/15/23 (Call 05/15/18)b		9,700		9,772,750
ZF North America Capital Inc.
4.00%, 04/29/20b		18,400		18,584,000
4.50%, 04/29/22a,b		19,700		19,749,250
4.75%, 04/29/25b		26,955		26,483,287
				202,835,396

Security	Principal (000s)		Value
BANKS — 3.08%
BBVA International Preferred SAU
5.92%, 04/29/49 (Call 04/18/17)a,c	$	9,641	$	9,761,513
BPCE SA
12.50%, 08/29/49 (Call 09/30/19)b,c		7,400		9,620,000
CIT Group Inc.
3.88%, 02/19/19a		19,900		20,148,750
4.25%, 08/15/17a		33,325		34,033,156
5.00%, 05/15/17a		21,167		21,828,469
5.00%, 08/15/22		24,150		25,417,875
5.00%, 08/01/23a		12,660		13,277,175
5.25%, 03/15/18a		30,501		31,987,924
5.38%, 05/15/20a		15,510		16,692,637
5.50%, 02/15/19b		32,924		34,981,750
6.63%, 04/01/18b		12,551		13,523,703
Commerzbank AG
8.13%, 09/19/23a,b		19,850		23,174,875
Credit Agricole SA
6.64%, 05/29/49 (Call 05/31/17)a,b,c		19,251		19,732,275
8.38%, 10/29/49 (Call 10/13/19)b,c		17,160		19,390,800
Fifth Third Bancorp
5.10%, 12/29/49 (Call 06/30/23)a,c		14,075		12,913,813
Royal Bank of Scotland Group PLC
5.13%, 05/28/24a		41,288		42,240,758
6.00%, 12/19/23a		38,971		42,181,119
6.10%, 06/10/23a		17,172		18,628,692
6.13%, 12/15/22		42,838		46,881,427
Royal Bank of Scotland NV
4.65%, 06/04/18a		7,850		8,144,375
Societe Generale SA
5.92%, 12/31/49 (Call 04/05/17)a,b,c		12,765		12,972,431
				477,533,517
BEVERAGES — 0.60%
Constellation Brands Inc.
3.75%, 05/01/21a		10,000		10,225,000
3.88%, 11/15/19a		6,625		6,890,000

46 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
4.25%, 05/01/23a	$	19,845	$	20,291,512
4.75%, 11/15/24a		5,831		6,107,973
6.00%, 05/01/22a		10,550		11,789,625
7.25%, 09/01/16a		2,150		2,244,063
7.25%, 05/15/17a		10,674		11,554,605
Cott Beverages Inc.
5.38%, 07/01/22 (Call 07/01/17)		10,175		10,124,125
6.75%, 01/01/20 (Call 01/01/17)a		12,805		13,541,287
				92,768,190
BIOTECHNOLOGY — 0.05%
Concordia Healthcare Corp.
7.00%, 04/15/23 (Call 04/15/18)b		4,500		3,915,000
9.50%, 10/21/22 (Call 12/15/18)a,b		4,500		4,410,000
				8,325,000
BUILDING MATERIALS — 0.77%
Builders FirstSource Inc.
10.75%, 08/15/23 (Call 08/15/18)a,b		14,990		15,514,650
Building Materials Corp. of America
5.38%, 11/15/24 (Call 11/15/19)b		18,660		19,219,800
6.00%, 10/15/25 (Call 10/15/20)b		8,975		9,558,375
Lafarge SA
6.50%, 07/15/16		1,100		1,137,629
Masco Corp.
4.45%, 04/01/25 (Call 01/01/25)a		8,500		8,521,250
5.95%, 03/15/22		5,777		6,369,143
6.13%, 10/03/16a		9,353		9,727,120
7.13%, 03/15/20a		8,845		10,282,312
USG Corp.
6.30%, 11/15/16a		7,169		7,401,992
9.75%, 01/15/18		9,248		10,404,000
Vulcan Materials Co.
4.50%, 04/01/25 (Call 01/01/25)a		9,125		9,307,500
7.50%, 06/15/21a		9,650		11,338,750
				118,782,521

Security	Principal (000s)		Value
CHEMICALS — 1.64%
Ashland Inc.
3.88%, 04/15/18 (Call 03/15/18)a	$	10,250	$	10,557,500
4.75%, 08/15/22 (Call 05/15/22)a		20,100		20,111,055
Axiall Corp.
4.88%, 05/15/23 (Call 05/15/18)a		8,830		8,410,575
Blue Cube Spinco Inc.
9.75%, 10/15/23 (Call 10/15/20)b		3,500		3,771,250
10.00%, 10/15/25 (Call 10/15/20)a,b		2,000		2,165,000
Chemours Co. (The)
6.63%, 05/15/23 (Call 05/15/18)a,b		23,440		17,550,700
7.00%, 05/15/25 (Call 05/15/20)a,b		14,420		10,742,900
Eagle Spinco Inc.
4.63%, 02/15/21 (Call 02/15/18)a		13,125		12,780,469
Hexion Inc.
6.63%, 04/15/20 (Call 11/30/15)a		31,048		26,390,800
8.88%, 02/01/18 (Call 11/30/15)		23,550		18,133,500
Hexion Inc./Hexion Nova Scotia Finance ULC
9.00%, 11/15/20 (Call 11/30/15)		9,400		4,888,000
Huntsman International LLC
4.88%, 11/15/20 (Call 08/15/20)a		12,175		11,474,937
5.13%, 11/15/22 (Call 08/15/22)a,b		9,600		8,976,000
INEOS Group Holdings SA
5.88%, 02/15/19 (Call 02/15/16)a,b		12,475		12,475,000
6.13%, 08/15/18 (Call 11/30/15)a,b		12,825		12,953,250
NOVA Chemicals Corp.
5.00%, 05/01/25 (Call 01/31/25)a,b		9,245		9,245,000
5.25%, 08/01/23 (Call 08/01/18)a,b		9,900		10,098,000

SCHEDULESOF INVESTMENTS 47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Platform Specialty Products Corp.
6.50%, 02/01/22 (Call 02/01/18)a,b	$	20,975	$	17,881,187
Tronox Finance LLC
6.38%, 08/15/20 (Call 11/30/15)		16,400		11,726,000
7.50%, 03/15/22 (Call 03/15/18)b		14,153		10,013,248
WR Grace & Co.-Conn
5.13%, 10/01/21a,b		12,750		13,260,000
				253,604,371
COAL — 0.27%
Arch Coal Inc.
7.00%, 06/15/19 (Call 11/30/15)		15,450		444,188
7.25%, 10/01/20 (Call 11/30/15)		7,380		212,175
7.25%, 06/15/21 (Call 06/15/16)		15,500		426,250
CONSOL Energy Inc.
5.88%, 04/15/22 (Call 04/15/17)a		25,410		16,516,500
8.00%, 04/01/23 (Call 04/01/18)a,b		8,500		6,226,250
Murray Energy Corp.
11.25%, 04/15/21 (Call 04/15/18)b		20,000		5,450,000
Peabody Energy Corp.
6.00%, 11/15/18a		21,240		3,717,000
6.25%, 11/15/21		21,528		3,121,560
6.50%, 09/15/20		9,145		1,244,634
10.00%, 03/15/22 (Call 03/15/18)a,b		14,055		3,794,850
				41,153,407
COMMERCIAL SERVICES — 3.17%
ADT Corp. (The)
2.25%, 07/15/17		8,573		8,519,419
3.50%, 07/15/22a		19,621		18,296,582
4.13%, 04/15/19a		7,975		8,154,438
4.13%, 06/15/23a		10,225		9,854,344
6.25%, 10/15/21a		21,400		23,112,000
APX Group Inc.
6.38%, 12/01/19 (Call 12/01/15)a		17,950		17,456,375

Security	Principal (000s)		Value
8.75%, 12/01/20 (Call 12/01/15)a	$	17,571	$	14,496,075
Ashtead Capital Inc.
5.63%, 10/01/24 (Call 10/01/19)a,b		10,535		10,930,062
6.50%, 07/15/22 (Call 07/15/17)a,b		17,230		18,436,100
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.13%, 06/01/22 (Call 06/01/17)a,b		6,615		6,730,763
5.50%, 04/01/23 (Call 04/01/18)a		13,750		14,231,250
Global A&T Electronics Ltd.
10.00%, 02/01/19 (Call 02/01/16)b		19,950		16,957,500
Harland Clarke Holdings Corp.
9.25%, 03/01/21 (Call 03/01/17)b		12,230		10,380,213
Hertz Corp. (The)
5.88%, 10/15/20 (Call 11/30/15)a		14,300		14,800,500
6.25%, 10/15/22 (Call 10/15/17)a		9,400		9,823,000
6.75%, 04/15/19 (Call 11/30/15)a		24,990		25,645,987
7.38%, 01/15/21 (Call 01/15/16)a		11,282		11,747,382
7.50%, 10/15/18 (Call 11/30/15)		9,400		9,599,750
Iron Mountain Inc.
5.75%, 08/15/24 (Call 08/15/17)		19,767		19,915,252
6.00%, 08/15/23 (Call 08/15/18)a		12,615		13,088,062
Jaguar Holding Co. II/Pharmaceutical Product Development LLC
6.38%, 08/01/23 (Call 08/01/18)a,b		22,469		22,356,655
Laureate Education Inc.
9.25%, 09/01/19 (Call 11/30/15)a,b		25,800		20,511,000

48 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Leidos Holdings Inc.
4.45%, 12/01/20 (Call 09/01/20)	$	9,200	$	9,073,722
RR Donnelley & Sons Co.
6.00%, 04/01/24		6,225		5,680,313
7.00%, 02/15/22		7,350		7,239,750
7.88%, 03/15/21a		7,075		7,375,688
Service Corp. International/U.S.
5.38%, 01/15/22 (Call 07/15/17)a		7,750		8,195,625
5.38%, 05/15/24 (Call 05/15/19)		13,420		14,309,075
United Rentals North America Inc.
4.63%, 07/15/23 (Call 07/15/18)a		19,495		19,543,737
5.50%, 07/15/25 (Call 07/15/20)a		14,620		14,583,450
5.75%, 11/15/24 (Call 05/15/19)a		17,825		18,181,500
6.13%, 06/15/23 (Call 12/15/17)a		16,464		17,122,560
7.38%, 05/15/20 (Call 05/15/16)a		13,554		14,401,125
7.63%, 04/15/22 (Call 04/15/17)a		25,000		27,127,750
8.25%, 02/01/21 (Call 02/01/16)a		4,156		4,374,190
				492,251,194
COMPUTERS — 0.65%
Dell Inc.
4.63%, 04/01/21		7,660		7,353,600
5.65%, 04/15/18		7,209		7,533,405
5.88%, 06/15/19a		9,150		9,561,750
NCR Corp.
4.63%, 02/15/21 (Call 02/15/17)		8,250		8,105,625
5.00%, 07/15/22 (Call 07/15/17)		9,114		8,954,505
5.88%, 12/15/21 (Call 12/15/17)		6,025		6,009,938
6.38%, 12/15/23 (Call 12/15/18)a		11,575		11,835,437

Security	Principal (000s)		Value
SunGard Data Systems Inc.
6.63%, 11/01/19 (Call 11/30/15)	$	16,915	$	17,507,025
7.38%, 11/15/18 (Call 11/30/15)a		8,225		8,399,781
7.63%, 11/15/20 (Call 11/30/15)		15,140		15,764,525
				101,025,591
COSMETICS & PERSONAL CARE — 0.08%
Avon Products Inc.
6.35%, 03/15/20		8,350		6,763,500
6.75%, 03/15/23		7,168		5,214,720
				11,978,220
DISTRIBUTION & WHOLESALE — 0.46%
HD Supply Inc.
5.25%, 12/15/21 (Call 12/15/17)a,b		23,715		24,841,463
7.50%, 07/15/20 (Call 10/15/16)a		24,082		25,647,330
11.50%, 07/15/20 (Call 10/15/16)		18,795		21,238,350
				71,727,143
DIVERSIFIED FINANCIAL SERVICES — 6.67%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust
2.75%, 05/15/17		7,500		7,471,875
3.75%, 05/15/19		21,500		21,715,000
4.25%, 07/01/20a		12,250		12,495,000
4.50%, 05/15/21a		20,500		21,063,750
4.63%, 10/30/20		7,840		8,114,400
4.63%, 07/01/22a		10,455		10,690,238
5.00%, 10/01/21a		15,440		16,134,800
Aircastle Ltd.
4.63%, 12/15/18		6,800		7,038,000
5.13%, 03/15/21a		10,100		10,605,000
5.50%, 02/15/22a		9,593		10,144,598
6.25%, 12/01/19a		6,850		7,483,625
6.75%, 04/15/17a		7,900		8,334,500
Ally Financial Inc.
2.75%, 01/30/17		14,865		14,939,325
3.25%, 02/13/18		11,660		11,718,300
3.50%, 01/27/19		15,050		15,162,875
3.60%, 05/21/18a		20,200		20,503,000

SCHEDULESOF INVESTMENTS 49

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
3.75%, 11/18/19a	$	14,900	$	15,093,700
4.13%, 03/30/20a		15,490		15,974,062
4.13%, 02/13/22a		14,945		15,243,900
4.63%, 05/19/22		7,750		8,060,000
4.63%, 03/30/25a		8,300		8,383,000
4.75%, 09/10/18		13,375		13,960,156
5.13%, 09/30/24a		14,605		15,371,762
5.50%, 02/15/17a		24,217		25,064,595
6.25%, 12/01/17		20,360		21,734,300
7.50%, 09/15/20		7,900		9,223,250
8.00%, 12/31/18a		7,775		8,727,438
8.00%, 03/15/20		18,810		22,195,800
E*TRADE Financial Corp.
5.38%, 11/15/22 (Call 11/15/17)a		14,380		15,422,550
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
3.50%, 03/15/17 (Call 02/15/17)a		21,955		22,122,956
4.88%, 03/15/19 (Call 07/15/16)a		24,475		25,033,030
5.88%, 02/01/22 (Call 08/01/17)a		24,245		24,972,350
6.00%, 08/01/20 (Call 02/01/17)		32,025		33,344,882
International Lease Finance Corp.
3.88%, 04/15/18a		12,965		13,159,475
4.63%, 04/15/21a		7,600		7,828,000
5.88%, 04/01/19		15,500		16,607,966
5.88%, 08/15/22a		12,750		13,865,625
6.25%, 05/15/19a		22,200		24,087,000
8.25%, 12/15/20a		19,787		23,546,965
8.63%, 01/15/22a		11,936		14,632,483
8.75%, 03/15/17		29,899		32,216,172
8.88%, 09/01/17		7,790		8,578,738
Jefferies Finance LLC/JFIN Co-Issuer Corp.
6.88%, 04/15/22 (Call 04/15/17)b		7,520		7,031,200
7.38%, 04/01/20 (Call 04/01/16)a,b		11,500		11,270,000
7.50%, 04/15/21 (Call 10/15/17)a,b		8,550		8,229,375

Security	Principal (000s)		Value
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 08/01/18 (Call 11/30/15)a	$	7,700	$	7,507,500
6.50%, 07/01/21 (Call 01/01/17)a		8,900		8,210,250
7.88%, 10/01/20 (Call 10/01/16)		7,200		7,092,000
Navient Corp.
4.63%, 09/25/17a		7,921		8,000,210
4.88%, 06/17/19a		18,610		18,005,175
5.00%, 10/26/20a		8,351		7,818,624
5.50%, 01/15/19a		23,000		22,770,000
5.50%, 01/25/23a		19,015		17,065,962
5.88%, 03/25/21a		7,775		7,366,813
5.88%, 10/25/24a		8,300		7,324,750
6.00%, 01/25/17		19,571		20,060,275
6.13%, 03/25/24a		14,018		12,686,290
7.25%, 01/25/22a		12,654		12,464,190
8.00%, 03/25/20a		28,090		29,775,400
8.45%, 06/15/18		48,523		52,040,917
OneMain Financial Holdings Inc.
6.75%, 12/15/19 (Call 12/15/16)b		13,331		14,097,533
7.25%, 12/15/21 (Call 12/15/17)b		16,302		17,015,212
Quicken Loans Inc.
5.75%, 05/01/25 (Call 05/01/20)a,b		23,660		23,393,825
Springleaf Finance Corp.
5.25%, 12/15/19a		13,400		13,299,500
6.90%, 12/15/17		29,526		31,076,115
7.75%, 10/01/21		12,100		13,037,750
				1,034,703,307
ELECTRIC — 3.55%
AES Corp./VA
4.88%, 05/15/23 (Call 05/15/18)a		14,130		13,105,575
5.50%, 03/15/24 (Call 03/15/19)a		14,650		13,880,875
5.50%, 04/15/25 (Call 04/15/20)a		9,700		9,021,000
7.38%, 07/01/21 (Call 06/01/21)a		21,225		22,604,625
8.00%, 06/01/20a		6,980		7,765,250

50 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Calpine Corp.
5.38%, 01/15/23 (Call 10/15/18)a	$	24,060	$	23,007,375
5.50%, 02/01/24 (Call 02/01/19)a		13,597		12,849,165
5.75%, 01/15/25 (Call 10/15/19)a		29,900		28,330,250
5.88%, 01/15/24 (Call 11/01/18)a,b		7,750		8,118,125
6.00%, 01/15/22 (Call 11/01/16)b		12,366		12,984,300
7.88%, 01/15/23 (Call 01/15/17)a,b		13,176		14,131,260
DPL Inc.
6.50%, 10/15/16 (Call 09/15/16)a		1,115		1,140,088
7.25%, 10/15/21 (Call 07/15/21)		15,937		16,031,972
Dynegy Inc.
5.88%, 06/01/23 (Call 06/01/18)a		7,200		6,732,000
6.75%, 11/01/19 (Call 05/01/17)		39,825		39,825,000
7.38%, 11/01/22 (Call 11/01/18)a		33,510		33,593,775
7.63%, 11/01/24 (Call 11/01/19)a		24,620		24,681,550
Enel SpA
8.75%, 09/24/73 (Call 09/24/23)b,c		20,707		23,891,737
FirstEnergy Corp.
Series A
2.75%, 03/15/18 (Call 02/15/18)		9,400		9,453,676
Series B
4.25%, 03/15/23 (Call 12/15/22)		15,050		15,178,373
FirstEnergy Transmission LLC
4.35%, 01/15/25 (Call 10/15/24)a,b		9,100		9,270,074
GenOn Energy Inc.
7.88%, 06/15/17a		11,370		10,545,675
9.50%, 10/15/18		11,080		9,750,400

Security	Principal (000s)		Value
9.88%, 10/15/20 (Call 11/30/15)a	$	11,700	$	9,711,000
IPALCO Enterprises Inc.
3.45%, 07/15/20 (Call 06/15/20)b		2,525		2,526,538
5.00%, 05/01/18 (Call 04/01/18)a		6,250		6,578,978
NRG Energy Inc.
6.25%, 07/15/22 (Call 07/15/18)		19,730		18,250,250
6.25%, 05/01/24 (Call 05/01/19)a		19,350		17,269,875
6.63%, 03/15/23 (Call 09/15/17)a		18,015		16,618,837
7.63%, 01/15/18a		20,480		21,452,800
7.88%, 05/15/21 (Call 05/15/16)a		22,408		22,239,940
8.25%, 09/01/20 (Call 11/30/15)a		19,150		19,676,625
PPL Capital Funding Inc.
Series A
6.70%, 03/30/67 (Call 03/30/17)c		350		295,750
Talen Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)		13,770		11,842,200
4.63%, 07/15/19 (Call 07/15/16)b		22,325		20,371,562
6.50%, 05/01/18		7,150		7,275,125
6.50%, 06/01/25 (Call 06/01/20)a,b		11,485		10,164,225
				550,165,825
ELECTRICAL COMPONENTS & EQUIPMENT — 0.24%
Anixter Inc.
5.13%, 10/01/21		5,950		6,098,750
Edgewell Personal Care Co.
4.70%, 05/19/21		5,750		5,922,500
4.70%, 05/24/22		11,865		12,131,963
Energizer Holdings Inc.
5.50%, 06/15/25 (Call 06/15/20)a,b		12,175		12,394,150
				36,547,363

SCHEDULESOF INVESTMENTS 51

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
ENERGY – ALTERNATE SOURCES — 0.10%
TerraForm Power Operating LLC
5.88%, 02/01/23 (Call 02/01/18)a,b	$	17,410	$	16,104,250
				16,104,250
ENGINEERING & CONSTRUCTION — 0.32%
Abengoa Finance SAU
7.75%, 02/01/20a,b		9,070		3,900,100
8.88%, 11/01/17b		11,843		6,276,790
AECOM
5.75%, 10/15/22 (Call 10/15/17)b		12,425		12,922,000
5.88%, 10/15/24 (Call 07/15/24)b		14,124		14,618,340
SBA Communications Corp.
4.88%, 07/15/22 (Call 07/15/17)a		12,292		12,599,300
				50,316,530
ENTERTAINMENT — 1.54%
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/18)a		11,250		11,025,000
5.13%, 12/15/22 (Call 12/15/17)a		5,500		5,513,750
GLP Capital LP/GLP Financing II Inc.
4.38%, 11/01/18 (Call 08/01/18)a		8,350		8,621,375
4.88%, 11/01/20 (Call 08/01/20)a		16,475		16,969,250
5.38%, 11/01/23 (Call 08/01/23)		10,950		11,059,500
International Game Technology
7.50%, 06/15/19a		8,250		8,868,750
International Game Technology PLC
5.63%, 02/15/20 (Call 11/15/19)a,b		12,380		12,503,800
6.25%, 02/15/22 (Call 08/15/21)b		29,375		28,714,062
6.50%, 02/15/25 (Call 08/15/24)a,b		18,540		17,473,950

Security	Principal (000s)		Value
Pinnacle Entertainment Inc.
6.38%, 08/01/21 (Call 08/01/16)	$	12,940	$	13,764,925
7.50%, 04/15/21 (Call 11/30/15)		15,805		16,654,519
Regal Entertainment Group
5.75%, 03/15/22 (Call 03/15/17)a		13,450		13,786,250
Scientific Games International Inc.
7.00%, 01/01/22 (Call 01/01/18)a,b		16,710		16,710,000
10.00%, 12/01/22 (Call 12/01/18)a		41,700		36,904,500
WMG Acquisition Corp.
6.00%, 01/15/21 (Call 01/15/16)a,b		9,139		9,390,323
6.75%, 04/15/22 (Call 04/15/17)b		11,400		10,602,000
				238,561,954
ENVIRONMENTAL CONTROL — 0.35%
Clean Harbors Inc.
5.13%, 06/01/21 (Call 12/01/16)		9,925		10,173,125
5.25%, 08/01/20 (Call 08/01/16)a		14,379		14,882,265
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/19)		9,300		9,230,250
6.38%, 10/01/22 (Call 04/01/17)a		6,225		6,520,688
7.25%, 12/01/20 (Call 12/01/15)		5,748		5,963,550
Tervita Corp.
8.00%, 11/15/18 (Call 11/30/15)b		10,350		7,607,250
				54,377,128
FOOD — 1.02%
Albertson’s Holdings LLC/Safeway Inc.
7.75%, 10/15/22 (Call 10/15/17)a,b		11,672		12,605,760
Aramark Services Inc.
5.75%, 03/15/20 (Call 11/30/15)a		15,200		15,846,000

52 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Post Holdings Inc.
6.00%, 12/15/22 (Call 06/15/18)b	$	10,950	$	10,977,375
6.75%, 12/01/21 (Call 12/01/17)b		16,575		17,072,250
7.38%, 02/15/22 (Call 02/15/17)a		27,600		29,049,000
7.75%, 03/15/24 (Call 09/15/18)a,b		15,190		16,215,325
8.00%, 07/15/25 (Call 07/15/20)a,b		8,820		9,547,650
Smithfield Foods Inc.
5.25%, 08/01/18 (Call 11/30/15)a,b		6,925		7,046,188
6.63%, 08/15/22 (Call 08/15/17)		18,369		19,608,907
7.75%, 07/01/17a		7,329		7,915,320
SUPERVALU Inc.
6.75%, 06/01/21 (Call 06/01/17)		7,300		7,081,000
8.00%, 05/01/16		1,661		1,698,373
U.S. Foods Inc.
8.50%, 06/30/19 (Call 11/30/15)		2,700		2,808,000
				157,471,148
FOREST PRODUCTS & PAPER — 0.01%
Verso Paper Holdings LLC/Verso Paper Inc.
11.75%, 01/15/19 (Call 11/30/15)		6,740		1,516,500
				1,516,500
GAS — 0.30%
NGL Energy Partners LP/NGL Energy Finance Corp.
5.13%, 07/15/19 (Call 06/15/19)		8,450		7,858,500
6.88%, 10/15/21 (Call 10/15/16)		6,625		6,393,125
Sabine Pass LNG LP
6.50%, 11/01/20 (Call 11/01/16)a		9,550		9,597,750
7.50%, 11/30/16a		22,450		23,165,594
				47,014,969

Security	Principal (000s)		Value
HEALTH CARE – PRODUCTS — 1.31%
Alere Inc.
6.38%, 07/01/23 (Call 07/01/18)a,b	$	6,645	$	6,910,800
6.50%, 06/15/20 (Call 06/15/16)a		10,275		10,608,938
7.25%, 07/01/18 (Call 12/15/15)		4,200		4,378,500
ConvaTec Healthcare E SA
10.50%, 12/15/18 (Call 11/30/15)b		13,647		14,090,527
Crimson Merger Sub Inc.
6.63%, 05/15/22 (Call 05/15/17)a,b		25,425		21,865,500
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp.
8.13%, 06/15/21 (Call 06/15/18)b		18,775		18,587,250
Hologic Inc.
5.25%, 07/15/22 (Call 07/15/18)a,b		17,818		18,486,175
Kinetic Concepts Inc./KCI USA Inc.
10.50%, 11/01/18 (Call 11/30/15)		32,209		33,859,711
12.50%, 11/01/19 (Call 11/30/15)a		9,590		10,165,400
Mallinckrodt International Finance SA
4.75%, 04/15/23		10,100		8,888,000
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
4.88%, 04/15/20 (Call 04/15/17)a,b		13,745		13,178,019
5.50%, 04/15/25 (Call 04/15/20)a,b		14,530		13,185,975
5.63%, 10/15/23 (Call 10/15/18)a,b		14,120		13,325,750
5.75%, 08/01/22 (Call 08/01/17)a,b		16,250		15,356,250
				202,886,795

SCHEDULESOF INVESTMENTS 53

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
HEALTH CARE – SERVICES — 6.57%
Amsurg Corp.
5.63%, 07/15/22 (Call 07/15/17)	$	22,923	$	22,521,848
CHS/Community Health Systems Inc.
5.13%, 08/15/18 (Call 11/30/15)a		26,585		27,083,469
5.13%, 08/01/21 (Call 02/01/17)a		16,254		16,782,255
6.88%, 02/01/22 (Call 02/01/18)a		56,950		57,377,125
7.13%, 07/15/20 (Call 07/15/16)a		22,790		23,416,725
8.00%, 11/15/19 (Call 11/30/15)a		36,501		37,869,787
DaVita HealthCare Partners Inc.
5.00%, 05/01/25 (Call 05/01/20)		29,577		29,281,230
5.13%, 07/15/24 (Call 07/15/19)a		31,000		31,465,000
5.75%, 08/15/22 (Call 08/15/17)		22,750		23,887,500
Fresenius Medical Care U.S. Finance II Inc.
4.13%, 10/15/20 (Call 07/17/20)b		8,950		9,173,750
4.75%, 10/15/24 (Call 07/17/24)b		5,940		5,999,400
5.63%, 07/31/19a,b		14,200		15,478,000
5.88%, 01/31/22b		15,724		17,178,470
6.50%, 09/15/18a,b		6,241		6,865,100
Fresenius Medical Care U.S. Finance Inc.
5.75%, 02/15/21a,b		9,900		10,815,750
6.88%, 07/15/17a		6,750		7,256,250
HCA Holdings Inc.
6.25%, 02/15/21a		17,585		19,167,650
HCA Inc.
3.75%, 03/15/19		28,405		28,760,062
4.25%, 10/15/19a		10,200		10,480,500
4.75%, 05/01/23a		21,185		21,714,625
5.00%, 03/15/24		39,400		40,483,500

Security	Principal (000s)		Value
5.25%, 04/15/25	$	24,755	$	25,683,312
5.38%, 02/01/25a		50,980		52,381,950
5.88%, 03/15/22		24,000		26,340,000
5.88%, 05/01/23a		22,150		23,506,687
6.50%, 02/15/20a		54,461		60,792,091
7.50%, 02/15/22a		36,554		42,037,100
8.00%, 10/01/18a		8,600		9,718,000
HealthSouth Corp.
5.75%, 11/01/24 (Call 11/01/17)a		16,865		16,865,000
Kindred Healthcare Inc.
6.38%, 04/15/22 (Call 04/15/17)a		9,025		8,528,625
8.75%, 01/15/23		11,965		12,473,513
LifePoint Health Inc.
5.50%, 12/01/21 (Call 12/01/16)		20,500		20,679,375
6.63%, 10/01/20 (Call 11/30/15)a		6,100		6,313,500
MPH Acquisition Holdings LLC
6.63%, 04/01/22 (Call 04/01/17)a,b		18,525		18,895,500
Tenet Healthcare Corp.
4.38%, 10/01/21a		20,445		20,393,888
4.50%, 04/01/21		15,625		15,664,063
4.75%, 06/01/20a		8,924		9,057,860
5.00%, 03/01/19a		21,175		20,698,563
5.50%, 03/01/19		8,900		8,766,500
6.00%, 10/01/20a		33,214		35,622,015
6.25%, 11/01/18a		14,960		15,951,100
6.75%, 06/15/23a		34,930		34,624,362
8.00%, 08/01/20 (Call 11/30/15)a		14,010		14,500,350
8.13%, 04/01/22a		53,000		55,981,250
				1,018,532,600
HOLDING COMPANIES – DIVERSIFIED — 0.54%
Argos Merger Sub Inc.
7.13%, 03/15/23 (Call 03/15/18)a,b		35,265		37,116,412
HRG Group Inc.
7.75%, 01/15/22 (Call 01/15/17)b		2,050		2,034,625
7.75%, 01/15/22 (Call 01/15/17)		11,144		11,060,420

54 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
7.88%, 07/15/19 (Call 01/15/16)b	$	1,215	$	1,289,419
7.88%, 07/15/19 (Call 01/15/16)		8,725		9,259,406
Leucadia National Corp.
5.50%, 10/18/23 (Call 01/18/23)		12,350		12,291,897
Nielsen Co. Luxembourg Sarl (The)
5.50%, 10/01/21 (Call 10/01/16)a,b		10,915		11,297,025
				84,349,204
HOME BUILDERS — 1.09%
Brookfield Residential Properties Inc.
6.50%, 12/15/20 (Call 12/15/15)a,b		10,375		10,349,062
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
6.13%, 07/01/22 (Call 07/01/17)b		10,400		10,166,000
CalAtlantic Group Inc.
8.38%, 05/15/18		7,625		8,730,625
8.38%, 01/15/21a		6,020		7,103,600
DR Horton Inc.
3.63%, 02/15/18 (Call 11/15/17)a		5,700		5,799,750
3.75%, 03/01/19 (Call 12/01/18)a		7,250		7,395,000
4.00%, 02/15/20a		10,908		11,235,240
5.75%, 08/15/23 (Call 05/15/23)a		5,600		6,076,000
K. Hovnanian Enterprises Inc.
7.25%, 10/15/20 (Call 11/30/15)a,b		11,550		10,885,875
KB Home
4.75%, 05/15/19 (Call 02/15/19)		6,524		6,409,830
7.00%, 12/15/21 (Call 09/15/21)		8,513		8,598,130

Security	Principal (000s)		Value
Lennar Corp.
4.50%, 06/15/19 (Call 04/16/19)	$	7,550	$	7,814,250
4.50%, 11/15/19 (Call 08/15/19)a		10,115		10,469,025
4.75%, 11/15/22 (Call 08/15/22)a		9,320		9,343,300
4.75%, 05/30/25 (Call 02/28/25)a		7,825		7,746,750
4.88%, 12/15/23		3,180		3,168,075
12.25%, 06/01/17		5,325		6,117,094
Taylor Morrison Communities Inc./Monarch Communities Inc.
5.25%, 04/15/21 (Call 04/15/16)a,b		10,850		10,958,500
Toll Brothers Finance Corp.
4.38%, 04/15/23 (Call 01/15/23)a		5,950		5,890,500
5.88%, 02/15/22 (Call 11/15/21)		7,391		7,945,325
8.91%, 10/15/17		5,800		6,525,000
				168,726,931
HOUSEHOLD PRODUCTS & WARES — 1.33%
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
5.75%, 10/15/20 (Call 11/30/15)a		58,775		61,061,935
6.88%, 02/15/21 (Call 02/15/16)a		21,350		22,257,375
7.88%, 08/15/19 (Call 11/30/15)		12,770		13,248,875
8.25%, 02/15/21 (Call 02/15/16)a		17,755		18,465,200
8.50%, 05/15/18 (Call 11/30/15)a		13,160		13,291,600
9.00%, 04/15/19 (Call 11/30/15)a		12,200		12,474,500
9.88%, 08/15/19 (Call 11/30/15)a		24,611		25,903,078
Spectrum Brands Inc.
5.75%, 07/15/25 (Call 07/15/20)a,b		17,700		18,872,625

SCHEDULESOF INVESTMENTS 55

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
6.38%, 11/15/20 (Call 11/15/16)	$	8,210	$	8,764,175
6.63%, 11/15/22 (Call 11/15/17)a		10,860		11,864,550
				206,203,913
INSURANCE — 0.59%
Genworth Holdings Inc.
4.80%, 02/15/24		7,600		5,700,000
4.90%, 08/15/23		7,725		5,793,750
6.15%, 11/15/66 (Call 11/15/16)c		9,100		4,004,000
6.52%, 05/22/18		9,652		9,820,910
7.20%, 02/15/21		7,550		7,285,750
7.63%, 09/24/21		14,975		13,971,675
7.70%, 06/15/20a		7,800		7,839,000
HUB International Ltd.
7.88%, 10/01/21 (Call 10/01/16)b		23,520		23,343,600
Voya Financial Inc.
5.65%, 05/15/53 (Call 05/15/23)a,c		13,575		13,778,625
				91,537,310
INTERNET — 1.07%
Equinix Inc.
4.88%, 04/01/20 (Call 04/01/17)a		7,500		7,818,750
5.38%, 01/01/22 (Call 01/01/18)		12,950		13,532,750
5.38%, 04/01/23 (Call 04/01/18)a		18,559		19,301,360
5.75%, 01/01/25 (Call 01/01/20)a		9,330		9,749,850
IAC/InterActiveCorp
4.75%, 12/15/22 (Call 12/15/17)		9,950		9,353,000
4.88%, 11/30/18 (Call 11/30/15)		6,850		7,021,250
Netflix Inc.
5.38%, 02/01/21a		7,300		7,701,500
5.50%, 02/15/22a,b		13,100		13,820,500
5.75%, 03/01/24a		9,200		9,741,788
5.88%, 02/15/25a,b		14,045		14,817,475

Security	Principal (000s)		Value
VeriSign Inc.
4.63%, 05/01/23 (Call 05/01/18)a	$	11,950	$	11,920,125
5.25%, 04/01/25 (Call 01/01/25)a		10,140		10,292,100
Zayo Group LLC/Zayo Capital Inc.
6.00%, 04/01/23 (Call 04/01/18)a,b		28,125		28,673,437
10.13%, 07/01/20 (Call 07/01/16)		1,702		1,855,180
				165,599,065
IRON & STEEL — 1.85%
AK Steel Corp.
7.63%, 05/15/20 (Call 11/30/15)a		9,475		4,737,500
7.63%, 10/01/21 (Call 10/01/17)a		6,400		3,088,000
Allegheny Technologies Inc.
5.95%, 01/15/21 (Call 10/15/20)		11,130		9,516,150
7.38%, 08/15/23 (Call 05/15/23)		8,750		7,437,500
ArcelorMittal
5.13%, 06/01/20a		10,190		9,731,450
5.25%, 02/25/17		24,051		24,231,382
6.00%, 08/05/20		19,728		18,790,920
6.13%, 06/01/18a		29,276		29,495,570
6.13%, 06/01/25a		8,295		7,162,152
6.25%, 03/01/21a		28,535		26,965,575
7.00%, 02/25/22a		21,175		20,063,312
10.60%, 06/01/19		29,246		32,243,715
Cliffs Natural Resources Inc.
4.88%, 04/01/21 (Call 01/01/21)a		425		123,250
7.75%, 03/31/20 (Call 03/31/17)a,b		8,897		3,558,800
8.25%, 03/31/20 (Call 03/31/18)a,b		9,450		8,457,750
Commercial Metals Co.
6.50%, 07/15/17a		6,928		7,205,120
7.35%, 08/15/18a		10,250		10,993,125
Steel Dynamics Inc.
5.13%, 10/01/21 (Call 10/01/17)a		11,886		11,796,855

56 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
5.25%, 04/15/23 (Call 04/15/18)	$	6,475	$	6,345,500
5.50%, 10/01/24 (Call 10/01/19)a		9,000		8,797,500
6.13%, 08/15/19 (Call 08/15/16)a		7,300		7,610,250
U.S. Steel Corp.
6.05%, 06/01/17		7,034		6,576,790
7.00%, 02/01/18a		9,450		8,245,125
7.38%, 04/01/20a		11,000		8,250,000
7.50%, 03/15/22 (Call 03/15/17)a		7,275		5,619,938
				287,043,229
LEISURE TIME — 0.07%
Royal Caribbean Cruises Ltd.
5.25%, 11/15/22a		9,595		10,182,694
				10,182,694
LODGING — 1.94%
Boyd Gaming Corp.
6.88%, 05/15/23 (Call 05/15/18)a		14,465		15,296,738
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties
8.00%, 10/01/20 (Call 10/01/16)a		18,700		18,559,750
11.00%, 10/01/21 (Call 10/01/16)a		20,750		19,868,125
Felcor Lodging LP
5.63%, 03/01/23 (Call 03/01/18)		8,700		8,961,000
6.00%, 06/01/25 (Call 06/01/20)a		8,990		9,282,175
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
5.63%, 10/15/21 (Call 10/15/16)a		24,654		25,794,247
MGM Resorts International
5.25%, 03/31/20a		8,900		9,100,250
6.00%, 03/15/23a		22,585		22,895,544
6.63%, 12/15/21a		24,850		26,481,402
6.75%, 10/01/20a		17,050		18,200,875

Security	Principal (000s)		Value
7.63%, 01/15/17a	$	11,650	$	12,378,125
7.75%, 03/15/22a		19,750		21,885,963
8.63%, 02/01/19a		15,212		17,227,590
10.00%, 11/01/16		7,650		8,223,750
11.38%, 03/01/18a		10,070		11,857,425
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)a,b		7,600		6,745,000
5.38%, 03/15/22 (Call 03/15/17)a		16,600		16,434,000
5.50%, 03/01/25 (Call 12/01/24)a,b		33,812		31,656,485
				300,848,444
MACHINERY — 0.89%
BlueLine Rental Finance Corp.
7.00%, 02/01/19 (Call 02/01/16)a,b		13,500		13,533,750
Case New Holland Industrial Inc.
7.88%, 12/01/17		28,960		31,313,000
CNH Industrial Capital LLC
3.25%, 02/01/17		8,200		8,220,500
3.38%, 07/15/19a		9,000		8,853,750
3.63%, 04/15/18a		12,350		12,380,875
3.88%, 11/01/15		1,870		1,870,000
3.88%, 07/16/18b		13,375		13,408,438
6.25%, 11/01/16		9,220		9,519,650
Terex Corp.
6.00%, 05/15/21 (Call 11/15/16)a		16,850		16,681,500
Zebra Technologies Corp.
7.25%, 10/15/22 (Call 10/15/17)a		20,245		22,016,437
				137,797,900
MANUFACTURING — 0.84%
Bombardier Inc.
4.75%, 04/15/19b		10,655		9,216,575
5.50%, 09/15/18a,b		14,850		13,921,875
5.75%, 03/15/22b		8,550		6,609,150
6.00%, 10/15/22 (Call 04/15/17)a,b		22,203		17,096,310
6.13%, 01/15/23a,b		25,300		19,607,500
7.50%, 03/15/18a,b		11,400		11,286,000

SCHEDULESOF INVESTMENTS 57

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
7.50%, 03/15/25 (Call 03/15/20)a,b	$	27,830	$	21,707,400
7.75%, 03/15/20a,b		15,620		13,628,450
Gates Global LLC/Gates Global Co.
6.00%, 07/15/22 (Call 07/15/17)a,b		21,360		17,088,000
				130,161,260
MEDIA — 9.32%
Altice U.S. Finance I Corp.
5.38%, 07/15/23 (Call 07/15/18)b		19,850		19,998,875
AMC Networks Inc.
4.75%, 12/15/22 (Call 12/15/17)a		9,975		10,024,875
7.75%, 07/15/21 (Call 07/15/16)		10,470		11,202,900
Cablevision Systems Corp.
5.88%, 09/15/22a		13,350		11,113,875
7.75%, 04/15/18		14,800		15,466,000
8.00%, 04/15/20a		8,850		8,584,500
8.63%, 09/15/17a		15,670		16,688,550
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 02/15/23 (Call 02/15/18)a		18,825		18,825,000
5.13%, 05/01/23 (Call 05/01/18)a,b		21,500		21,473,125
5.25%, 03/15/21 (Call 03/15/16)a		7,250		7,449,375
5.25%, 09/30/22 (Call 09/30/17)a		23,676		23,912,760
5.38%, 05/01/25 (Call 05/01/20)a,b		12,725		12,597,750
5.75%, 09/01/23 (Call 03/01/18)a		9,350		9,607,125
5.75%, 01/15/24 (Call 07/15/18)a		18,092		18,589,530
5.88%, 05/01/27 (Call 05/01/21)a,b		15,100		15,071,612
6.50%, 04/30/21 (Call 11/30/15)a		28,645		30,077,250
6.63%, 01/31/22 (Call 01/31/17)		15,289		16,149,006

Security	Principal (000s)		Value
7.00%, 01/15/19 (Call 11/30/15)	$	7,496	$	7,683,400
7.38%, 06/01/20 (Call 12/01/15)		12,020		12,500,800
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%, 12/15/21 (Call 06/15/16)a,b		25,250		24,150,250
6.38%, 09/15/20 (Call 11/30/15)b		27,907		27,976,767
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 11/15/17)		12,770		13,025,400
6.50%, 11/15/22 (Call 11/15/17)a		35,509		37,053,641
Series A
7.63%, 03/15/20 (Call 11/30/15)		500		507,500
Series B
7.63%, 03/15/20 (Call 11/30/15)a		33,980		35,169,300
CSC Holdings LLC
5.25%, 06/01/24a		13,550		11,924,000
6.75%, 11/15/21		18,895		18,280,912
8.63%, 02/15/19a		10,314		11,087,550
DISH DBS Corp.
4.25%, 04/01/18		21,900		21,927,375
4.63%, 07/15/17a		13,500		13,803,750
5.00%, 03/15/23a		27,875		25,784,375
5.13%, 05/01/20		19,750		19,700,625
5.88%, 07/15/22		36,650		35,825,375
5.88%, 11/15/24a		37,754		36,149,455
6.75%, 06/01/21		40,880		42,208,600
7.88%, 09/01/19		27,131		29,708,445
iHeartCommunications Inc.
9.00%, 12/15/19 (Call 11/30/15)a		29,950		25,382,625
9.00%, 03/01/21 (Call 03/01/16)a		32,640		26,846,400
9.00%, 09/15/22 (Call 09/15/17)a		18,500		15,123,750
10.00%, 01/15/18 (Call 07/15/16)a		12,200		6,435,500

58 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
10.63%, 03/15/23 (Call 03/15/18)	$	18,720	$	15,724,800
11.25%, 03/01/21 (Call 03/01/16)		11,225		9,597,375
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance
9.75%, 04/01/21 (Call 04/01/16)a		13,300		14,563,500
Neptune Finco Corp.
6.63%, 10/15/25 (Call 10/15/20)a,b		11,625		12,235,313
10.13%, 01/15/23 (Call 01/15/19)b		24,130		25,517,475
10.88%, 10/15/25 (Call 10/15/20)b		30,500		32,520,625
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 10/01/16)a		12,850		13,203,375
5.00%, 04/15/22 (Call 04/15/17)a,b		41,065		41,732,306
Numericable-SFR SAS
4.88%, 05/15/19 (Call 05/15/16)a,b		45,460		45,687,300
6.00%, 05/15/22 (Call 05/15/17)a,b		77,862		77,862,000
6.25%, 05/15/24 (Call 05/15/19)a,b		24,150		24,150,000
Quebecor Media Inc.
5.75%, 01/15/23a		17,642		18,083,050
Sinclair Television Group Inc.
5.38%, 04/01/21 (Call 04/01/16)a		9,950		9,974,875
5.63%, 08/01/24 (Call 08/01/19)a,b		9,650		9,432,875
6.13%, 10/01/22 (Call 10/01/17)a		8,825		9,067,688
Sirius XM Radio Inc.
4.25%, 05/15/20 (Call 05/15/16)a,b		7,400		7,529,500
4.63%, 05/15/23 (Call 05/15/18)a,b		8,125		8,033,594

Security	Principal (000s)		Value
5.38%, 04/15/25 (Call 04/15/20)a,b	$	18,300	$	18,711,750
5.75%, 08/01/21 (Call 08/01/16)a,b		11,375		11,915,313
5.88%, 10/01/20 (Call 10/01/16)a,b		12,200		12,886,250
6.00%, 07/15/24 (Call 07/15/19)b		29,900		31,544,500
TEGNA Inc.
5.13%, 10/15/19 (Call 10/15/16)		9,479		9,881,858
5.13%, 07/15/20 (Call 07/15/16)a		9,750		10,164,375
6.38%, 10/15/23 (Call 10/15/18)a		12,380		13,339,450
Tribune Media Co.
5.88%, 07/15/22 (Call 07/15/18)a,b		19,080		19,580,850
Unitymedia GmbH
6.13%, 01/15/25 (Call 01/15/20)a,b		17,100		17,506,125
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.00%, 01/15/25 (Call 01/15/20)a,b		9,675		9,650,813
5.50%, 01/15/23 (Call 01/15/18)b		17,290		17,770,662
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/15/18)a,b		22,580		22,297,750
5.13%, 02/15/25 (Call 02/15/20)a,b		30,245		29,640,100
6.75%, 09/15/22 (Call 09/15/17)b		20,503		21,681,922
8.50%, 05/15/21 (Call 11/30/15)a,b		13,350		13,950,750
Videotron Ltd.
5.00%, 07/15/22a		14,050		14,576,875
5.38%, 06/15/24 (Call 03/15/24)b		13,200		13,596,000

SCHEDULESOF INVESTMENTS 59

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
WideOpenWest Finance LLC/WideOpenWest Capital Corp.
10.25%, 07/15/19 (Call 11/30/15)a	$	16,325	$	16,365,812
				1,445,064,709
MINING — 1.70%
Alcoa Inc.
5.13%, 10/01/24 (Call 07/01/24)a		23,000		22,798,750
5.40%, 04/15/21 (Call 01/15/21)a		23,279		24,093,765
5.55%, 02/01/17		3,300		3,419,625
5.72%, 02/23/19a		14,240		15,147,800
5.87%, 02/23/22a		13,055		13,577,200
6.15%, 08/15/20a		19,613		20,740,747
6.75%, 07/15/18a		16,135		17,811,104
Aleris International Inc.
7.63%, 02/15/18 (Call 11/30/15)a		3,303		3,096,563
7.88%, 11/01/20 (Call 11/30/15)a		4,635		4,356,900
FMG Resources August 2006 Pty Ltd.
6.88%, 04/01/22 (Call 04/01/17)a,b		20,575		14,711,125
8.25%, 11/01/19 (Call 11/30/15)a,b		18,420		15,564,900
9.75%, 03/01/22 (Call 03/01/18)a,b		41,480		41,324,450
Lundin Mining Corp.
7.50%, 11/01/20 (Call 11/01/17)a,b		11,185		11,296,850
7.88%, 11/01/22 (Call 11/01/18)b		9,150		9,150,000
Novelis Inc.
8.38%, 12/15/17 (Call 11/30/15)a		19,893		20,091,930
8.75%, 12/15/20 (Call 12/15/15)a		26,730		26,997,300
				264,179,009
OFFICE & BUSINESS EQUIPMENT — 0.21%
CDW LLC/CDW Finance Corp.
5.00%, 09/01/23 (Call 03/01/18)a		8,935		9,247,725

Security	Principal (000s)		Value
5.50%, 12/01/24 (Call 06/01/24)a	$	11,660	$	12,243,000
6.00%, 08/15/22 (Call 08/15/17)a		10,500		11,261,250
				32,751,975
OIL & GAS — 7.79%
American Energy-Permian Basin LLC/AEPB Finance Corp.
7.13%, 11/01/20 (Call 01/31/17)a,b		9,600		5,232,000
7.38%, 11/01/21 (Call 07/31/17)a,b		9,155		4,989,475
Antero Resources Corp.
5.13%, 12/01/22 (Call 06/01/17)a		20,732		18,658,800
5.38%, 11/01/21 (Call 11/01/16)a		19,300		17,804,250
5.63%, 06/01/23 (Call 06/01/18)a,b		13,850		12,742,000
6.00%, 12/01/20 (Call 12/01/15)		10,300		9,888,000
Berry Petroleum Co. LLC
6.38%, 09/15/22 (Call 03/15/17)		9,600		3,456,000
BreitBurn Energy Partners LP/BreitBurn Finance Corp.
7.88%, 04/15/22 (Call 01/15/17)a		13,100		4,978,000
California Resources Corp.
5.00%, 01/15/20 (Call 12/15/19)a		21,150		15,280,875
5.50%, 09/15/21 (Call 06/15/21)a		31,850		22,056,125
6.00%, 11/15/24 (Call 08/15/24)a		41,600		28,288,000
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.50%, 04/15/21 (Call 04/15/17)		16,675		15,591,125
Carrizo Oil & Gas Inc.
6.25%, 04/15/23 (Call 04/15/18)a		11,685		10,925,475

60 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
7.50%, 09/15/20 (Call 09/15/16)a	$	12,450	$	12,418,875
Chaparral Energy Inc.
7.63%, 11/15/22 (Call 05/15/17)		8,300		2,676,750
8.25%, 09/01/21 (Call 09/01/16)		6,520		2,184,200
Chesapeake Energy Corp.
4.88%, 04/15/22 (Call 04/15/17)a		28,240		17,508,800
5.38%, 06/15/21 (Call 06/15/16)a		14,550		9,421,125
5.75%, 03/15/23a		17,100		10,773,000
6.13%, 02/15/21a		19,580		12,824,900
6.50%, 08/15/17a		17,790		16,322,325
6.63%, 08/15/20a		24,150		16,301,250
6.88%, 11/15/20a		8,826		5,957,550
7.25%, 12/15/18a		14,695		11,829,475
Citgo Holding Inc.
10.75%, 02/15/20a,b		27,075		27,007,312
Comstock Resources Inc.
7.75%, 04/01/19 (Call 11/30/15)		6,050		1,285,625
10.00%, 03/15/20 (Call 03/15/16)a,b		14,575		9,510,187
Concho Resources Inc.
5.50%, 10/01/22 (Call 10/01/17)a		12,800		12,880,000
5.50%, 04/01/23 (Call 10/01/17)a		30,531		30,721,819
6.50%, 01/15/22 (Call 01/15/17)		12,525		12,979,031
7.00%, 01/15/21 (Call 01/15/16)		11,717		12,097,327
Denbury Resources Inc.
4.63%, 07/15/23 (Call 01/15/18)		21,950		14,816,250
5.50%, 05/01/22 (Call 05/01/17)a		22,625		16,007,187
6.38%, 08/15/21 (Call 08/15/16)		8,555		6,287,925
Energy XXI Gulf Coast Inc.
6.88%, 03/15/24 (Call 03/15/19)a		10,200		1,989,000

Security	Principal (000s)		Value
7.50%, 12/15/21 (Call 12/15/16)a	$	7,190	$	1,411,038
9.25%, 12/15/17 (Call 11/30/15)a		10,950		3,285,000
11.00%, 03/15/20 (Call 09/15/17)a,b		21,850		11,635,125
EP Energy LLC/Everest Acquisition Finance Inc.
6.38%, 06/15/23 (Call 06/15/18)a		14,495		10,943,725
9.38%, 05/01/20 (Call 05/01/16)a		39,846		34,666,020
EPL Oil & Gas Inc.
8.25%, 02/15/18 (Call 11/30/15)a		7,400		2,331,000
EXCO Resources Inc.
7.50%, 09/15/18 (Call 11/30/15)a		11,785		3,240,875
8.50%, 04/15/22 (Call 04/15/17)		7,725		1,660,875
Halcon Resources Corp.
8.63%, 02/01/20 (Call 02/01/17)a,b		13,840		11,937,000
13.00%, 02/15/22 (Call 08/15/18)a,b		12,150		7,047,000
Harvest Operations Corp.
6.88%, 10/01/17		8,269		6,863,270
Hercules Offshore Inc.
8.75%, 07/15/21 (Call 07/15/17)a,b,d		6,850		1,370,000
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 06/01/19)a,b		9,945		9,000,225
5.75%, 10/01/25 (Call 04/01/20)a,b		8,225		7,587,563
Jupiter Resources Inc.
8.50%, 10/01/22 (Call 10/01/17)a,b		17,400		9,178,500
Laredo Petroleum Inc.
5.63%, 01/15/22 (Call 01/15/17)		8,375		7,851,563
7.38%, 05/01/22 (Call 05/01/17)a		10,050		9,849,375

SCHEDULESOF INVESTMENTS 61

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Linn Energy LLC/Linn Energy Finance Corp.
6.25%, 11/01/19 (Call 11/30/15)	$	23,141	$	5,366,398
6.50%, 05/15/19 (Call 11/30/15)		16,050		4,092,750
6.50%, 09/15/21 (Call 09/15/17)		9,875		2,172,500
7.75%, 02/01/21 (Call 11/30/15)		14,053		3,161,925
8.63%, 04/15/20 (Call 11/30/15)		18,245		4,743,700
MEG Energy Corp.
6.38%, 01/30/23 (Call 07/30/17)a,b		14,572		12,276,910
6.50%, 03/15/21 (Call 11/30/15)a,b		12,550		11,012,625
7.00%, 03/31/24 (Call 09/30/18)a,b		19,875		17,142,187
Memorial Production Partners LP/Memorial Production Finance Corp.
6.88%, 08/01/22 (Call 08/01/17)a		7,550		4,681,000
7.63%, 05/01/21 (Call 05/01/17)		12,350		8,274,500
Midstates Petroleum Co. Inc./Midstates Petroleum Co. LLC
10.00%, 06/01/20 (Call 06/01/17)a,b		11,550		7,998,375
Newfield Exploration Co.
5.38%, 01/01/26 (Call 10/01/25)		12,575		11,946,250
5.63%, 07/01/24a		19,430		19,332,850
5.75%, 01/30/22a		14,270		14,448,375
Noble Energy Inc.
5.88%, 06/01/24 (Call 06/01/19)a		1,300		1,305,386
Oasis Petroleum Inc.
6.50%, 11/01/21 (Call 11/01/16)		5,600		4,732,000
6.88%, 03/15/22 (Call 09/15/17)a		16,825		14,385,375

Security	Principal (000s)		Value
6.88%, 01/15/23 (Call 07/15/17)	$	9,717	$	8,417,351
7.25%, 02/01/19 (Call 11/30/15)a		6,815		6,525,363
Offshore Group Investment Ltd.
7.13%, 04/01/23 (Call 04/01/18)		12,025		3,532,344
7.50%, 11/01/19 (Call 11/30/15)a		17,800		5,073,000
Pacific Drilling SA
5.38%, 06/01/20 (Call 06/01/16)a,b		9,775		5,131,875
Pacific Drilling V Ltd.
7.25%, 12/01/17 (Call 12/01/15)b		9,075		6,171,000
Penn Virginia Corp.
8.50%, 05/01/20 (Call 05/01/17)a		11,500		3,306,250
Precision Drilling Corp.
5.25%, 11/15/24 (Call 05/15/19)a		8,095		6,678,375
6.63%, 11/15/20 (Call 11/30/15)		11,920		10,638,600
Puma International Financing SA
6.75%, 02/01/21 (Call 02/01/17)b		16,300		16,427,114
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)a		10,875		9,651,562
5.38%, 10/01/22 (Call 07/01/22)		11,660		10,494,000
6.88%, 03/01/21		11,450		11,106,500
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)a,b		13,600		12,070,000
5.00%, 08/15/22 (Call 02/15/17)		12,103		10,741,412
5.00%, 03/15/23 (Call 03/15/18)a		14,250		12,611,250
5.75%, 06/01/21 (Call 06/01/16)		9,322		8,716,070
Sanchez Energy Corp.
6.13%, 01/15/23 (Call 07/15/18)a		20,635		14,960,375

62 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
7.75%, 06/15/21 (Call 06/15/17)a	$	14,270	$	11,344,650
SandRidge Energy Inc.
8.75%, 06/01/20 (Call 06/01/17)b		20,250		12,403,125
Seven Generations Energy Ltd.
6.75%, 05/01/23 (Call 05/01/18)a,b		7,915		7,222,438
Seventy Seven Energy Inc.
6.50%, 07/15/22 (Call 07/15/17)a		8,365		2,530,413
Seventy Seven Operating LLC
6.63%, 11/15/19 (Call 11/30/15)a		8,260		4,873,400
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/18)		7,555		6,723,950
5.63%, 06/01/25 (Call 06/01/20)a		7,324		6,701,460
6.13%, 11/15/22 (Call 11/15/18)		9,750		9,506,250
6.50%, 01/01/23 (Call 07/01/17)		6,127		5,973,825
Sunoco LP/Sunoco Finance Corp.
5.50%, 08/01/20 (Call 08/01/17)b		13,100		13,427,500
6.38%, 04/01/23 (Call 04/01/18)b		13,550		13,685,500
Tesoro Corp.
4.25%, 10/01/17 (Call 09/01/17)a		5,248		5,352,960
5.38%, 10/01/22 (Call 10/01/17)a		7,625		7,777,500
Transocean Inc.
3.00%, 10/15/17		14,050		13,031,375
4.30%, 10/15/22 (Call 07/15/22)		12,515		8,416,337
6.00%, 03/15/18a		16,328		15,368,730
6.50%, 11/15/20a		16,050		13,000,500
6.88%, 12/15/21a		21,750		17,182,500
Tullow Oil PLC
6.00%, 11/01/20 (Call 11/01/16)b		14,420		10,959,200

Security	Principal (000s)		Value
6.25%, 04/15/22 (Call 04/15/17)b	$	8,000	$	6,040,000
Ultra Petroleum Corp.
5.75%, 12/15/18 (Call 12/15/15)b		10,320		6,966,000
6.13%, 10/01/24 (Call 10/01/19)a,b		13,795		7,483,788
Whiting Canadian Holding Co. ULC
8.13%, 12/01/19 (Call 12/01/15)		13,259		13,424,737
Whiting Petroleum Corp.
5.00%, 03/15/19 (Call 12/15/18)a		20,300		19,335,750
5.75%, 03/15/21 (Call 12/15/20)a		21,531		20,077,657
6.25%, 04/01/23 (Call 01/01/23)a		15,570		14,519,025
WPX Energy Inc.
5.25%, 01/15/17		6,260		6,244,350
5.25%, 09/15/24 (Call 06/15/24)a		8,320		6,926,400
6.00%, 01/15/22 (Call 10/15/21)a		23,130		20,354,400
7.50%, 08/01/20 (Call 07/01/20)a		9,150		8,578,125
8.25%, 08/01/23 (Call 06/01/23)a		10,250		9,532,500
				1,207,838,084
OIL & GAS SERVICES — 0.08%
CGG SA
6.50%, 06/01/21 (Call 06/01/16)a		11,360		6,475,200
6.88%, 01/15/22 (Call 07/15/17)		9,975		5,685,750
				12,160,950
PACKAGING & CONTAINERS — 1.50%
Ardagh Packaging Finance PLC
9.13%, 10/15/20 (Call 11/30/15)a,b		12,796		13,403,810
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
6.00%, 06/30/21 (Call 06/30/17)a,b		6,050		5,929,000

SCHEDULESOF INVESTMENTS 63

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
6.25%, 01/31/19 (Call 01/31/16)b	$	8,075	$	8,145,656
6.75%, 01/31/21 (Call 01/31/17)a,b		9,700		9,918,250
Ball Corp.
4.00%, 11/15/23a		18,366		17,906,850
5.00%, 03/15/22a		14,946		15,469,110
5.25%, 07/01/25		19,850		20,222,187
Berry Plastics Corp.
5.13%, 07/15/23 (Call 07/15/18)a		13,450		13,349,125
5.50%, 05/15/22 (Call 05/15/17)a		8,280		8,487,000
6.00%, 10/15/22 (Call 10/15/18)a,b		3,285		3,441,038
Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II Issuer Inc.
5.63%, 12/15/16 (Call 12/15/15)b		9,375		9,363,281
6.00%, 06/15/17 (Call 06/15/16)a,b		12,400		12,462,000
Crown Americas LLC/Crown Americas Capital Corp. III
6.25%, 02/01/21 (Call 02/01/16)a		11,880		12,355,200
Crown Americas LLC/Crown Americas Capital Corp. IV
4.50%, 01/15/23a		20,112		20,112,000
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22a,b		7,900		7,998,750
5.88%, 08/15/23a,b		15,200		16,131,000
Sealed Air Corp.
4.88%, 12/01/22 (Call 09/01/22)a,b		7,025		7,218,187
5.13%, 12/01/24 (Call 09/01/24)a,b		7,075		7,287,250
5.25%, 04/01/23 (Call 01/01/23)a,b		9,700		10,136,500
5.50%, 09/15/25 (Call 06/15/25)a,b		5,785		6,088,713

Security	Principal (000s)		Value
6.50%, 12/01/20 (Call 09/01/20)a,b	$	6,150	$	6,872,625
				232,297,532
PHARMACEUTICALS — 2.53%
DPx Holdings BV
7.50%, 02/01/22 (Call 02/01/17)b		7,000		7,140,000
Endo Finance LLC
5.75%, 01/15/22 (Call 01/15/17)b		15,275		15,026,781
Endo Finance LLC/Endo Finco Inc.
5.38%, 01/15/23 (Call 07/15/17)a,b		12,750		12,495,000
7.25%, 12/15/20 (Call 12/15/15)a,b		1,370		1,416,238
Endo Ltd./Endo Finance LLC/Endo Finco Inc.
6.00%, 07/15/23 (Call 07/15/18)a,b		31,845		31,845,000
6.00%, 02/01/25 (Call 02/01/20)b		21,120		21,067,200
Grifols Worldwide Operations Ltd.
5.25%, 04/01/22 (Call 04/01/17)		16,485		16,979,550
NBTY Inc.
9.00%, 10/01/18 (Call 11/30/15)		9,875		10,109,531
Valeant Pharmaceuticals International Inc.
5.38%, 03/15/20 (Call 03/15/17)b		35,390		30,789,300
5.50%, 03/01/23 (Call 03/01/18)a,b		18,110		15,144,487
5.63%, 12/01/21 (Call 12/01/16)a,b		16,050		13,923,375
5.88%, 05/15/23 (Call 05/15/18)a,b		56,150		47,446,750
6.13%, 04/15/25 (Call 04/15/20)a,b		58,130		49,119,850
6.38%, 10/15/20 (Call 10/15/16)b		40,100		36,290,500
6.75%, 08/15/18 (Call 11/30/15)a,b		27,688		26,580,480

64 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
6.75%, 08/15/21 (Call 02/15/16)b	$	12,070	$	10,742,300
7.00%, 10/01/20 (Call 11/30/15)a,b		8,331		7,643,693
7.25%, 07/15/22 (Call 07/15/16)b		9,950		8,955,000
7.50%, 07/15/21 (Call 07/15/16)b		31,970		29,092,700
				391,807,735
PIPELINES — 3.76%
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
6.00%, 12/15/20 (Call 12/15/16)a		8,115		7,181,775
6.13%, 03/01/22 (Call 11/01/16)a		12,679		10,935,638
6.25%, 04/01/23 (Call 04/01/18)b		11,150		9,505,375
DCP Midstream LLC
5.85%, 05/21/43 (Call 05/21/23)b,c		9,361		7,488,800
DCP Midstream Operating LP
2.50%, 12/01/17 (Call 11/01/17)		8,100		7,533,000
3.88%, 03/15/23 (Call 12/15/22)		12,300		10,332,000
Energy Transfer Equity LP
5.50%, 06/01/27 (Call 03/01/27)a		18,340		16,322,600
5.88%, 01/15/24 (Call 10/15/23)a		23,675		22,935,748
7.50%, 10/15/20a		22,580		24,273,500
Genesis Energy LP/Genesis Energy Finance Corp.
6.00%, 05/15/23 (Call 05/15/18)		6,975		6,347,250
6.75%, 08/01/22 (Call 08/01/18)		12,550		12,142,125
Kinder Morgan Inc./DE
8.25%, 02/15/16		1,050		1,067,939
Kindred Healthcare Inc.
8.00%, 01/15/20		14,800		15,318,000

Security	Principal (000s)		Value
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.
4.50%, 07/15/23 (Call 04/15/23)	$	21,550	$	20,203,125
4.88%, 12/01/24 (Call 09/01/24)a		23,189		21,855,632
4.88%, 06/01/25 (Call 03/01/25)		20,591		19,304,062
5.50%, 02/15/23 (Call 08/15/17)a		13,225		13,026,625
NGPL PipeCo LLC
7.12%, 12/15/17a,b		23,990		22,190,750
9.63%, 06/01/19 (Call 11/30/15)a,b		10,275		9,555,750
NuStar Logistics LP
4.80%, 09/01/20		7,518		7,292,460
ONEOK Inc.
4.25%, 02/01/22 (Call 11/02/21)		9,328		7,934,024
7.50%, 09/01/23 (Call 06/01/23)		10,575		10,347,955
Rockies Express Pipeline LLC
5.63%, 04/15/20b		11,990		12,019,975
6.00%, 01/15/19a,b		12,275		12,428,438
6.85%, 07/15/18a,b		8,945		9,213,350
Sabine Pass Liquefaction LLC
5.63%, 02/01/21 (Call 11/01/20)a		39,535		39,139,650
5.63%, 04/15/23 (Call 01/15/23)		26,921		26,197,498
5.63%, 03/01/25 (Call 12/01/24)b		36,895		35,326,962
5.75%, 05/15/24 (Call 02/15/24)		39,270		37,895,550
6.25%, 03/15/22 (Call 12/15/21)a		17,200		17,114,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.13%, 11/15/19		11,400		10,602,000
4.25%, 11/15/23 (Call 05/15/18)		11,200		9,772,000
5.00%, 01/15/18 (Call 10/15/17)b		22,191		21,913,612

SCHEDULESOF INVESTMENTS 65

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
5.25%, 05/01/23 (Call 11/01/17)a	$	10,800	$	10,071,000
6.75%, 03/15/24 (Call 09/15/19)a,b		12,450		12,201,000
6.88%, 02/01/21 (Call 02/01/16)a		7,600		7,638,000
Tesoro Logistics LP/Tesoro Logistics Finance Corp.
5.50%, 10/15/19 (Call 09/15/19)a,b		7,147		7,307,808
5.88%, 10/01/20 (Call 10/01/16)a		7,450		7,748,000
6.13%, 10/15/21 (Call 10/15/16)a		8,600		8,944,000
6.25%, 10/15/22 (Call 10/15/18)a,b		13,180		13,674,250
				582,301,226
REAL ESTATE — 0.12%
CBRE Services Inc.
5.00%, 03/15/23 (Call 03/15/18)		357		362,617
Realogy Group LLC
7.63%, 01/15/20 (Call 11/23/15)b		9,677		10,160,850
Realogy Group LLC/Realogy Co-Issuer Corp.
4.50%, 04/15/19a,b		8,450		8,703,500
				19,226,967
REAL ESTATE INVESTMENT TRUSTS — 0.99%
ARC Properties Operating Partnership LP
2.00%, 02/06/17		23,250		22,901,250
Communications Sales & Leasing Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 04/15/18)a,b		6,736		6,500,240
8.25%, 10/15/23 (Call 04/15/19)		21,350		19,695,375
Crown Castle International Corp.
4.88%, 04/15/22		14,590		15,447,163
5.25%, 01/15/23a		30,125		32,459,687
Iron Mountain Inc.
6.00%, 10/01/20 (Call 10/01/17)b		2,000		2,120,000

Security	Principal (000s)		Value
iStar Inc.
4.00%, 11/01/17 (Call 08/01/17)a	$	10,300	$	10,068,250
5.00%, 07/01/19 (Call 07/01/16)a		14,675		14,363,156
MPT Operating Partnership LP/MPT Finance Corp.
6.88%, 05/01/21 (Call 05/01/16)		5,925		6,199,031
Vereit Operating Partnership LP
3.00%, 02/06/19 (Call 01/06/19)		14,750		14,215,313
4.60%, 02/06/24 (Call 11/06/23)		9,650		9,336,375
				153,305,840
RETAIL — 3.41%
1011778 BC ULC/New Red Finance Inc.
4.63%, 01/15/22 (Call 10/01/17)b		23,400		23,751,000
6.00%, 04/01/22 (Call 10/01/17)a,b		41,042		42,786,285
AmeriGas Finance LLC/AmeriGas Finance Corp.
6.75%, 05/20/20 (Call 05/20/16)		13,600		14,144,000
7.00%, 05/20/22 (Call 05/20/17)		17,190		18,115,681
AmeriGas Partners LP/AmeriGas Finance Corp.
6.25%, 08/20/19 (Call 11/30/15)		7,480		7,648,300
Best Buy Co. Inc.
5.00%, 08/01/18		5,806		6,183,390
5.50%, 03/15/21 (Call 12/15/20)a		3,750		4,012,500
Claire’s Stores Inc.
8.88%, 03/15/19 (Call 11/30/15)a		6,930		2,772,000
9.00%, 03/15/19 (Call 11/30/15)a,b		15,625		12,773,437

66 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Dollar Tree Inc.
5.25%, 03/01/20 (Call 03/01/17)b	$	15,557	$	16,257,065
5.75%, 03/01/23 (Call 03/01/18)b		46,130		48,436,500
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 05/01/16)		9,800		9,089,500
6.75%, 01/15/22 (Call 11/15/16)a		8,650		8,001,250
6.75%, 06/15/23 (Call 06/15/19)a,b		11,260		10,359,200
JC Penney Corp. Inc.
5.65%, 06/01/20a		6,350		5,794,375
8.13%, 10/01/19a		8,675		8,631,625
L Brands Inc.
5.63%, 02/15/22		17,459		18,899,367
5.63%, 10/15/23a		11,000		12,017,500
6.63%, 04/01/21a		18,352		20,829,520
6.90%, 07/15/17		10,262		11,082,960
7.00%, 05/01/20a		6,160		7,053,200
8.50%, 06/15/19a		11,150		13,157,000
Michaels Stores Inc.
5.88%, 12/15/20 (Call 12/15/16)a,b		8,575		9,068,063
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/21 (Call 10/15/16)a,b		19,200		19,872,000
Petco Animal Supplies Inc.
9.25%, 12/01/18 (Call 11/30/15)b		7,850		8,065,875
QVC Inc.
3.13%, 04/01/19		7,080		7,051,200
4.38%, 03/15/23		14,701		14,015,763
4.45%, 02/15/25 (Call 11/15/24)a		10,116		9,473,356
4.85%, 04/01/24a		12,890		12,506,285
5.13%, 07/02/22		9,015		9,081,898
Rite Aid Corp.
6.13%, 04/01/23 (Call 04/01/18)a,b		32,420		35,054,125
6.75%, 06/15/21 (Call 06/15/16)a		16,366		17,552,535

Security	Principal (000s)		Value
9.25%, 03/15/20 (Call 03/15/16)	$	12,958	$	13,897,455
Sally Holdings LLC/Sally Capital Inc.
5.75%, 06/01/22 (Call 06/01/17)a		15,118		15,911,695
6.88%, 11/15/19 (Call 11/30/15)		9,050		9,400,688
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)a		8,600		8,342,000
Toys R Us Inc.
10.38%, 08/15/17 (Call 11/30/15)a		6,340		5,072,000
Toys R Us Property Co. II LLC
8.50%, 12/01/17 (Call 11/30/15)a		12,875		12,440,469
				528,601,062
SEMICONDUCTORS — 1.33%
Advanced Micro Devices Inc.
6.75%, 03/01/19		11,100		8,658,000
7.00%, 07/01/24 (Call 07/01/19)		9,875		6,912,500
7.50%, 08/15/22a		7,350		5,365,500
7.75%, 08/01/20 (Call 11/30/15)a		8,335		6,167,900
Freescale Semiconductor Inc.
5.00%, 05/15/21 (Call 05/15/16)a,b		8,000		8,260,000
6.00%, 01/15/22 (Call 11/15/16)b		17,690		18,795,625
Micron Technology Inc.
5.25%, 08/01/23 (Call 02/01/18)a,b		20,120		19,516,400
5.25%, 01/15/24 (Call 05/01/18)a,b		9,450		9,072,000
5.50%, 02/01/25 (Call 08/01/19)		20,585		19,761,600
5.63%, 01/15/26 (Call 05/01/20)b		9,550		9,024,750
5.88%, 02/15/22 (Call 02/15/17)a		10,500		10,683,750

SCHEDULESOF INVESTMENTS 67

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
NXP BV/NXP Funding LLC
3.50%, 09/15/16a,b	$	2,750	$	2,770,625
3.75%, 06/01/18a,b		13,216		13,414,240
4.13%, 06/15/20a,b		9,970		10,169,400
4.63%, 06/15/22a,b		7,800		7,956,000
5.75%, 02/15/21 (Call 02/15/17)a,b		10,075		10,578,750
5.75%, 03/15/23 (Call 03/15/18)a,b		9,350		9,817,500
Sensata Technologies BV
4.88%, 10/15/23a,b		7,673		7,519,540
5.00%, 10/01/25a,b		15,150		14,809,125
5.63%, 11/01/24a,b		6,680		6,796,900
				206,050,105
SHIPBUILDING — 0.12%
Huntington Ingalls Industries Inc.
5.00%, 12/15/21 (Call 12/15/17)a,b		8,921		9,300,143
7.13%, 03/15/21 (Call 03/15/16)a		8,960		9,408,000
				18,708,143
SOFTWARE — 2.83%
Activision Blizzard Inc.
5.63%, 09/15/21 (Call 09/15/16)b		26,600		28,129,500
6.13%, 09/15/23 (Call 09/15/18)a,b		13,525		14,674,625
Audatex North America Inc.
6.00%, 06/15/21 (Call 06/15/17)a,b		33,711		33,921,694
6.13%, 11/01/23 (Call 11/01/18)b		25,070		25,226,687
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 07/15/16)b		31,545		24,447,375
First Data Corp.
5.38%, 08/15/23 (Call 08/15/18)a,b		26,940		27,411,450
6.75%, 11/01/20 (Call 11/30/15)a,b		22,752		23,974,920
7.00%, 12/01/23		32,060		32,621,050
8.25%, 01/15/21 (Call 01/15/16)a,b		38,667		40,552,016

Security	Principal (000s)		Value
10.63%, 06/15/21 (Call 04/15/16)a	$	10,531	$	11,755,229
11.25%, 01/15/21 (Call 11/02/15)		8,205		9,078,422
11.75%, 08/15/21 (Call 05/15/16)		31,485		35,932,256
12.63%, 01/15/21 (Call 01/15/16)a		51,974		59,510,230
Infor U.S. Inc.
5.75%, 08/15/20 (Call 08/15/17)b		11,490		11,662,350
6.50%, 05/15/22 (Call 05/15/18)b		29,210		27,603,450
MSCI Inc.
5.75%, 08/15/25 (Call 08/15/20)b		10,435		10,956,750
Nuance Communications Inc.
5.38%, 08/15/20 (Call 08/15/16)b		20,765		21,128,388
				438,586,392
STORAGE & WAREHOUSING — 0.15%
Algeco Scotsman Global Finance PLC
8.50%, 10/15/18 (Call 11/30/15)a,b		18,750		16,359,375
10.75%, 10/15/19 (Call 10/15/16)a,b		12,550		6,933,875
				23,293,250
TELECOMMUNICATIONS — 14.09%
Alcatel-Lucent USA Inc.
4.63%, 07/01/17b		12,400		12,834,000
6.75%, 11/15/20 (Call 11/15/16)a,b		9,910		10,504,600
8.88%, 01/01/20 (Call 07/01/16)a,b		10,260		11,055,150
Altice Financing SA
6.50%, 01/15/22 (Call 12/15/16)a,b		16,649		16,815,490
6.63%, 02/15/23 (Call 02/15/18)a,b		39,686		39,686,000
7.88%, 12/15/19 (Call 12/15/15)a,b		5,800		6,057,375

68 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Altice Finco SA
8.13%, 01/15/24 (Call 12/15/18)a,b	$	9,550	$	9,454,500
9.88%, 12/15/20 (Call 12/15/16)b		7,750		8,311,875
Altice Luxembourg SA
7.63%, 02/15/25 (Call 02/15/20)b		25,710		23,588,925
7.75%, 05/15/22 (Call 05/15/17)b		52,525		50,424,000
Avaya Inc.
7.00%, 04/01/19 (Call 11/30/15)a,b		22,966		18,257,970
10.50%, 03/01/21 (Call 03/01/17)a,b		21,695		8,352,575
CenturyLink Inc.
5.63%, 04/01/25 (Call 01/01/25)a		9,250		8,394,375
5.80%, 03/15/22a		26,839		26,164,804
6.00%, 04/01/17a		7,100		7,384,000
6.45%, 06/15/21a		24,525		24,708,937
Series V
5.63%, 04/01/20a		17,955		17,999,888
Series W
6.75%, 12/01/23a		14,300		14,157,000
CommScope Inc.
4.38%, 06/15/20 (Call 06/15/17)a,b		2,615		2,654,225
5.00%, 06/15/21 (Call 06/15/17)b		10,175		10,200,438
5.50%, 06/15/24 (Call 06/15/19)b		10,760		10,652,400
CommScope Technologies Finance LLC
6.00%, 06/15/25 (Call 06/15/20)a,b		29,490		30,006,075
Embarq Corp.
7.08%, 06/01/16a		1,140		1,172,945
Frontier Communications Corp.
6.25%, 09/15/21 (Call 06/15/21)a		14,022		12,549,690
6.88%, 01/15/25 (Call 10/15/24)a		16,275		13,996,500

Security	Principal (000s)		Value
7.13%, 03/15/19	$	8,200	$	8,343,500
7.13%, 01/15/23a		16,090		14,400,550
7.63%, 04/15/24a		18,550		16,695,000
8.13%, 10/01/18a		11,105		11,715,775
8.25%, 04/15/17a		9,570		10,215,975
8.50%, 04/15/20a		18,465		19,065,113
8.75%, 04/15/22a		8,510		8,190,875
8.88%, 09/15/20 (Call 06/15/20)a,b		17,235		17,902,856
9.25%, 07/01/21a		8,400		8,526,000
10.50%, 09/15/22 (Call 06/15/22)b		40,305		41,816,437
11.00%, 09/15/25 (Call 06/15/25)b		66,430		69,710,313
Hughes Satellite Systems Corp.
6.50%, 06/15/19a		15,612		17,095,140
7.63%, 06/15/21		14,915		16,294,638
Inmarsat Finance PLC
4.88%, 05/15/22 (Call 05/15/17)a,b		20,425		20,271,813
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/18)a		39,802		32,985,907
6.63%, 12/15/22 (Call 12/15/17)a		23,250		18,367,500
7.25%, 04/01/19 (Call 11/30/15)a		27,463		25,828,951
7.25%, 10/15/20 (Call 11/30/15)a		43,520		39,712,000
7.50%, 04/01/21 (Call 04/01/16)a		22,727		20,567,935
Intelsat Luxembourg SA
6.75%, 06/01/18 (Call 06/01/16)a		8,550		7,588,125
7.75%, 06/01/21 (Call 06/01/17)		34,225		20,620,563
8.13%, 06/01/23 (Call 06/01/18)		16,500		9,776,250
Koninklijke KPN NV
7.00%, 03/28/73 (Call 03/28/23)b,c		11,410		11,866,400
Level 3 Communications Inc.
5.75%, 12/01/22 (Call 12/01/17)a		10,950		11,196,375

SCHEDULESOF INVESTMENTS 69

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Level 3 Financing Inc.
5.13%, 05/01/23 (Call 05/01/18)a,b	$	13,690	$	13,826,900
5.38%, 08/15/22 (Call 08/15/17)		16,354		16,313,115
5.38%, 01/15/24		1,000		1,012,500
5.38%, 05/01/25 (Call 05/01/20)a,b		13,425		13,391,438
5.63%, 02/01/23 (Call 02/01/18)a		10,530		10,845,900
6.13%, 01/15/21 (Call 11/15/16)		11,290		11,910,950
7.00%, 06/01/20 (Call 06/01/16)a		11,950		12,637,125
8.63%, 07/15/20 (Call 01/15/16)		16,945		17,898,156
Millicom International Cellular SA
4.75%, 05/22/20 (Call 05/22/17)b		10,378		9,080,750
6.00%, 03/15/25 (Call 03/15/20)a,b		7,750		6,413,125
6.63%, 10/15/21 (Call 10/15/17)a,b		14,960		13,464,000
Nokia OYJ
5.38%, 05/15/19a		14,400		15,336,000
Sable International Finance Ltd.
6.88%, 08/01/22 (Call 08/01/18)b		13,080		13,243,500
SBA Communications Corp.
5.63%, 10/01/19 (Call 10/01/16)		8,150		8,506,563
SBA Telecommunications Inc.
5.75%, 07/15/20 (Call 07/15/16)a		16,657		17,385,744
SoftBank Group Corp.
4.50%, 04/15/20a,b		45,110		44,839,340
Sprint Communications Inc.
6.00%, 12/01/16		28,350		28,668,937
6.00%, 11/15/22a		42,910		36,527,137
7.00%, 03/01/20b		17,818		18,664,180
7.00%, 08/15/20a		29,748		27,451,636
8.38%, 08/15/17		26,330		26,922,425
9.00%, 11/15/18b		57,647		63,400,171

Security	Principal (000s)		Value
9.13%, 03/01/17	$	17,673	$	18,357,829
11.50%, 11/15/21		16,014		16,814,700
Sprint Corp.
7.13%, 06/15/24		48,075		42,215,859
7.25%, 09/15/21		42,257		38,823,619
7.63%, 02/15/25 (Call 11/15/24)		27,865		24,660,525
7.88%, 09/15/23		79,655		73,083,462
T-Mobile USA Inc.
5.25%, 09/01/18 (Call 11/10/15)a		9,150		9,355,875
6.00%, 03/01/23 (Call 09/01/18)a		25,897		25,832,257
6.13%, 01/15/22 (Call 01/15/18)		17,100		17,399,250
6.25%, 04/01/21 (Call 04/01/17)a		32,000		32,880,000
6.38%, 03/01/25 (Call 09/01/19)a		33,120		33,123,312
6.46%, 04/28/19 (Call 11/10/15)		23,007		23,668,451
6.50%, 01/15/24 (Call 01/15/19)a		22,175		22,341,312
6.54%, 04/28/20 (Call 04/28/16)		23,275		23,973,250
6.63%, 11/15/20 (Call 11/15/15)		18,620		19,178,600
6.63%, 04/28/21 (Call 04/28/17)a		24,075		24,827,344
6.63%, 04/01/23 (Call 04/01/18)a		32,918		33,576,360
6.73%, 04/28/22 (Call 04/28/17)a		23,129		23,822,870
6.84%, 04/28/23 (Call 04/28/18)a		10,355		10,562,100
Telecom Italia Capital SA
7.00%, 06/04/18a		11,540		12,722,850
7.18%, 06/18/19a		10,735		12,103,713
Telecom Italia SpA
5.30%, 05/30/24a,b		26,450		26,714,500
UPCB Finance IV Ltd.
5.38%, 01/15/25 (Call 01/15/20)a,b		19,682		19,632,795

70 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
UPCB Finance V Ltd.
7.25%, 11/15/21 (Call 11/15/16)b	$	8,793	$	9,386,528
UPCB Finance VI Ltd.
6.88%, 01/15/22 (Call 01/15/17)a,b		10,674		11,341,125
Virgin Media Finance PLC
5.75%, 01/15/25 (Call 01/15/20)a,b		7,605		7,376,850
6.00%, 10/15/24 (Call 10/15/19)a,b		9,400		9,447,000
6.38%, 04/15/23 (Call 04/15/18)a,b		8,850		9,115,500
Virgin Media Secured Finance PLC
5.25%, 01/15/21		7,200		7,578,000
5.25%, 01/15/26 (Call 01/15/20)b		18,907		18,954,268
5.38%, 04/15/21 (Call 04/15/17)b		15,390		16,082,550
5.50%, 01/15/25 (Call 01/15/19)a,b		7,450		7,543,125
West Corp.
5.38%, 07/15/22 (Call 07/15/17)a,b		19,247		18,332,768
Wind Acquisition Finance SA
4.75%, 07/15/20 (Call 07/15/16)a,b		35,665		36,289,137
6.50%, 04/30/20 (Call 04/30/16)a,b		12,242		12,900,620
7.38%, 04/23/21 (Call 04/23/17)b		54,250		54,656,875
Windstream Services LLC
6.38%, 08/01/23 (Call 02/01/18)a		12,450		9,835,500
7.50%, 06/01/22 (Call 06/01/17)a		8,550		7,113,600
7.50%, 04/01/23 (Call 04/01/16)a		14,050		11,766,875
7.75%, 10/15/20 (Call 11/30/15)a		13,015		11,729,769
7.75%, 10/01/21 (Call 10/01/16)a		17,000		14,620,000

Security	Principal or Shares (000s)		Value
7.88%, 11/01/17a	$	21,127	$	22,341,802
				2,183,960,045
TRANSPORTATION — 0.49%
CHC Helicopter SA
9.25%, 10/15/20 (Call 11/30/15)a		14,210		8,099,757
Florida East Coast Holdings Corp.
6.75%, 05/01/19 (Call 05/01/16)a,b		16,131		16,231,819
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc.
7.38%, 01/15/22 (Call 01/15/17)b		11,600		9,106,000
XPO Logistics Inc.
6.50%, 06/15/22 (Call 06/15/18)a,b		29,620		26,435,850
7.88%, 09/01/19 (Call 09/01/16)a,b		16,450		16,573,374
				76,446,800
TOTAL CORPORATE BONDS & NOTES
(Cost: $16,111,988,683)				15,116,761,939
SHORT-TERM INVESTMENTS — 23.17%
MONEY MARKET FUNDS — 23.17%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.19%e,f,g		3,096,494		3,096,493,766
BlackRock Cash Funds: Prime, SL Agency Shares
0.19%e,f,g		271,263		271,262,905
BlackRock Cash Funds: Treasury, SL Agency Shares
0.02%e,f		223,496		223,496,063
				3,591,252,734
TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,591,252,734)				3,591,252,734

SCHEDULESOF INVESTMENTS 71

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

October 31, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 120.68%
(Cost: $19,703,241,417)	$	18,708,014,673
Other Assets, Less Liabilities — (20.68)%		(3,205,403,877	)
NET ASSETS — 100.00%	$	15,502,610,796

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

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

^c  Variable rate security. Rate shown is as of report date.

^d  Issuer is in default of interest payments.

^e  Affiliated issuer.

^f  The rate quoted is the annualized seven-day yield of the fund at period end.

^g  All or a portion of this security represents an investment of securities lending collateral.

72 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 98.67%
ADVERTISING — 0.26%
Omnicom Group Inc.
3.63%, 05/01/22	$	12,419	$	12,566,285
3.65%, 11/01/24 (Call 08/01/24)a		10,333		10,232,597
4.45%, 08/15/20		14,245		15,321,288
WPP Finance 2010
3.75%, 09/19/24a		11,125		11,167,120
4.75%, 11/21/21a		14,910		16,226,476
				65,513,766
AEROSPACE & DEFENSE — 1.33%
Boeing Co. (The)
4.88%, 02/15/20a		7,574		8,474,446
General Dynamics Corp.
2.25%, 11/15/22 (Call 08/15/22)		4,480		4,303,889
L-3 Communications Corp.
4.75%, 07/15/20a		11,368		11,786,248
5.20%, 10/15/19		18,115		19,164,293
Lockheed Martin Corp.
2.90%, 03/01/25 (Call 12/01/24)		19,990		19,219,745
3.35%, 09/15/21		13,194		13,619,993
3.80%, 03/01/45 (Call 09/01/44)		18,273		16,235,603
4.07%, 12/15/42		15,444		14,335,802
4.25%, 11/15/19a		5,243		5,664,942
Northrop Grumman Corp.
3.25%, 08/01/23		17,933		18,093,330
4.75%, 06/01/43a		13,798		14,332,804
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)a		4,764		4,683,361
3.13%, 10/15/20a		26,042		27,323,339
United Technologies Corp.
3.10%, 06/01/22a		19,452		19,947,830
4.15%, 05/15/45 (Call 11/16/44)a		28,400		27,466,986
4.50%, 04/15/20		18,950		20,867,446
4.50%, 06/01/42		40,727		41,465,698
5.70%, 04/15/40		10,519		12,521,491
6.13%, 02/01/19		16,938		19,083,347

Security	Principal (000s)		Value
6.13%, 07/15/38	$	8,891	$	11,042,988
				329,633,581
AGRICULTURE — 1.51%
Altria Group Inc.
2.63%, 01/14/20 (Call 12/14/19)		7,075		7,127,201
2.85%, 08/09/22a		18,659		18,427,119
4.00%, 01/31/24a		24,657		25,859,399
4.25%, 08/09/42		13,027		12,068,451
4.75%, 05/05/21		15,019		16,507,007
5.38%, 01/31/44		22,627		24,681,781
9.25%, 08/06/19		12,028		14,876,334
9.70%, 11/10/18		5,289		6,429,786
Philip Morris International Inc.
1.88%, 01/15/19a		10,333		10,368,959
2.50%, 08/22/22a		9,020		8,868,415
2.90%, 11/15/21		9,966		10,124,379
3.25%, 11/10/24a		9,300		9,421,332
3.88%, 08/21/42		9,986		9,216,592
4.13%, 03/04/43		7,399		7,105,802
4.25%, 11/10/44a		11,071		10,834,316
4.38%, 11/15/41		13,386		13,323,455
4.50%, 03/26/20a		9,614		10,508,050
4.88%, 11/15/43		8,850		9,436,609
6.38%, 05/16/38		13,096		16,531,137
Reynolds American Inc.
3.25%, 06/12/20		16,070		16,465,523
3.25%, 11/01/22		12,519		12,448,841
4.00%, 06/12/22a		16,585		17,325,104
4.45%, 06/12/25 (Call 03/12/25)		28,240		29,573,007
4.75%, 11/01/42a		6,045		5,807,540
5.70%, 08/15/35 (Call 02/15/35)a		9,000		9,859,723
5.85%, 08/15/45 (Call 02/15/45)		35,500		39,484,154
6.88%, 05/01/20b		1,226		1,426,375
8.13%, 06/23/19b		369		437,055
				374,543,446
AUTO MANUFACTURERS — 1.54%
American Honda Finance Corp.
2.25%, 08/15/19		14,058		14,101,393
2.45%, 09/24/20a		5,750		5,757,635

SCHEDULESOF INVESTMENTS 73

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Daimler Finance North America LLC
8.50%, 01/18/31a	$	20,894	$	30,223,894
Ford Motor Co.
4.75%, 01/15/43a		29,993		29,585,464
7.45%, 07/16/31		11,587		14,870,620
Ford Motor Credit Co. LLC
3.22%, 01/09/22		26,700		26,542,809
General Motors Co.
4.88%, 10/02/23a		18,850		19,825,487
5.00%, 04/01/35		1,000		978,080
5.20%, 04/01/45		14,380		14,242,383
6.25%, 10/02/43		25,760		28,314,104
General Motors Financial Co. Inc.
3.15%, 01/15/20 (Call 12/15/19)		16,253		16,197,090
3.20%, 07/13/20 (Call 06/13/20)		16,928		16,820,169
3.45%, 04/10/22 (Call 02/10/22)		11,500		11,236,765
3.50%, 07/10/19		1,250		1,262,500
4.00%, 01/15/25 (Call 10/15/24)		18,400		18,074,136
4.30%, 07/13/25 (Call 04/13/25)		20,200		20,301,000
4.38%, 09/25/21		19,500		20,235,345
Toyota Motor Credit Corp.
2.00%, 10/24/18		6,000		6,056,617
2.10%, 01/17/19a		3,397		3,427,046
2.13%, 07/18/19a		22,100		22,232,600
2.15%, 03/12/20a		15,316		15,340,087
3.30%, 01/12/22a		24,232		25,097,468
3.40%, 09/15/21		11,822		12,335,184
4.25%, 01/11/21a		2,500		2,709,488
Series B
4.50%, 06/17/20a		5,604		6,144,959
				381,912,323
BANKS — 26.75%
Abbey National Treasury Services PLC/United Kingdom
2.35%, 09/10/19		8,578		8,621,590
2.38%, 03/16/20		11,367		11,385,020
4.00%, 03/13/24a		13,566		14,209,472

Security	Principal (000s)		Value
Australia & New Zealand Banking Group Ltd./New York NY
2.25%, 06/13/19	$	16,820	$	16,927,643
Banco Bilbao Vizcaya Argentaria SA
3.00%, 10/20/20		8,000		8,000,000
Bank of America Corp.
2.60%, 01/15/19a		30,004		30,361,309
2.63%, 10/19/20		10,000		9,947,062
2.65%, 04/01/19		38,764		39,241,274
3.30%, 01/11/23		57,611		57,533,968
3.88%, 08/01/25		33,289		33,834,267
4.00%, 04/01/24		39,922		41,087,886
4.00%, 01/22/25		43,900		43,294,470
4.10%, 07/24/23		17,656		18,428,300
4.13%, 01/22/24		34,741		36,210,030
4.20%, 08/26/24		14,402		14,448,871
4.25%, 10/22/26		31,413		31,415,321
4.88%, 04/01/44a		23,410		24,458,110
5.00%, 05/13/21		25,330		27,875,503
5.00%, 01/21/44		26,715		28,473,440
5.63%, 07/01/20		32,310		36,305,067
5.70%, 01/24/22		22,723		25,967,783
5.88%, 01/05/21a		17,420		19,886,414
5.88%, 02/07/42		11,715		13,695,514
6.11%, 01/29/37		24,802		28,857,340
6.88%, 11/15/18		12,113		13,783,792
7.63%, 06/01/19		27,900		32,824,559
7.75%, 05/14/38a		17,977		24,867,953
Series L
2.25%, 04/21/20		49,065		48,370,882
3.95%, 04/21/25		36,135		35,553,826
Bank of America N.A.
6.00%, 10/15/36		9,565		11,558,484
Bank of Montreal
2.38%, 01/25/19 (Call 12/25/18)		5,050		5,122,992
2.55%, 11/06/22 (Call 10/06/22)a		16,273		16,045,940
Bank of New York Mellon Corp. (The)
2.10%, 01/15/19 (Call 12/15/18)		7,937		7,999,798

74 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
2.20%, 05/15/19 (Call 04/15/19)a	$	9,741	$	9,820,438
2.30%, 09/11/19 (Call 08/11/19)a		3,438		3,473,989
2.60%, 08/17/20 (Call 07/17/20)		7,000		7,090,348
3.00%, 02/24/25 (Call 01/24/25)a		7,710		7,577,639
3.55%, 09/23/21 (Call 08/23/21)		28,002		29,377,985
3.65%, 02/04/24 (Call 01/05/24)		15,526		16,173,209
Series G
2.15%, 02/24/20 (Call 01/24/20)		20,817		20,803,425
Bank of Nova Scotia (The)
2.05%, 10/30/18		20,788		20,915,840
2.05%, 06/05/19		17,333		17,315,504
2.35%, 10/21/20		10,000		9,949,876
2.80%, 07/21/21a		11,051		11,085,723
4.38%, 01/13/21a		3,424		3,712,166
Barclays Bank PLC
2.50%, 02/20/19a		20,966		21,254,513
3.75%, 05/15/24a		30,265		30,974,121
5.13%, 01/08/20a		13,505		14,995,774
5.14%, 10/14/20a		6,734		7,365,508
6.75%, 05/22/19a		17,214		19,867,922
Barclays PLC
2.75%, 11/08/19		28,900		28,983,905
2.88%, 06/08/20a		27,500		27,554,315
3.65%, 03/16/25		32,040		31,104,384
4.38%, 09/11/24a		14,835		14,568,034
5.25%, 08/17/45		14,000		14,638,247
BB&T Corp.
2.45%, 01/15/20 (Call 12/15/19)		16,900		17,003,365
2.63%, 06/29/20 (Call 05/29/20)		16,106		16,340,945
BNP Paribas SA
2.38%, 05/21/20		34,820		34,721,606
2.40%, 12/12/18a		13,291		13,444,967
2.45%, 03/17/19a		5,765		5,818,742
3.25%, 03/03/23a		16,864		16,954,190
4.25%, 10/15/24a		20,055		19,981,783

Security	Principal (000s)		Value
5.00%, 01/15/21	$	21,940	$	24,581,888
BPCE SA
2.25%, 01/27/20		15,500		15,538,187
2.50%, 12/10/18a		5,750		5,843,015
2.50%, 07/15/19		7,500		7,610,445
4.00%, 04/15/24a		36,450		38,062,417
Branch Banking & Trust Co.
3.63%, 09/16/25 (Call 08/16/25)		2,555		2,578,873
3.80%, 10/30/26 (Call 09/30/26)		13,800		13,998,663
Capital One Financial Corp.
2.45%, 04/24/19 (Call 03/24/19)a		5,517		5,514,931
3.20%, 02/05/25 (Call 01/05/25)a		12,700		12,221,147
3.50%, 06/15/23		5,000		5,005,345
3.75%, 04/24/24 (Call 03/24/24)		14,985		15,097,265
4.20%, 10/29/25		5,210		5,213,742
4.75%, 07/15/21		16,247		17,751,084
Capital One N.A./Mclean VA
2.40%, 09/05/19 (Call 08/05/19)		18,075		17,948,415
2.95%, 07/23/21 (Call 06/23/21)		8,740		8,697,238
Citigroup Inc.
2.40%, 02/18/20a		28,356		28,201,633
2.50%, 07/29/19		32,614		32,776,865
2.55%, 04/08/19		28,760		29,054,796
2.65%, 10/26/20		30,000		29,933,985
3.30%, 04/27/25a		19,134		18,676,701
3.38%, 03/01/23a		4,148		4,165,849
3.50%, 05/15/23a		17,555		17,134,789
3.75%, 06/16/24a		19,306		19,696,058
3.88%, 10/25/23a		21,386		22,126,266
3.88%, 03/26/25		10,944		10,672,843
4.00%, 08/05/24		14,408		14,310,090
4.05%, 07/30/22		16,096		16,490,441
4.30%, 11/20/26		12,535		12,505,352
4.40%, 06/10/25		32,194		32,593,048
4.45%, 09/29/27a		44,000		43,986,012
4.50%, 01/14/22		25,779		27,891,432
4.65%, 07/30/45		10,019		10,165,479

SCHEDULESOF INVESTMENTS 75

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
5.30%, 05/06/44a	$	19,170	$	20,306,168
5.38%, 08/09/20		17,250		19,340,348
5.50%, 09/13/25		21,549		23,570,492
5.88%, 01/30/42		7,660		8,976,958
6.13%, 08/25/36		4,620		5,326,610
6.63%, 06/15/32		13,000		15,625,839
6.68%, 09/13/43		8,000		9,992,146
8.13%, 07/15/39		32,228		46,966,918
8.50%, 05/22/19a		16,603		20,026,954
Commonwealth Bank of Australia/New York NY
2.25%, 03/13/19		22,750		22,949,957
2.30%, 09/06/19a		15,500		15,551,641
2.30%, 03/12/20a		14,609		14,579,155
2.40%, 11/02/20		4,080		4,072,697
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
2.25%, 01/14/19		14,150		14,275,854
3.88%, 02/08/22		34,090		36,055,490
3.95%, 11/09/22a		21,490		21,640,793
4.38%, 08/04/25a		10,250		10,449,896
4.50%, 01/11/21a		21,185		23,257,577
4.63%, 12/01/23		13,250		13,837,151
5.25%, 05/24/41		13,188		14,978,541
5.25%, 08/04/45		20,700		21,806,786
5.75%, 12/01/43		13,278		14,927,567
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY
2.25%, 01/14/20a		28,250		28,260,359
3.38%, 05/21/25a		21,450		21,397,651
Credit Suisse/New York NY
2.30%, 05/28/19a		38,320		38,469,479
3.00%, 10/29/21a		15,045		15,082,826
3.63%, 09/09/24		37,500		37,718,194
4.38%, 08/05/20		20,430		22,183,252
5.30%, 08/13/19a		6,552		7,271,957
5.40%, 01/14/20a		18,348		20,373,405
Deutsche Bank AG
2.95%, 08/20/20a		15,500		15,541,024
4.50%, 04/01/25a		12,080		11,771,954
Deutsche Bank AG/London
2.50%, 02/13/19a		24,413		24,559,407
3.70%, 05/30/24a		28,910		28,921,526

Security	Principal (000s)		Value
Discover Bank/Greenwood DE
3.10%, 06/04/20 (Call 05/04/20)	$	17,780	$	17,937,968
3.20%, 08/09/21 (Call 07/09/21)		11,994		11,924,131
4.20%, 08/08/23		10,295		10,615,740
Fifth Third Bancorp
2.88%, 07/27/20 (Call 06/27/20)		7,928		7,974,897
4.30%, 01/16/24 (Call 12/16/23)		9,735		10,023,810
8.25%, 03/01/38		9,348		13,430,958
Fifth Third Bank/Cincinnati OH
2.38%, 04/25/19 (Call 03/25/19)		13,850		13,949,158
2.88%, 10/01/21 (Call 09/01/21)		12,000		11,986,838
Goldman Sachs Group Inc. (The)
2.55%, 10/23/19a		35,059		35,281,789
2.60%, 04/23/20 (Call 03/23/20)a		8,645		8,680,612
2.63%, 01/31/19		32,621		33,173,727
2.75%, 09/15/20 (Call 08/15/20)a		10,000		10,047,019
3.50%, 01/23/25 (Call 10/23/24)		41,301		40,820,227
3.63%, 01/22/23a		23,382		23,875,748
3.75%, 05/22/25 (Call 02/22/25)a		40,173		40,457,545
3.85%, 07/08/24 (Call 04/08/24)		29,973		30,574,474
4.00%, 03/03/24		25,212		25,965,829
4.25%, 10/21/25		20,940		20,954,612
4.75%, 10/21/45		15,000		15,184,490
4.80%, 07/08/44 (Call 01/08/44)		23,901		24,194,638
5.15%, 05/22/45		26,875		27,022,071
5.25%, 07/27/21		54,635		61,116,864
5.38%, 03/15/20		20,898		23,317,876
5.75%, 01/24/22a		58,545		67,126,672
5.95%, 01/15/27		15,126		17,200,664
6.00%, 06/15/20		28,275		32,285,905
6.13%, 02/15/33		31,221		37,345,583

76 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
6.25%, 02/01/41	$	22,866	$	27,557,735
6.45%, 05/01/36		15,906		18,551,049
6.75%, 10/01/37		67,715		81,960,015
7.50%, 02/15/19a		35,179		40,959,068
HSBC Bank USA N.A./Buffalo NY
4.88%, 08/24/20		10,410		11,405,440
HSBC Bank USA N.A./New York NY
5.63%, 08/15/35a		8,243		9,458,627
5.88%, 11/01/34		7,000		8,227,265
HSBC Holdings PLC
4.00%, 03/30/22		11,023		11,605,614
4.25%, 03/14/24a		37,900		38,284,526
4.25%, 08/18/25a		22,300		22,553,011
4.88%, 01/14/22		18,502		20,381,165
5.10%, 04/05/21		20,725		23,139,840
5.25%, 03/14/44a		18,759		19,780,677
6.10%, 01/14/42		6,668		8,417,551
6.50%, 05/02/36a		28,677		34,645,404
6.50%, 09/15/37		30,634		37,265,489
6.80%, 06/01/38		19,760		25,017,828
HSBC USA Inc.
2.25%, 06/23/19a		10,000		9,981,233
2.35%, 03/05/20		23,557		23,307,402
2.38%, 11/13/19a		9,400		9,384,467
2.75%, 08/07/20a		18,200		18,322,342
3.50%, 06/23/24		10,500		10,636,259
5.00%, 09/27/20a		6,490		7,119,187
Intesa Sanpaolo SpA
3.88%, 01/15/19a		15,400		15,986,044
5.25%, 01/12/24a		22,210		24,100,291
JPMorgan Chase & Co.
2.20%, 10/22/19a		8,506		8,497,840
2.25%, 01/23/20 (Call 12/23/19)		34,608		34,265,824
2.35%, 01/28/19a		6,960		7,011,503
2.75%, 06/23/20 (Call 05/23/20)		28,086		28,285,388
3.13%, 01/23/25 (Call 10/23/24)a		30,572		29,687,466
3.20%, 01/25/23		46,583		46,418,590
3.25%, 09/23/22		35,689		35,864,208
3.38%, 05/01/23a		27,818		27,335,995

Security	Principal (000s)		Value
3.63%, 05/13/24	$	23,759	$	24,039,211
3.88%, 02/01/24a		26,623		27,526,252
3.88%, 09/10/24		39,125		39,049,461
3.90%, 07/15/25 (Call 04/15/25)		33,259		34,074,401
4.13%, 12/15/26a		16,050		16,077,706
4.25%, 10/15/20		40,475		43,460,525
4.25%, 10/01/27		13,192		13,230,039
4.35%, 08/15/21		35,537		38,061,680
4.40%, 07/22/20a		21,618		23,274,998
4.50%, 01/24/22		28,599		30,917,095
4.63%, 05/10/21a		27,287		29,673,439
4.85%, 02/01/44a		8,364		8,881,102
4.95%, 03/25/20a		20,888		22,905,612
4.95%, 06/01/45		14,065		14,222,084
5.40%, 01/06/42		13,432		15,239,468
5.50%, 10/15/40		10,808		12,374,954
5.60%, 07/15/41		18,094		21,070,494
5.63%, 08/16/43		22,433		24,890,905
6.30%, 04/23/19		37,942		43,051,471
6.40%, 05/15/38a		26,878		33,996,947
KeyBank N.A./Cleveland OH
2.25%, 03/16/20		14,000		13,907,289
2.50%, 12/15/19		8,500		8,564,504
KeyCorp
2.30%, 12/13/18 (Call 11/13/18)		7,003		7,048,063
5.10%, 03/24/21a		11,530		12,803,869
Lloyds Bank PLC
2.30%, 11/27/18a		13,030		13,186,682
2.35%, 09/05/19a		6,576		6,598,195
2.40%, 03/17/20		11,600		11,583,837
3.50%, 05/14/25		18,350		18,375,431
6.38%, 01/21/21a		5,506		6,521,125
Lloyds Banking Group PLC
4.50%, 11/04/24a		25,200		25,603,712
Manufacturers & Traders Trust Co.
2.10%, 02/06/20 (Call 01/06/20)		15,500		15,283,569
2.30%, 01/30/19 (Call 12/30/18)		5,630		5,664,758
2.90%, 02/06/25 (Call 01/06/25)a		11,700		11,274,610

SCHEDULESOF INVESTMENTS 77

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Morgan Stanley
2.38%, 07/23/19	$	31,610	$	31,723,815
2.50%, 01/24/19		21,078		21,361,343
2.65%, 01/27/20a		59,896		60,335,146
2.80%, 06/16/20a		14,745		14,871,783
3.70%, 10/23/24		34,900		35,285,708
3.75%, 02/25/23a		21,023		21,691,231
3.95%, 04/23/27		20,990		20,428,902
4.00%, 07/23/25		26,000		26,750,194
4.10%, 05/22/23		36,474		37,177,149
4.30%, 01/27/45a		35,689		34,237,150
4.35%, 09/08/26		29,029		29,467,109
4.88%, 11/01/22		38,593		41,661,356
5.00%, 11/24/25		24,824		26,556,869
5.50%, 01/26/20		26,856		29,926,747
5.50%, 07/24/20		25,841		29,043,863
5.50%, 07/28/21		24,130		27,277,657
5.63%, 09/23/19		33,777		37,608,210
5.75%, 01/25/21		14,338		16,368,148
6.38%, 07/24/42a		24,318		30,396,644
7.25%, 04/01/32		5,012		6,606,531
7.30%, 05/13/19		30,910		36,049,826
Series F
3.88%, 04/29/24a		41,212		42,325,969
National Australia Bank Ltd./New York
2.63%, 07/23/20a		7,500		7,553,828
3.00%, 01/20/23a		13,189		13,234,306
Northern Trust Corp.
3.95%, 10/30/25a		11,250		11,780,063
PNC Bank N.A.
2.20%, 01/28/19 (Call 12/29/18)a,c		17,525		17,651,564
2.25%, 07/02/19 (Call 06/02/19)a,c		7,750		7,773,036
2.40%, 10/18/19 (Call 09/18/19)c		7,750		7,811,951
2.60%, 07/21/20 (Call 06/21/20)c		11,000		11,122,981
2.70%, 11/01/22 (Call 10/01/22)c		22,837		22,064,068
2.95%, 01/30/23 (Call 12/30/22)c		6,300		6,187,923
2.95%, 02/23/25 (Call 01/24/25)a,c		9,300		9,046,661

Security	Principal (000s)		Value
3.80%, 07/25/23 (Call 06/25/23)c	$	14,928	$	15,421,900
PNC Financial Services Group Inc. (The)
3.90%, 04/29/24 (Call 03/29/24)c		12,470		12,661,957
PNC Funding Corp.
3.30%, 03/08/22 (Call 02/06/22)c		8,069		8,310,378
4.38%, 08/11/20c		10,224		11,118,943
5.13%, 02/08/20c		3,965		4,420,698
Royal Bank of Canada
2.15%, 03/15/19a		13,114		13,212,272
2.15%, 03/06/20a		8,000		7,969,767
Royal Bank of Scotland Group PLC
6.40%, 10/21/19		19,162		21,653,457
Royal Bank of Scotland PLC (The)
5.63%, 08/24/20a		11,344		12,805,190
6.13%, 01/11/21		14,666		16,994,533
Santander Holdings USA Inc.
2.65%, 04/17/20 (Call 03/17/20)		19,205		18,940,052
Santander Holdings USA Inc./PA
4.50%, 07/17/25 (Call 04/17/25)		17,295		17,572,389
Santander UK Group Holdings PLC
2.88%, 10/16/20		4,975		4,982,817
State Street Corp.
3.10%, 05/15/23		26,513		26,099,368
3.30%, 12/16/24a		21,815		22,088,041
3.55%, 08/18/25a		6,461		6,645,690
3.70%, 11/20/23		9,565		9,975,669
4.38%, 03/07/21		14,965		16,334,745
Sumitomo Mitsui Banking Corp.
2.25%, 07/11/19		10,000		9,966,940
2.45%, 01/10/19		13,085		13,186,966
2.45%, 01/16/20		22,350		22,332,006
2.65%, 07/23/20a		6,500		6,528,455
3.20%, 07/18/22		6,949		6,947,363
SunTrust Banks Inc.
2.35%, 11/01/18 (Call 10/01/18)		8,334		8,393,206

78 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
2.50%, 05/01/19 (Call 04/01/19)	$	5,000	$	5,037,935
Svenska Handelsbanken AB
2.25%, 06/17/19		8,252		8,310,909
2.40%, 10/01/20		8,000		7,997,620
2.50%, 01/25/19		22,875		23,286,832
Toronto-Dominion Bank (The)
2.13%, 07/02/19a		14,475		14,505,836
2.25%, 11/05/19a		19,530		19,592,810
U.S. Bancorp
1.95%, 11/15/18 (Call 10/15/18)a		9,755		9,846,450
2.20%, 04/25/19 (Call 03/25/19)		16,754		16,984,848
2.95%, 07/15/22 (Call 06/15/22)a		16,347		16,306,267
3.00%, 03/15/22 (Call 02/15/22)		11,114		11,279,156
3.70%, 01/30/24 (Call 12/29/23)		6,250		6,541,198
4.13%, 05/24/21 (Call 04/23/21)		12,649		13,684,071
Series F
3.60%, 09/11/24 (Call 08/11/24)a		13,010		13,258,612
U.S. Bank N.A./Cincinnati OH
2.13%, 10/28/19 (Call 09/28/19)a		24,485		24,597,430
2.80%, 01/27/25 (Call 12/27/24)		5,700		5,554,181
UBS AG/Stamford CT
2.35%, 03/26/20		15,750		15,733,387
2.38%, 08/14/19a		32,706		32,821,547
4.88%, 08/04/20a		29,475		32,676,866
Wachovia Corp.
5.50%, 08/01/35		15,517		17,455,849
Wells Fargo & Co.
2.13%, 04/22/19a		31,125		31,311,302
2.15%, 01/15/19a		20,072		20,277,048
2.60%, 07/22/20a		26,360		26,563,249
3.00%, 01/22/21		12,269		12,519,003
3.00%, 02/19/25		39,835		38,571,960
3.30%, 09/09/24		37,761		37,657,414

Security	Principal (000s)		Value
3.50%, 03/08/22a	$	35,327	$	36,691,989
3.55%, 09/29/25		25,000		25,146,500
3.90%, 05/01/45a		28,205		26,146,881
4.10%, 06/03/26a		19,047		19,352,470
4.13%, 08/15/23		30,141		31,330,044
4.30%, 07/22/27		22,870		23,556,116
4.60%, 04/01/21		27,170		29,704,961
4.65%, 11/04/44		12,739		12,631,550
5.38%, 02/07/35		1,074		1,232,860
5.38%, 11/02/43		21,699		23,763,760
5.61%, 01/15/44		36,855		41,895,879
Series M
3.45%, 02/13/23		27,196		27,490,935
Series N
2.15%, 01/30/20		25,929		25,764,237
Wells Fargo Bank N.A.
5.85%, 02/01/37		10,250		12,335,253
6.60%, 01/15/38		18,684		24,594,270
Westpac Banking Corp.
2.25%, 01/17/19a		24,043		24,251,710
2.30%, 05/26/20a		8,075		8,096,660
4.88%, 11/19/19		19,237		21,182,465
				6,629,371,738
BEVERAGES — 2.35%
Anheuser-Busch InBev Finance Inc.
2.15%, 02/01/19		12,871		12,843,585
2.63%, 01/17/23a		24,668		23,430,384
3.70%, 02/01/24a		20,496		20,702,440
4.00%, 01/17/43a		4,267		3,758,094
4.63%, 02/01/44a		11,875		11,552,875
Anheuser-Busch InBev Worldwide Inc.
2.50%, 07/15/22		35,990		34,408,502
3.75%, 07/15/42a		20,941		17,699,511
5.00%, 04/15/20		12,712		13,983,065
5.38%, 01/15/20a		20,447		22,652,350
6.88%, 11/15/19		17,777		20,657,646
7.75%, 01/15/19		24,003		27,917,733
8.20%, 01/15/39		10,912		15,374,778
Bottling Group LLC
5.13%, 01/15/19a		6,332		6,993,842
Coca-Cola Co. (The)
1.65%, 11/01/18a		19,591		19,752,514

SCHEDULESOF INVESTMENTS 79

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
1.88%, 10/27/20	$	15,000	$	14,860,485
2.45%, 11/01/20a		16,009		16,290,491
2.50%, 04/01/23a		5,971		5,904,596
2.88%, 10/27/25		14,170		13,990,667
3.15%, 11/15/20		13,206		13,825,478
3.20%, 11/01/23a		18,575		19,210,995
3.30%, 09/01/21a		9,488		9,953,201
Diageo Capital PLC
2.63%, 04/29/23 (Call 01/29/23)		12,384		11,961,047
Diageo Investment Corp.
2.88%, 05/11/22		12,584		12,451,687
Pepsi Bottling Group Inc. (The)
Series B
7.00%, 03/01/29		11,865		15,917,320
PepsiCo Inc.
1.85%, 04/30/20 (Call 03/30/20)a		10,600		10,496,420
2.15%, 10/14/20 (Call 09/14/20)		28,000		27,936,630
2.25%, 01/07/19 (Call 12/07/18)a		8,084		8,215,863
2.75%, 03/05/22a		14,288		14,380,378
2.75%, 03/01/23		13,643		13,574,796
2.75%, 04/30/25 (Call 01/30/25)		10,409		10,110,810
3.00%, 08/25/21		5,596		5,770,190
3.10%, 07/17/22 (Call 05/17/22)		8,300		8,513,859
3.13%, 11/01/20a		12,429		12,963,293
3.50%, 07/17/25 (Call 04/17/25)a		550		566,481
3.60%, 03/01/24 (Call 12/01/23)a		9,680		10,116,276
4.00%, 03/05/42a		11,344		10,891,311
4.45%, 04/14/46 (Call 10/14/45)		14,000		14,334,100
4.50%, 01/15/20		10,665		11,709,735
4.88%, 11/01/40		11,386		12,234,317
5.50%, 01/15/40a		8,246		9,544,164
7.90%, 11/01/18		13,086		15,426,067
				582,877,976

Security	Principal (000s)		Value
BIOTECHNOLOGY — 2.65%
Amgen Inc.
2.13%, 05/01/20 (Call 04/01/20)a	$	10,678	$	10,545,433
2.20%, 05/22/19 (Call 04/22/19)a		23,265		23,306,968
3.13%, 05/01/25 (Call 02/01/25)a		12,600		12,115,554
3.45%, 10/01/20		15,410		16,108,521
3.63%, 05/15/22 (Call 02/15/22)		1,986		2,041,840
3.63%, 05/22/24 (Call 02/22/24)		17,325		17,603,428
3.88%, 11/15/21 (Call 08/15/21)a		21,623		22,858,136
4.10%, 06/15/21 (Call 03/15/21)	��	12,141		12,975,007
4.40%, 05/01/45 (Call 11/01/44)		15,174		14,008,910
5.15%, 11/15/41 (Call 05/15/41)		21,212		21,869,018
5.38%, 05/15/43 (Call 11/15/42)		13,682		14,563,897
5.65%, 06/15/42 (Call 12/15/41)		10,008		11,053,406
5.70%, 02/01/19		11,474		12,751,987
6.38%, 06/01/37		11,459		13,442,640
6.40%, 02/01/39		15,762		18,797,862
Biogen Inc.
2.90%, 09/15/20		23,425		23,604,335
3.63%, 09/15/22		13,500		13,691,250
4.05%, 09/15/25 (Call 06/15/25)		20,200		20,442,192
5.20%, 09/15/45 (Call 03/15/45)a		18,070		18,230,008
Celgene Corp.
2.88%, 08/15/20		21,500		21,673,146
3.25%, 08/15/22		24,306		24,198,808
3.55%, 08/15/22a		9,900		10,037,911
3.63%, 05/15/24 (Call 02/15/24)a		10,506		10,442,155
3.88%, 08/15/25 (Call 05/15/25)		38,000		38,027,736

80 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
4.63%, 05/15/44 (Call 11/15/43)	$	10,750	$	10,161,401
5.00%, 08/15/45 (Call 02/15/45)		21,000		21,079,937
Gilead Sciences Inc.
2.55%, 09/01/20		17,459		17,610,610
3.25%, 09/01/22 (Call 07/01/22)a		10,500		10,654,565
3.50%, 02/01/25 (Call 11/01/24)a		25,672		25,881,953
3.65%, 03/01/26 (Call 12/01/25)a		29,062		29,318,501
3.70%, 04/01/24 (Call 01/01/24)		15,177		15,607,230
4.40%, 12/01/21 (Call 09/01/21)		11,814		12,857,817
4.50%, 04/01/21 (Call 01/01/21)a		10,484		11,443,133
4.50%, 02/01/45 (Call 08/01/44)		28,873		27,999,260
4.60%, 09/01/35 (Call 03/01/35)		13,628		13,817,236
4.75%, 03/01/46 (Call 09/01/45)		26,000		26,281,468
4.80%, 04/01/44 (Call 10/01/43)a		16,645		16,833,015
5.65%, 12/01/41 (Call 06/01/41)		12,225		13,890,129
				657,826,403
CHEMICALS — 1.82%
CF Industries Inc.
3.45%, 06/01/23a		5,319		5,045,968
4.95%, 06/01/43		4,996		4,614,792
5.15%, 03/15/34		18,955		18,449,212
5.38%, 03/15/44		9,913		9,749,426
7.13%, 05/01/20		2,310		2,679,808
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)		24,858		24,279,997
3.50%, 10/01/24 (Call 07/01/24)a		11,175		10,928,180
4.13%, 11/15/21 (Call 08/15/21)		23,208		24,399,202

Security	Principal (000s)			Value
4.25%, 11/15/20 (Call 08/15/20)	$	18,470	��	$	19,668,703
4.38%, 11/15/42 (Call 05/15/42)		10,645			9,537,586
5.25%, 11/15/41 (Call 05/15/41)		7,945			7,884,210
7.38%, 11/01/29a		10,477			13,235,925
8.55%, 05/15/19		14,862			17,866,643
9.40%, 05/15/39a		10,726			15,572,724
Eastman Chemical Co.
2.70%, 01/15/20 (Call 12/15/19)		12,153			12,129,300
3.60%, 08/15/22 (Call 05/15/22)		24,542			24,850,154
3.80%, 03/15/25 (Call 12/15/24)		7,500			7,437,688
4.65%, 10/15/44 (Call 04/15/44)a		6,500			6,082,276
Ecolab Inc.
4.35%, 12/08/21		10,050			10,807,290
5.50%, 12/08/41		10,498			11,683,035
EI du Pont de Nemours & Co.
2.80%, 02/15/23a		21,402			20,529,336
3.63%, 01/15/21a		14,513			15,052,187
4.15%, 02/15/43a		6,244			5,625,993
4.63%, 01/15/20a		17,523			18,945,214
LYB International Finance BV
4.00%, 07/15/23a		8,381			8,516,833
4.88%, 03/15/44 (Call 09/15/43)		12,160			11,644,152
5.25%, 07/15/43		7,558			7,597,236
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)		11,685			10,112,339
5.00%, 04/15/19 (Call 01/15/19)		17,850			19,208,271
5.75%, 04/15/24 (Call 01/15/24)a		7,370			8,333,568
6.00%, 11/15/21 (Call 08/17/21)		16,453			18,684,193
Monsanto Co.
3.38%, 07/15/24 (Call 04/15/24)a		8,709			8,437,162

SCHEDULESOF INVESTMENTS 81

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
4.40%, 07/15/44 (Call 01/15/44)	$	8,700	$	7,774,820
4.70%, 07/15/64 (Call 01/15/64)		13,185		11,141,325
Mosaic Co. (The)
4.25%, 11/15/23 (Call 08/15/23)a		7,055		7,089,759
Potash Corp. of Saskatchewan Inc.
3.63%, 03/15/24 (Call 12/15/23)		9,292		9,175,079
Rohm & Haas Co.
7.85%, 07/15/29		5,306		6,926,752
				451,696,338
COMMERCIAL SERVICES — 0.35%
Automatic Data Processing Inc.
2.25%, 09/15/20 (Call 08/15/20)		15,357		15,520,546
3.38%, 09/15/25 (Call 06/15/25)a		12,868		13,236,950
McGraw Hill Financial Inc.
4.40%, 02/15/26 (Call 11/15/25)a,b		7,000		7,065,528
Synchrony Financial
3.00%, 08/15/19 (Call 07/15/19)		16,346		16,454,353
3.75%, 08/15/21 (Call 06/15/21)		8,690		8,782,050
4.25%, 08/15/24 (Call 05/15/24)a		25,045		25,010,262
				86,069,689
COMPUTERS — 2.75%
Apple Inc.
1.55%, 02/07/20		13,078		12,933,894
2.00%, 05/06/20a		18,649		18,704,994
2.10%, 05/06/19a		19,745		20,101,794
2.15%, 02/09/22a		10,991		10,769,224
2.40%, 05/03/23a		62,970		61,471,566
2.50%, 02/09/25a		24,184		23,220,115
2.70%, 05/13/22a		19,294		19,463,947
2.85%, 05/06/21		34,421		35,435,029
3.20%, 05/13/25a		21,307		21,584,839
3.45%, 05/06/24		28,764		29,877,463
3.45%, 02/09/45a		31,787		27,059,221

Security	Principal (000s)		Value
3.85%, 05/04/43	$	35,224	$	32,565,264
4.38%, 05/13/45		23,015		22,989,983
4.45%, 05/06/44		9,842		9,934,004
EMC Corp./MA
2.65%, 06/01/20a		22,815		20,782,270
3.38%, 06/01/23 (Call 03/01/23)a		19,264		16,305,909
Hewlett Packard Enterprise Co.
3.60%, 10/15/20 (Call 09/15/20)b		28,655		28,791,163
4.40%, 10/15/22 (Call 08/15/22)a,b		8,000		8,069,072
4.90%, 10/15/25 (Call 07/15/25)b		30,000		29,651,682
6.20%, 10/15/35 (Call 04/15/35)b		9,000		8,778,429
6.35%, 10/15/45 (Call 04/15/45)b		18,000		17,369,032
Hewlett-Packard Co.
3.75%, 12/01/20		10,367		10,553,807
4.30%, 06/01/21a		10,410		10,687,929
4.38%, 09/15/21		21,925		22,391,323
4.65%, 12/09/21		15,868		16,434,424
6.00%, 09/15/41		10,487		10,060,071
International Business Machines Corp.
1.63%, 05/15/20a		17,555		17,188,104
1.88%, 08/01/22a		15,651		14,745,513
1.95%, 02/12/19a		12,956		13,023,115
3.38%, 08/01/23		11,425		11,643,368
3.63%, 02/12/24a		27,245		28,048,463
4.00%, 06/20/42a		12,879		11,625,452
8.38%, 11/01/19		5,237		6,494,131
Seagate HDD Cayman
3.75%, 11/15/18		8,775		8,884,587
4.75%, 06/01/23a		15,780		14,729,909
4.75%, 01/01/25a		8,725		7,839,393
				680,208,483
COSMETICS & PERSONAL CARE — 0.30%
Procter & Gamble Co. (The)
1.60%, 11/15/18a		5,150		5,160,802
2.30%, 02/06/22		18,463		18,406,204
3.10%, 08/15/23a		4,434		4,579,881

82 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
4.70%, 02/15/19	$	27,516	$	30,243,832
5.55%, 03/05/37		13,098		16,047,132
				74,437,851
DIVERSIFIED FINANCIAL SERVICES — 3.88%
American Express Co.
2.65%, 12/02/22		14,608		14,297,069
4.05%, 12/03/42a		25,654		24,864,498
American Express Credit Corp.
2.13%, 03/18/19		22,491		22,595,565
2.25%, 08/15/19a		13,115		13,162,176
2.38%, 05/26/20 (Call 04/25/20)		26,495		26,480,346
Series F
2.60%, 09/14/20 (Call 08/14/20)		1,169		1,176,037
Ameriprise Financial Inc.
4.00%, 10/15/23		23,273		24,320,369
5.30%, 03/15/20		800		898,076
Associates Corp. of North America
6.95%, 11/01/18		3,325		3,785,210
BP Capital Markets PLC
2.52%, 01/15/20a		10,430		10,556,798
Capital One Bank USA N.A.
2.25%, 02/13/19 (Call 01/13/19)		14,520		14,452,173
3.38%, 02/15/23		17,990		17,638,252
CME Group Inc./IL
3.00%, 09/15/22		4,028		4,062,261
3.00%, 03/15/25 (Call 12/15/24)a		10,519		10,361,153
5.30%, 09/15/43 (Call 03/15/43)		11,661		13,260,664
Ford Motor Credit Co. LLC
2.38%, 03/12/19a		19,400		19,246,247
2.60%, 11/04/19		6,605		6,538,848
3.66%, 09/08/24a		11,200		11,103,271
4.25%, 09/20/22a		23,295		24,399,011
4.38%, 08/06/23a		10,339		10,927,239
5.75%, 02/01/21		9,870		11,133,993
5.88%, 08/02/21		27,429		31,243,411
8.13%, 01/15/20		8,108		9,710,051
GE Capital International Funding Co.
0.96%, 04/15/16		9,623		9,621,104

Security	Principal (000s)		Value
2.34%, 11/15/20	$	26,217	$	26,261,120
3.37%, 11/15/25		12,783		12,933,312
4.42%, 11/15/35		44,495		45,981,679
General Electric Capital Corp.
2.20%, 01/09/20 (Call 12/09/19)a		21,164		21,380,178
2.30%, 01/14/19		1,550		1,579,253
3.10%, 01/09/23a		36,710		37,403,885
3.15%, 09/07/22		10,935		11,183,922
3.45%, 05/15/24 (Call 02/13/24)a		3,140		3,248,759
4.38%, 09/16/20		4,161		4,559,453
4.63%, 01/07/21		28,236		31,541,092
4.65%, 10/17/21		41,029		45,924,917
5.30%, 02/11/21a		26,733		30,558,105
5.50%, 01/08/20		9,348		10,622,989
5.88%, 01/14/38		71,328		87,645,678
6.00%, 08/07/19		16,866		19,349,928
6.15%, 08/07/37		7,497		9,530,703
6.88%, 01/10/39		43,981		60,252,708
Series A
5.55%, 05/04/20		4,938		5,652,055
6.75%, 03/15/32		51,346		66,995,034
HSBC Finance Corp.
6.68%, 01/15/21		34,006		39,506,348
Intercontinental Exchange Inc.
4.00%, 10/15/23		9,625		9,931,772
Jefferies Group LLC
6.88%, 04/15/21a		7,752		8,691,769
8.50%, 07/15/19		4,125		4,861,935
Nomura Holdings Inc.
2.75%, 03/19/19a		8,750		8,844,533
6.70%, 03/04/20		14,113		16,392,834
Synchrony Financial
2.70%, 02/03/20 (Call 01/03/20)		4,235		4,179,311
4.50%, 07/23/25 (Call 04/24/25)		1,505		1,522,619
				962,369,713
ELECTRIC — 1.12%
Berkshire Hathaway Energy Co.
4.50%, 02/01/45 (Call 08/01/44)		12,450		12,446,860

SCHEDULESOF INVESTMENTS 83

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
5.15%, 11/15/43 (Call 05/15/43)a	$	11,349	$	12,422,733
6.13%, 04/01/36		15,910		19,126,137
6.50%, 09/15/37		11,286		14,076,291
Consolidated Edison Co. of New York Inc.
4.45%, 03/15/44 (Call 09/15/43)		8,829		9,049,686
4.63%, 12/01/54 (Call 06/01/54)a		7,610		7,638,251
Duke Energy Carolinas LLC
5.30%, 02/15/40a		7,517		8,776,746
Duke Energy Florida LLC
6.40%, 06/15/38a		13,480		17,497,455
Exelon Corp.
2.85%, 06/15/20 (Call 05/15/20)		7,907		7,935,294
3.95%, 06/15/25 (Call 03/15/25)		17,700		17,861,102
5.10%, 06/15/45 (Call 12/15/44)		13,989		14,256,460
Exelon Generation Co. LLC
2.95%, 01/15/20 (Call 12/15/19)a		1,600		1,606,496
5.60%, 06/15/42 (Call 12/15/41)a		13,180		13,153,948
6.25%, 10/01/39		12,495		13,421,309
Georgia Power Co.
4.30%, 03/15/42		9,877		9,015,337
NiSource Finance Corp.
4.80%, 02/15/44 (Call 08/15/43)		5,893		6,076,822
Oncor Electric Delivery Co. LLC
7.00%, 09/01/22		9,773		12,035,955
Pacific Gas & Electric Co.
3.50%, 10/01/20 (Call 07/01/20)		2,587		2,711,816
5.40%, 01/15/40		10,331		11,727,741
5.80%, 03/01/37		9,843		11,545,632
6.05%, 03/01/34a		37,560		45,226,173
Southern California Edison Co.
4.65%, 10/01/43 (Call 04/01/43)		9,696		10,518,551
				278,126,795

Security	Principal (000s)		Value
ELECTRONICS — 0.48%
Honeywell International Inc.
4.25%, 03/01/21a	$	4,749	$	5,237,942
5.00%, 02/15/19		11,524		12,732,422
Koninklijke Philips NV
3.75%, 03/15/22		10,530		10,753,608
6.88%, 03/11/38		12,644		14,773,994
Thermo Fisher Scientific Inc.
2.40%, 02/01/19		14,097		14,144,696
3.15%, 01/15/23 (Call 10/15/22)		12,998		12,879,357
3.30%, 02/15/22		2,592		2,588,829
3.60%, 08/15/21 (Call 05/15/21)		16,406		16,827,268
4.15%, 02/01/24 (Call 11/01/23)a		6,151		6,402,874
4.50%, 03/01/21a		20,406		21,939,501
				118,280,491
ENGINEERING & CONSTRUCTION — 0.11%
ABB Finance USA Inc.
2.88%, 05/08/22		23,488		23,225,959
4.38%, 05/08/42a		4,117		4,138,499
				27,364,458
ENVIRONMENTAL CONTROL — 0.15%
Republic Services Inc.
3.55%, 06/01/22 (Call 03/01/22)		17,395		17,891,333
5.00%, 03/01/20a		9,032		9,963,040
Waste Management Inc.
4.10%, 03/01/45 (Call 09/01/44)		10,874		10,134,901
				37,989,274
FOOD — 1.58%
ConAgra Foods Inc.
3.20%, 01/25/23 (Call 10/25/22)		20,347		19,603,002
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)a		17,474		17,694,050
5.65%, 02/15/19		8,850		9,820,921
JM Smucker Co. (The)
3.50%, 10/15/21		25		25,737

84 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
3.50%, 03/15/25	$	16,025	$	16,057,640
Kellogg Co.
4.00%, 12/15/20		8,232		8,726,907
Series B
7.45%, 04/01/31		10,436		13,298,412
Kraft Foods Group Inc.
3.50%, 06/06/22		21,511		21,995,720
5.00%, 06/04/42		28,053		28,791,490
5.38%, 02/10/20		19,580		21,764,562
6.50%, 02/09/40		14,469		17,304,700
6.88%, 01/26/39		15,805		19,495,711
Kraft Heinz Foods Co.
2.80%, 07/02/20 (Call 06/02/20)b		21,000		21,118,343
3.50%, 07/15/22 (Call 05/15/22)a,b		20,595		21,024,066
3.95%, 07/15/25 (Call 04/15/25)a,b		6,825		6,992,529
5.00%, 07/15/35 (Call 01/15/35)a,b		8,475		8,822,633
5.20%, 07/15/45 (Call 01/15/45)b		10,350		10,934,664
Kroger Co. (The)
6.15%, 01/15/20a		7,327		8,369,392
Mondelez International Inc.
2.25%, 02/01/19 (Call 01/01/19)a		9,384		9,398,189
4.00%, 02/01/24 (Call 11/01/23)a		18,004		18,732,516
6.50%, 02/09/40a		1,961		2,397,029
Sysco Corp.
2.60%, 10/01/20 (Call 09/01/20)		2,000		2,011,076
3.75%, 10/01/25 (Call 07/01/25)		10,000		10,222,885
Tyson Foods Inc.
2.65%, 08/15/19 (Call 07/15/19)		10,000		10,050,100
3.95%, 08/15/24 (Call 05/15/24)		15,500		15,812,782
4.50%, 06/15/22 (Call 03/15/22)		5,570		5,945,395
Unilever Capital Corp.
2.20%, 03/06/19		14,061		14,283,249

Security	Principal (000s)		Value
4.25%, 02/10/21	$	10,963	$	12,026,772
4.80%, 02/15/19		7,064		7,760,969
5.90%, 11/15/32		8,609		10,958,391
				391,439,832
FOREST PRODUCTS & PAPER — 0.07%
International Paper Co.
3.65%, 06/15/24 (Call 03/15/24)a		9,725		9,683,695
4.80%, 06/15/44 (Call 12/15/43)		7,750		7,228,030
7.30%, 11/15/39		1,050		1,246,683
				18,158,408
GAS — 0.07%
Sempra Energy
6.00%, 10/15/39		14,085		16,293,796
				16,293,796
HEALTH CARE — PRODUCTS — 1.70%
Becton Dickinson and Co.
2.68%, 12/15/19		17,650		17,719,179
3.13%, 11/08/21		11,291		11,411,294
3.73%, 12/15/24 (Call 09/15/24)		22,570		23,081,669
4.69%, 12/15/44 (Call 06/15/44)		12,825		12,966,487
Boston Scientific Corp.
3.85%, 05/15/25		6,235		6,209,466
6.00%, 01/15/20		14,536		16,259,865
Covidien International Finance SA
2.95%, 06/15/23 (Call 03/15/23)		5,519		5,456,326
6.55%, 10/15/37		19,036		24,560,249
Medtronic Inc.
2.50%, 03/15/20		30,168		30,553,010
2.75%, 04/01/23 (Call 01/01/23)		18,314		17,998,715
3.15%, 03/15/22		32,680		33,407,833
3.50%, 03/15/25		49,444		50,467,471
3.63%, 03/15/24 (Call 12/15/23)a		10,594		10,991,648
4.00%, 04/01/43 (Call 10/01/42)		8,236		7,828,890
4.38%, 03/15/35		27,788		28,674,231

SCHEDULESOF INVESTMENTS 85

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
4.45%, 03/15/20	$	13,593	$	14,850,331
4.63%, 03/15/45		37,503		39,494,263
St. Jude Medical Inc.
3.25%, 04/15/23 (Call 01/15/23)		192		188,317
Zimmer Biomet Holdings Inc.
2.70%, 04/01/20 (Call 03/01/20)		26,525		26,510,371
3.15%, 04/01/22 (Call 02/01/22)		8,300		8,222,020
3.55%, 04/01/25 (Call 01/01/25)		28,350		27,865,377
4.45%, 08/15/45 (Call 02/15/45)		7,150		6,732,270
				421,449,282
HEALTH CARE – SERVICES — 1.42%
Aetna Inc.
2.75%, 11/15/22 (Call 08/15/22)a		20,671		20,231,365
3.50%, 11/15/24 (Call 08/15/24)a		7,000		7,020,681
3.95%, 09/01/20		10,015		10,605,760
6.63%, 06/15/36		7,798		9,719,890
Anthem Inc.
2.25%, 08/15/19a		16,625		16,462,599
3.13%, 05/15/22		10,735		10,593,981
3.30%, 01/15/23		12,650		12,495,418
3.50%, 08/15/24 (Call 05/15/24)		6,975		6,924,032
4.63%, 05/15/42		10,384		10,114,890
4.65%, 01/15/43		11,225		10,960,572
4.65%, 08/15/44 (Call 02/15/44)		12,394		12,160,425
5.85%, 01/15/36		5,555		6,196,013
6.38%, 06/15/37a		1,220		1,454,748
Cigna Corp.
3.25%, 04/15/25 (Call 01/15/25)		5,120		4,976,821
4.00%, 02/15/22 (Call 11/15/21)		7,764		8,078,154
5.38%, 02/15/42 (Call 08/15/41)		9,885		10,867,924
Humana Inc.
4.95%, 10/01/44 (Call 04/01/44)		8,075		8,239,352

Security	Principal (000s)		Value
Laboratory Corp. of America Holdings
3.60%, 02/01/25 (Call 11/01/24)a	$	2,821	$	2,742,717
4.70%, 02/01/45 (Call 08/01/44)		13,125		12,036,336
UnitedHealth Group Inc.
2.70%, 07/15/20		25,539		26,074,195
2.88%, 12/15/21a		2,900		2,941,435
2.88%, 03/15/22 (Call 12/15/21)		9,110		9,174,605
2.88%, 03/15/23a		7,727		7,680,367
3.35%, 07/15/22		13,900		14,386,012
3.75%, 07/15/25		29,773		30,948,096
4.25%, 03/15/43 (Call 09/15/42)a		13,569		13,443,764
4.63%, 07/15/35		11,000		11,647,955
4.75%, 07/15/45		22,091		23,543,722
5.80%, 03/15/36a		4,000		4,751,434
6.88%, 02/15/38		18,959		25,462,521
				351,935,784
HOLDING COMPANIES – DIVERSIFIED — 0.06%
MUFG Americas Holdings Corp.
2.25%, 02/10/20 (Call 01/10/20)		15,871		15,760,120
				15,760,120
INSURANCE — 1.69%
ACE INA Holdings Inc.
2.30%, 11/03/20		2,845		2,850,522
3.15%, 03/15/25a		13,015		12,848,412
3.35%, 05/03/26		1,275		1,281,476
4.35%, 11/03/45		3,335		3,396,477
Aflac Inc.
3.63%, 11/15/24		10,018		10,215,475
American International Group Inc.
2.30%, 07/16/19 (Call 06/16/19)		3,361		3,377,164
3.38%, 08/15/20a		8,255		8,571,982
3.75%, 07/10/25 (Call 04/10/25)		1,057		1,073,356
3.88%, 01/15/35 (Call 07/15/34)		9,723		9,061,109
4.13%, 02/15/24		4,695		4,948,937

86 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
4.38%, 01/15/55 (Call 07/15/54)	$	9,339	$	8,646,720
4.50%, 07/16/44 (Call 01/16/44)		35,624		34,856,741
4.80%, 07/10/45 (Call 01/10/45)		8,000		8,169,921
4.88%, 06/01/22		42,644		47,461,088
6.25%, 05/01/36		11,430		13,653,653
6.40%, 12/15/20		1,357		1,597,894
Berkshire Hathaway Finance Corp.
3.00%, 05/15/22		7,395		7,556,118
4.25%, 01/15/21a		12,021		13,202,804
5.75%, 01/15/40a		8,088		9,619,258
Berkshire Hathaway Inc.
2.10%, 08/14/19a		10,400		10,510,999
4.50%, 02/11/43a		16,231		16,380,838
Chubb Corp. (The)
6.00%, 05/11/37		4,851		5,972,453
MetLife Inc.
3.60%, 04/10/24		5,175		5,281,941
4.05%, 03/01/45a		21,335		20,159,612
4.13%, 08/13/42		5,128		4,893,086
4.75%, 02/08/21a		19,861		21,993,086
4.88%, 11/13/43		18,665		19,855,956
5.70%, 06/15/35		3,955		4,630,650
5.88%, 02/06/41		5,900		7,130,251
6.38%, 06/15/34		8,149		10,214,951
7.72%, 02/15/19		11,805		13,926,422
Series D
4.37%, 09/15/23		14,360		15,483,202
Prudential Financial Inc.
4.60%, 05/15/44a		14,750		14,945,744
5.70%, 12/14/36		150		171,176
7.38%, 06/15/19a		8,507		10,012,540
Series D
6.63%, 12/01/37		11,145		13,985,787
Travelers Companies Inc. (The)
5.35%, 11/01/40		7,675		8,869,611
6.25%, 06/15/37		9,055		11,448,572
				418,255,984

Security	Principal (000s)		Value
INTERNET — 0.75%
Amazon.com Inc.
2.50%, 11/29/22 (Call 08/29/22)	$	24,699	$	24,064,011
2.60%, 12/05/19 (Call 11/05/19)		14,745		15,071,990
3.30%, 12/05/21 (Call 10/05/21)a		19,048		19,701,430
3.80%, 12/05/24 (Call 09/05/24)a		6,382		6,622,555
4.80%, 12/05/34 (Call 06/05/34)a		15,496		16,188,355
4.95%, 12/05/44 (Call 06/05/44)		16,778		17,375,101
eBay Inc.
2.20%, 08/01/19 (Call 07/01/19)a		17,900		17,724,757
2.60%, 07/15/22 (Call 04/15/22)		20,834		19,485,751
2.88%, 08/01/21 (Call 06/01/21)a		4,348		4,248,790
3.45%, 08/01/24 (Call 05/01/24)a		14,030		13,387,209
4.00%, 07/15/42 (Call 01/15/42)		5,612		4,337,193
Google Inc.
3.38%, 02/25/24a		8,465		8,861,652
3.63%, 05/19/21		17,747		18,958,841
				186,027,635
MACHINERY — 0.58%
Caterpillar Financial Services Corp.
2.10%, 06/09/19a		14,278		14,392,375
7.15%, 02/15/19		10,915		12,676,618
Caterpillar Inc.
3.40%, 05/15/24 (Call 02/15/24)a		9,495		9,615,942
3.80%, 08/15/42		23,803		21,728,045
3.90%, 05/27/21a		11,022		11,727,066
5.20%, 05/27/41		15,749		17,348,223
7.90%, 12/15/18		6,892		8,139,660
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)		11,753		11,541,710

SCHEDULESOF INVESTMENTS 87

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
3.90%, 06/09/42 (Call 12/09/41)a	$	15,516	$	14,870,160
4.38%, 10/16/19a		15,021		16,299,804
John Deere Capital Corp.
1.95%, 12/13/18		6,259		6,310,927
				144,650,530
MANUFACTURING — 0.58%
3M Co.
5.70%, 03/15/37		3,600		4,423,739
Eaton Corp.
2.75%, 11/02/22		24,217		23,598,905
4.15%, 11/02/42		12,640		11,699,217
General Electric Co.
2.70%, 10/09/22a		39,052		39,043,381
3.38%, 03/11/24a		5,093		5,251,097
4.13%, 10/09/42		19,708		19,344,965
4.50%, 03/11/44		26,400		27,298,756
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)		13,000		12,458,185
				143,118,245
MEDIA — 6.15%
21st Century Fox America Inc.
3.00%, 09/15/22a		9,352		9,283,212
4.50%, 02/15/21		7,001		7,572,688
6.15%, 03/01/37		12,190		14,037,058
6.15%, 02/15/41		18,631		21,774,255
6.20%, 12/15/34		9,914		11,457,054
6.40%, 12/15/35		16,905		19,900,366
6.65%, 11/15/37		20,207		24,232,473
CBS Corp.
3.50%, 01/15/25 (Call 10/15/24)a		2,065		1,988,908
4.00%, 01/15/26 (Call 10/15/25)a		14,500		14,432,376
4.60%, 01/15/45 (Call 07/15/44)		5,000		4,489,465
7.88%, 07/30/30		3,145		4,047,606
CCO Safari II LLC
3.58%, 07/23/20 (Call 06/23/20)b		20,660		20,735,996
4.46%, 07/23/22 (Call 05/23/22)b		34,700		35,280,344

Security	Principal (000s)		Value
4.91%, 07/23/25 (Call 04/23/25)a,b	$	47,970	$	48,866,540
6.38%, 10/23/35 (Call 04/23/35)b		28,000		28,890,702
6.48%, 10/23/45 (Call 04/23/45)b		47,160		48,920,959
Comcast Cable Communications Holdings Inc.
9.46%, 11/15/22a		12,198		17,256,533
Comcast Corp.
2.85%, 01/15/23		9,420		9,461,788
3.13%, 07/15/22a		11,625		11,921,676
3.38%, 02/15/25 (Call 11/15/24)		13,148		13,397,419
3.38%, 08/15/25 (Call 05/15/25)a		11,260		11,470,980
3.60%, 03/01/24a		12,011		12,521,620
4.20%, 08/15/34 (Call 02/15/34)		9,270		9,194,983
4.25%, 01/15/33		19,226		19,192,664
4.40%, 08/15/35 (Call 02/15/35)		18,190		18,446,877
4.60%, 08/15/45 (Call 02/15/45)a		19,509		20,084,281
4.65%, 07/15/42		21,961		22,732,040
4.75%, 03/01/44a		10,798		11,365,204
5.15%, 03/01/20a		18,168		20,492,708
5.65%, 06/15/35		12,002		13,973,500
6.40%, 05/15/38		1,850		2,316,384
6.40%, 03/01/40		10,879		13,807,214
6.45%, 03/15/37		21,811		27,478,176
6.50%, 11/15/35		6,997		8,858,393
6.55%, 07/01/39		15,003		19,316,331
6.95%, 08/15/37		13,671		18,116,123
7.05%, 03/15/33		6,910		9,049,193
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
3.80%, 03/15/22		5,171		5,259,616
3.95%, 01/15/25 (Call 10/15/24)a		20,235		20,029,123
4.45%, 04/01/24 (Call 01/01/24)		9,821		10,123,733
4.60%, 02/15/21 (Call 11/15/20)		8,780		9,464,840

88 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
5.00%, 03/01/21	$	22,479	$	24,659,463
5.15%, 03/15/42a		15,888		15,067,819
5.20%, 03/15/20a		15,905		17,454,594
5.88%, 10/01/19		19,474		21,833,478
6.00%, 08/15/40 (Call 05/15/40)		12,225		12,700,292
6.38%, 03/01/41		17,327		18,821,152
Discovery Communications LLC
4.88%, 04/01/43		9,628		8,471,885
5.05%, 06/01/20		22,685		24,527,932
6.35%, 06/01/40		8,675		9,154,681
Historic TW Inc.
6.63%, 05/15/29		13,460		16,412,813
NBCUniversal Media LLC
2.88%, 01/15/23a		18,630		18,564,372
4.38%, 04/01/21		23,202		25,395,777
4.45%, 01/15/43		18,122		18,092,767
5.15%, 04/30/20		30,962		34,942,837
5.95%, 04/01/41		16,774		20,132,093
6.40%, 04/30/40		18,493		23,215,711
Time Warner Cable Inc.
4.00%, 09/01/21 (Call 06/01/21)a		26,698		27,136,696
4.50%, 09/15/42 (Call 03/15/42)a		22,230		17,976,770
5.00%, 02/01/20		13,786		14,695,009
5.50%, 09/01/41 (Call 03/01/41)		17,133		15,514,493
5.88%, 11/15/40 (Call 05/15/40)		14,641		13,797,096
6.55%, 05/01/37		24,327		24,423,972
6.75%, 06/15/39a		11,678		11,849,528
7.30%, 07/01/38		12,469		13,413,954
8.25%, 04/01/19		24,236		28,215,876
8.75%, 02/14/19a		14,524		17,007,385
Time Warner Entertainment Co. LP
8.38%, 03/15/23a		19,604		24,022,046
8.38%, 07/15/33a		2,790		3,291,427
Time Warner Inc.
3.55%, 06/01/24 (Call 03/01/24)		10,375		10,307,121
3.60%, 07/15/25 (Call 04/15/25)a		18,130		17,910,496

Security	Principal (000s)		Value
4.70%, 01/15/21	$	11,103	$	12,079,430
4.75%, 03/29/21		13,410		14,597,147
4.88%, 03/15/20		17,576		19,389,613
6.10%, 07/15/40		5,550		6,248,058
6.25%, 03/29/41		17,820		20,330,745
6.50%, 11/15/36		10,608		12,328,969
7.63%, 04/15/31		18,931		24,329,949
7.70%, 05/01/32a		23,321		30,305,959
Verizon Communications Inc.
4.52%, 09/15/48		39,550		35,565,539
4.67%, 03/15/55		39,175		34,256,442
Viacom Inc.
4.25%, 09/01/23 (Call 06/01/23)a		12,825		12,615,493
4.38%, 03/15/43		17,895		13,390,125
5.85%, 09/01/43 (Call 03/01/43)		20,717		19,142,438
6.88%, 04/30/36		11,764		11,912,823
Walt Disney Co. (The)
1.85%, 05/30/19a		12,903		13,000,080
2.15%, 09/17/20		2,500		2,520,789
2.35%, 12/01/22		12,427		12,437,055
2.75%, 08/16/21a		5,376		5,503,306
3.15%, 09/17/25		5,000		5,105,065
				1,525,309,961
METAL FABRICATE & HARDWARE — 0.11%
Precision Castparts Corp.
2.50%, 01/15/23 (Call 10/15/22)		8,977		8,659,095
3.25%, 06/15/25 (Call 03/15/25)		18,369		18,340,770
				26,999,865
MINING — 1.89%
Barrick Gold Corp.
3.85%, 04/01/22a		9,338		8,721,064
4.10%, 05/01/23a		18,460		17,012,933
5.25%, 04/01/42		4,950		4,050,315
6.95%, 04/01/19a		8,789		9,807,829
Barrick North America Finance LLC
4.40%, 05/30/21		8,942		8,870,236
5.70%, 05/30/41		11,349		9,451,655
5.75%, 05/01/43a		15,154		13,293,431

SCHEDULESOF INVESTMENTS 89

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39	$	8,980	$	7,699,246
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22a		23,418		23,183,452
3.25%, 11/21/21		8,286		8,423,767
3.85%, 09/30/23a		17,867		18,345,010
4.13%, 02/24/42		4,665		4,276,364
5.00%, 09/30/43		26,762		27,982,187
6.50%, 04/01/19		25,177		28,672,977
Freeport-McMoRan Inc.
3.10%, 03/15/20a		5,917		5,199,860
3.55%, 03/01/22 (Call 12/01/21)a		28,064		22,661,680
3.88%, 03/15/23 (Call 12/15/22)a		22,867		17,836,260
4.55%, 11/14/24 (Call 08/14/24)a		9,740		7,792,000
5.40%, 11/14/34 (Call 05/14/34)a		12,390		8,765,925
5.45%, 03/15/43 (Call 09/15/42)a		18,095		12,915,306
Goldcorp Inc.
3.70%, 03/15/23 (Call 12/15/22)a		6,810		6,494,647
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)a		13,744		12,642,912
4.88%, 03/15/42 (Call 09/15/41)a		23,796		19,118,956
5.13%, 10/01/19a		5,344		5,692,271
6.25%, 10/01/39		5,749		5,355,583
Rio Tinto Alcan Inc.
6.13%, 12/15/33		3,100		3,399,087
Rio Tinto Finance USA Ltd.
3.50%, 11/02/20a		2,402		2,497,594
3.75%, 09/20/21		13,980		14,265,137
3.75%, 06/15/25 (Call 03/15/25)a		15,766		15,516,166
4.13%, 05/20/21a		19,438		20,330,395
5.20%, 11/02/40a		11,820		11,754,613
7.13%, 07/15/28		8,298		10,125,154
9.00%, 05/01/19a		14,407		17,495,717

Security	Principal (000s)		Value
Rio Tinto Finance USA PLC
2.25%, 12/14/18 (Call 11/14/18)	$	9,114	$	9,093,996
2.88%, 08/21/22 (Call 05/21/22)a		9,697		9,316,233
3.50%, 03/22/22 (Call 12/22/21)		28,180		28,276,545
4.13%, 08/21/42 (Call 02/21/42)a		14,344		12,520,492
				468,856,995
OFFICE & BUSINESS EQUIPMENT — 0.06%
Xerox Corp.
4.50%, 05/15/21		15,162		15,142,373
				15,142,373
OIL & GAS — 7.79%
Anadarko Finance Co.
7.50%, 05/01/31a		5,300		6,436,527
Anadarko Petroleum Corp.
6.20%, 03/15/40		8,171		8,751,090
6.45%, 09/15/36		22,059		24,496,356
Apache Corp.
3.25%, 04/15/22 (Call 01/15/22)		16,517		16,208,846
4.25%, 01/15/44 (Call 07/15/43)a		11,144		9,704,087
4.75%, 04/15/43 (Call 10/15/42)		20,819		19,282,991
5.10%, 09/01/40 (Call 03/01/40)		14,235		13,683,454
6.00%, 01/15/37		4,168		4,473,071
BP Capital Markets PLC
2.24%, 05/10/19		7,921		7,978,447
2.32%, 02/13/20a		27,812		27,897,667
2.50%, 11/06/22a		14,663		14,140,799
2.75%, 05/10/23a		24,626		23,896,676
3.06%, 03/17/22		6,940		6,962,500
3.25%, 05/06/22a		13,213		13,391,136
3.51%, 03/17/25a		20,820		20,925,006
3.54%, 11/04/24a		7,238		7,287,428
3.56%, 11/01/21		19,629		20,481,116
3.81%, 02/10/24a		17,948		18,503,415
3.99%, 09/26/23a		2,940		3,075,143
4.50%, 10/01/20a		16,417		17,993,487

90 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
4.74%, 03/11/21a	$	20,083	$	22,262,246
4.75%, 03/10/19		8,957		9,765,711
Canadian Natural Resources Ltd.
6.25%, 03/15/38		13,615		14,185,334
Cenovus Energy Inc.
4.45%, 09/15/42 (Call 03/15/42)		9,957		7,946,173
5.70%, 10/15/19		6,092		6,612,022
6.75%, 11/15/39		16,899		17,664,454
Chevron Corp.
1.96%, 03/03/20 (Call 02/03/20)		26,859		26,784,367
2.36%, 12/05/22 (Call 09/05/22)a		9,658		9,414,749
2.43%, 06/24/20 (Call 05/24/20)a		18,139		18,389,496
3.19%, 06/24/23 (Call 03/24/23)a		21,985		22,513,612
4.95%, 03/03/19		39,759		44,036,786
ConocoPhillips
5.75%, 02/01/19		28,718		32,129,655
6.00%, 01/15/20a		13,238		15,130,351
6.50%, 02/01/39		32,314		39,632,740
ConocoPhillips Co.
2.20%, 05/15/20 (Call 04/15/20)a		1,740		1,731,177
2.40%, 12/15/22 (Call 09/15/22)		19,625		18,749,919
2.88%, 11/15/21 (Call 09/15/21)a		15,650		15,692,543
3.35%, 11/15/24 (Call 08/15/24)a		11,361		11,235,057
4.30%, 11/15/44 (Call 05/15/44)a		4,635		4,418,592
ConocoPhillips Holding Co.
6.95%, 04/15/29		11,406		14,232,235
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)a		13,760		11,502,617
4.50%, 04/15/23 (Call 01/15/23)a		12,022		10,575,655
5.00%, 09/15/22 (Call 03/15/17)		26,372		23,602,940

Security	Principal (000s)		Value
Devon Energy Corp.
2.25%, 12/15/18 (Call 11/15/18)a	$	11,821	$	11,851,011
3.25%, 05/15/22 (Call 02/15/22)a		7,631		7,342,404
4.75%, 05/15/42 (Call 11/15/41)		6,383		5,635,773
5.00%, 06/15/45 (Call 12/15/44)a		11,000		10,115,167
5.60%, 07/15/41 (Call 01/15/41)		16,908		16,123,317
7.95%, 04/15/32		9,414		11,589,493
Devon Financing Corp. LLC
7.88%, 09/30/31		11,813		14,364,628
Encana Corp.
6.50%, 08/15/34		8,510		7,675,203
6.50%, 02/01/38		9,300		8,291,683
Ensco PLC
4.70%, 03/15/21a		23,110		20,799,000
5.75%, 10/01/44 (Call 04/01/44)		4,885		3,712,600
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)a		13,052		12,719,205
4.10%, 02/01/21		7,446		7,957,236
5.63%, 06/01/19		10,469		11,713,082
Exxon Mobil Corp.
1.82%, 03/15/19 (Call 02/15/19)a		17,895		18,025,963
1.91%, 03/06/20 (Call 02/06/20)		20,375		20,467,659
2.40%, 03/06/22 (Call 01/06/22)a		13,950		13,901,335
2.71%, 03/06/25 (Call 12/06/24)a		27,450		27,121,481
3.18%, 03/15/24 (Call 12/15/23)a		6,135		6,311,900
3.57%, 03/06/45 (Call 09/06/44)a		14,350		13,673,265
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas Inc.
6.50%, 11/15/20 (Call 11/30/15)		1,429		1,289,673

SCHEDULESOF INVESTMENTS 91

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
6.88%, 02/15/23 (Call 02/15/18)	$	5,123	$	4,559,470
Hess Corp.
5.60%, 02/15/41		15,828		15,483,608
6.00%, 01/15/40		7,633		7,673,779
7.30%, 08/15/31		9,393		10,697,040
8.13%, 02/15/19		4,473		5,181,809
Husky Energy Inc.
4.00%, 04/15/24 (Call 01/15/24)a		14,533		13,803,327
Marathon Oil Corp.
2.80%, 11/01/22 (Call 08/01/22)a		12,819		11,534,449
3.85%, 06/01/25 (Call 03/01/25)		9,384		8,435,490
6.60%, 10/01/37		9,756		9,960,406
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 06/15/24)		11,220		10,942,890
4.75%, 09/15/44 (Call 03/15/44)		6,392		5,759,219
5.13%, 03/01/21a		13,810		15,074,862
6.50%, 03/01/41 (Call 09/01/40)		4,263		4,589,294
Nexen Energy ULC
5.88%, 03/10/35		7,423		8,266,464
6.40%, 05/15/37		16,610		19,617,149
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)		10,760		10,811,606
5.05%, 11/15/44 (Call 05/15/44)		8,960		8,192,529
5.25%, 11/15/43 (Call 05/15/43)		14,285		13,149,814
6.00%, 03/01/41 (Call 09/01/40)		7,915		7,809,760
8.25%, 03/01/19		17,402		20,353,659
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)		9,906		9,648,180
3.13%, 02/15/22 (Call 11/15/21)		8,738		8,807,415
3.50%, 06/15/25 (Call 03/15/25)a		11,000		11,115,982

Security	Principal (000s)		Value
4.63%, 06/15/45 (Call 12/15/44)	$	12,155	$	12,515,805
Series 1
4.10%, 02/01/21 (Call 11/01/20)a		9,870		10,604,802
Petro-Canada
6.80%, 05/15/38		10,281		12,611,409
Phillips 66
4.30%, 04/01/22		12,394		13,055,220
4.65%, 11/15/34 (Call 05/15/34)a		13,200		13,099,284
4.88%, 11/15/44 (Call 05/15/44)		20,845		20,684,493
5.88%, 05/01/42		21,015		23,221,575
Pride International Inc.
6.88%, 08/15/20a		4,305		4,235,044
Shell International Finance BV
2.00%, 11/15/18		10,778		10,912,659
2.13%, 05/11/20		27,222		27,276,705
2.25%, 01/06/23		20,642		19,800,580
2.38%, 08/21/22		25,801		25,117,227
3.25%, 05/11/25		40,755		40,656,613
3.40%, 08/12/23		6,508		6,665,033
4.13%, 05/11/35a		27,278		27,023,919
4.30%, 09/22/19		24,996		27,076,040
4.38%, 03/25/20		10,699		11,677,375
4.38%, 05/11/45		42,235		42,353,963
4.55%, 08/12/43		15,352		15,657,646
5.50%, 03/25/40a		10,066		11,523,070
6.38%, 12/15/38		20,592		25,998,994
Southwestern Energy Co.
4.05%, 01/23/20 (Call 12/23/19)a		8,900		8,564,424
4.10%, 03/15/22 (Call 12/15/21)a		14,550		12,590,160
4.95%, 01/23/25 (Call 10/23/24)a		8,209		7,134,407
Statoil ASA
1.95%, 11/08/18a		13,905		13,989,722
2.25%, 11/08/19		10,500		10,584,264
2.45%, 01/17/23		12,603		12,159,197
2.65%, 01/15/24		8,349		8,058,316
2.75%, 11/10/21		1,880		1,888,494
2.90%, 11/08/20		6,377		6,550,586

92 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
3.15%, 01/23/22a	$	12,392	$	12,625,813
3.70%, 03/01/24a		8,600		8,892,027
3.95%, 05/15/43		12,257		11,473,476
4.80%, 11/08/43a		9,261		9,887,802
5.10%, 08/17/40		7,352		8,143,110
5.25%, 04/15/19		17,098		18,923,218
Suncor Energy Inc.
3.60%, 12/01/24 (Call 09/01/24)		9,009		8,927,669
6.50%, 06/15/38a		8,935		10,639,022
6.85%, 06/01/39		10,970		13,592,444
Total Capital Canada Ltd.
2.75%, 07/15/23a		16,627		16,225,599
Total Capital International SA
2.10%, 06/19/19		15,750		15,904,619
2.13%, 01/10/19a		10,076		10,220,303
2.70%, 01/25/23		6,891		6,754,575
2.75%, 06/19/21		19,850		20,137,283
2.88%, 02/17/22a		13,712		13,778,058
3.70%, 01/15/24a		14,265		14,809,151
3.75%, 04/10/24a		16,606		17,310,264
Total Capital SA
4.45%, 06/24/20		2,806		3,083,320
Valero Energy Corp.
6.13%, 02/01/20a		15,499		17,488,024
6.63%, 06/15/37		17,973		19,651,466
7.50%, 04/15/32		8,781		10,399,370
9.38%, 03/15/19		2,564		3,103,104
				1,931,183,695
OIL & GAS SERVICES — 0.74%
Baker Hughes Inc.
3.20%, 08/15/21 (Call 05/15/21)		6,713		6,718,194
5.13%, 09/15/40		19,012		19,093,432
7.50%, 11/15/18		5,951		6,843,007
Halliburton Co.
3.50%, 08/01/23 (Call 05/01/23)		12,651		12,629,230
4.75%, 08/01/43 (Call 02/01/43)a		12,554		12,414,233
6.15%, 09/15/19a		11,586		13,122,840
6.70%, 09/15/38		7,595		9,258,190
7.45%, 09/15/39		8,891		11,706,793

Security	Principal (000s)		Value
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)a	$	38,731	$	36,338,571
3.95%, 12/01/42 (Call 06/01/42)a		11,274		9,139,911
Schlumberger Investment SA
3.65%, 12/01/23 (Call 09/01/23)a		17,787		18,438,436
Weatherford International Ltd./Bermuda
4.50%, 04/15/22 (Call 01/15/22)a		11,750		9,194,375
5.13%, 09/15/20a		4,619		3,955,296
9.63%, 03/01/19a		13,504		14,178,341
				183,030,849
PHARMACEUTICALS — 5.53%
Abbott Laboratories
2.00%, 03/15/20a		10,789		10,770,913
2.55%, 03/15/22		13,323		13,250,787
2.95%, 03/15/25 (Call 12/15/24)a		12,550		12,497,822
5.13%, 04/01/19		6,735		7,471,016
AbbVie Inc.
2.00%, 11/06/18a		5,386		5,373,822
2.50%, 05/14/20 (Call 04/14/20)		44,737		44,189,741
2.90%, 11/06/22		43,539		42,207,499
3.20%, 11/06/22 (Call 09/06/22)		21,315		21,059,382
3.60%, 05/14/25 (Call 02/14/25)		46,545		45,682,186
4.40%, 11/06/42		23,337		21,174,731
4.50%, 05/14/35 (Call 11/14/34)		31,490		29,924,701
4.70%, 05/14/45 (Call 11/14/44)		30,670		29,183,275
Actavis Funding SCS
3.00%, 03/12/20 (Call 02/12/20)		17,095		17,177,991
3.45%, 03/15/22 (Call 01/15/22)		39,845		39,522,120
3.80%, 03/15/25 (Call 12/15/24)a		54,390		53,654,033

SCHEDULESOF INVESTMENTS 93

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
3.85%, 06/15/24 (Call 03/15/24)	$	14,450	$	14,343,907
4.55%, 03/15/35 (Call 09/15/34)		10,860		10,311,352
4.75%, 03/15/45 (Call 09/15/44)a		35,915		34,328,056
4.85%, 06/15/44 (Call 12/15/43)a		15,215		14,682,137
Actavis Inc.
3.25%, 10/01/22 (Call 07/01/22)		39,608		38,908,459
4.63%, 10/01/42 (Call 04/01/42)		19,364		18,103,297
AstraZeneca PLC
1.95%, 09/18/19a		12,427		12,432,882
4.00%, 09/18/42a		11,712		11,315,928
6.45%, 09/15/37		25,910		33,576,518
Baxalta Inc.
2.88%, 06/23/20 (Call 05/23/20)a,b		10,630		10,608,794
3.60%, 06/23/22 (Call 04/23/22)a,b		815		822,502
4.00%, 06/23/25 (Call 03/23/25)b		29,925		30,038,434
5.25%, 06/23/45 (Call 12/23/44)b		12,940		13,135,967
Bristol-Myers Squibb Co.
2.00%, 08/01/22		10,088		9,784,726
Eli Lilly & Co.
2.75%, 06/01/25 (Call 03/01/25)		9,230		9,134,925
3.70%, 03/01/45 (Call 09/01/44)		10,313		9,672,782
Express Scripts Holding Co.
2.25%, 06/15/19		15,431		15,419,027
3.50%, 06/15/24 (Call 03/15/24)		11,127		10,947,564
3.90%, 02/15/22		8,552		8,798,488
4.75%, 11/15/21a		19,236		20,732,801
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23a		14,604		14,509,905
6.38%, 05/15/38		34,434		43,989,662
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		17,520		17,585,700

Security	Principal (000s)		Value
Johnson & Johnson
3.38%, 12/05/23	$	4,161	$	4,415,038
4.38%, 12/05/33 (Call 06/05/33)		10,400		11,322,345
5.95%, 08/15/37		9,074		11,713,458
McKesson Corp.
2.28%, 03/15/19		13,282		13,291,216
3.80%, 03/15/24 (Call 12/15/23)		4,081		4,145,630
4.88%, 03/15/44 (Call 09/15/43)a		11,604		11,792,310
Merck & Co. Inc.
1.85%, 02/10/20a		14,785		14,777,029
2.35%, 02/10/22a		10,385		10,309,155
2.40%, 09/15/22 (Call 06/15/22)		8,646		8,533,003
2.75%, 02/10/25 (Call 11/10/24)a		32,888		32,111,455
2.80%, 05/18/23a		34,662		34,750,506
3.70%, 02/10/45 (Call 08/10/44)		15,362		14,070,452
3.88%, 01/15/21 (Call 10/15/20)a		9,129		9,833,608
4.15%, 05/18/43		21,121		20,944,010
Merck Sharp & Dohme Corp.
5.00%, 06/30/19a		10,107		11,201,366
Novartis Capital Corp.
2.40%, 09/21/22a		21,365		21,403,167
3.40%, 05/06/24a		33,025		34,267,595
4.40%, 04/24/20		7,282		8,090,481
4.40%, 05/06/44		20,383		21,856,412
Novartis Securities Investment Ltd.
5.13%, 02/10/19		41,836		46,401,094
Perrigo Co. PLC
4.00%, 11/15/23 (Call 08/15/23)		3,000		2,918,438
Perrigo Finance PLC
3.90%, 12/15/24 (Call 09/15/24)		3,721		3,568,371
Pfizer Inc.
2.10%, 05/15/19a		19,470		19,580,765
3.00%, 06/15/23a		10,633		10,318,488

94 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
3.40%, 05/15/24a	$	14,025	$	14,198,739
4.30%, 06/15/43a		10,275		10,069,529
6.20%, 03/15/19		40,823		46,354,435
7.20%, 03/15/39a		30,353		41,453,441
Sanofi
4.00%, 03/29/21		20,951		22,585,398
Wyeth LLC
5.95%, 04/01/37		14,557		17,281,083
6.50%, 02/01/34		7,594		9,433,501
Zoetis Inc.
3.25%, 02/01/23 (Call 11/01/22)		20,485		19,473,951
4.70%, 02/01/43 (Call 08/01/42)		12,500		10,964,021
				1,369,753,322
PIPELINES — 2.97%
Columbia Pipeline Group Inc.
3.30%, 06/01/20 (Call 05/01/20)a,b		8,500		8,505,368
4.50%, 06/01/25 (Call 03/01/25)b		4,511		4,340,909
Energy Transfer Partners LP
3.60%, 02/01/23 (Call 11/01/22)		12,844		11,364,349
4.05%, 03/15/25 (Call 12/15/24)		12,835		11,249,763
4.15%, 10/01/20 (Call 08/01/20)		14,000		14,023,873
4.65%, 06/01/21 (Call 03/01/21)a		7,913		7,860,372
4.75%, 01/15/26 (Call 10/15/25)		8,600		7,889,841
5.15%, 03/15/45 (Call 09/15/44)a		18,075		14,330,220
5.20%, 02/01/22 (Call 11/01/21)a		18,225		18,167,952
6.13%, 12/15/45 (Call 06/15/45)		15,200		13,638,879
6.50%, 02/01/42 (Call 08/01/41)		3,610		3,357,177
Enterprise Products Operating LLC
2.55%, 10/15/19 (Call 09/15/19)		10,050		10,037,392

Security	Principal (000s)		Value
3.35%, 03/15/23 (Call 12/15/22)	$	14,377	$	13,831,679
3.70%, 02/15/26 (Call 11/15/25)a		6,920		6,554,228
3.75%, 02/15/25 (Call 11/15/24)a		15,380		14,813,685
3.90%, 02/15/24 (Call 11/15/23)		5,895		5,799,627
4.45%, 02/15/43 (Call 08/15/42)		8,088		6,863,426
4.85%, 08/15/42 (Call 02/15/42)		9,497		8,609,538
4.85%, 03/15/44 (Call 09/15/43)a		16,240		14,621,832
4.90%, 05/15/46 (Call 11/15/45)a		15,520		14,163,251
5.10%, 02/15/45 (Call 08/15/44)		11,121		10,372,153
5.20%, 09/01/20		13,143		14,418,549
5.95%, 02/01/41		9,210		9,503,638
Kinder Morgan Energy Partners LP
2.65%, 02/01/19a		10,792		10,450,772
3.50%, 03/01/21 (Call 01/01/21)a		16,471		15,557,273
3.95%, 09/01/22 (Call 06/01/22)a		41,451		39,007,584
5.50%, 03/01/44 (Call 09/01/43)a		11,160		9,341,170
6.95%, 01/15/38a		12,169		11,951,494
Kinder Morgan Inc./DE
3.05%, 12/01/19 (Call 11/01/19)a		17,550		16,990,573
4.30%, 06/01/25 (Call 03/01/25)a		19,800		17,860,049
5.05%, 02/15/46 (Call 08/15/45)a		9,050		7,149,870
5.30%, 12/01/34 (Call 06/01/34)		6,354		5,351,913
5.55%, 06/01/45 (Call 12/01/44)		16,825		14,198,651
7.75%, 01/15/32		9,069		9,209,365

SCHEDULESOF INVESTMENTS 95

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
ONEOK Partners LP
3.38%, 10/01/22 (Call 07/01/22)a	$	17,701	$	15,731,856
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24 (Call 08/01/24)		6,300		5,848,504
3.65%, 06/01/22 (Call 03/01/22)a		12,711		12,380,600
4.65%, 10/15/25 (Call 07/15/25)a		13,850		13,820,015
Regency Energy Partners LP/Regency Energy Finance Corp.
5.88%, 03/01/22 (Call 12/01/21)		13,700		13,948,655
Spectra Energy Partners LP
4.75%, 03/15/24 (Call 12/15/23)		14,145		14,523,632
Sunoco Logistics Partners Operations LP
5.35%, 05/15/45 (Call 11/15/44)a		13,060		10,371,587
TransCanada PipeLines Ltd.
2.50%, 08/01/22a		15,649		14,780,732
3.80%, 10/01/20a		6,038		6,363,286
4.63%, 03/01/34 (Call 12/01/33)a		12,314		11,887,819
6.10%, 06/01/40		5,299		5,866,521
6.20%, 10/15/37		11,895		13,331,803
7.13%, 01/15/19		8,197		9,399,984
7.63%, 01/15/39		17,371		22,623,693
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)a		17,985		14,760,081
4.55%, 06/24/24 (Call 03/24/24)a		16,220		13,515,419
Williams Partners LP
3.35%, 08/15/22 (Call 05/15/22)a		28,806		25,349,280
3.60%, 03/15/22 (Call 01/15/22)		35,850		32,819,445
3.90%, 01/15/25 (Call 10/15/24)a		8,500		7,212,836

Security	Principal (000s)		Value
4.00%, 09/15/25 (Call 06/15/25)a	$	12,015	$	10,221,805
4.30%, 03/04/24 (Call 12/04/23)		10,170		9,084,243
5.10%, 09/15/45 (Call 03/15/45)		3,995		3,038,348
5.25%, 03/15/20		18,468		19,369,063
6.30%, 04/15/40		13,408		11,822,996
Williams Partners LP/ACMP Finance Corp.
4.88%, 05/15/23 (Call 12/15/17)		5,000		4,562,550
4.88%, 03/15/24 (Call 03/15/19)a		12,975		11,677,500
6.13%, 07/15/22 (Call 01/15/17)a		100		101,125
				735,799,793
REAL ESTATE INVESTMENT TRUSTS — 0.86%
American Tower Corp.
2.80%, 06/01/20 (Call 05/01/20)a		4,825		4,801,865
3.40%, 02/15/19		5,909		6,061,328
3.50%, 01/31/23		16,946		16,524,334
4.00%, 06/01/25 (Call 03/01/25)a		5,575		5,494,970
4.70%, 03/15/22a		2,100		2,181,697
5.00%, 02/15/24a		14,210		15,179,493
Boston Properties LP
3.70%, 11/15/18 (Call 08/17/18)a		12,776		13,384,734
3.85%, 02/01/23 (Call 11/01/22)		10,683		11,017,842
4.13%, 05/15/21 (Call 02/15/21)a		6,601		7,023,125
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		9,275		9,357,917
4.63%, 12/15/21 (Call 09/15/21)		19,424		21,209,202
HCP Inc.
2.63%, 02/01/20 (Call 11/01/19)		12,926		12,803,072

96 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
3.88%, 08/15/24 (Call 05/17/24)	$	11,000	$	10,738,712
4.25%, 11/15/23 (Call 08/15/23)		3,575		3,601,206
5.38%, 02/01/21 (Call 11/03/20)		20,350		22,413,339
Simon Property Group LP
3.38%, 10/01/24 (Call 07/01/24)a		15,004		15,047,099
4.38%, 03/01/21 (Call 12/01/20)a		10,759		11,713,404
5.65%, 02/01/20 (Call 11/01/19)		8,221		9,279,192
Weyerhaeuser Co.
7.38%, 03/15/32		13,034		16,185,946
				214,018,477
RETAIL — 4.34%
Costco Wholesale Corp.
1.70%, 12/15/19		20,113		19,988,812
CVS Health Corp.
2.25%, 12/05/18 (Call 11/05/18)		13,472		13,655,501
2.25%, 08/12/19 (Call 07/12/19)		10,682		10,726,049
2.75%, 12/01/22 (Call 09/01/22)		32,181		31,722,305
2.80%, 07/20/20 (Call 06/20/20)a		30,000		30,494,655
3.50%, 07/20/22 (Call 05/20/22)		14,895		15,382,680
3.88%, 07/20/25 (Call 04/20/25)		36,500		37,448,949
4.00%, 12/05/23 (Call 09/05/23)		9,193		9,677,649
4.88%, 07/20/35 (Call 01/20/35)		22,850		23,955,122
5.13%, 07/20/45 (Call 01/20/45)		36,150		38,751,412
5.30%, 12/05/43 (Call 06/05/43)a		12,800		14,010,252
6.13%, 09/15/39		3,045		3,633,983
Home Depot Inc. (The)
2.00%, 06/15/19 (Call 05/15/19)		7,903		8,026,309

Security	Principal (000s)		Value
2.63%, 06/01/22 (Call 05/01/22)a	$	12,039	$	12,051,773
2.70%, 04/01/23 (Call 01/01/23)a		11,343		11,235,465
3.35%, 09/15/25 (Call 06/15/25)a		950		972,669
3.75%, 02/15/24 (Call 11/15/23)a		14,004		14,819,604
4.20%, 04/01/43 (Call 10/01/42)		20,678		20,708,969
4.25%, 04/01/46 (Call 10/01/45)		11,600		11,712,635
4.40%, 04/01/21 (Call 01/01/21)a		24,718		27,460,853
4.40%, 03/15/45 (Call 09/15/44)a		15,415		15,947,124
4.88%, 02/15/44 (Call 08/15/43)		10,310		11,384,672
5.88%, 12/16/36		30,932		38,081,666
5.95%, 04/01/41 (Call 10/01/40)a		18,302		23,091,549
Lowe’s Companies Inc.
3.12%, 04/15/22 (Call 01/15/22)a		15,824		16,139,418
3.38%, 09/15/25 (Call 06/15/25)		7,985		8,106,009
4.38%, 09/15/45 (Call 03/15/45)		10,000		10,175,642
4.65%, 04/15/42 (Call 10/15/41)a		3,806		4,001,421
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)		7,490		6,978,822
McDonald’s Corp.
2.63%, 01/15/22a		10,843		10,587,983
6.30%, 10/15/37		8,512		10,120,290
6.30%, 03/01/38		15,109		17,991,490
Target Corp.
2.30%, 06/26/19		7,544		7,688,625
2.90%, 01/15/22		13,514		13,750,602
3.50%, 07/01/24a		11,500		11,950,637
3.88%, 07/15/20		16,171		17,481,668
4.00%, 07/01/42a		22,793		22,133,551

SCHEDULESOF INVESTMENTS 97

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
6.50%, 10/15/37a	$	14,364	$	18,749,009
7.00%, 01/15/38		4,093		5,608,628
Wal-Mart Stores Inc.
1.95%, 12/15/18a		10,217		10,420,648
2.55%, 04/11/23 (Call 01/11/23)		22,152		21,958,214
3.25%, 10/25/20a		12,888		13,638,244
3.30%, 04/22/24 (Call 01/22/24)a		19,791		20,506,381
3.63%, 07/08/20a		19,829		21,343,390
4.00%, 04/11/43 (Call 10/11/42)		20,065		19,348,549
4.25%, 04/15/21a		18,519		20,495,750
4.30%, 04/22/44 (Call 10/22/43)a		15,223		15,436,332
4.75%, 10/02/43 (Call 04/02/43)		18,312		19,848,754
4.88%, 07/08/40		7,434		8,092,823
5.00%, 10/25/40		10,688		11,829,481
5.25%, 09/01/35a		34,826		40,089,884
5.63%, 04/01/40		19,475		23,287,644
5.63%, 04/15/41		13,783		16,542,031
5.88%, 04/05/27		5,929		7,303,780
6.20%, 04/15/38		16,037		20,362,073
6.50%, 08/15/37		29,433		38,476,422
7.55%, 02/15/30		16,792		23,625,083
Walgreen Co.
3.10%, 09/15/22a		12,784		12,360,122
5.25%, 01/15/19		3,998		4,332,163
Walgreens Boots Alliance Inc.
2.70%, 11/18/19 (Call 10/18/19)		22,575		22,615,330
3.30%, 11/18/21 (Call 09/18/21)		25,850		25,777,951
3.80%, 11/18/24 (Call 08/18/24)a		14,975		14,749,208
4.80%, 11/18/44 (Call 05/18/44)		18,065		16,706,644
				1,075,551,353
SEMICONDUCTORS — 1.13%
Applied Materials Inc.
4.30%, 06/15/21		19		20,387

Security	Principal (000s)		Value
Intel Corp.
2.45%, 07/29/20a	$	24,090	$	24,462,925
2.70%, 12/15/22a		23,847		23,738,248
3.10%, 07/29/22a		5,715		5,858,724
3.30%, 10/01/21a		22,128		23,297,319
3.70%, 07/29/25 (Call 04/29/25)a		32,100		33,336,813
4.00%, 12/15/32		12,474		12,300,784
4.25%, 12/15/42a		10,033		9,570,920
4.80%, 10/01/41		11,579		11,949,660
4.90%, 07/29/45 (Call 01/29/45)		20,754		21,555,297
QUALCOMM Inc.
2.25%, 05/20/20a		22,614		22,483,468
3.00%, 05/20/22		31,089		30,813,340
3.45%, 05/20/25 (Call 02/20/25)a		19,815		19,032,876
4.65%, 05/20/35 (Call 11/20/34)a		19,800		18,113,169
4.80%, 05/20/45 (Call 11/20/44)		16,935		14,589,489
Texas Instruments Inc.
1.65%, 08/03/19		7,770		7,705,047
				278,828,466
SOFTWARE — 2.80%
Fidelity National Information Services Inc.
3.50%, 04/15/23 (Call 01/15/23)		10,050		9,542,521
3.63%, 10/15/20 (Call 09/15/20)		10,000		10,163,393
5.00%, 10/15/25 (Call 07/15/25)		19,500		20,164,776
Fiserv Inc.
2.70%, 06/01/20 (Call 05/01/20)		5,100		5,105,585
3.85%, 06/01/25 (Call 03/01/25)		8,000		8,064,107
Microsoft Corp.
1.63%, 12/06/18a		7,741		7,818,853
1.85%, 02/12/20 (Call 01/12/20)a		20,128		20,185,170
2.00%, 11/03/20		3,465		3,478,252

98 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
2.13%, 11/15/22a	$	14,127	$	13,716,688
2.38%, 02/12/22 (Call 01/12/22)		28,570		28,578,074
2.38%, 05/01/23 (Call 02/01/23)a		12,390		12,128,575
2.70%, 02/12/25 (Call 11/12/24)a		30,830		30,224,490
3.00%, 10/01/20a		12,588		13,215,858
3.13%, 11/03/25		3,795		3,840,866
3.50%, 02/12/35 (Call 08/12/34)a		17,632		16,311,499
3.50%, 11/15/42		9,242		8,120,824
3.63%, 12/15/23 (Call 09/15/23)a		16,502		17,500,623
3.75%, 02/12/45 (Call 08/12/44)a		23,310		21,253,568
4.00%, 02/12/55 (Call 08/12/54)		18,375		16,260,374
4.20%, 06/01/19		7,933		8,650,336
4.45%, 11/03/45		1,430		1,456,053
4.50%, 10/01/40		11,450		11,735,676
5.20%, 06/01/39		9,694		11,040,815
5.30%, 02/08/41		12,744		14,566,618
Oracle Corp.
2.25%, 10/08/19a		37,111		37,593,703
2.38%, 01/15/19		10,460		10,666,132
2.50%, 05/15/22 (Call 03/15/22)a		36,950		36,425,103
2.50%, 10/15/22		18,195		17,829,322
2.80%, 07/08/21		19,852		20,159,087
2.95%, 05/15/25 (Call 02/15/25)a		22,890		22,381,844
3.40%, 07/08/24 (Call 04/08/24)a		33,033		33,769,144
3.63%, 07/15/23		12,743		13,290,879
3.88%, 07/15/20		3,874		4,163,595
3.90%, 05/15/35 (Call 11/15/34)a		12,260		11,610,183
4.13%, 05/15/45 (Call 11/15/44)a		30,461		28,709,529
4.30%, 07/08/34 (Call 01/08/34)		24,541		24,480,170
4.38%, 05/15/55 (Call 11/15/54)		13,838		12,913,770

Security	Principal (000s)		Value
4.50%, 07/08/44 (Call 01/08/44)a	$	18,887	$	18,922,264
5.00%, 07/08/19		23,804		26,365,046
5.38%, 07/15/40		27,360		30,568,639
6.13%, 07/08/39		16,660		20,250,648
6.50%, 04/15/38		7,589		9,585,651
				692,808,303
TELECOMMUNICATIONS — 7.60%
AT&T Corp.
8.25%, 11/15/31		11,544		15,409,925
AT&T Inc.
2.30%, 03/11/19		10,015		10,064,849
2.38%, 11/27/18a		16,332		16,511,703
2.45%, 06/30/20 (Call 05/30/20)		42,195		41,800,131
2.63%, 12/01/22 (Call 09/01/22)a		26,487		25,381,192
3.00%, 02/15/22		29,165		28,956,642
3.00%, 06/30/22 (Call 04/30/22)		27,590		27,093,305
3.40%, 05/15/25 (Call 02/15/25)a		76,734		74,411,738
3.88%, 08/15/21a		16,453		17,132,224
3.90%, 03/11/24 (Call 12/11/23)a		16,325		16,666,707
4.30%, 12/15/42 (Call 06/15/42)		8,305		7,195,925
4.35%, 06/15/45 (Call 12/15/44)		38,299		33,228,186
4.45%, 05/15/21a		19,955		21,366,958
4.50%, 05/15/35 (Call 11/15/34)a		27,744		25,940,956
4.75%, 05/15/46 (Call 11/15/45)		45,239		41,806,233
4.80%, 06/15/44 (Call 12/15/43)		29,750		27,605,581
5.35%, 09/01/40		42,445		42,205,330
5.55%, 08/15/41a		11,147		11,365,265
5.80%, 02/15/19		23,775		26,462,143
6.30%, 01/15/38		19,390		21,467,902
6.50%, 09/01/37		8,750		9,911,073
6.55%, 02/15/39		18,525		21,126,847

SCHEDULESOF INVESTMENTS 99

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
British Telecommunications PLC
2.35%, 02/14/19	$	11,370	$	11,407,722
9.63%, 12/15/30		27,906		42,037,534
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23		6,807		6,726,155
Cisco Systems Inc.
2.13%, 03/01/19		23,465		23,811,104
2.45%, 06/15/20		19,910		20,244,572
3.50%, 06/15/25a		3,990		4,138,151
3.63%, 03/04/24a		13,131		13,746,204
4.45%, 01/15/20		26,210		28,729,153
4.95%, 02/15/19a		19,441		21,433,701
5.50%, 01/15/40		20,583		23,975,379
5.90%, 02/15/39		25,575		31,216,768
Deutsche Telekom International Finance BV
6.00%, 07/08/19		10,361		11,689,705
8.75%, 06/15/30		39,871		57,042,961
GTE Corp.
6.94%, 04/15/28		2,224		2,689,227
New Cingular Wireless Services Inc.
8.75%, 03/01/31a		9,493		13,172,247
Orange SA
2.75%, 02/06/19		24,819		25,351,784
4.13%, 09/14/21a		13,724		14,642,794
5.38%, 07/08/19		6,051		6,723,376
5.38%, 01/13/42a		12,527		13,611,695
5.50%, 02/06/44 (Call 08/06/43)a		5,044		5,691,871
9.00%, 03/01/31		28,628		41,060,098
Qwest Corp.
6.75%, 12/01/21a		6,701		7,216,977
6.88%, 09/15/33 (Call 11/30/15)a		10,949		10,839,510
Rogers Communications Inc.
4.10%, 10/01/23 (Call 07/01/23)a		7,539		7,891,116
5.00%, 03/15/44 (Call 09/15/43)		11,240		11,420,607
Telefonica Emisiones SAU
4.57%, 04/27/23a		11,350		11,858,982
5.13%, 04/27/20a		11,064		12,058,117

Security	Principal (000s)		Value
5.46%, 02/16/21a	$	12,688	$	14,140,097
5.88%, 07/15/19		15,561		17,263,092
7.05%, 06/20/36		29,185		34,614,709
Telefonica Europe BV
8.25%, 09/15/30		18,628		24,305,101
Verizon Communications Inc.
2.45%, 11/01/22 (Call 08/01/22)a		22,856		21,873,512
2.63%, 02/21/20a		14,528		14,675,320
3.00%, 11/01/21 (Call 09/01/21)a		23,279		23,469,904
3.45%, 03/15/21a		11,000		11,350,726
3.50%, 11/01/21		27,262		28,023,229
3.50%, 11/01/24 (Call 08/01/24)a		39,000		39,050,712
3.85%, 11/01/42 (Call 05/01/42)		10,700		8,942,502
4.15%, 03/15/24 (Call 12/15/23)a		12,289		12,863,328
4.27%, 01/15/36		16,000		14,671,541
4.40%, 11/01/34 (Call 05/01/34)		29,394		27,635,857
4.50%, 09/15/20		37,426		40,684,506
4.60%, 04/01/21a		9,349		10,153,207
4.75%, 11/01/41		14,350		13,499,818
4.86%, 08/21/46a		40,302		38,497,474
5.01%, 08/21/54		60,240		55,858,552
5.05%, 03/15/34 (Call 12/15/33)		20,902		21,144,706
5.15%, 09/15/23		77,870		86,790,289
5.85%, 09/15/35		16,925		18,527,848
6.00%, 04/01/41		5,993		6,643,574
6.25%, 04/01/37		9,082		10,262,650
6.35%, 04/01/19		12,335		14,022,165
6.40%, 09/15/33		24,101		27,889,564
6.40%, 02/15/38		12,762		14,547,715
6.55%, 09/15/43		68,493		82,196,805
6.90%, 04/15/38		4,295		5,255,668
7.75%, 12/01/30		12,872		17,246,763
Vodafone Group PLC
2.50%, 09/26/22a		15,730		14,795,909
2.95%, 02/19/23a		23,410		22,370,549
4.38%, 02/19/43		11,743		10,233,184

100 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

October 31, 2015

Security	Principal (000s)		Value
5.45%, 06/10/19	$	14,650	$	16,187,739
6.15%, 02/27/37		18,358		19,664,511
				1,882,891,151
TRANSPORTATION — 0.84%
Burlington Northern Santa Fe LLC
3.00%, 04/01/25 (Call 01/01/25)a		4,400		4,265,514
3.85%, 09/01/23 (Call 06/01/23)		10,474		10,929,957
4.15%, 04/01/45 (Call 10/01/44)		15,215		14,288,767
4.45%, 03/15/43 (Call 09/15/42)		5,046		4,947,332
4.55%, 09/01/44 (Call 03/01/44)		12,579		12,448,015
4.70%, 10/01/19		12,197		13,304,016
4.90%, 04/01/44 (Call 10/01/43)		10,620		11,027,665
5.75%, 05/01/40 (Call 11/01/39)		6,397		7,329,583
Canadian Pacific Railway Co.
6.13%, 09/15/15 (Call 03/15/15)		5,488		5,873,330
CSX Corp.
4.10%, 03/15/44 (Call 09/15/43)a		14,400		13,333,255
FedEx Corp.
4.00%, 01/15/24a		8,889		9,273,340
4.75%, 11/15/45 (Call 05/15/45)		7,660		7,587,342
5.10%, 01/15/44		14,480		15,121,522
8.00%, 01/15/19		1,835		2,171,348
Union Pacific Corp.
4.16%, 07/15/22 (Call 04/15/22)		6,518		7,076,292
United Parcel Service Inc.
2.45%, 10/01/22		13,146		12,954,317
3.13%, 01/15/21a		16,661		17,391,631
5.13%, 04/01/19a		11,821		13,167,822
6.20%, 01/15/38		19,455		25,281,905
				207,772,953

Security	Principal or Shares (000s)		Value
WATER — 0.01%
American Water Capital Corp.
6.59%, 10/15/37	$	2,585	$	3,424,963
				3,424,963
TOTAL CORPORATE BONDS & NOTES
(Cost: $24,747,306,315)				24,456,684,460
SHORT-TERM INVESTMENTS — 9.93%
MONEY MARKET FUNDS — 9.93%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.19%c,d,e		1,988,206		1,988,206,436
BlackRock Cash Funds: Prime, SL Agency Shares
0.19%c,d,e		174,173		174,173,348
BlackRock Cash Funds: Treasury, SL Agency Shares
0.02%c,d		298,619		298,619,012
				2,460,998,796
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,460,998,796)				2,460,998,796
TOTAL INVESTMENTS IN SECURITIES — 108.60%				26,917,683,256
(Cost: $27,208,305,111)
Other Assets, Less Liabilities — (8.60)%				(2,132,339,759	)
NET ASSETS — 100.00%			$	24,785,343,497

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

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

^c  Affiliated issuer.

^d  The rate quoted is the annualized seven-day yield of the fund at period end.

^e  All or a portion of this security represents an investment of securities lending collateral.

SCHEDULESOF INVESTMENTS 101

Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

October 31, 2015

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
ASSETS
Investments, at cost:
Unaffiliated	$	16,111,988,683		$	24,613,378,375
Affiliated		3,591,252,734			2,594,926,736
Total cost of investments	$	19,703,241,417		$	27,208,305,111
Investments in securities, at fair value (including securities on loana)
Unaffiliated	$	15,116,761,939		$	24,323,092,400
Affiliated		3,591,252,734			2,594,590,856
Total fair value of investments		18,708,014,673			26,917,683,256
Cash		—			3,108,085
Receivables:
Investment securities sold		—			33,987,691
Due from custodian		18,035,726			9,710,740
Interest		258,806,975			255,888,737
Capital shares sold		4,957,828			2,225,267
Tax reclaims		217,504			32,241
Total Assets		18,990,032,706			27,222,636,017
LIABILITIES
Payables:
Investment securities purchased		113,790,100			271,967,625
Collateral for securities on loan		3,367,756,671			2,162,379,784
Due to custodian		176			—
Investment advisory fees		5,874,963			2,945,111
Total Liabilities		3,487,421,910			2,437,292,520
NET ASSETS	$	15,502,610,796		$	24,785,343,497
Net assets consist of:
Paid-in capital	$	16,676,153,387		$	24,893,943,685
Undistributed net investment income		67,719,938			63,393,686
Undistributed net realized gain (accumulated net realized loss)		(246,035,785	)		118,627,981
Net unrealized depreciation		(995,226,744	)		(290,621,855	)
NET ASSETS	$	15,502,610,796		$	24,785,343,497
Shares outstandingb		182,100,000			213,200,000
Net asset value per share	$	85.13		$	116.25

^a  Securities on loan with values of $3,291,973,584 and $2,108,270,854, respectively.

^b  No par value, unlimited number of shares authorized.

102 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Selected Audited Financial Statements

February 28, 2015

iShares Trust

iShares iBoxx $ High Yield Corporate Bond ETF  |  HYG  |  NYSE Arca

iShares iBoxx $ Investment Grade Corporate Bond ETF  |  LQD  |  NYSE Arca

Schedule of Investments

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 97.71%
ADVERTISING — 0.41%
Affinion Group Inc.
7.88%, 12/15/18 (Call 03/30/15)a	$	8,200	$	5,453,000
inVentiv Health Inc.
9.00%, 01/15/18 (Call 01/15/16)a,b		12,750		13,324,029
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/01/18)a		9,909		10,107,180
5.38%, 01/15/24 (Call 01/15/19)a		10,425		11,050,500
5.88%, 02/01/22 (Call 02/01/17)		9,500		10,070,000
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 02/15/22 (Call 02/15/17)a		8,575		9,003,750
5.63%, 02/15/24 (Call 02/15/19)		6,250		6,640,625
5.88%, 03/15/25 (Call 09/15/19)a		8,200		8,733,000
				74,382,084
AEROSPACE & DEFENSE — 0.60%
KLX Inc.
5.88%, 12/01/22 (Call 12/01/17)b		24,740		25,234,800
Meccanica Holdings USA Inc.
6.25%, 07/15/19a,b		8,650		9,644,750
TransDigm Inc.
5.50%, 10/15/20 (Call 10/15/15)		9,650		9,529,375
6.00%, 07/15/22 (Call 07/15/17)a		24,330		24,634,125
6.50%, 07/15/24 (Call 07/15/19)		25,370		25,940,825
7.50%, 07/15/21 (Call 07/15/16)a		11,850		12,649,875
				107,633,750

Security	Principal (000s)		Value
AIRLINES — 0.32%
Air Canada
6.75%, 10/01/19 (Call 10/01/16)b	$	7,075	$	7,490,656
7.75%, 04/15/21a,b		7,980		8,478,750
American Airlines Group Inc.
4.63%, 03/01/20		2,165		2,165,000
5.50%, 10/01/19b		18,690		19,531,050
Continental Airlines Inc. 2012-3 Pass Through Trust Class C
6.13%, 04/29/18		9,100		9,600,500
U.S. Airways Group Inc.
6.13%, 06/01/18a		9,918		10,525,478
				57,791,434
APPAREL — 0.23%
Hanesbrands Inc.
6.38%, 12/15/20 (Call 12/15/15)a		19,780		21,065,700
Levi Strauss & Co.
6.88%, 05/01/22 (Call 05/01/17)a		10,650		11,768,250
7.63%, 05/15/20 (Call 05/15/15)a		8,000		8,400,000
				41,233,950
AUTO MANUFACTURERS — 1.52%
FCA U.S. LLC/CG Co-Issuer Inc.
8.00%, 06/15/19 (Call 06/15/15)		56,800		60,000,680
8.25%, 06/15/21 (Call 06/15/16)		63,157		70,774,997
General Motors Co.
3.50%, 10/02/18		28,800		29,700,000
4.00%, 04/01/25		11,250		11,503,125
4.88%, 10/02/23		28,600		31,069,610
Jaguar Land Rover Automotive PLC
4.13%, 12/15/18a,b		14,100		14,628,750
4.25%, 11/15/19b		9,475		9,806,625
5.63%, 02/01/23 (Call 02/01/18)a,b		10,450		11,215,463
8.13%, 05/15/21 (Call 05/15/16)a,b		7,375		8,149,375

104 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Navistar International Corp.
8.25%, 11/01/21 (Call 03/30/15)a	$	26,254	$	26,450,905
				273,299,530
AUTO PARTS & EQUIPMENT — 0.87%
American Axle & Manufacturing Inc.
6.25%, 03/15/21 (Call 03/15/16)		7,881		8,432,670
6.63%, 10/15/22 (Call 10/15/17)a		10,625		11,567,969
Dana Holding Corp.
5.38%, 09/15/21 (Call 09/15/16)		7,750		8,098,750
5.50%, 12/15/24 (Call 12/15/19)a		9,550		9,836,500
Goodyear Tire & Rubber Co. (The)
6.50%, 03/01/21 (Call 03/01/16)a		16,805		18,065,375
7.00%, 05/15/22 (Call 05/15/17)a		15,845		17,469,112
8.25%, 08/15/20 (Call 08/15/15)a		15,845		16,855,119
Lear Corp.
4.75%, 01/15/23 (Call 01/15/18)a		10,758		10,973,160
5.25%, 01/15/25 (Call 01/15/20)		12,555		12,837,487
Schaeffler Finance BV
4.25%, 05/15/21 (Call 05/15/17)a,b		12,900		13,061,250
4.75%, 05/15/21 (Call 05/15/16)a,b		18,550		19,060,125
7.75%, 02/15/17b		10,170		11,238,664
				157,496,181
BANKS — 2.99%
BBVA International Preferred SAU
5.92%, 04/29/49 (Call 04/18/17)a,c		11,261		11,641,059

Security	Principal (000s)		Value
BPCE SA
12.50%, 08/29/49 (Call 09/30/19)a,b,c	$	7,400	$	9,990,000
CIT Group Inc.
3.88%, 02/19/19		23,000		23,230,000
4.25%, 08/15/17a		36,600		37,515,000
5.00%, 05/15/17		24,296		25,237,470
5.00%, 08/15/22a		26,650		28,448,875
5.00%, 08/01/23a		16,160		17,048,800
5.25%, 03/15/18a		33,426		35,264,430
5.38%, 05/15/20a		14,200		15,300,500
5.50%, 02/15/19a,b		36,780		39,292,468
6.63%, 04/01/18b		13,200		14,388,000
Commerzbank AG
8.13%, 09/19/23b		21,450		25,849,180
Credit Agricole SA
6.64%, 05/29/49 (Call 05/31/17)a,b,c		17,745		18,756,465
8.38%, 10/29/49 (Call 10/13/19)b,c		20,560		24,415,000
Fifth Third Bancorp
5.10%, 12/29/49 (Call 06/30/23)a,c		12,700		12,049,125
Royal Bank of Scotland Group PLC
5.13%, 05/28/24a		46,720		49,476,120
6.00%, 12/19/23a		42,421		47,427,191
6.10%, 06/10/23		22,447		25,105,674
6.13%, 12/15/22a		45,025		50,709,564
Royal Bank of Scotland NV
4.65%, 06/04/18		10,250		10,791,713
Societe Generale SA
5.92%, 12/31/49 (Call 04/05/17)b,c		15,865		16,499,600
				538,436,234
BEVERAGES — 0.69%
Constellation Brands Inc.
3.75%, 05/01/21		9,600		9,780,000
3.88%, 11/15/19		8,625		8,959,219
4.25%, 05/01/23		24,875		25,870,000
4.75%, 11/15/24a		9,400		10,034,500
6.00%, 05/01/22a		13,750		15,778,125
7.25%, 09/01/16		14,250		15,354,375
7.25%, 05/15/17		14,124		15,659,985

SCHEDULESOF INVESTMENTS 105

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Cott Beverages Inc.
5.38%, 07/01/22 (Call 07/01/17)b	$	12,775	$	11,816,875
6.75%, 01/01/20 (Call 01/01/17)b		11,305		11,305,000
				124,558,079
BUILDING MATERIALS — 0.76%
Building Materials Corp. of America
5.38%, 11/15/24 (Call 11/15/19)a,b		23,510		24,215,300
6.75%, 05/01/21 (Call 05/01/16)a,b		20,100		21,532,125
Lafarge SA
6.20%, 07/09/15b		775		788,897
6.50%, 07/15/16		11,600		12,305,318
Masco Corp.
5.95%, 03/15/22		8,877		9,986,625
6.13%, 10/03/16a		14,953		15,962,327
7.13%, 03/15/20a		9,845		11,518,650
USG Corp.
6.30%, 11/15/16a		8,569		9,018,873
9.75%, 01/15/18		10,798		12,444,695
Vulcan Materials Co.
7.00%, 06/15/18		6,400		7,168,000
7.50%, 06/15/21		10,700		12,840,000
				137,780,810
CHEMICALS — 1.52%
Ashland Inc.
3.00%, 03/15/16 (Call 02/15/16)a		9,750		9,823,125
3.88%, 04/15/18 (Call 03/15/18)		15,350		15,906,438
4.75%, 08/15/22 (Call 05/15/22)a		22,650		23,272,875
Axiall Corp.
4.88%, 05/15/23 (Call 05/15/18)a		8,830		8,984,525
Eagle Spinco Inc.
4.63%, 02/15/21 (Call 02/15/18)a		13,925		14,133,875
Hexion U.S. Finance Corp.
6.63%, 04/15/20 (Call 04/15/15)		35,350		33,449,937

Security	Principal (000s)		Value
Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC
8.88%, 02/01/18 (Call 03/30/15)a	$	20,700	$	17,439,750
9.00%, 11/15/20 (Call 11/15/15)a		10,100		6,363,000
Huntsman International LLC
4.88%, 11/15/20 (Call 08/15/20)a		13,025		13,415,750
5.13%, 11/15/22 (Call 08/15/22)b		7,900		8,077,750
8.63%, 03/15/21 (Call 09/15/15)a		9,110		9,770,475
Ineos Finance PLC
7.50%, 05/01/20 (Call 05/01/15)a,b		19,910		21,154,375
8.38%, 02/15/19 (Call 03/30/15)a,b		16,950		18,072,937
INEOS Group Holdings SA
5.88%, 02/15/19 (Call 02/15/16)a,b		12,575		12,700,750
6.13%, 08/15/18 (Call 05/15/15)a,b		12,825		13,017,375
NOVA Chemicals Corp.
5.00%, 05/01/25 (Call 01/31/25)a,b		10,095		10,637,606
5.25%, 08/01/23 (Call 08/01/18)b		5,450		5,763,375
PSPC Escrow Corp.
6.50%, 02/01/22 (Call 02/01/18)b		5,375		5,670,625
Rockwood Specialties Group Inc.
4.63%, 10/15/20 (Call 10/15/15)		13,050		13,562,213
WR Grace & Co.-Conn
5.13%, 10/01/21a,b		12,950		13,403,250
				274,620,006
COAL — 0.94%
Alpha Natural Resources Inc.
6.00%, 06/01/19 (Call 03/30/15)a		10,815		3,271,538

106 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
6.25%, 06/01/21 (Call 06/01/16)a	$	11,790	$	3,242,250
7.50%, 08/01/20 (Call 08/01/16)a,b		9,075		4,038,375
9.75%, 04/15/18a		7,871		3,227,110
Arch Coal Inc.
7.00%, 06/15/19 (Call 06/15/15)a		15,450		4,596,375
7.25%, 10/01/20 (Call 10/01/15)a		7,380		2,509,200
7.25%, 06/15/21 (Call 06/15/16)a		15,500		4,456,250
CONSOL Energy Inc.
5.88%, 04/15/22 (Call 04/15/17)		37,560		35,982,480
8.25%, 04/01/20 (Call 04/01/15)a		23,410		24,374,740
Peabody Energy Corp.
6.00%, 11/15/18a		30,790		28,095,875
6.25%, 11/15/21a		27,478		22,806,740
6.50%, 09/15/20a		12,595		10,705,750
7.38%, 11/01/16		11,946		12,513,435
Walter Energy Inc.
8.50%, 04/15/21 (Call 04/15/17)a		5,850		672,750
9.50%, 10/15/19 (Call 10/15/16)a,b		11,925		7,930,125
9.88%, 12/15/20 (Call 12/15/16)a		7,650		937,125
				169,360,118
COMMERCIAL SERVICES — 3.29%
Acosta Inc.
7.75%, 10/01/22 (Call 10/01/17)a,b		12,750		13,116,562
ADT Corp. (The)
2.25%, 07/15/17a		14,573		14,409,054
3.50%, 07/15/22a		18,650		17,018,125
4.13%, 04/15/19a		9,625		9,769,375
4.13%, 06/15/23a		15,575		14,815,719
6.25%, 10/15/21a		23,950		25,793,879
APX Group Inc.
6.38%, 12/01/19 (Call 12/01/15)a		19,800		19,948,500

Security	Principal (000s)		Value
8.75%, 12/01/20 (Call 12/01/15)a	$	19,821	$	18,433,530
Ashtead Capital Inc.
5.63%, 10/01/24 (Call 10/01/19)a,b		10,535		11,114,425
6.50%, 07/15/22 (Call 07/15/17)b		17,600		19,096,000
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.13%, 06/01/22 (Call 06/01/17)a,b		8,465		8,676,625
5.50%, 04/01/23 (Call 04/01/18)a		11,200		11,732,000
Cenveo Corp.
6.00%, 08/01/19 (Call 02/01/19)b		12,080		11,385,400
Global A&T Electronics Ltd.
10.00%, 02/01/19 (Call 02/01/16)b		17,900		17,094,500
Harland Clarke Holdings Corp.
9.25%, 03/01/21 (Call 03/01/17)b		16,480		15,985,600
Hertz Corp. (The)
5.88%, 10/15/20 (Call 10/15/15)		15,300		15,797,250
6.25%, 10/15/22 (Call 10/15/17)a		10,000		10,375,000
6.75%, 04/15/19 (Call 04/15/15)a		29,325		30,351,375
7.38%, 01/15/21 (Call 01/15/16)a		11,033		11,612,233
7.50%, 10/15/18 (Call 03/30/15)a		11,200		11,592,000
Iron Mountain Inc.
5.75%, 08/15/24 (Call 08/15/17)		21,517		21,839,755
6.00%, 08/15/23 (Call 08/15/18)		14,700		15,545,250
7.75%, 10/01/19 (Call 10/01/15)		7,030		7,495,738
8.38%, 08/15/21 (Call 03/30/15)		1,739		1,813,777

SCHEDULESOF INVESTMENTS 107

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Jaguar Holding Co. II/Jaguar Merger Sub Inc.
9.50%, 12/01/19 (Call 03/30/15)a,b	$	11,061	$	11,904,401
Laureate Education Inc.
10.00%, 09/01/19 (Call 09/01/15)a,b		28,200		27,213,000
RR Donnelley & Sons Co.
6.00%, 04/01/24		7,275		7,529,625
7.00%, 02/15/22a		6,850		7,535,000
7.88%, 03/15/21a		10,575		12,029,062
Service Corp. International/U.S.
5.38%, 01/15/22 (Call 07/15/17)		9,550		10,099,125
5.38%, 05/15/24 (Call 05/15/19)a		11,675		12,375,500
ServiceMaster Co. LLC (The)
7.00%, 08/15/20 (Call 08/15/15)a		8,806		9,334,360
8.00%, 02/15/20 (Call 03/30/15)		215		227,363
United Rentals North America Inc.
5.75%, 07/15/18 (Call 07/15/15)		16,300		16,952,000
5.75%, 11/15/24 (Call 05/15/19)		22,225		23,336,250
6.13%, 06/15/23 (Call 12/15/17)a		19,614		20,986,980
7.38%, 05/15/20 (Call 05/15/16)a		17,100		18,553,500
7.63%, 04/15/22 (Call 04/15/17)		26,200		28,983,750
8.25%, 02/01/21 (Call 02/01/16)		15,895		17,246,075
8.38%, 09/15/20 (Call 09/15/15)a		13,080		14,011,950
				593,129,613
COMPUTERS — 0.67%
Dell Inc.
3.10%, 04/01/16a		2,150		2,174,188
4.63%, 04/01/21a		8,210		8,312,625
5.65%, 04/15/18a		9,209		9,945,720
5.88%, 06/15/19a		12,450		13,570,500

Security	Principal (000s)		Value
NCR Corp.
4.63%, 02/15/21 (Call 02/15/17)a	$	12,550	$	12,487,250
5.00%, 07/15/22 (Call 07/15/17)		10,360		10,385,900
5.88%, 12/15/21 (Call 12/15/17)		7,625		7,930,000
6.38%, 12/15/23 (Call 12/15/18)a		12,250		12,954,375
SunGard Data Systems Inc.
6.63%, 11/01/19 (Call 11/01/15)		19,550		20,356,437
7.38%, 11/15/18 (Call 03/30/15)		8,225		8,564,281
7.63%, 11/15/20 (Call 11/15/15)a		13,636		14,556,430
				121,237,706
COSMETICS & PERSONAL CARE — 0.10%
Avon Products Inc.
4.60%, 03/15/20		11,250		10,406,250
5.00%, 03/15/23a		9,168		8,352,048
				18,758,298
DISTRIBUTION & WHOLESALE — 0.52%
HD Supply Inc.
5.25%, 12/15/21 (Call 12/15/17)b		25,305		26,253,937
7.50%, 07/15/20 (Call 10/15/16)a		27,190		29,025,325
11.00%, 04/15/20 (Call 04/15/16)a		13,195		15,141,263
11.50%, 07/15/20 (Call 10/15/16)		20,450		23,466,375
				93,886,900
DIVERSIFIED FINANCIAL SERVICES — 7.82%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust
2.75%, 05/15/17a,b		7,500		7,509,375
3.75%, 05/15/19b		21,350		21,883,750
4.50%, 05/15/21a,b		21,700		22,947,750
5.00%, 10/01/21a,b		20,450		22,137,125
Aircastle Ltd.
4.63%, 12/15/18		7,550		7,852,000

108 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.13%, 03/15/21a	$	11,300	$	12,006,250
5.50%, 02/15/22		11,075		11,850,250
6.25%, 12/01/19a		10,050		11,055,000
6.75%, 04/15/17a		10,400		11,245,000
Ally Financial Inc.
2.75%, 01/30/17a		20,015		19,964,962
3.25%, 02/13/18		8,210		8,220,263
3.50%, 07/18/16		20,550		20,822,287
3.50%, 01/27/19		16,750		16,791,875
3.75%, 11/18/19		16,850		16,807,875
4.13%, 02/13/22		11,645		11,586,775
4.75%, 09/10/18		16,450		17,108,000
5.13%, 09/30/24		14,580		15,400,125
5.50%, 02/15/17a		30,117		31,585,204
6.25%, 12/01/17		18,610		20,075,537
7.50%, 09/15/20		29,150		34,761,375
8.00%, 12/31/18a		11,825		13,450,938
8.00%, 03/15/20		30,860		36,954,850
Denali Borrower LLC/Denali Finance Corp.
5.63%, 10/15/20 (Call 10/15/16)a,b		19,425		20,736,187
E*TRADE Financial Corp.
5.38%, 11/15/22 (Call 11/15/17)		9,730		10,265,150
6.38%, 11/15/19 (Call 11/15/15)a		15,700		16,857,875
General Motors Financial Co. Inc.
2.63%, 07/10/17		12,512		12,668,400
2.75%, 05/15/16		17,040		17,290,147
3.00%, 09/25/17		19,525		19,933,072
3.15%, 01/15/20 (Call 12/15/19)		23,925		24,217,615
3.25%, 05/15/18		14,520		14,828,550
3.50%, 07/10/19a		15,450		15,874,875
4.00%, 01/15/25 (Call 10/15/24)		20,675		21,261,240
4.25%, 05/15/23a		19,365		20,260,631
4.38%, 09/25/21a		26,425		28,010,500
4.75%, 08/15/17		22,559		23,912,540
6.75%, 06/01/18a		8,515		9,621,950

Security	Principal (000s)		Value
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
3.50%, 03/15/17 (Call 02/15/17)a	$	22,125	$	22,456,875
4.88%, 03/15/19 (Call 07/15/16)		26,225		27,011,750
5.88%, 02/01/22 (Call 08/01/17)a		27,895		29,289,750
6.00%, 08/01/20 (Call 02/01/17)a		36,025		38,590,700
International Lease Finance Corp.
3.88%, 04/15/18		14,350		14,708,750
4.63%, 04/15/21a		13,350		14,151,000
5.75%, 05/15/16a		15,210		15,807,072
5.88%, 04/01/19a		18,700		20,599,236
5.88%, 08/15/22a		15,850		18,108,625
6.25%, 05/15/19		28,050		31,363,681
8.25%, 12/15/20a		20,030		24,918,604
8.63%, 01/15/22a		13,571		17,506,487
8.75%, 03/15/17		35,375		39,610,336
8.88%, 09/01/17		10,340		11,823,292
Jefferies Finance LLC/JFIN Co-Issuer Corp.
6.88%, 04/15/22 (Call 04/15/17)b		9,750		9,482,845
7.38%, 04/01/20 (Call 04/01/16)a,b		11,200		11,144,000
7.50%, 04/15/21 (Call 10/15/17)b		8,550		8,443,125
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 08/01/18 (Call 08/01/15)		8,350		8,308,250
6.50%, 07/01/21 (Call 01/01/17)a		13,350		12,782,625
7.88%, 10/01/20 (Call 10/01/16)		7,750		7,769,375
Navient Corp.
4.63%, 09/25/17a		7,921		8,158,630
4.88%, 06/17/19a		19,610		20,247,325
5.00%, 10/26/20		9,875		10,023,125
5.50%, 01/15/19		25,800		27,122,250

SCHEDULESOF INVESTMENTS 109

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.50%, 01/25/23a	$	20,915	$	20,601,275
5.88%, 10/25/24a		9,750		9,457,500
6.00%, 01/25/17a		19,321		20,383,655
6.13%, 03/25/24a		17,868		17,868,000
6.25%, 01/25/16a		10,958		11,341,530
7.25%, 01/25/22		15,650		17,254,125
8.00%, 03/25/20		30,450		35,398,125
8.45%, 06/15/18		51,800		59,052,000
OneMain Financial Holdings Inc.
6.75%, 12/15/19 (Call 12/15/16)b		16,800		17,745,000
7.25%, 12/15/21 (Call 12/15/17)b		16,452		17,480,250
Springleaf Finance Corp.
5.25%, 12/15/19a		14,600		14,965,000
6.90%, 12/15/17		48,526		52,529,395
7.75%, 10/01/21a		13,000		14,625,000
Series I
5.40%, 12/01/15a		3,800		3,895,000
				1,409,778,861
ELECTRIC — 3.92%
AES Corp./VA
4.88%, 05/15/23 (Call 05/15/18)		17,605		17,252,900
5.50%, 03/15/24 (Call 03/15/19)		15,700		15,951,191
7.38%, 07/01/21 (Call 06/01/21)		21,275		23,881,187
8.00%, 10/15/17		10,171		11,425,456
8.00%, 06/01/20		12,580		14,463,520
9.75%, 04/15/16a		489		536,678
Calpine Corp.
5.38%, 01/15/23 (Call 10/15/18)a		26,250		26,709,375
5.50%, 02/01/24 (Call 02/01/19)		2,470		2,482,350
5.75%, 01/15/25 (Call 10/15/19)a		32,050		32,691,000
5.88%, 01/15/24 (Call 11/01/18)a,b		10,200		11,067,000
6.00%, 01/15/22 (Call 11/01/16)a,b		13,200		14,388,000

Security	Principal (000s)		Value
7.88%, 01/15/23 (Call 01/15/17)b	$	15,076	$	16,885,120
DPL Inc.
6.50%, 10/15/16 (Call 09/15/16)a		1,115		1,176,325
7.25%, 10/15/21 (Call 07/15/21)		15,190		16,022,581
Dynegy Finance I Inc./Dynegy Finance II Inc.
6.75%, 11/01/19 (Call 05/01/17)b		42,725		44,647,625
7.38%, 11/01/22 (Call 11/01/18)a,b		39,560		41,785,250
7.63%, 11/01/24 (Call 11/01/19)a,b		30,820		32,669,200
EDP Finance BV
4.13%, 01/15/20b		5,925		6,189,005
4.90%, 10/01/19b		22,300		24,100,163
5.25%, 01/14/21a,b		13,698		15,068,507
6.00%, 02/02/18b		19,600		21,534,555
Enel SpA
8.75%, 09/24/73 (Call 09/24/23)a,b,c		26,357		32,155,540
FirstEnergy Corp.
Series A
2.75%, 03/15/18 (Call 02/15/18)a		9,400		9,568,482
Series B
4.25%, 03/15/23 (Call 12/15/22)		14,900		15,566,365
FirstEnergy Transmission LLC
4.35%, 01/15/25 (Call 10/15/24)b		10,300		10,886,566
GenOn Energy Inc.
7.88%, 06/15/17a		14,170		14,276,198
9.50%, 10/15/18a		13,185		13,544,513
9.88%, 10/15/20 (Call 10/15/15)		13,400		13,666,736
IPALCO Enterprises Inc.
5.00%, 05/01/18 (Call 04/01/18)		6,250		6,723,725
7.25%, 04/01/16a,b		6,645		6,993,658

110 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
NRG Energy Inc.
6.25%, 07/15/22 (Call 07/15/18)	$	23,700	$	24,648,000
6.25%, 05/01/24 (Call 05/01/19)a		21,200		21,624,000
6.63%, 03/15/23 (Call 09/15/17)		22,735		23,814,913
7.63%, 01/15/18		25,680		28,569,000
7.88%, 05/15/21 (Call 05/15/16)a		22,688		24,563,696
8.25%, 09/01/20 (Call 09/01/15)		16,855		18,055,919
PPL Capital Funding Inc. Series A
6.70%, 03/30/67 (Call 03/30/17)c		8,650		8,541,875
PPL Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)		14,620		13,603,039
6.50%, 05/01/18		1,000		1,068,517
RJS Power Holdings LLC
5.13%, 07/15/19 (Call 07/15/16)a,b		27,675		27,156,918
				705,954,648
ELECTRONICS — 0.22%
Flextronics International Ltd.
4.63%, 02/15/20a		9,675		10,110,375
5.00%, 02/15/23a		9,950		10,472,375
Rexel SA
5.25%, 06/15/20 (Call 06/15/16)a,b		8,850		9,181,875
6.13%, 12/15/19 (Call 12/15/15)a,b		8,800		9,218,000
				38,982,625
ENGINEERING & CONSTRUCTION — 0.33%
Abengoa Finance SAU
7.75%, 02/01/20a,b		9,070		8,956,625
8.88%, 11/01/17a,b		14,243		14,812,720
AECOM
5.75%, 10/15/22 (Call 10/15/17)b		17,325		18,277,875
5.88%, 10/15/24 (Call 07/15/24)b		16,114		17,080,840
				59,128,060

Security	Principal (000s)		Value
ENTERTAINMENT — 1.37%
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/18)	$	12,150	$	12,074,062
5.13%, 12/15/22 (Call 12/15/17)a		6,500		6,638,125
Cleopatra Finance Ltd.
5.63%, 02/15/20 (Call 11/15/19)b		11,230		11,244,038
6.25%, 02/15/22 (Call 08/15/21)b		16,725		16,766,812
6.50%, 02/15/25 (Call 08/15/24)b		13,565		13,548,044
GLP Capital LP/GLP Financing II Inc.
4.38%, 11/01/18 (Call 08/01/18)a		8,700		9,069,750
4.88%, 11/01/20 (Call 08/01/20)a		21,775		22,754,875
5.38%, 11/01/23 (Call 08/01/23)		9,550		10,099,125
Pinnacle Entertainment Inc.
6.38%, 08/01/21 (Call 08/01/16)		16,740		17,786,250
7.50%, 04/15/21 (Call 04/15/15)		20,921		22,176,260
Regal Entertainment Group
5.75%, 03/15/22 (Call 03/15/17)a		17,050		17,476,250
Scientific Games International Inc.
7.00%, 01/01/22 (Call 01/01/18)a,b		19,910		20,457,525
10.00%, 12/01/22 (Call 12/01/18)a,b		44,800		43,904,000
WMG Acquisition Corp.
6.00%, 01/15/21 (Call 01/15/16)b		10,189		10,392,780
6.75%, 04/15/22 (Call 04/15/17)a,b		13,650		12,933,375
				247,321,271

SCHEDULESOF INVESTMENTS 111

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
ENVIRONMENTAL CONTROL — 0.36%
Clean Harbors Inc.
5.13%, 06/01/21 (Call 12/01/16)a	$	9,975	$	10,249,313
5.25%, 08/01/20 (Call 08/01/16)a		17,679		18,120,975
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/19)		7,900		8,275,250
6.38%, 10/01/22 (Call 04/01/17)a		6,375		6,821,250
7.25%, 12/01/20 (Call 12/01/15)		7,400		7,955,000
Tervita Corp.
8.00%, 11/15/18 (Call 11/15/15)b		15,000		13,575,000
				64,996,788
FOOD — 1.45%
Albertsons Holdings LLC/Saturn Acquisition Merger Sub Inc.
7.75%, 10/15/22 (Call 10/15/17)a,b		12,072		13,007,580
Aramark Services Inc.
5.75%, 03/15/20 (Call 03/15/15)		19,050		19,907,250
HJ Heinz Finance Co.
4.25%, 10/15/20 (Call 04/15/15)a		62,600		63,539,000
4.88%, 02/15/25 (Call 02/15/20)b		41,150		41,304,312
Post Holdings Inc.
6.00%, 12/15/22 (Call 06/15/18)a,b		14,350		14,081,655
6.75%, 12/01/21 (Call 12/01/17)b		17,225		17,612,563
7.38%, 02/15/22 (Call 02/15/17)a		29,500		30,718,350
Smithfield Foods Inc.
5.25%, 08/01/18 (Call 08/01/15)a,b		8,925		9,210,600
5.88%, 08/01/21 (Call 08/01/16)a,b		7,775		8,192,906

Security	Principal (000s)		Value
6.63%, 08/15/22 (Call 08/15/17)	$	19,405	$	21,088,384
7.75%, 07/01/17a		8,329		9,321,817
SUPERVALU Inc.
6.75%, 06/01/21 (Call 06/01/17)a		7,850		8,007,000
8.00%, 05/01/16		1,661		1,768,965
U.S. Foods Inc.
8.50%, 06/30/19 (Call 03/30/15)a		2,700		2,831,625
				260,592,007
FOREST PRODUCTS & PAPER — 0.04%
Verso Paper Holdings LLC/Verso Paper Inc.
11.75%, 01/15/19 (Call 03/30/15)a		7,240		7,095,200
				7,095,200
GAS — 0.32%
NGL Energy Partners LP/NGL Energy Finance Corp.
5.13%, 07/15/19 (Call 06/15/19)		7,000		6,790,000
6.88%, 10/15/21 (Call 10/15/16)		9,975		9,975,000
Sabine Pass LNG LP
6.50%, 11/01/20 (Call 11/01/16)a		7,900		8,176,360
7.50%, 11/30/16a		30,850		32,935,901
				57,877,261
HEALTH CARE — PRODUCTS — 1.31%
Alere Inc.
6.50%, 06/15/20 (Call 06/15/16)a		8,175		8,430,469
7.25%, 07/01/18 (Call 12/15/15)a		8,350		8,934,500
8.63%, 10/01/18 (Call 03/30/15)		7,737		8,094,836
Biomet Inc.
6.50%, 08/01/20 (Call 08/01/15)		34,870		37,193,133
6.50%, 10/01/20 (Call 10/01/15)		15,350		16,252,166

112 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
ConvaTec Healthcare E SA
10.50%, 12/15/18 (Call 03/30/15)b	$	12,147	$	12,861,244
Crimson Merger Sub Inc.
6.63%, 05/15/22 (Call 05/15/17)a,b		29,325		27,345,562
DJO Finance LLC/DJO Finance Corp.
9.88%, 04/15/18 (Call 04/15/15)		9,800		10,265,500
Hologic Inc.
6.25%, 08/01/20 (Call 08/01/15)		21,890		22,929,775
Kinetic Concepts Inc./KCI USA Inc.
10.50%, 11/01/18 (Call 11/01/15)		37,840		41,434,800
12.50%, 11/01/19 (Call 11/01/15)a		11,140		12,295,775
Mallinckrodt International Finance SA
4.75%, 04/15/23		12,100		11,888,250
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
5.75%, 08/01/22 (Call 08/01/17)a,b		16,450		17,395,875
				235,321,885
HEALTH CARE — SERVICES — 6.38%
Amsurg Corp.
5.63%, 07/15/22 (Call 07/15/17)a		25,350		26,934,375
CHS/Community Health Systems Inc.
5.13%, 08/15/18 (Call 08/15/15)		32,400		33,493,500
5.13%, 08/01/21 (Call 02/01/17)a		17,950		18,712,875
6.88%, 02/01/22 (Call 02/01/18)a		61,250		65,460,937
7.13%, 07/15/20 (Call 07/15/16)a		26,340		28,183,800
8.00%, 11/15/19 (Call 11/15/15)		40,439		43,269,730

Security	Principal (000s)		Value
DaVita HealthCare Partners Inc.
5.13%, 07/15/24 (Call 07/15/19)	$	34,950	$	36,522,750
5.75%, 08/15/22 (Call 08/15/17)a		23,950		25,836,062
6.63%, 11/01/20 (Call 03/30/15)a		13,700		14,436,375
Fresenius Medical Care U.S. Finance II Inc.
4.13%, 10/15/20 (Call 07/17/20)a,b		10,500		10,828,125
4.75%, 10/15/24 (Call 07/17/24)b		7,940		8,442,205
5.63%, 07/31/19a,b		15,850		17,395,375
5.88%, 01/31/22b		14,474		16,174,695
Fresenius Medical Care U.S. Finance Inc.
5.75%, 02/15/21b		11,900		13,209,000
6.50%, 09/15/18b		6,310		7,035,650
6.88%, 07/15/17		9,000		9,922,500
HCA Holdings Inc.
6.25%, 02/15/21		22,775		24,881,688
7.75%, 05/15/21 (Call 11/15/15)		30,662		32,808,340
HCA Inc.
3.75%, 03/15/19a		31,955		32,554,156
4.25%, 10/15/19		13,700		14,179,500
4.75%, 05/01/23		28,040		29,512,100
5.00%, 03/15/24		40,350		43,578,000
5.25%, 04/15/25a		28,750		31,553,125
5.38%, 02/01/25		21,180		22,397,850
5.88%, 03/15/22a		27,600		30,981,000
5.88%, 05/01/23a		26,600		29,193,500
6.50%, 02/15/16a		5,550		5,799,750
6.50%, 02/15/20a		62,130		70,517,550
7.50%, 02/15/22a		42,355		49,873,012
8.00%, 10/01/18a		8,600		9,997,500
HealthSouth Corp.
5.75%, 11/01/24 (Call 11/01/17)		17,415		18,242,213
Kindred Healthcare Inc.
6.38%, 04/15/22 (Call 04/15/17)a		10,475		10,435,719

SCHEDULESOF INVESTMENTS 113

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
8.00%, 01/15/20b	$	16,450	$	17,889,375
8.75%, 01/15/23 (Call 01/15/18)b		11,815		12,937,425
LifePoint Hospitals Inc.
5.50%, 12/01/21 (Call 12/01/16)		23,100		24,514,875
6.63%, 10/01/20 (Call 10/01/15)		7,000		7,358,750
MPH Acquisition Holdings LLC
6.63%, 04/01/22 (Call 04/01/17)a,b		20,725		22,046,219
Tenet Healthcare Corp.
4.38%, 10/01/21		22,220		22,220,000
4.50%, 04/01/21		20,125		20,275,938
4.75%, 06/01/20		9,924		10,246,530
5.00%, 03/01/19a,b		22,455		22,567,275
5.50%, 03/01/19b		12,950		13,192,813
6.00%, 10/01/20		38,059		41,389,162
6.25%, 11/01/18a		19,210		21,058,002
8.00%, 08/01/20 (Call 08/01/15)a		16,560		17,512,200
8.13%, 04/01/22		56,900		64,545,937
				1,150,117,458
HOLDING COMPANIES — DIVERSIFIED — 0.33%
Argos Merger Sub Inc.
7.13%, 03/15/23 (Call 03/15/18)b		13,460		13,931,100
Harbinger Group Inc.
7.75%, 01/15/22 (Call 01/15/17)a		11,400		11,542,500
7.88%, 07/15/19 (Call 01/15/16)		19,325		20,581,125
Nielsen Co. Luxembourg Sarl (The)
5.50%, 10/01/21 (Call 10/01/16)b		12,450		12,916,875
				58,971,600
HOME BUILDERS — 1.02%
Brookfield Residential Properties Inc.
6.50%, 12/15/20 (Call 12/15/15)b		10,950		11,497,500

Security	Principal (000s)		Value
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
6.13%, 07/01/22 (Call 07/01/17)b	$	9,400	$	9,776,000
Centex LLC
6.50%, 05/01/16a		7,400		7,770,000
DR Horton Inc.
3.63%, 02/15/18 (Call 11/15/17)a		6,700		6,808,875
3.75%, 03/01/19 (Call 12/01/18)		10,000		10,125,000
4.00%, 02/15/20		5,300		5,346,375
5.75%, 08/15/23 (Call 05/15/23)a		7,300		7,884,000
K. Hovnanian Enterprises Inc.
7.25%, 10/15/20 (Call 10/15/15)a,b		11,750		12,249,375
KB Home
4.75%, 05/15/19 (Call 02/15/19)		10,474		10,133,595
7.00%, 12/15/21 (Call 09/15/21)		8,800		8,844,000
Lennar Corp.
4.50%, 06/15/19 (Call 04/16/19)		9,750		10,042,500
4.50%, 11/15/19 (Call 08/15/19)a		4,365		4,430,475
4.75%, 11/15/22 (Call 08/15/22)a		13,650		13,923,000
12.25%, 06/01/17a		7,325		8,771,688
Standard Pacific Corp.
8.38%, 05/15/18a		12,325		14,112,125
8.38%, 01/15/21a		7,570		8,762,275
Taylor Morrison Communities Inc./Monarch Communities Inc.
5.25%, 04/15/21 (Call 04/15/16)a,b		9,900		9,751,500
Toll Brothers Finance Corp.
4.38%, 04/15/23 (Call 01/15/23)a		7,250		7,358,750

114 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.88%, 02/15/22 (Call 11/15/21)	$	8,491	$	9,451,544
8.91%, 10/15/17		5,800		6,699,000
				183,737,577
HOUSEHOLD PRODUCTS & WARES — 1.66%
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
5.75%, 10/15/20 (Call 10/15/15)		72,175		75,314,612
6.88%, 02/15/21 (Call 02/15/16)a		18,400		19,504,000
7.13%, 04/15/19 (Call 03/30/15)		25,115		26,119,600
7.88%, 08/15/19 (Call 08/15/15)		28,460		30,203,175
8.25%, 02/15/21 (Call 02/15/16)		22,355		23,500,694
8.50%, 05/15/18 (Call 03/30/15)		20,860		21,485,800
9.00%, 04/15/19 (Call 03/30/15)		31,025		32,576,250
9.88%, 08/15/19 (Call 08/15/15)a		45,821		49,143,022
Spectrum Brands Inc.
6.38%, 11/15/20 (Call 11/15/16)a		10,110		10,885,943
6.63%, 11/15/22 (Call 11/15/17)		10,310		11,289,450
				300,022,546
INSURANCE — 0.41%
Genworth Holdings Inc.
1.00%, 11/15/66c		12,000		7,837,500
4.80%, 02/15/24		2,800		2,451,748
4.90%, 08/15/23		1,650		1,449,387
6.52%, 05/22/18		3,052		3,184,709
7.70%, 06/15/20		6,000		6,360,000
Hartford Financial Services Group Inc. (The)
8.13%, 06/15/68 (Call 06/15/18)c		10,492		11,960,880
HUB International Ltd.
7.88%, 10/01/21 (Call 10/01/16)a,b		24,820		25,502,550

Security	Principal (000s)		Value
Voya Financial Inc.
5.65%, 05/15/53 (Call 05/15/23)a,c	$	14,675	$	15,078,562
				73,825,336
INTERNET — 0.82%
Equinix Inc.
4.88%, 04/01/20 (Call 04/01/17)a		8,500		8,861,250
5.38%, 01/01/22 (Call 01/01/18)		17,400		18,183,000
5.38%, 04/01/23 (Call 04/01/18)		20,050		20,902,125
5.75%, 01/01/25 (Call 01/01/20)		11,530		12,106,500
IAC/InterActiveCorp
4.75%, 12/15/22 (Call 12/15/17)		8,950		8,860,500
4.88%, 11/30/18 (Call 03/30/15)		9,850		10,194,750
Netflix Inc.
5.38%, 02/01/21		1,000		1,030,000
5.50%, 02/15/22b		10,830		11,100,750
5.75%, 03/01/24b		8,200		8,456,250
5.88%, 02/15/25a,b		12,395		12,906,294
Ymobile Corp.
8.25%, 04/01/18 (Call 04/01/15)b		4,725		4,937,625
Zayo Group LLC/Zayo Capital Inc.
6.00%, 04/01/23 (Call 04/01/18)b		15,525		15,882,373
8.13%, 01/01/20 (Call 07/01/15)		10,983		11,628,199
10.13%, 07/01/20 (Call 07/01/16)a		2,302		2,601,260
				147,650,876
IRON & STEEL — 2.02%
AK Steel Corp.
7.63%, 05/15/20 (Call 05/15/15)a		10,700		9,683,500
7.63%, 10/01/21 (Call 10/01/17)		9,900		8,712,000

SCHEDULESOF INVESTMENTS 115

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Allegheny Technologies Inc.
5.95%, 01/15/21 (Call 10/15/20)	$	6,830	$	7,285,303
6.13%, 08/15/23 (Call 05/15/23)		8,100		8,685,031
ArcelorMittal
4.50%, 03/01/16a		8,550		8,763,750
5.25%, 02/25/17		28,251		29,522,295
5.75%, 08/05/20		19,478		21,036,240
6.13%, 06/01/18a		31,200		33,774,000
6.25%, 03/01/21a		30,335		33,027,231
7.00%, 02/25/22a		22,250		25,091,325
10.60%, 06/01/19		31,650		38,929,500
Cliffs Natural Resources Inc.
4.80%, 10/01/20a		12,650		8,736,406
4.88%, 04/01/21 (Call 01/01/21)a		19,450		14,599,559
5.90%, 03/15/20a		1,734		1,263,653
5.95%, 01/15/18a		11,750		10,516,250
Commercial Metals Co.
6.50%, 07/15/17		6,678		7,045,290
7.35%, 08/15/18		9,100		9,873,500
Steel Dynamics Inc.
5.13%, 10/01/21 (Call 10/01/17)b		16,274		16,599,480
5.25%, 04/15/23 (Call 04/15/18)		6,950		7,141,125
5.50%, 10/01/24 (Call 10/01/19)b		11,250		11,643,750
6.13%, 08/15/19 (Call 08/15/16)		6,800		7,293,000
United States Steel Corp.
6.05%, 06/01/17a		9,634		10,139,785
7.00%, 02/01/18a		9,750		10,408,125
7.38%, 04/01/20a		11,900		12,703,250
7.50%, 03/15/22 (Call 03/15/17)a		11,050		11,671,563
				364,144,911
LEISURE TIME — 0.07%
Royal Caribbean Cruises Ltd.
5.25%, 11/15/22a		12,445		13,366,633
				13,366,633

Security	Principal (000s)		Value
LODGING — 1.90%
Boyd Gaming Corp.
9.13%, 12/01/18 (Call 03/30/15)a	$	10,712	$	11,260,990
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties Finance Inc.
8.00%, 10/01/20 (Call 10/01/16)a,b		25,250		25,565,625
11.00%, 10/01/21 (Call 10/01/16)a,b		19,550		17,301,750
Felcor Lodging LP
5.63%, 03/01/23 (Call 03/01/18)a		10,350		10,712,250
6.75%, 06/01/19 (Call 06/01/15)		8,770		9,164,650
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
5.63%, 10/15/21 (Call 10/15/16)		32,244		34,178,640
MGM Resorts International
5.25%, 03/31/20a		9,200		9,407,000
6.00%, 03/15/23a		24,985		26,109,325
6.63%, 12/15/21		25,150		27,350,625
6.75%, 10/01/20a		21,200		22,949,000
7.50%, 06/01/16a		13,920		14,720,400
7.63%, 01/15/17a		15,550		16,832,875
7.75%, 03/15/22		20,200		23,028,000
8.63%, 02/01/19a		16,312		18,758,800
10.00%, 11/01/16		10,450		11,677,875
11.38%, 03/01/18		10,170		12,356,550
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)a,b		9,300		8,858,250
5.38%, 03/15/22 (Call 03/15/17)a		19,600		20,580,000
5.50%, 03/01/25b		21,685		21,928,956
				342,741,561

116 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
MACHINERY — 0.78%
BlueLine Rental Finance Corp.
7.00%, 02/01/19 (Call 02/01/16)a,b	$	16,350	$	17,044,875
Case New Holland Industrial Inc.
7.88%, 12/01/17a		30,700		34,230,500
CNH Industrial Capital LLC
3.25%, 02/01/17a		12,400		12,493,000
3.38%, 07/15/19b		8,700		8,580,375
3.63%, 04/15/18a		16,050		16,090,125
3.88%, 11/01/15		1,870		1,884,025
6.25%, 11/01/16		8,170		8,619,350
Terex Corp.
6.00%, 05/15/21 (Call 11/15/16)a		17,250		17,745,937
Zebra Technologies Corp.
7.25%, 10/15/22 (Call 10/15/17)a,b		22,445		24,128,375
				140,816,562
MANUFACTURING — 0.95%
Bombardier Inc.
4.25%, 01/15/16a,b		10,175		10,327,625
4.75%, 04/15/19b		11,950		11,591,500
5.50%, 09/15/18		6,900		6,900,000
5.75%, 03/15/22b		9,550		9,072,500
6.00%, 10/15/22 (Call 04/15/17)a,b		23,887		22,871,803
6.13%, 01/15/23a,b		25,375		24,423,437
7.50%, 03/15/18b		12,800		13,664,000
7.50%, 03/15/25		3,830		3,830,000
7.75%, 03/15/20a,b		19,920		20,866,200
Gates Global LLC/Gates Global Co.
6.00%, 07/15/22 (Call 07/15/17)a,b		20,125		19,320,000
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc.
8.75%, 02/01/19 (Call 08/01/15)a		27,245		28,198,575
				171,065,640

Security	Principal (000s)		Value
MEDIA — 8.94%
AMC Networks Inc.
4.75%, 12/15/22 (Call 12/15/17)a	$	11,225	$	11,281,125
7.75%, 07/15/21 (Call 07/15/16)		15,600		17,004,000
Cablevision Systems Corp.
5.88%, 09/15/22a		12,900		13,375,688
7.75%, 04/15/18a		15,300		17,059,500
8.00%, 04/15/20a		11,350		12,939,000
8.63%, 09/15/17		16,670		18,940,454
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 02/15/23 (Call 02/15/18)a		21,500		21,715,000
5.25%, 03/15/21 (Call 03/15/16)		12,700		13,017,500
5.25%, 09/30/22 (Call 09/30/17)a		24,600		25,092,000
5.75%, 09/01/23 (Call 03/01/18)a		11,850		12,353,625
5.75%, 01/15/24 (Call 07/15/18)a		19,542		20,177,115
6.50%, 04/30/21 (Call 04/30/15)		30,735		32,387,006
6.63%, 01/31/22 (Call 01/31/17)a		16,189		17,322,230
7.00%, 01/15/19 (Call 03/30/15)		25,775		26,838,219
7.25%, 10/30/17 (Call 03/30/15)a		15,080		15,720,900
7.38%, 06/01/20 (Call 12/01/15)a		16,620		17,835,919
8.13%, 04/30/20 (Call 04/30/15)		11,250		11,812,500
CCOH Safari LLC
5.50%, 12/01/22 (Call 12/01/17)		31,240		32,294,350
5.75%, 12/01/24 (Call 12/01/19)a		40,210		41,617,350

SCHEDULESOF INVESTMENTS 117

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%, 12/15/21 (Call 06/15/16)a,b	$	14,925	$	14,850,375
5.13%, 12/15/21 (Call 06/15/16)b		9,050		9,050,000
6.38%, 09/15/20 (Call 09/15/15)b		33,625		35,642,500
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 11/15/17)a		54,985		57,996,126
Series A
7.63%, 03/15/20 (Call 03/15/15)		500		523,750
Series B
7.63%, 03/15/20 (Call 03/15/15)a		39,030		40,981,500
CSC Holdings LLC
5.25%, 06/01/24b		18,750		19,265,625
6.75%, 11/15/21a		19,020		21,540,150
8.63%, 02/15/19a		8,764		10,210,060
DISH DBS Corp.
4.25%, 04/01/18a		25,050		25,237,875
4.63%, 07/15/17		18,600		19,065,000
5.00%, 03/15/23		26,325		25,337,813
5.13%, 05/01/20		22,750		22,920,625
5.88%, 07/15/22		42,350		42,773,500
5.88%, 11/15/24		43,530		43,312,350
6.75%, 06/01/21		43,630		46,520,487
7.13%, 02/01/16		23,534		24,563,613
7.88%, 09/01/19a		30,666		34,614,247
Gannett Co. Inc.
5.13%, 10/15/19 (Call 10/15/16)		10,435		10,956,750
5.13%, 07/15/20 (Call 07/15/16)a		12,450		13,072,500
6.38%, 10/15/23 (Call 10/15/18)		14,130		15,401,700
iHeartCommunications Inc.
9.00%, 12/15/19 (Call 07/15/15)a		31,700		31,383,000

Security	Principal (000s)		Value
9.00%, 03/01/21 (Call 03/01/16)	$	35,640	$	34,125,300
9.00%, 09/15/22 (Call 09/15/17)		18,600		17,856,000
10.00%, 01/15/18 (Call 07/15/16)a		18,400		16,284,000
10.63%, 03/15/23 (Call 03/15/18)a,b		18,020		18,425,450
11.25%, 03/01/21 (Call 03/01/16)a		12,400		12,865,000
McClatchy Co. (The)
9.00%, 12/15/22 (Call 12/15/17)a		15,330		15,521,625
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance
9.75%, 04/01/21 (Call 04/01/16)		14,800		16,613,000
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 10/01/16)a		15,100		15,364,250
5.00%, 04/15/22 (Call 04/15/17)b		38,220		39,032,175
Numericable-SFR
4.88%, 05/15/19 (Call 05/15/16)b		48,250		48,129,375
6.00%, 05/15/22 (Call 05/15/17)a,b		81,500		82,824,375
6.25%, 05/15/24 (Call 05/15/19)a,b		30,850		31,659,812
Quebecor Media Inc.
5.75%, 01/15/23		17,300		18,035,250
Sinclair Television Group Inc.
5.38%, 04/01/21 (Call 04/01/16)a		11,950		12,248,750
5.63%, 08/01/24 (Call 08/01/19)a,b		11,050		11,188,125
6.13%, 10/01/22 (Call 10/01/17)a		9,625		10,130,313
Sirius XM Radio Inc.
4.25%, 05/15/20 (Call 05/15/16)a,b		9,400		9,353,000

118 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.63%, 05/15/23 (Call 05/15/18)a,b	$	9,775	$	9,530,625
5.75%, 08/01/21 (Call 08/01/16)a,b		12,075		12,678,750
5.88%, 10/01/20 (Call 10/01/16)a,b		14,000		14,700,000
6.00%, 07/15/24 (Call 07/15/19)b		33,400		35,487,500
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.00%, 01/15/25 (Call 01/15/20)b		10,350		10,587,015
5.50%, 01/15/23 (Call 01/15/18)a,b		22,750		23,944,375
Unitymedia KabelBW GmbH
6.13%, 01/15/25 (Call 01/15/20)b		21,300		22,641,900
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/15/18)a,b		16,535		17,093,056
5.13%, 02/15/25 (Call 02/15/20)a,b		5,110		5,173,875
6.75%, 09/15/22 (Call 09/15/17)b		24,203		26,290,509
7.88%, 11/01/20 (Call 11/01/15)a,b		12,480		13,384,800
8.50%, 05/15/21 (Call 11/15/15)a,b		16,100		17,267,250
Videotron Ltd.
5.00%, 07/15/22		15,300		15,912,000
5.38%, 06/15/24 (Call 03/15/24)a,b		11,500		12,046,250
9.13%, 04/15/18 (Call 03/30/15)		1,829		1,879,298
WideOpenWest Finance LLC/WideOpenWest Capital Corp.
10.25%, 07/15/19 (Call 07/15/15)		16,925		17,940,500
				1,610,216,530

Security	Principal (000s)		Value
MINING — 1.99%
Alcoa Inc.
5.13%, 10/01/24 (Call 07/01/24)a	$	25,200	$	27,342,000
5.40%, 04/15/21 (Call 01/15/21)a		25,824		28,277,280
5.55%, 02/01/17		3,300		3,522,750
5.72%, 02/23/19a		13,290		14,685,450
5.87%, 02/23/22a		14,790		16,675,725
6.15%, 08/15/20		21,000		23,835,000
6.75%, 07/15/18		18,085		20,481,263
Aleris International Inc.
7.63%, 02/15/18 (Call 03/30/15)		10,050		9,949,500
7.88%, 11/01/20 (Call 11/01/15)a		10,000		9,867,500
First Quantum Minerals Ltd.
6.75%, 02/15/20 (Call 02/15/17)a,b		23,623		22,087,505
7.00%, 02/15/21 (Call 02/15/18)b		23,963		22,285,590
7.25%, 05/15/22 (Call 05/15/17)a,b		16,625		15,461,250
FMG Resources August 2006 Pty Ltd.
6.00%, 04/01/17 (Call 04/01/15)a,b		19,700		19,847,750
6.88%, 02/01/18 (Call 03/30/15)a,b		4,267		4,277,333
6.88%, 04/01/22 (Call 04/01/17)a,b		21,900		18,177,000
8.25%, 11/01/19 (Call 11/01/15)a,b		30,620		28,782,800
Lundin Mining Corp.
7.50%, 11/01/20 (Call 11/01/17)a,b		12,935		13,193,700
7.88%, 11/01/22 (Call 11/01/18)a,b		8,300		8,549,000
Novelis Inc.
8.38%, 12/15/17 (Call 12/29/14)		19,143		20,004,435
8.75%, 12/15/20 (Call 12/15/15)a		28,740		31,111,050
				358,413,881

SCHEDULESOF INVESTMENTS 119

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
OFFICE & BUSINESS EQUIPMENT — 0.22%
CDW LLC/CDW Finance Corp.
5.00%, 09/01/23 (Call 03/01/18)	$	2,335	$	2,346,675
5.50%, 12/01/24 (Call 06/01/24)		11,985		12,479,381
6.00%, 08/15/22 (Call 08/15/17)a		14,000		15,067,500
8.50%, 04/01/19 (Call 04/01/15)a		8,552		8,967,627
				38,861,183
OIL & GAS — 9.04%
American Energy-Permian Basin LLC/AEPB Finance Corp.
7.13%, 11/01/20 (Call 01/31/17)a,b		12,750		10,327,500
7.38%, 11/01/21 (Call 07/31/17)a,b		13,578		11,100,015
Antero Resources Corp.
5.13%, 12/01/22 (Call 06/01/17)		22,150		21,817,750
Antero Resources Finance Corp.
5.38%, 11/01/21 (Call 11/01/16)		23,150		23,410,437
6.00%, 12/01/20 (Call 12/01/15)		8,700		8,895,750
Berry Petroleum Co. LLC
6.38%, 09/15/22 (Call 03/15/17)a		12,600		9,954,000
BreitBurn Energy Partners LP/BreitBurn Finance Corp.
7.88%, 04/15/22 (Call 01/15/17)		17,950		14,204,172
California Resources Corp.
5.00%, 01/15/20 (Call 12/15/19)a,b		20,200		18,634,500
5.50%, 09/15/21 (Call 06/15/21)a,b		35,500		32,482,500
6.00%, 11/15/24 (Call 08/15/24)a,b		45,900		41,137,875

Security	Principal (000s)		Value
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.50%, 04/15/21 (Call 04/15/17)b	$	16,475	$	16,310,250
Chaparral Energy Inc.
7.63%, 11/15/22 (Call 05/15/17)		11,150		8,448,078
8.25%, 09/01/21 (Call 09/01/16)		9,370		7,355,450
Chesapeake Energy Corp.
3.25%, 03/15/16 (Call 03/30/15)a		9,275		9,263,406
4.88%, 04/15/22 (Call 04/15/17)a		30,900		30,436,500
5.38%, 06/15/21 (Call 06/15/16)a		16,500		16,721,369
5.75%, 03/15/23		23,600		24,662,000
6.13%, 02/15/21a		20,180		21,340,350
6.50%, 08/15/17		14,440		15,420,323
6.63%, 08/15/20a		26,500		28,817,091
6.88%, 11/15/20a		11,376		12,485,160
7.25%, 12/15/18		14,145		15,665,588
Cimarex Energy Co.
4.38%, 06/01/24 (Call 03/01/24)		14,975		14,699,481
5.88%, 05/01/22 (Call 05/01/17)		14,150		14,995,617
Citgo Holding Inc.
10.75%, 02/15/20b		12,800		13,120,000
Concho Resources Inc.
5.50%, 10/01/22 (Call 10/01/17)		12,900		13,383,750
5.50%, 04/01/23 (Call 10/01/17)a		31,583		32,767,362
6.50%, 01/15/22 (Call 01/15/17)a		13,230		14,156,100
7.00%, 01/15/21 (Call 01/15/16)a		10,517		11,280,495
Denbury Resources Inc.
4.63%, 07/15/23 (Call 01/15/18)		24,500		21,854,424
5.50%, 05/01/22 (Call 05/01/17)a		25,475		23,691,750

120 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
6.38%, 08/15/21 (Call 08/15/16)a	$	9,130	$	8,787,625
Energy XXI Gulf Coast Inc.
6.88%, 03/15/24 (Call 03/15/19)a,b		11,400		5,757,000
7.50%, 12/15/21 (Call 12/15/16)a		12,640		6,604,400
9.25%, 12/15/17 (Call 03/30/15)a		13,700		9,795,500
EP Energy LLC/Everest Acquisition Finance Inc.
6.88%, 05/01/19 (Call 05/01/15)a		14,750		15,118,750
9.38%, 05/01/20 (Call 05/01/16)a		40,365		43,291,462
EPL Oil & Gas Inc.
8.25%, 02/15/18 (Call 03/30/15)a		12,700		9,080,500
EXCO Resources Inc.
7.50%, 09/15/18 (Call 03/30/15)a		14,785		11,076,925
8.50%, 04/15/22 (Call 04/15/17)		9,475		6,910,262
Halcon Resources Corp.
8.88%, 05/15/21 (Call 11/15/16)a		29,900		22,808,378
9.25%, 02/15/22 (Call 08/15/17)a		6,900		5,207,084
9.75%, 07/15/20 (Call 07/15/16)a		24,245		18,667,964
Harvest Operations Corp.
6.88%, 10/01/17		851		791,430
Hercules Offshore Inc.
8.75%, 07/15/21 (Call 07/15/17)a,b		6,850		2,129,885
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 06/01/19)b		10,345		9,827,750
Jupiter Resources Inc.
8.50%, 10/01/22 (Call 10/01/17)a,b		23,350		18,913,500

Security	Principal (000s)		Value
Kodiak Oil & Gas Corp.
5.50%, 02/01/22 (Call 08/01/17)	$	6,600	$	6,674,250
8.13%, 12/01/19 (Call 12/01/15)		15,709		16,572,995
Laredo Petroleum Inc.
5.63%, 01/15/22 (Call 01/15/17)		11,125		10,735,625
7.38%, 05/01/22 (Call 05/01/17)a		10,550		10,868,036
9.50%, 02/15/19 (Call 03/30/15)		10,025		10,476,527
Linn Energy LLC/Linn Energy Finance Corp.
6.25%, 11/01/19 (Call 11/01/15)		39,150		33,471,970
6.50%, 05/15/19 (Call 05/15/15)a		25,500		22,440,000
6.50%, 09/15/21 (Call 09/15/17)a		13,325		11,164,650
7.75%, 02/01/21 (Call 09/15/15)		20,060		17,602,650
8.63%, 04/15/20 (Call 04/15/15)a		25,145		22,944,812
MEG Energy Corp.
6.38%, 01/30/23 (Call 07/30/17)b		17,200		16,383,000
6.50%, 03/15/21 (Call 03/15/15)b		15,050		14,448,000
7.00%, 03/31/24 (Call 09/30/18)a,b		22,925		22,323,219
Memorial Production Partners LP/Memorial Production Finance Corp.
6.88%, 08/01/22 (Call 08/01/17)b		11,500		10,666,250
7.63%, 05/01/21 (Call 05/01/17)		13,250		12,753,125
Midstates Petroleum Co. Inc./Midstates Petroleum Co. LLC
9.25%, 06/01/21 (Call 06/01/16)a		11,700		7,400,250
10.75%, 10/01/20 (Call 10/01/16)		9,664		6,088,320

SCHEDULESOF INVESTMENTS 121

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Newfield Exploration Co.
5.63%, 07/01/24a	$	19,430	$	20,326,694
5.75%, 01/30/22		15,250		16,050,625
6.88%, 02/01/20 (Call 03/30/15)		12,634		12,980,493
Oasis Petroleum Inc.
6.50%, 11/01/21 (Call 11/01/16)		9,350		9,016,906
6.88%, 03/15/22 (Call 09/15/17)a		21,125		20,808,125
6.88%, 01/15/23 (Call 07/15/17)a		8,300		8,071,750
7.25%, 02/01/19 (Call 03/30/15)a		8,115		8,084,569
Offshore Group Investment Ltd.
7.13%, 04/01/23 (Call 04/01/18)		18,975		12,150,165
7.50%, 11/01/19 (Call 11/01/15)a		21,900		14,147,372
Pacific Drilling SA
5.38%, 06/01/20 (Call 06/01/16)b		16,675		13,260,677
Pacific Drilling V Ltd.
7.25%, 12/01/17 (Call 12/01/15)b		9,075		7,917,938
Paragon Offshore PLC
7.25%, 08/15/24 (Call 08/15/19)a,b		3,987		1,594,800
Penn Virginia Corp.
8.50%, 05/01/20 (Call 05/01/17)a		17,850		17,403,750
Precision Drilling Corp.
5.25%, 11/15/24 (Call 05/15/19)a,b		7,695		6,444,563
6.63%, 11/15/20 (Call 11/15/15)		11,020		10,661,987
Puma International Financing SA
6.75%, 02/01/21 (Call 02/01/17)b		20,300		20,198,500
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)		12,650		12,412,813

Security	Principal (000s)		Value
5.38%, 10/01/22 (Call 07/01/22)a	$	13,660	$	13,420,950
6.88%, 03/01/21		10,800		11,664,000
Range Resources Corp.
5.00%, 08/15/22 (Call 02/15/17)		16,703		16,995,302
5.00%, 03/15/23 (Call 03/15/18)a		13,500		13,800,322
5.75%, 06/01/21 (Call 06/01/16)a		12,000		12,571,535
6.75%, 08/01/20 (Call 08/01/15)a		8,250		8,688,599
Rosetta Resources Inc.
5.63%, 05/01/21 (Call 05/01/17)		15,055		14,302,250
5.88%, 06/01/22 (Call 12/01/17)a		11,660		11,135,300
5.88%, 06/01/24 (Call 06/01/19)		10,300		9,785,000
Sabine Oil & Gas Corp.
7.25%, 06/15/19 (Call 12/30/13)		7,125		2,351,250
Samson Investment Co.
9.75%, 02/15/20 (Call 02/15/16)		39,830		13,542,200
Sanchez Energy Corp.
7.75%, 06/15/21 (Call 06/15/17)a		11,050		11,062,406
6.13%, 01/15/23 (Call 07/15/18)		24,185		22,414,058
SandRidge Energy Inc.
7.50%, 03/15/21 (Call 03/15/16)		25,020		18,765,000
7.50%, 02/15/23 (Call 08/15/17)		18,231		13,354,208
8.13%, 10/15/22 (Call 04/15/17)		16,200		12,028,500
8.75%, 01/15/20 (Call 03/30/15)a		7,475		5,755,750
Seventy Seven Energy Inc.
6.50%, 07/15/22 (Call 07/15/17)		8,365		4,433,451

122 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Seventy Seven Operating LLC
6.63%, 11/15/19 (Call 11/15/15)a	$	13,110	$	10,487,980
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/18)		10,705		10,357,088
6.13%, 11/15/22 (Call 11/15/18)a,b		10,950		11,196,375
6.50%, 01/01/23 (Call 07/01/17)		7,627		7,855,810
Tesoro Corp.
4.25%, 10/01/17 (Call 09/01/17)		4,200		4,351,317
5.38%, 10/01/22 (Call 10/01/17)a		8,175		8,613,408
Tullow Oil PLC
6.00%, 11/01/20 (Call 11/01/16)b		14,000		12,565,000
6.25%, 04/15/22 (Call 04/15/17)b		13,900		12,232,000
Ultra Petroleum Corp.
5.75%, 12/15/18 (Call 12/15/15)b		10,620		10,301,400
6.13%, 10/01/24 (Call 10/01/19)b		17,300		16,175,500
Whiting Petroleum Corp.
5.00%, 03/15/19 (Call 12/15/18)a		22,500		22,218,750
5.75%, 03/15/21 (Call 12/15/20)a		24,815		24,442,775
WPX Energy Inc.
5.25%, 01/15/17		9,280		9,512,000
5.25%, 09/15/24 (Call 06/15/24)		9,220		8,782,050
6.00%, 01/15/22 (Call 10/15/21)		25,380		25,284,825
				1,628,599,223
OIL & GAS SERVICES — 0.11%
CGG SA
6.50%, 06/01/21 (Call 06/01/16)a		11,360		9,258,400
6.88%, 01/15/22 (Call 07/15/17)a		9,975		8,129,625

Security	Principal (000s)		Value
7.75%, 05/15/17 (Call 03/30/15)	$	1,912	$	1,797,280
				19,185,305
PACKAGING & CONTAINERS — 1.40%
Ardagh Packaging Finance PLC
9.13%, 10/15/20 (Call 10/15/15)a,b		12,796		13,691,720
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
6.00%, 06/30/21 (Call 06/30/17)a,b		10,050		9,773,625
6.25%, 01/31/19 (Call 01/31/16)a,b		8,075		8,115,375
6.75%, 01/31/21 (Call 01/31/17)a,b		9,700		9,797,000
Ball Corp.
4.00%, 11/15/23a		21,900		21,516,750
5.00%, 03/15/22		15,046		15,723,070
5.75%, 05/15/21 (Call 11/15/15)		8,675		9,212,850
6.75%, 09/15/20 (Call 03/15/15)		7,980		8,259,300
Berry Plastics Corp.
5.50%, 05/15/22 (Call 05/15/17)a		9,500		9,903,750
9.75%, 01/15/21 (Call 01/15/16)a		14,415		16,036,687
Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II Issuer Inc.
5.63%, 12/15/16 (Call 12/15/15)b		14,225		14,296,125
6.00%, 06/15/17 (Call 06/15/16)a,b		13,150		13,281,500
Crown Americas LLC/Crown Americas Capital Corp. III
6.25%, 02/01/21 (Call 02/01/16)		12,265		12,970,237
Crown Americas LLC/Crown Americas Capital Corp. IV
4.50%, 01/15/23a		22,800		23,199,000

SCHEDULESOF INVESTMENTS 123

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22a,b	$	10,550	$	10,945,625
Sealed Air Corp.
4.88%, 12/01/22 (Call 09/01/22)b		7,925		8,182,563
5.13%, 12/01/24 (Call 09/01/24)b		8,575		8,982,313
5.25%, 04/01/23 (Call 01/01/23)a,b		8,850		9,314,625
6.50%, 12/01/20 (Call 09/01/20)a,b		10,700		12,117,750
8.38%, 09/15/21 (Call 09/15/16)a,b		14,820		16,709,550
				252,029,415
PHARMACEUTICALS — 1.62%
Endo Finance LLC
5.75%, 01/15/22 (Call 01/15/17)a,b		11,075		11,697,969
Endo Finance LLC/Endo Finco Inc.
5.38%, 01/15/23 (Call 07/15/17)b		13,500		13,753,125
6.00%, 02/01/25 (Call 02/01/20)a,b		19,570		20,612,102
7.00%, 07/15/19 (Call 07/15/15)a,b		7,475		7,858,094
7.00%, 12/15/20 (Call 12/15/15)b		1,370		1,448,775
Grifols Worldwide Operations Ltd.
5.25%, 04/01/22 (Call 04/01/17)b		20,435		21,048,050
NBTY Inc.
9.00%, 10/01/18 (Call 03/30/15)		12,625		13,224,688
Valeant Pharmaceuticals International Inc.
5.50%, 03/01/23 (Call 03/01/18)a,b		22,760		22,959,150
5.63%, 12/01/21 (Call 12/01/16)a,b		19,300		19,589,500

Security	Principal (000s)		Value
6.38%, 10/15/20 (Call 10/15/16)a,b	$	44,800	$	47,040,000
6.75%, 08/15/18 (Call 08/15/15)a,b		32,338		34,399,547
6.75%, 08/15/21 (Call 02/15/16)a,b		16,570		17,357,075
7.00%, 10/01/20 (Call 10/01/15)b		13,635		14,316,750
7.25%, 07/15/22 (Call 07/15/16)a,b		9,950		10,571,875
7.50%, 07/15/21 (Call 07/15/16)b		33,698		36,646,575
				292,523,275
PIPELINES — 3.78%
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp.
6.63%, 10/01/20 (Call 10/01/16)		8,300		8,447,869
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
6.00%, 12/15/20 (Call 12/15/16)a		9,865		9,889,663
6.13%, 03/01/22 (Call 11/01/16)		9,869		9,932,099
DCP Midstream LLC
5.85%, 05/21/43 (Call 05/21/23)b,c		11,761		9,422,432
Energy Transfer Equity LP
5.88%, 01/15/24		22,775		24,198,437
7.50%, 10/15/20a		25,280		28,882,400
Kinder Morgan Inc./DE
5.00%, 02/15/21 (Call 01/15/21)b		6,025		6,490,564
5.63%, 11/15/23 (Call 08/15/23)b		4,750		5,330,564
8.25%, 02/15/16a		2,300		2,422,887
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.
4.50%, 07/15/23 (Call 04/15/23)a		22,500		22,747,500

124 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.88%, 12/01/24 (Call 09/01/24)	$	9,650	$	9,927,438
5.50%, 02/15/23 (Call 08/15/17)a		15,775		16,484,875
6.25%, 06/15/22 (Call 12/15/16)a		12,791		13,558,460
6.75%, 11/01/20 (Call 11/01/15)a		7,965		8,383,163
NGPL PipeCo LLC
7.12%, 12/15/17a,b		25,690		25,593,662
9.63%, 06/01/19 (Call 06/01/15)a,b		11,415		11,400,731
NuStar Logistics LP
4.80%, 09/01/20		7,518		7,348,845
ONEOK Inc.
4.25%, 02/01/22 (Call 11/02/21)a		11,450		10,717,713
Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp.
6.50%, 05/15/21 (Call 05/15/16)		875		940,625
8.38%, 06/01/20 (Call 06/01/16)		675		744,188
Regency Energy Partners LP/Regency Energy Finance Corp.
4.50%, 11/01/23 (Call 08/01/23)		10,050		10,351,500
5.00%, 10/01/22 (Call 07/01/22)a		11,125		11,709,062
5.50%, 04/15/23 (Call 10/15/17)		14,574		15,339,135
5.75%, 09/01/20 (Call 06/01/20)		7,400		8,047,500
5.88%, 03/01/22 (Call 12/01/21)a		17,529		19,150,432
6.50%, 07/15/21 (Call 07/15/16)a		10,150		10,962,000
8.38%, 06/01/19 (Call 06/01/15)a,b		1,250		1,318,750
Rockies Express Pipeline LLC
5.63%, 04/15/20b		16,840		17,597,800
6.00%, 01/15/19b		9,175		9,703,909
6.85%, 07/15/18a,b		11,045		11,928,600

Security	Principal (000s)		Value
Sabine Pass Liquefaction LLC
5.63%, 02/01/21 (Call 11/01/20)	$	42,210	$	43,159,725
5.63%, 04/15/23		31,700		32,413,250
5.63%, 03/01/25 (Call 12/01/24)b		6,270		6,301,350
5.75%, 05/15/24 (Call 02/15/24)		43,020		44,095,500
6.25%, 03/15/22		20,300		21,365,750
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.13%, 11/15/19 (Call 11/15/16)a,b		17,900		18,198,382
4.25%, 11/15/23 (Call 05/15/18)		10,500		10,396,170
5.00%, 01/15/18 (Call 10/15/17)b		13,931		14,487,035
5.25%, 05/01/23 (Call 11/01/17)a		12,550		12,825,826
6.88%, 02/01/21 (Call 02/01/16)		9,100		9,652,905
Tesoro Logistics LP/Tesoro Logistics Finance Corp.
5.50%, 10/15/19 (Call 09/15/19)a,b		11,047		11,668,394
5.88%, 10/01/20 (Call 10/01/16)		9,550		9,991,688
6.13%, 10/15/21 (Call 10/15/16)		9,950		10,596,750
6.25%, 10/15/22 (Call 10/15/18)b		17,630		18,599,650
Williams Partners LP/ACMP Finance Corp.
4.88%, 05/15/23 (Call 12/15/17)		26,350		27,271,459
4.88%, 03/15/24 (Call 03/15/19)		12,147		12,572,145
5.88%, 04/15/21 (Call 04/15/15)		16,589		17,366,228
6.13%, 07/15/22 (Call 01/15/17)		9,858		10,595,140
				680,530,150

SCHEDULESOF INVESTMENTS 125

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
REAL ESTATE — 0.30%
CBRE Services Inc.
5.00%, 03/15/23 (Call 03/15/18)	$	13,907	$	14,602,350
5.25%, 03/15/25 (Call 12/15/24)		6,400		6,944,000
Realogy Group LLC
7.63%, 01/15/20 (Call 01/15/16)a,b		9,677		10,451,160
Realogy Group LLC/Realogy Co-Issuer Corp.
4.50%, 04/15/19a,b		12,400		12,586,000
Realogy Group LLC/Sunshine Group Florida Ltd. (The)
3.38%, 05/01/16b		9,000		9,033,750
				53,617,260
REAL ESTATE INVESTMENT TRUSTS — 0.52%
Crown Castle International Corp.
4.88%, 04/15/22		16,079		16,842,752
5.25%, 01/15/23		34,725		36,634,875
iStar Financial Inc.
4.00%, 11/01/17 (Call 08/01/17)		14,000		13,930,000
5.00%, 07/01/19 (Call 07/01/16)		16,125		16,144,350
MPT Operating Partnership LP/MPT Finance Corp.
6.88%, 05/01/21 (Call 05/01/16)		9,375		10,089,844
				93,641,821
RETAIL — 2.83%
1011778 BC ULC/New Red Finance Inc.
6.00%, 04/01/22 (Call 10/01/17)a,b		45,770		47,715,225
AmeriGas Finance LLC/AmeriGas Finance Corp.
6.75%, 05/20/20 (Call 05/20/16)		9,150		9,721,875
7.00%, 05/20/22 (Call 05/20/17)		17,410		18,541,650

Security	Principal (000s)		Value
AmeriGas Partners LP/AmeriGas Finance Corp.
6.25%, 08/20/19 (Call 08/20/15)a	$	7,480	$	7,797,900
Best Buy Co. Inc.
5.00%, 08/01/18		12,906		13,502,902
5.50%, 03/15/21 (Call 12/15/20)a		11,100		11,557,875
Claire’s Stores Inc.
8.88%, 03/15/19 (Call 03/15/15)a		6,930		4,331,250
9.00%, 03/15/19 (Call 03/15/15)b		23,900		22,585,500
Family Tree Escrow LLC
5.25%, 03/01/20 (Call 03/01/17)b		795		831,769
5.75%, 03/01/23 (Call 03/01/18)b		5,580		5,862,488
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 05/01/16)		9,000		8,989,229
6.75%, 01/15/22 (Call 11/15/16)		9,950		9,977,670
JC Penney Corp. Inc.
5.65%, 06/01/20a		6,650		5,735,625
8.13%, 10/01/19		7,375		7,190,625
L Brands Inc.
5.63%, 02/15/22a		17,883		19,671,300
5.63%, 10/15/23		8,500		9,445,625
6.63%, 04/01/21a		17,620		20,218,950
6.90%, 07/15/17		12,512		13,872,680
7.00%, 05/01/20		7,410		8,540,025
8.50%, 06/15/19		10,650		12,913,125
Michaels Stores Inc.
5.88%, 12/15/20 (Call 12/15/16)a,b		9,725		9,985,144
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/21 (Call 10/15/16)a,b		19,550		20,527,500
Party City Holdings Inc.
8.88%, 08/01/20 (Call 08/01/15)a		14,300		15,551,250

126 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Petco Animal Supplies Inc.
9.25%, 12/01/18 (Call 03/30/15)a,b	$	8,350	$	8,740,363
QVC Inc.
3.13%, 04/01/19		8,480		8,507,853
4.38%, 03/15/23a		14,625		14,820,269
4.45%, 02/15/25		11,000		11,033,815
4.85%, 04/01/24		12,675		13,152,507
5.13%, 07/02/22		11,315		12,009,045
7.38%, 10/15/20 (Call 04/15/15)b		7,814		8,146,095
Rite Aid Corp.
6.75%, 06/15/21 (Call 06/15/16)a		16,966		18,111,205
8.00%, 08/15/20 (Call 08/15/15)		9,950		10,609,188
9.25%, 03/15/20 (Call 03/15/16)a		18,308		20,367,650
Sally Holdings LLC/Sally Capital Inc.
5.75%, 06/01/22 (Call 06/01/17)a		14,218		15,124,397
6.88%, 11/15/19 (Call 11/15/15)		13,050		13,865,625
Sears Holdings Corp.
6.63%, 10/15/18a		17,795		16,682,812
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)a		10,000		10,200,000
Toys R Us Inc.
10.38%, 08/15/17 (Call 03/30/15)a		8,390		7,131,500
Toys R Us Property Co. II LLC
8.50%, 12/01/17 (Call 03/30/15)a		15,975		16,014,937
				509,584,443
SEMICONDUCTORS — 1.26%
Advanced Micro Devices Inc.
6.75%, 03/01/19a		13,950		13,810,500
7.00%, 07/01/24 (Call 07/01/19)a		8,625		7,913,438

Security	Principal (000s)		Value
7.50%, 08/15/22a	$	12,050	$	11,899,375
7.75%, 08/01/20 (Call 08/01/15)a		10,485		10,406,362
Amkor Technology Inc.
6.38%, 10/01/22 (Call 10/01/16)a		11,225		11,730,125
6.63%, 06/01/21 (Call 06/01/15)a		7,125		7,445,625
Freescale Semiconductor Inc.
5.00%, 05/15/21 (Call 05/15/16)a,b		9,500		9,903,750
6.00%, 01/15/22 (Call 11/15/16)b		19,190		20,629,250
10.75%, 08/01/20 (Call 08/01/15)a		7,218		7,885,665
Micron Technology Inc.
5.25%, 08/01/23b		7,470		7,628,738
5.50%, 02/01/25 (Call 08/01/19)b		25,335		25,905,037
5.88%, 02/15/22 (Call 02/15/17)		13,000		13,780,000
NXP BV/NXP Funding LLC
3.50%, 09/15/16a,b		10,750		10,911,250
3.75%, 06/01/18a,b		15,925		16,163,875
5.75%, 02/15/21 (Call 02/15/17)b		10,075		10,717,281
5.75%, 03/15/23 (Call 03/15/18)b		9,350		10,004,500
Sensata Technologies BV
4.88%, 10/15/23a,b		9,873		10,267,920
5.63%, 11/01/24a,b		7,280		7,826,000
6.50%, 05/15/19 (Call 05/15/15)b		11,450		11,908,000
				226,736,691
SHIPBUILDING — 0.12%
Huntington Ingalls Industries Inc.
5.00%, 12/15/21 (Call 12/15/17)a,b		11,171		11,701,623
7.13%, 03/15/21 (Call 03/15/16)a		9,960		10,769,250
				22,470,873

SCHEDULESOF INVESTMENTS 127

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
SOFTWARE — 2.45%
Activision Blizzard Inc.
5.63%, 09/15/21 (Call 09/15/16)a,b	$	28,500	$	30,495,000
6.13%, 09/15/23 (Call 09/15/18)a,b		16,625		18,287,500
Audatex North America Inc.
6.00%, 06/15/21 (Call 06/15/17)a,b		34,765		36,763,987
6.13%, 11/01/23 (Call 11/01/18)b		10,270		10,886,200
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 07/15/16)a,b		35,175		32,800,687
First Data Corp.
6.75%, 11/01/20 (Call 11/01/15)b		28,702		30,711,140
7.38%, 06/15/19 (Call 06/15/15)b		29,750		31,237,500
8.25%, 01/15/21 (Call 01/15/16)b		40,702		43,754,650
8.88%, 08/15/20 (Call 08/15/15)b		12,550		13,444,188
10.63%, 06/15/21 (Call 04/15/16)		10,446		11,986,785
11.25%, 01/15/21 (Call 01/15/16)		11,955		13,673,531
11.75%, 08/15/21 (Call 05/15/16)		34,235		39,841,043
12.63%, 01/15/21 (Call 01/15/16)		61,932		74,008,740
Infor U.S. Inc.
9.38%, 04/01/19 (Call 04/01/15)a		18,950		20,347,563
11.50%, 07/15/18 (Call 07/15/15)a		11,570		12,611,300
Nuance Communications Inc.
5.38%, 08/15/20 (Call 08/15/16)b		20,740		21,258,500
				442,108,314

Security	Principal (000s)		Value
STORAGE & WAREHOUSING — 0.20%
Algeco Scotsman Global Finance PLC
8.50%, 10/15/18 (Call 10/15/15)a,b	$	24,500	$	24,561,250
10.75%, 10/15/19 (Call 10/15/16)a,b		12,550		10,793,000
				35,354,250
TELECOMMUNICATIONS — 13.73%
Alcatel-Lucent USA Inc.
4.63%, 07/01/17a,b		16,200		16,767,000
6.75%, 11/15/20 (Call 11/15/16)a,b		20,522		22,009,845
8.88%, 01/01/20 (Call 07/01/16)a,b		9,960		11,005,800
Altice Financing SA
6.50%, 01/15/22 (Call 12/15/16)b		17,500		18,156,250
6.63%, 02/15/23b		17,495		18,216,669
7.88%, 12/15/19 (Call 12/15/15)b		10,800		11,502,000
Altice Finco SA
8.13%, 01/15/24 (Call 12/15/18)a,b		9,550		10,099,125
9.88%, 12/15/20 (Call 12/15/16)b		7,750		8,621,875
Altice SA
7.63%, 02/15/25 (Call 02/15/20)b		17,210		17,769,325
7.75%, 05/15/22 (Call 05/15/17)a,b		65,070		67,347,450
Avaya Inc.
7.00%, 04/01/19 (Call 04/01/15)a,b		19,816		20,014,160
10.50%, 03/01/21 (Call 03/01/17)a,b		27,845		24,225,150
CenturyLink Inc.
5.80%, 03/15/22a		33,109		35,261,085
6.00%, 04/01/17a		8,600		9,223,500
6.45%, 06/15/21		26,650		29,434,658
Series V
5.63%, 04/01/20a		21,505		23,010,350

128 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Series W
6.75%, 12/01/23a	$	14,650	$	16,517,875
Cincinnati Bell Inc.
8.38%, 10/15/20 (Call 10/15/15)a		13,944		14,815,500
8.75%, 03/15/18 (Call 03/30/15)a		2,149		2,197,353
CommScope Inc.
5.00%, 06/15/21 (Call 06/15/17)b		13,150		13,248,625
5.50%, 06/15/24 (Call 06/15/19)b		15,355		15,508,550
Embarq Corp.
7.08%, 06/01/16		25,640		27,290,531
Frontier Communications Corp.
6.25%, 09/15/21 (Call 06/15/21)		16,200		16,645,500
6.88%, 01/15/25 (Call 10/15/24)		18,225		18,270,562
7.13%, 03/15/19a		8,200		8,938,000
7.13%, 01/15/23		17,240		17,994,250
7.63%, 04/15/24a		16,550		17,708,500
8.13%, 10/01/18a		12,905		14,582,650
8.25%, 04/15/17a		10,770		11,968,163
8.50%, 04/15/20a		23,680		26,876,800
8.75%, 04/15/22		10,110		11,548,148
9.25%, 07/01/21		9,650		11,266,375
Hughes Satellite Systems Corp.
6.50%, 06/15/19		19,977		21,874,863
7.63%, 06/15/21		18,165		20,163,577
Inmarsat Finance PLC
4.88%, 05/15/22 (Call 05/15/17)a,b		20,975		21,263,406
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/18)a		41,885		39,371,900
6.63%, 12/15/22 (Call 12/15/17)		27,050		26,373,750
7.25%, 04/01/19 (Call 04/01/15)a		26,463		27,521,520
7.25%, 10/15/20 (Call 10/15/15)		44,820		46,612,800
7.50%, 04/01/21 (Call 04/01/16)a		24,565		25,793,250

Security	Principal (000s)		Value
Intelsat Luxembourg SA
6.75%, 06/01/18 (Call 06/01/15)a	$	10,050	$	9,880,406
7.75%, 06/01/21 (Call 06/01/17)a		40,325		37,351,031
8.13%, 06/01/23 (Call 06/01/18)a		22,500		20,896,875
Koninklijke KPN NV
7.00%, 03/28/73 (Call 03/28/23)b,c		14,150		15,352,750
Level 3 Communications Inc.
5.75%, 12/01/22 (Call 12/01/17)		13,000		13,390,000
Level 3 Financing Inc.
5.38%, 08/15/22 (Call 08/15/17)		21,350		22,097,250
5.63%, 02/01/23 (Call 02/01/18)b		9,730		10,070,550
6.13%, 01/15/21 (Call 11/15/16)		15,925		16,780,969
7.00%, 06/01/20 (Call 06/01/16)a		16,500		17,737,500
8.13%, 07/01/19 (Call 07/01/15)		21,850		23,133,687
8.63%, 07/15/20 (Call 01/15/16)		19,345		21,134,412
9.38%, 04/01/19 (Call 04/01/15)a		7,912		8,327,380
Millicom International Cellular SA
4.75%, 05/22/20 (Call 05/22/17)b		10,378		10,196,385
6.63%, 10/15/21 (Call 10/15/17)b		16,160		17,210,400
Nokia OYJ
5.38%, 05/15/19a		20,650		22,715,000
PAETEC Holding Corp.
9.88%, 12/01/18 (Call 03/30/15)		6,135		6,472,425
SBA Communications Corp.
4.88%, 07/15/22 (Call 07/15/17)b		17,492		17,497,248
5.63%, 10/01/19 (Call 10/01/16)		9,550		10,027,500

SCHEDULESOF INVESTMENTS 129

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
SBA Telecommunications Inc.
5.75%, 07/15/20 (Call 07/15/16)	$	14,157	$	14,900,243
SoftBank Corp.
4.50%, 04/15/20a,b		49,710		50,269,237
Sprint Communications Inc.
6.00%, 12/01/16a		40,850		42,943,562
6.00%, 11/15/22a		44,800		43,008,000
7.00%, 03/01/20b		19,250		21,242,575
7.00%, 08/15/20a		31,200		31,949,508
8.38%, 08/15/17a		27,620		30,382,000
9.00%, 11/15/18b		65,120		75,864,800
9.13%, 03/01/17		20,650		22,818,250
11.50%, 11/15/21		19,014		23,482,290
Sprint Corp.
7.13%, 06/15/24		50,650		50,396,750
7.25%, 09/15/21		48,900		50,061,375
7.63%, 02/15/25 (Call 11/15/24)		17,000		17,212,500
7.88%, 09/15/23		86,951		90,211,662
T-Mobile USA Inc.
5.25%, 09/01/18 (Call 09/01/15)a		10,550		10,958,813
6.00%, 03/01/23 (Call 09/01/18)		24,830		25,897,938
6.13%, 01/15/22 (Call 01/15/18)		18,000		18,900,000
6.25%, 04/01/21 (Call 04/01/17)		36,550		38,377,500
6.38%, 03/01/25 (Call 09/01/19)a		34,070		35,688,325
6.46%, 04/28/19 (Call 04/28/15)		25,800		26,799,750
6.50%, 01/15/24 (Call 01/15/19)		22,175		23,505,500
6.54%, 04/28/20 (Call 04/28/16)a		27,075		28,780,996
6.63%, 11/15/20 (Call 11/15/15)a		22,920		24,209,250
6.63%, 04/28/21 (Call 04/28/17)		26,175		27,843,656
6.63%, 04/01/23 (Call 04/01/18)a		36,833		39,181,104

Security	Principal (000s)		Value
6.73%, 04/28/22 (Call 04/28/17)a	$	29,079	$	31,099,700
6.84%, 04/28/23 (Call 04/28/18)a		15,105		16,200,113
Telecom Italia Capital SA
7.00%, 06/04/18		23,840		26,879,600
7.18%, 06/18/19		23,440		27,014,600
Telecom Italia SpA
5.30%, 05/30/24b		29,300		30,911,500
UPCB Finance III Ltd.
6.63%, 07/01/20 (Call 07/01/15)b		18,200		18,996,714
UPCB Finance V Ltd.
7.25%, 11/15/21 (Call 11/15/16)b		15,720		17,213,400
UPCB Finance VI Ltd.
6.88%, 01/15/22 (Call 01/15/17)b		16,260		17,703,075
Virgin Media Finance PLC
5.75%, 01/15/25 (Call 01/15/20)b		12,205		12,906,788
6.00%, 10/15/24 (Call 10/15/19)a,b		9,400		10,093,250
6.38%, 04/15/23 (Call 04/15/18)a,b		10,850		11,690,875
Virgin Media Secured Finance PLC
5.25%, 01/15/21		7,200		7,722,000
5.38%, 04/15/21 (Call 04/15/17)b		22,250		23,696,250
5.50%, 01/15/25 (Call 01/15/19)a,b		7,450		7,897,000
West Corp.
5.38%, 07/15/22 (Call 07/15/17)a,b		21,443		20,906,925
Wind Acquisition Finance SA
4.75%, 07/15/20 (Call 07/15/16)b		37,000		37,370,000
6.50%, 04/30/20 (Call 04/30/16)b		14,242		15,078,718
7.38%, 04/23/21 (Call 04/23/17)b		60,050		62,452,000

130 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2015

Security	Principal or Shares (000s)		Value
Windstream Corp.
6.38%, 08/01/23 (Call 02/01/18)	$	14,650	$	13,441,375
7.50%, 06/01/22 (Call 06/01/17)a		12,450		12,412,526
7.50%, 04/01/23 (Call 04/01/16)		12,550		12,330,375
7.75%, 10/15/20 (Call 10/15/15)a		12,465		12,916,233
7.75%, 10/01/21 (Call 10/01/16)a		21,950		22,238,094
7.88%, 11/01/17a		21,777		23,573,602
				2,474,918,755
TRANSPORTATION — 0.29%
CHC Helicopter SA
9.25%, 10/15/20 (Call 10/15/15)a		23,570		22,096,969
Florida East Coast Holdings Corp.
6.75%, 05/01/19 (Call 05/01/16)a,b		18,081		18,623,430
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc.
7.38%, 01/15/22 (Call 01/15/17)a,b		12,850		12,014,750
				52,735,149
TOTAL CORPORATE BONDS & NOTES (Cost: $17,646,309,367)				17,608,640,517
SHORT-TERM INVESTMENTS — 13.84%
MONEY MARKET FUNDS — 13.84%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%d,e,f		2,172,704		2,172,703,901
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%d,e,f		176,888		176,888,378

Security	Shares (000s)		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,e		145,145	$	145,144,875
				2,494,737,154
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,494,737,154)				2,494,737,154
TOTAL INVESTMENTS IN SECURITIES — 111.55%				20,103,377,671
(Cost: $20,141,046,521)
Other Assets, Less Liabilities — (11.55)%				(2,082,198,285	)
NET ASSETS — 100.00%			$	18,021,179,386

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

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

^c  Variable rate security. Rate shown is as of report date.

^d  Affiliated issuer. See Note 2.

^e  The rate quoted is the annualized seven-day yield of the fund at period end.

^f All or a portion of this security represents an investment of securities lending collateral. See Note 1.

See notes to financial statements.

SCHEDULESOF INVESTMENTS 131

Schedule of Investments

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 98.50%
ADVERTISING — 0.28%
Omnicom Group Inc.
3.63%, 05/01/22	$	11,114	$	11,644,553
3.65%, 11/01/24 (Call 08/01/24)		10,333		10,630,702
4.45%, 08/15/20		14,195		15,599,442
WPP Finance 2010
3.75%, 09/19/24a		7,475		7,789,482
4.75%, 11/21/21		13,710		15,372,222
				61,036,401
AEROSPACE & DEFENSE — 1.38%
Boeing Co. (The)
4.88%, 02/15/20a		4,277		4,883,012
General Dynamics Corp.
2.25%, 11/15/22 (Call 08/15/22)		16,580		16,153,561
L-3 Communications Corp.
4.75%, 07/15/20		8,343		9,005,069
5.20%, 10/15/19		12,215		13,539,096
Lockheed Martin Corp.
2.90%, 03/01/25 (Call 12/01/24)		10,000		10,057,032
3.35%, 09/15/21		20,363		21,489,302
3.80%, 03/01/45 (Call 09/01/44)		10,000		9,922,161
4.07%, 12/15/42		10,000		10,363,251
4.25%, 11/15/19		5,147		5,646,719
Northrop Grumman Corp.
1.75%, 06/01/18		5,097		5,102,607
3.25%, 08/01/23		15,645		16,018,279
4.75%, 06/01/43		14,853		16,671,092
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)		4,069		4,045,342
3.13%, 10/15/20a		22,677		23,659,690
United Technologies Corp.
3.10%, 06/01/22a		32,348		33,702,213
4.50%, 04/15/20		12,015		13,440,965
4.50%, 06/01/42		48,404		53,599,255
5.70%, 04/15/40a		8,412		10,795,740
6.13%, 02/01/19		7,388		8,598,080

Security	Principal (000s)		Value
6.13%, 07/15/38	$	13,936	$	18,481,176
				305,173,642
AGRICULTURE — 1.57%
Altria Group Inc.
2.63%, 01/14/20 (Call 12/14/19)		14,250		14,486,973
2.85%, 08/09/22		9,352		9,326,736
4.00%, 01/31/24a		16,237		17,362,671
4.25%, 08/09/42		12,183		12,230,171
4.75%, 05/05/21		18,703		20,906,550
5.38%, 01/31/44		20,673		24,293,274
9.25%, 08/06/19		10,227		13,170,688
9.70%, 11/10/18		20,589		26,059,086
Archer-Daniels-Midland Co.
4.48%, 03/01/21		9,455		10,496,412
Lorillard Tobacco Co.
6.88%, 05/01/20a		10,651		12,644,310
8.13%, 06/23/19		5,724		6,976,996
Philip Morris International Inc.
1.88%, 01/15/19		9,100		9,150,783
2.50%, 08/22/22		11,063		10,986,277
2.90%, 11/15/21		11,041		11,320,026
3.25%, 11/10/24		8,700		8,986,722
3.88%, 08/21/42		8,331		8,256,200
4.13%, 03/04/43		9,645		9,906,446
4.25%, 11/10/44		10,250		10,790,966
4.38%, 11/15/41		9,184		9,762,447
4.50%, 03/26/20		9,614		10,730,776
4.88%, 11/15/43a		8,300		9,529,603
5.65%, 05/16/18		21,306		24,082,421
6.38%, 05/16/38		19,746		26,416,736
Reynolds American Inc.
3.25%, 11/01/22		9,349		9,311,741
4.75%, 11/01/42a		18,045		18,086,402
				345,271,413
AUTO MANUFACTURERS — 0.94%
American Honda Finance Corp.
2.13%, 10/10/18a		13,290		13,498,733
2.25%, 08/15/19		7,500		7,616,851
Daimler Finance North America LLC
8.50%, 01/18/31		16,994		26,493,716

132 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Ford Motor Co.
4.75%, 01/15/43a	$	23,493	$	25,639,555
7.45%, 07/16/31		29,512		41,035,846
Ford Motor Credit Co. LLC
3.22%, 01/09/22		5,000		5,135,900
Toyota Motor Credit Corp.
2.00%, 10/24/18		18,660		18,951,096
2.10%, 01/17/19		8,832		8,954,765
2.13%, 07/18/19a		9,010		9,122,625
3.30%, 01/12/22a		22,055		23,372,680
3.40%, 09/15/21		16,672		17,773,426
4.25%, 01/11/21		4,000		4,431,407
Series B
4.50%, 06/17/20a		5,604		6,261,648
				208,288,248
AUTO PARTS & EQUIPMENT — 0.01%
Delphi Corp.
5.00%, 02/15/23 (Call 02/15/18)		2,246		2,420,065
				2,420,065
BANKS — 26.58%
Abbey National Treasury Services PLC/London
2.35%, 09/10/19a		20,228		20,436,925
3.05%, 08/23/18		8,919		9,270,346
4.00%, 03/13/24a		9,190		9,889,719
Australia & New Zealand Banking Group Ltd./New York NY
1.45%, 05/15/18		7,905		7,865,013
2.25%, 06/13/19		15,000		15,128,094
Bank of America Corp.
2.00%, 01/11/18a		13,045		13,098,674
2.60%, 01/15/19a		40,014		40,720,023
2.65%, 04/01/19a		27,655		28,147,505
3.30%, 01/11/23a		37,822		38,310,736
4.00%, 04/01/24a		36,072		38,174,980
4.00%, 01/22/25		18,400		18,542,438
4.10%, 07/24/23a		33,850		36,112,707
4.13%, 01/22/24		22,391		23,894,130
4.20%, 08/26/24a		29,724		30,793,199
4.25%, 10/22/26a		21,000		21,534,257
4.88%, 04/01/44		11,183		12,681,691

Security	Principal (000s)		Value
5.00%, 05/13/21	$	15,150	$	17,030,400
5.00%, 01/21/44a		19,200		22,084,188
5.63%, 07/01/20		30,935		35,580,725
5.65%, 05/01/18		33,790		37,573,108
5.70%, 01/24/22		30,104		35,169,820
5.88%, 01/05/21		14,675		17,157,529
5.88%, 02/07/42		13,774		17,643,758
6.11%, 01/29/37		21,502		26,323,516
6.88%, 04/25/18		43,445		49,813,702
6.88%, 11/15/18a		12,113		14,074,038
7.63%, 06/01/19a		20,475		24,764,396
7.75%, 05/14/38		26,952		38,878,667
Bank of America N.A.
6.00%, 10/15/36a		9,305		11,798,624
Bank of Montreal
1.45%, 04/09/18 (Call 03/09/18)		12,032		11,973,616
2.38%, 01/25/19 (Call 12/25/18)		20,750		21,102,128
2.55%, 11/06/22 (Call 10/06/22)		9,000		8,957,878
Bank of New York Mellon Corp. (The)
2.10%, 01/15/19 (Call 12/15/18)a		7,668		7,747,215
2.20%, 05/15/19 (Call 04/15/19)a		7,941		8,029,310
2.30%, 09/11/19 (Call 08/11/19)a		14,185		14,393,979
3.00%, 02/24/25a		4,160		4,198,112
3.55%, 09/23/21 (Call 08/23/21)		17,280		18,374,119
3.65%, 02/04/24 (Call 01/05/24)a		6,000		6,383,944
Series G
2.15%, 02/24/20 (Call 01/24/20)		10,000		10,030,776
Bank of Nova Scotia (The)
1.45%, 04/25/18a		25,053		24,858,839
2.05%, 10/30/18		20,788		20,942,436
2.05%, 06/05/19		25,195		25,204,743
2.80%, 07/21/21		3,000		3,051,750
4.38%, 01/13/21		3,424		3,783,349

SCHEDULESOF INVESTMENTS 133

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Barclays Bank PLC
2.50%, 02/20/19	$	21,016	$	21,439,082
3.75%, 05/15/24		31,700		33,526,459
5.13%, 01/08/20a		10,705		12,123,342
5.14%, 10/14/20a		17,734		19,663,814
6.75%, 05/22/19		22,664		26,866,493
Barclays PLC
2.75%, 11/08/19		13,800		13,985,156
4.38%, 09/11/24a		16,935		17,218,721
BB&T Corp.
2.45%, 01/15/20 (Call 12/15/19)		10,000		10,138,970
BNP Paribas SA
2.40%, 12/12/18		16,895		17,196,084
2.45%, 03/17/19a		8,000		8,165,257
2.70%, 08/20/18a		8,205		8,440,134
3.25%, 03/03/23		12,925		13,282,973
4.25%, 10/15/24a		10,000		10,368,128
5.00%, 01/15/21		38,740		44,106,571
BPCE SA
2.25%, 01/27/20		11,500		11,531,963
2.50%, 12/10/18		24,750		25,231,058
2.50%, 07/15/19		4,250		4,321,666
4.00%, 04/15/24		11,450		12,294,393
Branch Banking & Trust Co.
2.30%, 10/15/18 (Call 09/15/18)		15,500		15,818,489
3.80%, 10/30/26 (Call 09/30/26)a		7,300		7,710,651
Capital One Financial Corp.
2.45%, 04/24/19 (Call 03/24/19)		8,383		8,459,571
3.20%, 02/05/25 (Call 01/05/25)		8,000		7,877,304
3.75%, 04/24/24 (Call 03/24/24)a		19,360		20,077,820
4.75%, 07/15/21		11,047		12,302,121
Capital One N.A./Mclean VA
2.40%, 09/05/19 (Call 08/15/19)		11,775		11,796,193
2.95%, 07/23/21		14,740		14,936,298
Citigroup Inc.
1.75%, 05/01/18		12,659		12,599,125
2.40%, 02/18/20		9,355		9,327,888

Security	Principal (000s)		Value
2.50%, 09/26/18	$	13,869	$	14,096,106
2.50%, 07/29/19		23,441		23,657,963
2.55%, 04/08/19a		17,860		18,119,984
3.38%, 03/01/23		19,148		19,529,637
3.50%, 05/15/23a		26,089		25,973,530
3.75%, 06/16/24a		21,206		22,039,877
3.88%, 10/25/23		17,955		18,835,217
4.00%, 08/05/24		13,000		13,258,885
4.05%, 07/30/22		11,575		12,071,055
4.30%, 11/20/26a		8,000		8,221,402
4.50%, 01/14/22		37,927		41,639,500
5.30%, 05/06/44		10,670		11,974,795
5.38%, 08/09/20a		26,766		30,469,815
5.50%, 09/13/25		20,561		23,267,621
5.88%, 02/22/33		6,293		7,292,795
5.88%, 01/30/42		17,675		22,689,571
6.00%, 10/31/33		3,000		3,534,449
6.13%, 05/15/18		26,443		29,864,433
6.13%, 08/25/36a		21,520		25,979,327
6.63%, 06/15/32		7,600		9,469,967
6.68%, 09/13/43		7,500		9,912,998
6.88%, 03/05/38a		5,584		7,729,016
8.13%, 07/15/39		31,340		48,605,783
8.50%, 05/22/19		26,659		33,281,591
Commonwealth Bank of Australia/New York NY
2.25%, 03/13/19		25,750		26,088,561
2.30%, 09/06/19		15,000		15,118,704
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
2.25%, 01/14/19		21,250		21,466,759
3.88%, 02/08/22		39,691		42,850,332
3.95%, 11/09/22a		19,000		19,704,984
4.50%, 01/11/21a		15,685		17,412,071
4.63%, 12/01/23a		24,600		26,732,889
5.25%, 05/24/41		19,165		23,308,462
5.75%, 12/01/43a		10,620		13,149,686
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY
1.70%, 03/19/18a		18,900		18,960,695
2.25%, 01/14/20		4,000		4,010,525

134 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Credit Suisse/New York NY
2.30%, 05/28/19a	$	29,570	$	29,843,706
3.00%, 10/29/21		15,233		15,499,836
3.63%, 09/09/24		51,250		53,202,645
4.38%, 08/05/20		12,880		14,147,018
5.30%, 08/13/19a		14,252		16,150,251
5.40%, 01/14/20		16,667		18,746,608
6.00%, 02/15/18		12,258		13,637,025
Deutsche Bank AG/London
2.50%, 02/13/19a		23,478		23,922,450
3.70%, 05/30/24a		30,150		31,591,731
Discover Bank/Greenwood DE
3.20%, 08/09/21 (Call 07/09/21)		4,870		4,999,958
4.20%, 08/08/23		14,235		15,243,342
Fifth Third Bancorp
4.30%, 01/16/24 (Call 12/16/23)a		9,335		9,958,493
8.25%, 03/01/38		8,773		13,172,810
Fifth Third Bank/Cincinnati OH
2.38%, 04/25/19 (Call 03/25/19)		10,250		10,367,726
2.88%, 10/01/21 (Call 09/01/21)		7,000		7,119,034
Goldman Sachs Group Inc. (The)
2.38%, 01/22/18		16,342		16,614,103
2.55%, 10/23/19a		29,150		29,507,883
2.60%, 04/23/20 (Call 03/23/20)		15,500		15,571,920
2.63%, 01/31/19a		20,744		21,130,581
2.90%, 07/19/18		35,099		36,162,082
3.50%, 01/23/25 (Call 10/23/24)a		20,000		20,253,962
3.63%, 01/22/23		22,753		23,587,225
3.85%, 07/08/24 (Call 04/08/24)		32,191		33,675,855
4.00%, 03/03/24		37,262		39,364,151
4.80%, 07/08/44 (Call 01/08/44)		27,013		29,967,650
5.25%, 07/27/21		39,970		45,411,480
5.38%, 03/15/20		22,037		25,001,345
5.75%, 01/24/22a		39,588		46,307,671
5.95%, 01/18/18		19,331		21,531,532

Security	Principal (000s)		Value
5.95%, 01/15/27a	$	5,951	$	7,008,753
6.00%, 06/15/20a		15,695		18,307,182
6.13%, 02/15/33a		16,982		21,469,454
6.15%, 04/01/18		32,280		36,331,992
6.25%, 02/01/41		28,872		38,164,658
6.45%, 05/01/36		14,059		17,487,613
6.75%, 10/01/37		65,033		84,088,098
7.50%, 02/15/19		23,825		28,462,303
HSBC Bank USA N.A./New York NY
4.88%, 08/24/20		8,510		9,449,244
5.63%, 08/15/35		1,493		1,829,768
5.88%, 11/01/34		4,000		5,064,230
HSBC Holdings PLC
4.00%, 03/30/22		27,723		29,948,880
4.25%, 03/14/24		15,900		16,736,472
4.88%, 01/14/22		14,395		16,254,648
5.10%, 04/05/21a		31,334		35,564,112
5.25%, 03/14/44		22,155		25,134,152
6.10%, 01/14/42		9,093		12,204,977
6.50%, 05/02/36		24,425		31,280,990
6.50%, 09/15/37		27,854		35,840,923
6.80%, 06/01/38		18,610		24,750,061
HSBC USA Inc.
1.63%, 01/16/18		14,295		14,292,372
2.25%, 06/23/19a		19,500		19,605,413
2.35%, 03/05/20		5,785		5,797,588
2.38%, 11/13/19a		14,600		14,684,846
2.63%, 09/24/18		3,413		3,500,243
3.50%, 06/23/24		10,500		10,977,542
5.00%, 09/27/20		3,490		3,861,116
Intesa Sanpaolo SpA
3.88%, 01/16/18a		12,890		13,450,915
3.88%, 01/15/19		15,150		15,900,251
5.25%, 01/12/24		8,825		9,945,289
JPMorgan Chase & Co.
1.63%, 05/15/18a		19,246		19,185,947
2.20%, 10/22/19		28,000		28,028,630
2.25%, 01/23/20 (Call 12/23/19)		18,700		18,613,973
2.35%, 01/28/19a		16,500		16,764,876
3.13%, 01/23/25 (Call 10/23/24)a		17,500		17,337,532
3.20%, 01/25/23a		35,608		36,257,725

SCHEDULESOF INVESTMENTS 135

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
3.25%, 09/23/22	$	36,661	$	37,567,322
3.38%, 05/01/23a		26,061		26,011,510
3.63%, 05/13/24a		13,135		13,615,937
3.88%, 02/01/24a		14,046		14,848,302
3.88%, 09/10/24		32,775		33,406,322
4.13%, 12/15/26a		17,650		18,152,986
4.25%, 10/15/20		23,225		25,463,107
4.35%, 08/15/21		25,652		28,004,365
4.40%, 07/22/20a		19,783		21,698,566
4.50%, 01/24/22		38,330		42,342,952
4.63%, 05/10/21		25,242		27,997,962
4.85%, 02/01/44a		20,823		23,900,970
4.95%, 03/25/20a		9,793		10,968,846
5.40%, 01/06/42		12,465		15,052,001
5.50%, 10/15/40		17,798		21,486,409
5.60%, 07/15/41		17,440		21,531,448
5.63%, 08/16/43		17,367		20,752,830
6.00%, 01/15/18a		29,877		33,434,748
6.30%, 04/23/19		39,708		46,171,037
6.40%, 05/15/38		24,184		32,326,695
KeyBank N.A./Cleveland OH
2.25%, 03/16/20		5,000		5,006,713
2.50%, 12/15/19		8,500		8,627,581
KeyCorp
2.30%, 12/13/18 (Call 11/13/18)		6,053		6,128,737
5.10%, 03/24/21a		9,901		11,237,838
Lloyds Bank PLC
2.30%, 11/27/18		12,530		12,746,254
2.35%, 09/05/19a		16,876		17,065,948
6.38%, 01/21/21		12,105		14,600,468
Lloyds Banking Group PLC
4.50%, 11/04/24		10,500		10,993,232
Manufacturers & Traders Trust Co.
2.10%, 02/06/20 (Call 01/06/20)		10,000		9,963,683
2.30%, 01/30/19 (Call 12/30/18)		2,600		2,639,388
2.90%, 02/06/25 (Call 01/06/25)		10,000		9,870,722
Morgan Stanley
2.13%, 04/25/18		21,692		21,856,992
2.38%, 07/23/19a		31,560		31,733,261

Security	Principal (000s)		Value
2.50%, 01/24/19a	$	32,505	$	32,957,437
2.65%, 01/27/20		26,700		26,990,496
3.70%, 10/23/24a		31,950		33,091,941
3.75%, 02/25/23		32,656		34,219,148
4.10%, 05/22/23		21,791		22,482,348
4.30%, 01/27/45		28,000		28,644,336
4.35%, 09/08/26		31,704		33,039,842
4.88%, 11/01/22		21,020		22,862,521
5.00%, 11/24/25		28,962		31,901,655
5.50%, 01/26/20		24,306		27,593,501
5.50%, 07/24/20a		15,841		18,093,625
5.50%, 07/28/21		21,728		25,257,620
5.63%, 09/23/19		41,677		47,331,081
5.75%, 01/25/21		33,534		38,966,813
6.38%, 07/24/42a		31,399		41,791,746
6.63%, 04/01/18		34,862		39,670,666
7.25%, 04/01/32		4,612		6,392,192
7.30%, 05/13/19		30,910		36,902,639
Series F
3.88%, 04/29/24		25,612		26,843,402
MUFG Union Bank N.A.
2.63%, 09/26/18 (Call 08/26/18)		18,935		19,423,052
National Australia Bank Ltd./New York
2.30%, 07/25/18		7,500		7,637,190
3.00%, 01/20/23a		12,939		13,128,787
Northern Trust Corp.
3.95%, 10/30/25		8,500		9,035,752
PNC Bank N.A.
2.20%, 01/28/19 (Call 12/29/18)b		17,525		17,763,373
2.25%, 07/02/19 (Call 06/02/19)b		5,250		5,312,525
2.40%, 10/18/19 (Call 09/18/19)b		2,250		2,277,362
2.70%, 11/01/22 (Call 10/01/22)b		25,550		25,260,973
2.95%, 01/30/23 (Call 12/30/22)b		5,800		5,821,332
3.80%, 07/25/23 (Call 06/25/23)a,b		19,928		21,071,548

136 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
PNC Financial Services Group Inc. (The)
3.90%, 04/29/24 (Call 03/29/24)b	$	10,470	$	10,921,578
PNC Funding Corp.
3.30%, 03/08/22 (Call 02/06/22)a,b		8,069		8,389,061
4.38%, 08/11/20b		3,773		4,161,212
5.13%, 02/08/20b		3,965		4,494,168
Regions Bank/Birmingham AL
7.50%, 05/15/18		650		753,177
Regions Financial Corp.
2.00%, 05/15/18 (Call 04/15/18)		16,019		15,914,877
Royal Bank of Canada
1.50%, 01/16/18		6,500		6,510,665
2.15%, 03/15/19a		8,909		8,985,976
2.20%, 07/27/18		24,853		25,330,051
Royal Bank of Scotland Group PLC
6.40%, 10/21/19a		16,912		19,749,303
Royal Bank of Scotland PLC (The)
5.63%, 08/24/20a		6,444		7,458,164
6.13%, 01/11/21		14,899		17,803,588
Societe Generale SA
2.63%, 10/01/18a		10,500		10,726,426
State Street Corp.
3.10%, 05/15/23a		15,207		15,304,021
3.30%, 12/16/24		8,810		9,095,872
3.70%, 11/20/23a		8,680		9,251,233
4.38%, 03/07/21		7,765		8,546,559
Sumitomo Mitsui Banking Corp.
2.25%, 07/11/19a		9,000		9,008,987
2.45%, 01/10/19		11,335		11,466,375
2.45%, 01/16/20		15,950		16,073,829
3.20%, 07/18/22		6,949		7,063,477
SunTrust Banks Inc.
2.35%, 11/01/18 (Call 10/01/18)		5,084		5,146,176
2.50%, 05/01/19 (Call 04/01/19)		5,000		5,051,660
Svenska Handelsbanken AB
1.63%, 03/21/18a		14,050		14,055,751

Security	Principal (000s)		Value
2.25%, 06/17/19	$	6,250	$	6,303,188
2.50%, 01/25/19a		22,375		22,856,884
Toronto-Dominion Bank (The)
1.40%, 04/30/18		16,665		16,627,539
2.13%, 07/02/19		16,575		16,785,504
2.25%, 11/05/19		15,599		15,770,592
2.63%, 09/10/18a		16,282		16,788,354
U.S. Bancorp/MN
1.95%, 11/15/18 (Call 10/15/18)		17,505		17,699,523
2.20%, 04/25/19 (Call 03/25/19)a		20,960		21,229,556
2.95%, 07/15/22 (Call 06/15/22)a		16,297		16,413,408
3.00%, 03/15/22 (Call 02/15/22)		8,087		8,336,017
3.70%, 01/30/24 (Call 12/29/23)a		5,000		5,357,737
4.13%, 05/24/21 (Call 04/23/21)		12,649		13,923,125
Series F
3.60%, 09/11/24 (Call 08/11/24)a		10,000		10,355,902
U.S. Bank N.A./Cincinnati OH
2.13%, 10/28/19 (Call 09/28/19)a		20,235		20,407,091
2.80%, 01/27/25 (Call 12/27/24)		10,950		10,972,345
UBS AG/Stamford CT
2.38%, 08/14/19a		32,500		32,865,755
4.88%, 08/04/20		21,775		24,615,795
5.75%, 04/25/18		17,586		19,735,257
Wachovia Corp.
5.50%, 08/01/35		12,398		14,631,589
5.75%, 02/01/18		15,083		16,855,248
Wells Fargo & Co.
2.13%, 04/22/19a		13,725		13,829,208
2.15%, 01/15/19a		12,963		13,082,820
3.00%, 01/22/21		17,710		18,257,687
3.00%, 02/19/25		12,685		12,624,471
3.30%, 09/09/24a		29,006		29,782,169
3.50%, 03/08/22		36,300		38,327,678
4.10%, 06/03/26a		33,198		34,790,120
4.13%, 08/15/23a		13,669		14,555,086

SCHEDULESOF INVESTMENTS 137

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.60%, 04/01/21	$	21,004	$	23,445,263
4.65%, 11/04/44		21,010		22,529,405
5.38%, 02/07/35		924		1,115,278
5.38%, 11/02/43		22,149		26,097,803
5.61%, 01/15/44		35,911		43,984,594
Series M
3.45%, 02/13/23		36,108		36,822,223
Series N
2.15%, 01/30/20		14,245		14,238,060
Wells Fargo Bank N.A.
5.85%, 02/01/37		10,000		12,896,160
6.60%, 01/15/38		18,634		26,276,064
Westpac Banking Corp.
1.60%, 01/12/18a		4,000		3,998,708
2.25%, 07/30/18		5,845		5,950,953
2.25%, 01/17/19a		19,024		19,285,437
4.88%, 11/19/19		18,910		21,180,741
				5,859,755,210
BEVERAGES — 2.55%
Anheuser-Busch InBev Finance Inc.
1.25%, 01/17/18a		12,395		12,359,610
2.15%, 02/01/19a		19,563		19,841,828
2.63%, 01/17/23		18,668		18,451,894
3.70%, 02/01/24a		17,826		18,869,076
4.00%, 01/17/43a		11,567		11,397,678
4.63%, 02/01/44		12,200		13,186,691
Anheuser-Busch InBev Worldwide Inc.
2.50%, 07/15/22		23,147		22,821,498
3.75%, 07/15/42		12,642		11,993,999
5.00%, 04/15/20		11,712		13,277,817
5.38%, 01/15/20		30,387		34,885,279
6.88%, 11/15/19		12,027		14,550,403
7.75%, 01/15/19a		21,153		25,570,131
8.20%, 01/15/39		8,984		13,892,742
Bottling Group LLC
5.13%, 01/15/19		6,332		7,106,312
Coca-Cola Co. (The)
1.15%, 04/01/18a		16,790		16,715,642
1.65%, 03/14/18a		9,794		9,927,936
1.65%, 11/01/18a		18,860		18,990,704
2.45%, 11/01/20a		14,763		15,139,858

Security	Principal (000s)		Value
2.50%, 04/01/23a	$	4,250	$	4,249,065
3.15%, 11/15/20		11,206		11,864,207
3.20%, 11/01/23		27,425		28,856,061
3.30%, 09/01/21		8,653		9,204,854
4.88%, 03/15/19a		6,800		7,647,086
Diageo Capital PLC
2.63%, 04/29/23 (Call 01/29/23)		21,952		21,701,859
Diageo Investment Corp.
2.88%, 05/11/22		10,404		10,538,773
Pepsi Bottling Group Inc. (The) Series B
7.00%, 03/01/29		9,465		13,004,816
PepsiCo Inc.
2.25%, 01/07/19 (Call 12/07/18)		4,600		4,708,316
2.75%, 03/05/22		10,144		10,332,737
2.75%, 03/01/23		13,592		13,704,169
3.00%, 08/25/21a		5,596		5,814,848
3.13%, 11/01/20a		11,349		11,905,971
3.60%, 03/01/24 (Call 12/01/23)a		16,000		17,040,627
4.00%, 03/05/42		9,023		9,085,482
4.50%, 01/15/20a		15,840		17,705,348
4.88%, 11/01/40		13,256		15,012,819
5.00%, 06/01/18		15,919		17,668,597
5.50%, 01/15/40		11,811		14,442,990
7.90%, 11/01/18		15,940		19,451,222
				562,918,945
BIOTECHNOLOGY — 1.65%
Amgen Inc.
2.20%, 05/22/19 (Call 04/22/19)		15,665		15,778,324
3.45%, 10/01/20		9,610		10,140,185
3.63%, 05/15/22 (Call 02/15/22)		12,509		13,195,354
3.63%, 05/22/24 (Call 02/22/24)a		16,400		17,080,985
3.88%, 11/15/21 (Call 08/15/21)		17,448		18,676,214
4.10%, 06/15/21 (Call 03/15/21)		18,321		19,873,789
5.15%, 11/15/41 (Call 05/15/41)		23,627		27,178,554

138 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.38%, 05/15/43 (Call 11/15/42)	$	16,032	$	19,136,659
5.65%, 06/15/42 (Call 12/15/41)		9,758		11,934,129
5.70%, 02/01/19		7,694		8,757,471
6.38%, 06/01/37		11,234		14,511,553
6.40%, 02/01/39		13,422		17,265,371
Celgene Corp.
3.25%, 08/15/22		16,681		17,049,830
3.63%, 05/15/24 (Call 02/15/24)a		10,088		10,533,773
4.63%, 05/15/44 (Call 11/15/43)a		12,500		13,568,031
Gilead Sciences Inc.
2.35%, 02/01/20a		980		995,769
3.50%, 02/01/25 (Call 11/01/24)		12,922		13,559,171
3.70%, 04/01/24 (Call 01/01/24)		30,087		32,104,481
4.40%, 12/01/21 (Call 09/01/21)		9,649		10,782,606
4.50%, 04/01/21 (Call 01/01/21)a		4,634		5,164,826
4.50%, 02/01/45 (Call 08/01/44)		24,695		27,351,293
4.80%, 04/01/44 (Call 10/01/43)		20,345		23,200,170
5.65%, 12/01/41 (Call 06/01/41)		12,125		15,316,130
				363,154,668
CHEMICALS — 2.13%
CF Industries Inc.
3.45%, 06/01/23a		10,750		10,833,932
4.95%, 06/01/43a		10,116		10,720,821
5.15%, 03/15/34		6,255		6,906,915
5.38%, 03/15/44		9,204		10,367,270
6.88%, 05/01/18		11,300		12,892,359
7.13%, 05/01/20		2,310		2,773,932
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)a		5,552		5,577,842
3.50%, 10/01/24 (Call 07/01/24)		9,000		9,125,544

Security	Principal (000s)		Value
4.13%, 11/15/21 (Call 08/15/21)	$	13,608	$	14,703,414
4.25%, 11/15/20 (Call 08/15/20)		16,590		17,932,131
4.38%, 11/15/42 (Call 05/15/42)		14,250		14,170,833
5.25%, 11/15/41 (Call 05/15/41)		9,145		10,270,321
7.38%, 11/01/29		9,577		12,971,614
8.55%, 05/15/19		34,037		42,577,220
9.40%, 05/15/39		9,801		15,803,535
Eastman Chemical Co.
2.70%, 01/15/20 (Call 12/15/19)		16,250		16,417,572
3.60%, 08/15/22 (Call 05/15/22)		6,538		6,763,479
3.80%, 03/15/25 (Call 12/15/24)		5,000		5,195,755
4.65%, 10/15/44 (Call 04/15/44)		6,205		6,490,249
Ecolab Inc.
4.35%, 12/08/21		16,400		17,900,910
5.50%, 12/08/41		7,698		9,215,149
EI du Pont de Nemours & Co.
2.80%, 02/15/23a		21,492		21,464,443
3.63%, 01/15/21a		17,574		18,712,502
4.15%, 02/15/43a		6,215		6,274,599
4.63%, 01/15/20		9,423		10,498,516
6.00%, 07/15/18		3,534		4,022,988
LYB International Finance BV
4.00%, 07/15/23		6,181		6,519,451
4.88%, 03/15/44 (Call 09/15/43)a		7,350		7,840,774
5.25%, 07/15/43		13,009		14,558,230
LyondellBasell Industries NV
5.00%, 04/15/19 (Call 01/15/19)		24,100		26,561,328
5.75%, 04/15/24 (Call 01/15/24)a		6,520		7,697,314
6.00%, 11/15/21 (Call 08/17/21)		14,911		17,553,587
Monsanto Co.
3.38%, 07/15/24 (Call 04/15/24)a		5,444		5,659,243

SCHEDULESOF INVESTMENTS 139

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.40%, 07/15/44 (Call 01/15/44)	$	16,000	$	17,182,320
4.70%, 07/15/64 (Call 01/15/64)		5,860		6,428,420
Mosaic Co. (The)
4.25%, 11/15/23 (Call 08/15/23)		10,955		11,814,156
Potash Corp. of Saskatchewan Inc.
3.63%, 03/15/24 (Call 12/15/23)a		8,753		9,143,695
Rohm & Haas Co.
7.85%, 07/15/29		12,506		17,537,042
				469,079,405
COMMERCIAL SERVICES — 0.17%
Synchrony Financial
2.70%, 02/03/20		1,235		1,232,306
3.00%, 08/15/19 (Call 07/15/19)		13,500		13,715,621
3.75%, 08/15/21 (Call 06/15/21)		6,940		7,183,536
4.25%, 08/15/24 (Call 05/15/24)		15,045		15,757,921
				37,889,384
COMPUTERS — 2.83%
Apple Inc.
1.00%, 05/03/18		43,656		43,295,764
1.55%, 02/07/20		12,000		11,861,554
2.10%, 05/06/19a		23,360		23,839,866
2.15%, 02/09/22		5,000		4,938,372
2.40%, 05/03/23		63,055		62,468,324
2.50%, 02/09/25		16,455		16,141,953
2.85%, 05/06/21		33,153		34,452,770
3.45%, 05/06/24a		34,010		36,196,265
3.45%, 02/09/45		14,350		13,455,742
3.85%, 05/04/43		30,053		30,271,509
4.45%, 05/06/44a		17,050		18,931,682
EMC Corp./MA
1.88%, 06/01/18		18,806		18,928,625
2.65%, 06/01/20		28,030		28,536,659
3.38%, 06/01/23 (Call 03/01/23)a		10,589		10,709,558

Security	Principal (000s)		Value
Hewlett-Packard Co.
2.75%, 01/14/19a	$	16,993	$	17,369,935
3.75%, 12/01/20		13,266		13,937,200
4.30%, 06/01/21a		14,905		16,035,046
4.38%, 09/15/21a		14,775		15,958,785
4.65%, 12/09/21a		6,407		7,025,926
5.50%, 03/01/18		8,780		9,730,354
6.00%, 09/15/41		14,377		16,351,044
International Business Machines Corp.
1.25%, 02/08/18		1,970		1,969,926
1.63%, 05/15/20a		16,955		16,680,694
1.88%, 08/01/22		8,836		8,421,652
1.95%, 02/12/19a		8,140		8,232,702
3.38%, 08/01/23		18,125		18,843,557
3.63%, 02/12/24a		23,245		24,559,770
4.00%, 06/20/42		20,343		20,456,939
7.63%, 10/15/18		23,048		27,834,911
8.38%, 11/01/19		4,987		6,420,017
Seagate HDD Cayman
3.75%, 11/15/18		7,075		7,322,625
4.75%, 06/01/23a		22,250		23,676,872
4.75%, 01/01/25c		7,450		7,878,380
				622,734,978
COSMETICS & PERSONAL CARE — 0.29%
Procter & Gamble Co. (The)
1.60%, 11/15/18a		5,000		5,034,453
2.30%, 02/06/22		8,448		8,543,164
3.10%, 08/15/23a		14,834		15,523,720
4.70%, 02/15/19		8,277		9,292,774
5.55%, 03/05/37		19,347		25,650,288
				64,044,399
DIVERSIFIED FINANCIAL SERVICES — 4.78%
American Express Co.
1.55%, 05/22/18a		8,206		8,195,036
2.65%, 12/02/22		13,418		13,396,665
4.05%, 12/03/42		15,454		15,717,423
7.00%, 03/19/18		15,592		18,031,538
American Express Credit Corp.
2.13%, 07/27/18a		12,163		12,350,639
2.13%, 03/18/19		18,645		18,797,382
2.25%, 08/15/19		17,800		17,968,513

140 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Ameriprise Financial Inc.
4.00%, 10/15/23	$	10,000	$	10,762,424
5.30%, 03/15/20a		100		114,162
Associates Corp. of North America
6.95%, 11/01/18		2,825		3,296,550
Bear Stearns Companies LLC (The)
7.25%, 02/01/18		15,890		18,355,871
BP Capital Markets PLC
2.52%, 01/15/20a		16,275		16,537,013
Capital One Bank USA N.A.
2.25%, 02/13/19 (Call 01/13/19)		17,970		18,041,073
3.38%, 02/15/23		16,080		16,227,648
CME Group Inc./IL
3.00%, 09/15/22		1,547		1,594,611
5.30%, 09/15/43 (Call 03/15/43)		11,068		13,567,168
Ford Motor Credit Co. LLC
2.38%, 01/16/18		17,660		17,952,379
2.38%, 03/12/19a		13,150		13,311,087
2.60%, 11/04/19		2,000		2,025,400
2.88%, 10/01/18a		3,175		3,269,932
3.66%, 09/08/24a		8,200		8,451,740
4.25%, 09/20/22		12,995		14,079,438
4.38%, 08/06/23a		11,529		12,560,845
5.00%, 05/15/18a		17,691		19,327,985
5.75%, 02/01/21a		13,670		15,919,522
5.88%, 08/02/21		26,004		30,636,883
8.13%, 01/15/20		12,508		15,671,914
General Electric Capital Corp.
1.63%, 04/02/18a		16,760		16,859,415
2.20%, 01/09/20 (Call 12/09/19)		19,000		19,170,810
2.30%, 01/14/19a		23,594		24,220,421
3.10%, 01/09/23		27,454		28,492,003
3.15%, 09/07/22a		24,547		25,531,580
3.45%, 05/15/24 (Call 02/13/24)a		18,818		19,911,937
4.38%, 09/16/20		6,129		6,825,408
4.63%, 01/07/21		38,173		43,037,385
4.65%, 10/17/21		26,202		29,784,104
5.30%, 02/11/21		23,390		26,980,515
5.50%, 01/08/20		21,304		24,635,733

Security	Principal (000s)		Value
5.63%, 05/01/18	$	31,823	$	35,821,560
5.88%, 01/14/38		60,773		78,675,942
6.00%, 08/07/19a		17,834		20,910,470
6.15%, 08/07/37		21,992		29,343,486
6.88%, 01/10/39		43,533		62,980,062
Series A
5.55%, 05/04/20a		3,390		3,956,015
6.75%, 03/15/32		57,679		79,803,511
HSBC Finance Corp.
6.68%, 01/15/21		32,291		38,603,312
Intercontinental Exchange Inc.
4.00%, 10/15/23		10,000		10,737,474
Jefferies Group LLC
5.13%, 04/13/18		19,674		20,771,701
6.88%, 04/15/21		5,452		6,225,991
8.50%, 07/15/19		3,600		4,295,910
Nomura Holdings Inc.
2.75%, 03/19/19		22,500		22,920,478
6.70%, 03/04/20		13,843		16,474,198
				1,053,130,262
ELECTRIC — 1.24%
Berkshire Hathaway Energy Co.
4.50%, 02/01/45 (Call 08/01/44)		8,500		9,326,525
5.15%, 11/15/43 (Call 05/15/43)		12,680		15,242,632
6.13%, 04/01/36		14,860		19,416,923
6.50%, 09/15/37a		10,600		14,514,530
Consolidated Edison Co. of New York Inc.
4.45%, 03/15/44 (Call 09/15/43)		12,130		13,569,233
4.63%, 12/01/54 (Call 06/01/54)		12,500		14,109,765
Duke Energy Carolinas LLC
5.30%, 02/15/40		6,920		8,728,015
Duke Energy Florida Inc.
6.40%, 06/15/38		14,406		20,530,999
Exelon Generation Co. LLC
2.95%, 01/15/20 (Call 12/15/19)		850		859,273
5.60%, 06/15/42 (Call 12/15/41)a		11,280		12,838,031
6.25%, 10/01/39		7,720		9,431,806

SCHEDULESOF INVESTMENTS 141

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Georgia Power Co.
4.30%, 03/15/42	$	12,125	$	13,148,458
Nisource Finance Corp.
4.80%, 02/15/44 (Call 08/15/43)		5,713		6,453,520
6.40%, 03/15/18		9,398		10,712,921
Oncor Electric Delivery Co. LLC
7.00%, 09/01/22		9,227		11,836,192
Pacific Gas & Electric Co.
3.50%, 10/01/20 (Call 07/01/20)a		2,016		2,120,821
5.40%, 01/15/40a		9,525		11,623,816
5.80%, 03/01/37a		13,047		16,535,870
6.05%, 03/01/34		38,084		49,843,098
8.25%, 10/15/18		5,383		6,588,651
Southern California Edison Co.
4.65%, 10/01/43 (Call 04/01/43)		4,470		5,238,508	��
				272,669,587
ELECTRONICS — 0.73%
Honeywell International Inc.
4.25%, 03/01/21a		8,626		9,652,247
5.00%, 02/15/19		11,324		12,727,825
5.30%, 03/01/18		8,343		9,303,755
Koninklijke Philips NV
3.75%, 03/15/22		36,980		39,481,708
5.75%, 03/11/18		9,859		11,021,181
6.88%, 03/11/38		5,166		7,080,262
Thermo Fisher Scientific Inc.
2.40%, 02/01/19		18,662		18,869,350
3.15%, 01/15/23 (Call 10/15/22)		10,998		11,058,397
3.30%, 02/15/22		935		960,253
3.60%, 08/15/21 (Call 05/15/21)		20,756		21,808,792
4.15%, 02/01/24 (Call 11/01/23)a		4,351		4,670,821
4.50%, 03/01/21		12,781		13,996,631
				160,631,222
ENGINEERING & CONSTRUCTION — 0.13%
ABB Finance USA Inc.
2.88%, 05/08/22a		24,263		24,774,547
4.38%, 05/08/42		3,075		3,390,761
				28,165,308

Security	Principal (000s)		Value
ENVIRONMENTAL CONTROL — 0.10%
Republic Services Inc.
3.55%, 06/01/22 (Call 03/01/22)a	$	7,835	$	8,182,789
5.00%, 03/01/20		8,107		9,034,097
Waste Management Inc.
4.10%, 03/01/45		5,000		5,056,608
				22,273,494
FOOD — 1.72%
ConAgra Foods Inc.
1.90%, 01/25/18a		11,645		11,611,819
3.20%, 01/25/23 (Call 10/25/22)a		9,497		9,377,192
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)		17,374		17,867,512
5.65%, 02/15/19		8,850		9,974,239
Kellogg Co.
4.00%, 12/15/20		8,032		8,644,692
Series B
7.45%, 04/01/31		11,876		15,537,345
Kraft Foods Group Inc.
3.50%, 06/06/22		24,901		25,614,737
5.00%, 06/04/42		25,403		27,399,107
5.38%, 02/10/20		10,580		11,941,658
6.13%, 08/23/18		750		852,493
6.50%, 02/09/40		8,644		10,593,389
6.88%, 01/26/39		8,797		11,132,567
Kroger Co. (The)
6.15%, 01/15/20		7,327		8,561,206
Mondelez International Inc.
2.25%, 02/01/19 (Call 01/01/19)		9,134		9,187,585
4.00%, 02/01/24 (Call 11/01/23)a		14,454		15,585,583
5.38%, 02/10/20a		16,842		19,310,825
6.50%, 02/09/40		22,311		30,682,029
Sysco Corp.
2.35%, 10/02/19 (Call 09/02/19)a		8,000		8,122,940
3.00%, 10/02/21 (Call 08/02/21)a		8,000		8,225,180

142 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
3.50%, 10/02/24 (Call 07/02/24)a	$	16,875	$	17,552,312
4.35%, 10/02/34 (Call 04/02/34)		7,225		7,520,640
4.50%, 10/02/44 (Call 04/02/44)a		13,500		14,300,766
Tyson Foods Inc.
2.65%, 08/15/19 (Call 07/15/19)		15,000		15,282,145
3.95%, 08/15/24 (Call��05/15/24)a		15,000		15,939,463
4.50%, 06/15/22 (Call 03/15/22)		6,000		6,617,357
Unilever Capital Corp.
2.20%, 03/06/19		13,511		13,760,591
4.25%, 02/10/21		8,763		9,777,996
4.80%, 02/15/19		7,064		7,894,691
5.90%, 11/15/32		7,755		10,689,242
				379,557,301
FOREST PRODUCTS & PAPER — 0.32%
International Paper Co.
3.65%, 06/15/24 (Call 03/15/24)a		11,100		11,347,255
4.75%, 02/15/22 (Call 11/15/21)		8,627		9,598,155
4.80%, 06/15/44 (Call 12/15/43)		9,100		9,461,870
7.30%, 11/15/39a		3,050		4,106,021
7.50%, 08/15/21		8,269		10,389,134
7.95%, 06/15/18a		22,463		26,628,424
				71,530,859
GAS — 0.04%
Sempra Energy
6.00%, 10/15/39		6,990		9,034,392
				9,034,392
HEALTH CARE — PRODUCTS — 1.77%
Baxter International Inc.
1.85%, 06/15/18		8,238		8,272,223
3.20%, 06/15/23 (Call 03/15/23)		20,085		20,310,946
Becton Dickinson and Co.
2.68%, 12/15/19		14,930		15,244,238
3.13%, 11/08/21		11,841		12,136,476

Security	Principal (000s)		Value
3.73%, 12/15/24 (Call 09/15/24)a	$	19,180	$	20,106,774
4.69%, 12/15/44 (Call 06/15/44)		12,000		13,078,033
Boston Scientific Corp.
6.00%, 01/15/20		11,706		13,416,533
Covidien International Finance SA
2.95%, 06/15/23 (Call 03/15/23)		2,000		2,020,256
6.55%, 10/15/37		12,935		18,128,718
Medtronic Inc.
1.38%, 04/01/18		8,204		8,151,485
2.50%, 03/15/20c		28,000		28,525,711
2.75%, 04/01/23 (Call 01/01/23)		10,924		10,902,611
3.15%, 03/15/22c		40,245		41,727,191
3.50%, 03/15/25c		50,250		52,488,457
3.63%, 03/15/24 (Call 12/15/23)		4,494		4,762,793
4.00%, 04/01/43 (Call 10/01/42)a		8,000		8,328,388
4.38%, 03/15/35c		36,900		40,170,144
4.45%, 03/15/20		13,593		15,105,296
4.63%, 03/15/45c		42,589		48,412,224
St. Jude Medical Inc.
3.25%, 04/15/23 (Call 01/15/23)		8,310		8,456,562
				389,745,059
HEALTH CARE — SERVICES — 1.16%
Aetna Inc.
2.75%, 11/15/22 (Call 08/15/22)		14,580		14,552,700
3.95%, 09/01/20		11,715		12,566,870
6.63%, 06/15/36		7,798		10,537,734
Anthem Inc.
2.25%, 08/15/19		11,625		11,661,854
3.13%, 05/15/22		9,668		9,875,313
3.30%, 01/15/23		15,350		15,720,179
3.50%, 08/15/24 (Call 05/15/24)a		10,250		10,601,148
4.63%, 05/15/42		11,469		12,456,749
4.65%, 01/15/43a		11,075		12,051,202

SCHEDULESOF INVESTMENTS 143

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.65%, 08/15/44 (Call 02/15/44)	$	9,244	$	10,127,827
5.85%, 01/15/36		4,650		5,688,897
6.38%, 06/15/37		3,470		4,517,064
Cigna Corp.
4.00%, 02/15/22 (Call 11/15/21)a		6,764		7,348,773
5.38%, 02/15/42 (Call 08/15/41)		9,455		11,643,423
Humana Inc.
4.95%, 10/01/44 (Call 04/01/44)		8,000		8,777,928
Laboratory Corp. of America Holdings
3.60%, 02/01/25 (Call 11/01/24)a		10,000		10,131,268
4.70%, 02/01/45 (Call 08/01/44)		8,500		8,742,434
UnitedHealth Group Inc.
2.88%, 12/15/21		2,000		2,052,048
2.88%, 03/15/22 (Call 12/15/21)a		17,554		17,986,237
2.88%, 03/15/23a		6,500		6,628,786
4.25%, 03/15/43 (Call 09/15/42)a		15,080		16,383,021
5.80%, 03/15/36		4,000		5,139,439
6.00%, 02/15/18		7,334		8,293,699
6.88%, 02/15/38		15,598		22,448,534
				255,933,127
HOLDING COMPANIES — DIVERSIFIED — 0.03%
MUFG Americas Holdings Corp.
2.25%, 02/10/20 (Call 01/10/20)		6,000		6,000,243
				6,000,243
INSURANCE — 2.00%
Aflac Inc.
3.63%, 11/15/24a		14,562		15,304,231
8.50%, 05/15/19a		8,475		10,661,413
American International Group Inc.
2.30%, 07/16/19 (Call 06/16/19)		17,670		17,864,085
3.38%, 08/15/20		12,455		13,138,484

Security	Principal (000s)		Value
3.88%, 01/15/35 (Call 07/15/34)	$	13,240	$	13,328,151
4.13%, 02/15/24		13,045		14,210,928
4.38%, 01/15/55 (Call 07/15/54)		6,500		6,551,841
4.50%, 07/16/44 (Call 01/16/44)		25,061		26,727,990
4.88%, 06/01/22		11,394		12,983,264
5.85%, 01/16/18		20,509		23,008,966
6.25%, 05/01/36		11,280		14,532,565
6.40%, 12/15/20		4,957		6,034,173
Berkshire Hathaway Finance Corp.
3.00%, 05/15/22		14,417		15,093,183
4.25%, 01/15/21a		8,557		9,553,352
5.40%, 05/15/18a		13,221		14,975,090
5.75%, 01/15/40		8,350		11,032,621
Berkshire Hathaway Inc.
1.55%, 02/09/18		7,000		7,046,941
2.10%, 08/14/19		10,000		10,133,439
4.50%, 02/11/43a		11,371		12,868,229
Chubb Corp. (The)
6.00%, 05/11/37a		4,275		5,666,365
MetLife Inc.
3.60%, 04/10/24a		14,025		14,789,821
4.13%, 08/13/42		4,658		4,800,259
4.75%, 02/08/21		14,686		16,575,063
4.88%, 11/13/43		10,415		12,058,040
5.70%, 06/15/35		3,905		4,975,010
5.88%, 02/06/41		13,350		17,212,709
6.38%, 06/15/34		8,149		11,075,967
7.72%, 02/15/19		11,797		14,362,859
Series A
6.82%, 08/15/18		7,724		9,018,254
Series D
4.37%, 09/15/23		15,199		16,891,352
Prudential Financial Inc.
4.60%, 05/15/44a		10,000		10,607,242
7.38%, 06/15/19a		13,082		15,856,589
Series D
6.63%, 12/01/37		9,050		11,986,810
Travelers Companies Inc. (The)
5.35%, 11/01/40		6,950		8,755,247
6.25%, 06/15/37		8,655		11,832,823
				441,513,356

144 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
INTERNET — 0.78%
Amazon.com Inc.
2.50%, 11/29/22 (Call 08/29/22)a	$	19,232	$	18,752,196
2.60%, 12/05/19 (Call 11/05/19)		15,750		16,063,767
3.30%, 12/05/21 (Call 10/05/21)		6,500		6,737,586
3.80%, 12/05/24 (Call 09/05/24)a		12,500		13,145,585
4.80%, 12/05/34 (Call 06/05/34)		16,265		17,596,359
4.95%, 12/05/44 (Call 06/05/44)		20,500		22,065,808
eBay Inc.
2.20%, 08/01/19 (Call 07/01/19)a		11,600		11,581,576
2.60%, 07/15/22 (Call 04/15/22)a		14,488		13,735,203
2.88%, 08/01/21 (Call 06/01/21)		12,048		11,900,904
3.45%, 08/01/24 (Call 05/01/24)a		6,499		6,356,220
4.00%, 07/15/42 (Call 01/15/42)		10,324		8,878,818
Google Inc.
3.38%, 02/25/24a		12,080		12,851,292
3.63%, 05/19/21		11,281		12,260,718
				171,926,032
MACHINERY — 0.64%
Caterpillar Financial Services Corp.
2.10%, 06/09/19		9,150		9,258,542
5.45%, 04/15/18		1,846		2,064,378
7.15%, 02/15/19		8,815		10,535,643
Caterpillar Inc.
3.40%, 05/15/24 (Call 02/15/24)		10,815		11,370,119
3.80%, 08/15/42a		18,055		18,165,926
3.90%, 05/27/21		16,432		17,908,885
5.20%, 05/27/41		10,860		13,008,917
7.90%, 12/15/18		15,100		18,382,808

Security	Principal (000s)		Value
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)	$	12,121	$	12,137,339
3.90%, 06/09/42 (Call 12/09/41)		12,210		12,623,878
4.38%, 10/16/19		10,425		11,477,068
John Deere Capital Corp.
1.95%, 12/13/18a		3,259		3,295,597
				140,229,100
MANUFACTURING — 0.64%
3M Co.
5.70%, 03/15/37		3,350		4,390,484
Danaher Corp.
5.40%, 03/01/19		2,919		3,303,323
Eaton Corp.
2.75%, 11/02/22		16,967		16,988,801
4.15%, 11/02/42		6,490		6,667,816
General Electric Co.
2.70%, 10/09/22		42,135		42,944,274
3.38%, 03/11/24a		3,000		3,178,986
4.13%, 10/09/42		14,552		15,510,479
4.50%, 03/11/44		26,802		30,214,771
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)		14,902		15,180,694
Ingersoll-Rand Global Holding Co. Ltd.
6.88%, 08/15/18		2,998		3,471,231
				141,850,859
MEDIA — 5.83%
21st Century Fox America Inc.
3.00%, 09/15/22a		14,035		14,269,115
4.50%, 02/15/21		6,607		7,287,614
6.15%, 03/01/37		8,275		10,606,798
6.15%, 02/15/41		19,476		25,344,769
6.20%, 12/15/34		12,879		16,516,617
6.40%, 12/15/35		16,255		21,347,358
6.65%, 11/15/37		9,057		12,208,834
CBS Corp.
3.50%, 01/15/25 (Call 10/15/24)		2,065		2,074,566
4.60%, 01/15/45 (Call 07/15/44)		5,000		5,037,080
7.88%, 07/30/30		130		179,923

SCHEDULESOF INVESTMENTS 145

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Comcast Cable Communications Holdings Inc.
9.46%, 11/15/22	$	2,747	$	3,987,545
Comcast Corp.
2.85%, 01/15/23		7,385		7,490,655
3.13%, 07/15/22		23,840		24,744,440
3.38%, 02/15/25 (Call 11/15/24)a		19,250		20,074,143
3.60%, 03/01/24a		24,196		25,782,171
4.20%, 08/15/34 (Call 02/15/34)a		6,200		6,652,218
4.25%, 01/15/33		12,245		13,198,605
4.65%, 07/15/42		22,977		25,971,928
4.75%, 03/01/44a		17,506		20,127,530
5.15%, 03/01/20		16,568		18,991,547
5.65%, 06/15/35		12,002		15,064,966
5.70%, 05/15/18		9,177		10,375,405
5.88%, 02/15/18		10,978		12,392,122
6.40%, 05/15/38		1,800		2,446,764
6.40%, 03/01/40a		8,229		11,249,520
6.45%, 03/15/37		18,370		24,906,917
6.50%, 11/15/35a		4,197		5,728,050
6.55%, 07/01/39		14,853		20,551,246
6.95%, 08/15/37		30,028		42,811,223
7.05%, 03/15/33		3,910		5,489,994
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
1.75%, 01/15/18		11,200		11,127,909
3.80%, 03/15/22a		18,271		18,919,692
3.95%, 01/15/25 (Call 10/15/24)		19,750		20,269,480
4.45%, 04/01/24 (Call 01/01/24)a		19,878		21,215,768
4.60%, 02/15/21 (Call 11/15/20)		18,955		20,559,014
5.00%, 03/01/21a		17,479		19,361,436
5.15%, 03/15/42		17,518		17,973,922
5.20%, 03/15/20		5,905		6,599,364
5.88%, 10/01/19		8,449		9,664,726
6.00%, 08/15/40 (Call 05/15/40)a		11,025		12,313,954
6.38%, 03/01/41		12,465		14,590,718

Security	Principal (000s)		Value
Discovery Communications LLC
4.88%, 04/01/43a	$	10,510	$	10,995,336
5.05%, 06/01/20		14,835		16,475,858
6.35%, 06/01/40		6,600		8,083,954
Historic TW Inc.
6.63%, 05/15/29		15,050		19,351,073
NBCUniversal Media LLC
2.88%, 01/15/23		14,161		14,286,836
4.38%, 04/01/21		18,102		20,085,022
4.45%, 01/15/43		10,207		11,179,172
5.15%, 04/30/20		23,959		27,536,091
5.95%, 04/01/41		17,724		23,157,040
6.40%, 04/30/40		10,643		14,602,766
Thomson Reuters Corp.
6.50%, 07/15/18		6,979		7,976,120
Time Warner Cable Inc.
4.00%, 09/01/21 (Call 06/01/21)		8,208		8,680,561
4.50%, 09/15/42 (Call 03/15/42)a		22,360		22,253,356
5.00%, 02/01/20a		20,123		22,291,710
5.50%, 09/01/41 (Call 03/01/41)		9,812		10,750,682
5.88%, 11/15/40 (Call 05/15/40)		13,241		15,120,304
6.55%, 05/01/37		13,792		16,638,648
6.75%, 07/01/18a		21,103		24,148,804
6.75%, 06/15/39		24,969		30,811,319
7.30%, 07/01/38		17,647		22,912,259
8.25%, 04/01/19		24,586		29,994,659
8.75%, 02/14/19		14,324		17,733,155
Time Warner Entertainment Co. LP
8.38%, 03/15/23a		17,273		22,978,424
8.38%, 07/15/33a		790		1,131,072
Time Warner Inc.
3.55%, 06/01/24 (Call 03/01/24)a		21,900		22,672,041
4.70%, 01/15/21a		10,473		11,686,116
4.75%, 03/29/21		7,410		8,288,709
4.88%, 03/15/20		8,776		9,845,680
6.10%, 07/15/40		12,640		16,037,743
6.25%, 03/29/41		14,195		18,131,843

146 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
6.50%, 11/15/36	$	9,850	$	12,732,347
7.63%, 04/15/31		18,053		25,391,662
7.70%, 05/01/32		20,526		29,369,407
Viacom Inc.
4.25%, 09/01/23 (Call 06/01/23)		7,075		7,432,687
4.38%, 03/15/43a		17,945		16,588,537
5.85%, 09/01/43 (Call 03/01/43)		22,867		25,847,414
6.88%, 04/30/36		8,639		10,711,062
Walt Disney Co. (The)
1.85%, 05/30/19		22,438		22,542,833
2.35%, 12/01/22a		17,146		17,075,907
2.75%, 08/16/21		5,376		5,520,722
				1,284,554,577
METAL FABRICATE & HARDWARE — 0.07%
Precision Castparts Corp.
1.25%, 01/15/18		7,749		7,694,411
2.50%, 01/15/23 (Call 10/15/22)		7,904		7,760,084
				15,454,495
MINING — 2.55%
Barrick Gold Corp.
3.85%, 04/01/22a		12,828		12,729,113
4.10%, 05/01/23a		17,360		17,238,369
5.25%, 04/01/42		3,150		3,086,430
6.95%, 04/01/19a		3,094		3,580,472
Barrick North America Finance LLC
4.40%, 05/30/21		18,739		19,468,226
5.70%, 05/30/41		16,374		16,596,965
5.75%, 05/01/43a		16,129		16,920,910
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39		4,750		4,978,857
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22a		15,318		15,692,910
3.25%, 11/21/21		7,779		8,159,195
3.85%, 09/30/23		19,460		21,014,366
4.13%, 02/24/42		18,115		18,706,862
5.00%, 09/30/43		26,479		30,934,113
6.50%, 04/01/19a		16,158		19,043,804

Security	Principal (000s)		Value
Freeport-McMoRan Inc.
2.38%, 03/15/18	$	16,122	$	15,821,449
3.10%, 03/15/20a		15,923		15,220,888
3.55%, 03/01/22 (Call 12/01/21)		24,383		22,359,028
3.88%, 03/15/23 (Call 12/15/22)		24,267		22,265,171
4.55%, 11/14/24 (Call 08/14/24)a		8,950		8,460,466
5.40%, 11/14/34 (Call 05/14/34)a		11,000		9,865,351
5.45%, 03/15/43 (Call 09/15/42)		18,645		16,330,872
Goldcorp Inc.
3.70%, 03/15/23 (Call 12/15/22)a		6,035		6,049,902
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)a		16,444		16,133,235
4.88%, 03/15/42 (Call 09/15/41)		26,216		24,174,054
5.13%, 10/01/19a		5,319		5,826,943
6.25%, 10/01/39a		4,499		4,726,975
Rio Tinto Alcan Inc.
6.13%, 12/15/33		2,500		3,044,444
Rio Tinto Finance USA Ltd.
3.50%, 11/02/20a		152		159,855
3.75%, 09/20/21		18,980		20,028,624
4.13%, 05/20/21a		12,238		13,171,730
5.20%, 11/02/40		15,470		17,874,460
6.50%, 07/15/18		12,119		13,941,248
7.13%, 07/15/28		4,400		5,858,359
9.00%, 05/01/19		26,429		33,738,669
Rio Tinto Finance USA PLC
2.25%, 12/14/18 (Call 11/14/18)		15,714		15,872,099
2.88%, 08/21/22 (Call 05/21/22)a		19,056		19,031,273
3.50%, 03/22/22 (Call 12/22/21)		12,321		12,807,925
4.13%, 08/21/42 (Call 02/21/42)a		12,121		12,245,327

SCHEDULESOF INVESTMENTS 147

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Teck Resources Ltd.
3.75%, 02/01/23 (Call 11/01/22)a	$	11,180	$	10,357,833
6.25%, 07/15/41 (Call 01/15/41)		8,185		7,943,545
				561,460,317
OFFICE & BUSINESS EQUIPMENT — 0.10%
Xerox Corp.
4.50%, 05/15/21		14,166		15,306,999
6.35%, 05/15/18		6,622		7,493,559
				22,800,558
OIL & GAS — 8.63%
Anadarko Finance Co.
7.50%, 05/01/31		5,000		6,718,248
Anadarko Petroleum Corp.
6.20%, 03/15/40		7,320		9,074,414
6.45%, 09/15/36		26,042		33,182,318
Apache Corp.
3.25%, 04/15/22 (Call 01/15/22)a		12,083		12,272,005
4.25%, 01/15/44 (Call 07/15/43)		4,970		4,830,388
4.75%, 04/15/43 (Call 10/15/42)		25,510		26,835,193
5.10%, 09/01/40 (Call 03/01/40)		11,585		12,370,931
6.00%, 01/15/37		12,868		15,240,119
BP Capital Markets PLC
1.38%, 05/10/18		5,279		5,235,096
2.24%, 09/26/18		6,201		6,300,334
2.24%, 05/10/19a		12,935		13,045,967
2.32%, 02/13/20		20,500		20,611,475
2.50%, 11/06/22		14,805		14,408,983
2.75%, 05/10/23		19,005		18,664,571
3.25%, 05/06/22a		25,313		26,133,660
3.54%, 11/04/24a		13,488		13,845,064
3.56%, 11/01/21		14,829		15,561,880
3.81%, 02/10/24a		22,759		23,842,431
3.99%, 09/26/23		2,940		3,126,948
4.50%, 10/01/20		16,186		17,866,960
4.74%, 03/11/21a		15,580		17,311,638
4.75%, 03/10/19		8,707		9,590,438

Security	Principal (000s)		Value
Canadian Natural Resources Ltd.
6.25%, 03/15/38a	$	7,429	$	8,699,580
Cenovus Energy Inc.
4.45%, 09/15/42 (Call 03/15/42)		13,357		11,986,816
5.70%, 10/15/19		5,542		6,125,829
6.75%, 11/15/39a		14,245		17,018,393
Chevron Corp.
1.72%, 06/24/18 (Call 05/24/18)		20,299		20,527,366
1.96%, 03/03/20		8,000		8,014,169
2.36%, 12/05/22 (Call 09/05/22)a		35,458		35,016,516
2.43%, 06/24/20 (Call 05/24/20)		16,889		17,278,207
3.19%, 06/24/23 (Call 03/24/23)		26,835		28,041,300
4.95%, 03/03/19		19,039		21,378,865
ConocoPhillips
5.75%, 02/01/19		18,858		21,610,770
6.00%, 01/15/20a		10,988		12,864,519
6.50%, 02/01/39		44,469		60,438,596
ConocoPhillips Co.
2.40%, 12/15/22 (Call 09/15/22)a		18,500		18,136,760
2.88%, 11/15/21 (Call 09/15/21)		7,000		7,137,883
3.35%, 11/15/24 (Call 08/15/24)a		6,000		6,194,316
4.30%, 11/15/44 (Call 05/15/44)a		8,500		9,002,873
ConocoPhillips Holding Co.
6.95%, 04/15/29		6,025		8,219,158
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)a		17,260		16,085,226
4.50%, 04/15/23 (Call 01/15/23)		7,097		6,925,048
5.00%, 09/15/22 (Call 03/15/17)a		27,674		27,411,808

148 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Devon Energy Corp.
2.25%, 12/15/18 (Call 11/15/18)	$	10,150	$	10,266,846
3.25%, 05/15/22 (Call 02/15/22)a		22,856		23,556,943
4.75%, 05/15/42 (Call 11/15/41)a		12,658		13,640,991
5.60%, 07/15/41 (Call 01/15/41)		13,223		15,730,464
7.95%, 04/15/32		10,302		14,500,520
Devon Financing Corp. LLC
7.88%, 09/30/31		11,688		16,263,951
Encana Corp.
6.50%, 08/15/34		14,085		15,970,310
6.50%, 02/01/38		5,400		6,160,685
Ensco PLC
4.70%, 03/15/21		13,675		13,998,352
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)a		16,325		16,071,809
4.10%, 02/01/21		6,446		7,016,552
5.63%, 06/01/19		10,184		11,624,195
Exxon Mobil Corp.
1.82%, 03/15/19 (Call 02/15/19)a		15,395		15,578,963
3.18%, 03/15/24 (Call 12/15/23)a		10,000		10,557,910
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas Inc.
6.50%, 11/15/20 (Call 11/15/15)		6,029		6,375,668
6.88%, 02/15/23 (Call 02/15/18)		3,623		3,837,962
Hess Corp.
5.60%, 02/15/41a		10,578		11,749,414
6.00%, 01/15/40		8,965		10,234,881
7.30%, 08/15/31		12,318		15,383,717
8.13%, 02/15/19		3,922		4,679,475
Husky Energy Inc.
4.00%, 04/15/24 (Call 01/15/24)a		12,508		12,684,539

Security	Principal (000s)		Value
Marathon Oil Corp.
2.80%, 11/01/22 (Call 08/01/22)a	$	5,301	$	5,161,232
5.90%, 03/15/18		11,484		12,695,408
6.60%, 10/01/37a		8,450		10,192,783
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 06/15/24)		7,220		7,377,522
4.75%, 09/15/44 (Call 03/15/44)		8,840		9,030,917
5.13%, 03/01/21		16,935		19,035,565
6.50%, 03/01/41 (Call 09/01/40)		15,366		18,892,273
Nabors Industries Inc.
6.15%, 02/15/18		6,420		6,748,271
Nexen Energy ULC
5.88%, 03/10/35		9,338		11,229,362
6.40%, 05/15/37		15,760		20,134,256
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)		9,510		10,085,927
5.05%, 11/15/44		10,000		10,602,188
5.25%, 11/15/43 (Call 05/15/43)		11,740		12,610,316
6.00%, 03/01/41 (Call 09/01/40)		7,165		8,226,410
8.25%, 03/01/19		14,127		16,965,877
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)		9,556		9,368,043
3.13%, 02/15/22 (Call 11/15/21)		8,621		8,788,708
Series 1
4.10%, 02/01/21 (Call 11/01/20)		18,420		19,972,898
Petro-Canada
6.80%, 05/15/38		11,135		14,775,388
Phillips 66
4.30%, 04/01/22		21,594		23,321,520
4.65%, 11/15/34 (Call 05/15/34)		10,185		10,986,050
4.88%, 11/15/44 (Call 05/15/44)		21,745		23,462,420
5.88%, 05/01/42		18,690		22,054,200

SCHEDULESOF INVESTMENTS 149

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Pride International Inc.
6.88%, 08/15/20	$	12,930	$	14,656,955
Shell International Finance BV
1.90%, 08/10/18		19,952		20,271,455
2.00%, 11/15/18a		16,778		17,072,004
2.25%, 01/06/23a		12,989		12,701,091
2.38%, 08/21/22		10,763		10,682,866
3.40%, 08/12/23		19,708		20,877,185
4.30%, 09/22/19a		26,271		29,061,797
4.38%, 03/25/20		5,375		6,008,958
4.55%, 08/12/43		19,401		22,044,829
5.50%, 03/25/40		16,800		21,161,446
6.38%, 12/15/38		18,195		25,229,826
Southwestern Energy Co.
4.05%, 01/23/20 (Call 12/23/19)		15,500		15,843,871
4.10%, 03/15/22 (Call 12/15/21)a		3,000		2,958,391
4.95%, 01/23/25 (Call 10/23/24)		11,250		11,609,796
Statoil ASA
1.95%, 11/08/18		11,905		12,034,453
2.25%, 11/08/19		3,500		3,552,588
2.45%, 01/17/23		13,203		12,960,780
2.65%, 01/15/24		19,399		19,135,304
2.75%, 11/10/21		1,880		1,919,987
2.90%, 11/08/20		6,377		6,628,019
3.15%, 01/23/22		12,892		13,476,923
3.70%, 03/01/24		7,600		8,119,515
3.95%, 05/15/43		13,957		14,264,085
4.80%, 11/08/43		8,361		9,723,900
5.10%, 08/17/40		6,010		7,138,399
5.25%, 04/15/19		19,348		21,963,263
Suncor Energy Inc.
3.60%, 12/01/24 (Call 09/01/24)		8,000		8,250,290
6.10%, 06/01/18		19,030		21,477,256
6.50%, 06/15/38		7,603		9,841,195
6.85%, 06/01/39a		14,770		19,716,940
Total Capital Canada Ltd.
2.75%, 07/15/23		13,237		13,198,373
Total Capital International SA
2.10%, 06/19/19		12,250		12,374,665
2.13%, 01/10/19a		7,000		7,103,018

Security	Principal (000s)		Value
2.70%, 01/25/23	$	14,459	$	14,441,380
2.88%, 02/17/22		20,762		21,186,560
3.70%, 01/15/24		12,250		13,051,186
3.75%, 04/10/24a		14,206		15,194,000
Total Capital SA
2.13%, 08/10/18		14,337		14,589,797
4.45%, 06/24/20a		16,406		18,264,772
Transocean Inc.
3.80%, 10/15/22 (Call 07/15/22)a		9,650		7,490,813
6.00%, 03/15/18a		6,553		6,374,631
6.38%, 12/15/21		12,340		10,828,350
6.50%, 11/15/20a		11,882		10,556,520
6.80%, 03/15/38a		11,272		9,012,656
Valero Energy Corp.
6.13%, 02/01/20a		11,824		13,617,523
6.63%, 06/15/37		15,933		19,761,255
7.50%, 04/15/32		8,281		10,734,842
9.38%, 03/15/19		2,279		2,844,809
				1,902,793,257
OIL & GAS SERVICES — 0.82%
Baker Hughes Inc.
3.20%, 08/15/21 (Call 05/15/21)		1,950		2,000,587
5.13%, 09/15/40		16,432		18,934,079
7.50%, 11/15/18		11,901		14,198,645
Halliburton Co.
3.50%, 08/01/23 (Call 05/01/23)a		9,550		9,983,933
4.75%, 08/01/43 (Call 02/01/43)a		10,150		11,287,972
6.15%, 09/15/19		11,036		12,900,975
6.70%, 09/15/38		7,395		9,857,994
7.45%, 09/15/39		12,910		18,496,927
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)		15,003		14,616,479
3.95%, 12/01/42 (Call 06/01/42)a		11,084		10,574,985
Schlumberger Investment SA
3.65%, 12/01/23 (Call 09/01/23)a		22,422		23,936,938

150 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Weatherford International Ltd./Bermuda
4.50%, 04/15/22 (Call 01/15/22)	$	10,395	$	9,491,468
5.13%, 09/15/20		10,670		10,186,064
9.63%, 03/01/19a		13,304		14,941,788
				181,408,834
PHARMACEUTICALS — 4.99%
Abbott Laboratories
5.13%, 04/01/19		10,808		12,177,175
AbbVie Inc.
2.00%, 11/06/18		18,386		18,468,504
2.90%, 11/06/22		34,814		34,920,419
4.40%, 11/06/42a		30,337		31,848,016
Actavis Funding SCS
3.85%, 06/15/24 (Call 03/15/24)a		10,000		10,173,576
4.85%, 06/15/44 (Call 12/15/43)		22,085		22,606,961
Actavis Inc.
3.25%, 10/01/22 (Call 07/01/22)a		30,573		30,211,655
4.63%, 10/01/42 (Call 04/01/42)		16,219		16,263,933
AstraZeneca PLC
1.95%, 09/18/19a		6,138		6,183,925
4.00%, 09/18/42a		10,900		11,201,890
6.45%, 09/15/37		32,191		44,066,904
Bristol-Myers Squibb Co.
2.00%, 08/01/22		9,509		9,203,349
Eli Lilly & Co.
2.75%, 06/01/25 (Call 03/01/25)		1,330		1,330,861
3.70%, 03/01/45 (Call 09/01/44)		2,140		2,142,449
5.55%, 03/15/37		9,739		12,142,139
Express Scripts Holding Co.
2.25%, 06/15/19		16,806		16,800,730
3.50%, 06/15/24 (Call 03/15/24)		7,437		7,596,968
3.90%, 02/15/22		13,877		14,677,536
4.75%, 11/15/21		9,685		10,805,093

Security	Principal (000s)		Value
Forest Laboratories Inc.
4.38%, 02/01/19c	$	3,500	$	3,713,490
4.88%, 02/15/21c		11,250		12,230,596
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23a		20,335		20,402,661
5.65%, 05/15/18		29,814		33,667,987
6.38%, 05/15/38		27,731		37,526,987
GlaxoSmithKline Capital PLC
2.85%, 05/08/22a		22,469		22,871,081
Johnson & Johnson
3.38%, 12/05/23		7,861		8,479,629
4.38%, 12/05/33 (Call 06/05/33)		9,000		10,384,406
5.15%, 07/15/18		12,957		14,585,694
5.95%, 08/15/37		12,830		17,860,563
McKesson Corp.
2.28%, 03/15/19		11,562		11,641,778
3.80%, 03/15/24 (Call 12/15/23)		14,581		15,457,885
4.88%, 03/15/44 (Call 09/15/43)		7,604		8,679,137
Medco Health Solutions Inc.
7.13%, 03/15/18		17,907		20,676,158
Merck & Co. Inc.
1.30%, 05/18/18		18,018		17,995,962
1.85%, 02/10/20		13,185		13,154,747
2.35%, 02/10/22		6,385		6,355,899
2.40%, 09/15/22 (Call 06/15/22)		18,781		18,653,045
2.75%, 02/10/25 (Call 11/10/24)		12,840		12,807,724
2.80%, 05/18/23		10,067		10,200,115
3.70%, 02/10/45 (Call 08/10/44)		12,655		12,558,041
3.88%, 01/15/21 (Call 10/15/20)		24,305		26,504,607
4.15%, 05/18/43		15,400		16,382,408
Merck Sharp & Dohme Corp.
5.00%, 06/30/19		14,928		16,897,179
Novartis Capital Corp.
2.40%, 09/21/22		30,734		30,735,558
3.40%, 05/06/24		26,725		28,351,329
4.40%, 04/24/20		2,182		2,439,860
4.40%, 05/06/44		23,933		27,486,634

SCHEDULESOF INVESTMENTS 151

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Novartis Securities Investment Ltd.
5.13%, 02/10/19	$	25,392	$	28,628,551
Perrigo Finance PLC
3.90%, 12/15/24 (Call 09/15/24)		3,721		3,855,120
Pfizer Inc.
1.50%, 06/15/18		13,895		13,989,335
2.10%, 05/15/19		21,320		21,636,029
3.00%, 06/15/23		18,860		19,237,345
3.40%, 05/15/24a		17,025		17,859,918
4.30%, 06/15/43		7,091		7,567,983
4.40%, 05/15/44a		3,460		3,763,899
6.20%, 03/15/19		31,326		36,588,737
7.20%, 03/15/39		28,121		41,449,153
Sanofi
1.25%, 04/10/18		12,190		12,173,175
4.00%, 03/29/21a		26,893		29,559,699
Wyeth LLC
5.95%, 04/01/37		21,036		26,990,549
6.50%, 02/01/34		7,444		10,053,951
Zoetis Inc.
3.25%, 02/01/23 (Call 11/01/22)		22,460		22,422,620
4.70%, 02/01/43 (Call 08/01/42)		11,725		11,913,849
				1,099,213,156
PIPELINES — 2.55%
Energy Transfer Partners LP
3.60%, 02/01/23 (Call 11/01/22)		11,344		11,276,377
4.65%, 06/01/21 (Call 03/01/21)		13,763		14,810,736
5.20%, 02/01/22 (Call 11/01/21)a		18,300		20,176,332
6.50%, 02/01/42 (Call 08/01/41)a		9,910		11,812,594
Enterprise Products Operating LLC
2.55%, 10/15/19 (Call 09/15/19)a		19,500		19,700,832
3.35%, 03/15/23 (Call 12/15/22)a		14,147		14,514,647

Security	Principal (000s)		Value
3.75%, 02/15/25 (Call 11/15/24)	$	14,425	$	14,937,682
3.90%, 02/15/24 (Call 11/15/23)a		4,040		4,264,774
4.45%, 02/15/43 (Call 08/15/42)		7,405		7,679,823
4.85%, 08/15/42 (Call 02/15/42)		8,620		9,503,390
4.85%, 03/15/44 (Call 09/15/43)		12,090		13,323,537
5.10%, 02/15/45 (Call 08/15/44)		15,820		18,093,138
5.20%, 09/01/20		11,573		13,098,489
5.95%, 02/01/41		7,210		8,905,152
Kinder Morgan Energy Partners LP
2.65%, 02/01/19		8,092		8,126,283
3.50%, 03/01/21 (Call 01/01/21)a		7,451		7,528,480
3.95%, 09/01/22 (Call 06/01/22)		11,598		11,868,790
5.50%, 03/01/44 (Call 09/01/43)a		9,650		10,331,165
6.95%, 01/15/38		13,269		15,998,107
Kinder Morgan Inc./DE
3.05%, 12/01/19 (Call 11/01/19)a		12,000		12,133,450
4.30%, 06/01/25 (Call 03/01/25)a		21,000		21,961,002
5.05%, 02/15/46		3,500		3,558,730
5.30%, 12/01/34 (Call 06/01/34)a		17,500		18,449,630
5.55%, 06/01/45		21,650		23,302,666
7.75%, 01/15/32		5,100		6,439,644
ONEOK Partners LP
3.38%, 10/01/22 (Call 07/01/22)		12,946		12,231,647
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24 (Call 08/01/24)		6,000		6,130,488
3.65%, 06/01/22 (Call 03/01/22)		8,598		8,907,493

152 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Spectra Energy Partners LP
4.75%, 03/15/24 (Call 12/15/23)	$	10,500	$	11,642,544
Sunoco Logistics Partners Operations LP
5.35%, 05/15/45 (Call 11/15/44)a		5,000		5,403,146
TransCanada PipeLines Ltd.
2.50%, 08/01/22		8,452		8,227,735
3.80%, 10/01/20		3,742		3,966,579
4.63%, 03/01/34 (Call 12/01/33)		15,200		16,314,611
6.10%, 06/01/40		9,200		11,539,191
6.20%, 10/15/37		8,625		10,736,010
6.50%, 08/15/18		8,737		10,040,254
7.13%, 01/15/19		8,197		9,666,696
7.63%, 01/15/39		16,010		22,921,214
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)a		3,000		2,791,767
4.55%, 06/24/24 (Call 03/24/24)a		20,770		20,369,889
Williams Partners LP
3.35%, 08/15/22 (Call 05/15/22)		17,485		17,124,559
3.60%, 03/15/22 (Call 01/15/22)		7,000		7,007,819
3.90%, 01/15/25 (Call 10/15/24)a		6,125		6,069,929
4.00%, 09/15/25		3,000		3,009,771
4.30%, 03/04/24 (Call 12/04/23)		6,670		6,874,398
5.10%, 09/15/45		5,000		4,963,060
5.25%, 03/15/20a		16,468		18,133,442
6.30%, 04/15/40		14,708		16,923,387
Williams Partners LP/ACMP Finance Corp.
4.88%, 05/15/23 (Call 12/15/17)		200		206,994
				562,998,073
REAL ESTATE INVESTMENT TRUSTS — 0.91%
American Tower Corp.
3.40%, 02/15/19		3,909		4,005,818
3.50%, 01/31/23		9,356		9,232,554

Security	Principal (000s)		Value
4.50%, 01/15/18	$	14,058	$	14,952,317
4.70%, 03/15/22		2,100		2,221,993
5.00%, 02/15/24a		7,356		7,992,415
Boston Properties LP
3.70%, 11/15/18 (Call 08/15/18)		11,320		12,070,725
3.85%, 02/01/23 (Call 11/01/22)		15,583		16,428,565
4.13%, 05/15/21 (Call 02/15/21)a		4,226		4,556,654
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		6,000		6,374,719
4.63%, 12/15/21 (Call 09/15/21)		13,185		14,624,696
HCP Inc.
2.63%, 02/01/20 (Call 11/01/19)a		5,876		5,883,500
3.88%, 08/15/24 (Call 05/15/24)		7,700		7,875,876
4.25%, 11/15/23 (Call 08/15/23)		12,375		13,079,452
5.38%, 02/01/21 (Call 11/03/20)		15,350		17,218,557
Simon Property Group LP
3.38%, 10/01/24		14,479		14,915,310
4.38%, 03/01/21 (Call 12/01/20)		15,679		17,372,302
5.65%, 02/01/20 (Call 11/01/19)		7,495		8,690,033
6.13%, 05/30/18		7,499		8,535,424
Weyerhaeuser Co.
7.38%, 03/15/32		10,702		14,377,370
				200,408,280
RETAIL — 4.14%
Costco Wholesale Corp.
1.70%, 12/15/19		11,833		11,771,504
CVS Health Corp.
2.25%, 12/05/18 (Call 11/05/18)a		12,600		12,881,426
2.25%, 08/12/19 (Call 07/12/19)		5,000		5,081,602

SCHEDULESOF INVESTMENTS 153

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
2.75%, 12/01/22 (Call 09/01/22)	$	3,000	$	3,013,243
4.00%, 12/05/23 (Call 09/05/23)		20,538		22,270,159
5.30%, 12/05/43 (Call 06/05/43)		8,500		10,391,850
6.13%, 09/15/39		5,345		6,986,236
Home Depot Inc. (The)
2.00%, 06/15/19 (Call 05/15/19)		16,270		16,520,739
2.25%, 09/10/18 (Call 08/10/18)		12,301		12,675,451
2.70%, 04/01/23 (Call 01/01/23)a		11,343		11,476,687
3.75%, 02/15/24 (Call 11/15/23)a		13,604		14,786,110
4.20%, 04/01/43 (Call 10/01/42)		8,515		9,203,340
4.40%, 04/01/21 (Call 01/01/21)a		6,072		6,841,165
4.40%, 03/15/45 (Call 09/15/44)a		11,765		13,090,734
4.88%, 02/15/44 (Call 08/15/43)		15,176		18,052,175
5.88%, 12/16/36		34,922		45,862,986
5.95%, 04/01/41 (Call 10/01/40)		12,590		16,713,352
Lowe’s Companies Inc.
3.12%, 04/15/22 (Call 01/15/22)		14,555		15,141,223
4.65%, 04/15/42 (Call 10/15/41)		2,555		2,877,144
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)		7,240		7,180,106
McDonald’s Corp.
2.63%, 01/15/22		10,933		11,036,784
5.35%, 03/01/18		4,148		4,620,694
6.30%, 10/15/37		10,701		14,014,474
6.30%, 03/01/38		9,628		12,643,317
Target Corp.
2.30%, 06/26/19a		18,994		19,403,131
2.90%, 01/15/22a		15,587		16,152,557
3.50%, 07/01/24a		10,000		10,631,577

Security	Principal (000s)		Value
3.88%, 07/15/20a	$	6,671	$	7,301,015
4.00%, 07/01/42a		22,750		23,788,039
6.00%, 01/15/18		10,018		11,325,451
6.50%, 10/15/37a		14,364		19,940,460
7.00%, 01/15/38		3,295		4,813,762
Wal-Mart Stores Inc.
1.13%, 04/11/18		21,488		21,458,512
1.95%, 12/15/18		10,217		10,445,112
2.55%, 04/11/23 (Call 01/11/23)		21,768		21,879,308
3.25%, 10/25/20		6,683		7,101,709
3.30%, 04/22/24 (Call 01/22/24)		22,310		23,646,063
3.63%, 07/08/20		26,529		28,740,192
4.00%, 04/11/43 (Call 10/11/42)		11,352		11,958,007
4.25%, 04/15/21		23,269		25,982,673
4.30%, 04/22/44 (Call 10/22/43)		10,910		12,059,278
4.75%, 10/02/43 (Call 04/02/43)		24,049		28,340,087
4.88%, 07/08/40		7,434		8,745,422
5.00%, 10/25/40		8,971		10,764,096
5.25%, 09/01/35		26,076		32,038,624
5.63%, 04/01/40		22,169		28,644,680
5.63%, 04/15/41		21,955		28,401,133
5.80%, 02/15/18		4,241		4,796,674
5.88%, 04/05/27		3,829		4,978,100
6.20%, 04/15/38a		7,941		10,829,163
6.50%, 08/15/37a		40,480		56,727,105
7.55%, 02/15/30		5,119		7,609,119
Walgreen Co.
3.10%, 09/15/22a		17,584		17,810,932
5.25%, 01/15/19		9,488		10,628,308
Walgreens Boots Alliance Inc.
2.70%, 11/18/19 (Call 10/18/19)		10,500		10,669,986
3.30%, 11/18/21 (Call 09/18/21)		22,000		22,632,267
3.80%, 11/18/24 (Call 08/18/24)		25,425		26,381,809
4.80%, 11/18/44 (Call 05/18/44)a		18,570		20,150,872
				911,907,724

154 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
SEMICONDUCTORS — 0.43%
Intel Corp.
2.70%, 12/15/22	$	13,224	$	13,274,280
3.30%, 10/01/21		19,967		21,116,069
4.00%, 12/15/32a		7,494		7,766,147
4.25%, 12/15/42		9,325		9,702,626
4.80%, 10/01/41		27,133		30,326,554
KLA-Tencor Corp.
4.65%, 11/01/24 (Call 08/01/24)		6,600		6,932,250
Texas Instruments Inc.
1.65%, 08/03/19a		5,969		5,920,773
				95,038,699
SOFTWARE — 2.37%
Adobe Systems Inc.
3.25%, 02/01/25 (Call 11/01/24)		10,750		10,826,520
Microsoft Corp.
1.63%, 12/06/18		6,950		7,012,200
1.85%, 02/12/20 (Call 01/12/20)a		15,000		15,087,060
2.13%, 11/15/22a		12,827		12,576,422
2.38%, 02/12/22 (Call 01/12/22)		12,895		12,948,820
2.38%, 05/01/23 (Call 02/01/23)a		11,319		11,272,851
2.70%, 02/12/25 (Call 11/12/24)		16,180		16,227,178
3.00%, 10/01/20a		7,557		8,000,511
3.50%, 02/12/35 (Call 08/12/34)		12,435		12,318,539
3.50%, 11/15/42		15,384		14,622,618
3.63%, 12/15/23 (Call 09/15/23)a		20,461		22,284,089
3.75%, 02/12/45 (Call 08/12/44)		13,860		13,776,746
4.00%, 02/12/55 (Call 08/12/54)a		20,755		20,539,503
4.20%, 06/01/19		18,783		20,772,642
4.50%, 10/01/40a		9,600		10,639,434
5.20%, 06/01/39a		5,069		6,158,996
5.30%, 02/08/41		9,957		12,368,329

Security	Principal (000s)		Value
Oracle Corp.
2.25%, 10/08/19a	$	44,090	$	44,800,246
2.38%, 01/15/19a		12,698		13,008,585
2.50%, 10/15/22		11,559		11,546,515
2.80%, 07/08/21		16,102		16,560,506
3.40%, 07/08/24 (Call 04/08/24)a		34,877		36,836,829
3.63%, 07/15/23a		11,175		11,999,579
3.88%, 07/15/20		3,874		4,217,182
4.30%, 07/08/34 (Call 01/08/34)		27,620		30,109,819
4.50%, 07/08/44 (Call 01/08/44)a		17,402		19,485,782
5.00%, 07/08/19		21,966		24,787,115
5.38%, 07/15/40		18,160		22,339,885
5.75%, 04/15/18a		28,410		32,128,670
6.13%, 07/08/39		16,310		21,618,363
6.50%, 04/15/38		4,539		6,237,164
				523,108,698
TELECOMMUNICATIONS — 7.83%
AT&T Corp.
8.00%, 11/15/31		13,744		20,289,088
AT&T Inc.
2.30%, 03/11/19a		10,015		10,036,856
2.38%, 11/27/18a		18,878		19,008,171
2.63%, 12/01/22 (Call 09/01/22)a		23,927		23,057,959
3.00%, 02/15/22a		22,065		21,855,118
3.88%, 08/15/21		19,653		20,647,672
3.90%, 03/11/24 (Call 12/11/23)a		16,025		16,683,002
4.30%, 12/15/42 (Call 06/15/42)		3,840		3,593,613
4.35%, 06/15/45 (Call 12/15/44)		40,629		38,068,126
4.45%, 05/15/21		15,093		16,337,643
4.80%, 06/15/44 (Call 12/15/43)		37,275		37,475,797
5.35%, 09/01/40		36,490		38,625,745
5.50%, 02/01/18		14,447		15,900,916
5.55%, 08/15/41		29,397		31,918,710
5.60%, 05/15/18		11,616		12,908,642
5.80%, 02/15/19		20,850		23,592,532

SCHEDULESOF INVESTMENTS 155

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
6.30%, 01/15/38	$	18,040	$	21,249,496
6.50%, 09/01/37		13,800		16,648,625
6.55%, 02/15/39		14,300		17,344,298
British Telecommunications PLC
2.35%, 02/14/19		18,420		18,614,497
9.63%, 12/15/30		22,588		36,603,142
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23		1,577		1,597,345
Cisco Systems Inc.
2.13%, 03/01/19		15,785		16,061,618
3.63%, 03/04/24a		15,550		16,808,636
4.45%, 01/15/20		29,447		32,873,895
4.95%, 02/15/19		17,763		19,964,235
5.50%, 01/15/40		26,360		32,965,979
5.90%, 02/15/39		18,750		24,413,316
Deutsche Telekom International Finance BV
6.00%, 07/08/19		7,461		8,670,146
6.75%, 08/20/18		7,082		8,257,220
8.75%, 06/15/30a		37,444		56,933,834
GTE Corp.
6.94%, 04/15/28		200		257,644
New Cingular Wireless Services Inc.
8.75%, 03/01/31		8,801		13,057,592
Orange SA
2.75%, 02/06/19		14,219		14,618,766
4.13%, 09/14/21a		12,524		13,602,359
5.38%, 07/08/19		5,551		6,288,912
5.38%, 01/13/42		12,140		14,096,936
5.50%, 02/06/44 (Call 08/06/43)a		10,722		12,770,024
9.00%, 03/01/31		26,328		40,402,980
Qwest Corp.
6.75%, 12/01/21		16,852		19,511,246
6.88%, 09/15/33 (Call 03/30/15)a		6,680		6,713,400
Rogers Communications Inc.
4.10%, 10/01/23 (Call 07/01/23)a		11,094		11,816,126
5.00%, 03/15/44 (Call 09/15/43)a		6,705		7,452,048
6.80%, 08/15/18		16,365		18,971,066

Security	Principal (000s)		Value
Telefonica Emisiones SAU
3.19%, 04/27/18	$	11,352	$	11,841,489
4.57%, 04/27/23a		11,350		12,617,713
5.13%, 04/27/20		17,089		19,279,511
5.46%, 02/16/21a		9,841		11,331,614
5.88%, 07/15/19a		12,111		14,017,111
7.05%, 06/20/36		25,185		34,065,767
Telefonica Europe BV
8.25%, 09/15/30		11,478		16,458,416
Verizon Communications Inc.
2.45%, 11/01/22 (Call 08/01/22)a		13,300		12,811,937
3.00%, 11/01/21 (Call 09/01/21)		18,679		18,877,126
3.45%, 03/15/21		11,000		11,447,056
3.50%, 11/01/21		12,412		12,891,148
3.50%, 11/01/24 (Call 08/01/24)a		8,600		8,793,151
3.65%, 09/14/18		27,072		28,678,994
3.85%, 11/01/42 (Call 05/01/42)		9,700		8,885,043
4.15%, 03/15/24 (Call 12/15/23)		6,112		6,557,953
4.40%, 11/01/34 (Call 05/01/34)a		15,445		15,748,619
4.50%, 09/15/20		29,483		32,443,978
4.60%, 04/01/21		9,349		10,287,884
4.75%, 11/01/41		10,300		10,661,990
4.86%, 08/21/46a,c		15,500		16,347,957
5.01%, 08/21/54c		26,750		27,859,772
5.05%, 03/15/34 (Call 12/15/33)		9,622		10,521,642
5.15%, 09/15/23		82,375		94,392,606
5.85%, 09/15/35		8,375		9,935,644
6.00%, 04/01/41		5,297		6,460,924
6.10%, 04/15/18		7,536		8,510,395
6.25%, 04/01/37		4,982		6,143,353
6.35%, 04/01/19		12,335		14,335,054
6.40%, 09/15/33		46,840		58,855,158
6.40%, 02/15/38		12,102		15,202,105
6.55%, 09/15/43		116,906		153,274,475
6.90%, 04/15/38		10,595		14,105,116
7.35%, 04/01/39		8,515		11,726,255
7.75%, 12/01/30		17,415		24,359,611

156 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Vodafone Group PLC
2.50%, 09/26/22a	$	12,819	$	12,307,853
2.95%, 02/19/23		28,260		27,864,233
4.38%, 02/19/43		26,843		26,394,319
5.45%, 06/10/19		13,650		15,444,163
6.15%, 02/27/37		10,486		12,667,633
7.88%, 02/15/30		2,500		3,407,113
				1,726,376,852
TRANSPORTATION — 0.82%
Burlington Northern Santa Fe LLC
3.85%, 09/01/23 (Call 06/01/23)a		5,200		5,589,054
4.45%, 03/15/43 (Call 09/15/42)		4,981		5,303,563
4.55%, 09/01/44 (Call 03/01/44)		13,125		14,308,467
4.70%, 10/01/19		7,268		8,114,534
4.90%, 04/01/44 (Call 10/01/43)		14,895		16,951,176
5.75%, 05/01/40 (Call 11/01/39)		9,847		12,339,340
CSX Corp.
4.10%, 03/15/44 (Call 09/15/43)		8,250		8,523,065
FedEx Corp.
4.00%, 01/15/24a		12,451		13,481,650
5.10%, 01/15/44		12,830		14,781,106
8.00%, 01/15/19		1,765		2,148,177
Union Pacific Corp.
4.16%, 07/15/22 (Call 04/15/22)		10,791		12,104,537
United Parcel Service Inc.
2.45%, 10/01/22		8,395		8,355,120
3.13%, 01/15/21		18,264		19,264,363
5.13%, 04/01/19		17,184		19,472,998
6.20%, 01/15/38		14,737		19,840,702
				180,577,852
TOTAL CORPORATE BONDS & NOTES
(Cost: $20,892,927,915)				21,714,058,331

Security	Principal or Shares (000s)		Value
U.S. GOVERNMENT OBLIGATIONS — 0.10%
U.S. Treasury Note/Bond
1.50%, 11/30/19a	$	10,000	$	10,006,500
5.38%, 02/15/31a		8,000		11,274,480
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost: $21,446,584)				21,280,980
SHORT-TERM INVESTMENTS — 6.92%
MONEY MARKET FUNDS — 6.92%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%b,d,e		1,271,016		1,271,015,588
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%b,d,e		103,478		103,478,383
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%b,d		150,370		150,370,466
				1,524,864,437
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,524,864,437)				1,524,864,437
TOTAL INVESTMENTS IN SECURITIES — 105.52%
(Cost: $22,439,238,936)				23,260,203,748
Other Assets, Less Liabilities — (5.52)%				(1,216,047,062	)
NET ASSETS — 100.00%			$	22,044,156,686

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

^b Affiliated issuer. See Note 2.

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

^d  The rate quoted is the annualized seven-day yield of the fund at period end.

^e  All or a portion of this security represents an investment of securities lending collateral. See Note 1.

See notes to financial statements.

SCHEDULESOF INVESTMENTS 157

Statements of Assets and Liabilities

iSHARES^® TRUST

February 28, 2015

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
ASSETS
Investments, at cost:
Unaffiliated	$	17,646,309,367		$	20,810,725,266
Affiliated (Note 2)		2,494,737,154			1,628,513,670
Total cost of investments	$	20,141,046,521		$	22,439,238,936
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	17,608,640,517		$	21,629,866,179
Affiliated (Note 2)		2,494,737,154			1,630,337,569
Total fair value of investments		20,103,377,671			23,260,203,748
Cash		19,477,832			3,143,399
Receivables:
Investment securities sold		31,874,917			211,739,474
Due from custodian (Note 4)		7,224,197			—
Interest		300,429,495			226,928,674
Capital shares sold		47,367,929			1,398,092
Total Assets		20,509,752,041			23,703,413,387
LIABILITIES
Payables:
Investment securities purchased		132,568,888			282,341,096
Collateral for securities on loan (Note 1)		2,349,592,279			1,374,493,971
Investment advisory fees (Note 2)		6,411,488			2,421,634
Total Liabilities		2,488,572,655			1,659,256,701
NET ASSETS	$	18,021,179,386		$	22,044,156,686
Net assets consist of:
Paid-in capital	$	18,115,251,452		$	21,192,318,943
Undistributed net investment income		71,730,044			58,121,054
Accumulated net realized loss		(128,133,260	)		(27,248,123	)
Net unrealized appreciation (depreciation)		(37,668,850	)		820,964,812
NET ASSETS	$	18,021,179,386		$	22,044,156,686
Shares outstandingb		196,500,000			181,500,000
Net asset value per share	$	91.71		$	121.46

^a Securities on loan with values of $2,253,186,561 and $1,331,714,305, respectively. See Note 1.

^b No par value, unlimited number of shares authorized.

See notes to financial statements.

158 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations

iSHARES^® TRUST

Year ended February 28, 2015

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
NET INVESTMENT INCOME
Interest — unaffiliated	$	792,139,698		$	640,486,942
Interest — affiliated (Note 2)		3,409			2,327,133
Securities lending income — affiliated (Note 2)		8,961,349			2,363,611
Total investment income		801,104,456			645,177,686
EXPENSES
Investment advisory fees (Note 2)		68,211,623			26,975,604
Total expenses		68,211,623			26,975,604
Net investment income		732,892,833			618,202,082
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(117,047,880	)		2,142,484
In-kind redemptions — unaffiliated		206,619,376			241,644,571
In-kind redemptions — affiliated (Note 2)		—			159,198
Net realized gain		89,571,496			243,946,253
Net change in unrealized appreciation/depreciation		(443,808,309	)		422,605,288
Net realized and unrealized gain (loss)		(354,236,813	)		666,551,541
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	378,656,020		$	1,284,753,623

See notes to financial statements.

FINANCIAL STATEMENTS 159

Statements of Changes in Net Assets

iSHARES^® TRUST

	iShares iBoxx $ High Yield Corporate Bond ETF						iShares iBoxx $ Investment Grade Corporate Bond ETF
	Year ended February 28, 2015			Year ended February 28, 2014			Year ended February 28, 2015			Year ended February 28, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	732,892,833		$	905,215,857		$	618,202,082		$	694,744,431
Net realized gain		89,571,496			381,730,862			243,946,253			765,222,721
Net change in unrealized appreciation/depreciation		(443,808,309	)		(243,049,932	)		422,605,288			(1,495,959,269	)
Net increase (decrease) in net assets resulting from operations		378,656,020			1,043,896,787			1,284,753,623			(35,992,117	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(728,101,752	)		(920,212,310	)		(608,603,942	)		(719,984,353	)
Total distributions to shareholders		(728,101,752	)		(920,212,310	)		(608,603,942	)		(719,984,353	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		10,814,656,864			6,299,437,487			9,047,865,314			5,974,503,669
Cost of shares redeemed		(6,024,890,999	)		(7,919,752,649	)		(4,578,159,032	)		(12,357,229,328	)
Net increase (decrease) in net assets from capital share transactions		4,789,765,865			(1,620,315,162	)		4,469,706,282			(6,382,725,659	)
INCREASE (DECREASE) IN NET ASSETS		4,440,320,133			(1,496,630,685	)		5,145,855,963			(7,138,702,129	)
NET ASSETS
Beginning of year		13,580,859,253			15,077,489,938			16,898,300,723			24,037,002,852
End of year	$	18,021,179,386		$	13,580,859,253		$	22,044,156,686		$	16,898,300,723
Undistributed net investment income included in net assets at end of year	$	71,730,044		$	66,938,963		$	58,121,054		$	48,522,914
SHARES ISSUED AND REDEEMED
Shares sold		117,800,000			68,000,000			75,600,000			51,200,000
Shares redeemed		(64,800,000	)		(85,400,000	)		(38,500,000	)		(107,000,000	)
Net increase (decrease) in shares outstanding		53,000,000			(17,400,000	)		37,100,000			(55,800,000	)

See notes to financial statements.

160 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares iBoxx $ High Yield Corporate Bond ETF
	Year ended Feb. 28, 2015			Year ended Feb. 28, 2014			Year ended Feb. 28, 2013			Year ended Feb. 29, 2012			Year ended Feb. 28, 2011
Net asset value, beginning of year	$	94.64		$	93.71		$	91.40		$	91.75		$	86.03
Income from investment operations:
Net investment incomea		4.96			5.58			6.15			6.74			7.45
Net realized and unrealized gain (loss)b		(2.89	)		0.98			2.31			(0.45	)		5.65
Total from investment operations		2.07			6.56			8.46			6.29			13.10
Less distributions from:
Net investment income		(5.00	)		(5.63	)		(6.15	)		(6.64	)		(7.38	)
Total distributions		(5.00	)		(5.63	)		(6.15	)		(6.64	)		(7.38	)
Net asset value, end of year	$	91.71		$	94.64		$	93.71		$	91.40		$	91.75
Total return		2.22	%		7.31	%		9.68	%		7.35	%		16.11	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	18,021,179		$	13,580,859		$	15,077,490		$	14,258,718		$	8,257,928
Ratio of expenses to average net assets		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		5.37	%		6.01	%		6.73	%		7.60	%		8.44	%
Portfolio turnover ratec		11	%		11	%		19	%		13	%		16	%

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 161

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares iBoxx $ Investment Grade Corporate Bond ETF
	Year ended Feb. 28, 2015			Year ended Feb. 28, 2014			Year ended Feb. 28, 2013			Year ended Feb. 29, 2012			Year ended Feb. 28, 2011
Net asset value, beginning of year	$	117.02		$	120.06		$	116.86		$	108.74		$	105.18
Income from investment operations:
Net investment incomea		4.06			4.25			4.60			5.00			5.24
Net realized and unrealized gain (loss)b		4.42			(2.94	)		3.22			8.08			3.58
Total from investment operations		8.48			1.31			7.82			13.08			8.82
Less distributions from:
Net investment income		(4.04	)		(4.35	)		(4.61	)		(4.96	)		(5.26	)
Net realized gain		—			—			(0.01	)		—			—
Total distributions		(4.04	)		(4.35	)		(4.62	)		(4.96	)		(5.26	)
Net asset value, end of year	$	121.46		$	117.02		$	120.06		$	116.86		$	108.74
Total return		7.35	%		1.19	%		6.81	%		12.37	%		8.59	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	22,044,157		$	16,898,301		$	24,037,003		$	19,563,089		$	12,940,161
Ratio of expenses to average net assets		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Ratio of net investment income to average net assets		3.42	%		3.66	%		3.87	%		4.48	%		4.83	%
Portfolio turnover ratec		9	%		6	%		5	%		4	%		7	%

^a Based on average shares outstanding throughout each period.

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

^c 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.

162 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements

iSHARES^® TRUST

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated December 16, 1999.

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

iShares ETF	Diversification Classification
iBoxx $ High Yield Corporate Bond	Diversified
iBoxx $ Investment Grade Corporate Bond	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 Trust’s organizational documents, the Funds’ officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

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

• Fixed income investments are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments, and calculated yield measures.

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

NOTESTO FINANCIAL STATEMENTS 163

Notes to Financial Statements (Continued)

iSHARES^® TRUST

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices, reviews of large movements in market values, and reviews of market related activity.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.

164 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
iBoxx $ High Yield Corporate Bond
Assets:
Corporate Bonds & Notes	$	—	$	17,608,640,517	$	—	$	17,608,640,517
Money Market Funds		2,494,737,154		—		—		2,494,737,154
	$	2,494,737,154	$	17,608,640,517	$	—	$	20,103,377,671
iBoxx $ Investment Grade Corporate Bond
Assets:
Corporate Bonds & Notes	$	—	$	21,714,058,331	$	—	$	21,714,058,331
U.S. Government Obligations		—		21,280,980		—		21,280,980
Money Market Funds		1,524,864,437		—		—		1,524,864,437
	$	1,524,864,437	$	21,735,339,311	$	—	$	23,260,203,748

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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities plus the interest accrued on such securities, if any, 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 plus accrued interest, if any. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors

NOTESTO FINANCIAL STATEMENTS 165

Notes to Financial Statements (Continued)

iSHARES^® TRUST

(“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. The value of any securities on loan as of February 28, 2015 and the value of the related collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

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

iShares ETF	Market Value of Securities on Loan		Cash Collateral Receiveda		Net Amount
iBoxx $ High Yield Corporate Bond	$	2,253,186,561	$	2,253,186,561	$	—
iBoxx $ Investment Grade Corporate Bond		1,331,714,305		1,331,714,305		—

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

RECENT ACCOUNTING STANDARD

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management does not expect the guidance to have a material impact on the Funds’ financial statements.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

166 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

For its investment advisory services to the iShares iBoxx $ High Yield Corporate Bond ETF, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.5000	%	First $19 billion
	0.4750	a	Over $19 billion, up to and including $33 billion
	0.4513	a	Over $33 billion, up to and including $58 billion
	0.4287	a	Over $58 billion

^a  Investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

For its investment advisory services to the iShares iBoxx $ Investment Grade Corporate Bond ETF, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.1500	%	First $121 billion
	0.1425	a	Over $121 billion, up to and including $211 billion
	0.1354	a	Over $211 billion

^a  Investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

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

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

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

NOTESTO FINANCIAL STATEMENTS 167

Notes to Financial Statements (Continued)

iSHARES^® TRUST

For the year ended February 28, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
iBoxx $ High Yield Corporate Bond	$	3,578,242
iBoxx $ Investment Grade Corporate Bond		1,012,829

BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Cross trades for the year ended February 28, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest – affiliated” in the statements of operations.

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

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the year ended February 28, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Principal Held at Beginning of Year (000s)		Principal Purchased (000s)		Principal Sold (000s)			Principal Held at End of Year (000s)		Value at End of Year		Interest Income		Net Realized Gain (Loss)
iBoxx $ Investment Grade Corporate Bond
PNC Bank N.A.
2.20%, 01/28/19	$	3,525	$	14,000	$	—		$	17,525	$	17,763,373	$	231,247	$	—
2.25%, 07/02/19		—		5,250		—			5,250		5,312,525		72,197		—
2.40%, 10/18/19		—		2,250		—			2,250		2,277,362		5,688		—
2.70%, 11/01/22		15,250		10,300		—			25,550		25,260,973		499,554		—
2.95%, 01/30/23		5,000		800		—			5,800		5,821,332		164,215		—
3.80%, 07/25/23		17,100		7,328		(4,500	)		19,928		21,071,548		621,575		159,198
PNC Financial Services Group Inc. (The)
3.90%, 04/29/24		—		10,470		—			10,470		10,921,578		263,189		—
PNC Funding Corp.
3.30%, 03/08/22		7,069		1,000		—			8,069		8,389,061		215,058		—
4.38%, 08/11/20		3,523		250					3,773		4,161,212		123,505		—
5.13%, 02/08/20		3,769		196		—			3,965		4,494,168		124,126		—
										$	105,473,132	$	2,320,354	$	159,198

168 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

Certain trustees and officers of the Trust 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 year ended February 28, 2015 were as follows:

	U.S. Government Obligations				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
iBoxx $ High Yield Corporate Bond	$	—	$	—	$	2,752,966,413	$	1,547,679,007
iBoxx $ Investment Grade Corporate Bond		415,378,724		435,193,442		3,762,964,203		1,242,664,576

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

iShares ETF	In-kind Purchases		In-kind Sales
iBoxx $ High Yield Corporate Bond	$	9,394,629,508	$	5,847,688,496
iBoxx $ Investment Grade Corporate Bond		6,609,904,250		4,497,944,461

4. CAPITAL SHARE TRANSACTIONS

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

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

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

5. MARKET AND CREDIT RISK

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

NOTESTO FINANCIAL STATEMENTS 169

Notes to Financial Statements (Continued)

iSHARES^® TRUST

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

MARKET RISK

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

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

Each Fund invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.

Each Fund invests a substantial amount of its assets in fixed-income securities. Changes in market interest rates or economic conditions, including the decision in December 2013 by the Federal Reserve Bank to taper its quantitative easing policy, may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. Given the environment of historically low interest rates, each Fund may be subject to a greater risk of price losses if interest rates rise.

CREDIT RISK

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

The iShares iBoxx $ High Yield Corporate Bond ETF invests a substantial portion of its assets in high yield securities that are rated below investment-grade (including those bonds rated lower than “BBB-“by Standard & Poor’s Ratings Services and Fitch or

170 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

“Baa3” by Moody’s), or are unrated which may be more volatile than higher-rated securities of similar maturity. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.

6. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The following permanent differences as of February 28, 2015, attributable to realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Undistributed Net Investment Income/Distributions in Excess of Net Investment Income		Undistributed Net Realized Gain/Accumulated Net Realized Loss
iBoxx $ High Yield Corporate Bond	$	206,238,161	$	—	$	(206,238,161	)
iBoxx $ Investment Grade Corporate Bond		240,450,303		—		(240,450,303	)

The tax character of distributions paid during the years ended February 28, 2015 and February 28, 2014 was as follows:

iShares ETF	2015		2014
iBoxx $ High Yield Corporate Bond
Ordinary income	$	728,101,752	$	920,212,310
iBoxx $ Investment Grade Corporate Bond
Ordinary income	$	608,603,942	$	719,984,353

As of February 28, 2015, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Capital Loss Carryforwards			Net Unrealized Gains (Losses) a			Qualified Late-Year Losses  b			Total
iBoxx $ High Yield Corporate Bond	$	71,730,044	$	(54,463,578	)	$	(37,923,934	)	$	(73,414,598	)	$	(94,072,066	)
iBoxx $ Investment Grade Corporate Bond		58,121,054		(24,593,863	)		818,310,552			—			851,837,743

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

^b  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

NOTESTO FINANCIAL STATEMENTS 171

Notes to Financial Statements (Continued)

iSHARES^® TRUST

As of February 28, 2015, 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 2017		Expiring 2018		Total
iBoxx $ High Yield Corporate Bond	$	47,789,036	$	6,496,723	$	177,819	$	54,463,578
iBoxx $ Investment Grade Corporate Bond		24,593,863		—		—		24,593,863

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

For the year ended February 28, 2015, the Funds utilized their capital loss carryforwards as follows:

iShares ETF	Utilized
iBoxx $ Investment Grade Corporate Bond	$	3,986,062

As of February 28, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
iBoxx $ High Yield Corporate Bond	$	20,141,301,605	$	318,258,004	$	(356,181,938	)	$	(37,923,934	)
iBoxx $ Investment Grade Corporate Bond		22,441,893,196		884,292,738		(65,982,186	)		818,310,552

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

7. SUBSEQUENT EVENTS

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

172 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

iShares Trust:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares iBoxx $ High Yield Corporate Bond ETF and iShares iBoxx $ Investment Grade Corporate Bond ETF (the “Funds”) at February 28, 2015, the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

April 21, 2015

REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 173

Notes:

174 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

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”).

A description of the policies that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request, by calling toll-free 1-800-474-2737; on the Funds’ website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Funds also disclose their complete schedules of portfolio holdings on a daily basis on the Funds’ website.

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1010-1015

OCTOBER 31, 2015

2015 ANNUAL REPORT

iShares U.S. ETF Trust

^Ø   iShares Interest Rate Hedged 10+ Year Credit Bond ETF  |  CLYH  |  NYSE Arca

Table of Contents

Management’s Discussion of Fund Performance		5
About Fund Performance		8
Shareholder Expenses	��	8
Schedule of Investments		9
Financial Statements		10
Financial Highlights		13
Notes to Financial Statements		14
Report of Independent Registered Public Accounting Firm		22
Board Review and Approval of Investment Advisory Contract		23
Supplemental Information		26
Trustee and Officer Information		28
Additional Financial Information as of October  31, 2015 (Unaudited) – iShares 10+ Year Credit Bond ETF		32
Schedule of Investments		32
Statement of Assets and Liabilities		60
Selected Audited Financial Statements as of February 28, 2015		61

Management’s Discussion of Fund Performance

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

U.S. BOND MARKET OVERVIEW

U.S. bonds returned approximately 2% for the 12 months ended October 31, 2015 (the “reporting period”). The modest bond market returns reflected an inconsistent but moderate overall level of U.S. economic growth and low inflation. After generating its fastest quarterly growth rate in 11 years in the third quarter of 2014, the U.S. economy slowed over the next two quarters, weighed down by a stronger U.S. dollar (which made U.S. goods more expensive overseas) and severe winter weather in many regions of the country. The economy rebounded in the second and third quarters of 2015, led by strong employment growth—sending the unemployment rate to its lowest level since April 2008 — and robust vehicle sales.

Inflation stayed low throughout the reporting period, with the consumer price index increasing 0. 2% for the reporting period. Falling energy prices, including a decline of more than 40% in the price of oil, contributed to the muted inflation rate.

At the beginning of the reporting period, the U.S. Federal Reserve Bank (the “Fed”) ended a two-year quantitative easing program and signaled its intent to raise its short-term interest rate target sometime in 2015. However, the mixed economic data, lack of inflationary pressure, and slowing growth elsewhere in the world (particularly in China and other emerging economies) convinced the Fed to hold short-term interest rates steady throughout the reporting period.

Nonetheless, short-term bond yields generally rose during the reporting period in anticipation of a potential Fed interest rate increase. In contrast, intermediate- and long-term bond yields declined modestly for the reporting period, reflecting the benign inflationary environment and investor demand for U.S. bonds.

A number of other factors buffeted the fixed-income market during the reporting period. Geopolitical conflicts, most notably in Ukraine and across the Middle East, continued to have an effect on financial markets. Greece and Puerto Rico wrestled with potential defaults on their government debt. The U.S. dollar strengthened against most major currencies during the reporting period, which made U.S. investments more attractive to international investors but created headwinds for the domestic economy.

Investor concerns brought on by many of these factors, as well as uncertainty surrounding the strength of the U.S. economy and Fed interest rate policy, led to a flight to quality during the reporting period. As a result, higher-quality bonds outperformed riskier assets for the reporting period.

Mortgage-backed securities were the leading performers for the reporting period. Both residential and commercial mortgage-backed securities benefited from investor demand for high credit quality and relatively high yields. U.S. Treasury bonds were also among the better performers in the fixed-income market. In addition to the flight to quality, Treasury securities benefited from their interest-rate sensitivity as declining yields across most maturity sectors of the Treasury market led to rising bond prices. The primary exception was Treasury inflation-protected securities, which posted negative returns for the reporting period, reflecting a lack of investor demand for inflation protection.

Corporate bonds underperformed the broader bond market for the reporting period. Corporate bonds tend to have greater credit risk than other sectors of the bond market, and the broad flight to quality led to reduced demand for corporate securities. In particular, high-yield corporate bonds were among the only sectors of the bond market to decline for the reporting period.

MANAGEMENT’S DISCUSSIONOF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

Performance as of October 31, 2015

	Cumulative Total Returns
	Since Inception
Fund NAV		(3.19)%
Fund Market		(3.31)%
Barclays U.S. Long Credit Interest Rate Swaps Hedged Index		(3.82)%

The inception date of the Fund was 7/22/15. The first day of secondary market trading was 7/23/15.

The Barclays U.S. Long Credit Interest Rate Swaps Hedged Index is an unmanaged index that consists of the Barclays U.S. Long Credit Index plus interest rate swaps that intend to hedge the interest rate exposure of the existing Barclays U.S. Long Credit Index.

For the fiscal period ended 10/31/15, the Fund did not have six months of performance and therefore line graphs are not presented.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (7/22/15) a		Ending Account Value (10/31/15)		Expenses Paid During Period b,c		Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During Period b,c		Annualized Expense Ratio b
$	1,000.00	$	968.10	$	0.33	$	1,000.00	$	1,024.60	$	0.61		0.12%

^a  The beginning of the period (commencement of operations) is July 22, 2015.

^b  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^c  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (101 days for actual and 184 days for hypothetical expenses) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

6 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Management’s Discussion of Fund Performance  (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

The iShares Interest Rate Hedged 10+ Year Credit Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of investment-grade U.S. corporate bonds and U.S. dollar-denominated bonds, including those of non-U.S. corporations and governments, with remaining maturities greater than ten years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares 10+ Year Credit Bond ETF (“CLY”). The Fund attempts to mitigate the interest rate risk of CLY by holding short positions in U.S. Treasury futures or interest rate swaps. For the period from July 22, 2015 (inception date of the Fund) through October 31, 2015 (the “reporting period”), the total return for the Fund was -3.19%, net of fees.

The Fund declined by approximately 3% for the reporting period. During the reporting period, investment-grade corporate bonds (as represented by the Fund’s investment in CLY) experienced a modest positive return. The interest rate hedging activity detracted from Fund performance during the reporting period, as U.S. bond yields declined overall.

Long-term corporate bonds experienced significant volatility during the reporting period. One factor was uncertainty surrounding a potential interest rate increase by the Fed, which had signaled its intent to raise its short-term interest rate target sometime in 2015. However, decelerating global economic growth, particularly in China, and a lack of inflation led the Fed to hold its short-term interest rate target steady throughout the reporting period.

Another factor was a stronger U.S. dollar, which reduced demand for exports and crimped corporate profit margins for multinational companies, putting downward pressure on corporate bonds. During the last month of the reporting period, however, economic and interest rate policy concerns subsided, paving the way for a rebound in long-term corporate bonds.

From a credit perspective, higher-rated investment-grade bonds generally outperformed lower-rated securities within CLY during the reporting period, as a flight to quality helped higher-quality bonds outperform riskier assets.

ALLOCATION BY INVESTMENT TYPE¹

As of 10/31/15

Investment Type Percentage of
Total  Investments²

Corporate Bonds & Notes	83.73	%
Municipal Debt Obligations	8.82
Foreign Government Obligations	7.45
TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY¹

As of 10/31/15

Moody’s Credit Rating³ Percentage of
Total  Investments²

Aaa	2.54	%
Aa	13.10
A	37.06
Baa	44.82
Ba	0.98
Not Rated	1.50
TOTAL	100.00	%

¹  Reflects the allocation by investment type and credit quality of the iShares 10+ Year Credit Bond ETF, the underlying fund in which the Fund invests.

²  Excludes money market funds.

³  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

MANAGEMENT’S DISCUSSIONOF FUND PERFORMANCE 7

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on May 1, 2015 (or commencement of operations, as applicable) and held through October 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number 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 the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

8 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Shares			Value
INVESTMENT COMPANIES — 92.09%
EXCHANGE-TRADED FUNDS — 92.09%
iShares 10+ Year Credit Bond ETFa		134,996	��	$	7,762,270
					7,762,270
TOTAL INVESTMENT COMPANIES
(Cost: $7,729,860)					7,762,270
SHORT-TERM INVESTMENTS — 3.10%
MONEY MARKET FUNDS — 3.10%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.02%a,b		261,689			261,689
					261,689
TOTAL SHORT-TERM INVESTMENTS
(Cost: $261,689)					261,689
TOTAL INVESTMENTS IN SECURITIES — 95.19%
(Cost: $7,991,549)					8,023,959
Other Assets, Less Liabilities — 4.81%					405,322
NET ASSETS — 100.00%				$	8,429,281

^a  Affiliated issuer. See Note 2.

^b  The rate quoted is the annualized seven-day yield of the fund at period end.

Centrally cleared short interest rate swaps outstanding as of October 31, 2015 were as follows:

Fixed Rate	Floating Rate		Expiration Date		Clearinghouse		Notional Amount			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
0.96%*		3-month LIBOR		7/24/2017		Chicago Mercantile	$	(175,000	)	$	(263	)	$	(328	)
1.81%*		3-month LIBOR		7/24/2020		Chicago Mercantile		(500,000	)		(5,632	)		(2,220	)
2.43%*		3-month LIBOR		7/24/2025		Chicago Mercantile		(2,000,000	)		(54,583	)		(10,810	)
2.44%*		3-month LIBOR		10/2/2035		Chicago Mercantile		(2,750,000	)		(618	)		13,439
2.87%*		3-month LIBOR		7/24/2045		Chicago Mercantile		(1,700,000	)		(55,203	)		(58,243	)
Net unrealized depreciation														(58,162	)

* Fund pays the fixed rate and receives the floating rate.

See notes to financial statements.

SCHEDULESOF INVESTMENTS 9

Statement of Assets and Liabilities

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

October 31, 2015

ASSETS
Investments, at cost:
Affiliated (Note 2)	$	7,991,549
Total cost of investments	$	7,991,549
Investments in securities, at fair value (Note 1):
Affiliated (Note 2)	$	8,023,959
Total fair value of investments		8,023,959
Cash pledged for centrally cleared swaps		400,000
Receivables:
Dividends and interest		79
Capital shares sold		97,363
Total Assets		8,521,401
LIABILITIES
Payables:
Investment securities purchased		57,503
Variation margin on centrally cleared swaps		33,905
Investment advisory fees (Note 2)		712
Total Liabilities		92,120
NET ASSETS	$	8,429,281
Net assets consist of:
Paid-in capital	$	8,471,974
Accumulated net realized loss		(16,941	)
Net unrealized depreciation		(25,752	)
NET ASSETS	$	8,429,281
Shares outstandinga		350,000
Net asset value per share	$	24.08

^a  No par value, unlimited number of shares authorized.

See notes to financial statements.

10 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statement of Operations

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

Period from July 22, 2015 (commencement of operations) to October 31, 2015

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	42,159
Interest — affiliated (Note 2)		6
Total investment income		42,165
EXPENSES
Investment advisory fees (Note 2)		3,770
Total expenses		3,770
Less investment advisory fees waived (Note 2)		(2,509	)
Net expenses		1,261
Net investment income		40,904
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated (Note 2)		(184	)
Swaps		(35,560	)
Net realized loss		(35,744	)
Net change in unrealized appreciation/depreciation on:
Investments — affiliated (Note 2)		32,410
Swaps		(58,162	)
Net change in unrealized appreciation/depreciation		(25,752	)
Net realized and unrealized loss		(61,496	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(20,592	)

See notes to financial statements.

FINANCIAL STATEMENTS 11

Statement of Changes in Net Assets

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

	Period from July 22, 2015a to October 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	40,904
Net realized loss		(35,744	)
Net change in unrealized appreciation/depreciation		(25,752	)
Net decrease in net assets resulting from operations		(20,592	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(22,101	)
Return of capital		(11,253	)
Total distributions to shareholders		(33,354	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		8,483,227
Net increase in net assets from capital share transactions		8,483,227
INCREASE IN NET ASSETS		8,429,281
NET ASSETS
Beginning of period		—
End of period	$	8,429,281
SHARES ISSUED
Shares sold		350,000
Net increase in shares outstanding		350,000

^a  Commencement of operations.

See notes to financial statements.

12 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

(For a share outstanding throughout the period)

	Period from Jul. 22, 2015a to Oct. 31, 2015
Net asset value, beginning of period	$	25.10
Income from investment operations:
Net investment incomeb		0.26
Net realized and unrealized lossc		(1.09	)
Total from investment operations		(0.83	)
Less distributions from:
Net investment income		(0.13	)
Return of capital		(0.06	)
Total distributions		(0.19	)
Net asset value, end of period	$	24.08
Total return		(3.19	)%d,e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	8,429
Ratio of expenses to average net assetsf,g		0.12	%
Ratio of expenses to average net assets prior to waived feesf,g		0.35	%
Ratio of net investment income to average net assetsf		3.80	%
Portfolio turnover rateh,i		4	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout the period.

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

^d  Not annualized.

^e  The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total return for the Fund was -3.31%.

^f  Annualized for periods of less than one year.

^g  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^h  Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

ⁱ  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 13

Notes to Financial Statements

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated June 21, 2011.

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
Interest Rate Hedged 10+ Year Credit Bonda	Diversified

^a  The Fund commenced operations on July 22, 2015.

Currently the Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an exchange-traded fund of iShares Trust (an “underlying fund”), an affiliate of the Fund. The financial statement and schedule of investments for the underlying fund can be found elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

14 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’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.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.

NOTESTO FINANCIAL STATEMENTS 15

Notes to Financial Statements  (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

The following table summarizes the value of each of the Fund’s investments according to the fair value hierarchy as of October 31, 2015. The breakdown of the Fund’s investments into major categories is disclosed in its schedule of investments.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Exchange-Traded Funds	$	7,762,270	$	—		$	—	$	7,762,270
Money Market Funds		261,689		—			—		261,689
Total	$	8,023,959	$	—		$	—	$	8,023,959
Derivative Financial Instruments:a
Assets:
Centrally Cleared Interest Rate Swaps	$	—	$	13,439		$	—	$	13,439
Liabilities:
Centrally Cleared Interest Rate Swaps		—		(71,601	)		—		(71,601	)
Total	$	—	$	(58,162	)	$	—	$	(58,162	)

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

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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis. Dividend income and capital gain distributions from other iShares funds held, if any, are recognized on the ex-dividend date.

DISTRIBUTIONS TO SHAREHOLDERS

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.35% based on the average daily net assets of the Fund. In addition, the Fund indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees through February 28, 2017 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates. BFA has also contractually agreed to reduce its investment advisory fees for the Fund through February 28, 2017 on assets attributable to the Fund’s investments in the iShares 10+ Year Credit Bond ETF (“CLY”) (and those assets used by the Fund to hedge the securities in CLY’s portfolio) such that the Fund’s total annual investment advisory fee is equal to CLY’s net total expense ratio after fee waiver plus 0.10%.

16 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest – affiliated” in the statement of operations.

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

Investments in issuers considered to be affiliates of the Fund (excluding money market funds) during the period ended October 31, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Name of Affiliated Issuer	Shares Held at Beginning of Period		Shares Purchased		Shares Sold			Shares Held at End of Period		Value at End of Period		Dividend Income		Net Realized Gain (Loss)
iShares 10+ Year Credit Bond ETF		—		140,546		(5,550	)		134,996	$	7,762,270	$	42,159	$	(184	)

Certain trustees and officers of the Trust are also officers of BlackRock Institutional Trust Company, N.A. and/or BFA.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the period ended October 31, 2015, were $142,849 and $318,442, respectively.

In-kind purchases and sales (see Note 4) for the period ended October 31, 2015, were $7,905,636 and $  —, respectively.

4. CAPITAL SHARE TRANSACTIONS

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

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust 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 Trust’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 statement of changes in net assets.

NOTESTO FINANCIAL STATEMENTS 17

Notes to Financial Statements  (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

5. INTEREST RATE SWAPS

The Fund may enter into short positions in interest rate swaps in an attempt to mitigate interest rate risk by economically hedging the value of fixed rate bonds, which may decrease when interest rates rise (interest rate risk). Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Interest rate swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). Swap agreements are privately negotiated in the over-the-counter market. The Fund enters into centrally cleared interest rate swaps.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the schedule of investments and cash deposited is recorded on the statement of assets and liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the statement of assets and liabilities. Payments received from (paid to) the CCP, including at termination, are recorded as realized gain (loss) in the statement of operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

The following table shows the value of interest rate swaps held by the Fund as of October 31, 2015 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Assets
Centrally cleared interest rate swaps:
Variation margin/Net assets consist of – net unrealized depreciationa	$	13,439

^a  Represents cumulative appreciation of centrally cleared interest rate swaps as reported in the schedule of investments. Only current day’s variation margin is reported separately within the statement of assets and liabilities.

Liabilities
Centrally cleared interest rate swaps:
Variation margin/Net assets consist of – net unrealized depreciationb	$	71,601

^b  Represents cumulative depreciation of centrally cleared interest rate swaps as reported in the schedule of investments. Only current day’s variation margin is reported separately within the statement of assets and liabilities.

18 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

The following table shows the realized and unrealized gains (losses) on interest rate swaps held by the Fund during the period ended October 31, 2015 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/Depreciation
Centrally cleared interest rate swaps:
Swaps	$	(35,560	)	$	(58,162	)

For the period ended October 31, 2015, the average quarter-end notional value of open interest rate swaps for the Fund (where the Fund pays the fixed rate), was $4,825,000.

6. PRINCIPAL RISKS

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

MARKET RISK

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

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

The Fund invests a substantial amount of its assets indirectly in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.

The Fund invests a substantial amount of its assets indirectly in fixed-income securities. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. Given the environment of historically low interest rates, the Fund may be subject to a greater risk of price losses if interest rates rise.

NOTESTO FINANCIAL STATEMENTS 19

Notes to Financial Statements  (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of October 31, 2015, attributable to the accounting for swap agreements, were reclassified to the following accounts:

Undistributed Net Investment Income/Distributions in Excess of Net Investment Income	Undistributed Net Realized Gain/Accumulated Net Realized  Loss
$(18,803)	$18,803

The tax character of distributions paid during the period ended October 31, 2015 was as follows:

	2015
Ordinary income	$	22,101
Return of capital		11,253
	$	33,354

As of October 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

Capital Loss Carryforwards	Net Unrealized Gains  (Losses)a		Total
$ (16,141)		$(26,552)	$	(42,693)

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

As of October 31, 2015, the Fund had non-expiring capital loss carryforwards in the amount of $16,141 available to offset future realized capital gains.

20 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

As of October 31, 2015, the cost of investments for federal income tax purposes was $7,992,349. Net unrealized appreciation was $31,610, of which $32,410 represented gross unrealized appreciation on securities and $800 represented gross unrealized depreciation on securities.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2015, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

8. SUBSEQUENT EVENTS

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

NOTESTO FINANCIAL STATEMENTS 21

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

iShares U.S. ETF Trust:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares Interest Rate Hedged 10+ Year Credit Bond ETF (the “Fund”) at October 31, 2015, the results of its operations, the changes in its net assets and its financial highlights for the period July 22, 2015 (commencement of operations) through October 31, 2015, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2015 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

December 22, 2015

22 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Trustees required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group. The Board further noted that the Fund’s pricing reflects its interest rate hedging strategy, as compared to many of the competitor funds as determined by Lipper, which are not interest rate hedged. In addition, the Board noted that the Lipper Group contained only four funds.

Because the Fund had not commenced operations as of December 31, 2014, the Board did not review any performance information for the Fund.

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

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 23

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

Nature, Extent and Quality of Services to be Provided by BFA — The Board noted that the Fund had not commenced operations as of December 31, 2014, and reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates — While the Board reviewed information about the profitability of the iShares complex to BlackRock based on fees payable to BFA and its affiliates (including fees under advisory contracts with iShares funds), and all other sources of revenue and expense to BFA and its affiliates from iShares funds’ operations for the last calendar year, the Board did not consider the profitability of the Fund to BFA and its affiliates since the Fund had not commenced operations as of December 31, 2014. The Board noted that it expects to receive profitability information from BFA on at least an annual basis following the Fund’s launch and thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

24 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services to be provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses to be borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA, since the Fund had not commenced operations as of December 31, 2014. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

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

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 25

Supplemental Information (Unaudited)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

Section 19(a) Notices

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

Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
$	0.187360	$	—	$	0.002617	$	0.189977		99	%		—	%		1	%		100	%

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for the Fund. The information shown for the Fund is for five calendar years (or from the inception date of the Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for the Fund are disclosed in the table for the Fund.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

26 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information  (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

Period Covered: July 22, 2015 through September 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.5% and Less than 2.0%		1		2	%
Greater than 1.0% and Less than 1.5%		1		2
Greater than 0.5% and Less than 1.0%		1		2
Between 0.5% and -0.5%		47		94
		50		100	%

SUPPLEMENTAL INFORMATION 27

Trustee and Officer Information

iSHARES^® U.S. ETF TRUST

The Board of Trustees has responsibility for the overall management and operations of the Trust, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). The Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust and, as a result, oversees a total of 324 funds (as of October 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Trustee and Officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Fund’s Trustees and officers may be found in the Fund’s combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapitoa (58)	Trustee (since 2011).	President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983).	Trustee of iShares Trust (since 2009); Director of iShares, Inc. (since 2009); Director of BlackRock, Inc. (since 2006).
Mark Wiedmanb (44)	Trustee (since 2013)	Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Trustee of iShares Trust (since 2013); Director of iShares, Inc. (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

^a  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc.

^b  Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

28 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert H. Silver (60)	Trustee (since 2011); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Director of iShares, Inc. (since 2007); Independent Chairman of iShares, Inc. and iShares Trust (since 2012).
Jane D. Carlin (59)	Trustee (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Director of iShares, Inc. (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).
Cecilia H. Herbert (66)	Trustee (since 2011); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005); Director of Forward Funds (34 portfolios) (since 2009).
Charles A. Hurty (72)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

TRUSTEEAND OFFICER INFORMATION 29

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (60)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005).
John E. Martinez (54)	Trustee (since 2011); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Director of iShares, Inc. (since 2003).
Madhav V. Rajan (51)	Trustee (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Director of iShares, Inc. (since 2011); Director, Cavium, Inc. (since 2013).

30 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).
Jack Gee (56)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).
Benjamin Archibald (40)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director, BlackRock, Inc. (2010-2013).
Charles Park (48)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).
Amy Schioldager (53)	Executive Vice President (since 2011).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).

TRUSTEEAND OFFICER INFORMATION 31

Schedule of Investments  (Unaudited)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 81.47%
ADVERTISING — 0.03%
WPP Finance 2010
5.63%, 11/15/43	$	220	$	229,059
				229,059
AEROSPACE & DEFENSE — 1.50%
Boeing Co. (The)
3.30%, 03/01/35 (Call 09/01/34)		335		305,319
3.50%, 03/01/45 (Call 09/01/44)		400		363,706
6.88%, 03/15/39		270		375,346
General Dynamics Corp.
3.60%, 11/15/42 (Call 05/15/42)		454		417,810
Lockheed Martin Corp.
3.60%, 03/01/35 (Call 09/01/34)		478		431,436
3.80%, 03/01/45 (Call 09/01/44)		250		221,273
4.07%, 12/15/42		1,241		1,152,340
4.85%, 09/15/41		508		526,294
Series B
6.15%, 09/01/36		175		210,301
Northrop Grumman Corp.
3.85%, 04/15/45 (Call 10/15/44)		100		89,750
4.75%, 06/01/43		420		433,786
5.05%, 11/15/40		390		416,536
Northrop Grumman Systems Corp.
7.75%, 02/15/31		400		534,049
Raytheon Co.
4.20%, 12/15/44 (Call 06/15/44)		215		215,351
4.70%, 12/15/41		420		450,325
4.88%, 10/15/40		190		208,157
7.20%, 08/15/27		150		199,755
Rockwell Collins Inc.
4.80%, 12/15/43 (Call 06/15/43)		250		270,086
United Technologies Corp.
4.50%, 06/01/42		3,250		3,310,834
5.70%, 04/15/40		305		363,001
6.05%, 06/01/36		175		211,684
6.70%, 08/01/28		775		997,522
				11,704,661
AGRICULTURE — 1.23%
Altria Group Inc.
4.25%, 08/09/42		500		460,898
5.38%, 01/31/44		1,620		1,752,583
9.95%, 11/10/38		177		285,056

Security	Principal (000s)		Value
10.20%, 02/06/39	$	135	$	221,788
Archer-Daniels-Midland Co.
4.02%, 04/16/43a		630		617,255
4.54%, 03/26/42		373		396,518
Lowe’s Companies Inc.
4.25%, 09/15/44 (Call 03/15/44)		300		299,001
Philip Morris International Inc.
4.13%, 03/04/43		200		191,603
4.25%, 11/10/44a		1,800		1,750,238
4.88%, 11/15/43		225		239,857
6.38%, 05/16/38		636		798,564
Reynolds American Inc.
4.75%, 11/01/42		200		192,925
5.70%, 08/15/35 (Call 02/15/35)		300		323,450
5.85%, 08/15/45 (Call 02/15/45)		1,060		1,169,786
6.15%, 09/15/43		350		396,384
7.25%, 06/15/37		403		504,001
				9,599,907
AIRLINES — 0.43%
American Airlines 2014-1 Pass Through Trust Class A
3.70%, 04/01/28		188		187,423
American Airlines 2015-1 Pass Through Trust Class A
3.38%, 11/01/28		1,677		1,626,690
Hawaiian Airlines 2013-1 Pass Through Certificates Class A
3.90%, 01/15/26a		420		414,015
United Airlines 2014-2 Pass Through Trust Class A
3.75%, 03/03/28		1,090		1,095,450
				3,323,578
APPAREL — 0.12%
NIKE Inc.
3.63%, 05/01/43 (Call 11/01/42)		250		232,872
3.88%, 11/01/45		220		215,978
VF Corp.
6.00%, 10/15/33		150		182,523
6.45%, 11/01/37		250		324,286
				955,659
AUTO MANUFACTURERS — 0.71%
Daimler Finance North America LLC
8.50%, 01/18/31		538		781,474

32 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Ford Motor Co.
4.75%, 01/15/43a	$	900	$	881,105
6.38%, 02/01/29		350		405,366
7.45%, 07/16/31		1,300		1,661,813
General Motors Co.
5.20%, 04/01/45		750		734,484
6.25%, 10/02/43		950		1,038,059
				5,502,301
AUTO PARTS & EQUIPMENT — 0.14%
BorgWarner Inc.
4.38%, 03/15/45 (Call 09/15/44)		185		164,943
Johnson Controls Inc.
4.63%, 07/02/44 (Call 01/02/44)		375		325,970
6.00%, 01/15/36		525		560,728
				1,051,641
BANKS — 8.67%
Bank of America Corp.
4.25%, 10/22/26		2,100		2,096,056
4.88%, 04/01/44		1,300		1,354,233
5.00%, 01/21/44		675		712,982
5.88%, 02/07/42a		570		668,483
6.11%, 01/29/37		950		1,102,015
7.75%, 05/14/38		900		1,241,476
Bank of New York Mellon Corp. (The)
3.95%, 11/18/25 (Call 10/18/25)a		275		290,039
Bank One Corp.
7.63%, 10/15/26		70		89,445
8.00%, 04/29/27		318		418,670
Barclays PLC
5.25%, 08/17/45		1,010		1,050,443
Branch Banking & Trust Co.
3.80%, 10/30/26 (Call 09/30/26)		500		506,642
Citigroup Inc.
4.30%, 11/20/26		1,900		1,891,446
4.45%, 09/29/27		1,500		1,499,741
4.65%, 07/30/45		1,000		1,006,389
4.95%, 11/07/43		450		471,751
5.30%, 05/06/44		550		578,380
5.88%, 01/30/42		720		841,941
6.13%, 08/25/36		440		507,296
6.63%, 06/15/32		675		802,891
6.68%, 09/13/43		275		341,908
6.88%, 02/15/98		75		96,270
8.13%, 07/15/39		485		706,397

Security	Principal (000s)		Value
Comerica Inc.
3.80%, 07/22/26	$	250	$	245,630
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
5.25%, 05/24/41		250		283,667
5.25%, 08/04/45		750		786,000
5.75%, 12/01/43		1,350		1,515,088
Credit Suisse Group Funding Guernsey Ltd.
4.88%, 05/15/45b		750		749,412
Discover Bank/Greenwood DE
4.25%, 03/13/26		500		506,198
Fifth Third Bancorp
8.25%, 03/01/38		450		642,265
Goldman Sachs Group Inc. (The)
4.75%, 10/21/45		500		506,368
4.80%, 07/08/44 (Call 01/08/44)		1,750		1,766,146
5.15%, 05/22/45		250		249,242
5.95%, 01/15/27		950		1,074,460
6.13%, 02/15/33a		1,030		1,228,169
6.25%, 02/01/41		1,650		1,986,862
6.45%, 05/01/36		540		626,747
6.75%, 10/01/37		2,525		3,040,688
HSBC Bank PLC
7.65%, 05/01/25		100		126,335
HSBC Bank USA N.A./New York NY
5.63%, 08/15/35		1,500		1,710,932
HSBC Holdings PLC
5.25%, 03/14/44		500		525,066
6.10%, 01/14/42		400		500,035
6.50%, 05/02/36		800		971,464
6.50%, 09/15/37		1,455		1,767,440
6.80%, 06/01/38		600		760,438
7.63%, 05/17/32		400		520,427
JPMorgan Chase & Co.
4.13%, 12/15/26		1,800		1,806,876
4.25%, 10/01/27		1,000		1,003,536
4.85%, 02/01/44a		1,625		1,723,435
4.95%, 06/01/45		500		503,089
5.40%, 01/06/42		330		373,194
5.50%, 10/15/40		500		571,236
5.60%, 07/15/41		580		672,675
5.63%, 08/16/43		570		631,406
6.40%, 05/15/38		795		1,002,284

SCHEDULEOF INVESTMENTS 33

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
KfW
0.00%, 04/18/36	$	1,300	$	684,844
0.00%, 06/29/37		980		497,259
Morgan Stanley
3.95%, 04/23/27		100		97,461
4.30%, 01/27/45		1,300		1,239,594
4.35%, 09/08/26		440		445,627
5.00%, 11/24/25a		1,775		1,897,819
6.38%, 07/24/42		1,131		1,409,515
7.25%, 04/01/32		925		1,219,259
Northern Trust Corp.
3.95%, 10/30/25		490		510,504
PNC Bank N.A.
4.20%, 11/01/25 (Call 10/02/25)c		600		637,463
Regions Financial Corp.
7.38%, 12/10/37		400		504,864
Travelers Companies Inc. (The)
4.30%, 08/25/45 (Call 02/25/45)		100		100,662
UBS AG/Stamford CT
7.75%, 09/01/26		200		257,196
Wachovia Corp.
5.50%, 08/01/35		310		348,521
6.55%, 10/15/35		150		183,682
Wells Fargo & Co.
3.90%, 05/01/45		1,100		1,016,475
4.10%, 06/03/26		1,108		1,126,897
4.30%, 07/22/27		500		515,252
4.65%, 11/04/44		2,180		2,145,884
5.38%, 02/07/35		330		376,602
5.61%, 01/15/44		2,106		2,370,229
Wells Fargo Bank N.A.
5.95%, 08/26/36		700		847,984
Wells Fargo Capital X
5.95%, 12/01/86		386		389,860
				67,475,157
BEVERAGES — 1.36%
Anheuser-Busch Companies LLC
6.45%, 09/01/37		200		234,126
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43		50		44,095
4.63%, 02/01/44		350		339,508
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42		1,376		1,165,258

Security	Principal (000s)		Value
6.38%, 01/15/40	$	300	$	348,654
8.00%, 11/15/39		250		348,031
8.20%, 01/15/39		926		1,307,388
Brown-Forman Corp.
3.75%, 01/15/43 (Call 07/15/42)		300		271,888
4.50%, 07/15/45 (Call 01/15/45)		104		107,611
Coca-Cola FEMSA SAB de CV
5.25%, 11/26/43		250		272,960
Diageo Capital PLC
3.88%, 04/29/43 (Call 10/29/42)		125		114,968
5.88%, 09/30/36		802		945,578
Diageo Investment Corp.
4.25%, 05/11/42		242		236,351
Dr Pepper Snapple Group Inc.
4.50%, 11/15/45		90		90,286
7.45%, 05/01/38		215		293,241
Fomento Economico Mexicano SAB de CV
4.38%, 05/10/43a		500		459,854
Molson Coors Brewing Co.
5.00%, 05/01/42a		430		376,383
Pepsi Bottling Group Inc. (The) Series B
7.00%, 03/01/29		1,200		1,647,240
PepsiCo Inc.
3.60%, 08/13/42		442		392,411
4.00%, 03/05/42		175		167,832
4.25%, 10/22/44 (Call 04/22/44)		500		495,065
4.60%, 07/17/45 (Call 01/17/45)		423		441,092
4.88%, 11/01/40		240		257,565
5.50%, 01/15/40a		230		265,929
				10,623,314
BIOTECHNOLOGY — 1.45%
Amgen Inc.
4.40%, 05/01/45 (Call 11/01/44)		300		278,496
4.95%, 10/01/41		369		369,525
5.15%, 11/15/41 (Call 05/15/41)		1,100		1,133,304
5.38%, 05/15/43 (Call 11/15/42)		1,575		1,676,606
5.75%, 03/15/40		150		165,965
6.38%, 06/01/37		700		827,202
6.40%, 02/01/39		205		244,492
Biogen Inc.
5.20%, 09/15/45 (Call 03/15/45)a		880		887,916

34 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Celgene Corp.
4.63%, 05/15/44 (Call 11/15/43)	$	250	$	238,017
5.00%, 08/15/45 (Call 02/15/45)		950		955,774
5.25%, 08/15/43		400		409,436
Gilead Sciences Inc.
4.50%, 02/01/45 (Call 08/01/44)		1,350		1,307,245
4.60%, 09/01/35 (Call 03/01/35)		500		507,048
4.75%, 03/01/46 (Call 09/01/45)		1,350		1,365,086
4.80%, 04/01/44 (Call 10/01/43)		645		652,944
5.65%, 12/01/41 (Call 06/01/41)		260		294,014
				11,313,070
BUILDING MATERIALS — 0.04%
Owens Corning
7.00%, 12/01/36		300		348,704
				348,704
CHEMICALS — 1.74%
Agrium Inc.
4.13%, 03/15/35 (Call 09/15/34)		75		66,572
4.90%, 06/01/43 (Call 12/01/42)		275		261,432
5.25%, 01/15/45 (Call 07/15/44)		375		370,009
6.13%, 01/15/41 (Call 07/15/40)		255		280,406
7.13%, 05/23/36		100		125,013
Albemarle Corp.
5.45%, 12/01/44 (Call 06/01/44)		250		247,489
CF Industries Inc.
4.95%, 06/01/43		300		277,106
5.15%, 03/15/34		650		635,620
5.38%, 03/15/44		225		221,288
Dow Chemical Co. (The)
4.25%, 10/01/34 (Call 04/01/34)		1,050		961,578
4.63%, 10/01/44 (Call 04/01/44)		400		371,989
5.25%, 11/15/41 (Call 05/15/41)		510		507,128
7.38%, 11/01/29		165		208,896
9.40%, 05/15/39		455		664,653
Eastman Chemical Co.
4.65%, 10/15/44 (Call 04/15/44)		450		420,171
4.80%, 09/01/42 (Call 03/01/42)		315		300,366
Ecolab Inc.
5.50%, 12/08/41		320		356,191
EI du Pont de Nemours & Co.
4.15%, 02/15/43a		500		455,072
4.90%, 01/15/41		485		482,192
Lubrizol Corp.
6.50%, 10/01/34		100		126,922

Security	Principal (000s)		Value
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)	$	450	$	432,276
5.25%, 07/15/43		220		221,268
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)		750		650,130
Methanex Corp.
5.65%, 12/01/44 (Call 06/01/44)		250		216,855
Monsanto Co.
3.60%, 07/15/42 (Call 01/15/42)a		300		235,110
3.95%, 04/15/45 (Call 10/15/44)		275		229,989
4.20%, 07/15/34 (Call 01/15/34)		559		510,122
4.40%, 07/15/44 (Call 01/15/44)		875		778,327
Series 1
5.50%, 07/30/35		100		103,167
Mosaic Co. (The)
5.45%, 11/15/33 (Call 05/15/33)		200		205,937
5.63%, 11/15/43 (Call 05/15/43)		470		482,331
Potash Corp. of Saskatchewan Inc.
5.63%, 12/01/40a		504		549,490
5.88%, 12/01/36		85		94,739
Praxair Inc.
3.20%, 01/30/26 (Call 10/30/25)a		250		252,110
3.55%, 11/07/42 (Call 05/07/42)		450		404,362
Rohm & Haas Co.
7.85%, 07/15/29		200		259,507
Sherwin-Williams Co. (The)
4.00%, 12/15/42 (Call 06/15/42)		350		337,076
Valspar Corp. (The)
4.40%, 02/01/45 (Call 08/01/44)a		250		225,643
				13,528,532
COMMERCIAL SERVICES — 0.56%
Catholic Health Initiatives
4.35%, 11/01/42		500		460,527
Cleveland Clinic Foundation (The)
4.86%, 01/01/14		300		286,409
Massachusetts Institute of Technology
4.68%, 07/01/14		500		517,246
5.60%, 07/01/11		415		512,762
McGraw Hill Financial Inc.
4.40%, 02/15/26 (Call 11/15/25)b		500		503,974
Northwestern University
3.69%, 12/01/38		250		244,529

SCHEDULEOF INVESTMENTS 35

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
President and Fellows of Harvard College
6.30%, 10/01/37 (Call 04/01/16)	$	291	$	297,548
Princeton University
5.70%, 03/01/39		369		472,798
Tufts University Series 2012
5.02%, 04/15/12		250		256,430
University of Southern California
5.25%, 10/01/11		250		288,565
Western Union Co. (The)
6.20%, 11/17/36a		307		307,350
6.20%, 06/21/40		250		241,122
				4,389,260
COMPUTERS — 1.12%
Apple Inc.
3.45%, 02/09/45		2,020		1,723,569
3.85%, 05/04/43		550		505,312
4.38%, 05/13/45		750		748,148
4.45%, 05/06/44		550		554,448
Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)a,b		250		244,671
6.35%, 10/15/45 (Call 04/15/45)b		250		242,821
Hewlett-Packard Co.
6.00%, 09/15/41		678		651,314
HP Enterprise Services LLC
7.45%, 10/15/29		170		209,508
International Business Machines Corp.
4.00%, 06/20/42		388		350,242
5.60%, 11/30/39		427		486,059
5.88%, 11/29/32		300		359,170
6.22%, 08/01/27		1,050		1,300,050
7.00%, 10/30/25		590		754,231
Seagate HDD Cayman
4.88%, 06/01/27 (Call 03/01/27)b		450		392,709
5.75%, 12/01/34 (Call 06/01/34)b		250		211,776
				8,734,028
COSMETICS & PERSONAL CARE — 0.33%
Colgate-Palmolive Co.
4.00%, 08/15/45		250		249,125

Security	Principal (000s)		Value
Estee Lauder Companies Inc. (The)
3.70%, 08/15/42	$	200	$	181,310
6.00%, 05/15/37		400		489,121
Procter & Gamble Co. (The)
5.50%, 02/01/34		50		59,574
5.55%, 03/05/37		994		1,207,272
5.80%, 08/15/34a		120		148,517
6.45%, 01/15/26		175		224,150
				2,559,069
DISTRIBUTION & WHOLESALE — 0.09%
WW Grainger Inc.
4.60%, 06/15/45 (Call 12/15/44)		639		672,836
				672,836
DIVERSIFIED FINANCIAL SERVICES — 1.98%
American Express Co.
4.05%, 12/03/42		487		468,375
CME Group Inc./IL
5.30%, 09/15/43 (Call 03/15/43)		450		510,945
Credit Suisse USA Inc.
7.13%, 07/15/32		450		582,043
GE Capital International Funding Co.
4.42%, 11/15/35		5,600		5,833,880
General Electric Capital Corp.
5.88%, 01/14/38		808		994,123
6.15%, 08/07/37		179		226,677
6.88%, 01/10/39		1,240		1,696,614
Series A
6.75%, 03/15/32		2,431		3,179,918
Goldman Sachs Capital I
6.35%, 02/15/34		400		467,130
Invesco Finance PLC
3.75%, 01/15/26		110		110,901
Jefferies Group LLC
6.25%, 01/15/36		550		514,683
6.45%, 06/08/27		260		268,528
Legg Mason Inc.
5.63%, 01/15/44		200		206,759
National Rural Utilities Cooperative Finance Corp. Series C
8.00%, 03/01/32		255		355,966
				15,416,542

36 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
ELECTRIC — 9.22%
Alabama Power Co.
3.75%, 03/01/45 (Call 09/01/44)a	$	584	$	531,637
3.85%, 12/01/42a		50		46,496
4.15%, 08/15/44 (Call 02/15/44)		400		387,560
6.00%, 03/01/39		115		138,067
6.13%, 05/15/38		505		613,152
Series 11-C
5.20%, 06/01/41		900		996,595
Appalachian Power Co.
4.45%, 06/01/45 (Call 12/01/44)		200		193,913
6.38%, 04/01/36		750		892,792
7.00%, 04/01/38		280		357,646
Arizona Public Service Co.
4.50%, 04/01/42 (Call 10/01/41)		125		128,486
4.70%, 01/15/44 (Call 07/15/43)		500		528,829
5.50%, 09/01/35		150		171,890
Berkshire Hathaway Energy Co.
4.50%, 02/01/45 (Call 08/01/44)		1,350		1,352,103
5.15%, 11/15/43 (Call 05/15/43)		975		1,067,946
5.95%, 05/15/37		450		531,104
6.13%, 04/01/36		1,019		1,221,784
6.50%, 09/15/37		180		225,113
8.48%, 09/15/28		196		276,291
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		664		600,971
4.50%, 04/01/44 (Call 10/01/43)		325		341,484
Cleco Power LLC
6.00%, 12/01/40		275		314,484
CMS Energy Corp.
4.88%, 03/01/44 (Call 09/01/43)		450		470,019
Commonwealth Edison Co.
3.70%, 03/01/45 (Call 09/01/44)		1,550		1,410,207
3.80%, 10/01/42 (Call 04/01/42)		100		92,673
4.70%, 01/15/44 (Call 07/15/43)		450		478,204
5.90%, 03/15/36		500		604,758
Connecticut Light & Power Co. (The)
4.30%, 04/15/44 (Call 10/15/43)		250		252,442
6.35%, 06/01/36		150		189,569
Consolidated Edison Co. of New York Inc.
3.95%, 03/01/43 (Call 09/01/42)		190		179,655
4.45%, 03/15/44 (Call 09/15/43)		500		511,278

Security	Principal (000s)		Value
5.50%, 12/01/39	$	190	$	220,531
5.70%, 06/15/40		410		481,407
Series 05-A
5.30%, 03/01/35		50		55,677
Series 06-A
5.85%, 03/15/36		325		385,036
Series 06-B
6.20%, 06/15/36		450		551,384
Series 06-E
5.70%, 12/01/36		530		616,806
Series 08-B
6.75%, 04/01/38		332		436,207
Consumers Energy Co.
3.95%, 05/15/43 (Call 11/15/42)		75		72,672
Delmarva Power & Light Co.
4.00%, 06/01/42 (Call 12/01/41)		600		567,998
Dominion Resources Inc./VA
4.70%, 12/01/44 (Call 06/01/44)		325		319,425
6.30%, 03/15/33		275		320,021
7.00%, 06/15/38		350		431,052
Series B
5.95%, 06/15/35		350		398,845
Series F
5.25%, 08/01/33		300		316,355
DTE Electric Co.
3.70%, 03/15/45 (Call 09/15/44)		205		189,747
3.95%, 06/15/42 (Call 12/15/41)		150		145,661
5.70%, 10/01/37		215		258,474
Series A
4.00%, 04/01/43 (Call 10/01/42)		200		194,793
6.63%, 06/01/36		200		262,432
DTE Energy Co.
6.38%, 04/15/33		130		159,433
Duke Energy Carolinas LLC
3.75%, 06/01/45 (Call 12/01/44)a		683		639,991
4.00%, 09/30/42 (Call 03/30/42)		774		755,274
4.25%, 12/15/41 (Call 06/15/41)		330		334,645
5.30%, 02/15/40		245		284,130
6.05%, 04/15/38		630		788,812
6.10%, 06/01/37		250		303,295
6.45%, 10/15/32		75		92,318
Duke Energy Florida LLC
3.85%, 11/15/42 (Call 05/15/42)		280		264,683
6.35%, 09/15/37		200		257,404

SCHEDULEOF INVESTMENTS 37

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
6.40%, 06/15/38	$	235	$	305,515
Duke Energy Indiana Inc.
6.12%, 10/15/35		76		89,438
6.45%, 04/01/39		650		844,660
Duke Energy Progress LLC
4.10%, 05/15/42 (Call 11/15/41)		380		378,793
4.10%, 03/15/43 (Call 09/15/42)		125		123,778
4.15%, 12/01/44 (Call 06/01/44)		960		958,389
4.20%, 08/15/45 (Call 02/15/45)		389		391,605
4.38%, 03/30/44 (Call 09/30/43)		350		361,763
6.30%, 04/01/38		250		321,893
El Paso Electric Co.
6.00%, 05/15/35		150		174,327
Entergy Louisiana LLC
4.95%, 01/15/45 (Call 01/15/25)		250		249,954
Exelon Corp.
4.95%, 06/15/35 (Call 12/15/34)		250		253,393
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)		778		768,410
6.25%, 10/01/39		355		375,984
FirstEnergy Solutions Corp.
6.80%, 08/15/39		353		353,369
Florida Power & Light Co.
3.80%, 12/15/42 (Call 06/15/42)		100		95,588
4.05%, 06/01/42 (Call 12/01/41)		930		923,992
4.05%, 10/01/44 (Call 04/01/44)		837		831,342
4.13%, 02/01/42 (Call 08/01/41)		540		541,259
4.95%, 06/01/35		200		223,018
5.25%, 02/01/41 (Call 08/01/40)		100		116,739
5.65%, 02/01/37		96		116,351
5.69%, 03/01/40		87		107,551
5.95%, 02/01/38		181		227,712
Georgia Power Co.
4.30%, 03/15/42		439		403,881
5.40%, 06/01/40		315		333,166
Series 07-A
5.65%, 03/01/37		100		107,911
Series 10-C
4.75%, 09/01/40		69		67,616
Hydro-Quebec
9.50%, 11/15/30		200		326,475
Iberdrola International BV
6.75%, 07/15/36		375		459,563

Security	Principal (000s)		Value
Jersey Central Power & Light Co.
6.15%, 06/01/37	$	175	$	190,661
John Sevier Combined Cycle Generation LLC
4.63%, 01/15/42		238		258,930
Kansas City Power & Light Co.
5.30%, 10/01/41 (Call 04/01/41)		250		274,471
Kentucky Utilities Co.
4.38%, 10/01/45 (Call 04/01/45)		100		103,109
5.13%, 11/01/40 (Call 05/01/40)		239		269,079
Louisville Gas & Electric Co.
4.38%, 10/01/45 (Call 04/01/45)		100		102,766
MidAmerican Energy Co.
4.40%, 10/15/44 (Call 04/15/44)		225		232,051
Mississippi Power Co. Series 12-A
4.25%, 03/15/42		350		292,012
Nevada Power Co.
5.45%, 05/15/41 (Call 11/15/40)		585		662,251
NiSource Finance Corp.
4.80%, 02/15/44 (Call 08/15/43)		450		461,156
5.25%, 02/15/43 (Call 08/15/42)		325		353,625
5.80%, 02/01/42 (Call 08/01/41)		250		285,902
5.95%, 06/15/41 (Call 12/15/40)		295		345,633
Northern States Power Co./MN
3.40%, 08/15/42 (Call 02/15/42)		700		624,957
4.00%, 08/15/45 (Call 02/15/45)		85		83,686
4.85%, 08/15/40 (Call 02/15/40)		430		478,580
5.25%, 07/15/35		50		57,793
6.25%, 06/01/36		100		127,898
NSTAR Electric Co.
4.40%, 03/01/44 (Call 09/01/43)		200		203,547
5.50%, 03/15/40		200		234,675
Oglethorpe Power Corp.
4.55%, 06/01/44a		650		625,834
5.25%, 09/01/50		25		25,856
Ohio Edison Co.
6.88%, 07/15/36		350		431,934
Oklahoma Gas & Electric Co.
4.00%, 12/15/44 (Call 06/15/44)		600		558,931
4.55%, 03/15/44 (Call 09/15/43)		175		180,903
Oncor Electric Delivery Co. LLC
4.55%, 12/01/41 (Call 06/01/41)		250		246,611
5.25%, 09/30/40		300		322,223

38 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
5.30%, 06/01/42 (Call 12/01/41)	$	330	$	360,102
7.25%, 01/15/33		400		508,935
7.50%, 09/01/38		25		34,127
Pacific Gas & Electric Co.
4.30%, 03/15/45 (Call 09/15/44)		100		99,337
4.45%, 04/15/42 (Call 10/15/41)		450		454,155
4.50%, 12/15/41 (Call 06/15/41)		330		331,993
4.75%, 02/15/44 (Call 08/15/43)		493		519,676
5.13%, 11/15/43 (Call 05/15/43)		325		357,430
5.40%, 01/15/40		255		289,025
6.05%, 03/01/34		2,054		2,486,051
6.25%, 03/01/39		250		311,113
PacifiCorp
4.10%, 02/01/42 (Call 08/01/41)		225		220,381
6.00%, 01/15/39		400		493,119
6.10%, 08/01/36		100		123,908
6.25%, 10/15/37		100		126,863
PECO Energy Co.
4.15%, 10/01/44 (Call 04/01/44)		250		248,329
5.95%, 10/01/36		100		123,083
Pennsylvania Electric Co.
6.15%, 10/01/38		250		273,081
Potomac Electric Power Co.
6.50%, 11/15/37		175		225,346
PPL Capital Funding Inc.
4.70%, 06/01/43 (Call 12/01/42)		600		608,291
5.00%, 03/15/44 (Call 09/15/43)		425		450,153
PPL Electric Utilities Corp.
5.20%, 07/15/41 (Call 01/15/41)		385		438,631
PSEG Power LLC
8.63%, 04/15/31		720		962,168
Public Service Co. of Colorado
3.60%, 09/15/42 (Call 03/15/42)		224		206,889
4.30%, 03/15/44 (Call 09/15/43)		770		792,826
6.25%, 09/01/37		49		63,180
Public Service Electric & Gas Co.
3.95%, 05/01/42 (Call 11/01/41)		155		150,533
4.05%, 05/01/45 (Call 11/01/44)		250		246,192
5.38%, 11/01/39a		100		117,829
5.80%, 05/01/37		205		251,476
Series I
4.00%, 06/01/44 (Call 12/01/43)		275		268,579
Puget Sound Energy Inc.
4.43%, 11/15/41 (Call 05/15/41)		125		129,356

Security	Principal (000s)		Value
5.48%, 06/01/35	$	300	$	351,471
5.64%, 04/15/41 (Call 10/15/40)		480		578,529
5.76%, 10/01/39		120		146,163
5.80%, 03/15/40		125		153,913
6.72%, 06/15/36		150		199,632
7.02%, 12/01/27		300		394,563
San Diego Gas & Electric Co.
4.30%, 04/01/42 (Call 10/01/41)		150		153,790
4.50%, 08/15/40		304		319,880
5.35%, 05/15/35		125		144,214
5.35%, 05/15/40		75		87,621
6.13%, 09/15/37		100		126,196
South Carolina Electric & Gas Co.
4.35%, 02/01/42 (Call 08/01/41)		233		225,544
4.50%, 06/01/64 (Call 12/01/63)		250		234,153
4.60%, 06/15/43 (Call 12/15/42)		100		100,151
5.10%, 06/01/65 (Call 12/01/64)		100		103,890
5.45%, 02/01/41 (Call 08/01/40)		565		627,453
6.05%, 01/15/38		248		290,415
Southern California Edison Co.
3.90%, 12/01/41 (Call 06/01/41)		100		96,347
4.05%, 03/15/42 (Call 09/15/41)		50		49,281
4.65%, 10/01/43 (Call 04/01/43)		275		296,440
5.50%, 03/15/40		242		290,112
5.63%, 02/01/36		75		89,934
6.00%, 01/15/34		105		129,795
6.05%, 03/15/39		150		190,009
Series 05-B
5.55%, 01/15/36		50		59,586
Series 05-E
5.35%, 07/15/35		525		611,536
Series 06-E
5.55%, 01/15/37		175		208,766
Series 08-A
5.95%, 02/01/38		764		954,755
Series 13-A
3.90%, 03/15/43 (Call 09/15/42)		250		240,222
Series C
3.60%, 02/01/45 (Call 08/01/44)		650		591,298
Southern Power Co.
5.15%, 09/15/41		200		196,621
Southwestern Electric Power Co.
3.90%, 04/01/45 (Call 10/01/44)		750		653,798
6.20%, 03/15/40		140		164,830

SCHEDULEOF INVESTMENTS 39

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Southwestern Public Service Co.
4.50%, 08/15/41 (Call 02/15/41)	$	50	$	52,003
6.00%, 10/01/36		550		656,029
Tampa Electric Co.
4.10%, 06/15/42 (Call 12/15/41)		315		305,547
4.35%, 05/15/44 (Call 11/15/43)		230		230,370
TransAlta Corp.
6.50%, 03/15/40		236		209,979
Union Electric Co.
3.90%, 09/15/42 (Call 03/15/42)		930		886,731
Virginia Electric & Power Co.
4.00%, 01/15/43 (Call 07/15/42)		260		253,253
4.45%, 02/15/44 (Call 08/15/43)		104		108,411
8.88%, 11/15/38		774		1,227,279
Series A
6.00%, 05/15/37		275		342,015
Series B
6.00%, 01/15/36		250		309,304
Westar Energy Inc.
4.13%, 03/01/42 (Call 09/01/41)		324		319,124
Wisconsin Electric Power Co.
3.65%, 12/15/42 (Call 06/15/42)		260		239,349
4.25%, 06/01/44 (Call 12/01/43)		225		228,333
Wisconsin Power & Light Co.
4.10%, 10/15/44 (Call 04/15/44)		750		738,737
6.38%, 08/15/37		135		172,335
Xcel Energy Inc.
6.50%, 07/01/36		50		61,890
				71,753,919
ELECTRICAL COMPONENTS & EQUIPMENT — 0.02%
Emerson Electric Co.
6.00%, 08/15/32		130		155,187
				155,187
ELECTRONICS — 0.28%
Honeywell International Inc.
5.38%, 03/01/41		791		933,671
5.70%, 03/15/37		180		217,262
Koninklijke Philips NV
5.00%, 03/15/42		524		513,446
6.88%, 03/11/38		240		280,773
Thermo Fisher Scientific Inc.
5.30%, 02/01/44 (Call 08/01/43)		202		216,093
				2,161,245

Security	Principal (000s)		Value
ENGINEERING & CONSTRUCTION — 0.03%
ABB Finance USA Inc.
4.38%, 05/08/42	$	250	$	251,372
				251,372
ENVIRONMENTAL CONTROL — 0.23%
Republic Services Inc.
5.70%, 05/15/41 (Call 11/15/40)		675		762,963
6.09%, 03/15/35		50		58,466
6.20%, 03/01/40		25		29,470
Waste Management Inc.
3.90%, 03/01/35 (Call 09/01/34)		505		474,216
4.10%, 03/01/45 (Call 09/01/44)		275		255,480
6.13%, 11/30/39		200		240,494
				1,821,089
FOOD — 1.56%
ConAgra Foods Inc.
4.65%, 01/25/43 (Call 07/25/42)		145		129,760
6.63%, 08/15/39		225		244,476
7.00%, 10/01/28		225		268,584
7.13%, 10/01/26a		250		296,084
8.25%, 09/15/30		170		230,692
Delhaize Group
5.70%, 10/01/40		651		687,693
General Mills Inc.
5.40%, 06/15/40		500		555,404
Hershey Co. (The)
7.20%, 08/15/27		11		14,791
JM Smucker Co. (The)
4.25%, 03/15/35		750		731,589
4.38%, 03/15/45a		110		107,068
Kellogg Co. Series B
7.45%, 04/01/31		595		754,815
Kraft Foods Group Inc.
5.00%, 06/04/42		1,375		1,411,835
6.50%, 02/09/40		230		273,080
6.88%, 01/26/39		202		249,198
Kraft Heinz Foods Co.
5.00%, 07/15/35 (Call 01/15/35)b		650		679,485
5.20%, 07/15/45 (Call 01/15/45)b		1,000		1,059,143
Kroger Co. (The)
5.00%, 04/15/42 (Call 10/15/41)		100		103,554
5.15%, 08/01/43 (Call 02/01/43)		250		263,601

40 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
5.40%, 07/15/40 (Call 01/15/40)	$	390	$	423,848
6.90%, 04/15/38		448		560,660
7.50%, 04/01/31		225		287,489
Mondelez International Inc.
6.50%, 02/09/40		50		61,118
6.88%, 01/26/39		450		551,350
Sysco Corp.
4.85%, 10/01/45 (Call 04/01/45)		300		312,512
5.38%, 09/21/35		400		449,049
Tyson Foods Inc.
4.88%, 08/15/34 (Call 02/15/34)		400		408,009
5.15%, 08/15/44 (Call 02/15/44)		250		261,858
Unilever Capital Corp.
5.90%, 11/15/32		585		747,450
				12,124,195
FOREST PRODUCTS & PAPER — 0.48%
Domtar Corp.
6.75%, 02/15/44 (Call 08/15/43)		200		201,481
Georgia-Pacific LLC
7.75%, 11/15/29		640		844,317
International Paper Co.
3.80%, 01/15/26 (Call 10/15/25)a		250		247,030
4.80%, 06/15/44 (Call 12/15/43)		225		208,825
5.00%, 09/15/35 (Call 03/15/35)		50		50,059
5.15%, 05/15/46 (Call 11/15/45)		250		244,355
6.00%, 11/15/41 (Call 05/15/41)		775		823,399
7.30%, 11/15/39		50		59,366
8.70%, 06/15/38		225		303,449
MeadWestvaco Corp.
8.20%, 01/15/30		575		767,386
				3,749,667
GAS — 0.55%
AGL Capital Corp.
5.88%, 03/15/41 (Call 09/15/40)		625		713,004
6.00%, 10/01/34		90		102,838
Atmos Energy Corp.
4.13%, 10/15/44 (Call 04/15/44)		789		761,185
Dominion Gas Holdings LLC
4.60%, 12/15/44 (Call 06/15/44)a		450		423,183
KeySpan Corp.
5.80%, 04/01/35		250		280,079
8.00%, 11/15/30		130		175,012
ONE Gas Inc.
4.66%, 02/01/44 (Call 08/01/43)		314		327,409

Security	Principal (000s)		Value
Piedmont Natural Gas Co. Inc.
4.10%, 09/18/34 (Call 03/18/34)	$	200	$	198,954
Sempra Energy
6.00%, 10/15/39		885		1,029,640
Southern California Gas Co. Series KK
5.75%, 11/15/35		225		272,276
				4,283,580
HEALTH CARE — PRODUCTS — 1.18%
Becton Dickinson and Co.
4.69%, 12/15/44 (Call 06/15/44)		485		492,283
4.88%, 05/15/44 (Call 11/15/43)		210		213,715
5.00%, 11/12/40		150		154,121
6.00%, 05/15/39		175		200,111
Boston Scientific Corp.
7.00%, 11/15/35		100		118,892
7.38%, 01/15/40		320		397,722
Covidien International Finance SA
6.55%, 10/15/37		380		489,828
Medtronic Inc.
4.00%, 04/01/43 (Call 10/01/42)		275		262,212
4.38%, 03/15/35		1,715		1,775,247
4.63%, 03/15/44 (Call 09/15/43)		414		432,958
4.63%, 03/15/45		2,050		2,156,943
5.55%, 03/15/40		275		319,260
St. Jude Medical Inc.
4.75%, 04/15/43 (Call 10/15/42)		452		445,852
Stryker Corp.
4.10%, 04/01/43 (Call 10/01/42)		400		381,603
4.38%, 05/15/44 (Call 11/15/43)		135		134,020
Zimmer Biomet Holdings Inc.
4.25%, 08/15/35 (Call 02/15/35)		345		325,549
4.45%, 08/15/45 (Call 02/15/45)		500		469,379
5.75%, 11/30/39		370		406,389
				9,176,084
HEALTH CARE — SERVICES — 1.63%
Aetna Inc.
4.13%, 11/15/42 (Call 05/15/42)		250		235,794
4.50%, 05/15/42 (Call 11/15/41)		789		790,201
4.75%, 03/15/44 (Call 09/15/43)		350		361,544
6.63%, 06/15/36		300		368,012
6.75%, 12/15/37		264		331,998
Anthem Inc.
4.63%, 05/15/42		716		701,516

SCHEDULEOF INVESTMENTS 41

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
4.65%, 01/15/43	$	750	$	737,448
4.65%, 08/15/44 (Call 02/15/44)		225		220,785
4.85%, 08/15/54 (Call 02/15/54)a		175		170,806
5.10%, 01/15/44		175		182,780
6.38%, 06/15/37		475		564,917
Cigna Corp.
5.38%, 02/15/42 (Call 08/15/41)		230		251,592
5.88%, 03/15/41 (Call 09/15/40)		603		697,474
6.15%, 11/15/36		100		115,003
Dignity Health
4.50%, 11/01/42		100		94,908
5.27%, 11/01/64		250		258,883
Humana Inc.
4.63%, 12/01/42 (Call 06/01/42)		295		287,651
4.95%, 10/01/44 (Call 04/01/44)		125		127,108
8.15%, 06/15/38		200		282,339
Kaiser Foundation Hospitals
4.88%, 04/01/42		389		412,025
Laboratory Corp. of America Holdings
4.70%, 02/01/45 (Call 08/01/44)		375		344,843
Memorial Sloan-Kettering Cancer Center Series 2015
4.20%, 07/01/55		250		237,505
Quest Diagnostics Inc.
5.75%, 01/30/40		250		260,348
UnitedHealth Group Inc.
4.25%, 03/15/43 (Call 09/15/42)		275		271,050
4.38%, 03/15/42 (Call 09/15/41)		550		548,714
4.63%, 07/15/35		155		163,978
4.63%, 11/15/41 (Call 05/15/41)		180		185,056
4.75%, 07/15/45		650		691,972
5.70%, 10/15/40 (Call 04/15/40)		550		648,175
5.80%, 03/15/36		690		820,090
5.95%, 02/15/41 (Call 08/15/40)		525		631,778
6.88%, 02/15/38		535		708,953
				12,705,246
HOLDING COMPANIES — DIVERSIFIED — 0.01%
Hutchison Whampoa International Ltd.
7.45%, 11/24/33b		50		68,701
				68,701

Security	Principal (000s)		Value
HOME FURNISHINGS — 0.02%
Whirlpool Corp.
5.15%, 03/01/43	$	150	$	149,773
				149,773
HOUSEHOLD PRODUCTS & WARES — 0.09%
Kimberly-Clark Corp.
6.63%, 08/01/37		507		668,982
				668,982
INSURANCE — 3.50%
ACE INA Holdings Inc.
4.15%, 03/13/43		485		471,826
4.35%, 11/03/45		335		341,175
Aflac Inc.
6.45%, 08/15/40		415		509,448
Alleghany Corp.
4.90%, 09/15/44 (Call 03/15/44)		250		239,201
Allstate Corp. (The)
4.50%, 06/15/43		1,104		1,114,449
5.55%, 05/09/35		183		211,428
American International Group Inc.
3.88%, 01/15/35 (Call 07/15/34)		915		851,989
4.38%, 01/15/55 (Call 07/15/54)		150		137,792
4.50%, 07/16/44 (Call 01/16/44)		1,000		977,864
4.70%, 07/10/35 (Call 01/10/35)a		500		513,387
6.25%, 05/01/36		530		638,142
6.25%, 03/15/87		450		486,000
Aon Corp.
8.21%, 01/01/27		300		378,000
Aon PLC
4.45%, 05/24/43 (Call 02/24/43)		250		235,242
4.60%, 06/14/44 (Call 03/14/44)		250		240,748
4.75%, 05/15/45 (Call 11/15/44)		230		226,763
Arch Capital Group U.S. Inc.
5.14%, 11/01/43		514		524,315
Assurant Inc.
6.75%, 02/15/34		230		270,521
AXA SA
8.60%, 12/15/30		705		962,325
Berkshire Hathaway Finance Corp.
4.30%, 05/15/43a		50		48,507
4.40%, 05/15/42		659		647,845
5.75%, 01/15/40		340		400,026

42 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Berkshire Hathaway Inc.
4.50%, 02/11/43	$	400	$	400,606
Chubb Corp. (The)
6.00%, 05/11/37		460		566,128
Endurance Specialty Holdings Ltd.
7.00%, 07/15/34		125		145,275
Everest Reinsurance Holdings Inc.
4.87%, 06/01/44		250		241,681
Hartford Financial Services Group Inc. (The)
5.95%, 10/15/36		545		635,987
6.10%, 10/01/41		165		198,277
6.63%, 03/30/40		159		200,190
Lincoln National Corp.
6.15%, 04/07/36		225		262,328
7.00%, 06/15/40		450		577,374
Loews Corp.
4.13%, 05/15/43 (Call 11/15/42)		419		378,404
6.00%, 02/01/35a		150		172,235
Marsh & McLennan Companies Inc.
3.75%, 03/14/26 (Call 12/14/25)		80		80,325
5.88%, 08/01/33		200		232,288
MetLife Inc.
4.05%, 03/01/45a		1,155		1,086,901
4.13%, 08/13/42		625		592,433
4.72%, 12/15/44		500		519,142
4.88%, 11/13/43		475		503,998
5.70%, 06/15/35		480		558,651
6.40%, 12/15/66 (Call 12/15/31)		715		779,350
6.50%, 12/15/32		451		564,686
Principal Financial Group Inc.
4.35%, 05/15/43		500		468,720
6.05%, 10/15/36		150		173,732
Progressive Corp. (The)
3.70%, 01/26/45		250		224,779
4.35%, 04/25/44		250		250,408
6.25%, 12/01/32		280		344,039
Protective Life Corp.
8.45%, 10/15/39		240		318,338
Prudential Financial Inc.
4.60%, 05/15/44a		325		328,101
5.40%, 06/13/35		465		507,022
5.70%, 12/14/36		401		454,896
5.80%, 11/16/41		100		115,430

Security	Principal (000s)		Value
5.90%, 03/17/36	$	210	$	241,598
6.20%, 11/15/40		100		120,107
Series D
6.63%, 12/01/37		885		1,104,802
Travelers Companies Inc. (The)
5.35%, 11/01/40		310		357,486
6.25%, 06/15/37		743		944,391
6.75%, 06/20/36		50		65,743
Travelers Property Casualty Corp.
6.38%, 03/15/33		104		130,361
Trinity Acquisition PLC
6.13%, 08/15/43		200		219,499
Unum Group
5.75%, 08/15/42		250		279,884
Validus Holdings Ltd.
8.88%, 01/26/40		223		289,137
Voya Financial Inc.
5.70%, 07/15/43		240		277,362
WR Berkley Corp.
6.25%, 02/15/37		300		351,381
XLIT Ltd.
5.50%, 03/31/45a		500		479,608
6.25%, 05/15/27		75		88,556
				27,258,632
INTERNET — 0.26%
Alibaba Group Holding Ltd.
4.50%, 11/28/34 (Call 05/28/34)b		600		569,033
Amazon.com Inc.
4.80%, 12/05/34 (Call 06/05/34)		325		341,807
4.95%, 12/05/44 (Call 06/05/44)		750		792,733
eBay Inc.
4.00%, 07/15/42 (Call 01/15/42)		400		311,378
				2,014,951
IRON & STEEL — 0.41%
Nucor Corp.
5.20%, 08/01/43 (Call 02/01/43)		200		203,210
6.40%, 12/01/37		250		289,475
Reliance Steel & Aluminum Co.
6.85%, 11/15/36		100		107,089
Vale Overseas Ltd.
6.88%, 11/21/36		1,630		1,331,491
6.88%, 11/10/39		815		657,849
8.25%, 01/17/34		387		369,792

SCHEDULEOF INVESTMENTS 43

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Vale SA
5.63%, 09/11/42a	$	285	$	202,525
				3,161,431
LEISURE TIME — 0.02%
Harley-Davidson Inc.
4.63%, 07/28/45 (Call 01/28/45)		150		147,256
				147,256
LODGING — 0.03%
Starwood Hotels & Resorts Worldwide Inc.
4.50%, 10/01/34 (Call 04/01/34)		230		203,405
				203,405
MACHINERY — 0.43%
Caterpillar Inc.
3.80%, 08/15/42		945		853,943
4.30%, 05/15/44 (Call 11/15/43)a		275		267,935
4.75%, 05/15/64 (Call 11/15/63)		200		195,912
5.20%, 05/27/41		550		606,348
6.05%, 08/15/36		100		119,119
Cummins Inc.
4.88%, 10/01/43 (Call 04/01/43)a		220		235,083
Deere & Co.
3.90%, 06/09/42 (Call 12/09/41)		725		688,108
5.38%, 10/16/29		175		205,026
8.10%, 05/15/30		50		71,524
Rockwell Automation Inc.
6.70%, 01/15/28		100		129,570
				3,372,568
MANUFACTURING — 0.86%
3M Co.
3.88%, 06/15/44		450		439,704
5.70%, 03/15/37		225		276,646
Dover Corp.
5.38%, 03/01/41 (Call 12/01/40)		343		396,927
Eaton Corp.
4.00%, 11/02/32a		798		767,477
4.15%, 11/02/42		100		92,937
General Electric Co.
4.13%, 10/09/42		535		522,648
4.50%, 03/11/44		1,320		1,369,606
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)		800		765,291
4.88%, 09/15/41 (Call 03/15/41)		150		164,465

Security	Principal (000s)		Value
Ingersoll-Rand Global Holding Co. Ltd.
5.75%, 06/15/43	$	225	$	246,176
Ingersoll-Rand Luxembourg Finance SA
4.65%, 11/01/44 (Call 05/01/44)		375		354,475
Parker-Hannifin Corp.
4.20%, 11/21/34 (Call 05/21/34)		325		333,885
4.45%, 11/21/44 (Call 05/21/44)a		215		224,257
Series A
6.25%, 05/15/38		100		128,135
Tyco Electronics Group SA
7.13%, 10/01/37		225		290,357
Tyco International Finance SA
3.90%, 02/14/26 (Call 11/14/25)		95		96,571
5.13%, 09/14/45 (Call 03/14/45)		239		251,154
				6,720,711
MEDIA — 5.59%
21st Century Fox America Inc.
4.75%, 09/15/44 (Call 03/15/44)		850		851,286
5.40%, 10/01/43		455		493,778
6.15%, 02/15/41		475		553,635
6.20%, 12/15/34		670		778,194
6.40%, 12/15/35		170		200,208
6.55%, 03/15/33		640		763,359
6.65%, 11/15/37		495		600,323
7.70%, 10/30/25		280		357,976
7.75%, 12/01/45		200		275,580
7.85%, 03/01/39		225		299,813
8.15%, 10/17/36		266		361,667
CBS Corp.
4.00%, 01/15/26 (Call 10/15/25)		500		495,776
4.60%, 01/15/45 (Call 07/15/44)		100		89,789
4.85%, 07/01/42 (Call 01/01/42)		130		122,753
4.90%, 08/15/44 (Call 02/15/44)a		100		93,561
5.50%, 05/15/33		650		661,737
5.90%, 10/15/40 (Call 04/15/40)		200		212,357
7.88%, 07/30/30		325		427,619
CCO Safari II LLC
6.38%, 10/23/35 (Call 04/23/35)b		690		709,764
6.48%, 10/23/45 (Call 04/23/45)b		1,630		1,681,067
6.83%, 10/23/55 (Call 04/23/55)b		315		318,195
Comcast Corp.
4.20%, 08/15/34 (Call 02/15/34)		1,050		1,044,553

44 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
4.25%, 01/15/33	$	1,335	$	1,336,561
4.50%, 01/15/43		693		705,005
4.60%, 08/15/45 (Call 02/15/45)		1,150		1,195,353
4.65%, 07/15/42		950		988,576
4.75%, 03/01/44		1,300		1,379,776
6.45%, 03/15/37		305		385,603
6.50%, 11/15/35		500		639,651
6.95%, 08/15/37		840		1,119,586
7.05%, 03/15/33		150		195,971
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
5.15%, 03/15/42a		1,300		1,231,793
6.35%, 03/15/40		325		353,070
6.38%, 03/01/41		460		499,363
Discovery Communications LLC
4.88%, 04/01/43		145		128,686
6.35%, 06/01/40		850		906,155
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)a		550		499,658
6.63%, 01/15/40		255		280,741
Historic TW Inc.
6.63%, 05/15/29		1,030		1,279,668
NBCUniversal Media LLC
4.45%, 01/15/43		800		810,092
5.95%, 04/01/41		510		622,174
6.40%, 04/30/40		400		512,824
TCI Communications Inc.
7.13%, 02/15/28		100		132,964
7.88%, 02/15/26		370		506,836
Thomson Reuters Corp.
5.50%, 08/15/35		150		155,698
5.65%, 11/23/43 (Call 05/23/43)		175		185,397
5.85%, 04/15/40		500		531,041
Time Warner Cable Inc.
4.50%, 09/15/42 (Call 03/15/42)		200		161,562
5.50%, 09/01/41 (Call 03/01/41)		471		426,526
5.88%, 11/15/40 (Call 05/15/40)		720		686,911
6.55%, 05/01/37		475		473,919
6.75%, 06/15/39		780		794,773
7.30%, 07/01/38		850		904,800
Time Warner Entertainment Co. LP
8.38%, 07/15/33		847		988,797
Time Warner Inc.
4.65%, 06/01/44 (Call 12/01/43)		1,500		1,456,087

Security	Principal (000s)		Value
4.85%, 07/15/45 (Call 01/15/45)	$	350	$	348,323
4.90%, 06/15/42		450		447,331
5.35%, 12/15/43		450		470,830
5.38%, 10/15/41		200		212,646
6.10%, 07/15/40		175		197,546
6.25%, 03/29/41		270		313,087
6.50%, 11/15/36		350		415,805
7.63%, 04/15/31		365		470,061
7.70%, 05/01/32		750		978,717
Verizon Communications Inc.
4.52%, 09/15/48		1,000		898,029
4.67%, 03/15/55		1,200		1,054,503
Viacom Inc.
4.38%, 03/15/43		800		605,331
4.50%, 02/27/42		125		98,400
4.85%, 12/15/34 (Call 06/15/34)		350		303,123
4.88%, 06/15/43 (Call 12/15/42)		200		162,015
5.25%, 04/01/44 (Call 10/01/43)		325		282,418
5.85%, 09/01/43 (Call 03/01/43)		575		536,204
6.88%, 04/30/36		330		342,386
Walt Disney Co. (The)
4.38%, 08/16/41		740		779,462
7.00%, 03/01/32		250		347,799
Series E
4.13%, 12/01/41		407		410,571
				43,543,194
METAL FABRICATE & HARDWARE — 0.14%
Precision Castparts Corp.
3.90%, 01/15/43 (Call 07/15/42)		200		188,768
4.20%, 06/15/35 (Call 12/15/34)		500		501,948
Valmont Industries Inc.
5.00%, 10/01/44 (Call 04/01/44)		250		219,265
5.25%, 10/01/54 (Call 04/01/54)		225		196,961
				1,106,942
MINING — 1.28%
Barrick Gold Corp.
5.25%, 04/01/42		550		445,462
Barrick North America Finance LLC
5.70%, 05/30/41		657		547,815
5.75%, 05/01/43		200		175,371
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39		505		432,396

SCHEDULEOF INVESTMENTS 45

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42	$	930	$	852,320
5.00%, 09/30/43		825		855,385
Freeport-McMoRan Inc.
5.40%, 11/14/34 (Call 05/14/34)		255		181,050
5.45%, 03/15/43 (Call 09/15/42)		1,025		726,469
Goldcorp Inc.
5.45%, 06/09/44 (Call 12/09/43)		300		276,785
Kinross Gold Corp.
6.88%, 09/01/41 (Call 03/01/41)		300		234,000
Newmont Mining Corp.
4.88%, 03/15/42 (Call 09/15/41)a		275		219,248
6.25%, 10/01/39		903		840,645
Rio Tinto Alcan Inc.
7.25%, 03/15/31		75		90,329
Rio Tinto Finance USA Ltd.
5.20%, 11/02/40		875		864,157
7.13%, 07/15/28		240		291,276
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)		970		849,268
Southern Copper Corp.
5.25%, 11/08/42		625		507,891
5.88%, 04/23/45		375		328,950
6.75%, 04/16/40		866		829,097
7.50%, 07/27/35a		390		405,523
Vale Canada Ltd.
7.20%, 09/15/32		50		40,631
				9,994,068
OFFICE & BUSINESS EQUIPMENT — 0.04%
Xerox Corp.
4.80%, 03/01/35a		150		129,710
6.75%, 12/15/39a		175		183,791
				313,501
OIL & GAS — 6.73%
Alberta Energy Co. Ltd.
7.38%, 11/01/31		180		170,878
8.13%, 09/15/30		175		182,259
Anadarko Finance Co.
7.50%, 05/01/31		400		485,554
Anadarko Petroleum Corp.
4.50%, 07/15/44 (Call 01/15/44)		325		298,503
6.20%, 03/15/40		805		869,873
6.45%, 09/15/36		745		833,156

Security	Principal (000s)		Value
Apache Corp.
4.25%, 01/15/44 (Call 07/15/43)	$	200	$	172,304
4.75%, 04/15/43 (Call 10/15/42)		1,025		945,307
5.10%, 09/01/40 (Call 03/01/40)		255		244,926
6.00%, 01/15/37		1,011		1,081,641
Burlington Resources Finance Co.
7.20%, 08/15/31		270		344,975
7.40%, 12/01/31		475		612,914
Canadian Natural Resources Ltd.
5.85%, 02/01/35		200		197,932
6.25%, 03/15/38		1,030		1,062,691
6.45%, 06/30/33		200		211,047
Cenovus Energy Inc.
4.45%, 09/15/42 (Call 03/15/42)		500		409,220
5.20%, 09/15/43 (Call 03/15/43)		250		224,933
6.75%, 11/15/39		445		464,532
CNOOC Nexen Finance 2014 ULC
4.88%, 04/30/44		1,200		1,225,198
Conoco Funding Co.
7.25%, 10/15/31		277		354,212
ConocoPhillips
6.50%, 02/01/39		780		953,224
ConocoPhillips Canada Funding Co. I
5.95%, 10/15/36		200		230,469
ConocoPhillips Co.
4.15%, 11/15/34 (Call 05/15/34)a		390		373,146
4.30%, 11/15/44 (Call 05/15/44)		725		691,454
ConocoPhillips Holding Co.
6.95%, 04/15/29		1,817		2,272,814
Continental Resources Inc./OK
4.90%, 06/01/44 (Call 12/01/43)		145		109,882
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		1,675		1,481,549
5.00%, 06/15/45 (Call 12/15/44)a		250		228,082
5.60%, 07/15/41 (Call 01/15/41)		125		119,900
7.95%, 04/15/32		80		96,263
Devon Financing Corp. LLC
7.88%, 09/30/31		247		294,892
Diamond Offshore Drilling Inc.
4.88%, 11/01/43 (Call 05/01/43)a		525		370,125
5.70%, 10/15/39a		150		116,250
Ecopetrol SA
5.38%, 06/26/26 (Call 03/26/26)		550		512,054
5.88%, 05/28/45		400		328,000

46 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
7.38%, 09/18/43	$	1,100	$	1,050,500
Encana Corp.
5.15%, 11/15/41 (Call 05/15/41)a		850		635,182
6.50%, 08/15/34		245		211,887
6.50%, 02/01/38		270		229,652
7.20%, 11/01/31		175		163,384
Eni USA Inc.
7.30%, 11/15/27		200		251,578
Ensco PLC
5.75%, 10/01/44 (Call 04/01/44)		650		503,750
EOG Resources Inc.
3.90%, 04/01/35 (Call 10/01/34)		396		382,371
Hess Corp.
5.60%, 02/15/41		275		266,311
6.00%, 01/15/40		200		198,970
7.13%, 03/15/33		300		334,696
7.30%, 08/15/31		1,175		1,324,178
7.88%, 10/01/29		150		179,411
Marathon Oil Corp.
5.20%, 06/01/45 (Call 12/01/44)		250		215,090
6.60%, 10/01/37		605		616,247
Marathon Petroleum Corp.
4.75%, 09/15/44 (Call 03/15/44)		600		536,028
5.00%, 09/15/54 (Call 03/15/54)		200		172,933
6.50%, 03/01/41 (Call 09/01/40)		240		258,954
Murphy Oil Corp.
5.13%, 12/01/42 (Call 06/01/42)		150		105,152
7.05%, 05/01/29		230		237,669
Nexen Energy ULC
6.40%, 05/15/37		564		666,571
7.50%, 07/30/39		375		495,549
7.88%, 03/15/32		160		212,290
Noble Energy Inc.
5.25%, 11/15/43 (Call 05/15/43)		570		518,047
6.00%, 03/01/41 (Call 09/01/40)		760		765,817
Noble Holding International Ltd.
5.25%, 03/15/42		500		315,000
6.05%, 03/01/41		100		66,000
6.20%, 08/01/40		30		19,800
6.95%, 04/01/45 (Call 10/01/44)		250		180,000
Occidental Petroleum Corp.
4.63%, 06/15/45 (Call 12/15/44)		180		186,007
Petro-Canada
5.35%, 07/15/33		100		105,037

Security	Principal (000s)		Value
6.80%, 05/15/38	$	776	$	952,713
Petroleos Mexicanos
4.50%, 01/23/26b		600		575,250
5.50%, 06/27/44		825		703,312
5.50%, 06/27/44b		1,750		1,487,500
5.63%, 01/23/46b		1,100		947,375
6.38%, 01/23/45		1,050		994,875
6.50%, 06/02/41		650		624,812
6.63%, 06/15/35		1,705		1,683,687
6.63%, 06/15/38		300		292,746
Phillips 66
4.65%, 11/15/34 (Call 05/15/34)		355		353,222
4.88%, 11/15/44 (Call 05/15/44)		1,250		1,237,530
5.88%, 05/01/42		295		328,491
Rowan Companies Inc.
5.85%, 01/15/44 (Call 07/15/43)		375		262,500
Shell International Finance BV
4.13%, 05/11/35		600		597,211
4.38%, 05/11/45		1,400		1,401,158
4.55%, 08/12/43		1,700		1,737,825
5.50%, 03/25/40		225		255,937
6.38%, 12/15/38		852		1,064,442
Statoil ASA
3.95%, 05/15/43		850		795,733
4.80%, 11/08/43		350		374,185
5.10%, 08/17/40		380		419,887
6.50%, 12/01/28b		100		126,650
6.80%, 01/15/28		75		95,106
7.15%, 01/15/29		100		129,642
Suncor Energy Inc.
5.95%, 12/01/34		150		167,981
6.50%, 06/15/38		442		528,487
6.85%, 06/01/39		645		802,923
Talisman Energy Inc.
5.50%, 05/15/42 (Call 11/15/41)		100		72,305
6.25%, 02/01/38		675		522,051
7.25%, 10/15/27		200		193,015
Tosco Corp.
7.80%, 01/01/27		250		326,890
Valero Energy Corp.
4.90%, 03/15/45		355		326,055
6.63%, 06/15/37		977		1,064,092
7.50%, 04/15/32		305		358,064

SCHEDULEOF INVESTMENTS 47

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
XTO Energy Inc.
6.75%, 08/01/37	$	400	$	566,841
				52,344,713
OIL & GAS SERVICES — 0.57%
Baker Hughes Inc.
5.13%, 09/15/40		240		241,843
6.88%, 01/15/29		600		727,160
Cameron International Corp.
5.13%, 12/15/43 (Call 06/15/43)		350		359,687
Halliburton Co.
4.50%, 11/15/41 (Call 05/15/41)		422		400,886
4.75%, 08/01/43 (Call 02/01/43)		625		607,130
7.45%, 09/15/39		585		769,586
National Oilwell Varco Inc.
3.95%, 12/01/42 (Call 06/01/42)a		505		405,079
Weatherford International Ltd./Bermuda
5.95%, 04/15/42 (Call 10/17/41)		231		153,615
6.50%, 08/01/36		476		330,820
6.75%, 09/15/40		175		122,500
7.00%, 03/15/38		450		321,750
				4,440,056
PACKAGING & CONTAINERS — 0.04%
Sonoco Products Co.
5.75%, 11/01/40 (Call 05/01/40)		273		292,092
				292,092
PHARMACEUTICALS — 4.17%
Abbott Laboratories
5.30%, 05/27/40		646		739,128
6.00%, 04/01/39a		425		520,912
AbbVie Inc.
4.40%, 11/06/42		1,460		1,328,943
4.50%, 05/14/35 (Call 11/14/34)		1,245		1,185,842
4.70%, 05/14/45 (Call 11/14/44)		1,000		956,920
Actavis Funding SCS
4.55%, 03/15/35 (Call 09/15/34)		1,325		1,260,983
4.75%, 03/15/45 (Call 09/15/44)a		1,775		1,691,238
4.85%, 06/15/44 (Call 12/15/43)		250		240,998
Actavis Inc.
4.63%, 10/01/42 (Call 04/01/42)		375		352,199
AmerisourceBergen Corp.
4.25%, 03/01/45 (Call 09/01/44)		450		408,614

Security	Principal (000s)		Value
AstraZeneca PLC
4.00%, 09/18/42	$	425	$	412,040
6.45%, 09/15/37		1,197		1,551,360
Baxalta Inc.
5.25%, 06/23/45 (Call 12/23/44)b		495		504,661
Bristol-Myers Squibb Co.
4.50%, 03/01/44 (Call 09/01/43)		318		339,537
5.88%, 11/15/36		795		977,274
Cardinal Health Inc.
4.50%, 11/15/44 (Call 05/15/44)		125		119,913
4.60%, 03/15/43		350		342,517
Eli Lilly & Co.
3.70%, 03/01/45 (Call 09/01/44)		370		347,273
5.50%, 03/15/27		570		689,797
5.55%, 03/15/37		152		182,199
Express Scripts Holding Co.
6.13%, 11/15/41		195		223,937
GlaxoSmithKline Capital Inc.
5.38%, 04/15/34		200		227,471
6.38%, 05/15/38		1,512		1,938,748
Johnson & Johnson
4.38%, 12/05/33 (Call 06/05/33)		1,625		1,768,094
4.50%, 09/01/40		200		217,632
4.50%, 12/05/43 (Call 06/05/43)		173		190,756
4.95%, 05/15/33		250		285,178
5.85%, 07/15/38		50		63,801
5.95%, 08/15/37		255		328,161
McKesson Corp.
4.88%, 03/15/44 (Call 09/15/43)		720		730,213
Mead Johnson Nutrition Co.
4.13%, 11/15/25		220		222,720
4.60%, 06/01/44 (Call 12/01/43)		180		165,518
5.90%, 11/01/39		300		335,693
Merck & Co. Inc.
3.70%, 02/10/45 (Call 08/10/44)		1,410		1,298,507
4.15%, 05/18/43		225		223,537
6.50%, 12/01/33		390		506,341
6.55%, 09/15/37		155		204,908
Merck Sharp & Dohme Corp.
5.75%, 11/15/36		700		849,476
5.95%, 12/01/28		650		819,798
Mylan Inc.
5.40%, 11/29/43 (Call 05/29/43)		230		223,837

48 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Novartis Capital Corp.
3.70%, 09/21/42	$	350	$	337,268
4.40%, 05/06/44		1,000		1,074,800
Perrigo Co. PLC
5.30%, 11/15/43 (Call 05/15/43)		250		238,094
Perrigo Finance PLC
4.90%, 12/15/44 (Call 06/15/44)		200		180,259
Pfizer Inc.
4.30%, 06/15/43		175		172,488
4.40%, 05/15/44a		270		269,128
7.20%, 03/15/39		1,779		2,440,239
Pharmacia Corp.
6.60%, 12/01/28		450		575,090
Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36a		450		494,738
Wyeth LLC
5.95%, 04/01/37		980		1,175,512
Zoetis Inc.
4.70%, 02/01/43 (Call 08/01/42)		572		504,795
				32,439,085
PIPELINES — 3.53%
Buckeye Partners LP
5.85%, 11/15/43 (Call 05/15/43)		500		450,028
CenterPoint Energy Resources Corp.
5.85%, 01/15/41 (Call 07/15/40)		255		290,666
Colonial Pipeline Co.
4.20%, 04/15/43 (Call 10/15/42)b		25		22,633
Enable Midstream Partners LP
5.00%, 05/15/44 (Call 11/15/43)b		125		86,886
Enbridge Energy Partners LP Series B
7.50%, 04/15/38		510		534,480
Enbridge Inc.
4.50%, 06/10/44 (Call 12/10/43)		200		147,502
Energy Transfer Partners LP
4.75%, 01/15/26 (Call 10/15/25)		650		595,487
4.90%, 03/15/35 (Call 09/15/34)		250		200,631
5.15%, 02/01/43 (Call 08/01/42)		305		241,667
5.15%, 03/15/45 (Call 09/15/44)		500		398,843
6.05%, 06/01/41 (Call 12/01/40)		110		97,159
6.13%, 12/15/45 (Call 06/15/45)		100		89,523
6.50%, 02/01/42 (Call 08/01/41)		1,230		1,130,278

Security	Principal (000s)		Value
6.63%, 10/15/36	$	165	$	154,979
8.25%, 11/15/29 (Call 08/15/29)		50		60,710
EnLink Midstream Partners LP
5.60%, 04/01/44 (Call 10/01/43)		225		193,979
Enterprise Products Operating LLC
3.70%, 02/15/26 (Call 11/15/25)a		600		570,220
4.45%, 02/15/43 (Call 08/15/42)		825		702,247
4.85%, 08/15/42 (Call 02/15/42)		125		113,024
4.85%, 03/15/44 (Call 09/15/43)		850		766,550
4.90%, 05/15/46 (Call 11/15/45)		395		359,580
4.95%, 10/15/54 (Call 04/15/54)		950		820,582
5.10%, 02/15/45 (Call 08/15/44)		125		117,066
5.70%, 02/15/42a		470		471,875
5.95%, 02/01/41		175		180,327
6.13%, 10/15/39		134		140,131
7.55%, 04/15/38		100		123,119
Series D
6.88%, 03/01/33		250		286,857
Series H
6.65%, 10/15/34		100		112,922
Kinder Morgan Energy Partners LP
4.70%, 11/01/42 (Call 05/01/42)		90		66,864
5.00%, 08/15/42 (Call 02/15/42)		250		195,088
5.40%, 09/01/44 (Call 03/01/44)		360		293,922
5.50%, 03/01/44 (Call 09/01/43)		500		414,953
5.80%, 03/15/35		900		793,253
6.38%, 03/01/41		230		207,519
6.55%, 09/15/40		100		91,230
6.95%, 01/15/38		522		506,447
7.40%, 03/15/31a		100		97,838
7.50%, 11/15/40		405		423,338
7.75%, 03/15/32		100		101,005
Kinder Morgan Inc./DE
5.05%, 02/15/46 (Call 08/15/45)a		325		256,155
5.30%, 12/01/34 (Call 06/01/34)		2,050		1,735,523
5.55%, 06/01/45 (Call 12/01/44)		1,700		1,426,874
Magellan Midstream Partners LP
4.20%, 03/15/45 (Call 09/15/44)		200		163,323
5.15%, 10/15/43 (Call 04/15/43)		500		482,762
ONEOK Partners LP
6.13%, 02/01/41 (Call 08/01/40)		580		499,471
6.65%, 10/01/36		50		45,691
6.85%, 10/15/37		450		417,816

SCHEDULEOF INVESTMENTS 49

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Plains All American Pipeline LP/PAA Finance Corp.
4.70%, 06/15/44 (Call 12/15/43)	$	250	$	213,657
4.90%, 02/15/45 (Call 08/15/44)		325		286,481
5.15%, 06/01/42 (Call 12/01/41)		550		492,261
6.65%, 01/15/37		325		340,515
Spectra Energy Capital LLC
7.50%, 09/15/38		240		255,272
Spectra Energy Partners LP
4.50%, 03/15/45 (Call 09/15/44)		250		209,321
5.95%, 09/25/43 (Call 03/25/43)		225		225,290
Sunoco Logistics Partners Operations LP
4.95%, 01/15/43 (Call 07/15/42)		750		564,808
5.30%, 04/01/44 (Call 10/01/43)		275		215,144
6.10%, 02/15/42		300		258,447
Texas Eastern Transmission LP
7.00%, 07/15/32		450		545,895
TransCanada PipeLines Ltd.
4.63%, 03/01/34 (Call 12/01/33)		1,005		961,215
5.00%, 10/16/43 (Call 04/16/43)		314		305,245
5.60%, 03/31/34		100		104,821
5.85%, 03/15/36		100		106,926
6.20%, 10/15/37		334		373,190
7.25%, 08/15/38		305		376,582
7.63%, 01/15/39		1,000		1,313,121
Transcontinental Gas Pipe Line Co. LLC
4.45%, 08/01/42 (Call 02/01/42)		635		474,737
5.40%, 08/15/41 (Call 02/15/41)		26		22,328
Western Gas Partners LP
5.45%, 04/01/44 (Call 10/01/43)		200		177,877
Williams Companies Inc. (The)
5.75%, 06/24/44 (Call 12/24/43)		100		73,500
7.50%, 01/15/31		375		337,500
8.75%, 03/15/32		318		310,050
Williams Partners LP
4.90%, 01/15/45 (Call 07/15/44)		745		549,938
5.40%, 03/04/44 (Call 09/04/43)		600		473,747
6.30%, 04/15/40		240		210,594
				27,457,485
REAL ESTATE INVESTMENT TRUSTS — 0.63%
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		550		550,852

Security	Principal (000s)		Value
Federal Realty Investment Trust
4.50%, 12/01/44 (Call 06/01/44)	$	100	$	98,561
HCP Inc.
6.75%, 02/01/41 (Call 08/01/40)		225		275,386
Kimco Realty Corp.
4.25%, 04/01/45 (Call 10/01/44)		250		228,079
Omega Healthcare Investors Inc.
4.50%, 04/01/27 (Call 01/01/27)b		275		261,953
Realty Income Corp.
5.88%, 03/15/35		250		282,279
Simon Property Group LP
4.75%, 03/15/42 (Call 09/15/41)a		696		728,969
6.75%, 02/01/40 (Call 11/01/39)		425		561,425
Ventas Realty LP
4.38%, 02/01/45 (Call 08/01/44)a		500		452,925
Welltower Inc.
5.13%, 03/15/43 (Call 09/15/42)		165		168,269
6.50%, 03/15/41 (Call 09/15/40)		250		293,493
Weyerhaeuser Co.
6.95%, 10/01/27		275		329,515
7.38%, 03/15/32		525		654,458
				4,886,164
RETAIL — 3.93%
Bed Bath & Beyond Inc.
4.92%, 08/01/34 (Call 02/01/34)		375		335,758
5.17%, 08/01/44 (Call 02/01/44)		150		134,054
CVS Health Corp.
4.88%, 07/20/35 (Call 01/20/35)		750		786,875
5.13%, 07/20/45 (Call 01/20/45)		1,500		1,605,630
6.13%, 09/15/39		725		865,234
6.25%, 06/01/27		450		547,720
Darden Restaurants Inc.
7.05%, 10/15/37		280		317,842
Home Depot Inc. (The)
4.25%, 04/01/46 (Call 10/01/45)		650		657,718
4.40%, 03/15/45 (Call 09/15/44)		755		782,680
4.88%, 02/15/44 (Call 08/15/43)		385		424,673
5.88%, 12/16/36		1,111		1,366,335
5.95%, 04/01/41 (Call 10/01/40)		1,085		1,364,825
Kohl’s Corp.
5.55%, 07/17/45 (Call 01/17/45)		100		96,333
Lowe’s Companies Inc.
4.65%, 04/15/42 (Call 10/15/41)		414		435,859
5.00%, 09/15/43 (Call 03/15/43)a		669		739,303

50 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
5.80%, 04/15/40 (Call 10/15/39)	$	690	$	825,239
6.65%, 09/15/37		156		202,883
6.88%, 02/15/28		650		838,691
Macy’s Retail Holdings Inc.
4.30%, 02/15/43 (Call 08/15/42)		76		62,353
4.50%, 12/15/34 (Call 06/15/34)		200		181,801
5.13%, 01/15/42 (Call 07/15/41)a		250		229,274
6.38%, 03/15/37		300		321,339
6.70%, 07/15/34		250		281,293
6.90%, 04/01/29		550		666,217
McDonald’s Corp.
3.70%, 02/15/42		1,327		1,103,290
4.60%, 05/26/45 (Call 11/26/44)a		304		292,585
5.70%, 02/01/39		50		55,215
6.30%, 10/15/37		360		426,775
6.30%, 03/01/38		339		403,495
Nordstrom Inc.
5.00%, 01/15/44 (Call 07/15/43)		306		328,050
6.95%, 03/15/28		300		374,608
QVC Inc.
5.45%, 08/15/34 (Call 02/15/34)		300		264,893
Starbucks Corp.
4.30%, 06/15/45 (Call 12/15/44)		250		254,594
Target Corp.
4.00%, 07/01/42		985		955,085
6.50%, 10/15/37		897		1,171,016
Tiffany & Co.
4.90%, 10/01/44 (Call 04/01/44)		200		187,104
Wal-Mart Stores Inc.
4.00%, 04/11/43 (Call 10/11/42)		1,300		1,253,762
4.30%, 04/22/44 (Call 10/22/43)		850		862,510
4.88%, 07/08/40		150		163,034
5.00%, 10/25/40		325		359,632
5.25%, 09/01/35		1,015		1,169,352
5.63%, 04/15/41		250		300,076
6.20%, 04/15/38		1,896		2,405,081
6.50%, 08/15/37		1,784		2,329,381
7.55%, 02/15/30		500		703,080
Walgreen Co.
4.40%, 09/15/42		125		109,948
Walgreens Boots Alliance Inc.
4.50%, 11/18/34 (Call 05/18/34)		100		92,857
4.80%, 11/18/44 (Call 05/18/44)		1,050		974,069
				30,609,421

Security	Principal (000s)		Value
SEMICONDUCTORS — 0.57%
Applied Materials Inc.
5.10%, 10/01/35 (Call 04/01/35)	$	70	$	70,513
5.85%, 06/15/41		554		601,324
Broadcom Corp.
4.50%, 08/01/34 (Call 02/01/34)		240		238,784
Intel Corp.
4.00%, 12/15/32		365		357,013
4.80%, 10/01/41		1,225		1,273,209
4.90%, 07/29/45 (Call 01/29/45)		710		740,508
KLA-Tencor Corp.
5.65%, 11/01/34 (Call 07/01/34)		190		188,039
QUALCOMM Inc.
4.65%, 05/20/35 (Call 11/20/34)		500		453,923
4.80%, 05/20/45 (Call 11/20/44)		600		517,900
				4,441,213
SOFTWARE — 1.58%
Microsoft Corp.
3.50%, 02/12/35 (Call 08/12/34)		740		686,809
3.50%, 11/15/42		350		312,189
3.75%, 05/01/43 (Call 11/01/42)a		350		324,462
3.75%, 02/12/45 (Call 08/12/44)		150		137,029
4.00%, 02/12/55 (Call 08/12/54)		1,500		1,342,056
4.20%, 11/03/35		500		503,993
4.50%, 10/01/40		380		393,318
4.88%, 12/15/43 (Call 06/15/43)a		489		535,021
5.20%, 06/01/39		311		350,231
5.30%, 02/08/41		600		687,838
Oracle Corp.
3.25%, 05/15/30 (Call 02/15/30)		1,666		1,555,214
3.90%, 05/15/35 (Call 11/15/34)		750		710,612
4.13%, 05/15/45 (Call 11/15/44)		350		330,304
4.30%, 07/08/34 (Call 01/08/34)		1,450		1,448,124
4.38%, 05/15/55 (Call 11/15/54)		250		232,926
4.50%, 07/08/44 (Call 01/08/44)		700		701,082
5.38%, 07/15/40		690		773,900
6.13%, 07/08/39		1,070		1,305,622
				12,330,730
TELECOMMUNICATIONS — 7.37%
Alltel Corp.
7.88%, 07/01/32		190		237,851
America Movil SAB de CV
4.38%, 07/16/42a		850		782,693

SCHEDULEOF INVESTMENTS 51

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
6.13%, 11/15/37	$	125	$	140,133
6.13%, 03/30/40		1,300		1,476,907
6.38%, 03/01/35		125		144,269
AT&T Corp.
8.25%, 11/15/31		925		1,267,707
AT&T Inc.
4.30%, 12/15/42 (Call 06/15/42)		354		306,556
4.35%, 06/15/45 (Call 12/15/44)		668		578,129
4.50%, 05/15/35 (Call 11/15/34)		1,285		1,197,850
4.75%, 05/15/46 (Call 11/15/45)		740		681,885
4.80%, 06/15/44 (Call 12/15/43)		2,300		2,134,653
5.35%, 09/01/40		925		919,906
5.55%, 08/15/41		270		276,341
6.15%, 09/15/34		700		758,136
6.30%, 01/15/38		1,576		1,749,349
6.40%, 05/15/38		350		390,892
6.45%, 06/15/34		600		677,935
6.50%, 09/01/37		355		404,692
6.55%, 02/15/39		620		707,520
AT&T Mobility LLC
7.13%, 12/15/31		400		491,280
BellSouth Corp.
6.55%, 06/15/34		500		545,925
6.88%, 10/15/31		300		342,055
British Telecommunications PLC
9.63%, 12/15/30		1,050		1,582,591
Cisco Systems Inc.
5.50%, 01/15/40		1,450		1,705,227
5.90%, 02/15/39		274		333,948
Corning Inc.
4.70%, 03/15/37		75		75,106
4.75%, 03/15/42a		275		269,317
5.75%, 08/15/40		40		46,824
7.25%, 08/15/36 (Call 08/15/26)		200		240,112
Deutsche Telekom International Finance BV
8.75%, 06/15/30a		1,524		2,171,011
9.25%, 06/01/32		205		307,262
Embarq Corp.
8.00%, 06/01/36a		525		553,875
GTE Corp.
6.94%, 04/15/28		200		238,701
Harris Corp.
4.85%, 04/27/35 (Call 10/27/34)		230		224,730

Security	Principal (000s)		Value
5.05%, 04/27/45 (Call 10/27/44)	$	150	$	146,495
6.15%, 12/15/40		100		110,388
Juniper Networks Inc.
5.95%, 03/15/41		345		338,775
Koninklijke KPN NV
8.38%, 10/01/30		205		268,124
Motorola Solutions Inc.
5.50%, 09/01/44		250		202,727
New Cingular Wireless Services Inc.
8.75%, 03/01/31		605		850,751
Orange SA
5.38%, 01/13/42		250		271,683
5.50%, 02/06/44 (Call 08/06/43)a		700		778,141
9.00%, 03/01/31		1,155		1,670,774
Pacific Bell Telephone Co.
7.13%, 03/15/26		700		867,249
Qwest Corp.
6.88%, 09/15/33 (Call 11/30/15)		961		951,390
7.13%, 11/15/43 (Call 11/30/15)		375		366,112
Rogers Communications Inc.
5.00%, 03/15/44 (Call 09/15/43)		520		527,836
7.50%, 08/15/38		490		636,266
Telefonica Emisiones SAU
7.05%, 06/20/36		1,175		1,398,869
Telefonica Europe BV
8.25%, 09/15/30		437		571,052
Verizon Communications Inc.
3.85%, 11/01/42 (Call 05/01/42)		450		376,125
4.40%, 11/01/34 (Call 05/01/34)		1,875		1,759,958
4.75%, 11/01/41		490		461,425
4.86%, 08/21/46		2,700		2,576,367
5.01%, 08/21/54		3,300		3,062,489
5.05%, 03/15/34 (Call 12/15/33)		1,075		1,087,747
5.85%, 09/15/35		555		608,783
6.00%, 04/01/41		300		332,717
6.40%, 09/15/33		700		812,149
6.40%, 02/15/38		380		440,838
6.55%, 09/15/43		4,175		5,006,453
6.90%, 04/15/38		955		1,168,606
7.35%, 04/01/39		400		504,196
7.75%, 12/01/30		965		1,296,579
7.75%, 06/15/32		450		574,284

52 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Verizon Florida LLC Series E
6.86%, 02/01/28a	$	450	$	425,013
Verizon Maryland LLC Series B
5.13%, 06/15/33		650		641,435
Vodafone Group PLC
4.38%, 02/19/43a		380		331,537
6.15%, 02/27/37		1,111		1,187,852
6.25%, 11/30/32		450		484,973
7.88%, 02/15/30		234		291,091
				57,348,617
TEXTILES — 0.05%
Cintas Corp. No. 2
6.15%, 08/15/36		332		398,384
				398,384
TOYS, GAMES & HOBBIES — 0.09%
Hasbro Inc.
5.10%, 05/15/44 (Call 11/15/43)		140		136,506
6.35%, 03/15/40		350		391,678
Mattel Inc.
5.45%, 11/01/41 (Call 05/01/41)		175		171,664
				699,848
TRANSPORTATION — 2.62%
Burlington Northern Santa Fe LLC
4.15%, 04/01/45 (Call 10/01/44)		500		470,052
4.38%, 09/01/42 (Call 03/01/42)		380		367,452
4.40%, 03/15/42 (Call 09/15/41)		321		311,716
4.55%, 09/01/44 (Call 03/01/44)		350	��	347,759
4.70%, 09/01/45 (Call 03/01/45)		400		407,027
4.90%, 04/01/44 (Call 10/01/43)		1,250		1,304,560
5.15%, 09/01/43 (Call 03/01/43)		275		295,693
5.40%, 06/01/41 (Call 12/01/40)		270		297,242
5.75%, 05/01/40 (Call 11/01/39)		450		513,335
6.15%, 05/01/37		150		179,006
6.20%, 08/15/36		350		418,631
Canadian National Railway Co.
3.50%, 11/15/42 (Call 05/15/42)		295		266,685
4.50%, 11/07/43 (Call 05/07/43)		250		264,277
6.20%, 06/01/36		170		215,991
6.25%, 08/01/34		50		63,131
6.38%, 11/15/37		158		206,541
6.90%, 07/15/28		525		703,472

Security	Principal (000s)		Value
Canadian Pacific Railway Co.
3.70%, 02/01/26 (Call 11/01/25)	$	600	$	605,926
4.80%, 09/15/35 (Call 03/15/35)		105		107,668
4.80%, 08/01/45 (Call 02/01/45)		100		101,736
5.75%, 01/15/42		200		227,175
7.13%, 10/15/31		440		551,995
Con–way Inc.
6.70%, 05/01/34		125		83,750
CSX Corp.
3.95%, 05/01/50 (Call 11/01/49)		350		302,198
4.10%, 03/15/44 (Call 09/15/43)		950		875,125
4.40%, 03/01/43 (Call 09/01/42)		126		121,527
4.50%, 08/01/54 (Call 02/01/54)		325		303,049
4.75%, 05/30/42 (Call 11/30/41)		237		239,836
5.50%, 04/15/41 (Call 10/15/40)		70		77,846
6.00%, 10/01/36		240		279,141
6.22%, 04/30/40		105		125,662
FedEx Corp.
3.88%, 08/01/42		200		174,191
3.90%, 02/01/35		1,085		995,146
4.10%, 02/01/45		250		225,173
4.50%, 02/01/65		75		66,424
4.75%, 11/15/45 (Call 05/15/45)		160		159,233
4.90%, 01/15/34		225		232,125
5.10%, 01/15/44		150		156,906
Kansas City Southern Railway Co. (The)
4.30%, 05/15/43 (Call 11/15/42)		150		137,748
4.95%, 08/15/45 (Call 02/15/45)		500		500,723
Norfolk Southern Corp.
4.45%, 06/15/45 (Call 12/15/44)		430		415,555
4.65%, 01/15/46		140		140,657
4.80%, 08/15/43 (Call 02/15/43)		970		986,278
4.84%, 10/01/41		428		435,432
6.00%, 05/23/11		425		464,247
NorthWestern Corp.
4.18%, 11/15/44 (Call 05/15/44)		150		145,238
Union Pacific Corp.
3.38%, 02/01/35 (Call 08/01/34)		500		457,048
3.88%, 02/01/55 (Call 08/01/54)		780		701,086
4.05%, 11/15/45		220		216,985
4.15%, 01/15/45 (Call 07/15/44)		75		74,871
4.30%, 06/15/42 (Call 12/15/41)		250		255,939
4.75%, 12/15/43 (Call 06/15/43)		100		109,458

SCHEDULEOF INVESTMENTS 53

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
4.82%, 02/01/44 (Call 08/01/43)a	$	433	$	479,072
6.63%, 02/01/29		307		407,943
United Parcel Service Inc.
4.88%, 11/15/40 (Call 05/15/40)		517		578,626
6.20%, 01/15/38		837		1,082,888
United Parcel Service of America Inc.
8.38%, 04/01/30d		100		141,025
				20,375,221
TRUCKING & LEASING — 0.03%
GATX Corp.
5.20%, 03/15/44 (Call 09/15/43)		250		252,197
				252,197
WATER — 0.20%
American Water Capital Corp.
4.30%, 09/01/45 (Call 03/01/45)		500		509,205
6.59%, 10/15/37		223		291,773
United Utilities PLC
6.88%, 08/15/28		350		409,554
Veolia Environnement SA
6.75%, 06/01/38		250		307,248
				1,517,780
TOTAL CORPORATE BONDS & NOTES
(Cost: $671,680,847)				634,166,023
FOREIGN GOVERNMENT OBLIGATIONSe — 7.25%
BRAZIL — 0.70%
Brazilian Government International Bond
5.00%, 01/27/45a		1,450		1,096,925
5.63%, 01/07/41		800		650,000
7.13%, 01/20/37a		1,680		1,632,120
8.25%, 01/20/34a		630		672,525
10.13%, 05/15/27		1,086		1,433,520
				5,485,090
CANADA — 0.20%
Province of British Columbia Canada
6.50%, 01/15/26		200		263,169
Province of Quebec Canada
7.50%, 09/15/29		900		1,314,090
				1,577,259
CHILE — 0.07%
Chile Government International Bond
3.63%, 10/30/42a		600		529,559
				529,559

Security	Principal (000s)		Value
COLOMBIA — 0.63%
Colombia Government International Bond
5.00%, 06/15/45 (Call 12/15/44)	$	650	$	580,995
5.63%, 02/26/44 (Call 08/26/43)		2,600		2,526,325
6.13%, 01/18/41		750		773,929
7.38%, 09/18/37a		900		1,049,597
				4,930,846
ISRAEL — 0.05%
Israel Government International Bond
4.50%, 01/30/43		400		405,500
				405,500
ITALY — 0.19%
Italy Government International Bond
5.38%, 06/15/33		967		1,109,511
Region of Lombardy Italy
5.80%, 10/25/32		305		331,593
				1,441,104
MEXICO — 1.35%
Mexico Government International Bond
4.60%, 01/23/46		1,350		1,250,361
4.75%, 03/08/44		1,890		1,794,021
5.55%, 01/21/45		800		846,762
5.75%, 10/12/49		2,030		1,981,894
6.05%, 01/11/40		1,270		1,438,438
6.75%, 09/27/34		1,175		1,444,233
7.50%, 04/08/33		477		634,057
8.30%, 08/15/31		755		1,109,598
				10,499,364
PANAMA — 0.42%
Panama Government International Bond
6.70%, 01/26/36		1,230		1,515,020
7.13%, 01/29/26a		700		884,927
9.38%, 04/01/29		580		855,581
				3,255,528
PERU — 0.48%
Peruvian Government International Bond
4.13%, 08/25/27		200		200,986
5.63%, 11/18/50		1,375		1,487,541

54 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
6.55%, 03/14/37a	$	495	$	595,824
8.75%, 11/21/33		1,000		1,457,833
				3,742,184
PHILIPPINES — 1.02%
Philippine Government International Bond
3.95%, 01/20/40a		700		724,500
5.00%, 01/13/37		1,600		1,898,000
5.50%, 03/30/26		1,600		1,916,000
6.38%, 01/15/32		1,000		1,305,000
6.38%, 10/23/34		800		1,069,000
7.75%, 01/14/31		200		288,000
9.50%, 02/02/30		450		724,500
				7,925,000
SOUTH AFRICA — 0.13%
South Africa Government International Bond
5.38%, 07/24/44		800		786,000
6.25%, 03/08/41		200		222,500
				1,008,500
SOUTH KOREA — 0.16%
Export-Import Bank of Korea
3.25%, 08/12/26a		450		454,011
Republic of Korea
4.13%, 06/10/44a		700		803,553
				1,257,564
SUPRANATIONAL — 0.35%
Asian Development Bank
5.82%, 06/16/28		310		398,664
European Investment Bank
4.88%, 02/15/36a		755		952,493
Inter-American Development Bank
3.20%, 08/07/42a		375		370,743
3.88%, 10/28/41		245		271,555
4.38%, 01/24/44		250		299,934
International Bank for Reconstruction & Development
4.75%, 02/15/35		350		432,535
				2,725,924
TURKEY — 1.23%
Turkey Government International Bond
4.88%, 04/16/43		500		450,875

Security	Principal (000s)		Value
6.63%, 02/17/45	$	2,600	$	2,999,750
6.75%, 05/30/40a		600		686,400
6.88%, 03/17/36		900		1,038,375
7.25%, 03/05/38a		800		964,000
8.00%, 02/14/34a		1,700		2,184,500
11.88%, 01/15/30		750		1,253,625
				9,577,525
URUGUAY — 0.27%
Uruguay Government International Bond
4.13%, 11/20/45		200		162,500
5.10%, 06/18/50		1,600		1,448,000
7.63%, 03/21/36a		365		463,550
				2,074,050
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $60,391,417)				56,434,997
MUNICIPAL DEBT OBLIGATIONS — 8.58%
CALIFORNIA — 2.74%
Alameda County Joint Powers Authority RB BAB
7.05%, 12/01/44		135		175,865
Bay Area Toll Authority RB BAB
6.26%, 04/01/49		650		868,075
Series S1
7.04%, 04/01/50		750		1,035,277
California State Public Works Board RB BAB Series G-2
8.36%, 10/01/34		360		515,653
City of Los Angeles Department of Airports RB BAB
6.58%, 05/15/39		280		363,706
City of San Francisco CA Public Utilities Commission Water Revenue RB BAB
6.95%, 11/01/50		540		739,022
County of Sonoma CA RB Series A
6.00%, 12/01/29(GTD)		150		176,969
East Bay Municipal Utility District Water System Revenue RB BAB Series B
5.87%, 06/01/40		510		646,848

SCHEDULEOF INVESTMENTS 55

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Los Angeles Community College District/CA GO BAB
6.75%, 08/01/49	$	400	$	570,556
Los Angeles County Metropolitan Transportation Authority RB BAB Series A
5.74%, 06/01/39		300		365,949
Los Angeles County Public Works Financing Authority RB BAB
7.62%, 08/01/40		300		410,403
Los Angeles Department of Water & Power RB BAB
6.57%, 07/01/45		725		980,156
6.60%, 07/01/50		300		401,517
Los Angeles Unified School District/CA GO BAB
5.75%, 07/01/34		800		957,872
6.76%, 07/01/34		550		722,529
Regents of the University of California Medical Center Pooled Revenue RB BAB
6.55%, 05/15/48		300		388,788
San Diego County Regional Transportation Commission RB BAB
5.91%, 04/01/48		460		585,594
San Diego County Water Authority Financing Corp. RB BAB
6.14%, 05/01/49		490		613,240
State of California GO BAB
7.30%, 10/01/39		920		1,305,673
7.35%, 11/01/39		450		638,321
7.50%, 04/01/34		2,250		3,185,685
7.55%, 04/01/39		900		1,328,382
7.60%, 11/01/40		900		1,347,606
7.95%, 03/01/36 (Call 03/01/20)		500		597,475
University of California RB
Series AD
4.86%, 05/15/12		380		360,947
Series AN
4.77%, 05/15/44 (Call 05/15/24)a		650		657,755
University of California RB BAB
5.77%, 05/15/43		350		428,274

Security	Principal (000s)		Value
5.95%, 05/15/45	$	800	$	970,752
				21,338,889
COLORADO — 0.12%
Colorado Bridge Enterprise RB BAB Series A
6.08%, 12/01/40		300		377,259
Denver City & County School District No. 1 COP Series B
7.02%, 12/15/37		435		576,936
				954,195
CONNECTICUT — 0.17%
State of Connecticut GO Series A
5.85%, 03/15/32		200		236,180
State of Connecticut GO BAB
5.09%, 10/01/30		200		223,700
5.63%, 12/01/29		720		836,367
				1,296,247
DISTRICT OF COLUMBIA — 0.03%
District of Columbia Water & Sewer Authority RB
4.81%, 10/01/14		200		199,868
				199,868
GEORGIA — 0.26%
Municipal Electric Authority of Georgia RB BAB
Project J, Series 2010A
6.64%, 04/01/57		375		446,104
Project P, Series 2010A
7.06%, 04/01/57		1,125		1,214,786
State of Georgia GO BAB Series H
4.50%, 11/01/25		300		338,472
				1,999,362
ILLINOIS — 1.02%
Chicago Transit Authority RB
Series A
6.90%, 12/01/40		650		726,836
Series B
6.90%, 12/01/40		225		253,168

56 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Chicago Transit Authority RB BAB Series B
6.20%, 12/01/40	$	220	$	233,950
City of Chicago IL GO Series C
7.78%, 01/01/35		760		810,282
City of Chicago IL Wastewater Transmission Revenue RB BAB Series B
6.90%, 01/01/40		200		222,144
Illinois State Toll Highway Authority RB BAB
6.18%, 01/01/34		480		600,514
Metropolitan Water Reclamation District of Greater Chicago GOL BAB
5.72%, 12/01/38		630		720,367
State of Illinois GO
5.10%, 06/01/33a		3,765		3,473,212
5.65%, 12/01/38		725		674,482
State of Illinois GO BAB Series 3
6.73%, 04/01/35		200		205,922
				7,920,877
KANSAS — 0.04%
State of Kansas Department of Transportation RB BAB
4.60%, 09/01/35		300		331,014
				331,014
KENTUCKY — 0.02%
Louisville & Jefferson County Metropolitan Sewer District RB BAB
6.25%, 05/15/43		145		186,817
				186,817
MARYLAND — 0.03%
Maryland State Transportation Authority RB BAB
5.89%, 07/01/43		200		243,866
				243,866
MASSACHUSETTS — 0.32%
Commonwealth of Massachusetts GOL BAB
4.91%, 05/01/29		290		336,455

Security	Principal (000s)		Value
Series E
5.46%, 12/01/39	$	845	$	1,020,380
Commonwealth of Massachusetts Transportation Fund Revenue RB BAB Series A
5.73%, 06/01/40		300		376,068
Massachusetts Clean Water Trust (The) RB BAB Series B
5.19%, 08/01/40		150		172,426
Massachusetts School Building Authority RB BAB
5.72%, 08/15/39		450		550,755
				2,456,084
MISSOURI — 0.14%
Missouri Highway & Transportation Commission RB BAB
5.45%, 05/01/33		500		584,515
University of Missouri RB BAB
5.79%, 11/01/41		400		511,156
				1,095,671
NEW JERSEY — 0.61%
New Jersey Economic Development Authority RB Series A
7.43%, 02/15/29 (NPFGC)		675		760,664
New Jersey State Turnpike Authority RB BAB
7.10%, 01/01/41		1,375		1,864,857
Series F
7.41%, 01/01/40		250		349,665
New Jersey Transportation Trust Fund Authority RB BAB
Series C
5.75%, 12/15/28		1,020		1,059,913
Rutgers The State University of New Jersey RB BAB
5.67%, 05/01/40		600		698,658
				4,733,757
NEW YORK — 1.42%
City of New York NY GO BAB
5.85%, 06/01/40		510		637,791
5.99%, 12/01/36		145		176,584
6.27%, 12/01/37		625		798,425

SCHEDULEOF INVESTMENTS 57

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Housing Development Corp./NY
3.71%, 02/15/48a	$	650	$	667,765
Metropolitan Transportation Authority RB BAB
6.09%, 11/15/40		250		314,398
6.67%, 11/15/39		385		496,727
Series A
5.87%, 11/15/39		100		120,161
Series C-1
6.69%, 11/15/40		275		359,642
Series E
6.81%, 11/15/40		400		520,832
New York City Transitional Finance Authority Future Tax Secured Revenue RB
5.27%, 05/01/27		600		690,834
New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB
5.51%, 08/01/37		200		240,160
5.57%, 11/01/38		250		300,575
New York City Water & Sewer System RB BAB
5.44%, 06/15/43		575		687,205
5.75%, 06/15/41		275		345,433
5.88%, 06/15/44		350		450,051
6.01%, 06/15/42		300		381,924
New York State Dormitory Authority RB BAB
5.39%, 03/15/40		625		750,006
5.50%, 03/15/30		200		234,888
5.63%, 03/15/39		200		240,944
Port Authority of New York & New Jersey RB
4.46%, 10/01/62		835		809,524
4.93%, 10/01/51		500		527,825
Series 182
5.31%, 08/01/46 (Call 08/01/24)		1,250		1,331,212
				11,082,906
OHIO — 0.29%
American Municipal Power Inc. RB BAB
7.50%, 02/15/50		570		757,980
8.08%, 02/15/50		500		717,295

Security	Principal (000s)		Value
Ohio State University (The) RB Series A
4.80%, 06/01/11	$	200	$	194,726
Ohio State University (The) RB BAB
4.91%, 06/01/40		550		617,095
				2,287,096
OREGON — 0.14%
Oregon School Boards Association GOL
Series B
5.55%, 06/30/28(NPFGC)		250		290,715
5.68%, 06/30/28(NPFGC)		500		600,735
State of Oregon Department of Transportation RB BAB Series 2010A
5.83%, 11/15/34		175		220,656
				1,112,106
PENNSYLVANIA — 0.13%
Commonwealth of Pennsylvania GO BAB
5.45%, 02/15/30		300		341,217
Series B
4.65%, 02/15/26		100		107,938
Pennsylvania Turnpike Commission RB BAB Series B
5.56%, 12/01/49		480		573,422
				1,022,577
TEXAS — 0.88%
City of Houston TX Combined Utility System Revenue RB Series B
3.83%, 05/15/28		300		313,908
City of Houston TX GOL Series A
6.29%, 03/01/32		400		490,496
City Public Service Board of San Antonio TX RB BAB
5.81%, 02/01/41		550		682,874
Dallas Area Rapid Transit RB BAB
6.00%, 12/01/44		425		551,561
Dallas Convention Center Hotel Development Corp. RB BAB
7.09%, 01/01/42		340		432,650

58 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

Security	Principal (000s)		Value
Dallas County Hospital District GOL BAB Series C
5.62%, 08/15/44	$	150	$	181,760
Dallas Independent School District GO BAB
6.45%, 02/15/35 (Call 02/15/21)(PSF)		550		644,969
North Texas Tollway Authority RB BAB
8.91%, 02/01/30 (Call 02/01/20)		550		653,318
State of Texas GO BAB
5.52%, 04/01/39		425		532,576
Series A
4.63%, 04/01/33		500		553,945
4.68%, 04/01/40		100		112,348
Texas Transportation Commission State Highway Fund RB BAB Series B
5.18%, 04/01/30		825		973,442
University of Texas System (The) RB BAB
Series B
6.28%, 08/15/41 (Call 08/15/19)		370		414,333
Series D
5.13%, 08/15/42		250		296,625
				6,834,805
UTAH — 0.08%
Utah Transit Authority RB BAB Series B
5.94%, 06/15/39		500		634,275
				634,275
VIRGINIA — 0.05%
University of Virginia RB BAB
6.20%, 09/01/39		300		406,248
				406,248
WASHINGTON — 0.09%
Central Puget Sound Regional Transit Authority RB BAB
5.49%, 11/01/39		150		186,525
State of Washington GO BAB
5.14%, 08/01/40		400		470,184
				656,709
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $69,133,587)				66,793,369

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 7.01%
MONEY MARKET FUNDS — 7.01%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.19%c,f,g		40,906		40,905,977
BlackRock Cash Funds: Prime, SL Agency Shares
0.19%c,f,g		3,583		3,583,496
BlackRock Cash Funds: Treasury, SL Agency Shares
0.02%c,f		10,059		10,058,727
				54,548,200
TOTAL SHORT-TERM INVESTMENTS
(Cost: $54,548,200)				54,548,200
TOTAL INVESTMENTS IN SECURITIES — 104.31%
(Cost: $855,754,051)				811,942,589
Other Assets, Less Liabilities — (4.31)%				(33,573,741	)
NET ASSETS — 100.00%			$	778,368,848

BAB  —   Build America Bond

COP  —   Certificates of Participation

GO  —   General Obligation

GOL  —   General Obligation Limited

GTD  —   Guaranteed by the Commonwealth, County or State

PSF  —   Permanent School Fund

RB  —   Revenue Bond

Insured by:

NPFGC  —  National Public Finance Guarantee Corp.

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

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

^c  Affiliated issuer.

^d  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^e  Investments are denominated in U.S. dollars.

^f  The rate quoted is the annualized seven-day yield of the fund at period end.

^g  All or a portion of this security represents an investment of securities lending collateral.

SCHEDULEOF INVESTMENTS 59

Statement of Assets and Liabilities (Unaudited)

iSHARES^® 10+ YEAR CREDIT BOND ETF

October 31, 2015

ASSETS
Investments, at cost:
Unaffiliated	$	800,576,911
Affiliated		55,177,140
Total cost of investments	$	855,754,051
Investments in securities, at fair value (including securities on loana):
Unaffiliated	$	756,756,926
Affiliated		55,185,663
Total fair value of investments		811,942,589
Cash		72,603
Receivables:
Investment securities sold		6,590,317
Due from custodian		320,619
Interest		10,159,910
Tax reclaims		2,343
Total Assets		829,088,381
LIABILITIES
Payables:
Investment securities purchased		6,100,385
Collateral for securities on loan		44,489,473
Investment advisory fees		129,675
Total Liabilities		50,719,533
NET ASSETS	$	778,368,848
Net assets consist of:
Paid-in capital	$	825,247,570
Undistributed net investment income		2,705,337
Accumulated net realized loss		(5,772,597	)
Net unrealized depreciation		(43,811,462	)
NET ASSETS	$	778,368,848
Shares outstandingb		13,600,000
Net asset value per share	$	57.23

^a  Securities on loan with a value of $43,440,428.

^b  No par value, unlimited number of shares authorized.

60 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Selected Audited Financial Statements

February 28, 2015

iShares Trust

iShares 10+ Year Credit Bond ETF  |  CLY  |  NYSE Arca

Schedule of Investments

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 79.37%
ADVERTISING — 0.06%
Interpublic Group of Companies Inc. (The)
2.25%, 11/15/17	$	1,500	$	1,505,735
Omnicom Group Inc.
5.90%, 04/15/16		5,027		5,286,411
				6,792,146
AEROSPACE & DEFENSE — 0.84%
Boeing Capital Corp.
2.13%, 08/15/16 (Call 07/15/16)		12,558		12,799,661
Boeing Co. (The)
3.75%, 11/20/16		2,330		2,447,807
General Dynamics Corp.
1.00%, 11/15/17		13,900		13,843,338
2.25%, 07/15/16		6,250		6,373,118
L-3 Communications Corp.
1.50%, 05/28/17		10,050		9,961,368
Lockheed Martin Corp.
2.13%, 09/15/16		14,455		14,735,412
7.65%, 05/01/16		1,000		1,078,103
United Technologies Corp.
1.80%, 06/01/17		20,192		20,594,261
5.38%, 12/15/17		9,283		10,336,357
				92,169,425
AGRICULTURE — 0.62%
Bunge Ltd. Finance Corp.
3.20%, 06/15/17		750		768,271
4.10%, 03/15/16		12,483		12,848,582
Bunge N.A. Finance LP
5.90%, 04/01/17		2,680		2,889,138
Lorillard Tobacco Co.
3.50%, 08/04/16a		11,000		11,324,177
Philip Morris International Inc.
1.13%, 08/21/17		4,350		4,347,001
1.25%, 11/09/17a		5,540		5,539,488
1.63%, 03/20/17		65		65,819
2.50%, 05/16/16		16,548		16,905,017
5.65%, 05/16/18		5,000		5,652,282
Reynolds American Inc.
6.75%, 06/15/17		7,100		7,875,339
				68,215,114

Security	Principal (000s)		Value
AIRLINES — 0.07%
UAL 2009-2 Pass Through Trust Class A
9.75%, 07/15/18	$	7,204	$	7,996,323
				7,996,323
AUTO MANUFACTURERS — 1.27%
American Honda Finance Corp.
1.13%, 10/07/16		14,961		15,037,328
1.20%, 07/14/17		7,500		7,513,383
1.55%, 12/11/17		13,000		13,111,999
PACCAR Financial Corp.
0.75%, 05/16/16a		3,900		3,904,525
1.10%, 06/06/17		14,090		14,066,927
1.15%, 08/16/16		4,250		4,271,314
1.40%, 11/17/17		3,140		3,143,870
Toyota Motor Credit Corp.
0.80%, 05/17/16a		8,275		8,284,616
1.13%, 05/16/17		15,000		15,059,368
1.25%, 10/05/17		18,811		18,881,326
1.45%, 01/12/18a		6,605		6,641,768
1.75%, 05/22/17a		1,600		1,627,988
2.00%, 09/15/16a		7,290		7,434,421
2.05%, 01/12/17a		19,903		20,361,037
				139,339,870
AUTO PARTS & EQUIPMENT — 0.11%
Johnson Controls Inc.
1.40%, 11/02/17		8,078		8,035,196
2.60%, 12/01/16		4,000		4,089,409
				12,124,605
BANKS — 31.91%
Abbey National Treasury Services PLC/London
1.38%, 03/13/17		10,000		9,994,325
1.65%, 09/29/17		8,500		8,507,801
4.00%, 04/27/16		7,976		8,243,273
American Express Bank FSB
6.00%, 09/13/17		11,737		13,037,788
Australia & New Zealand Banking Group Ltd./New York NY
0.90%, 02/12/16		11,500		11,537,605
1.25%, 01/10/17		10,850		10,879,154
1.25%, 06/13/17		1,000		998,351
1.50%, 01/16/18		10,000		9,963,197

62 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
1.88%, 10/06/17a	$	12,500	$	12,627,413
Bank of America Corp.
1.35%, 11/21/16		13,940		13,950,967
1.70%, 08/25/17		24,785		24,843,075
2.00%, 01/11/18		8,500		8,534,974
3.63%, 03/17/16		22,730		23,323,496
3.88%, 03/22/17		12,404		12,997,961
5.42%, 03/15/17		3,180		3,399,272
5.63%, 10/14/16		12,335		13,175,996
5.70%, 05/02/17		5,000		5,388,111
5.75%, 08/15/16		13,785		14,589,641
5.75%, 12/01/17		27,115		29,934,180
6.00%, 09/01/17		17,315		19,105,901
6.05%, 05/16/16		10,277		10,834,154
6.40%, 08/28/17		15,006		16,702,413
6.50%, 08/01/16		39,250		42,103,276
7.80%, 09/15/16		1,000		1,090,919
Series 1
3.75%, 07/12/16		20,985		21,691,068
Bank of America N.A.
1.13%, 11/14/16a		31,000		30,985,112
1.25%, 02/14/17		16,500		16,498,915
5.30%, 03/15/17		24,500		26,232,713
6.10%, 06/15/17		5,000		5,474,708
Bank of Montreal
1.30%, 07/15/16a		9,795		9,854,534
1.30%, 07/14/17 (Call 06/14/17)a		10,000		9,999,184
1.40%, 09/11/17a		9,700		9,696,787
2.50%, 01/11/17a		16,887		17,317,025
Bank of New York Mellon Corp. (The)
0.70%, 03/04/16 (Call 02/03/16)		12,677		12,694,087
1.97%, 06/20/17b		4,879		4,931,299
2.30%, 07/28/16		13,500		13,772,775
Bank of Nova Scotia (The)
0.95%, 03/15/16		10,290		10,326,882
1.10%, 12/13/16a		10,000		10,013,480
1.25%, 04/11/17a		5,000		5,004,833
1.30%, 07/21/17		5,639		5,638,539
1.38%, 07/15/16		8,000		8,056,790
1.38%, 12/18/17 (Call 11/18/17)a		5,000		4,985,181

Security	Principal (000s)		Value
2.55%, 01/12/17	$	20,900	$	21,467,874
2.90%, 03/29/16		10,447		10,704,339
Barclays Bank PLC
5.00%, 09/22/16		21,737		23,052,389
BB&T Corp.
1.60%, 08/15/17 (Call 07/14/17)		6,448		6,428,942
2.15%, 03/22/17 (Call 02/22/17)		2,835		2,879,985
3.95%, 04/29/16		3,250		3,362,160
BNP Paribas SA
1.25%, 12/12/16a		17,520		17,531,201
1.38%, 03/17/17a		10,000		10,008,358
2.38%, 09/14/17a		13,964		14,230,709
3.60%, 02/23/16		22,780		23,399,211
BPCE SA
1.63%, 02/10/17a		12,250		12,339,389
1.63%, 01/26/18		10,000		9,978,413
1.70%, 04/25/16		2,785		2,803,924
Branch Banking & Trust Co.
1.00%, 04/03/17 (Call 03/03/17)		10,000		9,917,231
1.05%, 12/01/16 (Call 11/01/16)		9,750		9,732,559
1.35%, 10/01/17 (Call 09/01/17)		20,000		19,912,395
1.45%, 10/03/16 (Call 09/03/16)		6,590		6,616,145
Canadian Imperial Bank of Commerce/Canada
1.35%, 07/18/16a		5,000		5,033,998
1.55%, 01/23/18 (Call 12/23/17)		1,725		1,722,981
Capital One Financial Corp.
3.15%, 07/15/16		15,900		16,319,848
6.75%, 09/15/17		4,967		5,587,221
Capital One N.A./Mclean VA
1.50%, 09/05/17 (Call 08/05/17)		7,500		7,486,506
1.65%, 02/05/18 (Call 01/05/18)		6,255		6,249,394
Citigroup Inc.
1.25%, 01/15/16		15,650		15,708,265
1.30%, 04/01/16		15,140		15,180,087

SCHEDULESOF INVESTMENTS 63

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
1.30%, 11/15/16	$	13,890	$	13,877,478
1.35%, 03/10/17		5,000		4,984,759
1.55%, 08/14/17a		15,000		14,962,853
1.70%, 07/25/16		28,650		28,846,844
1.80%, 02/05/18		9,565		9,534,763
1.85%, 11/24/17a		5,000		5,012,783
3.95%, 06/15/16a		26,563		27,493,974
4.45%, 01/10/17		11,658		12,285,025
4.59%, 12/15/15		11,015		11,337,695
5.30%, 01/07/16a		3,380		3,508,278
5.50%, 02/15/17		17,520		18,786,850
6.00%, 08/15/17		17,321		19,103,198
6.13%, 11/21/17		39,733		44,306,957
Citizens Bank N.A./Providence RI
1.60%, 12/04/17 (Call 11/04/17)		5,000		4,979,400
Commonwealth Bank of Australia/New York NY
1.13%, 03/13/17		20,000		19,956,602
1.40%, 09/08/17a		7,500		7,490,133
1.90%, 09/18/17a		16,675		16,839,643
Compass Bank
1.85%, 09/29/17 (Call 08/29/17)		7,550		7,554,889
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
3.38%, 01/19/17		24,074		25,021,528
Credit Suisse/New York NY
1.38%, 05/26/17a		35,605		35,520,247
1.75%, 01/29/18		11,000		10,983,987
Deutsche Bank AG/London
1.35%, 05/30/17a		11,000		10,967,633
1.40%, 02/13/17a		16,905		16,920,097
1.88%, 02/13/18		5,970		5,984,265
6.00%, 09/01/17		32,799		36,344,641
Discover Bank/Greenwood DE
2.00%, 02/21/18		10,500		10,514,655
Fifth Third Bank/Cincinnati OH
1.15%, 11/18/16 (Call 10/18/16)		14,720		14,706,660
1.35%, 06/01/17 (Call 05/01/17)		5,000		4,985,270

Security	Principal (000s)		Value
Goldman Sachs Group Inc. (The)
2.38%, 01/22/18a	$	12,395	$	12,601,383
3.63%, 02/07/16a		83,395		85,483,623
5.35%, 01/15/16		22,665		23,545,853
5.63%, 01/15/17		19,265		20,621,352
5.75%, 10/01/16		8,894		9,511,664
5.95%, 01/18/18		29,375		32,718,885
6.25%, 09/01/17		29,945		33,279,068
HSBC USA Inc.
1.30%, 06/23/17		21,000		21,031,704
1.50%, 11/13/17a		7,930		7,941,806
1.63%, 01/16/18		12,000		11,997,794
1.70%, 03/05/18		8,845		8,852,384
Huntington National Bank (The)
1.30%, 11/20/16 (Call 10/20/16)		9,030		9,026,382
1.35%, 08/02/16 (Call 07/02/16)		4,950		4,954,359
1.38%, 04/24/17 (Call 03/24/17)		6,975		6,951,722
1.70%, 02/26/18 (Call 01/26/18)		5,000		5,004,061
Industrial & Commercial Bank of China Ltd./New York
2.35%, 11/13/17		10,000		10,039,694
Intesa Sanpaolo SpA
2.38%, 01/13/17		23,500		23,723,656
3.88%, 01/16/18a		4,200		4,382,765
JPMorgan Chase & Co.
1.13%, 02/26/16		14,235		14,279,881
1.35%, 02/15/17a		43,721		43,802,323
1.80%, 01/25/18a		14,654		14,694,646
2.00%, 08/15/17a		26,662		27,025,187
3.15%, 07/05/16		57,300		58,743,805
3.45%, 03/01/16		29,044		29,755,169
6.00%, 01/15/18		10,655		11,923,795
6.13%, 06/27/17		3,327		3,660,461
Series H
1.70%, 03/01/18 (Call 02/01/18)		20,000		20,010,863
JPMorgan Chase Bank N.A.
6.00%, 10/01/17		24,480		27,126,853

64 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
KeyBank N.A./Cleveland OH
1.10%, 11/25/16 (Call 10/25/16)	$	6,375	$	6,362,618
1.65%, 02/01/18		14,500		14,499,375
KfW
0.50%, 04/19/16		60,600		60,623,228
0.50%, 07/15/16		1,000		999,685
0.63%, 12/15/16a		70,850		70,795,956
0.75%, 03/17/17		37,100		37,082,708
0.88%, 09/05/17		10,455		10,429,566
1.00%, 01/26/18a		47,000		46,841,507
1.25%, 10/05/16a		54,100		54,634,389
1.25%, 02/15/17		53,700		54,219,993
2.00%, 06/01/16		71,600		72,902,905
4.88%, 01/17/17a		30,100		32,421,282
Korea Development Bank (The)
1.50%, 01/22/18		2,000		1,984,375
3.25%, 03/09/16		1,000		1,021,606
3.88%, 05/04/17		10,500		10,985,846
4.00%, 09/09/16		6,014		6,259,043
Landwirtschaftliche Rentenbank
0.88%, 09/12/17		20,000		19,943,520
2.13%, 07/15/16		18,430		18,831,470
5.00%, 11/08/16		11,750		12,597,699
5.13%, 02/01/17		18,520		20,052,934
Lloyds Bank PLC
4.20%, 03/28/17		485		512,639
Manufacturers & Traders Trust Co.
1.25%, 01/30/17 (Call 12/30/16)		13,125		13,106,831
1.40%, 07/25/17 (Call 06/25/17)		16,250		16,218,120
Mellon Capital IV
Series 1
4.00%, 06/29/49 (Call 12/29/14)c		1,950		1,640,438
Morgan Stanley
1.75%, 02/25/16a		17,206		17,343,211
1.88%, 01/05/18		7,900		7,926,846
3.80%, 04/29/16		23,210		23,902,564
4.75%, 03/22/17		30,465		32,462,053
5.45%, 01/09/17		14,588		15,623,452
5.75%, 10/18/16		19,685		21,059,186

Security	Principal (000s)		Value
5.95%, 12/28/17	$	14,185	$	15,756,060
6.25%, 08/28/17a		10,736		11,896,598
Series F
5.55%, 04/27/17		10,200		11,033,488
MUFG Union Bank N.A.
1.50%, 09/26/16 (Call 08/26/16)		11,925		11,985,744
2.13%, 06/16/17		2,000		2,025,623
3.00%, 06/06/16		12,500		12,804,588
National Australia Bank Ltd./New York
1.30%, 07/25/16a		11,000		11,068,209
2.75%, 03/09/17a		10,750		11,076,803
National City Bank/Cleveland OH
5.25%, 12/15/16		3,500		3,736,304
Oesterreichische Kontrollbank AG
0.75%, 12/15/16a		15,020		15,028,440
2.00%, 06/03/16		31,969		32,552,195
PNC Bank N.A.
1.13%, 01/27/17 (Call 12/28/16)a,d		16,040		16,007,331
1.15%, 11/01/16 (Call 10/02/16)d		16,500		16,509,463
1.30%, 10/03/16 (Call 09/03/16)a,d		16,000		16,063,574
PNC Funding Corp.
2.70%, 09/19/16 (Call 08/19/16)a,d		6,021		6,154,287
Royal Bank of Canada
0.85%, 03/08/16		21,092		21,149,081
1.20%, 01/23/17		7,000		7,016,566
1.25%, 06/16/17		5,000		5,006,363
1.40%, 10/13/17		12,476		12,497,268
1.45%, 09/09/16		19,520		19,675,029
1.50%, 01/16/18a		6,695		6,705,985
2.30%, 07/20/16		14,520		14,808,770
2.88%, 04/19/16		9,720		9,957,816
Royal Bank of Scotland Group PLC
1.88%, 03/31/17		3,950		3,955,733
Royal Bank of Scotland PLC (The)
4.38%, 03/16/16		13,787		14,260,134

SCHEDULESOF INVESTMENTS 65

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Santander Bank N.A.
2.00%, 01/12/18 (Call 12/12/17)	$	10,000	$	9,993,988
Societe Generale SA
2.75%, 10/12/17		21,000		21,553,956
Sumitomo Mitsui Banking Corp.
1.30%, 01/10/17a		11,957		11,927,811
1.35%, 07/11/17		7,500		7,450,936
1.45%, 07/19/16		6,000		6,028,455
1.50%, 01/18/18		2,000		1,981,475
1.75%, 01/16/18		11,000		10,999,506
1.80%, 07/18/17a		10,000		10,029,372
SunTrust Bank/Atlanta GA
1.35%, 02/15/17 (Call 01/15/17)		15,000		15,007,392
SunTrust Banks Inc.
3.50%, 01/20/17 (Call 12/20/16)		5,500		5,721,579
3.60%, 04/15/16 (Call 03/15/16)		14,390		14,767,621
Svenska Handelsbanken AB
2.88%, 04/04/17		19,000		19,642,004
3.13%, 07/12/16		9,250		9,521,494
Toronto-Dominion Bank (The)
1.13%, 05/02/17a		11,000		10,986,256
1.50%, 09/09/16a		13,000		13,116,994
2.38%, 10/19/16a		22,858		23,409,588
2.50%, 07/14/16a		6,715		6,869,826
U.S. Bancorp/MN
1.65%, 05/15/17 (Call 04/15/17)		7,000		7,049,144
Series F
2.20%, 11/15/16 (Call 10/14/16)		14,519		14,820,949
U.S. Bank N.A./Cincinnati OH
1.10%, 01/30/17 (Call 12/30/16)		29,000		28,937,939
1.35%, 01/26/18 (Call 12/26/17)		5,190		5,176,550
1.38%, 09/11/17 (Call 08/11/17)		15,000		14,970,922
UBS AG/Stamford CT
1.38%, 08/14/17		12,355		12,302,148
5.88%, 12/20/17		26,383		29,343,666

Security	Principal (000s)		Value
Series 10
5.88%, 07/15/16	$	25,202	$	26,781,292
Wachovia Corp.
5.63%, 10/15/16		17,469		18,662,045
5.75%, 06/15/17		14,595		16,070,955
5.75%, 02/01/18		17,310		19,332,383
Wells Fargo & Co.
1.15%, 06/02/17a		8,197		8,190,909
1.25%, 07/20/16		27,930		28,024,522
1.40%, 09/08/17		10,150		10,174,234
1.50%, 01/16/18a		12,150		12,149,475
2.10%, 05/08/17		23,000		23,468,542
2.63%, 12/15/16a		18,977		19,504,018
3.68%, 06/15/16b		31,460		32,542,549
5.13%, 09/15/16		1,590		1,681,018
5.63%, 12/11/17		22,984		25,571,189
Wells Fargo Bank N.A.
5.60%, 03/15/16		8,500		8,925,488
6.00%, 11/15/17		10,772		12,051,228
Westpac Banking Corp.
1.05%, 11/25/16a		12,000		12,005,443
1.20%, 05/19/17		8,000		7,983,698
1.50%, 12/01/17		20,000		19,987,337
1.60%, 01/12/18		3,000		2,999,031
2.00%, 08/14/17		10,300		10,447,636
				3,492,271,984
BEVERAGES — 1.61%
Anheuser-Busch Companies LLC
5.05%, 10/15/16a		5,000		5,341,489
Anheuser-Busch InBev Finance Inc.
1.13%, 01/27/17a		26,050		26,173,576
1.25%, 01/17/18		2,000		1,994,290
Anheuser-Busch InBev Worldwide Inc.
1.38%, 07/15/17		10,500		10,571,495
Beam Suntory Inc.
1.88%, 05/15/17		6,000		6,054,671
Brown-Forman Corp.
1.00%, 01/15/18		3,000		2,964,538
Coca-Cola Co. (The)
0.75%, 11/01/16a		21,150		21,159,293
1.80%, 09/01/16a		9,702		9,860,482
5.35%, 11/15/17		3,800		4,228,920

66 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Coca-Cola Enterprises Inc.
2.00%, 08/19/16	$	6,000	$	6,071,027
Diageo Capital PLC
0.63%, 04/29/16		19,150		19,121,618
1.50%, 05/11/17		4,594		4,648,391
5.50%, 09/30/16		5,000		5,358,194
5.75%, 10/23/17		8,297		9,264,310
Molson Coors Brewing Co.
2.00%, 05/01/17a		4,985		5,042,878
PepsiCo Inc.
0.95%, 02/22/17		8,000		8,001,036
1.25%, 08/13/17a		19,564		19,618,969
2.50%, 05/10/16		10,943		11,153,497
				176,628,674
BIOTECHNOLOGY — 0.61%
Amgen Inc.
1.25%, 05/22/17		23,890		23,872,469
2.13%, 05/15/17		9,491		9,664,091
2.30%, 06/15/16		8,000		8,122,120
2.50%, 11/15/16		10,924		11,192,219
Celgene Corp.
1.90%, 08/15/17		7,105		7,189,864
Gilead Sciences Inc.
3.05%, 12/01/16a		7,000		7,266,471
				67,307,234
CHEMICALS — 0.82%
Air Products & Chemicals Inc.
1.20%, 10/15/17		5,000		4,996,981
Airgas Inc.
1.65%, 02/15/18 (Call 01/15/18)		6,000		5,939,772
Eastman Chemical Co.
2.40%, 06/01/17		13,450		13,715,684
Ecolab Inc.
1.45%, 12/08/17a		5,924		5,904,234
1.55%, 01/12/18		5,500		5,489,031
3.00%, 12/08/16		13,544		13,980,685
EI du Pont de Nemours & Co.
2.75%, 04/01/16		100		102,314
5.25%, 12/15/16		4,000		4,300,352
6.00%, 07/15/18		10,035		11,424,969
Monsanto Co.
1.15%, 06/30/17a		10,000		10,010,673

Security	Principal (000s)		Value
Potash Corp. of Saskatchewan Inc.
3.25%, 12/01/17	$	5,000	$	5,238,475
Praxair Inc.
1.25%, 11/07/18		3,400		3,349,010
Rohm & Haas Co.
6.00%, 09/15/17		4,808		5,335,640
				89,787,820
COMMERCIAL SERVICES — 0.24%
Board of Trustees of The Leland Stanford Junior University (The)
4.25%, 05/01/16		4,000		4,162,123
Synchrony Financial
1.88%, 08/15/17 (Call 07/15/17)		3,560		3,561,790
Western Union Co. (The)
2.88%, 12/10/17		6,000		6,132,215
5.93%, 10/01/16		11,210		11,974,240
				25,830,368
COMPUTERS — 1.75%
Apple Inc.
0.45%, 05/03/16a		22,150		22,110,370
1.05%, 05/05/17		15,520		15,609,158
Hewlett-Packard Co.
2.60%, 09/15/17		16,600		17,030,841
2.65%, 06/01/16		22,850		23,258,666
3.00%, 09/15/16		4,832		4,963,961
3.30%, 12/09/16		13,678		14,154,739
International Business Machines Corp.
0.45%, 05/06/16a		13,070		13,046,450
1.13%, 02/06/18		7,500		7,472,800
1.25%, 02/06/17		15,777		15,896,550
1.25%, 02/08/18		200		199,705
1.95%, 07/22/16		16,370		16,640,637
5.70%, 09/14/17		36,605		40,850,389
				191,234,266
COSMETICS & PERSONAL CARE — 0.28%
Colgate-Palmolive Co.
0.90%, 05/01/18		5,000		4,922,602
1.30%, 01/15/17		2,647		2,659,555
5.20%, 11/07/16		1,630		1,728,628
Procter & Gamble Co. (The)
0.75%, 11/04/16a		15,520		15,532,016

SCHEDULESOF INVESTMENTS 67

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
1.45%, 08/15/16	$	5,750	$	5,809,547
				30,652,348
DISTRIBUTION & WHOLESALE — 0.03%
Ingram Micro Inc.
5.25%, 09/01/17		3,000		3,224,933
				3,224,933
DIVERSIFIED FINANCIAL SERVICES — 6.00%
Air Lease Corp.
5.63%, 04/01/17a		14,000		14,999,552
American Express Co.
5.50%, 09/12/16		11,500		12,247,072
6.15%, 08/28/17		18,765		20,918,729
6.80%, 09/01/66 (Call 09/01/16)c		3,948		4,155,270
American Express Credit Corp.
1.13%, 06/05/17a		30,000		29,947,609
1.30%, 07/29/16a		12,780		12,832,963
1.55%, 09/22/17		18,690		18,782,073
2.38%, 03/24/17		9,250		9,495,086
2.80%, 09/19/16		18,004		18,508,655
Bear Stearns Companies Inc. (The)
5.55%, 01/22/17		2,973		3,190,711
6.40%, 10/02/17		44,720		50,035,126
7.25%, 02/01/18		9,025		10,407,560
Capital One Bank USA N.A.
1.15%, 11/21/16 (Call 10/21/16)		13,060		13,032,589
1.20%, 02/13/17 (Call 01/13/17)		11,000		10,967,628
Countrywide Financial Corp.
6.25%, 05/15/16		11,150		11,779,638
Credit Suisse USA Inc.
5.38%, 03/02/16a		12,925		13,513,967
Ford Motor Credit Co. LLC
1.50%, 01/17/17a		17,000		17,014,559
1.68%, 09/08/17		25,000		25,018,810
1.70%, 05/09/16		9,600		9,644,718
1.72%, 12/06/17		10,000		10,005,466
2.15%, 01/09/18		10,000		10,100,710
2.38%, 01/16/18		4,200		4,269,535
3.00%, 06/12/17		4,904		5,058,938
3.98%, 06/15/16		9,135		9,434,919

Security	Principal (000s)		Value
4.21%, 04/15/16	$	8,700	$	8,990,318
4.25%, 02/03/17		17,258		18,169,483
6.63%, 08/15/17		9,008		10,058,124
8.00%, 12/15/16		13,723		15,303,279
General Electric Capital Corp.
1.25%, 05/15/17 (Call 04/13/17)a		7,000		7,038,997
1.50%, 07/12/16a		2,500		2,525,275
1.60%, 11/20/17a		1,000		1,010,575
2.30%, 04/27/17		19,920		20,456,380
2.45%, 03/15/17		7,500		7,672,460
2.90%, 01/09/17		32,350		33,547,847
2.95%, 05/09/16		11,127		11,415,681
3.35%, 10/17/16		20,753		21,578,357
5.38%, 10/20/16a		2,885		3,090,588
5.40%, 02/15/17a		24,780		26,884,444
5.63%, 09/15/17		31,472		34,924,467
HSBC Finance Capital Trust IX
5.91%, 11/30/35 (Call 11/30/15)c		3,200		3,260,800
HSBC Finance Corp.
5.50%, 01/19/16a		20,643		21,449,914
International Lease Finance Corp.
7.13%, 09/01/18e		3,500		3,928,750
Jefferies Group LLC
5.50%, 03/15/16		2,082		2,159,747
Murray Street Investment Trust I
4.65%, 03/09/17b		10,729		11,387,260
National Rural Utilities Cooperative Finance Corp.
1.10%, 01/27/17		23,150		23,129,165
Nomura Holdings Inc.
2.00%, 09/13/16		13,450		13,550,851
NYSE Euronext
2.00%, 10/05/17		6,586		6,677,309
Vesey Street Investment Trust I
4.40%, 09/01/16b		3,500		3,650,024
				657,221,978
ELECTRIC — 2.55%
American Electric Power Co. Inc.
1.65%, 12/15/17 (Call 11/15/17)		12,145		12,201,666
Arizona Public Service Co.
6.25%, 08/01/16		5,000		5,366,000

68 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Baltimore Gas & Electric Co.
5.90%, 10/01/16	$	1,000	$	1,074,400
Berkshire Hathaway Energy Co.
1.10%, 05/15/17		2,000		1,998,979
Cleveland Electric Illuminating Co. (The)
Series D
7.88%, 11/01/17		6,650		7,710,010
Commonwealth Edison Co.
1.95%, 09/01/16 (Call 08/01/16)		308		312,004
5.80%, 03/15/18		2,329		2,634,332
6.15%, 09/15/17		2,260		2,527,132
Consolidated Edison Co. of New York Inc.
5.50%, 09/15/16		1,000		1,068,500
5.85%, 04/01/18a		5,000		5,643,500
Series 06-D
5.30%, 12/01/16		3,000		3,221,100
Consumers Energy Co.
5.15%, 02/15/17		2,000		2,149,267
5.65%, 09/15/18		7,000		7,881,103
Dayton Power & Light Co. (The)
1.88%, 09/15/16		4,300		4,340,850
Dominion Gas Holdings LLC
1.05%, 11/01/16		14,320		14,335,702
Dominion Resources Inc./VA
1.25%, 03/15/17		11,300		11,328,757
1.95%, 08/15/16		3,560		3,608,416
Duke Energy Carolinas LLC
1.75%, 12/15/16		3,778		3,837,996
5.10%, 04/15/18		2,000		2,218,694
Duke Energy Corp.
1.63%, 08/15/17		19,220		19,462,205
2.10%, 06/15/18 (Call 05/15/18)		1,100		1,117,759
Edison International
3.75%, 09/15/17a		5,210		5,520,582
Entergy Corp.
4.70%, 01/15/17 (Call 12/15/16)		10,050		10,592,958
Eversource Energy
1.45%, 05/01/18 (Call 04/01/18)		5,000		4,944,603

Security	Principal (000s)		Value
Exelon Generation Co. LLC
2.95%, 01/15/20 (Call 12/15/19)	$	5,000	$	5,048,200
Georgia Power Co.
3.00%, 04/15/16a		2,000		2,050,108
Series B
5.70%, 06/01/17		7,825		8,616,484
Hydro-Quebec
2.00%, 06/30/16		23,150		23,565,325
Jersey Central Power & Light Co.
5.63%, 05/01/16		6,000		6,288,381
5.65%, 06/01/17		555		603,673
Nisource Finance Corp.
6.40%, 03/15/18		5,000		5,676,945
Ohio Power Co.
6.00%, 06/01/16		4,000		4,244,993
Oncor Electric Delivery Co. LLC
5.00%, 09/30/17		1,000		1,091,200
6.80%, 09/01/18		4,600		5,358,080
PECO Energy Co.
1.20%, 10/15/16		5,000		5,012,000
PSEG Power LLC
2.45%, 11/15/18 (Call 10/15/18)		6,540		6,665,568
2.75%, 09/15/16a		1,000		1,025,000
5.32%, 09/15/16		1,000		1,062,600
Sierra Pacific Power Co.
Series M
6.00%, 05/15/16		8,000		8,470,679
Southern California Edison Co.
Series 14-B
1.13%, 05/01/17		6,050		6,053,025
Southern Co. (The)
1.30%, 08/15/17		4,090		4,092,622
1.95%, 09/01/16		5,365		5,452,507
2.45%, 09/01/18		7,240		7,433,365
Southwestern Electric Power Co.
Series E
5.55%, 01/15/17		4,500		4,845,150
TECO Finance Inc.
4.00%, 03/15/16		1,000		1,030,362
TransAlta Corp.
1.90%, 06/03/17		4,300		4,215,599
Virginia Electric and Power Co.
5.95%, 09/15/17		11,500		12,848,554

SCHEDULESOF INVESTMENTS 69

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Xcel Energy Inc.
0.75%, 05/09/16	$	13,000	$	12,976,455
5.61%, 04/01/17		100		108,871
				278,932,261
ELECTRONICS — 0.48%
Amphenol Corp.
1.55%, 09/15/17		3,140		3,131,958
Honeywell International Inc.
5.30%, 03/15/17		2,000		2,177,240
5.40%, 03/15/16		2,535		2,662,093
Jabil Circuit Inc.
7.75%, 07/15/16		178		191,392
Thermo Fisher Scientific Inc.
1.30%, 02/01/17		6,583		6,585,051
2.25%, 08/15/16		25,225		25,634,108
3.20%, 03/01/16		11,952		12,222,236
				52,604,078
FOOD — 1.22%
Campbell Soup Co.
3.05%, 07/15/17a		8,000		8,258,782
ConAgra Foods Inc.
1.90%, 01/25/18a		1,600		1,595,441
5.82%, 06/15/17		9,611		10,494,987
General Mills Inc.
1.40%, 10/20/17		7,500		7,499,320
5.70%, 02/15/17		12,845		13,944,892
Hershey Co. (The)
1.50%, 11/01/16		2,000		2,019,688
Kellogg Co.
1.75%, 05/17/17a		8,000		8,068,840
1.88%, 11/17/16		3,763		3,812,063
3.25%, 05/21/18		3,758		3,921,607
4.45%, 05/30/16		8,338		8,687,884
Kraft Foods Group Inc.
2.25%, 06/05/17		10,500		10,685,299
6.13%, 08/23/18		1,825		2,070,019
Kroger Co. (The)
1.20%, 10/17/16		12,095		12,121,569
2.20%, 01/15/17		13,000		13,239,074
6.40%, 08/15/17		3,000		3,348,956
Mondelez International Inc.
6.50%, 08/11/17		200		224,924

Security	Principal (000s)		Value
Sysco Corp.
1.45%, 10/02/17	$	5,000	$	5,031,296
5.25%, 02/12/18		3,000		3,316,594
Tyson Foods Inc.
6.60%, 04/01/16		50		52,951
Unilever Capital Corp.
0.85%, 08/02/17a		15,518		15,446,482
				133,840,668
FOREST PRODUCTS & PAPER — 0.04%
Domtar Corp.
10.75%, 06/01/17		4,000		4,760,000
				4,760,000
GAS — 0.19%
CenterPoint Energy Inc.
5.95%, 02/01/17		5,000		5,440,307
National Grid PLC
6.30%, 08/01/16		3,275		3,537,000
Sempra Energy
6.50%, 06/01/16		10,645		11,367,043
				20,344,350
HEALTH CARE — PRODUCTS — 0.95%
Baxter International Inc.
0.95%, 06/01/16		15,695		15,694,307
1.85%, 06/15/18		2,780		2,791,361
5.90%, 09/01/16		1,500		1,611,417
Becton Dickinson and Co.
1.75%, 11/08/16		5,000		5,060,556
1.80%, 12/15/17		15,555		15,680,447
Boston Scientific Corp.
2.65%, 10/01/18		5,000		5,050,975
6.40%, 06/15/16		1,000		1,064,907
CareFusion Corp.
1.45%, 05/15/17		5,605		5,600,924
Covidien International Finance SA
6.00%, 10/15/17		12,915		14,349,500
CR Bard Inc.
1.38%, 01/15/18a		5,000		4,961,368
Medtronic Inc.
0.88%, 02/27/17a		11,000		10,961,488
1.50%, 03/15/18e		615		615,704
2.63%, 03/15/16		2,700		2,753,608
Stryker Corp.
2.00%, 09/30/16		16,959		17,244,794
				103,441,356

70 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
HEALTH CARE — SERVICES — 0.89%
Aetna Inc.
1.50%, 11/15/17 (Call 10/15/17)	$	2,000	$	2,004,955
Anthem Inc.
1.88%, 01/15/18		15,000		15,072,600
Cigna Corp.
2.75%, 11/15/16		16,060		16,513,732
Coventry Health Care Inc.
5.95%, 03/15/17		3,000		3,282,746
Laboratory Corp. of America Holdings
2.63%, 02/01/20		1,305		1,306,859
3.13%, 05/15/16		2,505		2,562,414
Quest Diagnostics Inc.
6.40%, 07/01/17		6,325		6,986,200
UnitedHealth Group Inc.
1.40%, 12/15/17a		17,975		18,071,558
1.88%, 11/15/16a		3,000		3,051,773
6.00%, 06/15/17		7,315		8,113,447
6.00%, 02/15/18		7,125		8,070,317
Ventas Realty LP
1.25%, 04/17/17		4,000		3,987,170
1.55%, 09/26/16		8,070		8,119,624
				97,143,395
HOLDING COMPANIES — DIVERSIFIED — 0.09%
MUFG Americas Holdings Corp.
1.63%, 02/09/18 (Call 01/09/18)		10,000		9,978,169
				9,978,169
HOME FURNISHINGS — 0.17%
Whirlpool Corp.
1.35%, 03/01/17		9,825		9,843,701
1.65%, 11/01/17		5,805		5,827,135
6.50%, 06/15/16a		3,000		3,202,549
				18,873,385
HOUSEHOLD PRODUCTS & WARES — 0.14%
Clorox Co. (The)
5.95%, 10/15/17		8,065		8,994,601
Kimberly-Clark Corp.
1.90%, 05/22/19		5,940		5,975,185
6.13%, 08/01/17		665		744,073
				15,713,859

Security	Principal (000s)		Value
HOUSEWARES — 0.02%
Newell Rubbermaid Inc.
2.05%, 12/01/17	$	1,680	$	1,685,653
				1,685,653
INSURANCE — 1.71%
Aflac Inc.
2.65%, 02/15/17		12,000		12,346,263
American International Group Inc.
5.45%, 05/18/17		7,673		8,356,138
5.60%, 10/18/16		5,389		5,770,350
5.85%, 01/16/18		27,475		30,824,094
Aon Corp.
3.13%, 05/27/16		4,168		4,266,151
Berkshire Hathaway Finance Corp.
0.95%, 08/15/16		11,190		11,223,410
1.60%, 05/15/17		17,520		17,797,434
Berkshire Hathaway Inc.
0.80%, 02/11/16a		9,275		9,305,265
1.55%, 02/09/18		35		35,301
1.90%, 01/31/17a		12,255		12,505,006
2.20%, 08/15/16		11,430		11,665,552
CNA Financial Corp.
6.50%, 08/15/16		10,000		10,731,693
Hartford Financial Services Group Inc. (The)
4.00%, 10/15/17		6,083		6,463,892
5.38%, 03/15/17		1,120		1,206,742
5.50%, 10/15/16		2,000		2,134,264
Lincoln National Corp.
7.00%, 05/17/66 (Call 05/17/16)a,c		5,000		4,825,000
8.75%, 07/01/19		2,500		3,131,500
Marsh & McLennan Companies Inc.
2.30%, 04/01/17 (Call 03/01/17)a		2,345		2,383,997
MetLife Inc.
6.75%, 06/01/16		6,783		7,265,857
Prudential Financial Inc.
Series D
6.00%, 12/01/17		11,184		12,501,367
Torchmark Corp.
6.38%, 06/15/16		500		531,628

SCHEDULESOF INVESTMENTS 71

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Unum Group
7.13%, 09/30/16	$	600	$	651,984
Voya Financial Inc.
2.90%, 02/15/18		5,000		5,135,553
XLIT Ltd.
6.50%, 10/29/49 (Call 04/15/17)c		7,500		6,600,000
				187,658,441
INTERNET — 0.38%
Alibaba Group Holding Ltd.
1.63%, 11/28/17a,e		8,300		8,288,153
Amazon.com Inc.
1.20%, 11/29/17a		3,345		3,333,004
eBay Inc.
1.35%, 07/15/17		10,000		9,952,772
Google Inc.
2.13%, 05/19/16a		16,245		16,592,068
Symantec Corp.
2.75%, 06/15/17 (Call 05/15/17)		3,090		3,132,820
				41,298,817
IRON & STEEL — 0.12%
Nucor Corp.
5.75%, 12/01/17		2,000		2,230,783
Vale Overseas Ltd.
6.25%, 01/23/17		10,000		10,667,585
				12,898,368
LODGING — 0.15%
Marriott International Inc./MD
6.20%, 06/15/16		9,500		10,105,073
6.38%, 06/15/17		2,850		3,139,419
Wyndham Worldwide Corp.
2.95%, 03/01/17 (Call 02/01/17)		3,485		3,559,984
				16,804,476
MACHINERY — 1.52%
Caterpillar Financial Services Corp.
0.70%, 02/26/16		8,750		8,771,211
1.00%, 11/25/16		2,000		2,007,786
1.00%, 03/03/17a		12,160		12,173,656
1.25%, 08/18/17		12,000		12,030,996
1.35%, 09/06/16a		22,652		22,851,641
1.63%, 06/01/17a		5,565		5,614,424

Security	Principal (000s)		Value
2.05%, 08/01/16	$	5,965	$	6,065,284
Series G
2.45%, 09/06/18a		5,000		5,144,417
John Deere Capital Corp.
1.05%, 10/11/16		16,620		16,698,781
1.05%, 12/15/16		13,000		13,052,186
1.13%, 06/12/17		10,000		10,011,573
1.35%, 01/16/18		10,520		10,525,471
1.55%, 12/15/17		14,800		14,931,876
1.85%, 09/15/16		10,000		10,159,747
2.25%, 06/07/16		2,000		2,036,889
Roper Industries Inc.
2.05%, 10/01/18		8,905		8,883,120
Xylem Inc./NY
3.55%, 09/20/16		5,000		5,170,527
				166,129,585
MANUFACTURING — 0.94%
3M Co.
1.38%, 09/29/16		21,033		21,254,244
Danaher Corp.
2.30%, 06/23/16		1,707		1,742,048
5.63%, 01/15/18		4,925		5,486,368
Eaton Corp.
1.50%, 11/02/17a		29,175		29,286,648
General Electric Co.
5.25%, 12/06/17		25,699		28,517,204
Illinois Tool Works Inc.
0.90%, 02/25/17		5,950		5,947,280
Pentair Finance SA
1.35%, 12/01/15		5,550		5,564,968
Textron Inc.
4.63%, 09/21/16		126		132,684
Tyco Electronics Group SA
2.38%, 12/17/18 (Call 11/17/18)		5,000		5,057,508
				102,988,952
MEDIA — 2.20%
21st Century Fox America Inc.
8.00%, 10/17/16		3,220		3,571,657
Comcast Corp.
4.95%, 06/15/16		5,000		5,261,941
5.88%, 02/15/18		2,925		3,293,459
5.90%, 03/15/16		8,070		8,503,303

72 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
6.30%, 11/15/17	$	9,046	$	10,217,697
6.50%, 01/15/17		14,986		16,495,033
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
1.75%, 01/15/18a		3,640		3,616,570
2.40%, 03/15/17		15,108		15,354,533
3.50%, 03/01/16		13,629		13,963,972
Historic TW Inc.
6.88%, 06/15/18		5,000		5,815,104
NBCUniversal Media LLC
2.88%, 04/01/16		20,733		21,217,998
Scripps Networks Interactive Inc.
2.70%, 12/15/16		5,778		5,925,351
Thomson Reuters Corp.
0.88%, 05/23/16		5,555		5,539,558
1.30%, 02/23/17		7,404		7,403,513
1.65%, 09/29/17		3,500		3,508,500
Time Warner Cable Inc.
5.85%, 05/01/17		17,547		19,087,847
Time Warner Inc.
5.88%, 11/15/16		7,332		7,921,371
Viacom Inc.
2.50%, 12/15/16		3,434		3,506,395
3.50%, 04/01/17		15,520		16,136,845
6.13%, 10/05/17		500		554,520
6.25%, 04/30/16		8,128		8,610,292
Walt Disney Co. (The)
0.88%, 05/30/17		7,000		6,987,819
1.10%, 12/01/17		14,930		14,908,449
1.13%, 02/15/17		15,211		15,305,733
1.35%, 08/16/16a		10,186		10,296,254
5.63%, 09/15/16		7,000		7,531,989
				240,535,703
MINING — 0.78%
BHP Billiton Finance USA Ltd.
1.63%, 02/24/17a		17,604		17,845,852
1.88%, 11/21/16a		4,747		4,831,355
5.40%, 03/29/17		5,000		5,445,459
7.25%, 03/01/16		502		535,006
Freeport-McMoRan Inc.
2.15%, 03/01/17		5,166		5,140,593
2.30%, 11/14/17		3,230		3,179,629

Security	Principal (000s)		Value
Rio Tinto Finance USA Ltd.
2.25%, 09/20/16	$	200	$	203,614
2.50%, 05/20/16		2,750		2,802,437
Rio Tinto Finance USA PLC
1.38%, 06/17/16a		24,755		24,888,874
1.63%, 08/21/17 (Call 07/21/17)		16,058		16,122,531
Teck Resources Ltd.
3.15%, 01/15/17		3,000		3,051,761
3.85%, 08/15/17		1,000		1,029,459
				85,076,570
OFFICE & BUSINESS EQUIPMENT — 0.15%
Xerox Corp.
2.95%, 03/15/17		12,300		12,643,411
6.40%, 03/15/16		1,560		1,646,782
7.20%, 04/01/16		2,000		2,128,671
				16,418,864
OIL & GAS — 5.14%
Anadarko Petroleum Corp.
5.95%, 09/15/16a		19,011		20,352,422
6.38%, 09/15/17		21,785		24,303,119
Apache Corp.
1.75%, 04/15/17		4,490		4,513,021
5.63%, 01/15/17		9,500		10,229,179
BP Capital Markets PLC
1.38%, 11/06/17a		10,150		10,129,113
1.67%, 02/13/18		10,000		10,035,203
1.85%, 05/05/17		14,841		15,029,282
2.25%, 11/01/16		16,073		16,389,310
British Transco Finance Inc.
6.63%, 06/01/18		8,500		9,817,495
Canadian Natural Resources Ltd.
1.75%, 01/15/18		4,690		4,641,676
5.70%, 05/15/17		10,226		11,078,871
6.00%, 08/15/16		3,250		3,464,470
Chevron Corp.
0.89%, 06/24/16		11,050		11,076,765
1.35%, 11/15/17		30,060		30,196,895
1.37%, 03/02/18		4,765		4,772,490
CNOOC Finance 2013 Ltd.
1.13%, 05/09/16		4,750		4,736,403
CNOOC Nexen Finance 2014 ULC
1.63%, 04/30/17		20,000		19,884,540

SCHEDULESOF INVESTMENTS 73

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
ConocoPhillips Canada Funding Co. I
5.63%, 10/15/16	$	14,475	$	15,585,238
ConocoPhillips Co.
1.05%, 12/15/17 (Call 11/15/17)a		14,815		14,724,566
Encana Corp.
5.90%, 12/01/17		5,000		5,455,363
EOG Resources Inc.
5.88%, 09/15/17		2,470		2,741,247
Exxon Mobil Corp.
0.92%, 03/15/17		21,150		21,178,852
Hess Corp.
1.30%, 06/15/17		11,445		11,316,315
Husky Energy Inc.
6.20%, 09/15/17		1,000		1,096,847
Marathon Oil Corp.
6.00%, 10/01/17		6,610		7,280,535
Marathon Petroleum Corp.
3.50%, 03/01/16		5,541		5,667,119
Nabors Industries Inc.
2.35%, 09/15/16		5,600		5,572,000
6.15%, 02/15/18		9,925		10,381,236
Occidental Petroleum Corp.
1.50%, 02/15/18 (Call 01/15/18)		6,155		6,131,749
1.75%, 02/15/17		12,695		12,833,633
4.13%, 06/01/16		7,000		7,284,070
Petrobras Global Finance BV
2.00%, 05/20/16		21,170		20,139,408
3.25%, 03/17/17		24,359		22,644,661
6.13%, 10/06/16		5,230		5,200,033
Phillips 66
2.95%, 05/01/17		20,438		21,154,465
Pioneer Natural Resources Co.
6.65%, 03/15/17		950		1,038,749
Rowan Companies Inc.
5.00%, 09/01/17		1,606		1,659,168
Shell International Finance BV
0.90%, 11/15/16		20,150		20,165,842
1.13%, 08/21/17		3,445		3,448,490
5.20%, 03/22/17		4,632		5,031,967

Security	Principal (000s)		Value
Statoil ASA
1.25%, 11/09/17	$	5,000	$	4,992,953
1.80%, 11/23/16		10,100		10,246,140
3.13%, 08/17/17		16,566		17,327,420
Total Capital Canada Ltd.
1.45%, 01/15/18		7,708		7,733,652
Total Capital International SA
1.00%, 08/12/16a		14,558		14,620,066
1.00%, 01/10/17		6,000		6,012,860
1.50%, 02/17/17a		12,436		12,572,613
1.55%, 06/28/17a		9,309		9,408,432
Total Capital SA
2.30%, 03/15/16		9,503		9,669,717
Transocean Inc.
2.50%, 10/15/17		3,851		3,523,665
5.05%, 12/15/16		16,781		16,822,954
Valero Energy Corp.
6.13%, 06/15/17		10,215		11,273,021
				562,585,300
OIL & GAS SERVICES — 0.32%
Cameron International Corp.
1.15%, 12/15/16		2,441		2,415,160
1.40%, 06/15/17a		8,000		7,883,647
Halliburton Co.
1.00%, 08/01/16a		10,000		9,992,502
National Oilwell Varco Inc.
1.35%, 12/01/17		2,550		2,539,489
Weatherford International LLC
6.35%, 06/15/17a		11,465		12,038,249
				34,869,047
PHARMACEUTICALS — 3.35%
AbbVie Inc.
1.75%, 11/06/17		41,101		41,387,680
Actavis Funding SCS
1.30%, 06/15/17		10,200		10,074,013
Actavis Inc.
1.88%, 10/01/17		17,335		17,279,151
Allergan Inc./United States
1.35%, 03/15/18a		5,000		4,875,521
5.75%, 04/01/16		5,500		5,768,280
AmerisourceBergen Corp.
1.15%, 05/15/17a		7,850		7,823,879
AstraZeneca PLC
5.90%, 09/15/17		16,154		18,088,617

74 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Bristol-Myers Squibb Co.
0.88%, 08/01/17	$	1,162	$	1,157,066
1.75%, 03/01/19a		10,000		9,998,585
Cardinal Health Inc.
1.90%, 06/15/17		5,000		5,061,361
DENTSPLY International Inc.
2.75%, 08/15/16		1,500		1,526,164
Eli Lilly & Co.
1.25%, 03/01/18		1,520		1,519,496
5.20%, 03/15/17		8,614		9,369,171
Express Scripts Holding Co.
1.25%, 06/02/17		1,960		1,954,645
2.65%, 02/15/17		16,520		16,957,821
3.13%, 05/15/16		21,083		21,591,825
GlaxoSmithKline Capital Inc.
0.70%, 03/18/16		16,220		16,239,721
GlaxoSmithKline Capital PLC
1.50%, 05/08/17		17,409		17,580,311
Johnson & Johnson
0.70%, 11/28/16a		4,500		4,495,848
1.13%, 11/21/17		5,000		5,016,278
2.15%, 05/15/16		8,359		8,514,031
5.55%, 08/15/17		8,910		9,906,252
McKesson Corp.
1.29%, 03/10/17		12,225		12,246,610
Merck & Co. Inc.
0.70%, 05/18/16		11,820		11,819,507
1.10%, 01/31/18		9,125		9,085,580
Mylan Inc./PA
1.35%, 11/29/16		10,000		9,990,782
1.80%, 06/24/16		7,190		7,236,322
Perrigo Co. PLC
1.30%, 11/08/16		5,420		5,419,673
Pfizer Inc.
0.90%, 01/15/17a		16,520		16,537,323
1.10%, 05/15/17a		21,300		21,386,554
Sanofi
2.63%, 03/29/16		13,555		13,859,266
Teva Pharmaceutical Finance Co. BV
2.40%, 11/10/16		12,905		13,195,532
Zoetis Inc.
1.88%, 02/01/18		9,545		9,484,121
				366,446,986

Security	Principal (000s)		Value
PIPELINES — 0.93%
Boardwalk Pipelines Partners LP
5.50%, 02/01/17	$	11,000	$	11,560,040
5.88%, 11/15/16		2,000		2,113,541
El Paso Natural Gas Co. LLC
5.95%, 04/15/17		9,007		9,741,743
Enbridge Energy Partners LP
5.88%, 12/15/16		4,800		5,142,370
Energy Transfer Partners LP
6.13%, 02/15/17		750		811,243
Enterprise Products Operating LLC
Series A
8.38%, 08/01/66 (Call 08/01/16)c		5,817		6,136,935
Series L
6.30%, 09/15/17		13,081		14,586,068
Kinder Morgan Energy Partners LP
3.50%, 03/01/16		2,500		2,554,384
5.95%, 02/15/18		5,000		5,518,315
Kinder Morgan Inc./DE
2.00%, 12/01/17a		565		565,695
Magellan Midstream Partners LP
5.65%, 10/15/16		1,280		1,370,073
ONEOK Partners LP
2.00%, 10/01/17 (Call 09/01/17)		3,950		3,934,831
8.63%, 03/01/19a		1,620		1,937,184
Plains All American Pipeline LP/PAA Finance Corp.
6.50%, 05/01/18		5,500		6,255,349
Southern Natural Gas Co. LLC
5.90%, 04/01/17e		2,292		2,475,747
Spectra Energy Partners LP
2.95%, 06/15/16 (Call 05/15/16)		2,650		2,712,540
Tennessee Gas Pipeline Co. LLC
7.50%, 04/01/17		16,546		18,392,279
TransCanada PipeLines Ltd.
1.88%, 01/12/18		1,270		1,274,357
6.50%, 08/15/18		4,306		4,949,598
				102,032,292

SCHEDULESOF INVESTMENTS 75

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
REAL ESTATE INVESTMENT TRUSTS — 0.90%
American Tower Corp.
4.50%, 01/15/18	$	3,240	$	3,446,117
7.00%, 10/15/17		6,199		6,977,735
AvalonBay Communities Inc.
5.70%, 03/15/17		1,750		1,896,911
BioMed Realty LP
3.85%, 04/15/16 (Call 03/15/16)		5,000		5,136,203
ERP Operating LP
5.13%, 03/15/16		5,000		5,212,433
5.38%, 08/01/16		8,000		8,473,130
5.75%, 06/15/17		4,031		4,414,715
Essex Portfolio LP
5.50%, 03/15/17		200		216,074
HCP Inc.
3.75%, 02/01/16		13,200		13,542,178
3.75%, 02/01/19 (Call 11/01/18)		10,000		10,549,149
6.30%, 09/15/16		2,795		3,007,071
Health Care REIT Inc.
3.63%, 03/15/16		1,100		1,129,148
4.70%, 09/15/17		7,900		8,485,743
6.20%, 06/01/16		4,158		4,414,895
Hospitality Properties Trust
6.30%, 06/15/16 (Call 12/15/15)		2,500		2,595,640
Kimco Realty Corp.
5.78%, 03/15/16		5,636		5,901,656
Select Income REIT
2.85%, 02/01/18 (Call 01/01/18)		3,000		3,012,088
Simon Property Group LP
2.15%, 09/15/17 (Call 06/15/17)		10,000		10,213,149
				98,624,035
RETAIL — 2.31%
AutoZone Inc.
1.30%, 01/13/17		10,525		10,559,215
Costco Wholesale Corp.
1.13%, 12/15/17a		16,590		16,608,879
1.75%, 02/15/20		2,815		2,806,535
5.50%, 03/15/17		2,000		2,188,719

Security	Principal (000s)		Value
CVS Health Corp.
1.20%, 12/05/16a	$	14,636	$	14,716,766
5.75%, 06/01/17		10,137		11,168,789
6.13%, 08/15/16		7,000		7,516,720
Dollar General Corp.
4.13%, 07/15/17		5,000		5,244,476
Home Depot Inc. (The)
5.40%, 03/01/16		36,870		38,638,169
Lowe’s Companies Inc.
1.63%, 04/15/17 (Call 03/15/17)a		7,000		7,087,600
Macy’s Retail Holdings Inc.
5.90%, 12/01/16		6,525		7,053,975
7.45%, 07/15/17		4,000		4,542,123
McDonald’s Corp.
5.80%, 10/15/17		10,000		11,182,870
Starbucks Corp.
0.88%, 12/05/16		7,432		7,415,372
6.25%, 08/15/17		5,000		5,589,321
Target Corp.
2.30%, 06/26/19		6,604		6,739,539
5.38%, 05/01/17a		11,195		12,261,469
5.88%, 07/15/16		7,618		8,144,125
Wal-Mart Stores Inc.
0.60%, 04/11/16		14,520		14,535,522
1.00%, 04/21/17		8,000		8,038,377
2.80%, 04/15/16		15,320		15,713,198
5.38%, 04/05/17		6,000		6,563,251
Walgreen Co.
1.80%, 09/15/17		15,190		15,347,334
Walgreens Boots Alliance Inc.
1.75%, 11/17/17		7,330		7,393,404
Yum! Brands Inc.
6.25%, 04/15/16a		5,000		5,286,142
				252,341,890
SAVINGS & LOANS — 0.07%
Astoria Financial Corp.
5.00%, 06/19/17 (Call 05/19/17)		4,815		5,104,698
Santander Holdings USA Inc./PA
4.63%, 04/19/16		2,055		2,132,700
				7,237,398

76 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
SEMICONDUCTORS — 0.72%
Intel Corp.
1.35%, 12/15/17	$	37,760	$	37,911,259
1.95%, 10/01/16		20,271		20,652,036
KLA-Tencor Corp.
2.38%, 11/01/17		2,530		2,560,856
Texas Instruments Inc.
0.88%, 03/12/17		9,500		9,466,046
1.00%, 05/01/18		650		640,949
2.38%, 05/16/16		7,410		7,558,746
				78,789,892
SOFTWARE — 0.72%
Dun & Bradstreet Corp. (The)
3.25%, 12/01/17a		5,000		5,152,310
Fidelity National Information Services Inc.
1.45%, 06/05/17		14,700		14,682,536
Fiserv Inc.
3.13%, 06/15/16		4,800		4,920,681
Microsoft Corp.
0.88%, 11/15/17a		10,000		9,939,272
Oracle Corp.
1.20%, 10/15/17		22,072		22,098,458
5.25%, 01/15/16a		21,228		22,113,293
				78,906,550
TELECOMMUNICATIONS — 3.17%
America Movil SAB de CV
2.38%, 09/08/16a		18,750		19,108,269
AT&T Inc.
1.40%, 12/01/17		13,310		13,166,496
1.60%, 02/15/17		3,864		3,871,905
1.70%, 06/01/17		10,000		10,021,194
2.40%, 08/15/16		10,500		10,673,091
2.95%, 05/15/16		29,100		29,741,509
5.50%, 02/01/18		12,375		13,621,382
British Telecommunications PLC
1.25%, 02/14/17		7,950		7,926,585
1.63%, 06/28/16		8,860		8,920,585
5.95%, 01/15/18a		8,739		9,762,230
Cisco Systems Inc.
1.10%, 03/03/17		24,780		24,901,285
3.15%, 03/14/17		10,299		10,764,752

Security	Principal (000s)		Value
Deutsche Telekom International Finance BV
5.75%, 03/23/16	$	12,275	$	12,895,064
Embarq Corp.
7.08%, 06/01/16		2,000		2,142,777
Juniper Networks Inc.
3.10%, 03/15/16		4,600		4,682,593
Nippon Telegraph & Telephone Corp.
1.40%, 07/18/17		1,000		998,752
Orange SA
2.75%, 09/14/16		10,259		10,515,584
Qwest Corp.
8.38%, 05/01/16		3,500		3,731,949
Telefonica Emisiones SAU
3.99%, 02/16/16a		16,970		17,452,447
6.22%, 07/03/17		5,000		5,546,111
6.42%, 06/20/16		6,530		6,968,954
Verizon Communications Inc.
1.35%, 06/09/17a		15,400		15,381,605
2.00%, 11/01/16		15,357		15,583,691
2.50%, 09/15/16		27,397		28,000,373
Vodafone Group PLC
1.25%, 09/26/17a		13,300		13,215,352
1.50%, 02/19/18		13,948		13,867,058
1.63%, 03/20/17		20,150		20,280,818
5.63%, 02/27/17		12,669		13,727,432
				347,469,843
TOYS, GAMES & HOBBIES — 0.05%
Mattel Inc.
2.50%, 11/01/16		5,000		5,085,816
				5,085,816
TRANSPORTATION — 0.53%
Burlington Northern Santa Fe LLC
5.65%, 05/01/17		12,630		13,835,879
5.75%, 03/15/18		2,930		3,290,053
Canadian National Railway Co.
1.45%, 12/15/16 (Call 11/15/16)		3,000		3,030,240
5.85%, 11/15/17a		2,285		2,558,954
CSX Corp.
5.60%, 05/01/17		8,000		8,740,841
6.25%, 03/15/18		2,600		2,948,793

SCHEDULESOF INVESTMENTS 77

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Norfolk Southern Corp.
5.75%, 04/01/18	$	4,200	$	4,701,883
7.70%, 05/15/17		2,500		2,846,496
Ryder System Inc.
2.65%, 03/02/20 (Call 02/20/20)		1,200		1,212,641
3.60%, 03/01/16		12,460		12,787,431
5.85%, 11/01/16		2,300		2,475,780
				58,428,991
TRUCKING & LEASING — 0.20%
GATX Corp.
1.25%, 03/04/17		10,800		10,752,437
2.38%, 07/30/18		5,000		5,049,749
3.50%, 07/15/16		5,800		5,980,692
				21,782,878
WATER — 0.05%
American Water Capital Corp.
6.09%, 10/15/17		5,000		5,566,223
				5,566,223
TOTAL CORPORATE BONDS & NOTES
(Cost: $8,685,569,329)				8,688,091,179
FOREIGN GOVERNMENT OBLIGATIONSf — 19.44%
BRAZIL — 0.22%
Brazilian Government International Bond
6.00%, 01/17/17a		22,600		24,328,902
				24,328,902
CANADA — 2.25%
Canada Government International Bond
0.88%, 02/14/17		31,800		31,920,729
Export Development Canada
0.88%, 01/30/17		21,160		21,208,687
1.00%, 05/15/17a		18,520		18,588,629
1.25%, 10/26/16a		1,500		1,515,781
Province of British Columbia
1.20%, 04/25/17a		10,500		10,582,699
2.10%, 05/18/16		9,680		9,863,304
Province of New Brunswick
5.20%, 02/21/17		9,789		10,601,271

Security	Principal (000s)		Value
Province of Ontario Canada
1.00%, 07/22/16a	$	15,720	$	15,797,764
1.10%, 10/25/17a		29,400		29,339,953
1.20%, 02/14/18a		6,765		6,745,774
1.60%, 09/21/16		18,000		18,250,771
2.30%, 05/10/16a		33,200		33,883,648
4.95%, 11/28/16a		10,000		10,718,572
Province of Quebec Canada
5.00%, 03/01/16		1,100		1,148,809
5.13%, 11/14/16a		24,780		26,602,524
				246,768,915
COLOMBIA — 0.21%
Colombia Government International Bond
7.38%, 01/27/17a		21,000		23,278,500
				23,278,500
GERMANY — 0.46%
FMS Wertmanagement AoeR
0.63%, 04/18/16		33,530		33,590,200
1.13%, 10/14/16a		10,000		10,075,292
1.13%, 09/05/17		6,750		6,768,532
				50,434,024
ITALY — 0.33%
Italy Government International Bond
5.25%, 09/20/16		21,350		22,703,695
5.38%, 06/12/17a		12,000		13,085,997
				35,789,692
JAPAN — 0.32%
Japan Bank for International Cooperation/Japan
1.13%, 07/19/17		2,500		2,502,412
1.75%, 11/13/18		10,000		10,070,111
2.25%, 07/13/16a		3,000		3,063,860
2.50%, 05/18/16		19,500		19,942,806
				35,579,189
MEXICO — 0.43%
Mexico Government International Bond
5.63%, 01/15/17a		42,374		45,763,923
11.38%, 09/15/16a		1,000		1,160,000
				46,923,923

78 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
PERU — 0.06%
Peruvian Government International Bond
8.38%, 05/03/16a	$	5,800	$	6,269,800
				6,269,800
PHILIPPINES — 0.12%
Philippine Government International Bond
9.38%, 01/18/17		11,000		12,595,000
				12,595,000
SOUTH KOREA — 0.18%
Export-Import Bank of Korea
1.75%, 02/27/18		5,000		4,994,465
2.88%, 09/17/18		5,000		5,149,271
3.75%, 10/20/16		2,600		2,704,130
4.00%, 01/11/17		6,100		6,384,730
				19,232,596
SUPRANATIONAL — 14.00%
African Development Bank
0.75%, 10/18/16		1,750		1,753,718
0.88%, 03/15/18		5,000		4,957,146
1.13%, 03/15/17		19,020		19,146,801
1.25%, 09/02/16		15,020		15,174,448
2.50%, 03/15/16		19,650		20,064,383
Asian Development Bank
0.50%, 06/20/16		21,900		21,894,770
0.75%, 01/11/17a		25,000		25,023,812
1.13%, 03/15/17		23,880		24,048,968
2.50%, 03/15/16		11,890		12,140,739
5.25%, 06/12/17a		19,020		20,890,918
5.50%, 06/27/16a		17,120		18,235,972
Corp. Andina de Fomento
1.50%, 08/08/17		15,000		15,084,915
Council of Europe Development Bank
1.25%, 09/22/16a		19,520		19,732,303
1.50%, 06/19/17		11,000		11,145,724
2.63%, 02/16/16a		1,000		1,020,720
European Bank for Reconstruction & Development
1.00%, 02/16/17		37,800		37,969,310
1.38%, 10/20/16		10,000		10,119,122
2.50%, 03/15/16		5,500		5,615,410

Security	Principal (000s)		Value
European Investment Bank
0.50%, 08/15/16	$	63,600	$	63,535,109
0.63%, 04/15/16		78,750		78,901,909
0.88%, 04/18/17a		60,450		60,534,836
1.00%, 08/17/17a		26,000		26,029,136
1.00%, 12/15/17		10,000		9,982,581
1.13%, 12/15/16a		48,550		48,916,009
1.13%, 09/15/17		10,000		10,037,740
1.25%, 10/14/16a		53,750		54,283,829
1.75%, 03/15/17a		30,000		30,589,296
2.13%, 07/15/16		39,800		40,672,480
2.25%, 03/15/16		37,300		38,010,047
2.50%, 05/16/16a		41,750		42,766,015
4.88%, 01/17/17a		35,000		37,682,995
5.13%, 09/13/16		36,500		39,010,328
5.13%, 05/30/17		26,200		28,673,421
Inter-American Development Bank
0.63%, 09/12/16a		11,210		11,216,895
0.88%, 11/15/16		37,300		37,441,781
1.00%, 07/14/17		31,000		31,051,485
1.13%, 03/15/17		28,010		28,210,311
1.38%, 10/18/16a		39,950		40,446,183
International Bank for Reconstruction & Development
0.50%, 04/15/16		72,000		72,038,758
0.50%, 05/16/16a		50,900		50,907,070
0.63%, 10/14/16a		2,500		2,500,674
0.75%, 12/15/16		28,000		28,040,482
0.88%, 04/17/17a		78,200		78,344,083
1.00%, 09/15/16		39,250		39,507,959
1.13%, 07/18/17		11,000		11,060,875
2.13%, 03/15/16a		53,450		54,376,892
5.00%, 04/01/16		1,485		1,557,759
International Finance Corp.
0.50%, 05/16/16a		16,720		16,722,322
0.63%, 11/15/16		16,270		16,263,648
1.00%, 04/24/17a		16,000		16,064,949
1.13%, 11/23/16		21,450		21,628,271
2.25%, 04/11/16a		21,910		22,342,598
Nordic Investment Bank
0.50%, 04/14/16		10,950		10,954,792
1.00%, 03/07/17		31,000		31,139,131
2.25%, 03/15/16		16,455		16,759,646
				1,532,221,474

SCHEDULESOF INVESTMENTS 79

Schedule of Investments (Continued)

iSHARES^® 1-3 YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal or Shares (000s)		Value
SWEDEN — 0.50%
Svensk Exportkredit AB
0.63%, 05/31/16	$	32,966	$	32,978,698
2.13%, 07/13/16		20,370		20,787,345
5.13%, 03/01/17		500		542,248
				54,308,291
TURKEY — 0.36%
Turkey Government International Bond
7.00%, 09/26/16		13,600		14,693,034
7.50%, 07/14/17a		22,350		24,910,416
				39,603,450
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $2,123,175,795)				2,127,333,756
MUNICIPAL DEBT OBLIGATIONS — 0.19%
CALIFORNIA — 0.10%
State of California GO
5.45%, 04/01/15		3,100		3,113,051
5.95%, 04/01/16		7,105		7,516,025
				10,629,076
FLORIDA — 0.03%
State Board of Administration Finance Corp. RB
Series A
1.30%, 07/01/16		2,875		2,893,831
				2,893,831
NEW JERSEY — 0.06%
New Jersey Economic Development Authority RB
Series Q
1.10%, 06/15/16		7,000		6,984,530
				6,984,530
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $20,490,626)				20,507,437
SHORT-TERM INVESTMENTS — 4.34%
MONEY MARKET FUNDS — 4.34%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%d,g,h		415,158		415,158,342

Security	Shares (000s)		Value
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%d,g,h		12,077	$	12,076,520
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%d,g		47,869		47,869,258
				475,104,120
TOTAL SHORT-TERM INVESTMENTS
(Cost: $475,104,120)				475,104,120
TOTAL INVESTMENTS IN SECURITIES — 103.34%
(Cost: $11,304,339,870)				11,311,036,492
Other Assets, Less Liabilities — (3.34)%				(365,378,282	)
NET ASSETS — 100.00%			$	10,945,658,210

GO — General Obligation

RB — Revenue Bond

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

^b  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^c  Variable rate security. Rate shown is as of report date.

^d  Affiliated issuer. See Note 2.

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

^f  Investments are denominated in U.S. dollars.

^g  The rate quoted is the annualized seven-day yield of the fund at period end.

^h  All or a portion of this security represents an investment of securities lending collateral. See Note 1.

See notes to financial statements.

80 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 80.22%
ADVERTISING — 0.03%
WPP Finance 2010
5.63%, 11/15/43	$	220	$	265,981
				265,981
AEROSPACE & DEFENSE — 1.42%
Boeing Co. (The)
3.30%, 03/01/35		1,010		1,006,518
6.88%, 03/15/39		270		403,242
General Dynamics Corp.
3.60%, 11/15/42 (Call 05/15/42)		350		345,531
Lockheed Martin Corp.
3.60%, 03/01/35		110		110,254
3.80%, 03/01/45 (Call 09/01/44)		500		500,558
4.07%, 12/15/42		1,291		1,340,579
4.85%, 09/15/41		200		230,380
Series B
6.15%, 09/01/36		350		452,251
Northrop Grumman Corp.
4.75%, 06/01/43		770		859,661
5.05%, 11/15/40		290		332,818
Northrop Grumman Systems Corp.
7.75%, 02/15/31		200		285,054
Raytheon Co.
4.20%, 12/15/44 (Call 06/15/44)		340		362,409
4.70%, 12/15/41		520		588,397
4.88%, 10/15/40		190		219,713
Rockwell Collins Inc.
4.80%, 12/15/43 (Call 06/15/43)		250		292,439
United Technologies Corp.
4.50%, 06/01/42		3,450		3,836,438
5.70%, 04/15/40		305		390,470
6.05%, 06/01/36		175		232,547
6.70%, 08/01/28		225		306,705
				12,095,964
AGRICULTURE — 1.21%
Altria Group Inc.
4.25%, 08/09/42		500		502,930
5.38%, 01/31/44		1,520		1,796,324
9.95%, 11/10/38		372		646,573
10.20%, 02/06/39		135		239,118

Security	Principal (000s)		Value
Archer-Daniels-Midland Co.
4.02%, 04/16/43	$	276	$	286,547
4.54%, 03/26/42		223		249,601
5.38%, 09/15/35		305		371,898
5.77%, 03/01/41a		550		717,352
Lorillard Tobacco Co.
7.00%, 08/04/41b		140		180,964
Lowe’s Companies Inc.
4.25%, 09/15/44 (Call 03/15/44)		250		269,052
Philip Morris International Inc.
4.13%, 03/04/43		500		516,154
4.25%, 11/10/44		1,700		1,793,640
4.88%, 11/15/43		400		462,141
6.38%, 05/16/38		811		1,090,889
Reynolds American Inc.
4.75%, 11/01/42		250		252,156
6.15%, 09/15/43b		350		423,401
7.25%, 06/15/37		353		462,195
				10,260,935
AIRLINES — 0.19%
American Airlines 2014-1 Pass Through Trust Class A
3.70%, 04/01/28		500		517,500
Hawaiian Airlines 2013-1 Pass Through Certificates Class A
3.90%, 01/15/26		435		439,824
United Airlines 2014-2 Pass Through Trust Class A
3.75%, 03/03/28		675		698,625
				1,655,949
APPAREL — 0.05%
NIKE Inc.
3.63%, 05/01/43 (Call 11/01/42)		250		251,359
VF Corp.
6.45%, 11/01/37		100		137,323
				388,682
AUTO MANUFACTURERS — 0.54%
Daimler Finance North America LLC
8.50%, 01/18/31		538		837,932
Ford Motor Co.
4.75%, 01/15/43b		500		548,066
7.45%, 07/16/31		2,290		3,186,934
				4,572,932

SCHEDULESOF INVESTMENTS 81

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
AUTO PARTS & EQUIPMENT — 0.17%
Johnson Controls Inc.
4.63%, 07/02/44 (Call 01/02/44)	$	325	$	348,312
6.00%, 01/15/36		850		1,068,974
				1,417,286
BANKS — 8.16%
Bank of America Corp.
4.25%, 10/22/26		2,850		2,914,883
4.88%, 04/01/44		1,100		1,253,478
5.00%, 01/21/44		1,050		1,200,600
5.88%, 02/07/42		420		533,315
6.11%, 01/29/37		950		1,147,622
7.75%, 05/14/38		800		1,143,320
Bank of New York Mellon Corp. (The)
3.95%, 11/18/25 (Call 10/18/25)b		450		488,530
Bank One Corp.
7.63%, 10/15/26		70		92,604
8.00%, 04/29/27		300		411,035
Branch Banking & Trust Co.
3.80%, 10/30/26 (Call 09/30/26)		500		523,736
Citigroup Inc.
4.30%, 11/20/26b		1,500		1,541,276
4.95%, 11/07/43		675		774,504
5.30%, 05/06/44		350		391,315
5.50%, 09/13/25b		2,150		2,430,309
5.88%, 01/30/42		520		665,206
6.00%, 10/31/33		1,100		1,292,412
6.13%, 08/25/36		690		835,451
6.63%, 06/15/32		675		838,236
6.68%, 09/13/43		450		589,399
6.88%, 03/05/38		208		287,900
6.88%, 02/15/98		75		102,782
8.13%, 07/15/39		660		1,019,394
Comerica Inc.
3.80%, 07/22/26		300		304,072
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
5.25%, 05/24/41		500		598,765
5.75%, 12/01/43		750		915,108
Discover Bank/Greenwood DE
4.25%, 03/13/26		500		526,902
Fifth Third Bancorp
8.25%, 03/01/38		625		936,821

Security	Principal (000s)		Value
Goldman Sachs Group Inc. (The)
4.80%, 07/08/44 (Call 01/08/44)	$	1,350	$	1,488,600
5.95%, 01/15/27		1,400		1,648,250
6.13%, 02/15/33b		1,730		2,178,824
6.25%, 02/01/41		1,100		1,440,706
6.45%, 05/01/36		440		546,349
6.75%, 10/01/37		2,375		3,074,105
HSBC Bank PLC
7.65%, 05/01/25		100		131,683
HSBC Bank USA N.A./New York NY
5.63%, 08/15/35		1,250		1,543,171
HSBC Holdings PLC
5.25%, 03/14/44b		500		567,176
6.10%, 01/14/42b		575		761,923
6.50%, 05/02/36		800		1,024,140
6.50%, 09/15/37		1,555		1,994,250
6.80%, 06/01/38		1,050		1,406,289
7.63%, 05/17/32		300		418,429
JPMorgan Chase & Co.
4.13%, 12/15/26		1,950		2,003,501
4.85%, 02/01/44		1,175		1,346,619
5.40%, 01/06/42		330		396,769
5.50%, 10/15/40		500		606,418
5.60%, 07/15/41		480		591,481
5.63%, 08/16/43		670		799,560
6.40%, 05/15/38		1,345		1,789,678
KfW
0.00%, 04/18/36		1,300		723,398
0.00%, 06/29/37		1,155		608,176
Morgan Stanley
4.30%, 01/27/45		800		817,154
4.35%, 09/08/26		1,265		1,320,641
5.00%, 11/24/25		1,175		1,294,645
6.38%, 07/24/42		981		1,307,996
7.25%, 04/01/32		1,025		1,419,762
Northern Trust Corp.
3.95%, 10/30/25		840		892,374
Regions Financial Corp.
7.38%, 12/10/37		500		660,846
UBS AG/Stamford CT
7.75%, 09/01/26		200		265,903
Wachovia Corp.
5.50%, 08/01/35		210		249,300

82 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
6.55%, 10/15/35	$	150	$	194,774
6.61%, 10/01/25		100		123,730
Wells Fargo & Co.
4.10%, 06/03/26		3,708		3,884,131
4.65%, 11/04/44		1,780		1,904,468
5.38%, 02/07/35		330		397,333
5.61%, 01/15/44		2,106		2,564,790
Wells Fargo Bank N.A.
5.95%, 08/26/36		700		910,671
Wells Fargo Capital X
5.95%, 12/01/86		286		294,580
				69,351,568
BEVERAGES — 1.30%
Anheuser-Busch InBev Finance Inc.
4.63%, 02/01/44		1,000		1,085,985
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42		1,201		1,144,815
6.38%, 01/15/40b		300		389,371
8.00%, 11/15/39		200		308,042
8.20%, 01/15/39		926		1,443,892
Brown-Forman Corp.
3.75%, 01/15/43 (Call 07/15/42)		400		399,051
Coca-Cola FEMSA SAB de CV
5.25%, 11/26/43		250		292,920
Diageo Capital PLC
3.88%, 04/29/43 (Call 10/29/42)		500		498,396
5.88%, 09/30/36		802		1,021,559
Dr Pepper Snapple Group Inc.
7.45%, 05/01/38		275		406,874
Fomento Economico Mexicano SAB de CV
4.38%, 05/10/43b		500		488,978
Molson Coors Brewing Co.
5.00%, 05/01/42		430		446,710
Pepsi Bottling Group Inc. (The) Series B
7.00%, 03/01/29		900		1,264,352
PepsiCo Inc.
3.60%, 08/13/42		200		190,148
4.00%, 03/05/42b		350		353,260
4.25%, 10/22/44 (Call 04/22/44)b		500		524,595
4.88%, 11/01/40		400		456,263

Security	Principal (000s)		Value
5.50%, 01/15/40	$	300	$	368,114
				11,083,325
BIOTECHNOLOGY — 1.10%
Amgen Inc.
4.95%, 10/01/41		669		746,155
5.15%, 11/15/41 (Call 05/15/41)		800		916,732
5.38%, 05/15/43 (Call 11/15/42)		1,925		2,288,332
5.75%, 03/15/40		150		182,004
6.38%, 06/01/37		450		575,736
6.40%, 02/01/39		325		420,911
Celgene Corp.
5.25%, 08/15/43		950		1,105,330
Gilead Sciences Inc.
3.50%, 02/01/25 (Call 11/01/24)		300		314,204
4.50%, 02/01/45 (Call 08/01/44)		1,350		1,492,385
4.80%, 04/01/44 (Call 10/01/43)		870		997,023
5.65%, 12/01/41 (Call 06/01/41)		260		329,627
				9,368,439
BUILDING MATERIALS — 0.03%
Owens Corning
7.00%, 12/01/36		200		243,753
				243,753
CHEMICALS — 1.75%
Agrium Inc.
4.13%, 03/15/35 (Call 09/15/34)		75		74,507
4.90%, 06/01/43 (Call 12/01/42)		250		270,170
5.25%, 01/15/45 (Call 07/15/44)		600		679,895
6.13%, 01/15/41 (Call 07/15/40)		255		317,580
Albemarle Corp.
5.45%, 12/01/44 (Call 06/01/44)b		250		270,261
CF Industries Inc.
4.95%, 06/01/43		100		106,423
5.15%, 03/15/34		650		720,094
5.38%, 03/15/44		350		394,824
Dow Chemical Co. (The)
4.25%, 10/01/34 (Call 04/01/34)		1,050		1,064,594
4.63%, 10/01/44 (Call 04/01/44)		500		517,198
5.25%, 11/15/41 (Call 05/15/41)		660		739,664
7.38%, 11/01/29		290		394,935
9.40%, 05/15/39		355		582,596
Eastman Chemical Co.
3.80%, 03/15/25 (Call 12/15/24)		500		518,957

SCHEDULESOF INVESTMENTS 83

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.65%, 10/15/44 (Call 04/15/44)	$	450	$	472,639
4.80%, 09/01/42 (Call 03/01/42)		415		442,878
Ecolab Inc.
5.50%, 12/08/41		320		386,843
EI du Pont de Nemours & Co.
4.15%, 02/15/43b		550		556,963
4.90%, 01/15/41		485		541,219
Lubrizol Corp.
6.50%, 10/01/34		100		134,648
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		500		537,222
5.25%, 07/15/43		420		473,557
Methanex Corp.
5.65%, 12/01/44 (Call 06/01/44)		250		259,348
Monsanto Co.
3.60%, 07/15/42 (Call 01/15/42)		300		281,868
4.20%, 07/15/34 (Call 01/15/34)		675		723,037
4.40%, 07/15/44 (Call 01/15/44)		1,000		1,078,210
5.50%, 08/15/25		100		120,074
Series 1
5.50%, 07/30/35		100		119,329
Mosaic Co. (The)
5.45%, 11/15/33 (Call 05/15/33)		200		234,566
5.63%, 11/15/43 (Call 05/15/43)		470		563,889
Potash Corp. of Saskatchewan Inc.
5.88%, 12/01/36		185		234,321
Praxair Inc.
3.55%, 11/07/42 (Call 05/07/42)		250		243,799
Rohm & Haas Co.
7.85%, 07/15/29		200		280,212
Sherwin-Williams Co. (The)
4.00%, 12/15/42 (Call 06/15/42)		250		252,331
Valspar Corp. (The)
4.40%, 02/01/45 (Call 08/01/44)		250		250,250
				14,838,901
COMMERCIAL SERVICES — 0.41%
Catholic Health Initiatives
4.35%, 11/01/42		500		488,882
Cleveland Clinic Foundation (The)
4.86%, 01/01/14		250		261,403
Massachusetts Institute of Technology
4.68%, 07/01/14		500		576,945
5.60%, 07/01/11		200		275,340

Security	Principal (000s)		Value
President and Fellows of Harvard College
6.30%, 10/01/37 (Call 04/01/16)	$	41	$	43,665
Princeton University
5.70%, 03/01/39		300		404,285
Tufts University Series 2012
5.02%, 04/15/12		250		281,794
University of Southern California
5.25%, 10/01/11		250		334,980
Western Union Co. (The)
6.20%, 11/17/36		407		412,129
6.20%, 06/21/40		375		392,506
				3,471,929
COMPUTERS — 0.90%
Apple Inc.
3.45%, 02/09/45		1,220		1,151,610
3.85%, 05/04/43		800		806,348
4.45%, 05/06/44		800		889,125
Hewlett-Packard Co.
6.00%, 09/15/41		678		769,025
HP Enterprise Services LLC
7.45%, 10/15/29		140		177,747
International Business Machines Corp.
4.00%, 06/20/42		588		588,593
5.60%, 11/30/39		427		518,896
5.88%, 11/29/32		500		633,474
6.22%, 08/01/27		450		577,490
7.00%, 10/30/25		690		921,357
Seagate HDD Cayman
4.75%, 01/01/25c		620		656,278
				7,689,943
COSMETICS & PERSONAL CARE — 0.26%
Estee Lauder Companies Inc. (The)
3.70%, 08/15/42		200		193,502
6.00%, 05/15/37		200		253,546
Procter & Gamble Co. (The)
5.50%, 02/01/34		50		64,449
5.55%, 03/05/37		994		1,324,468
5.80%, 08/15/34		120		161,494
6.45%, 01/15/26		175		232,127
				2,229,586

84 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
DIVERSIFIED FINANCIAL SERVICES — 2.11%
Affiliated Managers Group Inc.
3.50%, 08/01/25	$	250	$	249,502
American Express Co.
4.05%, 12/03/42		487		494,019
CME Group Inc./IL
5.30%, 09/15/43 (Call 03/15/43)		450		551,235
Credit Suisse USA Inc.
7.13%, 07/15/32		700		992,446
General Electric Capital Corp.
5.88%, 01/14/38		1,970		2,557,354
6.15%, 08/07/37		1,775		2,370,493
6.88%, 01/10/39		1,525		2,202,882
Series A
6.75%, 03/15/32b		4,408		6,086,651
Goldman Sachs Capital I
6.35%, 02/15/34		400		485,155
Jefferies Group LLC
6.25%, 01/15/36		575		578,717
6.45%, 06/08/27		260		279,324
Legg Mason Inc.
5.63%, 01/15/44		425		498,480
National Rural Utilities Cooperative Finance Corp. Series C
8.00%, 03/01/32		380		572,706
				17,918,964
ELECTRIC — 9.59%
Alabama Power Co.
4.15%, 08/15/44 (Call 02/15/44)		400		436,045
6.00%, 03/01/39		115		155,854
6.13%, 05/15/38		605		821,348
Series 1
5.65%, 03/15/35 (Call 03/15/15)		400		400,000
Series 11-C
5.20%, 06/01/41		900		1,114,470
Appalachian Power Co.
6.38%, 04/01/36		750		1,002,897
7.00%, 04/01/38		855		1,223,773
Arizona Public Service Co.
4.50%, 04/01/42 (Call 10/01/41)		250		279,402
4.70%, 01/15/44 (Call 07/15/43)		500		578,310
5.50%, 09/01/35		150		189,969

Security	Principal (000s)		Value
Berkshire Hathaway Energy Co.
4.50%, 02/01/45 (Call 08/01/44)	$	1,000	$	1,105,505
5.15%, 11/15/43 (Call 05/15/43)		1,250		1,510,049
5.95%, 05/15/37		450		584,306
6.13%, 04/01/36		1,019		1,349,258
6.50%, 09/15/37		505		696,597
8.48%, 09/15/28		196		293,647
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		525		521,016
4.50%, 04/01/44 (Call 10/01/43)		325		374,164
Cleco Power LLC
6.00%, 12/01/40		600		758,546
CMS Energy Corp.
4.88%, 03/01/44 (Call 09/01/43)		450		521,358
Commonwealth Edison Co.
3.70%, 03/01/45		250		254,813
4.70%, 01/15/44 (Call 07/15/43)		800		943,911
5.90%, 03/15/36		750		986,634
Connecticut Light & Power Co. (The)
4.30%, 04/15/44 (Call 10/15/43)		250		280,440
6.35%, 06/01/36		150		205,586
Consolidated Edison Co. of New York Inc.
4.45%, 03/15/44 (Call 09/15/43)		750		839,575
5.50%, 12/01/39		190		238,193
5.70%, 06/15/40		410		522,299
Series 05-A
5.30%, 03/01/35		50		60,890
Series 06-A
5.85%, 03/15/36		650		834,776
Series 06-B
6.20%, 06/15/36		450		607,185
Series 06-E
5.70%, 12/01/36		530		669,602
Series 08-B
6.75%, 04/01/38		440		625,978
Consumers Energy Co.
3.95%, 05/15/43 (Call 11/15/42)		75		79,935
Delmarva Power & Light Co.
4.00%, 06/01/42 (Call 12/01/41)		500		525,871
Dominion Resources Inc./VA
4.70%, 12/01/44 (Call 06/01/44)		250		279,366

SCHEDULESOF INVESTMENTS 85

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
6.30%, 03/15/33	$	175	$	223,913
7.00%, 06/15/38		250		351,292
Series B
5.95%, 06/15/35		900		1,140,257
Series F
5.25%, 08/01/33		550		639,478
DTE Electric Co.
3.38%, 03/01/25 (Call 12/01/24)		1,125		1,184,508
5.70%, 10/01/37		100		131,464
Series A
4.00%, 04/01/43 (Call 10/01/42)		200		214,875
6.63%, 06/01/36		200		285,785
DTE Energy Co.
6.38%, 04/15/33		130		171,651
Duke Energy Carolinas LLC
4.00%, 09/30/42 (Call 03/30/42)		485		518,929
4.25%, 12/15/41 (Call 06/15/41)		580		641,228
5.30%, 02/15/40		465		590,530
6.05%, 04/15/38		630		860,659
6.10%, 06/01/37		250		338,399
6.45%, 10/15/32		75		101,012
Duke Energy Florida Inc.
3.85%, 11/15/42 (Call 05/15/42)		280		292,384
6.35%, 09/15/37		200		284,680
6.40%, 06/15/38		135		190,400
Duke Energy Indiana Inc.
6.12%, 10/15/35		76		99,833
6.45%, 04/01/39		750		1,070,234
Duke Energy Progress Inc.
4.10%, 05/15/42 (Call 11/15/41)		380		412,845
4.10%, 03/15/43 (Call 09/15/42)		600		652,835
4.15%, 12/01/44 (Call 06/01/44)		960		1,056,137
4.38%, 03/30/44 (Call 09/30/43)		525		597,975
6.30%, 04/01/38		250		351,585
El Paso Electric Co.
6.00%, 05/15/35		150		188,340
Entergy Louisiana LLC
4.95%, 01/15/45 (Call 01/15/25)		250		256,800
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)		878		1,001,481
6.25%, 10/01/39		355		430,934
FirstEnergy Solutions Corp.
6.80%, 08/15/39		578		621,833

Security	Principal (000s)		Value
Florida Power & Light Co.
4.05%, 06/01/42 (Call 12/01/41)	$	480	$	521,766
4.05%, 10/01/44 (Call 04/01/44)		765		834,937
4.13%, 02/01/42 (Call 08/02/41)		1,140		1,253,063
4.95%, 06/01/35		200		237,200
5.25%, 02/01/41 (Call 08/01/40)		100		126,870
5.85%, 05/01/37		300		395,700
5.95%, 02/01/38		781		1,059,226
Georgia Power Co.
4.30%, 03/15/42		1,164		1,271,429
5.40%, 06/01/40		315		393,757
Series 07-A
5.65%, 03/01/37		100		126,659
Hydro-Quebec
9.50%, 11/15/30		200		339,795
Iberdrola International BV
6.75%, 07/15/36		375		496,650
Jersey Central Power & Light Co.
6.15%, 06/01/37		300		368,460
John Sevier Combined Cycle Generation LLC
4.63%, 01/15/42		240		276,354
Kansas City Power & Light Co.
5.30%, 10/01/41 (Call 04/01/41)		250		301,240
Kentucky Utilities Co.
5.13%, 11/01/40 (Call 05/01/40)		135		167,265
MidAmerican Energy Co.
4.40%, 10/15/44 (Call 04/15/44)		525		595,887
Nevada Power Co.
5.45%, 05/15/41 (Call 11/15/40)		510		647,898
Nisource Finance Corp.
4.80%, 02/15/44 (Call 08/15/43)		450		511,362
5.25%, 02/15/43 (Call 08/15/42)		325		389,650
5.80%, 02/01/42 (Call 08/01/41)		250		316,104
5.95%, 06/15/41 (Call 12/15/40)		295		381,709
Northern States Power Co./MN
3.40%, 08/15/42 (Call 02/15/42)		650		625,941
4.85%, 08/15/40 (Call 02/15/40)		430		510,607
5.25%, 07/15/35		50		61,314
6.25%, 06/01/36		100		137,050
NSTAR Electric Co.
4.40%, 03/01/44 (Call 09/01/43)		200		226,682
5.50%, 03/15/40		200		256,759

86 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Oglethorpe Power Corp.
4.55%, 06/01/44	$	750	$	808,014
5.25%, 09/01/50		25		29,336
Ohio Edison Co.
6.88%, 07/15/36		300		415,424
Oklahoma Gas & Electric Co.
4.00%, 12/15/44 (Call 06/15/44)		200		209,820
4.55%, 03/15/44 (Call 09/15/43)		350		399,227
Oncor Electric Delivery Co. LLC
4.55%, 12/01/41 (Call 06/01/41)		425		487,373
5.25%, 09/30/40		300		375,109
5.30%, 06/01/42 (Call 12/01/41)		655		828,898
7.50%, 09/01/38		25		37,928
Pacific Gas & Electric Co.
4.45%, 04/15/42 (Call 10/15/41)		450		491,251
4.50%, 12/15/41 (Call 06/15/41)		330		360,433
4.75%, 02/15/44 (Call 08/15/43)		250		287,572
5.13%, 11/15/43 (Call 05/15/43)		650		779,960
5.40%, 01/15/40		605		740,524
6.05%, 03/01/34		2,279		2,985,421
6.25%, 03/01/39		250		336,575
PacifiCorp
4.10%, 02/01/42 (Call 08/01/41)		350		375,760
6.10%, 08/01/36		100		136,310
PECO Energy Co.
4.15%, 10/01/44 (Call 04/01/44)		250		274,961
5.95%, 10/01/36		100		132,821
Pennsylvania Electric Co.
6.15%, 10/01/38		100		123,440
Potomac Electric Power Co.
6.50%, 11/15/37		175		248,331
PPL Capital Funding Inc.
4.70%, 06/01/43 (Call 12/01/42)		600		676,109
5.00%, 03/15/44 (Call 09/15/43)		425		501,488
PPL Electric Utilities Corp.
5.20%, 07/15/41 (Call 01/15/41)		385		484,823
PSEG Power LLC
8.63%, 04/15/31		720		1,047,978
Public Service Co. of Colorado
4.30%, 03/15/44 (Call 09/15/43)		770		859,204
6.25%, 09/01/37		49		67,566
Public Service Electric & Gas Co.
3.95%, 05/01/42 (Call 11/01/41)		155		164,145

Security	Principal (000s)		Value
5.38%, 11/01/39	$	100	$	127,821
5.80%, 05/01/37		425		554,328
Series I
4.00%, 06/01/44 (Call 12/01/43)		275		294,917
Puget Sound Energy Inc.
4.43%, 11/15/41 (Call 05/15/41)		125		140,900
5.48%, 06/01/35		300		377,042
5.64%, 04/15/41 (Call 10/15/40)		530		696,581
5.80%, 03/15/40		25		33,190
6.72%, 06/15/36		50		71,730
7.02%, 12/01/27		400		546,165
San Diego Gas & Electric Co.
4.30%, 04/01/42 (Call 10/01/41)		150		169,987
4.50%, 08/15/40		200		231,165
5.35%, 05/15/35b		125		157,377
5.35%, 05/15/40		75		97,454
6.13%, 09/15/37		100		136,600
South Carolina Electric & Gas Co.
4.35%, 02/01/42 (Call 08/01/41)		25		27,088
4.50%, 06/01/64 (Call 12/01/63)		500		531,670
4.60%, 06/15/43 (Call 12/15/42)		100		111,924
5.45%, 02/01/41 (Call 08/01/40)		190		239,228
6.05%, 01/15/38		573		758,945
Southern California Edison Co.
3.90%, 12/01/41 (Call 06/01/41)		100		103,800
4.65%, 10/01/43 (Call 04/01/43)		1,050		1,234,781
5.63%, 02/01/36		75		95,975
6.00%, 01/15/34		105		138,036
6.05%, 03/15/39		100		134,810
Series 05-B
5.55%, 01/15/36		50		63,680
Series 05-E
5.35%, 07/15/35		525		650,429
Series 06-E
5.55%, 01/15/37		175		223,458
Series 08-A
5.95%, 02/01/38		729		977,704
Series 13-A
3.90%, 03/15/43 (Call 09/15/42)		250		262,869
Series C
3.60%, 02/01/45 (Call 08/01/44)		725		724,494
Southern Power Co.
5.15%, 09/15/41		200		235,806

SCHEDULESOF INVESTMENTS 87

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Southwestern Electric Power Co.
6.20%, 03/15/40	$	140	$	184,594
Southwestern Public Service Co.
6.00%, 10/01/36		550		718,074
Tampa Electric Co.
4.10%, 06/15/42 (Call 12/15/41)		315		336,641
4.35%, 05/15/44 (Call 11/15/43)		450		501,979
TransAlta Corp.
6.50%, 03/15/40		486		486,363
Union Electric Co.
3.90%, 09/15/42 (Call 03/15/42)		930		979,011
Virginia Electric and Power Co.
4.00%, 01/15/43 (Call 07/15/42)		260		275,957
8.88%, 11/15/38		345		589,897
Series A
6.00%, 05/15/37		275		367,993
Series B
6.00%, 01/15/36		500		658,100
Westar Energy Inc.
4.13%, 03/01/42 (Call 09/01/41)		255		271,256
Wisconsin Electric Power Co.
3.65%, 12/15/42 (Call 06/15/42)		260		261,622
4.25%, 06/01/44 (Call 12/01/43)		225		249,174
Wisconsin Power & Light Co.
4.10%, 10/15/44 (Call 04/15/44)b		750		804,069
6.38%, 08/15/37		260		361,811
Xcel Energy Inc.
6.50%, 07/01/36		50		68,586
				81,536,060
ELECTRICAL COMPONENTS & EQUIPMENT — 0.04%
Emerson Electric Co.
6.00%, 08/15/32		130		165,599
Legrand France SA
8.50%, 02/15/25		150		212,539
				378,138
ELECTRONICS — 0.28%
Honeywell International Inc.
5.38%, 03/01/41		531		676,255
5.70%, 03/15/37		505		652,366
Koninklijke Philips NV
5.00%, 03/15/42		174		196,867
6.88%, 03/11/38		460		633,410

Security	Principal (000s)		Value
Thermo Fisher Scientific Inc.
5.30%, 02/01/44 (Call 08/01/43)	$	202	$	238,899
				2,397,797
ENGINEERING & CONSTRUCTION — 0.03%
ABB Finance USA Inc.
4.38%, 05/08/42		250		276,770
				276,770
ENVIRONMENTAL CONTROL — 0.13%
Republic Services Inc.
5.70%, 05/15/41 (Call 11/15/40)		575		713,573
6.09%, 03/15/35		50		62,349
6.20%, 03/01/40		25		32,723
Waste Management Inc.
3.90%, 03/01/35		130		132,795
6.13%, 11/30/39b		100		137,201
				1,078,641
FOOD — 1.46%
ConAgra Foods Inc.
4.65%, 01/25/43 (Call 07/25/42)b		270		271,508
6.63%, 08/15/39		475		587,600
7.00%, 10/01/28		100		128,118
8.25%, 09/15/30		170		244,243
Delhaize Group SA
5.70%, 10/01/40		651		707,065
General Mills Inc.
5.40%, 06/15/40		500		580,546
Hershey Co. (The)
7.20%, 08/15/27		75		103,714
Kellogg Co. Series B
7.45%, 04/01/31		595		782,699
Kraft Foods Group Inc.
5.00%, 06/04/42		1,375		1,483,709
6.50%, 02/09/40		230		282,880
6.88%, 01/26/39		327		414,974
Kroger Co. (The)
5.15%, 08/01/43 (Call 02/01/43)		250		290,471
5.40%, 07/15/40 (Call 01/15/40)		40		47,062
6.90%, 04/15/38		823		1,127,976
7.50%, 04/01/31		225		309,768
Mondelez International Inc.
6.50%, 11/01/31		205		276,728
6.50%, 02/09/40		545		757,280
6.88%, 01/26/39		700		961,848

88 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Sysco Corp.
4.35%, 10/02/34 (Call 04/02/34)	$	700	$	733,077
4.50%, 10/02/44 (Call 04/02/44)		500		534,347
5.38%, 09/21/35		200		238,486
Tyson Foods Inc.
4.88%, 08/15/34 (Call 02/15/34)		520		582,736
5.15%, 08/15/44 (Call 02/15/44)		250		292,196
Unilever Capital Corp.
5.90%, 11/15/32		485		673,517
				12,412,548
FOREST PRODUCTS & PAPER — 0.36%
Domtar Corp.
6.75%, 02/15/44 (Call 08/15/43)		200		231,154
Georgia-Pacific LLC
7.75%, 11/15/29		540		755,793
International Paper Co.
4.80%, 06/15/44 (Call 12/15/43)b		500		522,088
6.00%, 11/15/41 (Call 05/15/41)		775		917,505
7.30%, 11/15/39		50		67,312
Westvaco Corp.
8.20%, 01/15/30		425		596,821
				3,090,673
GAS — 0.55%
AGL Capital Corp.
5.88%, 03/15/41 (Call 09/15/40)		225		292,381
6.00%, 10/01/34		90		115,805
Atmos Energy Corp.
4.13%, 10/15/44 (Call 04/15/44)		700		753,570
Dominion Gas Holdings LLC
4.60%, 12/15/44 (Call 06/15/44)		450		491,901
KeySpan Corp.
8.00%, 11/15/30		190		269,832
KeySpan Gas East Corp.
5.82%, 04/01/41c		165		217,411
ONE Gas Inc.
4.66%, 02/01/44 (Call 08/01/43)		500		583,417
Piedmont Natural Gas Co. Inc.
4.10%, 09/18/34 (Call 03/18/34)		200		213,884
Sempra Energy
6.00%, 10/15/39		985		1,270,945
Southern California Gas Co. Series KK
5.75%, 11/15/35		350		459,542
				4,668,688

Security	Principal (000s)		Value
HEALTH CARE — PRODUCTS — 1.39%
Baxter International Inc.
3.65%, 08/15/42	$	500	$	474,702
6.25%, 12/01/37		275		358,333
Becton Dickinson and Co.
4.69%, 12/15/44 (Call 06/15/44)		935		1,023,722
6.00%, 05/15/39		100		126,403
Boston Scientific Corp.
7.38%, 01/15/40		170		236,473
CareFusion Corp.
4.88%, 05/15/44 (Call 11/15/43)		260		282,526
Covidien International Finance SA
6.55%, 10/15/37		380		538,089
Medtronic Inc.
3.50%, 03/15/25c		1,305		1,360,858
4.00%, 04/01/43 (Call 10/01/42)		350		359,248
4.38%, 03/15/35c		2,065		2,247,646
4.63%, 03/15/44 (Call 09/15/43)		595		669,572
4.63%, 03/15/45c		1,850		2,088,390
5.55%, 03/15/40		350		433,799
St. Jude Medical Inc.
4.75%, 04/15/43 (Call 10/15/42)		348		382,507
Stryker Corp.
4.10%, 04/01/43 (Call 10/01/42)		350		354,420
4.38%, 05/15/44 (Call 11/15/43)		370		387,466
Zimmer Holdings Inc.
5.75%, 11/30/39		370		458,124
				11,782,278
HEALTH CARE — SERVICES — 1.55%
Aetna Inc.
4.13%, 11/15/42 (Call 05/15/42)		250		262,661
4.50%, 05/15/42 (Call 11/15/41)		355		393,673
4.75%, 03/15/44 (Call 09/15/43)b		700		806,701
6.63%, 06/15/36		100		136,081
6.75%, 12/15/37b		164		227,234
Anthem Inc.
4.63%, 05/15/42		716		768,224
4.65%, 01/15/43		450		485,101
4.65%, 08/15/44 (Call 02/15/44)		350		382,849
4.85%, 08/15/54 (Call 02/15/54)		350		386,679
5.10%, 01/15/44		350		406,045
6.38%, 06/15/37		500		650,874

SCHEDULESOF INVESTMENTS 89

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Cigna Corp.
5.38%, 02/15/42 (Call 08/15/41)	$	230	$	283,767
5.88%, 03/15/41 (Call 09/15/40)		703		900,223
Dignity Health
4.50%, 11/01/42		100		98,536
5.27%, 11/01/64		250		274,874
Humana Inc.
4.63%, 12/01/42 (Call 06/01/42)		470		487,149
4.95%, 10/01/44 (Call 04/01/44)		250		272,703
Kaiser Foundation Hospitals
4.88%, 04/01/42		250		286,259
Laboratory Corp. of America Holdings
4.70%, 02/01/45 (Call 08/01/44)		700		711,922
Memorial Sloan-Kettering Cancer Center Series 2015
4.20%, 07/01/55		175		177,464
Quest Diagnostics Inc.
6.95%, 07/01/37		280		353,212
UnitedHealth Group Inc.
4.25%, 03/15/43 (Call 09/15/42)		675		736,496
4.38%, 03/15/42 (Call 09/15/41)		450		497,527
4.63%, 11/15/41 (Call 05/15/41)		180		204,057
5.70%, 10/15/40 (Call 04/15/40)		500		645,801
5.80%, 03/15/36		690		887,052
5.95%, 02/15/41 (Call 08/15/40)		500		667,075
6.88%, 02/15/38		535		768,342
				13,158,581
HOLDING COMPANIES — DIVERSIFIED — 0.01%
Hutchison Whampoa International Ltd.
7.45%, 11/24/33c		50		73,739
				73,739
HOME FURNISHINGS — 0.06%
Whirlpool Corp.
3.70%, 05/01/25		350		360,379
5.15%, 03/01/43		150		168,176
				528,555
HOUSEHOLD PRODUCTS & WARES — 0.07%
Kimberly-Clark Corp.
6.63%, 08/01/37		420		602,490
				602,490

Security	Principal (000s)		Value
INSURANCE — 3.48%
ACE INA Holdings Inc.
4.15%, 03/13/43	$	485	$	517,279
Aflac Inc.
6.45%, 08/15/40		590		780,271
AIG Life Holdings Inc.
8.50%, 07/01/30		250		342,500
AIG Sunamerica Global Financing X
6.90%, 03/15/32c		50		70,096
Alleghany Corp.
4.90%, 09/15/44 (Call 03/15/44)		250		263,452
Allstate Corp. (The)
4.50%, 06/15/43		1,100		1,240,213
5.55%, 05/09/35		393		496,152
American International Group Inc.
3.88%, 01/15/35 (Call 07/15/34)		1,240		1,250,315
4.38%, 01/15/55 (Call 07/15/54)		100		101,153
4.50%, 07/16/44 (Call 01/16/44)		450		480,790
6.25%, 05/01/36		530		684,528
6.25%, 03/15/87		450		499,500
8.18%, 05/15/68 (Call 05/15/38)d		866		1,199,410
Aon Corp.
8.21%, 01/01/27		300		387,000
Aon PLC
4.45%, 05/24/43 (Call 02/24/43)		250		257,562
4.60%, 06/14/44 (Call 03/14/44)		250		266,084
Arch Capital Group U.S. Inc.
5.14%, 11/01/43		445		511,060
Assurant Inc.
6.75%, 02/15/34		250		316,995
AXA SA
8.60%, 12/15/30		880		1,232,000
Berkshire Hathaway Finance Corp.
4.30%, 05/15/43b		50		55,096
4.40%, 05/15/42		520		577,909
5.75%, 01/15/40		515		676,266
Berkshire Hathaway Inc.
4.50%, 02/11/43b		250		284,001
Chubb Corp. (The)
6.00%, 05/11/37b		460		611,323
Endurance Specialty Holdings Ltd.
7.00%, 07/15/34		300		376,313

90 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Everest Reinsurance Holdings Inc.
4.87%, 06/01/44	$	250	$	265,134
Hartford Financial Services Group Inc. (The)
5.95%, 10/15/36		245		304,966
6.10%, 10/01/41		340		440,010
6.63%, 03/30/40		159		216,486
Lincoln National Corp.
6.15%, 04/07/36		225		283,663
7.00%, 06/15/40		450		627,965
Loews Corp.
4.13%, 05/15/43 (Call 11/15/42)		300		291,757
6.00%, 02/01/35		150		182,888
Marsh & McLennan Companies Inc.
5.88%, 08/01/33		200		244,295
MetLife Inc.
4.13%, 08/13/42		725		744,455
4.72%, 12/15/44		450		511,949
4.88%, 11/13/43		925		1,068,686
5.70%, 06/15/35		480		611,029
6.40%, 12/15/66 (Call 12/15/31)		990		1,158,300
6.50%, 12/15/32		251		340,252
Principal Financial Group Inc.
4.35%, 05/15/43		500		512,834
6.05%, 10/15/36		150		188,088
Progressive Corp. (The)
3.70%, 01/26/45		250		243,644
4.35%, 04/25/44		250		274,395
6.25%, 12/01/32		350		465,708
Protective Life Corp.
8.45%, 10/15/39		190		287,910
Prudential Financial Inc.
4.60%, 05/15/44b		500		532,255
5.40%, 06/13/35		165		192,745
5.70%, 12/14/36		451		542,301
5.80%, 11/16/41		100		122,880
5.90%, 03/17/36		380		464,013
6.20%, 11/15/40		100		127,289
Series D
6.63%, 12/01/37		885		1,174,872
Travelers Companies Inc. (The)
5.35%, 11/01/40		760		952,916
6.25%, 06/15/37		743		1,015,857
6.75%, 06/20/36		50		71,463

Security	Principal (000s)		Value
Trinity Acquisition PLC
6.13%, 08/15/43	$	250	$	294,849
Unum Group
5.75%, 08/15/42		200		242,287
Validus Holdings Ltd.
8.88%, 01/26/40		273		378,565
Voya Financial Inc.
5.70%, 07/15/43		240		295,501
WR Berkley Corp.
6.25%, 02/15/37		300		375,480
XLIT Ltd.
6.25%, 05/15/27		75		91,548
				29,616,503
INTERNET — 0.30%
Alibaba Group Holding Ltd.
4.50%, 11/28/34 (Call 05/28/34)c		400		408,603
Amazon.com Inc.
4.80%, 12/05/34 (Call 06/05/34)		800		864,723
4.95%, 12/05/44 (Call 06/05/44)		750		806,648
eBay Inc.
4.00%, 07/15/42 (Call 01/15/42)		585		506,588
				2,586,562
IRON & STEEL — 0.46%
Nucor Corp.
5.20%, 08/01/43 (Call 02/01/43)		200		223,710
6.40%, 12/01/37		150		187,981
Reliance Steel & Aluminum Co.
6.85%, 11/15/36		100		115,667
Vale Overseas Ltd.
6.88%, 11/21/36		1,130		1,114,975
6.88%, 11/10/39b		1,465		1,439,433
8.25%, 01/17/34		287		324,437
Vale SA
5.63%, 09/11/42b		610		535,399
				3,941,602
LODGING — 0.03%
Starwood Hotels & Resorts Worldwide Inc.
4.50%, 10/01/34 (Call 04/01/34)		250		256,665
				256,665
MACHINERY — 0.51%
Caterpillar Inc.
3.80%, 08/15/42		895		894,893
4.30%, 05/15/44 (Call 11/15/43)		450		482,230

SCHEDULESOF INVESTMENTS 91

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.75%, 05/15/64 (Call 11/15/63)	$	200	$	217,689
5.20%, 05/27/41		650		776,738
6.05%, 08/15/36		100		130,131
Cummins Inc.
4.88%, 10/01/43 (Call 04/01/43)		220		260,877
Deere & Co.
3.90%, 06/09/42 (Call 12/09/41)		1,125		1,168,117
5.38%, 10/16/29		175		215,635
8.10%, 05/15/30		50		76,297
Rockwell Automation Inc.
6.70%, 01/15/28		100		131,670
				4,354,277
MANUFACTURING — 0.94%
3M Co.
3.88%, 06/15/44		550		583,026
5.70%, 03/15/37		225		295,496
Dover Corp.
5.38%, 03/01/41 (Call 12/01/40)		343		420,689
Eaton Corp.
4.00%, 11/02/32		998		1,034,750
4.15%, 11/02/42		100		103,624
General Electric Co.
4.13%, 10/09/42		985		1,049,272
4.50%, 03/11/44		1,270		1,434,284
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)		1,000		1,011,105
4.88%, 09/15/41 (Call 03/15/41)		150		174,495
Ingersoll-Rand Global Holding Co. Ltd.
5.75%, 06/15/43		225		274,548
Ingersoll-Rand Luxembourg Finance SA
4.65%, 11/01/44 (Call 05/01/44)		325		344,143
Parker-Hannifin Corp.
4.20%, 11/21/34 (Call 05/21/34)		650		704,342
4.45%, 11/21/44 (Call 05/21/44)		115		129,133
Series A
6.25%, 05/15/38		100		135,967
Tyco Electronics Group SA
7.13%, 10/01/37		225		314,471
				8,009,345

Security	Principal (000s)		Value
MEDIA — 5.44%
21st Century Fox America Inc.
4.75%, 09/15/44 (Call 03/15/44)	$	1,100	$	1,234,080
5.40%, 10/01/43b		525		640,923
6.15%, 02/15/41		825		1,078,788
6.20%, 12/15/34		220		285,951
6.40%, 12/15/35		230		302,602
6.55%, 03/15/33		640		848,910
6.65%, 11/15/37		795		1,079,122
7.70%, 10/30/25		500		664,278
7.75%, 12/01/45		200		307,954
7.85%, 03/01/39		175		263,120
8.15%, 10/17/36		266		398,176
8.88%, 04/26/23		50		68,051
CBS Corp.
4.60%, 01/15/45 (Call 07/15/44)		100		100,742
4.85%, 07/01/42 (Call 01/01/42)		200		204,732
5.50%, 05/15/33		650		722,102
5.90%, 10/15/40 (Call 04/15/40)		200		237,021
7.88%, 07/30/30		675		958,874
Comcast Corp.
4.20%, 08/15/34 (Call 02/15/34)		1,550		1,667,285
4.25%, 01/15/33		1,935		2,088,058
4.65%, 07/15/42		700		776,042
4.75%, 03/01/44b		750		865,345
6.45%, 03/15/37		480		647,426
6.50%, 11/15/35		300		410,423
6.95%, 08/15/37		1,765		2,500,756
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
5.15%, 03/15/42		1,400		1,438,575
6.35%, 03/15/40		250		292,188
6.38%, 03/01/41		535		627,166
Discovery Communications LLC
4.88%, 04/01/43b		370		386,320
6.35%, 06/01/40		700		864,418
Grupo Televisa SAB
5.00%, 05/13/45		750		786,845
6.63%, 03/18/25		200		249,036
6.63%, 01/15/40		255		318,095
Historic TW Inc.
6.63%, 05/15/29		1,180		1,520,126

92 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
NBCUniversal Media LLC
4.45%, 01/15/43	$	800	$	876,702
5.95%, 04/01/41		510		665,791
6.40%, 04/30/40		925		1,258,108
TCI Communications Inc.
7.13%, 02/15/28		100		136,203
7.88%, 02/15/26		370		519,013
Thomson Reuters Corp.
5.50%, 08/15/35		150		172,242
5.65%, 11/23/43 (Call 05/23/43)		500		602,856
5.85%, 04/15/40		100		121,152
Time Warner Cable Inc.
4.50%, 09/15/42 (Call 03/15/42)		100		99,787
5.50%, 09/01/41 (Call 03/01/41)		871		955,024
5.88%, 11/15/40 (Call 05/15/40)		570		650,466
6.55%, 05/01/37		700		845,000
6.75%, 06/15/39		680		841,377
7.30%, 07/01/38		1,100		1,430,826
Time Warner Entertainment Co. LP
8.38%, 07/15/33		697		1,016,037
Time Warner Inc.
4.65%, 06/01/44 (Call 12/01/43)		1,950		2,097,743
4.90%, 06/15/42		450		497,446
5.35%, 12/15/43		200		236,564
5.38%, 10/15/41		200		234,105
6.10%, 07/15/40		175		220,392
6.25%, 03/29/41		270		347,339
6.50%, 11/15/36		550		720,186
7.63%, 04/15/31		440		622,041
7.70%, 05/01/32		750		1,087,012
Viacom Inc.
4.38%, 03/15/43		800		742,813
4.50%, 02/27/42		300		284,564
4.85%, 12/15/34 (Call 06/15/34)		350		359,112
5.25%, 04/01/44 (Call 10/01/43)		500		530,443
5.85%, 09/01/43 (Call 03/01/43)		575		651,663
6.88%, 04/30/36		330		410,524
Walt Disney Co. (The)
4.38%, 08/16/41		790		887,564
7.00%, 03/01/32		200		292,592
Series E
4.13%, 12/01/41		930		1,014,438
				46,260,655

Security	Principal (000s)		Value
METAL FABRICATE & HARDWARE — 0.04%
Precision Castparts Corp.
3.90%, 01/15/43 (Call 07/15/42)	$	200	$	205,321
Valmont Industries Inc.
5.25%, 10/01/54 (Call 04/01/54)		150		148,916
				354,237
MINING — 1.67%
Barrick Gold Corp.
5.25%, 04/01/42		650		638,572
Barrick North America Finance LLC
5.70%, 05/30/41		907		917,604
5.75%, 05/01/43b		200		210,846
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39		505		520,634
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42		680		702,663
5.00%, 09/30/43		1,225		1,438,604
Freeport-McMoRan Inc.
5.40%, 11/14/34 (Call 05/14/34)		600		541,127
5.45%, 03/15/43 (Call 09/15/42)		975		856,860
Goldcorp Inc.
5.45%, 06/09/44 (Call 12/09/43)		350		366,523
Kinross Gold Corp.
6.88%, 09/01/41 (Call 03/01/41)b		350		351,335
Newmont Mining Corp.
4.88%, 03/15/42 (Call 09/15/41)		600		555,975
6.25%, 10/01/39		903		944,452
Rio Tinto Alcan Inc.
7.25%, 03/15/31		75		99,991
Rio Tinto Finance USA Ltd.
5.20%, 11/02/40		875		1,012,567
7.13%, 07/15/28		590		790,229
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)b		770		784,044
Southern Copper Corp.
5.25%, 11/08/42		625		563,294
6.75%, 04/16/40		816		863,687
7.50%, 07/27/35b		390		441,664
Teck Resources Ltd.
6.00%, 08/15/40 (Call 02/15/40)		680		630,495
6.13%, 10/01/35		300		285,887
6.25%, 07/15/41 (Call 01/15/41)		620		593,469
Vale Canada Ltd.
7.20%, 09/15/32		50		51,286
				14,161,808

SCHEDULESOF INVESTMENTS 93

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
OFFICE & BUSINESS EQUIPMENT — 0.10%
Xerox Corp.
4.80%, 03/01/35	$	150	$	150,123
6.75%, 12/15/39		550		688,262
				838,385
OIL & GAS — 7.41%
Alberta Energy Co. Ltd.
7.38%, 11/01/31		100		121,594
8.13%, 09/15/30		175		230,592
Anadarko Finance Co.
7.50%, 05/01/31		400		538,779
Anadarko Petroleum Corp.
4.50%, 07/15/44 (Call 01/15/44)		500		516,962
6.20%, 03/15/40		980		1,212,767
6.45%, 09/15/36		495		634,187
Apache Corp.
4.75%, 04/15/43 (Call 10/15/42)		1,025		1,071,286
5.10%, 09/01/40 (Call 03/01/40)		655		704,006
6.00%, 01/15/37		1,011		1,198,044
Burlington Resources Finance Co.
7.20%, 08/15/31		520		723,552
7.40%, 12/01/31		500		711,887
Canadian Natural Resources Ltd.
5.85%, 02/01/35		200		224,155
6.25%, 03/15/38		1,305		1,527,906
6.45%, 06/30/33		200		233,899
Cenovus Energy Inc.
4.45%, 09/15/42 (Call 03/15/42)		500		459,553
5.20%, 09/15/43 (Call 03/15/43)b		250		252,075
6.75%, 11/15/39		545		653,642
CNOOC Nexen Finance 2014 ULC
4.88%, 04/30/44		1,200		1,315,347
ConocoPhillips
6.50%, 02/01/39		1,230		1,683,310
ConocoPhillips Co.
4.15%, 11/15/34 (Call 05/15/34)		390		411,551
4.30%, 11/15/44 (Call 05/15/44)b		900		958,532
ConocoPhillips Holding Co.
6.95%, 04/15/29b		1,567		2,132,974
Continental Resources Inc./OK
4.90%, 06/01/44 (Call 12/01/43)		145		130,588

Security	Principal (000s)		Value
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)	$	1,325	$	1,424,871
5.60%, 07/15/41 (Call 01/15/41)		300		356,639
7.95%, 04/15/32		80		112,776
Devon Financing Corp. LLC
7.88%, 09/30/31		472		657,147
Diamond Offshore Drilling Inc.
4.88%, 11/01/43 (Call 05/01/43)b		525		454,630
5.70%, 10/15/39		100		95,619
Ecopetrol SA
5.88%, 05/28/45		250		238,750
7.38%, 09/18/43		1,200		1,356,000
Encana Corp.
5.15%, 11/15/41 (Call 05/15/41)b		1,025		1,025,854
6.50%, 08/15/34		170		194,717
6.50%, 02/01/38		170		194,563
7.20%, 11/01/31		175		202,703
Eni USA Inc.
7.30%, 11/15/27		200		267,534
Ensco PLC
5.75%, 10/01/44 (Call 04/01/44)b		650		659,787
Hess Corp.
5.60%, 02/15/41		700		781,065
6.00%, 01/15/40		100		114,237
7.13%, 03/15/33		450		558,851
7.30%, 08/15/31		725		901,762
Marathon Oil Corp.
6.60%, 10/01/37		605		726,430
Marathon Petroleum Corp.
4.75%, 09/15/44 (Call 03/15/44)		600		610,108
5.00%, 09/15/54 (Call 03/15/54)		200		203,684
6.50%, 03/01/41 (Call 09/01/40)		470		579,315
Murphy Oil Corp.
5.13%, 12/01/42 (Call 06/01/42)		250		219,258
7.05%, 05/01/29		450		521,699
Nexen Energy ULC
6.40%, 05/15/37		614		774,309
7.50%, 07/30/39		175		250,502
7.88%, 03/15/32		160		228,742
Noble Energy Inc.
5.25%, 11/15/43 (Call 05/15/43)		570		612,731
6.00%, 03/01/41 (Call 09/01/40)		660		755,197

94 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Noble Holding International Ltd.
5.25%, 03/15/42	$	400	$	328,264
6.20%, 08/01/40		30		26,073
Petro-Canada
5.35%, 07/15/33		100		112,643
6.80%, 05/15/38		776		1,032,199
Petrobras Global Finance BV
6.75%, 01/27/41b		1,460		1,237,476
6.88%, 01/20/40		1,180		1,017,915
7.25%, 03/17/44		550		492,775
Petroleos Mexicanos
4.50%, 01/23/26c		3,000		3,056,250
5.50%, 06/27/44b		1,225		1,232,656
5.50%, 06/27/44c		1,500		1,505,625
5.63%, 01/23/46c		1,200		1,227,000
6.38%, 01/23/45		1,250		1,400,000
6.50%, 06/02/41		450		507,933
6.63%, 06/15/35		1,605		1,835,719
6.63%, 06/15/38		250		282,367
Phillips 66
4.65%, 11/15/34 (Call 05/15/34)		355		381,074
4.88%, 11/15/44 (Call 05/15/44)		1,050		1,138,108
5.88%, 05/01/42		645		775,897
Rowan Companies Inc.
5.85%, 01/15/44 (Call 07/15/43)		375		334,765
Shell International Finance BV
4.55%, 08/12/43		1,325		1,511,015
5.50%, 03/25/40		350		444,721
6.38%, 12/15/38		952		1,316,208
Statoil ASA
3.95%, 05/15/43		750		776,789
4.80%, 11/08/43		825		966,142
5.10%, 08/17/40		380		453,623
6.50%, 12/01/28c		100		131,447
6.80%, 01/15/28		75		99,795
7.15%, 01/15/29		100		137,522
Suncor Energy Inc.
5.95%, 12/01/34		150		180,601
6.50%, 06/15/38		817		1,059,160
6.85%, 06/01/39		595		800,745
Talisman Energy Inc.
6.25%, 02/01/38		675		725,412
7.25%, 10/15/27		200		240,623

Security	Principal (000s)		Value
Tosco Corp.
7.80%, 01/01/27	$	250	$	343,045
Transocean Inc.
6.80%, 03/15/38		691		549,345
7.50%, 04/15/31		500		418,750
Valero Energy Corp.
6.63%, 06/15/37		977		1,212,571
7.50%, 04/15/32		305		396,430
XTO Energy Inc.
6.75%, 08/01/37		400		590,803
				63,006,154
OIL & GAS SERVICES — 0.65%
Baker Hughes Inc.
5.13%, 09/15/40		460		518,963
6.88%, 01/15/29		600		785,799
Cameron International Corp.
5.13%, 12/15/43 (Call 06/15/43)		350		348,999
Halliburton Co.
4.50%, 11/15/41 (Call 05/15/41)		180		189,297
4.75%, 08/01/43 (Call 02/01/43)		1,025		1,121,838
7.45%, 09/15/39		585		842,768
National Oilwell Varco Inc.
3.95%, 12/01/42 (Call 06/01/42)		505		476,991
Weatherford International Ltd./Bermuda
5.95%, 04/15/42 (Call 10/17/41)		231		200,848
6.50%, 08/01/36		476		428,233
6.75%, 09/15/40		175		163,660
7.00%, 03/15/38		500		472,567
				5,549,963
PACKAGING & CONTAINERS — 0.08%
Sonoco Products Co.
5.75%, 11/01/40 (Call 05/01/40)		598		710,512
				710,512
PHARMACEUTICALS — 3.68%
Abbott Laboratories
5.30%, 05/27/40		285		355,390
6.00%, 04/01/39		400		529,379
AbbVie Inc.
4.40%, 11/06/42		1,310		1,376,042
Actavis Funding SCS
4.85%, 06/15/44 (Call 12/15/43)		800		826,018

SCHEDULESOF INVESTMENTS 95

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Actavis Inc.
4.63%, 10/01/42 (Call 04/01/42)	$	400	$	398,833
AmerisourceBergen Corp.
4.25%, 03/01/45 (Call 09/01/44)		500		518,153
AstraZeneca PLC
4.00%, 09/18/42		675		692,830
6.45%, 09/15/37		1,372		1,882,338
Bristol-Myers Squibb Co.
5.88%, 11/15/36		970		1,241,466
6.13%, 05/01/38		579		769,631
Cardinal Health Inc.
4.50%, 11/15/44 (Call 05/15/44)		250		265,878
4.60%, 03/15/43		250		268,812
Eli Lilly & Co.
3.70%, 03/01/45 (Call 09/01/44)		70		70,080
4.65%, 06/15/44 (Call 12/15/43)		450		510,281
5.50%, 03/15/27		1,020		1,252,512
5.55%, 03/15/37		275		339,643
6.77%, 01/01/36		300		414,403
Express Scripts Holding Co.
6.13%, 11/15/41		420		537,542
GlaxoSmithKline Capital Inc.
5.38%, 04/15/34		475		574,292
6.38%, 05/15/38		1,262		1,713,816
Johnson & Johnson
4.38%, 12/05/33 (Call 06/05/33)		1,125		1,290,904
4.50%, 09/01/40		500		579,844
4.95%, 05/15/33		250		303,272
5.95%, 08/15/37		475		652,791
McKesson Corp.
4.88%, 03/15/44 (Call 09/15/43)		820		935,900
Mead Johnson Nutrition Co.
4.60%, 06/01/44 (Call 12/01/43)		340		361,167
5.90%, 11/01/39		300		374,449
Merck & Co. Inc.
3.70%, 02/10/45 (Call 08/10/44)		560		559,625
4.15%, 05/18/43		975		1,038,332
6.50%, 12/01/33		415		571,533
6.55%, 09/15/37		155		218,452
Merck Sharp & Dohme Corp.
5.75%, 11/15/36b		700		904,940
5.95%, 12/01/28		200		262,013
Mylan Inc./PA
5.40%, 11/29/43 (Call 05/29/43)		450		512,502

Security	Principal (000s)		Value
Novartis Capital Corp.
3.70%, 09/21/42	$	300	$	308,205
4.40%, 05/06/44		1,000		1,144,982
Perrigo Co. PLC
5.30%, 11/15/43 (Call 05/15/43)		250		283,340
Perrigo Finance PLC
4.90%, 12/15/44 (Call 06/15/44)		250		268,567
Pfizer Inc.
4.30%, 06/15/43		350		374,241
4.40%, 05/15/44		245		266,519
7.20%, 03/15/39		1,779		2,619,278
Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36		450		563,092
Wyeth LLC
5.95%, 04/01/37		1,430		1,837,927
Zoetis Inc.
4.70%, 02/01/43 (Call 08/01/42)		497		505,178
				31,274,392
PIPELINES — 3.98%
Buckeye Partners LP
5.85%, 11/15/43 (Call 05/15/43)		600		600,540
CenterPoint Energy Resources Corp.
5.85%, 01/15/41 (Call 07/15/40)		255		330,056
Colonial Pipeline Co.
4.20%, 04/15/43 (Call 10/15/42)c		25		23,607
DCP Midstream LLC
8.13%, 08/16/30		250		273,730
DCP Midstream Operating LP
5.60%, 04/01/44 (Call 10/01/43)		200		172,126
El Paso Pipeline Partners Operating Co. LLC
4.70%, 11/01/42 (Call 05/01/42)		90		86,067
7.50%, 11/15/40		255		324,997
Enable Midstream Partners LP
5.00%, 05/15/44 (Call 11/15/43)c		125		121,373
Enbridge Energy Partners LP Series B
7.50%, 04/15/38		460		576,472
Enbridge Inc.
4.50%, 06/10/44 (Call 12/10/43)		200		183,445
Energy Transfer Partners LP
5.15%, 02/01/43 (Call 08/01/42)		305		314,382
6.05%, 06/01/41 (Call 12/01/40)		110		124,131

96 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
6.50%, 02/01/42 (Call 08/01/41)	$	1,230	$	1,459,470
6.63%, 10/15/36		340		402,755
8.25%, 11/15/29 (Call 08/15/29)		50		70,080
EnLink Midstream Partners LP
5.60%, 04/01/44 (Call 10/01/43)		650		731,080
Enterprise Products Operating LLC
3.75%, 02/15/25 (Call 11/15/24)		780		810,738
4.45%, 02/15/43 (Call 08/15/42)		975		1,020,411
4.85%, 08/15/42 (Call 02/15/42)		250		275,054
4.95%, 10/15/54 (Call 04/15/54)		950		1,048,283
5.10%, 02/15/45 (Call 08/15/44)		300		341,859
5.70%, 02/15/42		620		752,796
5.95%, 02/01/41		175		216,885
6.13%, 10/15/39		434		544,057
7.55%, 04/15/38		100		140,930
Series D
6.88%, 03/01/33		100		132,136
Series H
6.65%, 10/15/34		100		131,029
Kinder Morgan Energy Partners LP
5.00%, 08/15/42 (Call 02/15/42)		250		252,081
5.40%, 09/01/44 (Call 03/01/44)		560		589,356
5.50%, 03/01/44 (Call 09/01/43)		1,200		1,293,767
5.80%, 03/15/35		900		999,730
6.38%, 03/01/41		230		267,431
6.95%, 01/15/38		522		633,477
7.40%, 03/15/31		100		120,388
7.75%, 03/15/32		100		124,120
Kinder Morgan Inc./DE
4.30%, 06/01/25 (Call 03/01/25)b		2,065		2,156,668
5.05%, 02/15/46		500		508,390
5.30%, 12/01/34 (Call 06/01/34)		1,350		1,422,979
5.55%, 06/01/45		1,600		1,716,237
Magellan Midstream Partners LP
5.15%, 10/15/43 (Call 04/15/43)		350		395,553
ONEOK Partners LP
6.13%, 02/01/41 (Call 08/01/40)		680		709,744
6.85%, 10/15/37		450		503,357
Plains All American Pipeline LP/PAA Finance Corp.
4.70%, 06/15/44 (Call 12/15/43)		250		265,396
4.90%, 02/15/45 (Call 08/15/44)		500		545,885
5.15%, 06/01/42 (Call 12/01/41)		550		610,409
6.65%, 01/15/37		75		95,527

Security	Principal (000s)		Value
Spectra Energy Capital LLC
7.50%, 09/15/38	$	300	$	356,640
Spectra Energy Partners LP
5.95%, 09/25/43 (Call 03/25/43)		450		564,018
Sunoco Logistics Partners Operations LP
4.95%, 01/15/43 (Call 07/15/42)		200		204,729
5.30%, 04/01/44 (Call 10/01/43)		550		588,603
6.10%, 02/15/42		450		523,307
Texas Eastern Transmission LP
7.00%, 07/15/32		100		132,890
TransCanada PipeLines Ltd.
4.63%, 03/01/34 (Call 12/01/33)		1,075		1,152,223
5.00%, 10/16/43 (Call 04/16/43)		350		391,361
5.60%, 03/31/34		100		116,895
5.85%, 03/15/36		100		118,788
6.20%, 10/15/37		334		411,673
7.25%, 08/15/38		555		770,321
7.63%, 01/15/39		750		1,070,515
Transcontinental Gas Pipe Line Co. LLC
4.45%, 08/01/42 (Call 02/01/42)		385		362,123
5.40%, 08/15/41 (Call 02/15/41)		26		27,724
Western Gas Partners LP
5.45%, 04/01/44 (Call 10/01/43)		200		220,306
Williams Companies Inc. (The)
5.75%, 06/24/44 (Call 12/24/43)		50		47,335
7.50%, 01/15/31		375		415,952
8.75%, 03/15/32		318		385,699
Williams Partners LP
4.90%, 01/15/45 (Call 10/15/44)		750		730,125
5.40%, 03/04/44 (Call 09/04/43)		500		520,593
6.30%, 04/15/40		240		273,329
				33,804,133
REAL ESTATE INVESTMENT TRUSTS — 0.58%
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		550		582,777
Federal Realty Investment Trust
4.50%, 12/01/44 (Call 06/01/44)		100		108,684
HCP Inc.
6.75%, 02/01/41 (Call 08/01/40)b		350		475,498
Health Care REIT Inc.
5.13%, 03/15/43 (Call 09/15/42)		340		382,426
6.50%, 03/15/41 (Call 09/15/40)b		150		198,208

SCHEDULESOF INVESTMENTS 97

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Realty Income Corp.
5.88%, 03/15/35	$	250	$	291,663
Simon Property Group LP
4.75%, 03/15/42 (Call 09/15/41)b		350		396,175
6.75%, 02/01/40 (Call 11/01/39)		450		630,123
Ventas Realty LP
4.38%, 02/01/45 (Call 08/01/44)		500		505,053
Weyerhaeuser Co.
6.95%, 10/01/27		500		613,820
7.38%, 03/15/32		525		707,534
				4,891,961
RETAIL — 3.65%
Bed Bath & Beyond Inc.
4.92%, 08/01/34 (Call 02/01/34)		500		533,239
5.17%, 08/01/44 (Call 02/01/44)		150		162,370
CVS Health Corp.
6.13%, 09/15/39		925		1,209,031
6.25%, 06/01/27		200		258,974
Darden Restaurants Inc.
7.05%, 10/15/37		230		273,337
Home Depot Inc. (The)
4.40%, 03/15/45 (Call 09/15/44)		1,305		1,457,291
4.88%, 02/15/44 (Call 08/15/43)		560		668,121
5.88%, 12/16/36		611		800,548
5.95%, 04/01/41 (Call 10/01/40)		1,085		1,433,710
Kohl’s Corp.
6.00%, 01/15/33		300		341,153
6.88%, 12/15/37		150		192,987
Lowe’s Companies Inc.
4.65%, 04/15/42 (Call 10/15/41)		839		948,078
5.00%, 09/15/43 (Call 03/15/43)		450		536,218
5.80%, 04/15/40 (Call 10/15/39)		790		1,019,668
6.88%, 02/15/28		50		66,632
Macy’s Retail Holdings Inc.
4.30%, 02/15/43 (Call 08/15/42)		676		676,679
4.50%, 12/15/34 (Call 06/15/34)		250		261,730
6.38%, 03/15/37		250		321,561
6.70%, 07/15/34		150		193,647
6.90%, 04/01/29		300		391,337
McDonald’s Corp.
3.70%, 02/15/42		1,000		967,844
5.70%, 02/01/39		50		61,736
6.30%, 10/15/37		360		474,516
6.30%, 03/01/38		564		750,325

Security	Principal (000s)		Value
Nordstrom Inc.
5.00%, 01/15/44 (Call 07/15/43)	$	631	$	734,640
6.95%, 03/15/28		100		133,339
QVC Inc.
4.45%, 02/15/25		370		366,970
5.45%, 08/15/34 (Call 02/15/34)		250		246,642
Target Corp.
4.00%, 07/01/42b		1,185		1,236,660
6.50%, 10/15/37		897		1,246,431
Tiffany & Co.
4.90%, 10/01/44 (Call 04/01/44)c		250		258,130
Wal-Mart Stores Inc.
4.00%, 04/11/43 (Call 10/11/42)		1,400		1,483,841
4.30%, 04/22/44 (Call 10/22/43)		1,400		1,557,159
4.88%, 07/08/40		150		176,532
5.00%, 10/25/40		100		119,852
5.25%, 09/01/35		1,015		1,242,378
5.63%, 04/15/41		900		1,168,088
6.20%, 04/15/38		1,796		2,443,778
6.50%, 08/15/37		1,784		2,495,867
7.55%, 02/15/30		100		148,441
Walgreen Co.
4.40%, 09/15/42		250		255,490
Walgreens Boots Alliance Inc.
4.50%, 11/18/34 (Call 05/18/34)		100		105,365
4.80%, 11/18/44 (Call 05/18/44)		950		1,029,593
Yum! Brands Inc.
6.88%, 11/15/37		434		563,868
				31,013,796
SEMICONDUCTORS — 0.34%
Applied Materials Inc.
5.85%, 06/15/41		230		281,901
Broadcom Corp.
4.50%, 08/01/34 (Call 02/01/34)		370		399,828
Intel Corp.
4.00%, 12/15/32		1,090		1,120,285
4.80%, 10/01/41		525		581,999
KLA-Tencor Corp.
5.65%, 11/01/34 (Call 07/01/34)		440		481,284
				2,865,297
SOFTWARE — 1.09%
Microsoft Corp.
3.50%, 02/12/35 (Call 08/12/34)		165		163,741
3.50%, 11/15/42		400		386,623

98 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
3.75%, 05/01/43 (Call 11/01/42)	$	300	$	301,866
4.00%, 02/12/55 (Call 08/12/54)		1,500		1,495,923
4.50%, 10/01/40		530		590,939
4.88%, 12/15/43 (Call 06/15/43)		425		500,174
5.20%, 06/01/39		311		382,752
5.30%, 02/08/41		600		746,051
Oracle Corp.
4.30%, 07/08/34 (Call 01/08/34)		1,450		1,578,917
4.50%, 07/08/44 (Call 01/08/44)b		700		782,280
5.38%, 07/15/40		640		780,170
6.13%, 07/08/39		1,220		1,599,659
				9,309,095
TELECOMMUNICATIONS — 7.59%
Alltel Corp.
7.88%, 07/01/32		190		274,051
America Movil SAB de CV
4.38%, 07/16/42b		350		355,679
6.13%, 03/30/40		1,200		1,509,572
6.38%, 03/01/35		675		857,018
AT&T Corp.
8.00%, 11/15/31		550		807,221
AT&T Inc.
4.30%, 12/15/42 (Call 06/15/42)		354		332,469
4.35%, 06/15/45 (Call 12/15/44)		1,668		1,573,168
4.80%, 06/15/44 (Call 12/15/43)		2,250		2,269,654
5.35%, 09/01/40		1,250		1,330,706
5.55%, 08/15/41		270		294,856
6.15%, 09/15/34		550		655,643
6.30%, 01/15/38		2,026		2,396,700
6.40%, 05/15/38		250		299,912
6.50%, 09/01/37		355		428,968
6.55%, 02/15/39		620		755,917
AT&T Mobility LLC
7.13%, 12/15/31		400		528,753
BellSouth Corp.
6.55%, 06/15/34		600		727,347
6.88%, 10/15/31		200		242,144
British Telecommunications PLC
9.63%, 12/15/30		1,000		1,620,976
Cisco Systems Inc.
5.50%, 01/15/40		850		1,061,540
5.90%, 02/15/39		974		1,232,267

Security	Principal (000s)		Value
Corning Inc.
4.70%, 03/15/37	$	75	$	80,427
4.75%, 03/15/42b		600		653,677
5.75%, 08/15/40		40		48,613
7.25%, 08/15/36 (Call 08/15/26)		200		260,476
Deutsche Telekom International Finance BV
8.75%, 06/15/30		1,524		2,317,721
9.25%, 06/01/32		450		735,020
Embarq Corp.
8.00%, 06/01/36		600		697,500
GTE Corp.
6.94%, 04/15/28		100		128,560
Harris Corp.
6.15%, 12/15/40		100		122,501
Juniper Networks Inc.
4.35%, 06/15/25 (Call 03/15/25)		250		249,953
5.95%, 03/15/41		395		408,652
Koninklijke KPN NV
8.38%, 10/01/30		205		293,194
Motorola Solutions Inc.
5.50%, 09/01/44		250		268,625
7.50%, 05/15/25		375		462,644
New Cingular Wireless Services Inc.
8.75%, 03/01/31		605		896,606
Orange SA
5.38%, 01/13/42		250		290,636
5.50%, 02/06/44 (Call 08/06/43)		700		837,876
9.00%, 03/01/31		1,055		1,620,530
Pacific Bell Telephone Co.
7.13%, 03/15/26		700		893,447
Qwest Corp.
6.88%, 09/15/33 (Call 12/29/14)		1,005		1,012,538
7.13%, 11/15/43 (Call 12/29/14)		650		666,250
Rogers Communications Inc.
5.00%, 03/15/44 (Call 09/15/43)		870		973,619
7.50%, 08/15/38		190		274,063
Telefonica Emisiones SAU
7.05%, 06/20/36		1,175		1,599,025
Telefonica Europe BV
8.25%, 09/15/30		437		630,976
Verizon Communications Inc.
3.85%, 11/01/42 (Call 05/01/42)		350		321,794
4.40%, 11/01/34 (Call 05/01/34)		2,175		2,216,327

SCHEDULESOF INVESTMENTS 99

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.75%, 11/01/41	$	590	$	616,155
4.86%, 08/21/46b,c		1,600		1,695,954
5.01%, 08/21/54c		3,000		3,143,012
5.05%, 03/15/34 (Call 12/15/33)		1,875		2,049,008
5.85%, 09/15/35		355		424,469
6.00%, 04/01/41		300		363,741
6.40%, 09/15/33		2,750		3,456,790
6.40%, 02/15/38		380		481,162
6.55%, 09/15/43		4,225		5,548,332
6.90%, 04/15/38		1,280		1,708,827
7.35%, 04/01/39		500		688,565
7.75%, 12/01/30		1,265		1,790,711
7.75%, 06/15/32		350		475,681
Verizon Florida LLC Series E
6.86%, 02/01/28b		200		206,161
Verizon Maryland LLC Series B
5.13%, 06/15/33		1,000		1,027,677
Vodafone Group PLC
4.38%, 02/19/43		630		620,132
6.15%, 02/27/37		1,111		1,341,786
6.25%, 11/30/32		50		61,846
7.88%, 02/15/30		234		322,316
				64,538,136
TEXTILES — 0.08%
Cintas Corp. No. 2
6.15%, 08/15/36		557		718,559
				718,559
TOYS, GAMES & HOBBIES — 0.15%
Hasbro Inc.
5.10%, 05/15/44 (Call 11/15/43)		200		205,376
6.35%, 03/15/40		450		533,057
Mattel Inc.
5.45%, 11/01/41 (Call 05/01/41)		500		544,667
				1,283,100
TRANSPORTATION — 2.53%
Burlington Northern Santa Fe LLC
4.38%, 09/01/42 (Call 03/01/42)		630		665,181
4.40%, 03/15/42 (Call 09/15/41)		496		525,433
4.55%, 09/01/44 (Call 03/01/44)		700		766,542
4.90%, 04/01/44 (Call 10/01/43)		1,150		1,318,088
5.15%, 09/01/43 (Call 03/01/43)		575		676,741

Security	Principal (000s)		Value
5.40%, 06/01/41 (Call 12/01/40)	$	270	$	325,796
5.75%, 05/01/40 (Call 11/01/39)b		450		565,039
6.15%, 05/01/37		150		198,600
6.20%, 08/15/36		200		264,921
Canadian National Railway Co.
3.50%, 11/15/42 (Call 05/15/42)		545		527,694
4.50%, 11/07/43 (Call 05/07/43)		250		282,270
6.20%, 06/01/36		170		228,699
6.25%, 08/01/34		50		66,767
6.38%, 11/15/37		58		80,429
6.90%, 07/15/28		700		975,005
Canadian Pacific Railway Co.
5.75%, 01/15/42		350		449,350
7.13%, 10/15/31		440		606,174
Con–way Inc.
6.70%, 05/01/34		450		516,714
CSX Corp.
4.10%, 03/15/44 (Call 09/15/43)		950		976,949
4.40%, 03/01/43 (Call 09/01/42)		126		134,500
4.50%, 08/01/54 (Call 02/01/54)		500		536,300
4.75%, 05/30/42 (Call 11/30/41)		487		544,597
5.50%, 04/15/41 (Call 10/15/40)		70		85,785
6.00%, 10/01/36		240		308,390
6.22%, 04/30/40		105		139,660
FedEx Corp.
3.88%, 08/01/42		200		192,511
3.90%, 02/01/35b		635		641,679
4.10%, 02/01/45		250		253,287
4.90%, 01/15/34		1,025		1,163,402
Norfolk Southern Corp.
4.80%, 08/15/43 (Call 02/15/43)b		970		1,104,557
4.84%, 10/01/41		428		486,018
5.59%, 05/17/25		100		119,681
5.64%, 05/17/29		100		121,717
6.00%, 05/23/11		425		541,893
NorthWestern Corp.
4.18%, 11/15/44 (Call 05/15/44)		150		160,920
Union Pacific Corp.
3.25%, 01/15/25 (Call 10/15/24)		905		944,356
3.38%, 02/01/35 (Call 08/01/34)		500		495,073
3.88%, 02/01/55 (Call 08/01/54)		780		763,114
4.30%, 06/15/42 (Call 12/15/41)		250		272,051
4.82%, 02/01/44 (Call 08/01/43)		620		732,584
6.63%, 02/01/29		207		280,440

100 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
United Parcel Service Inc.
4.88%, 11/15/40 (Call 05/15/40)	$	275	$	323,967
6.20%, 01/15/38		737		995,530
United Parcel Service of America Inc.
8.38%, 04/01/30a		100		149,161
				21,507,565
TRUCKING & LEASING — 0.03%
GATX Corp.
5.20%, 03/15/44 (Call 09/15/43)		250		273,967
				273,967
WATER — 0.26%
American Water Capital Corp.
3.40%, 03/01/25 (Call 12/01/24)		1,250		1,286,373
6.59%, 10/15/37		223		315,946
United Utilities PLC
6.88%, 08/15/28		250		302,284
Veolia Environnement SA
6.75%, 06/01/38		250		318,089
				2,222,692
TOTAL CORPORATE BONDS & NOTES
(Cost: $660,542,905)				682,188,456
FOREIGN GOVERNMENT OBLIGATIONSe — 8.42%
BRAZIL — 1.09%
Brazilian Government International Bond
5.00%, 01/27/45b		1,450		1,319,500
5.63%, 01/07/41		800		804,000
7.13%, 01/20/37		1,480		1,753,800
8.25%, 01/20/34		1,080		1,404,000
8.75%, 02/04/25		675		884,250
10.13%, 05/15/27		1,286		1,933,501
11.00%, 08/17/40 (Call 08/17/15)		1,145		1,199,388
				9,298,439
CANADA — 0.14%
Province of British Columbia
6.50%, 01/15/26		200		272,248
Province of Quebec Canada
7.50%, 09/15/29		600		900,284
				1,172,532

Security	Principal (000s)		Value
CHILE — 0.09%
Chile Government International Bond
3.63%, 10/30/42b	$	775	$	767,250
				767,250
COLOMBIA — 0.68%
Colombia Government International Bond
5.00%, 06/15/45 (Call 12/15/44)		250		263,750
5.63%, 02/26/44 (Call 08/26/43)		2,500		2,878,750
6.13%, 01/18/41		750		913,125
7.38%, 09/18/37		1,250		1,712,500
				5,768,125
ISRAEL — 0.05%
Israel Government International Bond
4.50%, 01/30/43		400		423,000
				423,000
ITALY — 0.18%
Italy Government International Bond
5.38%, 06/15/33		967		1,180,900
Region of Lombardy Italy
5.80%, 10/25/32		305		341,332
				1,522,232
MEXICO — 1.50%
Mexico Government International Bond
4.60%, 01/23/46		1,250		1,300,000
4.75%, 03/08/44		1,740		1,853,100
5.55%, 01/21/45b		1,000		1,195,000
5.75%, 10/12/10		1,880		2,119,700
6.05%, 01/11/40		870		1,096,200
6.75%, 09/27/34b		1,725		2,337,375
7.50%, 04/08/33b		1,002		1,432,860
8.30%, 08/15/31b		930		1,427,550
				12,761,785
PANAMA — 0.49%
Panama Government International Bond
6.70%, 01/26/36b		1,230		1,623,600
7.13%, 01/29/26		700		920,500
9.38%, 04/01/29		1,030		1,586,200
				4,130,300

SCHEDULESOF INVESTMENTS 101

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
PERU — 0.64%
Peruvian Government International Bond
5.63%, 11/18/50	$	625	$	770,312
6.55%, 03/14/37		1,220		1,628,700
7.35%, 07/21/25		700		952,000
8.75%, 11/21/33b		1,300		2,070,250
				5,421,262
PHILIPPINES — 1.18%
Philippine Government International Bond
3.95%, 01/20/40		500		526,250
5.00%, 01/13/37b		1,600		1,928,000
5.50%, 03/30/26		800		980,000
6.38%, 01/15/32		1,400		1,883,000
6.38%, 10/23/34		1,500		2,077,500
7.75%, 01/14/31		100		150,125
9.50%, 02/02/30		700		1,172,500
10.63%, 03/16/25		820		1,334,550
				10,051,925
SOUTH AFRICA — 0.20%
South Africa Government International Bond
5.38%, 07/24/44		1,000		1,087,500
6.25%, 03/08/41		500		614,065
				1,701,565
SOUTH KOREA — 0.18%
Export-Import Bank of Korea
3.25%, 08/12/26		450		459,819
Republic of Korea
4.13%, 06/10/44b		900		1,077,868
				1,537,687
SUPRANATIONAL — 0.29%
Asian Development Bank
5.82%, 06/16/28		310		407,025
European Investment Bank
4.88%, 02/15/36b		480		642,604
Inter-American Development Bank
3.20%, 08/07/42b		375		396,620
3.88%, 10/28/41		245		289,934
4.38%, 01/24/44		550		703,044
				2,439,227

Security	Principal (000s)		Value
TURKEY — 1.43%
Turkey Government International Bond
4.88%, 04/16/43	$	500	$	495,155
6.63%, 02/17/45b		2,600		3,219,112
6.75%, 05/30/40		600		744,750
6.88%, 03/17/36		450		558,279
7.25%, 03/05/38		800		1,041,496
7.38%, 02/05/25b		825		1,028,330
8.00%, 02/14/34		1,700		2,338,027
11.88%, 01/15/30		1,550		2,743,500
				12,168,649
URUGUAY — 0.28%
Uruguay Government International Bond
5.10%, 06/18/50b		850		879,750
7.63%, 03/21/36b		1,090		1,531,450
				2,411,200
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $70,364,994)				71,575,178
MUNICIPAL DEBT OBLIGATIONS — 9.01%
CALIFORNIA — 2.92%
Alameda County Joint Powers Authority RB BAB
7.05%, 12/01/44		135		191,188
Bay Area Toll Authority RB BAB
6.26%, 04/01/49		1,125		1,629,619
Series S1
7.04%, 04/01/50		750		1,131,532
California State Public Works Board RB Lease Abatement BAB Series G-2
8.36%, 10/01/34		100		151,124
City of Los Angeles Department of Airports RB BAB
6.58%, 05/15/39		280		377,852
City of San Francisco CA Public Utilities Commission Water Revenue RB BAB
6.95%, 11/01/50		580		850,350

102 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
East Bay Municipal Utility District Water System Revenue RB BAB Series B
5.87%, 06/01/40	$	750	$	1,007,047
Los Angeles Community College District/CA GO BAB
6.75%, 08/01/49		400		601,340
Los Angeles County Metropolitan Transportation Authority RB BAB Series A
5.74%, 06/01/39		300		384,696
Los Angeles County Public Works Financing Authority RB BAB
7.62%, 08/01/40		300		434,460
Los Angeles Department of Water & Power RB BAB
6.57%, 07/01/45		700		1,032,052
6.60%, 07/01/50		300		447,888
Los Angeles Unified School District/CA GO BAB
5.75%, 07/01/34		800		1,021,952
6.76%, 07/01/34		875		1,225,420
Regents of the University of California Medical Center Pooled Revenue RB BAB
6.55%, 05/15/48		300		409,779
San Diego County Regional Transportation Commission RB BAB
5.91%, 04/01/48		700		980,994
San Diego County Water Authority Financing Corp. RB BAB
6.14%, 05/01/49		465		644,523
State of California GO BAB
7.30%, 10/01/39		625		942,188
7.35%, 11/01/39		300		454,767
7.50%, 04/01/34		1,900		2,881,749
7.55%, 04/01/39		2,425		3,836,956
7.60%, 11/01/40		1,000		1,611,270
University of California RB
Series AD
4.86%, 05/15/12		230		246,907
Series AN
4.77%, 05/15/44(Call 05/15/24)		1,000		1,072,140

Security	Principal (000s)		Value
University of California RB BAB
5.77%, 05/15/43	$	675	$	885,141
5.95%, 05/15/45		300		391,143
				24,844,077
COLORADO — 0.12%
Colorado Bridge Enterprise RB BAB Series A
6.08%, 12/01/40		300		395,877
Denver City & County School District No. 1 COP Series B
7.02%, 12/15/37		435		604,254
				1,000,131
CONNECTICUT — 0.17%
State of Connecticut GO Series A
5.85%, 03/15/32		200		252,200
State of Connecticut GO BAB
5.09%, 10/01/30		100		113,898
5.63%, 12/01/29		895		1,075,996
				1,442,094
DISTRICT OF COLUMBIA — 0.03%
District of Columbia Water & Sewer Authority RB
4.81%, 10/01/14		200		239,866
				239,866
GEORGIA — 0.27%
Municipal Electric Authority of Georgia RB BAB
Project J, Series 2010A
6.64%, 04/01/57		750		1,008,600
Project P, Series 2010A
7.06%, 04/01/57		775		916,035
State of Georgia GO BAB Series H
4.50%, 11/01/25		300		337,611
				2,262,246
ILLINOIS — 1.01%
Chicago Transit Authority RB
Series A
6.90%, 12/01/40		650		841,581

SCHEDULESOF INVESTMENTS 103

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Series B
6.90%, 12/01/40	$	145	$	187,543
Chicago Transit Authority RB BAB Series B
6.20%, 12/01/40		220		265,672
City of Chicago IL GO Series C
7.78%, 01/01/35		810		981,493
City of Chicago IL Wastewater Transmission Revenue RB BAB Series B
6.90%, 01/01/40		200		261,356
Illinois State Toll Highway Authority RB BAB
6.18%, 01/01/34		505		665,994
Metropolitan Water Reclamation District of Greater Chicago GOL BAB
5.72%, 12/01/38		430		548,211
State of Illinois GO
5.10%, 06/01/33b		3,625		3,658,423
5.65%, 12/01/38		1,100		1,134,518
				8,544,791
KANSAS — 0.04%
State of Kansas Department of Transportation RB BAB
4.60%, 09/01/35		300		341,955
				341,955
KENTUCKY — 0.02%
Louisville & Jefferson County Metropolitan Sewer District RB BAB
6.25%, 05/15/43		145		200,806
				200,806
MARYLAND — 0.03%
Maryland State Transportation Authority RB BAB
5.89%, 07/01/43		200		266,866
				266,866
MASSACHUSETTS — 0.27%
Commonwealth of Massachusetts GOL BAB
4.91%, 05/01/29		290		339,149

Security	Principal (000s)		Value
Series E
5.46%, 12/01/39	$	895	$	1,138,950
Commonwealth of Massachusetts RB BAB Series A
5.73%, 06/01/40		300		392,991
Massachusetts Clean Water Trust (The) RB BAB Series B
5.19%, 08/01/40		150		176,607
Massachusetts School Building Authority RB BAB
5.72%, 08/15/39		200		259,166
				2,306,863
MISSOURI — 0.15%
Missouri Highway & Transportation Commission RB BAB
5.45%, 05/01/33		250		307,345
University of Missouri RB BAB
5.79%, 11/01/41		725		987,740
				1,295,085
NEW JERSEY — 0.68%
New Jersey Economic Development Authority RB Series A
7.43%, 02/15/29		1,350		1,727,217
New Jersey State Turnpike Authority RB BAB
7.10%, 01/01/41		1,175		1,721,563
Series F
7.41%, 01/01/40		600		917,280
New Jersey Transportation Trust Fund Authority RB BAB Series C
5.75%, 12/15/28		1,095		1,252,275
Rutgers The State University of New Jersey RB BAB
5.67%, 05/01/40		150		193,726
				5,812,061
NEW YORK — 1.55%
City of New York NY GO BAB
5.85%, 06/01/40		800		1,048,864
5.99%, 12/01/36		145		190,636
6.27%, 12/01/37		475		652,555

104 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Housing Development Corp./NY
3.71%, 02/15/48	$	150	$	157,179
Metropolitan Transportation Authority RB BAB
6.09%, 11/15/40		500		666,595
6.67%, 11/15/39		385		538,299
Series A
5.87%, 11/15/39		100		126,991
Series C-1
6.69%, 11/15/40		600		839,550
Series E
6.81%, 11/15/40		300		425,229
New York City Transitional Finance Authority Future Tax Secured Revenue RB
5.27%, 05/01/27		600		705,834
New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB
5.51%, 08/01/37		200		253,628
5.57%, 11/01/38		500		632,510
New York City Water & Sewer System RB BAB
5.44%, 06/15/43		500		644,035
5.75%, 06/15/41		500		659,635
5.88%, 06/15/44		350		477,320
6.01%, 06/15/42		300		412,791
New York State Dormitory Authority RB BAB
5.39%, 03/15/40		700		888,720
5.50%, 03/15/30		200		240,000
5.63%, 03/15/39		200		249,384
Port Authority of New York & New Jersey RB
4.46%, 10/01/62		1,285		1,404,531
4.93%, 10/01/51(GOI)		500		583,710
Series 182
5.31%, 08/01/46(Call 08/01/24)		1,250		1,385,362
				13,183,358
OHIO — 0.16%
American Municipal Power Inc. RB BAB
7.50%, 02/15/50		120		177,133
8.08%, 02/15/50		200		323,090

Security	Principal (000s)		Value
Ohio State University (The) RB Series A
4.80%, 06/01/11	$	200	$	220,912
Ohio State University (The) RB BAB
4.91%, 06/01/40		550		660,693
				1,381,828
OREGON — 0.18%
Oregon School Boards Association GOL
Series B
5.55%, 06/30/28(NATL)		600		715,224
5.68%, 06/30/28(NATL)		500		616,830
State of Oregon Department of Transportation RB BAB Series 2010A
5.83%, 11/15/34		175		229,306
				1,561,360
PENNSYLVANIA — 0.11%
Commonwealth of Pennsylvania GO BAB
5.45%, 02/15/30		300		358,686
Series B
4.65%, 02/15/26		100		111,644
Pennsylvania Turnpike Commission RB BAB Series B
5.56%, 12/01/49		350		445,144
				915,474
TEXAS — 1.11%
City of Houston TX Combined Utility System Revenue RB Series B
3.83%, 05/15/28		450		485,284
City of Houston TX GOL Series A
6.29%, 03/01/32b		400		494,576
City Public Service Board of San Antonio TX RB BAB
5.81%, 02/01/41		800		1,064,160
Dallas Area Rapid Transit RB BAB
6.00%, 12/01/44		750		1,039,177
Dallas Convention Center Hotel Development Corp. RB BAB
7.09%, 01/01/42		515		676,494

SCHEDULESOF INVESTMENTS 105

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Dallas County Hospital District GOL BAB Series C
5.62%, 08/15/44	$	150	$	199,388
Dallas Independent School District GO BAB
6.45%, 02/15/35 (Call 02/15/21) (PSF)		550		655,226
North Texas Tollway Authority RB BAB
8.91%, 02/01/30 (Call 02/01/20)		550		673,332
State of Texas GO BAB
5.52%, 04/01/39		750		1,002,442
Series A
4.63%, 04/01/33		500		580,750
4.68%, 04/01/40		100		118,755
Texas Transportation Commission State Highway Fund RB BAB Series B
5.18%, 04/01/30		1,375		1,663,860
University of Texas System (The) RB Series D
5.13%, 08/15/42		250		310,728
University of Texas System (The) RB BAB Series B
6.28%, 08/15/41(Call 08/15/19)		370		422,174
				9,386,346
UTAH — 0.06%
State of Utah GO BAB Series B
3.54%, 07/01/25		115		123,354
Utah Transit Authority RB BAB Series B
5.94%, 06/15/39		300		402,897
				526,251
VIRGINIA — 0.05%
University of Virginia RB BAB
6.20%, 09/01/39		300		436,428
				436,428

Security	Principal or Shares (000s)		Value
WASHINGTON — 0.08%
Central Puget Sound Regional Transit Authority RB BAB
5.49%, 11/01/39	$	150	$	194,346
State of Washington GO BAB
5.14%, 08/01/40		400		494,368
				688,714
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $73,835,235)				76,636,600
U.S. GOVERNMENT OBLIGATIONS — 0.18%
U.S. Treasury Note/Bond
2.25%, 11/15/24		1,500		1,531,755
				1,531,755
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost: $1,562,731)				1,531,755
SHORT-TERM INVESTMENTS — 5.96%
MONEY MARKET FUNDS — 5.96%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%f,g,h		37,344		37,343,855
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%f,g,h		3,040		3,040,310
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%f,g		10,284		10,283,622
				50,667,787
TOTAL SHORT-TERM INVESTMENTS
(Cost: $50,667,787)				50,667,787

106 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 103.79%
(Cost: $856,973,652)	$	882,599,776
Other Assets, Less Liabilities — (3.79)%		(32,223,621	)
NET ASSETS — 100.00%	$	850,376,155

BAB  —  Build America Bond

COP  —  Certificates of Participation

GO  —  General Obligation

GOL  —  General Obligation Limited

PSF  —  Permanent School Fund

RB  —  Revenue Bond

^a  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

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

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

^d  Variable rate security. Rate shown is as of report date.

^e  Investments are denominated in U.S. dollars.

^f  Affiliated issuer. See Note 2.

^g  The rate quoted is the annualized seven-day yield of the fund at period end.

^h  All or a portion of this security represents an investment of securities lending collateral. See Note 1.

See notes to financial statements.

SCHEDULESOF INVESTMENTS 107

Schedule of Investments

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 82.30%
ADVERTISING — 0.14%
Interpublic Group of Companies Inc. (The)
3.75%, 02/15/23	$	162	$	164,755
4.00%, 03/15/22		100		103,391
Omnicom Group Inc.
3.63%, 05/01/22		452		474,461
4.45%, 08/15/20		200		219,733
5.90%, 04/15/16		35		36,806
WPP Finance 2010
3.75%, 09/19/24		150		156,327
4.75%, 11/21/21		75		83,641
5.63%, 11/15/43		200		241,801
				1,480,915
AEROSPACE & DEFENSE — 1.08%
Boeing Capital Corp.
2.13%, 08/15/16 (Call 07/15/16)		200		203,849
4.70%, 10/27/19		130		146,428
Boeing Co. (The)
2.35%, 10/30/21		500		501,416
2.85%, 10/30/24 (Call 07/30/24)		85		86,458
3.30%, 03/01/35		80		79,724
4.88%, 02/15/20		200		227,974
5.88%, 02/15/40		250		336,418
6.88%, 03/15/39		62		92,596
Embraer SA
5.15%, 06/15/22		112		116,900
General Dynamics Corp.
1.00%, 11/15/17		250		248,981
2.25%, 07/15/16		78		79,537
2.25%, 11/15/22 (Call 08/15/22)		350		340,940
3.88%, 07/15/21 (Call 04/15/21)		100		108,806
L-3 Communications Corp.
3.95%, 05/28/24 (Call 02/28/24)		300		305,851
4.95%, 02/15/21 (Call 11/15/20)		262		284,270
5.20%, 10/15/19		252		278,576

Security	Principal (000s)		Value
Lockheed Martin Corp.
2.13%, 09/15/16	$	200	$	203,880
3.35%, 09/15/21		384		404,674
3.80%, 03/01/45 (Call 09/01/44)		380		380,424
4.07%, 12/15/42		604		627,196
4.25%, 11/15/19		180		197,641
Northrop Grumman Corp.
3.50%, 03/15/21		232		243,284
3.85%, 04/15/45 (Call 10/15/44)		165		161,985
4.75%, 06/01/43a		250		279,111
5.05%, 08/01/19		500		556,896
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)		312		308,872
3.13%, 10/15/20		300		313,726
4.20%, 12/15/44 (Call 06/15/44)		200		213,182
4.88%, 10/15/40		130		150,330
6.40%, 12/15/18		150		174,969
Rockwell Collins Inc.
3.10%, 11/15/21 (Call 08/15/21)		50		51,616
4.80%, 12/15/43 (Call 06/15/43)		100		116,976
5.25%, 07/15/19		100		110,779
United Technologies Corp.
1.80%, 06/01/17		400		407,969
3.10%, 06/01/22		1,250		1,299,170
4.50%, 04/15/20		114		127,080
4.50%, 06/01/42		500		556,006
5.70%, 04/15/40		500		640,115
6.05%, 06/01/36a		285		378,719
6.13%, 02/01/19		157		182,671
				11,525,995
AGRICULTURE — 1.00%
Altria Group Inc.
4.00%, 01/31/24		1,600		1,712,274
4.75%, 05/05/21		500		556,331
5.38%, 01/31/44		400		472,717
9.25%, 08/06/19		246		316,375
10.20%, 02/06/39		193		341,850

108 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Archer-Daniels-Midland Co.
5.38%, 09/15/35	$	371	$	452,375
5.45%, 03/15/18		72		80,460
5.77%, 03/01/41b		250		326,069
Bunge Ltd. Finance Corp.
4.10%, 03/15/16		100		102,929
8.50%, 06/15/19		300		364,519
Lorillard Tobacco Co.
3.50%, 08/04/16a		100		102,947
6.88%, 05/01/20		500		594,605
Lowe’s Companies Inc.
3.13%, 09/15/24 (Call 06/15/24)		500		514,333
Philip Morris International Inc.
1.63%, 03/20/17		250		253,149
2.50%, 05/16/16		300		306,472
2.50%, 08/22/22		192		190,406
2.90%, 11/15/21		377		386,162
3.25%, 11/10/24		700		723,369
4.13%, 03/04/43		212		218,849
4.25%, 11/10/44		500		527,541
5.65%, 05/16/18		600		678,274
6.38%, 05/16/38		450		605,302
Reynolds American Inc.
3.25%, 11/01/22		250		249,102
4.75%, 11/01/42		250		252,156
6.75%, 06/15/17		180		199,657
7.25%, 06/15/37		114		149,264
				10,677,487
AIRLINES — 0.27%
American Airlines 2013-2 Pass Through Trust Class A
4.95%, 07/15/24		916		995,975
American Airlines Inc. 2011-1 Pass Through Trust Class A
5.25%, 07/31/22		36		39,392
Continental Airlines Inc. 2009-2 Pass Through Trust Class A
7.25%, 05/10/21		658		762,160
Continental Airlines Inc. 2012-2 Pass Through Trust Class A
4.00%, 04/29/26		241		253,492

Security	Principal (000s)		Value
Delta Air Lines Inc. 2009-1 Pass Through Trust Class A
7.75%, 06/17/21	$	141	$	163,355
Delta Air Lines Inc. 2010-2 Pass Through Trust Class A
4.95%, 11/23/20a		68		72,745
Delta Air Lines Inc. 2012-1 Pass Through Trust Class A
4.75%, 11/07/21		259		279,558
Southwest Airlines Co.
2.75%, 11/06/19 (Call 10/06/19)		75		76,287
United Airlines 2014-2 Pass Through Trust Class A
3.75%, 03/03/28		200		207,000
				2,849,964
APPAREL — 0.06%
NIKE Inc.
2.25%, 05/01/23 (Call 02/01/23)		80		78,804
3.63%, 05/01/43 (Call 11/01/42)		300		301,631
VF Corp.
3.50%, 09/01/21 (Call 06/21/21)		200		211,920
				592,355
AUTO MANUFACTURERS — 0.60%
American Honda Finance Corp.
1.20%, 07/14/17		600		601,071
2.25%, 08/15/19		250		253,895
Daimler Finance North America LLC
8.50%, 01/18/31		210		327,074
Ford Motor Co.
4.75%, 01/15/43a		1,000		1,096,131
6.50%, 08/01/18a		105		119,961
7.45%, 07/16/31		40		55,667
PACCAR Financial Corp.
1.10%, 06/06/17		250		249,591
Toyota Motor Credit Corp.
1.38%, 01/10/18		312		313,078
1.45%, 01/12/18		1,145		1,151,374
2.00%, 09/15/16		700		713,868
2.13%, 07/18/19		800		811,450
2.63%, 01/10/23		300		301,738

SCHEDULESOF INVESTMENTS 109

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
3.30%, 01/12/22	$	350	$	370,889
3.40%, 09/15/21		100		106,494
				6,472,281
AUTO PARTS & EQUIPMENT — 0.14%
BorgWarner Inc.
4.63%, 09/15/20		100		110,362
Delphi Corp.
4.15%, 03/15/24 (Call 12/15/23)a		250		265,065
Johnson Controls Inc.
3.63%, 07/02/24 (Call 04/02/24)		250		258,259
3.75%, 12/01/21 (Call 09/01/21)		182		191,615
4.25%, 03/01/21		200		215,873
4.95%, 07/02/64 (Call 01/02/64)		200		213,815
5.00%, 03/30/20		92		102,426
5.70%, 03/01/41		136		164,574
				1,521,989
BANKS — 18.37%
Abbey National Treasury Services PLC/London
4.00%, 04/27/16		705		728,624
4.00%, 03/13/24a		550		591,296
Associated Banc-Corp.
5.13%, 03/28/16 (Call 02/28/16)		100		103,905
Australia & New Zealand Banking Group Ltd./New York NY
1.25%, 06/13/17		500		499,175
2.25%, 06/13/19		750		757,229
Banco do Brasil SA
3.88%, 10/10/22		500		451,250
Bancolombia SA
5.95%, 06/03/21		200		220,760
Bank of America Corp.
1.25%, 01/11/16a		500		501,363
1.70%, 08/25/17		170		170,398
2.00%, 01/11/18		800		803,292
2.65%, 04/01/19		1,500		1,523,639
3.30%, 01/11/23		450		453,938
3.63%, 03/17/16		75		76,958

Security	Principal (000s)		Value
4.00%, 04/01/24a	$	1,750	$	1,849,236
4.00%, 01/22/25		250		252,992
4.13%, 01/22/24		1,250		1,331,555
4.88%, 04/01/44		700		797,668
5.00%, 05/13/21		125		140,142
5.42%, 03/15/17		700		748,268
5.63%, 07/01/20		1,950		2,233,169
5.65%, 05/01/18		400		443,644
5.70%, 01/24/22		370		429,987
5.75%, 12/01/17		250		275,993
5.88%, 01/05/21		375		436,674
5.88%, 02/07/42		250		317,449
6.05%, 05/16/16		750		790,660
6.11%, 01/29/37		300		362,407
6.40%, 08/28/17		526		585,464
6.50%, 08/01/16		425		455,895
6.88%, 04/25/18		425		486,790
7.63%, 06/01/19		520		627,872
7.75%, 05/14/38		550		786,033
Series 1
3.75%, 07/12/16		1,375		1,421,264
Bank of America N.A.
5.30%, 03/15/17		1,500		1,606,084
6.00%, 10/15/36		426		538,201
Bank of Montreal
1.30%, 07/14/17 (Call 06/14/17)		950		949,923
1.45%, 04/09/18 (Call 03/09/18)		682		677,856
Bank of New York Mellon Corp. (The)
1.35%, 03/06/18 (Call 02/06/18)		500		495,587
1.97%, 06/20/17b		450		454,824
2.30%, 07/28/16		550		561,113
3.00%, 02/24/25		85		85,779
3.55%, 09/23/21 (Call 08/23/21)		400		424,884
3.65%, 02/04/24 (Call 01/05/24)		600		638,113
5.45%, 05/15/19		200		225,506
Bank of Nova Scotia (The)
1.10%, 12/13/16		500		500,674
1.30%, 07/21/17		550		549,955

110 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
1.45%, 04/25/18a	$	1,000	$	992,620
2.55%, 01/12/17		182		186,945
2.90%, 03/29/16		400		409,853
4.38%, 01/13/21		150		165,740
Barclays Bank PLC
3.75%, 05/15/24		400		422,873
5.00%, 09/22/16		350		371,180
5.13%, 01/08/20		1,050		1,188,857
5.14%, 10/14/20		250		276,737
6.75%, 05/22/19		450		533,684
BB&T Corp.
2.15%, 03/22/17 (Call 02/22/17)		450		457,140
2.25%, 02/01/19 (Call 01/02/19)		500		502,682
2.45%, 01/15/20 (Call 12/15/19)		750		756,630
3.20%, 03/15/16 (Call 02/16/16)		500		511,176
6.85%, 04/30/19		255		301,882
BNP Paribas SA
1.38%, 03/17/17		1,000		1,000,836
2.38%, 09/14/17		225		229,297
2.70%, 08/20/18		450		462,010
3.25%, 03/03/23		600		614,778
4.25%, 10/15/24a		200		207,468
5.00%, 01/15/21		450		510,978
BPCE SA
1.63%, 02/10/17		500		503,649
2.50%, 07/15/19		500		507,601
4.00%, 04/15/24		250		268,514
Branch Banking & Trust Co.
1.35%, 10/01/17 (Call 09/01/17)		250		248,905
Canadian Imperial Bank of Commerce/Canada
1.55%, 01/23/18 (Call 12/23/17)		450		449,473
Capital One Financial Corp.
3.15%, 07/15/16		50		51,320
3.20%, 02/05/25 (Call 01/05/25)		105		103,914
3.75%, 04/24/24 (Call 03/24/24)		400		413,267

Security	Principal (000s)		Value
4.75%, 07/15/21	$	40	$	44,513
6.75%, 09/15/17		150		168,730
Capital One N.A./Mclean VA
1.50%, 09/05/17 (Call 08/05/17)		750		748,651
2.40%, 09/05/19 (Call 08/15/19)		250		250,488
Citigroup Inc.
1.70%, 07/25/16		1,250		1,258,588
1.80%, 02/05/18		695		692,803
2.50%, 07/29/19		1,400		1,408,520
3.38%, 03/01/23		400		407,656
3.88%, 10/25/23		950		997,871
3.95%, 06/15/16		300		310,514
4.45%, 01/10/17		600		632,271
4.50%, 01/14/22		100		109,552
5.30%, 05/06/44		200		223,609
5.38%, 08/09/20		950		1,080,114
5.50%, 09/13/25		1,750		1,978,159
6.00%, 08/15/17		475		523,874
6.00%, 10/31/33		655		769,572
6.13%, 11/21/17		650		724,826
6.13%, 05/15/18		225		253,287
6.88%, 03/05/38a		475		657,465
8.13%, 07/15/39		600		926,722
8.50%, 05/22/19		175		217,847
Comerica Bank
5.75%, 11/21/16		500		537,999
Commonwealth Bank of Australia/New York NY
1.13%, 03/13/17		400		399,132
1.90%, 09/18/17		500		504,937
2.30%, 09/06/19		500		503,560
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
3.38%, 01/19/17		500		519,680
3.88%, 02/08/22		630		677,232
4.50%, 01/11/21		75		83,156
5.25%, 05/24/41		250		299,383
5.75%, 12/01/43		500		610,072
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY
1.70%, 03/19/18		1,700		1,698,418

SCHEDULESOF INVESTMENTS 111

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
CorpBanca SA
3.13%, 01/15/18	$	200	$	200,760
Credit Suisse/New York NY
1.75%, 01/29/18		800		798,835
3.00%, 10/29/21		1,000		1,017,931
3.63%, 09/09/24		250		259,849
4.38%, 08/05/20		1,000		1,095,469
5.30%, 08/13/19		500		560,764
5.40%, 01/14/20		160		179,399
Deutsche Bank AG/London
1.88%, 02/13/18		60		60,143
3.25%, 01/11/16		400		408,054
3.70%, 05/30/24		950		995,258
6.00%, 09/01/17		650		720,266
Discover Bank/Greenwood DE
7.00%, 04/15/20		550		655,047
Fifth Third Bancorp
3.50%, 03/15/22 (Call 02/15/22)		400		416,226
3.63%, 01/25/16		112		114,690
8.25%, 03/01/38		325		487,147
Fifth Third Bank/Cincinnati OH
2.88%, 10/01/21 (Call 09/01/21)		200		201,078
Goldman Sachs Group Inc. (The)
2.38%, 01/22/18		800		813,320
2.55%, 10/23/19		630		634,018
2.60%, 04/23/20 (Call 03/23/20)		1,000		1,003,149
3.63%, 02/07/16		750		768,784
3.63%, 01/22/23		500		516,364
3.85%, 07/08/24 (Call 04/08/24)		850		888,339
5.25%, 07/27/21		300		339,928
5.35%, 01/15/16		370		384,380
5.38%, 03/15/20		350		395,524
5.63%, 01/15/17		1,092		1,168,882
5.75%, 01/24/22		700		816,596
5.95%, 01/18/18		420		467,810
5.95%, 01/15/27		950		1,118,455
6.00%, 06/15/20		100		116,406
6.13%, 02/15/33		850		1,070,520
6.15%, 04/01/18		556		625,516
6.25%, 09/01/17		500		555,670

Security	Principal (000s)		Value
6.25%, 02/01/41	$	1,280	$	1,676,458
6.75%, 10/01/37		217		280,876
7.50%, 02/15/19		450		536,974
HSBC Bank USA N.A./New York NY
4.88%, 08/24/20		750		828,008
HSBC Holdings PLC
5.10%, 04/05/21		314		354,692
6.10%, 01/14/42		312		413,426
6.50%, 05/02/36		1,200		1,536,210
6.50%, 09/15/37		349		447,584
6.80%, 06/01/38		700		937,526
HSBC USA Inc.
1.63%, 01/16/18		1,500		1,499,724
3.50%, 06/23/24		350		366,640
Huntington National Bank (The)
1.30%, 11/20/16 (Call 10/20/16)		500		499,800
2.40%, 04/01/20		250		251,011
Intesa Sanpaolo SpA
3.13%, 01/15/16		500		507,876
3.88%, 01/16/18		500		521,758
5.25%, 01/12/24		200		224,797
JPMorgan Chase & Co.
1.13%, 02/26/16		500		501,576
1.35%, 02/15/17		500		500,930
2.20%, 10/22/19		2,650		2,637,937
2.25%, 01/23/20 (Call 12/23/19)a		500		497,153
2.60%, 01/15/16		250		253,907
3.13%, 01/23/25 (Call 10/23/24)		250		247,516
3.15%, 07/05/16		400		410,079
3.20%, 01/25/23a		1,250		1,267,183
3.45%, 03/01/16		332		340,129
3.88%, 09/10/24		500		509,666
4.13%, 12/15/26		1,000		1,027,436
4.25%, 10/15/20		600		651,338
4.35%, 08/15/21		280		305,402
4.40%, 07/22/20		242		264,367
4.50%, 01/24/22		1,000		1,102,435
4.63%, 05/10/21		500		552,911
4.85%, 02/01/44		500		573,029
5.40%, 01/06/42		480		577,118

112 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.50%, 10/15/40	$	300	$	363,851
5.60%, 07/15/41		500		616,126
6.00%, 01/15/18		719		804,618
6.30%, 04/23/19		1,080		1,251,951
6.40%, 05/15/38		225		299,388
JPMorgan Chase Bank N.A.
6.00%, 10/01/17		2,200		2,437,871
KeyBank N.A./Cleveland OH
1.65%, 02/01/18		500		499,978
KeyCorp
5.10%, 03/24/21a		300		339,953
KfW
0.50%, 04/19/16		350		350,134
0.88%, 12/15/17		2,600		2,585,883
1.25%, 10/05/16		2,350		2,373,213
2.00%, 06/01/16		1,800		1,832,755
2.13%, 01/17/23a		3,150		3,183,727
2.38%, 08/25/21		675		697,845
2.50%, 11/20/24		250		258,600
2.63%, 02/16/16		550		561,555
2.63%, 01/25/22		500		523,851
2.75%, 09/08/20a		2,000		2,109,040
2.75%, 10/01/20		1,500		1,582,265
4.00%, 01/27/20		1,650		1,834,215
4.50%, 07/16/18		450		497,692
4.88%, 01/17/17		500		538,560
4.88%, 06/17/19		500		570,042
5.13%, 03/14/16		510		534,535
Korea Development Bank (The)
1.50%, 01/22/18		500		496,094
3.75%, 01/22/24		200		214,485
3.88%, 05/04/17		1,100		1,150,898
4.63%, 11/16/21		300		336,097
Landwirtschaftliche Rentenbank
1.00%, 04/04/18		650		646,102
1.38%, 10/23/19		400		396,827
1.88%, 09/17/18		450		458,543
2.13%, 07/15/16		675		689,704
2.38%, 09/13/17		625		646,316
5.00%, 11/08/16		170		182,265
Lloyds Bank PLC
2.35%, 09/05/19a		800		807,404
4.20%, 03/28/17		500		528,494
6.38%, 01/21/21		55		66,255

Security	Principal (000s)		Value
Manufacturers & Traders Trust Co.
1.40%, 07/25/17 (Call 06/25/17)	$	250	$	249,510
2.25%, 07/25/19 (Call 06/25/19)		500		501,358
2.90%, 02/06/25 (Call 01/06/25)		250		248,030
Morgan Stanley
1.75%, 02/25/16		350		352,791
2.13%, 04/25/18		1,100		1,105,796
2.50%, 01/24/19		600		608,847
2.65%, 01/27/20		500		504,274
3.80%, 04/29/16		600		617,903
4.10%, 05/22/23		500		515,733
4.30%, 01/27/45		200		204,289
4.35%, 09/08/26		65		67,859
4.88%, 11/01/22		900		977,939
5.00%, 11/24/25		250		275,456
5.45%, 01/09/17		450		481,941
5.50%, 07/28/21		155		178,569
5.63%, 09/23/19		200		226,285
5.75%, 10/18/16		2,054		2,197,387
5.75%, 01/25/21		400		463,664
5.95%, 12/28/17		1,150		1,277,368
6.38%, 07/24/42		1,250		1,666,662
6.63%, 04/01/18		532		605,184
7.25%, 04/01/32		350		484,797
7.30%, 05/13/19		525		625,925
Series F
3.88%, 04/29/24		1,250		1,307,091
MUFG Americas Holdings Corp.
3.50%, 06/18/22		400		416,393
MUFG Union Bank N.A.
5.95%, 05/11/16		600		632,554
National Australia Bank Ltd./New York
2.30%, 07/25/18		500		507,355
National City Corp.
6.88%, 05/15/19		400		469,714
Northern Trust Corp.
3.38%, 08/23/21		500		528,355
Oesterreichische Kontrollbank AG
1.63%, 03/12/19		850		855,504
5.00%, 04/25/17		900		978,326

SCHEDULESOF INVESTMENTS 113

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
PNC Bank N.A.
2.25%, 07/02/19 (Call 06/02/19)c	$	1,900	$	1,912,787
PNC Financial Services Group Inc. (The)
3.90%, 04/29/24 (Call 03/29/24)c		350		363,481
PNC Funding Corp.
3.30%, 03/08/22 (Call 02/06/22)c		312		324,706
4.38%, 08/11/20c		250		275,007
5.13%, 02/08/20c		395		446,710
Regions Bank/Birmingham AL
6.45%, 06/26/37		250		316,391
Regions Financial Corp.
2.00%, 05/15/18 (Call 04/15/18)		500		496,894
Royal Bank of Canada
1.50%, 01/16/18		550		550,902
2.15%, 03/15/19a		1,000		1,009,140
2.30%, 07/20/16		875		892,402
Royal Bank of Scotland Group PLC
6.40%, 10/21/19		400		467,460
Royal Bank of Scotland PLC (The)
4.38%, 03/16/16		302		312,364
5.63%, 08/24/20		275		316,119
6.13%, 01/11/21		210		248,694
Santander Bank N.A.
8.75%, 05/30/18		250		295,664
Societe Generale SA
2.63%, 10/01/18		250		254,494
State Street Corp.
2.88%, 03/07/16		200		204,495
3.30%, 12/16/24		250		258,400
3.70%, 11/20/23		350		371,897
4.38%, 03/07/21		212		235,657
4.96%, 03/15/18		152		164,148
Sumitomo Mitsui Banking Corp.
1.35%, 07/11/17		500		496,729
1.50%, 01/18/18		750		743,053
2.25%, 07/11/19a		500		499,711
2.45%, 01/16/20a		250		251,790
3.40%, 07/11/24a		350		359,528

Security	Principal (000s)		Value
SunTrust Bank/Atlanta GA
5.00%, 09/01/15	$	77	$	78,533
SunTrust Banks Inc.
3.50%, 01/20/17 (Call 12/20/16)		600		624,172
3.60%, 04/15/16 (Call 03/15/16)		400		410,497
SVB Financial Group
3.50%, 01/29/25		250		246,020
Svenska Handelsbanken AB
2.25%, 06/17/19		500		503,803
2.88%, 04/04/17		500		516,895
Toronto-Dominion Bank (The)
1.40%, 04/30/18		850		846,560
2.25%, 11/05/19		400		404,016
2.38%, 10/19/16		112		114,703
2.50%, 07/14/16		680		695,679
2.63%, 09/10/18		250		257,521
U.S. Bancorp/MN
2.20%, 04/25/19 (Call 03/25/19)		250		252,689
3.00%, 03/15/22 (Call 02/15/22)		250		256,279
4.13%, 05/24/21 (Call 04/23/21)		800		878,213
Series F
2.20%, 11/15/16 (Call 10/14/16)		560		571,646
U.S. Bank N.A./Cincinnati OH
1.10%, 01/30/17 (Call 12/30/16)		500		498,930
2.80%, 01/27/25 (Call 12/27/24)		750		747,866
UBS AG/Stamford CT
2.38%, 08/14/19		1,150		1,162,701
4.88%, 08/04/20		500		563,844
5.75%, 04/25/18		650		726,330
Series 10
5.88%, 07/15/16		400		425,066
Wachovia Corp.
5.63%, 10/15/16		260		277,757
5.75%, 06/15/17		2,400		2,642,706
5.75%, 02/01/18		1,375		1,535,646

114 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Wells Fargo & Co.
1.50%, 01/16/18	$	400	$	399,983
3.00%, 02/19/25		165		164,675
3.30%, 09/09/24a		1,100		1,127,798
3.50%, 03/08/22		620		653,430
3.68%, 06/15/16b		500		517,205
4.10%, 06/03/26		1,000		1,047,500
4.13%, 08/15/23		200		212,344
4.60%, 04/01/21		275		306,844
5.13%, 09/15/16		150		158,587
5.61%, 01/15/44		2,170		2,642,732
5.63%, 12/11/17		555		617,473
Series M
3.45%, 02/13/23		270		275,026
Series N
2.15%, 01/30/20		500		499,216
Westpac Banking Corp.
1.60%, 01/12/18		700		699,774
2.00%, 08/14/17		1,082		1,097,509
4.88%, 11/19/19		380		423,782
				196,741,311
BEVERAGES — 1.65%
Anheuser-Busch Companies LLC
5.50%, 01/15/18		120		133,617
6.45%, 09/01/37		478		628,248
Anheuser-Busch InBev Finance Inc.
1.13%, 01/27/17		1,100		1,105,218
2.63%, 01/17/23		200		197,217
3.70%, 02/01/24a		1,400		1,480,310
4.00%, 01/17/43		75		73,959
4.63%, 02/01/44		400		434,394
Anheuser-Busch InBev Worldwide Inc.
1.38%, 07/15/17		900		906,128
4.38%, 02/15/21		75		82,763
5.38%, 01/15/20		96		110,372
6.38%, 01/15/40a		210		272,560
7.75%, 01/15/19		250		302,220
8.20%, 01/15/39		230		358,634
Beam Suntory Inc.
3.25%, 05/15/22 (Call 02/15/22)		150		150,902
5.38%, 01/15/16		45		46,702

Security	Principal (000s)		Value
Brown-Forman Corp.
2.50%, 01/15/16	$	300	$	304,956
Coca-Cola Co. (The)
1.65%, 03/14/18		300		303,372
1.80%, 09/01/16		800		813,068
3.15%, 11/15/20		420		444,199
3.20%, 11/01/23		552		579,599
3.30%, 09/01/21		462		490,501
Coca-Cola Enterprises Inc.
2.00%, 08/19/16		250		252,959
4.50%, 09/01/21 (Call 06/01/21)		400		443,017
Coca-Cola FEMSA SAB de CV
2.38%, 11/26/18		200		203,616
5.25%, 11/26/43		300		351,504
Diageo Capital PLC
1.13%, 04/29/18a		450		446,166
2.63%, 04/29/23 (Call 01/29/23)		1,050		1,036,431
3.88%, 04/29/43 (Call 10/29/42)		35		34,888
5.75%, 10/23/17		326		364,007
5.88%, 09/30/36		78		99,354
Diageo Investment Corp.
4.25%, 05/11/42		200		210,844
Dr Pepper Snapple Group Inc.
2.90%, 01/15/16		130		132,390
3.20%, 11/15/21 (Call 08/15/21)		450		459,928
Molson Coors Brewing Co.
2.00%, 05/01/17		250		252,903
5.00%, 05/01/42		250		259,715
Pepsi Bottling Group Inc. (The) Series B
7.00%, 03/01/29		785		1,102,796
PepsiCo Inc.
1.25%, 08/13/17		300		300,843
2.50%, 05/10/16		242		246,655
3.00%, 08/25/21a		750		776,700
3.60%, 03/01/24 (Call 12/01/23)		500		532,745
4.00%, 03/05/42a		228		230,124
5.50%, 01/15/40		250		306,762
7.90%, 11/01/18		367		446,058
				17,709,344

SCHEDULESOF INVESTMENTS 115

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
BIOTECHNOLOGY — 0.86%
Amgen Inc.
2.13%, 05/15/17	$	302	$	307,508
2.20%, 05/22/19 (Call 04/22/19)		500		502,887
2.30%, 06/15/16		180		182,748
2.50%, 11/15/16		600		614,732
3.88%, 11/15/21 (Call 08/15/21)		192		205,239
4.10%, 06/15/21 (Call 03/15/21)		762		825,332
5.15%, 11/15/41 (Call 05/15/41)		950		1,088,619
5.38%, 05/15/43 (Call 11/15/42)		250		297,186
5.65%, 06/15/42 (Call 12/15/41)		180		218,628
5.75%, 03/15/40		50		60,668
5.85%, 06/01/17		275		302,177
6.38%, 06/01/37		280		358,236
Celgene Corp.
3.25%, 08/15/22		400		409,242
3.63%, 05/15/24 (Call 02/15/24)		500		520,269
3.95%, 10/15/20		200		215,078
4.63%, 05/15/44 (Call 11/15/43)		200		217,838
Gilead Sciences Inc.
2.35%, 02/01/20		500		508,045
3.05%, 12/01/16		100		103,807
3.70%, 04/01/24 (Call 01/01/24)		700		746,013
4.40%, 12/01/21 (Call 09/01/21)		250		278,592
4.50%, 04/01/21 (Call 01/01/21)		200		223,157
4.50%, 02/01/45 (Call 08/01/44)		750		829,103
5.65%, 12/01/41 (Call 06/01/41)		152		192,705
				9,207,809

Security	Principal (000s)		Value
BUILDING MATERIALS — 0.12%
CRH America Inc.
6.00%, 09/30/16	$	819	$	878,301
Owens Corning
4.20%, 12/15/22 (Call 09/15/22)		352		368,130
				1,246,431
CHEMICALS — 1.79%
Agrium Inc.
3.15%, 10/01/22 (Call 07/01/22)		450		449,300
4.13%, 03/15/35 (Call 09/15/34)		45		44,704
5.25%, 01/15/45 (Call 07/15/44)		300		339,947
6.75%, 01/15/19		78		90,461
Air Products & Chemicals Inc.
2.00%, 08/02/16		88		89,446
3.00%, 11/03/21		200		205,812
4.38%, 08/21/19		150		165,007
Airgas Inc.
2.95%, 06/15/16 (Call 05/15/16)		112		114,334
3.65%, 07/15/24 (Call 04/15/24)		300		309,336
Albemarle Corp.
4.50%, 12/15/20 (Call 09/15/20)		200		212,853
Cabot Corp.
3.70%, 07/15/22		50		51,453
CF Industries Inc.
5.38%, 03/15/44		500		564,034
7.13%, 05/01/20		350		420,393
Cytec Industries Inc.
3.50%, 04/01/23 (Call 01/01/23)		212		211,952
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)a		650		648,963
4.13%, 11/15/21 (Call 08/15/21)		290		313,372
4.25%, 10/01/34 (Call 04/01/34)		950		963,205

116 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.38%, 11/15/42 (Call 05/15/42)	$	352	$	353,173
8.55%, 05/15/19		600		748,001
9.40%, 05/15/39		70		114,878
Eastman Chemical Co.
3.60%, 08/15/22 (Call 05/15/22)		450		464,938
3.80%, 03/15/25 (Call 12/15/24)		500		518,957
5.50%, 11/15/19		180		203,793
Ecolab Inc.
1.45%, 12/08/17		450		448,499
3.00%, 12/08/16		102		105,289
4.35%, 12/08/21		362		397,454
5.50%, 12/08/41		100		120,889
EI du Pont de Nemours & Co.
2.75%, 04/01/16		50		51,157
2.80%, 02/15/23		212		211,804
3.63%, 01/15/21		436		461,312
4.15%, 02/15/43		300		303,798
4.63%, 01/15/20		182		202,694
5.25%, 12/15/16		228		245,120
6.00%, 07/15/18		579		659,199
FMC Corp.
3.95%, 02/01/22 (Call 11/01/21)		100		104,576
Lubrizol Corp.
8.88%, 02/01/19		250		312,248
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		400		429,777
LyondellBasell Industries NV
5.00%, 04/15/19 (Call 01/15/19)		1,500		1,645,518
Methanex Corp.
4.25%, 12/01/24 (Call 09/01/24)		300		297,545
Monsanto Co.
2.20%, 07/15/22 (Call 04/15/22)		50		48,329
2.75%, 04/15/16		150		153,085
3.38%, 07/15/24 (Call 04/15/24)a		670		694,098

Security	Principal (000s)		Value
4.40%, 07/15/44 (Call 01/15/44)	$	450	$	485,194
5.88%, 04/15/38		150		185,817
Mosaic Co. (The)
3.75%, 11/15/21 (Call 08/15/21)a		210		224,090
5.63%, 11/15/43 (Call 05/15/43)		250		299,941
Potash Corp. of Saskatchewan Inc.
3.25%, 12/01/17		180		188,585
5.63%, 12/01/40		182		227,775
6.50%, 05/15/19		160		188,022
PPG Industries Inc.
1.90%, 01/15/16		100		100,875
3.60%, 11/15/20		100		104,869
5.50%, 11/15/40		202		248,743
Praxair Inc.
1.25%, 11/07/18		130		128,050
2.20%, 08/15/22 (Call 05/15/22)		400		389,935
2.45%, 02/15/22 (Call 11/15/21)		212		211,286
2.65%, 02/05/25 (Call 11/05/24)		170		168,049
3.00%, 09/01/21		100		103,569
4.05%, 03/15/21		52		57,030
Rockwood Specialties Group Inc.
4.63%, 10/15/20 (Call 10/15/15)		500		520,000
RPM International Inc.
3.45%, 11/15/22 (Call 08/15/22)		300		295,931
Sherwin-Williams Co. (The)
4.00%, 12/15/42 (Call 06/15/42)		100		100,932
Sigma-Aldrich Corp.
3.38%, 11/01/20 (Call 08/01/20)		50		51,937
Valspar Corp. (The)
4.20%, 01/15/22 (Call 10/15/21)		200		211,814
4.40%, 02/01/45 (Call 08/01/44)		200		200,200
				19,183,347

SCHEDULESOF INVESTMENTS 117

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
COMMERCIAL SERVICES — 0.40%
Board of Trustees of The Leland Stanford Junior University (The)
4.75%, 05/01/19	$	159	$	177,719
Emory University
5.63%, 09/01/19		40		46,390
Equifax Inc.
3.30%, 12/15/22 (Call 09/15/22)		200		200,623
6.30%, 07/01/17		100		110,347
Massachusetts Institute of Technology
4.68%, 07/01/14		200		230,778
5.60%, 07/01/11		205		282,223
MasterCard Inc.
3.38%, 04/01/24		250		262,419
Moody’s Corp.
2.75%, 07/15/19 (Call 06/15/19)		200		202,806
4.88%, 02/15/24 (Call 11/15/23)		250		275,552
5.50%, 09/01/20		100		114,202
Princeton University Series A
4.95%, 03/01/19		250		280,224
Synchrony Financial
1.88%, 08/15/17 (Call 07/15/17)		200		200,101
3.00%, 08/15/19 (Call 07/15/19)		300		304,264
4.25%, 08/15/24 (Call 05/15/24)		400		419,492
Vanderbilt University (The)
5.25%, 04/01/19		125		141,620
Verisk Analytics Inc.
4.13%, 09/12/22		350		366,660
Western Union Co. (The)
3.65%, 08/22/18		250		259,499
5.25%, 04/01/20a		160		174,872
5.93%, 10/01/16		230		245,680
				4,295,471

Security	Principal (000s)		Value
COMPUTERS — 1.51%
Apple Inc.
0.45%, 05/03/16	$	500	$	499,105
1.00%, 05/03/18		200		198,256
1.55%, 02/07/20		200		197,989
2.10%, 05/06/19		1,700		1,730,510
2.40%, 05/03/23		700		692,645
2.50%, 02/09/25		175		172,071
3.45%, 05/06/24		600		638,220
3.45%, 02/09/45		720		679,639
3.85%, 05/04/43		500		503,967
4.45%, 05/06/44		300		333,422
Computer Sciences Corp.
6.50%, 03/15/18		240		264,578
EMC Corp./MA
1.88%, 06/01/18		912		916,978
3.38%, 06/01/23 (Call 03/01/23)		250		252,483
Hewlett-Packard Co.
2.60%, 09/15/17		350		359,084
2.65%, 06/01/16		352		358,295
2.75%, 01/14/19		800		811,648
3.00%, 09/15/16		500		513,655
4.30%, 06/01/21a		262		281,212
4.38%, 09/15/21a		150		161,666
4.65%, 12/09/21a		450		492,188
6.00%, 09/15/41		252		285,832
International Business Machines Corp.
1.25%, 02/06/17		500		503,789
1.95%, 07/22/16		600		609,919
2.90%, 11/01/21a		500		518,320
4.00%, 06/20/42		615		615,620
5.60%, 11/30/39		342		415,603
5.70%, 09/14/17		1,384		1,544,514
7.63%, 10/15/18		570		688,108
NetApp Inc.
2.00%, 12/15/17		330		331,306
Seagate HDD Cayman
4.75%, 06/01/23		500		531,413
5.75%, 12/01/34 (Call 06/01/34)d		60		65,959
				16,167,994

118 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
COSMETICS & PERSONAL CARE — 0.31%
Colgate-Palmolive Co.
1.30%, 01/15/17	$	300	$	301,423
2.95%, 11/01/20		250		260,970
3.25%, 03/15/24a		500		525,904
Estee Lauder Companies Inc. (The)
2.35%, 08/15/22		100		97,962
Procter & Gamble Co. (The)
1.45%, 08/15/16		140		141,450
1.90%, 11/01/19a		410		413,593
2.30%, 02/06/22		452		451,623
4.70%, 02/15/19		450		503,193
5.55%, 03/05/37		428		570,294
				3,266,412
DISTRIBUTION & WHOLESALE — 0.06%
Arrow Electronics Inc.
4.50%, 03/01/23 (Call 12/01/22)		250		261,954
Ingram Micro Inc.
4.95%, 12/15/24 (Call 09/15/24)		200		205,305
5.25%, 09/01/17		200		214,996
				682,255
DIVERSIFIED FINANCIAL SERVICES — 4.06%
Affiliated Managers Group Inc.
3.50%, 08/01/25		250		249,502
Air Lease Corp.
3.75%, 02/01/22 (Call 12/01/21)		250		249,213
3.88%, 04/01/21 (Call 03/01/21)		375		385,133
Alterra Finance LLC
6.25%, 09/30/20		100		117,122
American Express Co.
1.55%, 05/22/18		302		301,229
2.65%, 12/02/22		212		211,362
3.63%, 12/05/24 (Call 11/04/24)a		250		255,990
4.05%, 12/03/42		275		278,963
6.80%, 09/01/66 (Call 09/01/16)e		128		134,720
7.00%, 03/19/18		856		989,688

Security	Principal (000s)		Value
American Express Credit Corp.
1.13%, 06/05/17	$	900	$	898,428
1.30%, 07/29/16		500		502,072
1.55%, 09/22/17		145		145,714
2.80%, 09/19/16		1,050		1,079,432
Ameriprise Financial Inc.
3.70%, 10/15/24		200		209,860
4.00%, 10/15/23		750		803,467
Associates Corp. of North America
6.95%, 11/01/18		505		589,009
Bear Stearns Companies Inc. (The)
5.55%, 01/22/17		550		590,276
7.25%, 02/01/18		475		547,766
Capital One Bank USA N.A.
2.30%, 06/05/19 (Call 05/05/19)a		500		499,923
8.80%, 07/15/19		850		1,062,288
Charles Schwab Corp. (The)
3.23%, 09/01/22		205		210,815
CME Group Inc./IL
3.00%, 09/15/22		112		115,646
5.30%, 09/15/43 (Call 03/15/43)		250		306,242
Countrywide Financial Corp.
6.25%, 05/15/16		235		248,270
Credit Suisse USA Inc.
5.38%, 03/02/16		179		187,157
7.13%, 07/15/32		150		212,667
Discover Financial Services
3.95%, 11/06/24 (Call 08/06/24)		200		203,901
5.20%, 04/27/22		160		176,833
Ford Motor Credit Co. LLC
2.38%, 01/16/18		500		508,278
2.50%, 01/15/16		300		303,942
3.00%, 06/12/17		1,000		1,031,594
3.66%, 09/08/24		200		206,517
4.25%, 02/03/17		600		631,689
5.00%, 05/15/18		1,400		1,527,853
5.75%, 02/01/21a		1,500		1,742,919
8.00%, 12/15/16		300		334,547
Franklin Resources Inc.
2.80%, 09/15/22		62		62,619

SCHEDULESOF INVESTMENTS 119

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
General Electric Capital Corp.
1.00%, 01/08/16	$	1,150	$	1,155,812
1.63%, 04/02/18a		900		906,055
2.20%, 01/09/20 (Call 12/09/19)		500		504,444
2.95%, 05/09/16		2,175		2,231,429
3.45%, 05/15/24 (Call 02/13/24)		1,500		1,578,778
4.63%, 01/07/21		225		252,771
4.65%, 10/17/21		175		198,374
5.00%, 01/08/16		185		192,119
5.30%, 02/11/21		470		540,764
5.40%, 02/15/17		270		292,930
5.63%, 09/15/17		900		998,730
5.63%, 05/01/18		275		309,208
5.88%, 01/14/38		2,600		3,375,188
6.00%, 08/07/19		795		930,963
6.38%, 11/15/67 (Call 11/15/17)e		400		434,000
6.88%, 01/10/39		850		1,227,836
Series A
6.75%, 03/15/32		467		644,843
Goldman Sachs Capital I
6.35%, 02/15/34		945		1,146,178
HSBC Finance Corp.
5.50%, 01/19/16		750		779,317
6.68%, 01/15/21		364		435,456
International Lease Finance Corp.
6.75%, 09/01/16a,d		500		531,250
Invesco Finance PLC
4.00%, 01/30/24		450		480,492
Jefferies Group LLC
5.13%, 04/13/18		450		474,783
6.45%, 06/08/27		125		134,290
6.50%, 01/20/43		175		177,393
8.50%, 07/15/19		200		238,826
Lazard Group LLC
6.85%, 06/15/17		300		332,715
Legg Mason Inc.
5.63%, 01/15/44		250		293,223
Murray Street Investment Trust I
4.65%, 03/09/17b		1,150		1,220,556

Security	Principal (000s)		Value
NASDAQ OMX Group Inc. (The)
5.25%, 01/16/18	$	83	$	90,738
5.55%, 01/15/20		250		277,447
National Rural Utilities Cooperative Finance Corp.
2.30%, 11/15/19 (Call 10/15/19)		100		100,650
3.05%, 02/15/22 (Call 11/15/21)		80		82,040
10.38%, 11/01/18		300		389,190
Series C
8.00%, 03/01/32		325		489,814
Nomura Holdings Inc.
2.00%, 09/13/16		390		392,924
2.75%, 03/19/19		400		407,329
6.70%, 03/04/20		250		297,794
NYSE Euronext
2.00%, 10/05/17		500		506,932
Raymond James Financial Inc.
4.25%, 04/15/16		50		51,664
TD Ameritrade Holding Corp.
5.60%, 12/01/19		250		285,778
				43,503,669
ELECTRIC — 5.65%
Alabama Power Co.
3.38%, 10/01/20		175		184,767
4.10%, 01/15/42		400		431,101
4.15%, 08/15/44 (Call 02/15/44)		400		436,044
6.00%, 03/01/39		225		304,932
Series 1
5.65%, 03/15/35 (Call 03/15/15)		250		250,000
Ameren Illinois Co.
3.25%, 03/01/25 (Call 12/01/24)		200		206,240
4.30%, 07/01/44 (Call 01/01/44)		250		281,534
American Electric Power Co. Inc.
1.65%, 12/15/17 (Call 11/15/17)		450		452,100

120 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Appalachian Power Co.
4.40%, 05/15/44 (Call 11/15/43)	$	250	$	270,844
7.00%, 04/01/38		400		572,526
Arizona Public Service Co.
2.20%, 01/15/20 (Call 12/15/19)		200		200,418
4.50%, 04/01/42 (Call 10/01/41)		350		391,162
Berkshire Hathaway Energy Co.
2.00%, 11/15/18 (Call 10/15/18)		250		252,435
4.50%, 02/01/45 (Call 08/01/44)		500		552,752
5.15%, 11/15/43 (Call 05/15/43)		250		302,010
5.75%, 04/01/18		250		280,836
6.13%, 04/01/36		388		513,751
6.50%, 09/15/37		550		758,670
CenterPoint Energy Houston Electric LLC
4.50%, 04/01/44 (Call 10/01/43)		500		575,637
Cleveland Electric Illuminating Co. (The)
Series D
7.88%, 11/01/17		250		289,850
Commonwealth Edison Co.
1.95%, 09/01/16 (Call 08/01/16)		100		101,300
3.10%, 11/01/24 (Call 08/01/24)		300		308,333
3.40%, 09/01/21 (Call 06/01/21)		200		211,743
3.70%, 03/01/45		200		203,850
5.80%, 03/15/18		165		186,631
6.45%, 01/15/38		500		698,993
Connecticut Light & Power Co. (The)
2.50%, 01/15/23 (Call 10/15/22)		150		148,905

Security	Principal (000s)		Value
Consolidated Edison Co. of New York Inc.
3.30%, 12/01/24 (Call 09/01/24)	$	400	$	418,178
3.95%, 03/01/43 (Call 09/01/42)		300		312,154
4.63%, 12/01/54 (Call 06/01/54)		400		448,097
5.50%, 12/01/39		130		162,974
6.30%, 08/15/37		298		407,455
6.65%, 04/01/19		200		236,620
Consumers Energy Co.
3.13%, 08/31/24 (Call 05/31/24)		200		206,538
3.38%, 08/15/23 (Call 05/15/23)a		125		131,618
4.35%, 08/31/64 (Call 02/28/64)		250		271,959
6.70%, 09/15/19		600		716,640
Delmarva Power & Light Co.
3.50%, 11/15/23 (Call 08/15/23)		750		789,109
Dominion Gas Holdings LLC
4.80%, 11/01/43 (Call 05/01/43)		200		222,761
Dominion Resources Inc./VA
1.25%, 03/15/17		500		501,272
2.50%, 12/01/19 (Call 11/01/19)		500		505,450
4.45%, 03/15/21		225		247,413
4.70%, 12/01/44 (Call 06/01/44)		150		167,619
7.00%, 06/15/38		100		140,517
Series B
2.75%, 09/15/22 (Call 06/15/22)a		260		258,194
Series C
4.90%, 08/01/41 (Call 02/01/41)		250		285,490
DTE Electric Co.
5.70%, 10/01/37		400		525,855

SCHEDULESOF INVESTMENTS 121

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
DTE Energy Co.
2.40%, 12/01/19 (Call 11/01/19)	$	545	$	550,924
3.85%, 12/01/23 (Call 09/01/23)		100		106,699
Duke Energy Carolinas LLC
3.90%, 06/15/21 (Call 03/15/21)		450		485,536
4.25%, 12/15/41 (Call 06/15/41)		360		398,003
6.05%, 04/15/38		182		248,635
Duke Energy Corp.
1.63%, 08/15/17		750		759,451
2.15%, 11/15/16		330		337,511
3.05%, 08/15/22 (Call 05/15/22)		300		305,202
3.55%, 09/15/21 (Call 06/15/21)		200		210,324
3.75%, 04/15/24 (Call 01/15/24)a		775		826,023
Duke Energy Florida Inc.
3.85%, 11/15/42 (Call 05/15/42)		650		678,749
5.65%, 04/01/40a		100		131,813
6.40%, 06/15/38		97		136,806
Duke Energy Indiana Inc.
6.35%, 08/15/38		200		282,880
Duke Energy Progress Inc.
4.15%, 12/01/44 (Call 06/01/44)		505		555,572
5.30%, 01/15/19		200		224,400
Edison International
3.75%, 09/15/17a		200		211,923
Entergy Arkansas Inc.
3.75%, 02/15/21 (Call 11/15/20)		300		317,640
Entergy Louisiana LLC
4.95%, 01/15/45 (Call 01/15/25)		150		154,080
Entergy Texas Inc.
7.13%, 02/01/19		600		710,040
Exelon Generation Co. LLC
2.95%, 01/15/20 (Call 12/15/19)		270		272,603

Security	Principal (000s)		Value
5.20%, 10/01/19	$	200	$	222,280
5.60%, 06/15/42 (Call 12/15/41)		355		404,927
6.25%, 10/01/39		350		424,864
FirstEnergy Solutions Corp.
6.05%, 08/15/21a		350		387,240
6.80%, 08/15/39		352		378,694
Florida Power & Light Co.
4.05%, 10/01/44 (Call 04/01/44)		500		545,710
5.25%, 02/01/41 (Call 08/01/40)		250		317,175
5.95%, 02/01/38		350		474,685
5.96%, 04/01/39		235		319,482
Georgia Power Co.
4.30%, 03/15/42		245		267,612
5.40%, 06/01/40		150		187,503
Great Plains Energy Inc.
4.85%, 06/01/21 (Call 03/01/21)		50		55,178
Hydro-Quebec
1.38%, 06/19/17		600		605,109
2.00%, 06/30/16		180		183,229
8.05%, 07/07/24		435		617,162
Iberdrola International BV
6.75%, 07/15/36		200		264,880
Indiana Michigan Power Co.
7.00%, 03/15/19a		200		236,980
Integrys Energy Group Inc.
4.17%, 11/01/20		100		107,599
Interstate Power & Light Co.
6.25%, 07/15/39		100		137,847
ITC Holdings Corp.
5.30%, 07/01/43 (Call 01/01/43)		250		295,164
Kansas City Power & Light Co.
5.30%, 10/01/41 (Call 04/01/41)		200		240,992
Kentucky Utilities Co.
5.13%, 11/01/40 (Call 05/01/40)		110		136,290
LG&E and KU Energy LLC
4.38%, 10/01/21 (Call 07/01/21)		150		162,235

122 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Nevada Power Co.
6.65%, 04/01/36	$	250	$	348,475
7.13%, 03/15/19		314		375,414
NextEra Energy Capital Holdings Inc.
2.40%, 09/15/19 (Call 08/15/19)		300		302,233
4.50%, 06/01/21 (Call 03/01/21)a		475		523,347
6.00%, 03/01/19		150		171,194
Nisource Finance Corp.
4.45%, 12/01/21 (Call 09/01/21)		400		439,629
5.65%, 02/01/45 (Call 08/01/44)		250		316,182
5.80%, 02/01/42 (Call 08/01/41)		350		442,545
6.40%, 03/15/18		290		329,263
Northern States Power Co./MN
4.13%, 05/15/44 (Call 11/15/43)		600		648,884
NSTAR Electric Co.
2.38%, 10/15/22 (Call 07/15/22)		250		245,229
5.50%, 03/15/40		125		160,474
Oglethorpe Power Corp.
5.25%, 09/01/50		200		234,689
5.38%, 11/01/40a		95		112,533
Ohio Power Co. Series M
5.38%, 10/01/21		185		217,042
Oklahoma Gas & Electric Co.
4.55%, 03/15/44 (Call 09/15/43)		100		114,065
5.25%, 05/15/41 (Call 11/15/40)		155		191,264
Oncor Electric Delivery Co. LLC
2.15%, 06/01/19 (Call 05/01/19)		300		300,311
6.80%, 09/01/18		150		174,720
7.00%, 09/01/22		170		215,983
7.50%, 09/01/38		380		576,498

Security	Principal (000s)		Value
Pacific Gas & Electric Co.
2.45%, 08/15/22 (Call 05/15/22)	$	500	$	489,187
3.40%, 08/15/24 (Call 05/15/24)		140		144,672
3.75%, 02/15/24 (Call 11/15/23)a		325		344,762
4.75%, 02/15/44 (Call 08/15/43)		250		287,572
5.40%, 01/15/40		255		312,122
6.05%, 03/01/34		600		785,982
6.25%, 03/01/39		550		740,465
PacifiCorp
2.95%, 02/01/22 (Call 11/01/21)		578		591,990
3.60%, 04/01/24 (Call 01/01/24)		500		532,204
3.85%, 06/15/21 (Call 03/15/21)		260		282,542
6.00%, 01/15/39		250		338,506
Portland General Electric Co.
6.10%, 04/15/19		200		230,968
Potomac Electric Power Co.
3.60%, 03/15/24 (Call 12/15/23)		200		212,987
PPL Capital Funding Inc.
4.20%, 06/15/22 (Call 03/15/22)		500		541,678
5.00%, 03/15/44 (Call 09/15/43)		250		294,993
PPL Electric Utilities Corp.
3.00%, 09/15/21 (Call 06/15/21)		150		154,928
5.20%, 07/15/41 (Call 01/15/41)		275		346,302
Progress Energy Inc.
4.40%, 01/15/21 (Call 10/15/20)		100		109,888
7.75%, 03/01/31		225		320,882
PSEG Power LLC
4.15%, 09/15/21 (Call 06/15/21)		100		106,056

SCHEDULESOF INVESTMENTS 123

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Public Service Co. of Colorado
2.25%, 09/15/22 (Call 03/15/22)	$	500	$	487,316
4.75%, 08/15/41 (Call 02/15/41)		50		58,954
Public Service Co. of New Hampshire
3.50%, 11/01/23 (Call 08/01/23)		700		739,045
Public Service Co. of Oklahoma
4.40%, 02/01/21		200		220,140
Public Service Electric & Gas Co.
2.38%, 05/15/23 (Call 02/15/23)		1,150		1,120,729
5.50%, 03/01/40		110		139,733
Series D
5.70%, 12/01/36		250		326,750
Puget Sound Energy Inc.
5.76%, 10/01/39		400		530,226
5.76%, 07/15/40		250		331,300
San Diego Gas & Electric Co.
3.00%, 08/15/21		200		207,460
3.95%, 11/15/41		300		320,926
6.00%, 06/01/39		50		68,170
SCANA Corp.
4.13%, 02/01/22 (Call 11/01/21)		200		209,402
4.75%, 05/15/21 (Call 02/15/21)		400		432,166
South Carolina Electric & Gas Co.
4.60%, 06/15/43 (Call 12/15/42)		400		447,695
6.05%, 01/15/38		125		165,564
Southern California Edison Co.
3.88%, 06/01/21 (Call 03/01/21)		450		493,380
4.65%, 10/01/43 (Call 04/01/43)		600		705,589
5.50%, 08/15/18		300		338,790
5.50%, 03/15/40		350		452,703
5.75%, 04/01/35		260		339,716
6.00%, 01/15/34		62		81,507

Security	Principal (000s)		Value
Southern Co. (The)
1.95%, 09/01/16	$	325	$	330,301
Southern Power Co.
5.15%, 09/15/41		100		117,903
Southwestern Electric Power Co.
3.55%, 02/15/22 (Call 11/15/21)a		400		416,913
Tampa Electric Co.
2.60%, 09/15/22 (Call 06/15/22)		500		486,494
TECO Finance Inc.
6.57%, 11/01/17		135		151,942
TransAlta Corp.
1.90%, 06/03/17		500		490,186
Tucson Electric Power Co.
5.15%, 11/15/21 (Call 08/15/21)		125		141,028
UIL Holdings Corp.
4.63%, 10/01/20		100		106,160
Union Electric Co.
3.50%, 04/15/24 (Call 01/15/24)		100		105,684
6.70%, 02/01/19		460		541,236
Virginia Electric and Power Co.
2.95%, 01/15/22 (Call 10/15/21)		200		204,810
4.45%, 02/15/44 (Call 08/15/43)		565		644,190
5.40%, 04/30/18		211		234,934
8.88%, 11/15/38		205		350,519
Series A
6.00%, 05/15/37		175		234,177
Westar Energy Inc.
4.10%, 04/01/43 (Call 10/01/42)		250		265,237
4.13%, 03/01/42 (Call 09/01/41)		50		53,188
Wisconsin Electric Power Co.
2.95%, 09/15/21 (Call 06/15/21)		200		206,360
4.25%, 12/15/19		450		492,210
Wisconsin Power & Light Co.
4.10%, 10/15/44 (Call 04/15/44)a		400		428,837

124 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Wisconsin Public Service Corp.
4.75%, 11/01/44 (Call 05/01/44)	$	400	$	479,214
Xcel Energy Inc.
4.70%, 05/15/20 (Call 11/15/19)		600		662,905
6.50%, 07/01/36a		275		377,222
				60,548,499
ELECTRICAL COMPONENTS & EQUIPMENT — 0.11%
Emerson Electric Co.
2.63%, 02/15/23 (Call 11/15/22)		500		497,932
4.25%, 11/15/20a		250		274,465
5.00%, 04/15/19		175		195,644
Energizer Holdings Inc.
4.70%, 05/24/22		250		259,718
				1,227,759
ELECTRONICS — 0.55%
Agilent Technologies Inc.
5.00%, 07/15/20		452		492,929
Amphenol Corp.
4.00%, 02/01/22 (Call 11/01/21)		300		316,097
Arrow Electronics Inc.
4.00%, 04/01/25 (Call 01/01/25)		75		75,103
Avnet Inc.
4.88%, 12/01/22		152		161,268
Honeywell International Inc.
4.25%, 03/01/21		712		796,866
5.00%, 02/15/19		130		146,217
5.30%, 03/01/18		132		147,191
5.70%, 03/15/37		280		361,708
Jabil Circuit Inc.
4.70%, 09/15/22a		312		319,898
Keysight Technologies Inc.
4.55%, 10/30/24 (Call 07/30/24)d		200		202,241
Koninklijke Philips NV
3.75%, 03/15/22		200		212,021
5.00%, 03/15/42		250		282,855
5.75%, 03/11/18		312		347,166

Security	Principal (000s)		Value
PerkinElmer Inc.
5.00%, 11/15/21 (Call 08/15/21)	$	50	$	54,229
Thermo Fisher Scientific Inc.
2.25%, 08/15/16		90		91,460
3.20%, 03/01/16		312		319,054
4.15%, 02/01/24 (Call 11/01/23)		700		749,829
4.50%, 03/01/21		600		658,629
5.30%, 02/01/44 (Call 08/01/43)		100		118,267
				5,853,028
ENGINEERING & CONSTRUCTION — 0.11%
ABB Finance USA Inc.
1.63%, 05/08/17		40		40,276
2.88%, 05/08/22		900		918,899
Fluor Corp.
3.38%, 09/15/21		250		259,539
				1,218,714
ENTERTAINMENT — 0.01%
International Game Technology
7.50%, 06/15/19		125		133,594
				133,594
ENVIRONMENTAL CONTROL — 0.15%
Republic Services Inc.
3.80%, 05/15/18		150		158,957
4.75%, 05/15/23 (Call 02/15/23)		650		726,412
5.25%, 11/15/21		102		116,149
6.20%, 03/01/40		192		251,312
Waste Management Inc.
2.60%, 09/01/16		100		102,296
3.13%, 03/01/25 (Call 12/01/24)		60		60,464
4.10%, 03/01/45		90		92,123
6.10%, 03/15/18		82		92,508
				1,600,221
FOOD — 1.41%
Campbell Soup Co.
3.05%, 07/15/17		500		516,174

SCHEDULESOF INVESTMENTS 125

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
ConAgra Foods Inc.
3.20%, 01/25/23 (Call 10/25/22)a	$	720	$	709,935
3.25%, 09/15/22		500		490,053
4.95%, 08/15/20		100		109,199
6.63%, 08/15/39		100		123,705
7.00%, 04/15/19		28		32,484
Delhaize Group SA
6.50%, 06/15/17		300		331,445
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)		700		718,608
5.65%, 02/15/19		437		492,508
Hershey Co. (The)
1.50%, 11/01/16		112		113,103
4.13%, 12/01/20		100		109,471
Ingredion Inc.
4.63%, 11/01/20		150		161,365
Kellogg Co.
1.75%, 05/17/17		200		201,721
1.88%, 11/17/16		160		162,086
4.00%, 12/15/20		330		354,236
Series B
7.45%, 04/01/31		222		292,032
Kraft Foods Group Inc.
2.25%, 06/05/17		770		783,589
3.50%, 06/06/22		600		617,336
5.00%, 06/04/42		400		431,624
6.88%, 01/26/39		232		294,416
Kroger Co. (The)
2.20%, 01/15/17		350		356,437
2.95%, 11/01/21 (Call 10/01/21)		500		504,364
3.40%, 04/15/22 (Call 01/15/22)		350		361,209
5.40%, 07/15/40 (Call 01/15/40)		430		505,919
7.50%, 04/01/31		225		309,768
McCormick & Co. Inc./MD
3.90%, 07/15/21 (Call 04/15/21)		30		32,631
Mondelez International Inc.
4.13%, 02/09/16		292		300,774
5.38%, 02/10/20		500		572,589

Security	Principal (000s)		Value
6.13%, 02/01/18	$	172	$	193,558
6.13%, 08/23/18		200		227,934
6.50%, 02/09/40		800		1,111,604
Sysco Corp.
2.35%, 10/02/19 (Call 09/02/19)		250		253,494
4.35%, 10/02/34 (Call 04/02/34)		250		261,813
4.50%, 10/02/44 (Call 04/02/44)		500		534,347
6.63%, 03/17/39		100		141,404
Tyson Foods Inc.
4.50%, 06/15/22 (Call 03/15/22)		692		759,586
4.88%, 08/15/34 (Call 02/15/34)		330		369,813
Unilever Capital Corp.
2.75%, 02/10/16a		350		357,377
4.25%, 02/10/21		600		669,082
5.90%, 11/15/32		167		231,912
				15,100,705
FOREST PRODUCTS & PAPER — 0.30%
Celulosa Arauco y Constitucion SA
4.50%, 08/01/24 (Call 05/01/24)		200		205,250
4.75%, 01/11/22 (Call 10/11/21)		112		117,734
7.25%, 07/29/19a		100		117,018
Domtar Corp.
4.40%, 04/01/22 (Call 01/01/22)		152		157,881
6.25%, 09/01/42		160		175,856
Georgia-Pacific LLC
7.75%, 11/15/29		250		349,904
International Paper Co.
3.65%, 06/15/24 (Call 03/15/24)		500		509,537
4.75%, 02/15/22 (Call 11/15/21)		150		165,621
4.80%, 06/15/44 (Call 12/15/43)		300		313,253
6.00%, 11/15/41 (Call 05/15/41)		50		59,194

126 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
7.50%, 08/15/21	$	450	$	564,918
7.95%, 06/15/18		179		210,841
Plum Creek Timberlands LP
3.25%, 03/15/23 (Call 12/15/22)		250		248,720
				3,195,727
GAS — 0.45%
AGL Capital Corp.
3.50%, 09/15/21 (Call 06/15/21)		200		210,697
5.25%, 08/15/19		200		224,364
5.88%, 03/15/41 (Call 09/15/40)		200		259,894
Atmos Energy Corp.
4.15%, 01/15/43 (Call 07/15/42)		202		217,786
5.50%, 06/15/41 (Call 12/15/40)		100		126,944
8.50%, 03/15/19		132		163,658
Dominion Gas Holdings LLC
2.50%, 12/15/19 (Call 11/15/19)		500		505,950
KeySpan Corp.
5.80%, 04/01/35		200		246,496
National Fuel Gas Co.
3.75%, 03/01/23 (Call 12/01/22)		250		251,969
4.90%, 12/01/21 (Call 09/01/21)		120		129,881
National Grid PLC
6.30%, 08/01/16		400		432,000
ONE Gas Inc.
2.07%, 02/01/19 (Call 01/01/19)		500		502,138
Piedmont Natural Gas Co. Inc.
4.10%, 09/18/34 (Call 03/18/34)		200		213,884
Sempra Energy
2.30%, 04/01/17		226		230,989
6.00%, 10/15/39		530		683,859
9.80%, 02/15/19		40		51,449
Southern California Gas Co.
4.45%, 03/15/44 (Call 09/15/43)		150		174,285

Security	Principal (000s)		Value
Southwest Gas Corp.
3.88%, 04/01/22 (Call 01/01/22)	$	200	$	214,538
				4,840,781
HAND & MACHINE TOOLS — 0.09%
Kennametal Inc.
2.65%, 11/01/19 (Call 10/01/19)		302		303,900
Stanley Black & Decker Inc.
2.90%, 11/01/22		250		251,657
3.40%, 12/01/21 (Call 09/01/21)		372		388,022
				943,579
HEALTH CARE — PRODUCTS — 1.34%
Baxter International Inc.
1.85%, 01/15/17		100		101,379
3.20%, 06/15/23 (Call 03/15/23)		1,028		1,035,043
4.50%, 06/15/43 (Call 12/15/42)		200		213,404
5.38%, 06/01/18		350		389,536
Becton Dickinson and Co.
2.68%, 12/15/19		1,000		1,020,377
3.25%, 11/12/20		400		415,318
4.69%, 12/15/44 (Call 06/15/44)		430		470,803
Boston Scientific Corp.
6.00%, 01/15/20		800		917,627
CareFusion Corp.
3.88%, 05/15/24 (Call 02/15/24)a		80		83,207
4.88%, 05/15/44 (Call 11/15/43)		200		217,328
6.38%, 08/01/19		250		290,223
Covidien International Finance SA
6.00%, 10/15/17		550		611,090
6.55%, 10/15/37		170		240,724
CR Bard Inc.
1.38%, 01/15/18		300		297,682
2.88%, 01/15/16		100		101,834
Life Technologies Corp.
5.00%, 01/15/21 (Call 10/15/20)		150		165,631
6.00%, 03/01/20		252		289,969

SCHEDULESOF INVESTMENTS 127

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Medtronic Inc.
1.38%, 04/01/18	$	550	$	548,241
2.50%, 03/15/20d		800		814,315
3.50%, 03/15/25d		1,500		1,564,204
4.38%, 03/15/35d		800		870,759
4.45%, 03/15/20		300		332,424
4.63%, 03/15/44 (Call 09/15/43)		300		337,599
4.63%, 03/15/45d		800		903,087
5.55%, 03/15/40		140		173,519
5.60%, 03/15/19		250		283,985
St. Jude Medical Inc.
2.50%, 01/15/16		100		101,582
4.75%, 04/15/43 (Call 10/15/42)		352		386,904
Stryker Corp.
1.30%, 04/01/18		112		110,921
2.00%, 09/30/16		300		305,056
4.38%, 05/15/44 (Call 11/15/43)		250		261,801
Zimmer Holdings Inc.
3.38%, 11/30/21 (Call 08/30/21)		500		515,356
				14,370,928
HEALTH CARE — SERVICES — 1.12%
Aetna Inc.
1.75%, 05/15/17 (Call 04/15/17)		64		64,771
2.75%, 11/15/22 (Call 08/15/22)		450		451,419
3.95%, 09/01/20		100		107,388
4.13%, 06/01/21 (Call 03/01/21)		130		140,469
4.13%, 11/15/42 (Call 05/15/42)		450		472,791
6.63%, 06/15/36		142		193,235
Anthem Inc.
1.88%, 01/15/18		522		524,527
3.50%, 08/15/24 (Call 05/15/24)a		600		616,533
3.70%, 08/15/21 (Call 05/15/21)		282		296,803
4.35%, 08/15/20		200		218,505

Security	Principal (000s)		Value
4.63%, 05/15/42	$	500	$	536,469
4.65%, 08/15/44 (Call 02/15/44)		250		273,463
6.38%, 06/15/37		330		429,577
Cigna Corp.
4.38%, 12/15/20 (Call 09/15/20)a		150		162,574
4.50%, 03/15/21 (Call 12/15/20)		712		775,347
5.13%, 06/15/20		337		380,493
5.38%, 02/15/42 (Call 08/15/41)		180		222,078
Coventry Health Care Inc.
5.45%, 06/15/21 (Call 03/15/21)		150		172,630
Humana Inc.
3.15%, 12/01/22 (Call 09/01/22)		212		212,661
4.95%, 10/01/44 (Call 04/01/44)		200		218,163
7.20%, 06/15/18a		252		293,050
Laboratory Corp. of America Holdings
3.13%, 05/15/16		105		107,407
3.60%, 02/01/25 (Call 11/01/24)		925		934,583
3.75%, 08/23/22 (Call 05/23/22)		250		258,767
Quest Diagnostics Inc.
2.70%, 04/01/19		200		201,901
4.70%, 04/01/21		200		217,570
6.95%, 07/01/37		250		315,368
UnitedHealth Group Inc.
2.75%, 02/15/23 (Call 11/15/22)		600		606,130
2.88%, 03/15/23		500		509,805
4.25%, 03/15/43 (Call 09/15/42)		500		545,553
4.63%, 11/15/41 (Call 05/15/41)		200		226,730
4.70%, 02/15/21 (Call 11/15/20)		350		393,612
5.38%, 03/15/16		250		262,335
5.80%, 03/15/36		99		127,273

128 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
6.00%, 02/15/18	$	98	$	111,002
6.88%, 02/15/38		250		359,038
				11,940,020
HOLDING COMPANIES — DIVERSIFIED — 0.08%
Ares Capital Corp.
3.88%, 01/15/20 (Call 12/15/19)		250		250,207
FS Investment Corp.
4.25%, 01/15/20 (Call 12/15/19)		200		201,243
Leucadia National Corp.
5.50%, 10/18/23 (Call 01/18/23)		250		254,749
MUFG Americas Holdings Corp.
3.00%, 02/10/25 (Call 01/20/25)		200		198,247
				904,446
HOME BUILDERS — 0.02%
NVR Inc.
3.95%, 09/15/22 (Call 06/15/22)		200		206,101
				206,101
HOME FURNISHINGS — 0.08%
Leggett & Platt Inc.
3.80%, 11/15/24 (Call 08/15/24)		100		102,534
Whirlpool Corp.
3.70%, 05/01/25		600		617,794
4.00%, 03/01/24		50		52,694
4.85%, 06/15/21a		105		116,985
				890,007
HOUSEHOLD PRODUCTS & WARES — 0.19%
Avery Dennison Corp.
3.35%, 04/15/23 (Call 01/15/23)		202		200,533
Clorox Co. (The)
3.80%, 11/15/21		450		484,350
Kimberly-Clark Corp.
1.90%, 05/22/19		190		191,126
2.40%, 06/01/23		128		126,549
2.65%, 03/01/25		45		45,106
5.30%, 03/01/41		250		314,312

Security	Principal (000s)		Value
6.13%, 08/01/17	$	200	$	223,781
6.63%, 08/01/37		150		215,175
Tupperware Brands Corp.
4.75%, 06/01/21 (Call 03/01/21)		200		214,500
				2,015,432
HOUSEWARES — 0.04%
Newell Rubbermaid Inc.
4.00%, 06/15/22 (Call 03/15/22)		112		116,867
4.00%, 12/01/24 (Call 09/01/24)		250		262,023
				378,890
INSURANCE — 2.98%
ACE INA Holdings Inc.
3.35%, 05/15/24		700		726,822
5.90%, 06/15/19		200		230,088
Aflac Inc.
3.63%, 11/15/24a		500		521,711
6.45%, 08/15/40		150		198,374
8.50%, 05/15/19a		450		566,282
Alleghany Corp.
4.95%, 06/27/22a		150		166,770
5.63%, 09/15/20		100		113,010
Allstate Corp. (The)
4.50%, 06/15/43		200		225,493
5.55%, 05/09/35		454		573,163
7.45%, 05/16/19		112		134,886
American International Group Inc.
2.30%, 07/16/19 (Call 06/16/19)		500		505,033
3.88%, 01/15/35 (Call 07/15/34)		700		705,823
4.50%, 07/16/44 (Call 01/16/44)		100		106,842
4.88%, 06/01/22		500		569,282
5.45%, 05/18/17		500		544,516
5.85%, 01/16/18		186		208,673
6.25%, 03/15/87		400		444,000
6.40%, 12/15/20		322		391,723
8.18%, 05/15/68 (Call 05/15/38)e		450		623,250

SCHEDULESOF INVESTMENTS 129

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Aon Corp.
5.00%, 09/30/20	$	130	$	146,081
6.25%, 09/30/40		345		451,089
Aon PLC
3.50%, 06/14/24 (Call 03/14/24)		200		204,628
Arch Capital Group U.S. Inc.
5.14%, 11/01/43		150		172,267
Aspen Insurance Holdings Ltd.
6.00%, 12/15/20		100		114,663
Assurant Inc.
2.50%, 03/15/18		300		304,210
AXA SA
8.60%, 12/15/30		350		490,000
Axis Specialty Finance LLC
5.88%, 06/01/20		250		285,264
Berkshire Hathaway Finance Corp.
4.40%, 05/15/42		400		444,546
5.40%, 05/15/18a		1,290		1,456,749
5.75%, 01/15/40		130		170,708
Berkshire Hathaway Inc.
1.55%, 02/09/18		350		353,006
1.90%, 01/31/17a		380		387,752
3.75%, 08/15/21		200		217,258
4.50%, 02/11/43a		128		145,408
Chubb Corp. (The)
5.75%, 05/15/18		175		197,593
6.50%, 05/15/38		350		493,913
CNA Financial Corp.
3.95%, 05/15/24		500		516,272
5.88%, 08/15/20		82		93,987
Fidelity National Financial Inc.
5.50%, 09/01/22		250		271,512
First American Financial Corp.
4.60%, 11/15/24		100		102,730
Hanover Insurance Group Inc. (The)
6.38%, 06/15/21		200		233,746
Hartford Financial Services Group Inc. (The)
5.13%, 04/15/22		700		803,287
6.63%, 03/30/40		192		261,418
Infinity Property & Casualty Corp.
5.00%, 09/19/22		250		269,475

Security	Principal (000s)		Value
Lincoln National Corp.
4.20%, 03/15/22	$	262	$	280,046
4.85%, 06/24/21		50		55,575
7.00%, 06/15/40		230		320,960
8.75%, 07/01/19		255		319,413
Loews Corp.
2.63%, 05/15/23 (Call 02/15/23)		350		337,461
Manulife Financial Corp.
4.90%, 09/17/20a		250		274,714
Markel Corp.
5.35%, 06/01/21		300		338,003
Marsh & McLennan Companies Inc.
2.35%, 09/10/19 (Call 08/10/19)		155		155,955
3.50%, 03/10/25 (Call 12/10/24)a		400		409,912
4.80%, 07/15/21 (Call 04/15/21)		200		225,073
MetLife Inc.
3.05%, 12/15/22		240		245,108
4.72%, 12/15/44a		500		568,832
4.75%, 02/08/21		350		394,759
5.88%, 02/06/41		200		259,648
6.40%, 12/15/66 (Call 12/15/31)		365		427,050
6.75%, 06/01/16		50		53,559
7.72%, 02/15/19		425		516,530
Series D
4.37%, 09/15/23		1,200		1,331,626
Principal Financial Group Inc.
1.85%, 11/15/17		112		112,431
3.13%, 05/15/23		202		200,865
3.30%, 09/15/22		102		102,998
6.05%, 10/15/36		132		165,517
Progressive Corp. (The)
3.70%, 01/26/45		200		194,915
3.75%, 08/23/21		500		540,156
6.70%, 06/15/67 (Call 06/15/17)e		40		42,800
Protective Life Corp.
8.45%, 10/15/39		130		196,991

130 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Prudential Financial Inc.
3.00%, 05/12/16	$	55	$	56,237
5.10%, 08/15/43		250		280,712
5.63%, 06/15/43 (Call 06/15/23)e		450		478,125
5.70%, 12/14/36		685		823,673
5.88%, 09/15/42 (Call 09/15/22)a,e		250		270,000
7.38%, 06/15/19		250		300,914
8.88%, 06/15/68 (Call 06/15/18)e		500		588,750
Series D
6.00%, 12/01/17a		250		279,448
6.63%, 12/01/37		55		73,015
Reinsurance Group of America Inc.
5.00%, 06/01/21		400		443,493
Torchmark Corp.
9.25%, 06/15/19		125		157,629
Transatlantic Holdings Inc.
8.00%, 11/30/39		125		176,896
Travelers Companies Inc. (The)
5.80%, 05/15/18		285		322,237
5.90%, 06/02/19		300		348,078
6.25%, 06/15/37		450		615,256
Travelers Property Casualty Corp.
6.38%, 03/15/33		150		202,143
Trinity Acquisition PLC
6.13%, 08/15/43		200		235,879
Unum Group
4.00%, 03/15/24		200		208,430
7.13%, 09/30/16		175		190,162
Voya Financial Inc.
5.50%, 07/15/22		500		571,338
WR Berkley Corp.
4.63%, 03/15/22		55		59,713
4.75%, 08/01/44		200		211,698
5.38%, 09/15/20		200		224,032
XLIT Ltd.
5.75%, 10/01/21		162		189,764
6.50%, 10/29/49 (Call 04/15/17)e		450		396,000
				31,917,822

Security	Principal (000s)		Value
INTERNET — 0.59%
Alibaba Group Holding Ltd.
2.50%, 11/28/19 (Call 10/28/19)d	$	345	$	342,786
3.60%, 11/28/24 (Call 08/28/24)d		200		200,910
4.50%, 11/28/34 (Call 05/28/34)d		400		408,603
Amazon.com Inc.
1.20%, 11/29/17		250		249,103
2.50%, 11/29/22 (Call 08/29/22)		250		243,052
3.80%, 12/05/24 (Call 09/05/24)		500		524,304
4.80%, 12/05/34 (Call 06/05/34)		200		216,181
4.95%, 12/05/44 (Call 06/05/44)		300		322,659
Baidu Inc.
3.25%, 08/06/18		400		411,152
3.50%, 11/28/22		400		402,607
eBay Inc.
1.35%, 07/15/17		134		133,367
2.60%, 07/15/22 (Call 04/15/22)		800		755,903
3.25%, 10/15/20 (Call 07/15/20)		100		102,463
4.00%, 07/15/42 (Call 01/15/42)		200		173,193
Expedia Inc.
4.50%, 08/15/24 (Call 05/15/24)		100		100,730
5.95%, 08/15/20a		352		392,568
Google Inc.
2.13%, 05/19/16		300		306,409
3.63%, 05/19/21		450		488,321
Symantec Corp.
2.75%, 06/15/17 (Call 05/15/17)		250		253,464
4.20%, 09/15/20		302		312,500
				6,340,275

SCHEDULESOF INVESTMENTS 131

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
IRON & STEEL — 0.31%
Nucor Corp.
5.75%, 12/01/17	$	329	$	366,964
6.40%, 12/01/37		350		438,624
Vale Overseas Ltd.
4.63%, 09/15/20a		350		354,451
6.25%, 01/23/17		789		841,672
6.88%, 11/21/36a		826		815,017
Vale SA
5.63%, 09/11/42a		600		526,622
				3,343,350
LEISURE TIME — 0.03%
Carnival Corp.
3.95%, 10/15/20		300		316,965
				316,965
LODGING — 0.13%
Hyatt Hotels Corp.
3.38%, 07/15/23 (Call 04/15/23)		175		175,892
5.38%, 08/15/21 (Call 05/15/21)		60		68,002
Marriott International Inc./MD
3.00%, 03/01/19 (Call 12/01/18)		200		205,706
3.25%, 09/15/22 (Call 06/15/22)		202		204,586
Starwood Hotels & Resorts Worldwide Inc.
3.75%, 03/15/25 (Call 12/15/24)a		300		307,354
Wyndham Worldwide Corp.
2.95%, 03/01/17 (Call 02/01/17)		200		204,303
4.25%, 03/01/22 (Call 12/01/21)		200		208,675
				1,374,518
MACHINERY — 0.89%
Caterpillar Financial Services Corp.
1.25%, 08/18/17		750		751,937
2.05%, 08/01/16		210		213,531
2.25%, 12/01/19		500		506,228
3.25%, 12/01/24		250		258,174
3.30%, 06/09/24		750		777,745

Security	Principal (000s)		Value
7.15%, 02/15/19	$	250	$	298,689
Caterpillar Inc.
3.40%, 05/15/24 (Call 02/15/24)		1,140		1,196,336
4.30%, 05/15/44 (Call 11/15/43)		170		182,176
5.20%, 05/27/41		300		358,494
5.70%, 08/15/16		290		310,287
Cummins Inc.
4.88%, 10/01/43 (Call 04/01/43)		200		237,161
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)		176		175,854
4.38%, 10/16/19		200		220,195
5.38%, 10/16/29		230		283,406
John Deere Capital Corp.
1.30%, 03/12/18a		250		249,324
1.35%, 01/16/18		370		370,193
1.85%, 09/15/16		200		203,195
2.25%, 06/07/16		200		203,689
2.30%, 09/16/19		700		710,484
2.75%, 03/15/22		550		555,521
3.15%, 10/15/21		70		72,527
3.35%, 06/12/24		240		252,261
Joy Global Inc.
5.13%, 10/15/21a		252		281,472
Rockwell Automation Inc.
2.88%, 03/01/25 (Call 12/01/24)		80		80,489
6.70%, 01/15/28		125		164,587
Roper Industries Inc.
3.13%, 11/15/22 (Call 08/15/22)		400		391,974
Xylem Inc./NY
3.55%, 09/20/16		260		268,867
				9,574,796
MANUFACTURING — 0.85%
3M Co.
1.00%, 06/26/17		500		500,876
1.38%, 09/29/16		150		151,578
5.70%, 03/15/37		250		328,329

132 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Carlisle Companies Inc.
3.75%, 11/15/22 (Call 08/15/22)	$	202	$	206,179
Cooper U.S. Inc.
3.88%, 12/15/20 (Call 09/15/20)		50		52,599
Danaher Corp.
2.30%, 06/23/16		50		51,027
3.90%, 06/23/21 (Call 03/23/21)		210		228,243
5.40%, 03/01/19		102		115,127
Dover Corp.
5.38%, 10/15/35		85		102,194
5.38%, 03/01/41 (Call 12/01/40)		202		247,753
5.45%, 03/15/18		100		111,528
Eaton Corp.
1.50%, 11/02/17		250		250,957
2.75%, 11/02/22		200		200,920
4.00%, 11/02/32		552		572,326
5.60%, 05/15/18		62		69,302
General Electric Co.
2.70%, 10/09/22		480		488,509
4.13%, 10/09/42		1,050		1,118,513
5.25%, 12/06/17		993		1,101,894
Illinois Tool Works Inc.
3.38%, 09/15/21 (Call 06/15/21)		100		105,939
3.50%, 03/01/24 (Call 12/01/23)		250		264,241
3.90%, 09/01/42 (Call 03/01/42)		200		202,221
4.88%, 09/15/41 (Call 03/15/41)		100		116,330
6.25%, 04/01/19		112		130,555
Ingersoll-Rand Global Holding Co. Ltd.
6.88%, 08/15/18		200		231,659
Ingersoll-Rand Luxembourg Finance SA
2.63%, 05/01/20 (Call 04/01/20)		250		250,250
4.65%, 11/01/44 (Call 05/01/44)		190		201,191

Security	Principal (000s)		Value
Parker-Hannifin Corp.
3.30%, 11/21/24 (Call 08/21/24)	$	350	$	365,569
Series A
6.25%, 05/15/38		100		135,967
Pentair Finance SA
2.65%, 12/01/19		182		181,402
3.15%, 09/15/22 (Call 06/15/22)		202		200,793
Pentair Inc.
5.00%, 05/15/21 (Call 02/15/21)		50		55,950
Textron Inc.
3.88%, 03/01/25 (Call 12/01/24)		55		56,314
4.63%, 09/21/16		100		105,304
5.95%, 09/21/21 (Call 06/21/21)		200		233,626
Tyco Electronics Group SA
3.45%, 08/01/24 (Call 05/01/24)		85		87,888
3.50%, 02/03/22 (Call 11/03/21)		150		156,510
6.55%, 10/01/17		127		142,489
				9,122,052
MEDIA — 3.50%
21st Century Fox America Inc.
3.70%, 09/15/24 (Call 06/15/24)		200		211,230
4.50%, 02/15/21		400		440,432
6.15%, 02/15/41		750		980,716
6.40%, 12/15/35		250		328,915
6.65%, 11/15/37		426		578,247
6.90%, 03/01/19		500		591,541
6.90%, 08/15/39		150		210,267
7.75%, 12/01/45		250		384,943
CBS Corp.
1.95%, 07/01/17		302		304,040
3.38%, 03/01/22 (Call 12/01/21)		500		505,198
3.50%, 01/15/25 (Call 10/15/24)		200		200,926

SCHEDULESOF INVESTMENTS 133

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.90%, 08/15/44 (Call 02/15/44)	$	400	$	420,168
5.75%, 04/15/20		182		208,348
7.88%, 07/30/30		170		241,494
Comcast Cable Communications Holdings Inc.
9.46%, 11/15/22		200		288,163
Comcast Corp.
4.20%, 08/15/34 (Call 02/15/34)		1,000		1,075,668
4.25%, 01/15/33		500		539,550
4.65%, 07/15/42		350		388,021
4.75%, 03/01/44a		825		951,879
5.15%, 03/01/20		700		801,420
5.70%, 07/01/19		242		279,487
5.90%, 03/15/16		300		316,108
6.45%, 03/15/37		225		303,481
6.50%, 01/15/17		1,000		1,100,696
6.95%, 08/15/37		365		517,153
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
1.75%, 01/15/18		250		248,391
3.50%, 03/01/16		300		307,373
3.80%, 03/15/22		300		309,865
3.95%, 01/15/25 (Call 10/15/24)		500		513,568
5.00%, 03/01/21		350		387,090
5.15%, 03/15/42		500		513,777
5.20%, 03/15/20		252		280,190
5.88%, 10/01/19		600		684,270
6.00%, 08/15/40 (Call 05/15/40)		240		270,686
6.38%, 03/01/41a		50		58,614
Discovery Communications LLC
4.38%, 06/15/21		700		752,532
4.88%, 04/01/43		400		417,643
5.05%, 06/01/20		100		111,149
6.35%, 06/01/40		112		138,307
Grupo Televisa SAB
6.63%, 03/18/25a		550		684,850
NBCUniversal Media LLC
2.88%, 04/01/16		250		255,848
4.38%, 04/01/21		412		456,473

Security	Principal (000s)		Value
5.15%, 04/30/20	$	528	$	603,522
5.95%, 04/01/41		200		261,094
6.40%, 04/30/40		400		544,047
Scripps Networks Interactive Inc.
2.70%, 12/15/16		200		205,100
TCI Communications Inc.
7.13%, 02/15/28		500		681,014
Thomson Reuters Corp.
1.65%, 09/29/17		400		400,971
3.85%, 09/29/24 (Call 06/29/24)		500		515,712
3.95%, 09/30/21 (Call 06/30/21)		200		212,619
5.65%, 11/23/43 (Call 05/23/43)		100		120,571
6.50%, 07/15/18		92		105,105
Time Warner Cable Inc.
5.00%, 02/01/20		550		607,769
5.50%, 09/01/41 (Call 03/01/41)		452		495,604
5.85%, 05/01/17		600		652,688
6.55%, 05/01/37		263		317,478
6.75%, 07/01/18		250		286,345
6.75%, 06/15/39		800		989,856
7.30%, 07/01/38		250		325,188
8.25%, 04/01/19		1,080		1,314,738
Time Warner Inc.
2.10%, 06/01/19		500		498,908
3.40%, 06/15/22		550		564,183
4.65%, 06/01/44 (Call 12/01/43)		500		537,883
4.75%, 03/29/21		210		234,556
4.88%, 03/15/20		140		156,679
5.88%, 11/15/16		830		896,718
6.10%, 07/15/40		550		692,660
6.25%, 03/29/41		58		74,614
7.63%, 04/15/31		900		1,272,357
7.70%, 05/01/32		447		647,859
Viacom Inc.
3.50%, 04/01/17		130		135,167
3.88%, 12/15/21		600		622,522
4.50%, 03/01/21		200		215,749

134 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.85%, 12/15/34 (Call 06/15/34)	$	600	$	615,620
5.85%, 09/01/43 (Call 03/01/43)		232		262,932
6.88%, 04/30/36		512		636,933
Walt Disney Co. (The)
1.10%, 12/01/17		434		433,373
1.13%, 02/15/17		142		142,884
1.35%, 08/16/16		500		505,412
2.35%, 12/01/22		50		49,638
3.70%, 12/01/42		550		555,363
4.38%, 08/16/41		200		224,700
5.50%, 03/15/19		130		148,636
7.00%, 03/01/32		85		124,352
				37,447,836
METAL FABRICATE & HARDWARE — 0.06%
Precision Castparts Corp.
1.25%, 01/15/18		192		190,648
3.90%, 01/15/43 (Call 07/15/42)		250		256,651
Valmont Industries Inc.
5.25%, 10/01/54 (Call 04/01/54)		200		198,555
				645,854
MINING — 1.43%
Barrick Gold Corp.
2.50%, 05/01/18		400		401,798
3.85%, 04/01/22		300		296,093
6.95%, 04/01/19a		62		72,373
Barrick North America Finance LLC
4.40%, 05/30/21		650		675,004
5.70%, 05/30/41		600		607,015
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22a		600		608,436
3.85%, 09/30/23		150		162,021
5.00%, 09/30/43		700		822,059
6.50%, 04/01/19		1,105		1,303,603
Freeport-McMoRan Inc.
2.15%, 03/01/17		180		179,115
2.38%, 03/15/18		602		590,264
3.10%, 03/15/20a		750		719,341
3.55%, 03/01/22 (Call 12/01/21)		380		344,999

Security	Principal (000s)		Value
5.40%, 11/14/34 (Call 05/14/34)	$	200	$	180,376
5.45%, 03/15/43 (Call 09/15/42)		630		553,663
Glencore Canada Corp.
5.50%, 06/15/17		250		268,871
Goldcorp Inc.
5.45%, 06/09/44 (Call 12/09/43)		300		314,162
Kinross Gold Corp.
5.13%, 09/01/21 (Call 06/01/21)a		210		210,245
5.95%, 03/15/24 (Call 12/15/23)		100		98,605
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)		180		176,767
4.88%, 03/15/42 (Call 09/15/41)		350		324,319
5.13%, 10/01/19a		130		142,598
6.25%, 10/01/39		352		368,158
Placer Dome Inc.
6.45%, 10/15/35		100		108,465
Rio Tinto Finance USA Ltd.
2.25%, 09/20/16		250		254,517
3.75%, 09/20/21		150		157,982
5.20%, 11/02/40		280		324,022
6.50%, 07/15/18		1,255		1,440,397
9.00%, 05/01/19		182		230,976
Rio Tinto Finance USA PLC
2.88%, 08/21/22 (Call 05/21/22)a		950		948,221
4.13%, 08/21/42 (Call 02/21/42)a		200		203,648
4.75%, 03/22/42 (Call 09/22/41)		130		143,736
Southern Copper Corp.
6.75%, 04/16/40a		250		264,610
7.50%, 07/27/35		500		566,237
Teck Resources Ltd.
3.00%, 03/01/19a		152		147,782
3.85%, 08/15/17		250		257,365

SCHEDULESOF INVESTMENTS 135

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.75%, 01/15/22 (Call 10/15/21)a	$	364	$	358,680
5.40%, 02/01/43 (Call 08/01/42)		500		443,355
6.13%, 10/01/35		62		59,083
				15,328,961
MULTI-NATIONAL — 0.05%
International Bank for Reconstruction & Development
2.13%, 03/03/25		500		500,167
				500,167
OFFICE & BUSINESS EQUIPMENT —0.18%
Pitney Bowes Inc.
4.63%, 03/15/24 (Call 12/15/23)		375		387,096
Xerox Corp.
2.95%, 03/15/17		900		925,128
4.50%, 05/15/21		150		162,174
4.80%, 03/01/35		120		120,098
6.35%, 05/15/18		130		147,246
6.75%, 12/15/39		130		162,680
				1,904,422
OIL & GAS — 6.93%
Anadarko Petroleum Corp.
5.95%, 09/15/16		310		331,874
6.20%, 03/15/40		500		618,759
6.38%, 09/15/17		340		379,300
6.45%, 09/15/36		499		639,312
Apache Corp.
2.63%, 01/15/23 (Call 10/15/22)		250		240,011
3.25%, 04/15/22 (Call 01/15/22)		750		756,779
4.25%, 01/15/44 (Call 07/15/43)		400		390,635
5.10%, 09/01/40 (Call 03/01/40)		70		75,237
5.63%, 01/15/17		90		96,908
6.00%, 01/15/37		450		533,254
BP Capital Markets PLC
1.38%, 05/10/18		1,500		1,487,154
1.85%, 05/05/17		350		354,440

Security	Principal (000s)		Value
2.32%, 02/13/20	$	200	$	200,850
2.50%, 11/06/22		250		244,116
3.20%, 03/11/16		100		102,448
3.54%, 11/04/24		600		615,939
3.56%, 11/01/21		500		525,977
3.99%, 09/26/23		250		266,257
4.50%, 10/01/20a		300		331,020
4.74%, 03/11/21		100		111,561
4.75%, 03/10/19		250		274,896
Canadian Natural Resources Ltd.
3.45%, 11/15/21 (Call 08/15/21)a		450		453,797
3.90%, 02/01/25 (Call 11/01/24)		250		253,974
5.70%, 05/15/17		450		487,531
6.25%, 03/15/38		221		258,749
6.50%, 02/15/37		175		209,910
Cenovus Energy Inc.
4.45%, 09/15/42 (Call 03/15/42)		250		229,776
5.70%, 10/15/19		400		441,663
6.75%, 11/15/39		400		479,737
Chevron Corp.
1.10%, 12/05/17 (Call 11/05/17)		800		797,412
1.72%, 06/24/18 (Call 05/24/18)		900		907,829
2.19%, 11/15/19 (Call 10/15/19)		400		405,806
2.36%, 12/05/22 (Call 09/05/22)		800		788,898
2.41%, 03/03/22 (Call 01/03/22)		145		145,269
CNOOC Finance 2013 Ltd.
3.00%, 05/09/23		250		242,845
CNOOC Nexen Finance 2014 ULC
1.63%, 04/30/17		400		397,691
4.25%, 04/30/24		700		744,614
4.88%, 04/30/44		250		274,031
ConocoPhillips
5.75%, 02/01/19		400		458,284
6.00%, 01/15/20		500		589,246
6.50%, 02/01/39		725		992,195

136 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
ConocoPhillips Co.
2.40%, 12/15/22 (Call 09/15/22)	$	400	$	390,155
3.35%, 11/15/24 (Call 08/15/24)		500		516,270
4.15%, 11/15/34 (Call 05/15/34)		500		527,629
ConocoPhillips Holding Co.
6.95%, 04/15/29		678		922,882
Continental Resources Inc./OK
4.50%, 04/15/23 (Call 01/15/23)		550		535,269
4.90%, 06/01/44 (Call 12/01/43)		225		202,637
Devon Energy Corp.
4.00%, 07/15/21 (Call 04/15/21)a		250		267,445
4.75%, 05/15/42 (Call 11/15/41)		350		376,381
5.60%, 07/15/41 (Call 01/15/41)		100		118,880
6.30%, 01/15/19		280		322,339
7.95%, 04/15/32		420		592,073
Diamond Offshore Drilling Inc.
5.70%, 10/15/39a		250		239,047
5.88%, 05/01/19a		250		276,872
Ecopetrol SA
5.88%, 05/28/45		800		764,000
7.63%, 07/23/19		800		944,000
Encana Corp.
3.90%, 11/15/21 (Call 08/15/21)a		450		461,530
5.90%, 12/01/17		160		174,572
6.50%, 02/01/38		622		711,871
Ensco PLC
3.25%, 03/15/16		100		101,534
4.70%, 03/15/21		432		435,297
5.75%, 10/01/44 (Call 04/01/44)a		200		203,011
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)a		462		456,116
4.10%, 02/01/21		100		107,869

Security	Principal (000s)		Value
5.63%, 06/01/19	$	180	$	205,634
5.88%, 09/15/17		150		166,472
EQT Corp.
4.88%, 11/15/21		202		212,857
8.13%, 06/01/19		750		895,511
Exxon Mobil Corp.
0.92%, 03/15/17		500		500,682
3.18%, 03/15/24 (Call 12/15/23)		350		367,075
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas Inc.
6.75%, 02/01/22 (Call 02/01/17)		162		170,505
Hess Corp.
3.50%, 07/15/24 (Call 04/15/24)a		145		143,249
5.60%, 02/15/41		250		278,952
6.00%, 01/15/40		250		285,591
7.13%, 03/15/33		387		480,611
8.13%, 02/15/19		162		193,390
Husky Energy Inc.
3.95%, 04/15/22 (Call 01/15/22)		130		131,933
4.00%, 04/15/24 (Call 01/15/24)		100		101,096
6.80%, 09/15/37		100		121,188
7.25%, 12/15/19		205		241,542
Kerr-McGee Corp.
6.95%, 07/01/24		500		620,397
Marathon Oil Corp.
5.90%, 03/15/18		450		497,961
6.00%, 10/01/17		250		275,361
6.60%, 10/01/37		200		240,142
Marathon Petroleum Corp.
3.50%, 03/01/16		50		51,138
5.00%, 09/15/54 (Call 03/15/54)		300		305,527
5.13%, 03/01/21		54		60,720
6.50%, 03/01/41 (Call 09/01/40)		300		369,776
Murphy Oil Corp.
2.50%, 12/01/17		250		247,674
3.70%, 12/01/22 (Call 09/01/22)		240		224,504

SCHEDULESOF INVESTMENTS 137

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.13%, 12/01/42 (Call 06/01/42)	$	100	$	87,703
Nabors Industries Inc.
4.63%, 09/15/21		350		327,808
6.15%, 02/15/18		300		313,790
Nexen Energy ULC
5.88%, 03/10/35		150		177,171
6.20%, 07/30/19		150		172,352
6.40%, 05/15/37		171		215,646
7.50%, 07/30/39		192		274,836
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)		592		630,204
5.05%, 11/15/44		100		106,170
6.00%, 03/01/41 (Call 09/01/40)		300		343,271
8.25%, 03/01/19		250		300,133
Noble Holding International Ltd.
3.95%, 03/15/22		250		222,203
4.63%, 03/01/21a		230		213,672
4.90%, 08/01/20		102		96,629
6.20%, 08/01/40		200		173,820
Occidental Petroleum Corp.
1.50%, 02/15/18 (Call 01/15/18)		300		298,867
1.75%, 02/15/17		352		355,844
2.70%, 02/15/23 (Call 11/15/22)		252		247,507
3.13%, 02/15/22 (Call 11/15/21)		42		42,565
Petro-Canada
6.80%, 05/15/38		230		305,935
9.25%, 10/15/21		75		102,129
Petrobras Global Finance BV
2.00%, 05/20/16		1,500		1,426,977
3.50%, 02/06/17		450		421,972
4.38%, 05/20/23		250		205,329
5.38%, 01/27/21		1,600		1,439,767
5.75%, 01/20/20		250		231,354
5.88%, 03/01/18		534		508,996
6.75%, 01/27/41		650		550,931
6.88%, 01/20/40		100		86,264
7.25%, 03/17/44a		900		806,359
7.88%, 03/15/19		400		405,073

Security	Principal (000s)		Value
Petroleos Mexicanos
3.50%, 07/23/20a,d	$	1,000	$	1,015,000
3.50%, 01/30/23		650		630,500
4.88%, 01/24/22		600		635,250
4.88%, 01/18/24		750		791,250
5.50%, 01/21/21		840		920,850
5.63%, 01/23/46d		200		204,500
5.75%, 03/01/18		400		439,000
6.38%, 01/23/45		1,800		2,016,000
6.50%, 06/02/41		700		790,118
6.63%, 06/15/35		320		366,000
8.00%, 05/03/19		200		239,500
Phillips 66
2.95%, 05/01/17		534		552,720
4.88%, 11/15/44 (Call 05/15/44)		700		758,739
5.88%, 05/01/42		273		328,403
Pioneer Natural Resources Co.
3.95%, 07/15/22 (Call 04/15/22)a		250		254,620
Pride International Inc.
6.88%, 08/15/20		278		315,310
Rowan Companies Inc.
4.88%, 06/01/22 (Call 03/01/22)		240		233,865
5.00%, 09/01/17		100		103,311
5.85%, 01/15/44 (Call 07/15/43)		300		267,812
Shell International Finance BV
2.00%, 11/15/18		225		228,619
2.25%, 01/06/23		1,250		1,223,204
2.38%, 08/21/22		255		252,788
4.30%, 09/22/19		700		774,514
4.38%, 03/25/20		250		279,063
4.55%, 08/12/43		500		570,194
5.50%, 03/25/40		250		317,658
6.38%, 12/15/38		200		276,514
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)a		250		246,197
4.95%, 01/23/25 (Call 10/23/24)		500		513,391

138 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Statoil ASA
3.13%, 08/17/17	$	1,400	$	1,464,348
3.15%, 01/23/22		300		310,867
3.25%, 11/10/24		650		671,699
4.80%, 11/08/43		350		409,878
5.10%, 08/17/40		500		596,873
5.25%, 04/15/19		420		476,351
Suncor Energy Inc.
3.60%, 12/01/24 (Call 09/01/24)		700		719,706
6.10%, 06/01/18		187		210,994
6.50%, 06/15/38		400		518,561
6.85%, 06/01/39		130		174,953
Talisman Energy Inc.
3.75%, 02/01/21 (Call 11/01/20)		500		492,070
7.75%, 06/01/19		500		580,977
Total Capital Canada Ltd.
2.75%, 07/15/23		400		399,311
Total Capital International SA
1.50%, 02/17/17		362		365,977
1.55%, 06/28/17		1,300		1,313,886
2.70%, 01/25/23		600		599,865
3.75%, 04/10/24		250		267,871
Total Capital SA
4.13%, 01/28/21a		125		137,870
4.45%, 06/24/20		200		223,258
Transocean Inc.
6.00%, 03/15/18		546		525,525
6.50%, 11/15/20a		200		178,000
6.80%, 03/15/38		125		99,375
7.35%, 12/15/41		85		72,675
7.50%, 04/15/31a		150		125,625
Valero Energy Corp.
6.13%, 02/01/20		250		287,262
6.63%, 06/15/37		304		377,300
7.50%, 04/15/32		185		240,458
XTO Energy Inc.
5.50%, 06/15/18		450		509,071
				74,159,924

Security	Principal (000s)		Value
OIL & GAS SERVICES — 0.50%
Baker Hughes Inc.
3.20%, 08/15/21 (Call 05/15/21)	$	128	$	131,240
5.13%, 09/15/40		400		451,272
7.50%, 11/15/18		40		47,658
Cameron International Corp.
3.70%, 06/15/24 (Call 03/15/24)		150		145,363
4.50%, 06/01/21 (Call 03/01/21)		500		522,610
Halliburton Co.
3.25%, 11/15/21 (Call 08/15/21)		102		106,017
3.50%, 08/01/23 (Call 05/01/23)		652		677,719
4.50%, 11/15/41 (Call 05/15/41)		180		189,298
6.15%, 09/15/19		150		175,433
7.45%, 09/15/39		375		540,236
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)		300		289,669
3.95%, 12/01/42 (Call 06/01/42)		192		181,351
Schlumberger Investment SA
3.65%, 12/01/23 (Call 09/01/23)		500		531,831
Weatherford International LLC
6.35%, 06/15/17		271		284,550
Weatherford International Ltd./Bermuda
4.50%, 04/15/22 (Call 01/15/22)		630		573,007
6.50%, 08/01/36		50		44,982
6.75%, 09/15/40		300		280,560
9.63%, 03/01/19a		187		211,310
				5,384,106
PACKAGING & CONTAINERS — 0.06%
Bemis Co. Inc.
4.50%, 10/15/21 (Call 07/15/21)		50		54,643

SCHEDULESOF INVESTMENTS 139

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Packaging Corp. of America
3.90%, 06/15/22 (Call 03/15/22)	$	212	$	218,947
4.50%, 11/01/23 (Call 08/01/23)		200		212,925
Sonoco Products Co.
4.38%, 11/01/21 (Call 08/01/21)		15		16,102
5.75%, 11/01/40 (Call 05/01/40)		132		156,836
				659,453
PHARMACEUTICALS — 3.37%
Abbott Laboratories
4.13%, 05/27/20		200		218,494
5.13%, 04/01/19		196		218,807
5.30%, 05/27/40		418		521,238
AbbVie Inc.
1.75%, 11/06/17		542		545,780
2.00%, 11/06/18		700		701,692
2.90%, 11/06/22		500		499,886
4.40%, 11/06/42		525		551,467
Actavis Funding SCS
4.85%, 06/15/44 (Call 12/15/43)		600		619,513
Actavis Inc.
1.88%, 10/01/17		50		49,839
3.25%, 10/01/22 (Call 07/01/22)a		350		345,289
4.63%, 10/01/42 (Call 04/01/42)		30		29,913
6.13%, 08/15/19		400		453,482
Allergan Inc./United States
3.38%, 09/15/20a		250		254,063
AmerisourceBergen Corp.
3.50%, 11/15/21 (Call 08/15/21)		300		311,896
AstraZeneca PLC
4.00%, 09/18/42		310		318,189
5.90%, 09/15/17		857		959,635
6.45%, 09/15/37		475		651,684
Bristol-Myers Squibb Co.
2.00%, 08/01/22		400		385,137

Security	Principal (000s)		Value
4.50%, 03/01/44 (Call 09/01/43)	$	300	$	337,849
5.88%, 11/15/36		276		353,242
6.13%, 05/01/38		80		106,339
Cardinal Health Inc.
1.90%, 06/15/17		702		710,615
3.20%, 06/15/22		180		181,712
4.60%, 03/15/43		250		268,812
DENTSPLY International Inc.
4.13%, 08/15/21 (Call 05/15/21)		100		106,191
Eli Lilly & Co.
1.95%, 03/15/19		300		302,637
2.75%, 06/01/25 (Call 03/01/25)		60		60,039
4.65%, 06/15/44 (Call 12/15/43)		250		283,489
5.55%, 03/15/37		290		358,169
Express Scripts Holding Co.
2.25%, 06/15/19		250		249,756
2.65%, 02/15/17		200		205,301
3.13%, 05/15/16		250		256,034
3.50%, 06/15/24 (Call 03/15/24)		700		716,201
3.90%, 02/15/22		210		221,743
4.75%, 11/15/21		186		207,020
6.13%, 11/15/41		42		53,754
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23		700		702,356
5.65%, 05/15/18		600		677,201
6.38%, 05/15/38a		504		684,440
GlaxoSmithKline Capital PLC
1.50%, 05/08/17		200		201,968
2.85%, 05/08/22		800		810,234
Johnson & Johnson
3.38%, 12/05/23		100		107,636
4.50%, 12/05/43 (Call 06/05/43)		600		707,863
5.15%, 07/15/18		1,275		1,436,364
5.55%, 08/15/17		100		111,181
5.95%, 08/15/37		380		522,233
McKesson Corp.
2.28%, 03/15/19		250		251,253

140 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
2.70%, 12/15/22 (Call 09/15/22)	$	462	$	453,910
3.80%, 03/15/24 (Call 12/15/23)		250		264,229
4.75%, 03/01/21 (Call 12/01/20)		450		498,750
5.70%, 03/01/17		171		185,972
6.00%, 03/01/41 (Call 09/01/40)		130		164,888
Mead Johnson Nutrition Co.
4.60%, 06/01/44 (Call 12/01/43)		250		265,564
4.90%, 11/01/19		350		385,738
Medco Health Solutions Inc.
7.13%, 03/15/18		250		288,381
Merck & Co. Inc.
0.70%, 05/18/16		400		399,983
1.10%, 01/31/18		180		179,222
1.30%, 05/18/18		350		348,997
2.40%, 09/15/22 (Call 06/15/22)		500		496,480
2.75%, 02/10/25 (Call 11/10/24)		750		749,800
2.80%, 05/18/23		42		42,607
3.70%, 02/10/45 (Call 08/10/44)		260		259,826
4.15%, 05/18/43		300		319,487
6.50%, 12/01/33		100		137,719
6.55%, 09/15/37		200		281,874
Merck Sharp & Dohme Corp.
5.00%, 06/30/19		392		443,960
5.85%, 06/30/39		100		131,902
Mylan Inc./PA
1.35%, 11/29/16		400		399,631
5.40%, 11/29/43 (Call 05/29/43)		250		284,724
Novartis Capital Corp.
2.40%, 09/21/22		200		199,958
3.40%, 05/06/24a		400		424,196
4.40%, 05/06/44		500		572,491
Novartis Securities Investment Ltd.
5.13%, 02/10/19		786		886,486
Perrigo Co. PLC
4.00%, 11/15/23 (Call 08/15/23)		300		313,736

Security	Principal (000s)		Value
Perrigo Finance PLC
3.90%, 12/15/24 (Call 09/15/24)	$	500	$	518,022
Pfizer Inc.
1.10%, 05/15/17		500		502,032
3.00%, 06/15/23		600		611,797
3.40%, 05/15/24		500		524,059
6.20%, 03/15/19		1,132		1,321,636
7.20%, 03/15/39		900		1,325,098
Sanofi
1.25%, 04/10/18		350		349,453
2.63%, 03/29/16		250		255,612
4.00%, 03/29/21		350		385,157
Teva Pharmaceutical Finance Co. BV
2.40%, 11/10/16		200		204,503
Series 2
3.65%, 11/10/21		200		210,881
Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36		285		356,625
Teva Pharmaceutical Finance IV LLC
2.25%, 03/18/20a		250		251,145
Wyeth LLC
5.95%, 04/01/37		350		449,842
Zoetis Inc.
1.88%, 02/01/18		200		198,724
3.25%, 02/01/23 (Call 11/01/22)		100		99,287
4.70%, 02/01/43 (Call 08/01/42)		300		304,936
				36,076,956
PIPELINES — 2.87%
Access Midstream Partners LP/ACMP Finance Corp.
6.13%, 07/15/22 (Call 01/15/17)		900		963,000
Buckeye Partners LP
4.88%, 02/01/21 (Call 11/01/20)		500		531,000
5.50%, 08/15/19		40		43,267

SCHEDULESOF INVESTMENTS 141

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.85%, 11/15/43 (Call 05/15/43)	$	100	$	100,090
CenterPoint Energy Resources Corp.
4.50%, 01/15/21 (Call 10/15/20)		431		469,962
DCP Midstream Operating LP
2.50%, 12/01/17 (Call 11/01/17)		300		291,017
5.60%, 04/01/44 (Call 10/01/43)		200		172,126
El Paso Natural Gas Co. LLC
8.38%, 06/15/32		350		452,340
El Paso Pipeline Partners Operating Co. LLC
7.50%, 11/15/40		260		331,370
Enable Midstream Partners LP
2.40%, 05/15/19 (Call 04/15/19)d		250		242,627
3.90%, 05/15/24 (Call 02/15/24)d		300		294,229
Enbridge Energy Partners LP
4.20%, 09/15/21 (Call 06/15/21)		180		187,540
9.88%, 03/01/19		132		165,663
Series B
7.50%, 04/15/38		250		313,300
Enbridge Inc.
4.50%, 06/10/44 (Call 12/10/43)		250		229,306
5.60%, 04/01/17		500		537,037
Energy Transfer Partners LP
3.60%, 02/01/23 (Call 11/01/22)		300		296,875
4.65%, 06/01/21 (Call 03/01/21)		352		375,625
5.15%, 02/01/43 (Call 08/01/42)		400		412,304
5.20%, 02/01/22 (Call 11/01/21)		150		163,905
6.05%, 06/01/41 (Call 12/01/40)		250		282,116
9.00%, 04/15/19		140		172,007
9.70%, 03/15/19		111		138,830

Security	Principal (000s)		Value
EnLink Midstream Partners LP
4.40%, 04/01/24 (Call 01/01/24)	$	200	$	211,970
5.05%, 04/01/45 (Call 10/01/44)		250		262,108
Enterprise Products Operating LLC
3.35%, 03/15/23 (Call 12/15/22)		350		357,164
4.85%, 08/15/42 (Call 02/15/42)		200		220,043
5.10%, 02/15/45 (Call 08/15/44)		600		683,718
5.20%, 09/01/20		1,000		1,130,604
5.70%, 02/15/42		270		327,831
6.45%, 09/01/40		100		130,430
7.55%, 04/15/38		250		352,325
Series D
6.88%, 03/01/33		400		528,543
Series L
6.30%, 09/15/17		400		446,023
Gulf South Pipeline Co. LP
4.00%, 06/15/22 (Call 03/15/22)a		452		442,146
Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 11/15/22)		450		446,808
3.50%, 09/01/23 (Call 06/01/23)		650		645,137
4.15%, 03/01/22		200		207,343
4.15%, 02/01/24 (Call 11/01/23)a		250		258,223
5.30%, 09/15/20		600		658,575
5.50%, 03/01/44 (Call 09/01/43)		400		431,256
5.95%, 02/15/18		88		97,122
6.50%, 02/01/37		84		96,688
6.55%, 09/15/40		200		234,025
6.95%, 01/15/38		310		376,203
Kinder Morgan Inc./DE
3.05%, 12/01/19 (Call 11/01/19)		1,500		1,514,066
4.30%, 06/01/25 (Call 03/01/25)a		65		67,885

142 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.05%, 02/15/46	$	250	$	254,195
5.30%, 12/01/34 (Call 06/01/34)a		300		316,218
5.55%, 06/01/45		665		713,311
Magellan Midstream Partners LP
4.25%, 02/01/21		180		195,624
5.15%, 10/15/43 (Call 04/15/43)		250		282,538
ONEOK Partners LP
2.00%, 10/01/17 (Call 09/01/17)		150		149,424
3.25%, 02/01/16 (Call 01/01/16)a		202		204,995
3.38%, 10/01/22 (Call 07/01/22)		330		310,356
6.13%, 02/01/41 (Call 08/01/40)		240		250,498
6.65%, 10/01/36		171		187,779
8.63%, 03/01/19a		180		215,243
Panhandle Eastern Pipe Line Co. LP
7.00%, 06/15/18		300		340,307
Plains All American Pipeline LP/PAA Finance Corp.
2.85%, 01/31/23 (Call 10/31/22)		200		195,782
3.65%, 06/01/22 (Call 03/01/22)		250		259,022
3.85%, 10/15/23 (Call 07/15/23)		400		417,380
4.90%, 02/15/45 (Call 08/15/44)		300		327,531
5.15%, 06/01/42 (Call 12/01/41)		260		288,557
8.75%, 05/01/19		130		161,640
Southern Natural Gas Co. LLC
5.90%, 04/01/17d		163		176,068
Southern Natural Gas Co. LLC/Southern Natural Issuing Corp.
4.40%, 06/15/21 (Call 03/15/21)		150		156,844
Spectra Energy Capital LLC
3.30%, 03/15/23 (Call 12/15/22)		350		328,625

Security	Principal (000s)		Value
Spectra Energy Partners LP
4.60%, 06/15/21 (Call 03/15/21)	$	200	$	219,240
Sunoco Logistics Partners Operations LP
3.45%, 01/15/23 (Call 10/15/22)		710		693,066
6.10%, 02/15/42		250		290,726
TC Pipelines LP
4.65%, 06/15/21 (Call 03/15/21)		100		105,078
Texas Eastern Transmission LP
7.00%, 07/15/32		250		332,225
TransCanada PipeLines Ltd.
1.88%, 01/12/18		65		65,223
2.50%, 08/01/22		450		439,444
3.80%, 10/01/20		85		90,024
4.63%, 03/01/34 (Call 12/01/33)		400		428,734
6.20%, 10/15/37		207		255,138
6.35%, 05/15/67 (Call 05/15/17)e		150		144,000
6.50%, 08/15/18		175		201,156
7.63%, 01/15/39		600		856,412
Western Gas Partners LP
4.00%, 07/01/22 (Call 04/01/22)		450		463,921
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)		292		271,991
4.55%, 06/24/24 (Call 03/24/24)		750		730,347
8.75%, 03/15/32		109		132,205
Williams Partners LP
3.90%, 01/15/25 (Call 10/15/24)a		200		198,810
4.30%, 03/04/24 (Call 12/04/23)		400		411,101
5.25%, 03/15/20a		300		329,818
5.80%, 11/15/43 (Call 05/15/43)		250		272,293
6.30%, 04/15/40		442		503,382

SCHEDULESOF INVESTMENTS 143

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Williams Partners LP/Williams Partners Finance Corp.
7.25%, 02/01/17	$	230	$	253,262
				30,711,305
REAL ESTATE — 0.09%
Brookfield Asset Management Inc.
4.00%, 01/15/25 (Call 10/15/24)		300		299,917
Regency Centers LP
3.75%, 06/15/24 (Call 03/15/24)		300		309,219
5.88%, 06/15/17		105		115,038
WP Carey Inc.
4.00%, 02/01/25 (Call 12/01/24)		200		198,328
				922,502
REAL ESTATE INVESTMENT TRUSTS — 2.14%
Alexandria Real Estate Equities Inc.
4.50%, 07/30/29 (Call 04/30/29)		250		263,612
American Tower Corp.
3.45%, 09/15/21		600		599,863
4.50%, 01/15/18		112		119,125
5.05%, 09/01/20		800		873,943
AvalonBay Communities Inc.
2.95%, 09/15/22 (Call 06/15/22)		250		248,276
3.50%, 11/15/24 (Call 08/15/24)a		200		204,320
3.95%, 01/15/21 (Call 10/15/20)		50		52,962
5.70%, 03/15/17		125		135,494
BioMed Realty LP
4.25%, 07/15/22 (Call 04/15/22)		192		202,210
Boston Properties LP
3.70%, 11/15/18 (Call 08/15/18)		100		105,988
3.80%, 02/01/24 (Call 11/01/23)		200		208,206
4.13%, 05/15/21 (Call 02/15/21)		725		779,190
5.88%, 10/15/19		200		230,762

Security	Principal (000s)		Value
Brandywine Operating Partnership LP
4.95%, 04/15/18 (Call 03/15/18)	$	200	$	214,851
Camden Property Trust
4.25%, 01/15/24 (Call 10/15/23)		350		371,992
CBL & Associates LP
5.25%, 12/01/23 (Call 09/01/23)		250		269,469
Corporate Office Properties LP
5.25%, 02/15/24 (Call 11/15/23)		500		541,643
DDR Corp.
4.63%, 07/15/22 (Call 04/15/22)		450		483,051
Digital Realty Trust LP
5.25%, 03/15/21 (Call 12/15/20)		210		231,615
Duke Realty LP
4.38%, 06/15/22 (Call 03/15/22)		450		480,950
8.25%, 08/15/19		125		153,916
Equity Commonwealth
6.25%, 06/15/17 (Call 12/15/16)		250		268,234
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		150		158,939
4.75%, 07/15/20 (Call 04/15/20)		350		386,157
5.75%, 06/15/17		332		363,603
Essex Portfolio LP
3.38%, 01/15/23 (Call 10/15/22)		400		398,675
Federal Realty Investment Trust
4.50%, 12/01/44 (Call 06/01/44)		100		108,684
HCP Inc.
3.75%, 02/01/16		250		256,481
3.88%, 08/15/24 (Call 05/15/24)		450		459,526
4.25%, 11/15/23 (Call 08/15/23)		250		264,502

144 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.38%, 02/01/21 (Call 11/03/20)	$	600	$	672,045
6.70%, 01/30/18		75		84,971	��
Health Care REIT Inc.
4.13%, 04/01/19 (Call 01/01/19)		400		427,346
4.95%, 01/15/21 (Call 10/15/20)		262		287,916
5.25%, 01/15/22 (Call 10/15/21)		400		447,247
6.20%, 06/01/16		200		212,357
6.50%, 03/15/41 (Call 09/15/40)		100		132,139
Healthcare Realty Trust Inc.
6.50%, 01/17/17		125		136,031
Hospitality Properties Trust
5.00%, 08/15/22 (Call 02/15/22)		500		529,996
6.70%, 01/15/18 (Call 07/15/17)		125		137,771
Host Hotels & Resorts LP
6.00%, 11/01/20 (Call 11/01/15)		250		264,375
Series D
3.75%, 10/15/23 (Call 07/15/23)		225		226,563
Kilroy Realty LP
4.80%, 07/15/18 (Call 05/15/18)		350		376,876
Kimco Realty Corp.
3.20%, 05/01/21 (Call 03/01/21)		150		152,431
4.30%, 02/01/18 (Call 11/01/17)		200		212,418
Liberty Property LP
4.75%, 10/01/20 (Call 07/01/20)		400		435,221
Mack-Cali Realty LP
7.75%, 08/15/19		212		249,790
National Retail Properties Inc.
3.30%, 04/15/23 (Call 01/15/23)a		300		298,448
5.50%, 07/15/21 (Call 04/15/21)		200		228,332

Security	Principal (000s)		Value
Omega Healthcare Investors Inc.
5.88%, 03/15/24 (Call 03/15/17)	$	500	$	536,250
ProLogis LP
4.25%, 08/15/23 (Call 05/15/23)		200		213,817
4.50%, 08/15/17		120		127,648
6.88%, 03/15/20 (Call 12/16/19)		345		407,752
Realty Income Corp.
3.25%, 10/15/22 (Call 07/15/22)		800		797,145
6.75%, 08/15/19		125		146,956
Select Income REIT
4.50%, 02/01/25 (Call 11/01/24)		300		297,083
Simon Property Group LP
2.15%, 09/15/17 (Call 06/15/17)a		200		204,263
2.75%, 02/01/23 (Call 11/01/22)		500		495,317
3.38%, 10/01/24		750		772,439
4.25%, 10/01/44		200		210,637
5.65%, 02/01/20 (Call 11/01/19)		258		296,613
6.13%, 05/30/18		197		223,742
6.75%, 02/01/40 (Call 11/01/39)		100		140,027
UDR Inc.
4.25%, 06/01/18		125		133,799
4.63%, 01/10/22 (Call 10/10/21)		250		272,577
Ventas Realty LP
4.38%, 02/01/45 (Call 08/01/44)		250		252,527
Ventas Realty LP/Ventas Capital Corp.
2.00%, 02/15/18 (Call 01/15/18)		500		503,469
4.75%, 06/01/21 (Call 03/01/21)		300		328,394
Vornado Realty LP
5.00%, 01/15/22 (Call 10/15/21)		200		221,355

SCHEDULESOF INVESTMENTS 145

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Washington REIT
4.95%, 10/01/20 (Call 04/01/20)	$	350	$	379,307
Weyerhaeuser Co.
4.63%, 09/15/23		250		273,440
6.88%, 12/15/33		525		678,519
				22,861,588
RETAIL — 2.91%
Advance Auto Parts Inc.
4.50%, 01/15/22 (Call 10/15/21)		50		53,688
AutoZone Inc.
3.70%, 04/15/22 (Call 01/15/22)		350		365,048
Bed Bath & Beyond Inc.
3.75%, 08/01/24 (Call 05/01/24)a		100		102,706
5.17%, 08/01/44 (Call 02/01/44)		150		162,370
Costco Wholesale Corp.
1.13%, 12/15/17		125		125,142
1.70%, 12/15/19		425		422,403
2.25%, 02/15/22		70		68,656
5.50%, 03/15/17		168		183,852
CVS Health Corp.
2.25%, 08/12/19 (Call 07/12/19)		200		202,972
3.38%, 08/12/24 (Call 05/12/24)		500		518,527
5.30%, 12/05/43 (Call 06/05/43)		400		488,022
5.75%, 06/01/17		730		804,303
6.13%, 08/15/16		171		183,623
6.25%, 06/01/27		178		230,487
Darden Restaurants Inc.
7.05%, 10/15/37		100		118,842
Dollar General Corp.
3.25%, 04/15/23 (Call 01/15/23)a		302		290,645
Gap Inc. (The)
5.95%, 04/12/21 (Call 01/12/21)		602		686,301

Security	Principal (000s)		Value
Home Depot Inc. (The)
2.70%, 04/01/23 (Call 01/01/23)	$	250	$	252,951
4.20%, 04/01/43 (Call 10/01/42)		500		541,739
4.40%, 04/01/21 (Call 01/01/21)		950		1,066,404
4.40%, 03/15/45 (Call 09/15/44)		300		335,009
5.40%, 03/01/16		970		1,016,518
5.88%, 12/16/36		150		196,534
5.95%, 04/01/41 (Call 10/01/40)		440		581,412
Kohl’s Corp.
4.00%, 11/01/21 (Call 08/01/21)a		164		172,688
6.88%, 12/15/37		250		321,644
Lowe’s Companies Inc.
1.63%, 04/15/17 (Call 03/15/17)		100		101,251
3.12%, 04/15/22 (Call 01/15/22)		210		217,463
4.63%, 04/15/20 (Call 10/15/19)		152		169,645
5.40%, 10/15/16		40		42,944
5.50%, 10/15/35		175		211,518
6.65%, 09/15/37		600		832,061
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)		200		197,501
3.88%, 01/15/22 (Call 10/15/21)		130		137,805
5.90%, 12/01/16		500		540,535
6.38%, 03/15/37		602		774,318
7.00%, 02/15/28		50		64,855
McDonald’s Corp.
2.63%, 01/15/22		175		175,238
3.70%, 02/15/42		250		241,961
5.35%, 03/01/18		685		763,121
6.30%, 10/15/37		450		593,145
Nordstrom Inc.
5.00%, 01/15/44 (Call 07/15/43)		197		229,357
6.25%, 01/15/18		212		238,152

146 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
O’Reilly Automotive Inc.
4.63%, 09/15/21 (Call 06/15/21)	$	252	$	277,232
QVC Inc.
3.13%, 04/01/19		50		50,040
4.38%, 03/15/23		362		367,440
4.85%, 04/01/24		400		413,254
5.13%, 07/02/22		352		374,572
Staples Inc.
4.38%, 01/12/23 (Call 10/12/22)		160		158,649
Starbucks Corp.
3.85%, 10/01/23 (Call 07/01/23)		400		435,591
Target Corp.
4.00%, 07/01/42a		242		252,550
5.38%, 05/01/17a		600		657,158
6.00%, 01/15/18		600		678,306
6.35%, 11/01/32		127		170,285
6.50%, 10/15/37		300		416,867
7.00%, 01/15/38		325		476,935
TJX Companies Inc. (The)
2.50%, 05/15/23 (Call 02/15/23)		325		317,820
Wal-Mart Stores Inc.
0.60%, 04/11/16		1,050		1,051,122
1.13%, 04/11/18		250		249,418
2.80%, 04/15/16		400		410,266
3.25%, 10/25/20		900		962,109
3.30%, 04/22/24 (Call 01/22/24)		350		370,395
4.00%, 04/11/43 (Call 10/11/42)		630		667,728
4.25%, 04/15/21		192		214,150
5.00%, 10/25/40		220		263,674
5.25%, 09/01/35		985		1,205,657
5.63%, 04/15/41		580		752,768
6.20%, 04/15/38		1,000		1,360,678
6.50%, 08/15/37		240		335,767
Walgreen Co.
1.80%, 09/15/17		250		252,589
3.10%, 09/15/22		402		404,611
5.25%, 01/15/19		180		200,099

Security	Principal (000s)		Value
Walgreens Boots Alliance Inc.
2.70%, 11/18/19 (Call 10/18/19)	$	1,250	$	1,271,629
4.80%, 11/18/44 (Call 05/18/44)		500		541,891
Yum! Brands Inc.
3.75%, 11/01/21 (Call 08/01/21)		200		205,706
5.30%, 09/15/19		250		276,984
5.35%, 11/01/43 (Call 05/01/43)		100		110,192
6.25%, 03/15/18		29		32,433
				31,209,921
SAVINGS & LOANS — 0.01%
Santander Holdings USA Inc./PA
4.63%, 04/19/16		100		103,781
				103,781
SEMICONDUCTORS — 0.45%
Altera Corp.
2.50%, 11/15/18		500		507,957
Applied Materials Inc.
2.65%, 06/15/16		100		101,973
4.30%, 06/15/21		200		215,940
5.85%, 06/15/41		100		122,565
Broadcom Corp.
2.70%, 11/01/18		162		165,980
3.50%, 08/01/24 (Call 05/01/24)		300		307,512
Intel Corp.
1.35%, 12/15/17		1,100		1,104,406
1.95%, 10/01/16		137		139,575
2.70%, 12/15/22		352		352,657
3.30%, 10/01/21		128		134,547
4.80%, 10/01/41		612		678,445
KLA-Tencor Corp.
4.65%, 11/01/24 (Call 08/01/24)		415		435,892
Texas Instruments Inc.
1.65%, 08/03/19		400		395,714
2.38%, 05/16/16		202		206,055
				4,869,218

SCHEDULESOF INVESTMENTS 147

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
SOFTWARE — 1.24%
Adobe Systems Inc.
3.25%, 02/01/25 (Call 11/01/24)	$	250	$	250,971
4.75%, 02/01/20		250		274,003
Autodesk Inc.
1.95%, 12/15/17		112		112,140
CA Inc.
2.88%, 08/15/18		300		306,185
5.38%, 12/01/19		42		46,968
Dun & Bradstreet Corp. (The)
4.38%, 12/01/22 (Call 09/01/22)a		250		260,912
Fidelity National Information Services Inc.
2.00%, 04/15/18		250		250,364
3.88%, 06/05/24 (Call 03/05/24)		200		204,617
5.00%, 03/15/22 (Call 03/15/17)		302		317,861
Fiserv Inc.
3.13%, 06/15/16		25		25,629
3.50%, 10/01/22 (Call 07/01/22)		162		166,191
4.75%, 06/15/21		350		386,463
Microsoft Corp.
1.63%, 12/06/18		750		752,827
1.85%, 02/12/20 (Call 01/12/20)		1,000		1,006,804
2.38%, 05/01/23 (Call 02/01/23)a		230		226,996
2.50%, 02/08/16a		130		132,544
3.00%, 10/01/20		380		401,964
3.50%, 02/12/35 (Call 08/12/34)		65		64,504
3.50%, 11/15/42		250		241,639
4.00%, 02/12/55 (Call 08/12/54)		1,000		997,282
4.20%, 06/01/19		222		244,623
4.50%, 10/01/40		350		390,243
5.30%, 02/08/41		462		574,459
Oracle Corp.
1.20%, 10/15/17		1,000		1,001,199
2.25%, 10/08/19		1,200		1,218,221

Security	Principal (000s)		Value
2.50%, 10/15/22	$	200	$	199,267
3.40%, 07/08/24 (Call 04/08/24)		200		210,686
3.88%, 07/15/20		100		108,952
4.30%, 07/08/34 (Call 01/08/34)		1,000		1,088,908
4.50%, 07/08/44 (Call 01/08/44)a		200		223,509
5.00%, 07/08/19		212		239,291
5.38%, 07/15/40		500		609,508
5.75%, 04/15/18		233		263,461
6.50%, 04/15/38		350		478,340
				13,277,531
TELECOMMUNICATIONS — 4.88%
Alltel Corp.
7.88%, 07/01/32		35		50,483
America Movil SAB de CV
2.38%, 09/08/16		300		305,732
3.13%, 07/16/22		250		254,823
4.38%, 07/16/42a		850		863,791
5.00%, 10/16/19a		300		336,688
5.00%, 03/30/20a		550		619,864
6.13%, 03/30/40		100		125,798
AT&T Inc.
1.40%, 12/01/17		250		247,305
1.60%, 02/15/17a		500		501,023
2.63%, 12/01/22 (Call 09/01/22)a		500		482,966
2.95%, 05/15/16		700		715,431
3.00%, 02/15/22		400		397,437
3.88%, 08/15/21		686		718,778
3.90%, 03/11/24 (Call 12/11/23)a		1,000		1,041,321
4.35%, 06/15/45 (Call 12/15/44)		1,100		1,037,461
4.45%, 05/15/21a		584		631,473
5.35%, 09/01/40		828		881,460
5.50%, 02/01/18		480		528,345
5.80%, 02/15/19		300		338,224
6.30%, 01/15/38		351		415,223
6.40%, 05/15/38		202		242,329
6.50%, 09/01/37		492		594,514
6.55%, 02/15/39		775		944,896

148 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
British Telecommunications PLC
1.63%, 06/28/16	$	500	$	503,419
5.95%, 01/15/18		400		446,835
9.63%, 12/15/30		528		855,875
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23		600		606,078
Cisco Systems Inc.
1.10%, 03/03/17		1,300		1,306,363
4.45%, 01/15/20		692		770,875
4.95%, 02/15/19		262		293,865
5.50%, 02/22/16		447		468,921
5.50%, 01/15/40		180		224,797
5.90%, 02/15/39		675		853,984
Corning Inc.
4.75%, 03/15/42a		100		108,946
5.75%, 08/15/40		150		182,297
Deutsche Telekom International Finance BV
5.75%, 03/23/16		275		288,891
6.75%, 08/20/18		400		464,816
8.75%, 06/15/30		721		1,096,507
Embarq Corp.
8.00%, 06/01/36		300		348,750
Harris Corp.
4.40%, 12/15/20		200		212,542
6.38%, 06/15/19		100		114,115
Juniper Networks Inc.
3.10%, 03/15/16		50		50,898
4.35%, 06/15/25 (Call 03/15/25)		150		149,972
4.60%, 03/15/21		250		262,023
5.95%, 03/15/41a		50		51,728
Koninklijke KPN NV
8.38%, 10/01/30		250		357,553
Motorola Solutions Inc.
3.50%, 03/01/23		200		199,959
3.75%, 05/15/22		302		307,667
5.50%, 09/01/44		100		107,450
New Cingular Wireless Services Inc.
8.75%, 03/01/31		250		370,498

Security	Principal (000s)		Value
Orange SA
2.75%, 09/14/16	$	302	$	309,553
5.38%, 07/08/19		700		791,637
5.38%, 01/13/42		350		406,890
5.50%, 02/06/44 (Call 08/06/43)		300		359,090
9.00%, 03/01/31		220		337,931
Pacific Bell Telephone Co.
7.13%, 03/15/26		250		319,088
Qwest Corp.
6.75%, 12/01/21		600		684,000
6.88%, 09/15/33 (Call 12/29/14)		57		57,427
Rogers Communications Inc.
5.00%, 03/15/44 (Call 09/15/43)		428		478,976
6.80%, 08/15/18		180		207,720
Telefonica Emisiones SAU
3.19%, 04/27/18		600		625,475
3.99%, 02/16/16a		55		56,564
4.57%, 04/27/23a		500		555,140
5.46%, 02/16/21		200		229,576
5.88%, 07/15/19a		210		242,929
6.42%, 06/20/16		250		266,805
Telefonica Europe BV
8.25%, 09/15/30		570		823,013
Verizon Communications Inc.
2.00%, 11/01/16		480		487,085
2.45%, 11/01/22 (Call 08/01/22)		400		385,211
2.63%, 02/21/20d		950		956,239
3.50%, 11/01/21		368		381,204
3.50%, 11/01/24 (Call 08/01/24)		700		714,495
3.65%, 09/14/18		3,750		3,973,208
3.85%, 11/01/42 (Call 05/01/42)		1,150		1,057,324
4.40%, 11/01/34 (Call 05/01/34)a		1,000		1,019,001
5.01%, 08/21/54d		800		838,137
5.15%, 09/15/23		850		974,141
5.85%, 09/15/35a		1,080		1,291,344
6.00%, 04/01/41		402		487,413

SCHEDULESOF INVESTMENTS 149

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
6.10%, 04/15/18	$	220	$	248,224
6.40%, 09/15/33		1,500		1,885,522
6.40%, 02/15/38		350		443,175
6.55%, 09/15/43		2,257		2,963,925
7.75%, 12/01/30		725		1,026,297
Vodafone Group PLC
1.50%, 02/19/18		700		695,938
2.50%, 09/26/22		100		96,024
2.95%, 02/19/23		500		493,243
5.45%, 06/10/19		450		509,272
5.63%, 02/27/17		150		162,532
6.15%, 02/27/37		905		1,092,994
				52,214,751
TEXTILES — 0.06%
Cintas Corp. No. 2
2.85%, 06/01/16		350		356,906
Mohawk Industries Inc.
3.85%, 02/01/23 (Call 11/01/22)		250		252,436
				609,342
TOYS, GAMES & HOBBIES — 0.06%
Hasbro Inc.
3.15%, 05/15/21 (Call 03/15/21)a		55		55,260
Mattel Inc.
2.50%, 11/01/16		100		101,716
3.15%, 03/15/23 (Call 12/15/22)		275		275,515
4.35%, 10/01/20		100		106,606
5.45%, 11/01/41 (Call 05/01/41)a		100		108,933
				648,030
TRANSPORTATION — 1.48%
Burlington Northern Santa Fe LLC
3.05%, 03/15/22 (Call 12/15/21)		162		165,974
3.45%, 09/15/21 (Call 06/15/21)a		678		709,094
3.75%, 04/01/24 (Call 01/01/24)		900		961,201
4.45%, 03/15/43 (Call 09/15/42)		500		534,421

Security	Principal (000s)		Value
4.55%, 09/01/44 (Call 03/01/44)	$	400	$	438,024
4.90%, 04/01/44 (Call 10/01/43)		250		286,541
5.75%, 05/01/40 (Call 11/01/39)		212		266,196
6.15%, 05/01/37		37		48,988
Canadian National Railway Co.
1.45%, 12/15/16 (Call 11/15/16)		150		151,512
2.95%, 11/21/24 (Call 08/21/24)		500		508,160
5.55%, 03/01/19		300		341,691
6.38%, 11/15/37		250		346,679
Canadian Pacific Railway Co.
2.90%, 02/01/25 (Call 11/01/24)		200		197,258
5.95%, 05/15/37		102		130,313
7.13%, 10/15/31		275		378,859
CSX Corp.
3.40%, 08/01/24 (Call 05/01/24)		250		258,716
3.70%, 10/30/20 (Call 07/30/20)		200		213,088
4.10%, 03/15/44 (Call 09/15/43)		652		670,496
4.25%, 06/01/21 (Call 03/01/21)		300		326,400
6.15%, 05/01/37a		102		133,786
6.22%, 04/30/40		100		133,010
7.38%, 02/01/19		250		299,291
FedEx Corp.
2.63%, 08/01/22a		750		745,585
4.00%, 01/15/24		550		595,538
4.50%, 02/01/65		400		394,201
5.10%, 01/15/44		100		115,456
8.00%, 01/15/19		92		111,876
Kansas City Southern de Mexico SA de CV
3.00%, 05/15/23 (Call 02/15/23)		250		246,737
Norfolk Southern Corp.
3.00%, 04/01/22 (Call 01/01/22)		500		507,650

150 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.80%, 08/15/43 (Call 02/15/43)	$	400	$	455,487
4.84%, 10/01/41		503		571,185
5.90%, 06/15/19		282		324,799
7.70%, 05/15/17		280		318,808
Ryder System Inc.
2.50%, 03/01/17 (Call 02/01/17)		200		204,517
2.50%, 03/01/18 (Call 02/01/18)		200		203,954
2.65%, 03/02/20 (Call 02/20/20)		75		75,790
3.50%, 06/01/17		100		104,513
3.60%, 03/01/16		30		30,788
Union Pacific Corp.
3.38%, 02/01/35 (Call 08/01/34)		300		297,044
4.15%, 01/15/45 (Call 07/15/44)		400		429,544
4.16%, 07/15/22 (Call 04/15/22)		400		444,175
5.78%, 07/15/40		390		518,805
United Parcel Service Inc.
2.45%, 10/01/22		1,000		992,248
5.13%, 04/01/19		137		155,122
6.20%, 01/15/38		400		540,315
				15,883,835
TRUCKING & LEASING — 0.06%
GATX Corp.
3.50%, 07/15/16		250		257,788
4.85%, 06/01/21		200		220,891
5.20%, 03/15/44 (Call 09/15/43)		100		109,587
				588,266
WATER — 0.07%
American Water Capital Corp.
3.40%, 03/01/25 (Call 12/01/24)		200		205,820
6.59%, 10/15/37		352		498,713
				704,533
TOTAL CORPORATE BONDS & NOTES
(Cost: $853,207,180)				881,195,520

Security	Principal (000s)		Value
FOREIGN GOVERNMENT OBLIGATIONSf — 12.73%
BRAZIL — 0.57%
Brazilian Government International Bond
2.63%, 01/05/23	$	1,100	$	973,500
4.88%, 01/22/21a		250		261,875
5.00%, 01/27/45a		1,300		1,183,000
5.88%, 01/15/19		300		331,800
6.00%, 01/17/17a		250		269,125
7.13%, 01/20/37a		537		636,345
8.00%, 01/15/18		129		140,610
8.25%, 01/20/34		275		357,500
8.75%, 02/04/25a		175		229,250
10.13%, 05/15/27		800		1,202,800
11.00%, 08/17/40 (Call 08/17/15)		507		531,082
				6,116,887
CANADA — 1.38%
Canada Government International Bond
0.88%, 02/14/17		900		903,417
1.63%, 02/27/19		600		605,822
Export Development Canada
1.00%, 05/15/17		1,500		1,505,559
1.63%, 12/03/19		200		200,462
Province of British Columbia
1.20%, 04/25/17		400		403,150
2.65%, 09/22/21a		355		369,575
7.25%, 09/01/36		300		482,471
Province of Manitoba Canada
2.10%, 09/06/22		750		744,655
4.90%, 12/06/16		150		160,849
Province of Nova Scotia
5.13%, 01/26/17		250		269,716
Province of Ontario Canada
1.10%, 10/25/17		900		898,162
1.20%, 02/14/18a		600		598,295
1.60%, 09/21/16		400		405,573
2.30%, 05/10/16		600		612,355
3.20%, 05/16/24a		800		854,835
4.00%, 10/07/19		1,300		1,430,358
4.40%, 04/14/20a		450		506,226
4.95%, 11/28/16		850		911,079

SCHEDULESOF INVESTMENTS 151

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Province of Quebec Canada
2.63%, 02/13/23a	$	300	$	305,456
2.75%, 08/25/21		75		77,667
2.88%, 10/16/24		300		310,046
3.50%, 07/29/20		505		545,105
5.00%, 03/01/16		270		281,980
5.13%, 11/14/16		188		201,827
7.50%, 09/15/29		770		1,155,365
				14,740,005
CHILE — 0.08%
Chile Government International Bond
3.13%, 03/27/25a		200		210,500
3.25%, 09/14/21a		300		318,750
3.88%, 08/05/20		250		271,875
				801,125
COLOMBIA — 0.40%
Colombia Government International Bond
2.63%, 03/15/23 (Call 12/15/22)		500		473,250
4.38%, 07/12/21a		400		426,600
5.00%, 06/15/45 (Call 12/15/44)		800		844,000
6.13%, 01/18/41a		600		730,500
7.38%, 01/27/17		500		554,250
7.38%, 03/18/19		400		473,000
7.38%, 09/18/37		550		753,500
				4,255,100
GERMANY — 0.25%
FMS Wertmanagement AoeR
0.63%, 04/18/16		400		400,718
0.63%, 01/30/17a		1,300		1,296,579
1.63%, 11/20/18		500		504,438
Landwirtschaftliche Rentenbank
2.00%, 01/13/25		500		495,067
				2,696,802
ISRAEL — 0.09%
Israel Government International Bond
4.50%, 01/30/43		500		528,750
5.13%, 03/26/19		405		457,650
				986,400

Security	Principal (000s)		Value
ITALY — 0.23%
Italy Government International Bond
5.25%, 09/20/16	$	350	$	372,192
5.38%, 06/12/17		1,000		1,090,500
5.38%, 06/15/33a		700		854,839
6.88%, 09/27/23a		125		161,544
				2,479,075
JAPAN — 0.35%
Japan Bank for International Cooperation/Japan
1.13%, 07/19/17		600		600,579
1.75%, 05/29/19		800		802,481
2.50%, 05/18/16		500		511,354
Japan Finance Corp.
2.13%, 02/07/19		1,000		1,020,135
2.50%, 01/21/16a		300		305,373
Japan Finance Organization for Municipalities
5.00%, 05/16/17		500		542,969
				3,782,891
MEXICO — 0.88%
Mexico Government International Bond
3.63%, 03/15/22a		200		208,700
4.75%, 03/08/44		1,500		1,597,500
5.13%, 01/15/20a		1,110		1,244,310
5.55%, 01/21/45a		1,350		1,613,250
5.63%, 01/15/17		1,350		1,458,000
5.95%, 03/19/19		165		188,760
6.05%, 01/11/40		1,400		1,764,000
6.75%, 09/27/34a		500		677,500
7.50%, 04/08/33		120		171,600
11.38%, 09/15/16		400		464,000
				9,387,620
PANAMA — 0.19%
Panama Government International Bond
4.00%, 09/22/24 (Call 06/24/24)a		500		525,000
5.20%, 01/30/20		500		556,750
6.70%, 01/26/36a		725		957,000
				2,038,750

152 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
PERU — 0.23%
Peruvian Government International Bond
5.63%, 11/18/50	$	700	$	862,750
6.55%, 03/14/37		250		333,750
7.13%, 03/30/19		150		179,250
7.35%, 07/21/25a		400		544,000
8.38%, 05/03/16		250		270,250
8.75%, 11/21/33		155		246,837
				2,436,837
PHILIPPINES — 0.51%
Philippine Government International Bond
3.95%, 01/20/40		750		789,375
4.00%, 01/15/21		2,000		2,187,500
6.38%, 10/23/34		1,800		2,493,000
				5,469,875
POLAND — 0.27%
Poland Government International Bond
4.00%, 01/22/24a		700		753,375
5.00%, 03/23/22		355		403,472
5.13%, 04/21/21		300		341,712
6.38%, 07/15/19		1,225		1,433,103
				2,931,662
SOUTH AFRICA — 0.22%
South Africa Government International Bond
4.67%, 01/17/24a		700		740,250
5.38%, 07/24/44a		650		706,875
5.50%, 03/09/20a		300		330,000
6.88%, 05/27/19		500		573,125
				2,350,250
SOUTH KOREA — 0.36%
Export-Import Bank of Korea
2.88%, 01/21/25		300		300,818
3.25%, 08/12/26		200		204,364
4.00%, 01/11/17		500		523,339
5.00%, 04/11/22		500		573,488
5.13%, 06/29/20		950		1,083,589
Republic of Korea
4.13%, 06/10/44a		250		299,408
7.13%, 04/16/19		750		904,930
				3,889,936

Security	Principal (000s)		Value
SUPRANATIONAL — 5.55%
African Development Bank
0.88%, 03/15/18	$	420	$	416,400
1.13%, 03/15/17		1,000		1,006,667
1.25%, 09/02/16		620		626,375
2.38%, 09/23/21		109		112,321
Asian Development Bank
0.50%, 06/20/16		830		829,802
1.13%, 03/15/17		1,250		1,258,845
1.75%, 03/21/19		1,500		1,518,887
1.88%, 10/23/18		205		208,969
2.00%, 01/22/25		1,000		990,996
2.50%, 03/15/16		600		612,653
Corp. Andina de Fomento
4.38%, 06/15/22		609		661,233
Council of Europe Development Bank
1.00%, 03/07/18		350		348,260
1.50%, 02/22/17		1,150		1,165,578
European Bank for Reconstruction & Development
1.00%, 02/16/17		1,100		1,104,927
1.38%, 10/20/16		800		809,530
1.75%, 06/14/19a		1,500		1,513,999
European Investment Bank
0.50%, 08/15/16		500		499,490
0.63%, 04/15/16		3,450		3,456,655
0.88%, 04/18/17		4,000		4,005,614
1.00%, 12/15/17		1,150		1,147,997
1.00%, 06/15/18		2,350		2,332,393
1.13%, 09/15/17		1,850		1,856,982
1.75%, 06/17/19a		1,500		1,516,209
2.13%, 07/15/16		500		510,961
2.25%, 03/15/16		700		713,325
2.50%, 05/16/16		750		768,252
2.50%, 04/15/21		700		728,482
2.50%, 10/15/24a		750		776,564
2.88%, 09/15/20		830		880,686
4.00%, 02/16/21		1,400		1,574,372
4.88%, 01/17/17		120		129,199
4.88%, 02/15/36		250		334,689
5.13%, 05/30/17		210		229,825

SCHEDULESOF INVESTMENTS 153

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Inter-American Development Bank
0.88%, 03/15/18	$	2,900	$	2,875,145
1.13%, 03/15/17		1,525		1,535,906
1.38%, 10/18/16		475		480,900
3.00%, 02/21/24		1,750		1,884,562
3.88%, 02/14/20a		600		664,213
4.38%, 01/24/44a		200		255,652
5.13%, 09/13/16		305		325,977
International Bank for Reconstruction & Development
0.88%, 04/17/17a		2,500		2,504,606
1.00%, 09/15/16		950		956,244
1.13%, 07/18/17a		1,500		1,508,301
1.88%, 03/15/19		2,700		2,749,166
2.13%, 03/15/16		900		915,607
2.50%, 11/25/24		800		827,913
7.63%, 01/19/23		1,050		1,477,530
International Finance Corp.
1.13%, 11/23/16		1,350		1,361,220
1.75%, 09/16/19a		1,750		1,768,878
2.13%, 11/17/17		900		925,743
2.25%, 04/11/16		400		407,898
Nordic Investment Bank
0.75%, 01/17/18		650		643,524
1.00%, 03/07/17		42		42,188
2.25%, 03/15/16		600		611,108
				59,369,418
SWEDEN — 0.12%
Svensk Exportkredit AB
1.13%, 04/05/18		900		895,286
5.13%, 03/01/17		385		417,531
				1,312,817
TURKEY — 0.89%
Turkey Government International Bond
3.25%, 03/23/23a		2,500		2,365,625
4.88%, 04/16/43		2,300		2,277,713
5.75%, 03/22/24a		1,000		1,112,500
6.63%, 02/17/45		900		1,114,308
6.75%, 04/03/18		1,500		1,665,000
7.50%, 07/14/17a		900		1,003,104
				9,538,250

Security	Principal (000s)		Value
URUGUAY — 0.16%
Uruguay Government International Bond
4.50%, 08/14/24a	$	1,250	$	1,348,125
5.10%, 06/18/50a		400		414,000
				1,762,125
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $134,754,994)				136,345,825
MUNICIPAL DEBT OBLIGATIONS — 3.20%
ARIZONA — 0.03%
Salt River Project Agricultural Improvement & Power District RB BAB
4.84%, 01/01/41		250		304,792
				304,792
CALIFORNIA — 1.05%
Bay Area Toll Authority RB Series S1
6.79%, 04/01/30		200		256,282
Bay Area Toll Authority RB BAB
6.26%, 04/01/49		300		434,565
6.91%, 10/01/50		100		148,818
Series S1
7.04%, 04/01/50		330		497,874
City of San Francisco CA Public Utilities Commission Water Revenue RB BAB
6.00%, 11/01/40		225		290,169
County of Sonoma CA RB Series A
6.00%, 12/01/29 (GTD)		250		303,528
East Bay Municipal Utility District Water System Revenue RB BAB Series B
5.87%, 06/01/40		180		241,691
Los Angeles Community College District/CA GO BAB
6.75%, 08/01/49		450		676,508
Los Angeles County Metropolitan Transportation Authority RB BAB Series A
5.74%, 06/01/39		60		76,939

154 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Los Angeles County Public Works Financing Authority RB BAB
7.49%, 08/01/33	$	40	$	53,960
Los Angeles Department of Water & Power RB BAB
6.57%, 07/01/45		305		449,680
6.60%, 07/01/50		165		246,338
Los Angeles Department of Water RB
6.01%, 07/01/39		230		296,288
Los Angeles Unified School District/CA GO BAB
5.75%, 07/01/34		300		383,232
6.76%, 07/01/34		400		560,192
Orange County Local Transportation Authority RB BAB Series A
6.91%, 02/15/41		200		287,480
San Diego County Regional Transportation Commission RB BAB
5.91%, 04/01/48		250		350,355
San Diego County Water Authority Financing Corp. RB BAB
6.14%, 05/01/49		100		138,607
Santa Clara Valley Transportation Authority RB BAB
5.88%, 04/01/32		100		125,946
State of California GO
6.20%, 03/01/19		400		462,528
State of California GO BAB
5.70%, 11/01/21		200		234,774
7.50%, 04/01/34		750		1,137,533
7.55%, 04/01/39		770		1,218,332
7.60%, 11/01/40		965		1,554,876
7.70%, 11/01/30 (Call 11/01/20)		100		126,163
University of California RB BAB
5.77%, 05/15/43		450		590,094
5.95%, 05/15/45		100		130,381
				11,273,133

Security	Principal (000s)		Value
COLORADO — 0.01%
Colorado Bridge Enterprise RB BAB Series A
6.08%, 12/01/40	$	100	$	131,959
				131,959
CONNECTICUT — 0.05%
State of Connecticut GO Series A
5.85%, 03/15/32		300		378,300
State of Connecticut GO BAB
5.09%, 10/01/30		150		170,847
				549,147
DISTRICT OF COLUMBIA — 0.02%
District of Columbia Water & Sewer Authority RB
4.81%, 10/01/14		150		179,899
				179,899
FLORIDA — 0.04%
State Board of Administration Finance Corp. RB Series A
3.00%, 07/01/20		400		408,604
				408,604
GEORGIA — 0.08%
Municipal Electric Authority of Georgia RB BAB
Project J, Series 2010A
6.64%, 04/01/57		250		336,200
Project M, Series 2010A
6.66%, 04/01/57		200		266,918
State of Georgia GO BAB Series H
4.50%, 11/01/25		200		225,074
				828,192
ILLINOIS — 0.41%
Chicago Board of Education GO BAB Series E
6.14%, 12/01/39		125		128,356
Chicago Transit Authority RB Series A
6.90%, 12/01/40		340		440,212

SCHEDULESOF INVESTMENTS 155

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
City of Chicago IL GO Series B
6.31%, 01/01/44	$	100	$	104,577
Series C
7.78%, 01/01/35		125		151,465
City of Chicago IL Wastewater Transmission Revenue RB BAB Series B
6.90%, 01/01/40		105		137,212
City of Chicago IL Waterworks Revenue RB BAB Series B
6.74%, 11/01/40		50		65,791
Illinois State Toll Highway Authority RB BAB Series B
5.85%, 12/01/34		105		135,120
Metropolitan Water Reclamation District of Greater Chicago GOL BAB
5.72%, 12/01/38		200		254,982
State of Illinois GO
4.95%, 06/01/23		250		264,848
5.10%, 06/01/33		950		958,759
5.37%, 03/01/17		250		268,762
5.88%, 03/01/19		210		232,670
State of Illinois GO BAB Series 3
6.73%, 04/01/35		100		113,519
Series 5
7.35%, 07/01/35		1,000		1,193,210
				4,449,483
KENTUCKY — 0.01%
Louisville & Jefferson County Metropolitan Sewer District RB BAB
6.25%, 05/15/43		100		138,487
				138,487
MASSACHUSETTS — 0.07%
Commonwealth of Massachusetts GOL BAB Series D
4.50%, 08/01/31		230		255,431

Security	Principal (000s)		Value
Series E
4.20%, 12/01/21	$	85	$	94,348
Commonwealth of Massachusetts RB BAB Series A
5.73%, 06/01/40		100		130,997
Massachusetts School Building Authority RB BAB
5.72%, 08/15/39		205		265,645
				746,421
MISSISSIPPI — 0.01%
State of Mississippi GO BAB
5.25%, 11/01/34		100		118,575
				118,575
MISSOURI — 0.01%
University of Missouri RB BAB
5.79%, 11/01/41		40		54,496
				54,496
NEVADA — 0.01%
County of Clark Department of Aviation RB BAB Series C
6.82%, 07/01/45		40		58,664
				58,664
NEW JERSEY — 0.22%
New Jersey Economic Development Authority RB
Series A
7.43%, 02/15/29 (NPFGC)		300		383,826
Series B
0.00%, 02/15/20 (AGM)		300		256,347
0.00%, 02/15/23 (AGM)		120		86,933
0.00%, 02/15/24 (AGM)		250		173,018
New Jersey State Turnpike Authority RB BAB
7.10%, 01/01/41		77		112,817
Series F
7.41%, 01/01/40		335		512,148
New Jersey Transportation Trust Fund Authority RB
6.56%, 12/15/40		150		194,991

156 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
New Jersey Transportation Trust Fund Authority RB BAB
Series C
5.75%, 12/15/28	$	250	$	285,907
6.10%, 12/15/28 (Call 12/15/20)		250		276,275
Rutgers The State University of New Jersey RB BAB
5.67%, 05/01/40		100		129,151
				2,411,413
NEW YORK — 0.50%
City of New York NY GO BAB
5.85%, 06/01/40		250		327,770
5.97%, 03/01/36		150		201,063
Metropolitan Transportation Authority RB BAB
6.67%, 11/15/39		200		279,636
7.34%, 11/15/39		250		386,330
Series C-1
6.69%, 11/15/40		330		461,752
New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB
5.51%, 08/01/37		205		259,969
5.57%, 11/01/38		300		379,506
New York City Water & Sewer System RB BAB
5.44%, 06/15/43		125		161,009
5.72%, 06/15/42		350		465,545
5.75%, 06/15/41		320		422,166
New York State Dormitory Authority RB BAB
5.63%, 03/15/39		250		311,730
Series H
5.43%, 03/15/39		200		248,452
New York State Urban Development Corp. RB BAB
5.77%, 03/15/39		275		340,101
Port Authority of New York & New Jersey RB
4.46%, 10/01/62		50		54,651
4.93%, 10/01/51 (GOI)		250		291,855
5.86%, 12/01/24 (GOI)		325		401,716
6.04%, 12/01/29 (GOI)		250		322,043
				5,315,294

Security	Principal (000s)		Value
NORTH CAROLINA — 0.01%
University of North Carolina at Chapel Hill RB
3.85%, 12/01/34	$	100	$	107,710
				107,710
OHIO — 0.12%
American Municipal Power Inc. RB BAB
7.50%, 02/15/50		395		583,064
8.08%, 02/15/50		100		161,545
Series E
6.27%, 02/15/50		100		127,624
Northeast Ohio Regional Sewer District RB BAB
6.04%, 11/15/40 (Call 11/15/20)		100		115,795
Ohio State University (The) RB BAB
4.91%, 06/01/40		270		324,340
				1,312,368
OREGON — 0.10%
Oregon School Boards Association GOL
4.76%, 06/30/28 (AMBAC GTD)		230		259,675
State of Oregon Department of Transportation RB BAB Series 2010A
5.83%, 11/15/34		250		327,580
State of Oregon GO
5.76%, 06/01/23		250		294,805
5.89%, 06/01/27a		200		249,712
				1,131,772
PENNSYLVANIA — 0.04%
Commonwealth of Pennsylvania GO BAB Series B
4.65%, 02/15/26		300		334,932
Pennsylvania Turnpike Commission RB BAB Series B
5.51%, 12/01/45		40		50,222
				385,154

SCHEDULESOF INVESTMENTS 157

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
SOUTH CAROLINA — 0.02%
South Carolina State Public Service Authority RB Series C
6.45%, 01/01/50	$	200	$	267,710
				267,710
TEXAS — 0.33%
City of Houston TX GOL Series A
6.29%, 03/01/32a		150		185,466
City Public Service Board of San Antonio TX RB Series C
5.99%, 02/01/39		130		176,428
City Public Service Board of San Antonio TX RB BAB
5.72%, 02/01/41		250		330,428
Dallas Area Rapid Transit RB BAB
6.00%, 12/01/44		300		415,671
Dallas County Hospital District GOL BAB Series C
5.62%, 08/15/44		100		132,925
North Texas Tollway Authority RB BAB
6.72%, 01/01/49a		250		369,638
State of Texas GO BAB
5.52%, 04/01/39		300		400,977
Series A
4.63%, 04/01/33		300		348,450
Texas Transportation Commission State Highway Fund RB BAB Series B
5.03%, 04/01/26		100		117,988
5.18%, 04/01/30		400		484,032
University of Texas System (The) RB Series D
5.13%, 08/15/42		220		273,440
University of Texas System (The) RB BAB Series B
6.28%, 08/15/41 (Call 08/15/19)		225		256,727
				3,492,170

Security	Principal or Shares (000s)		Value
UTAH — 0.01%
State of Utah GO BAB Series D
4.55%, 07/01/24	$	75	$	84,872
				84,872
WASHINGTON — 0.04%
State of Washington GO BAB Series D
5.48%, 08/01/39		250		318,925
Washington State Convention Center Public Facilities District RB BAB
6.79%, 07/01/40		50		64,465
				383,390
WISCONSIN — 0.01%
State of Wisconsin RB Series A
5.70%, 05/01/26 (AGM)		125		150,335
				150,335
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $30,700,596)				34,284,040
SHORT-TERM INVESTMENTS — 9.37%
MONEY MARKET FUNDS — 9.37%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%c,g,h		80,919		80,918,714
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%c,g,h		6,588		6,587,911
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%c,g		12,797		12,797,370
				100,303,995
TOTAL SHORT-TERM INVESTMENTS
(Cost: $100,303,995)				100,303,995

158 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® CORE U.S. CREDIT BOND ETF

February 28, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 107.60%
(Cost: $1,118,966,765)	$	1,152,129,380
Other Assets, Less Liabilities — (7.60)%		(81,378,361	)
NET ASSETS — 100.00%	$	1,070,751,019

BAB  —  Build America Bond

GO  —  General Obligation

GOI  —  General Obligation of the Issuer

GOL  —  General Obligation Limited

GTD  —  Guaranteed by the Commonwealth, County or State

RB  —  Revenue Bond

Insured by:

AGM  —  Assured Guaranty Municipal Corp.

NPFGC  —  National Public Finance Guarantee Corp.

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

^b  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^c  Affiliated issuer. See Note 2.

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

^e  Variable rate security. Rate shown is as of report date.

^f  Investments are denominated in U.S. dollars.

^g  The rate quoted is the annualized seven-day yield of the fund at period end.

^h  All or a portion of this security represents an investment of securities lending collateral. See Note 1.

See notes to financial statements.

SCHEDULESOF INVESTMENTS 159

Schedule of Investments

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 83.43%
ADVERTISING — 0.22%
Interpublic Group of Companies Inc. (The)
2.25%, 11/15/17	$	1,500	$	1,505,736
3.75%, 02/15/23		1,120		1,139,051
4.00%, 03/15/22		595		615,178
4.20%, 04/15/24		1,250		1,312,505
Omnicom Group Inc.
3.63%, 05/01/22		2,992		3,140,678
4.45%, 08/15/20		1,665		1,829,275
5.90%, 04/15/16		1,373		1,443,851
6.25%, 07/15/19		1,000		1,165,476
WPP Finance 2010
3.63%, 09/07/22		1,900		1,978,988
				14,130,738
AEROSPACE & DEFENSE — 0.94%
Boeing Capital Corp.
2.13%, 08/15/16 (Call 07/15/16)		2,100		2,140,412
2.90%, 08/15/18 (Call 07/15/18)		575		602,318
4.70%, 10/27/19		1,500		1,689,558
Boeing Co. (The)
2.50%, 03/01/25 (Call 12/01/24)		555		551,444
2.85%, 10/30/24 (Call 07/30/24)a		1,250		1,271,440
4.88%, 02/15/20		997		1,136,451
6.00%, 03/15/19		2,450		2,853,920
8.75%, 08/15/21		420		575,477
Embraer Overseas Ltd.
5.70%, 09/16/23a,b		2,146		2,266,712
Exelis Inc.
4.25%, 10/01/16		150		156,180
5.55%, 10/01/21		700		754,516
General Dynamics Corp.
1.00%, 11/15/17		500		497,962
2.25%, 07/15/16		1,650		1,682,503
2.25%, 11/15/22 (Call 08/15/22)		2,500		2,435,284
3.88%, 07/15/21 (Call 04/15/21)		500		544,028

Security	Principal (000s)		Value
L-3 Communications Corp.
1.50%, 05/28/17	$	1,450	$	1,437,212
3.95%, 11/15/16		950		987,342
3.95%, 05/28/24 (Call 02/28/24)a		1,560		1,590,423
4.75%, 07/15/20		936		1,009,276
4.95%, 02/15/21 (Call 11/15/20)		1,188		1,288,980
5.20%, 10/15/19		1,210		1,337,609
Lockheed Martin Corp.
2.13%, 09/15/16		2,150		2,191,708
2.90%, 03/01/25 (Call 12/01/24)		225		226,661
3.35%, 09/15/21		1,146		1,207,699
4.25%, 11/15/19		1,322		1,451,566
Northrop Grumman Corp.
1.75%, 06/01/18		4,925		4,921,645
3.25%, 08/01/23		170		174,375
3.50%, 03/15/21		1,500		1,572,958
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)		2,988		2,958,045
3.15%, 12/15/24 (Call 09/15/24)a		570		586,448
4.40%, 02/15/20		1,100		1,217,179
6.40%, 12/15/18		760		886,511
Rockwell Collins Inc.
3.10%, 11/15/21 (Call 08/15/21)		950		980,706
3.70%, 12/15/23 (Call 09/15/23)		1,500		1,593,336
5.25%, 07/15/19		350		387,726
United Technologies Corp.
1.80%, 06/01/17		1,411		1,439,110
3.10%, 06/01/22		8,246		8,570,367
4.50%, 04/15/20		1,653		1,842,659
5.38%, 12/15/17		112		124,709
6.13%, 02/01/19		960		1,116,969
8.75%, 03/01/21		100		134,731
				60,394,155
AGRICULTURE — 0.87%
Altria Group Inc.
2.63%, 01/14/20 (Call 12/14/19)		5,341		5,415,700

160 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
2.85%, 08/09/22	$	4,350	$	4,325,987
2.95%, 05/02/23a		500		498,082
4.00%, 01/31/24a		2,500		2,675,429
4.75%, 05/05/21		1,550		1,724,625
9.25%, 08/06/19		2,101		2,702,049
9.70%, 11/10/18		1,709		2,167,863
Archer-Daniels-Midland Co.
4.48%, 03/01/21		1,645		1,824,985
5.45%, 03/15/18		750		838,122
Bunge Ltd. Finance Corp.
4.10%, 03/15/16		1,140		1,173,387
8.50%, 06/15/19		1,540		1,871,197
Bunge N.A. Finance LP
5.90%, 04/01/17		250		269,509
Lorillard Tobacco Co.
3.50%, 08/04/16		385		396,346
3.75%, 05/20/23 (Call 02/20/23)a		1,200		1,216,274
6.88%, 05/01/20		2,927		3,480,817
8.13%, 06/23/19		1,947		2,373,694
Philip Morris International Inc.
1.13%, 08/21/17		3,900		3,897,311
1.63%, 03/20/17		2,050		2,075,825
1.88%, 01/15/19		1,800		1,809,473
2.50%, 05/16/16a		2,340		2,390,485
2.63%, 03/06/23a		250		248,603
2.90%, 11/15/21		205		209,982
3.25%, 11/10/24		965		997,215
3.60%, 11/15/23		575		611,082
4.13%, 05/17/21		1,000		1,095,711
4.50%, 03/26/20		1,796		1,997,327
5.65%, 05/16/18		2,610		2,950,491
Reynolds American Inc.
3.25%, 11/01/22		3,600		3,587,071
4.85%, 09/15/23a		500		551,270
6.75%, 06/15/17		522		579,004
				55,954,916
AIRLINES — 0.19%
American Airlines 2013-2 Pass Through Trust Class A
4.95%, 07/15/24		2,748		2,987,926
American Airlines Inc. 2011-1 Pass Through Trust Class A
5.25%, 07/31/22		289		315,136

Security	Principal (000s)		Value
Continental Airlines Inc. 2009-1 Pass Through Trust
9.00%, 01/08/18a	$	179	$	194,320
Continental Airlines Inc. 2010-1 Pass Through Trust Class A
4.75%, 07/12/22		320		343,693
Delta Air Lines Inc. 2007-1 Pass Through Trust Class A
6.82%, 02/10/24		1,452		1,710,080
Delta Air Lines Inc. 2010-1 Pass Through Trust Class A
6.20%, 01/02/20a		866		952,485
Delta Air Lines Inc. 2012-1 Pass Through Trust Class A
4.75%, 11/07/21		995		1,071,638
Northwest Airlines Inc. 2007-1 Pass Through Trust Class A
7.03%, 05/01/21		22		25,133
Southwest Airlines Co.
5.13%, 03/01/17		200		214,835
5.75%, 12/15/16		901		972,429
Southwest Airlines Co. 2007-1 Pass Through Trust
6.15%, 02/01/24		1,433		1,654,933
UAL 2009-1 Pass Through Trust
10.40%, 05/01/18		702		774,645
UAL 2009-2 Pass Through Trust Class A
9.75%, 07/15/18		950		1,054,229
				12,271,482
APPAREL — 0.05%
NIKE Inc.
2.25%, 05/01/23 (Call 02/01/23)		1,350		1,329,812
VF Corp.
3.50%, 09/01/21 (Call 06/21/21)		880		932,451
5.95%, 11/01/17		725		810,965
				3,073,228
AUTO MANUFACTURERS — 0.75%
American Honda Finance Corp.
1.55%, 12/11/17		7,200		7,262,030
2.13%, 10/10/18		2,700		2,744,599
2.25%, 08/15/19		1,750		1,777,267

SCHEDULESOF INVESTMENTS 161

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Ford Motor Co.
6.50%, 08/01/18a	$	1,500	$	1,713,732
PACCAR Financial Corp.
0.80%, 02/08/16		2,050		2,055,671
Toyota Motor Credit Corp.
1.13%, 05/16/17		6,500		6,525,726
1.25%, 10/05/17		2,625		2,634,814
1.38%, 01/10/18		788		790,724
1.45%, 01/12/18		2,125		2,136,829
2.00%, 09/15/16		1,669		1,702,064
2.05%, 01/12/17a		1,797		1,838,355
2.10%, 01/17/19		1,650		1,675,669
2.63%, 01/10/23		3,900		3,922,592
2.80%, 01/11/16a		2,332		2,380,314
3.30%, 01/12/22		4,362		4,622,339
3.40%, 09/15/21		1,982		2,110,707
4.25%, 01/11/21		1,750		1,938,741
Series B
4.50%, 06/17/20		146		163,205
				47,995,378
AUTO PARTS & EQUIPMENT — 0.19%
BorgWarner Inc.
4.63%, 09/15/20		600		662,174
Delphi Corp.
4.15%, 03/15/24 (Call 12/15/23)a		1,275		1,351,830
5.00%, 02/15/23 (Call 02/15/18)		2,000		2,155,000
6.13%, 05/15/21 (Call 05/15/16)		10		10,900
Johnson Controls Inc.
2.60%, 12/01/16		1,000		1,022,352
3.63%, 07/02/24 (Call 04/02/24)		460		475,198
3.75%, 12/01/21 (Call 09/01/21)a		1,250		1,316,036
4.25%, 03/01/21		1,450		1,565,077
5.00%, 03/30/20		400		445,331
5.50%, 01/15/16		890		926,566
Magna International Inc.
3.63%, 06/15/24 (Call 03/15/24)		2,000		2,045,242
				11,975,706

Security	Principal (000s)		Value
BANKS — 23.02%
Abbey National Treasury Services PLC/London
1.38%, 03/13/17	$	1,000	$	999,433
1.65%, 09/29/17		1,750		1,751,606
4.00%, 04/27/16		1,257		1,299,122
4.00%, 03/13/24		2,300		2,472,691
AgriBank FCB
Series AI
9.13%, 07/15/19		1,000		1,267,798
American Express Bank FSB
6.00%, 09/13/17		810		899,771
American Express Centurion Bank
6.00%, 09/13/17		1,250		1,388,535
Associated Banc-Corp.
5.13%, 03/28/16 (Call 02/28/16)		700		727,335
Australia & New Zealand Banking Group Ltd./New York NY
0.90%, 02/12/16		1,000		1,003,270
1.25%, 01/10/17a		3,000		3,008,061
1.50%, 01/16/18		2,000		1,992,639
1.88%, 10/06/17		2,000		2,020,386
2.25%, 06/13/19		2,320		2,342,360
Banco do Brasil SA
3.88%, 01/23/17		2,000		2,047,500
3.88%, 10/10/22		3,500		3,158,750
Bancolombia SA
5.95%, 06/03/21		3,200		3,532,160
Bank of America Corp.
1.70%, 08/25/17		13,500		13,531,632
2.00%, 01/11/18		5,300		5,321,807
2.60%, 01/15/19a		6,900		7,000,874
2.65%, 04/01/19a		2,100		2,133,095
3.30%, 01/11/23		13,100		13,214,635
3.63%, 03/17/16		1,930		1,980,394
3.88%, 03/22/17		5,911		6,194,046
4.00%, 04/01/24a		11,000		11,623,772
4.00%, 01/22/25		2,500		2,529,916
4.10%, 07/24/23		2,000		2,123,800
4.13%, 01/22/24		2,500		2,663,111
4.20%, 08/26/24a		5,150		5,319,826
5.00%, 05/13/21		2,390		2,679,509
5.42%, 03/15/17a		4,050		4,329,262

162 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.49%, 03/15/19	$	2,800	$	3,096,577
5.63%, 10/14/16		1,090		1,164,316
5.63%, 07/01/20		3,030		3,470,001
5.65%, 05/01/18		3,845		4,264,524
5.70%, 05/02/17		1,110		1,196,161
5.70%, 01/24/22		1,240		1,441,037
5.75%, 08/15/16		1,080		1,143,040
5.75%, 12/01/17		3,030		3,345,033
5.88%, 01/05/21		3,695		4,302,695
6.00%, 09/01/17		1,500		1,655,146
6.05%, 05/16/16		2,350		2,477,402
6.40%, 08/28/17		3,265		3,634,105
6.50%, 08/01/16		4,450		4,773,492
6.50%, 07/15/18		4,830		5,509,539
6.88%, 04/25/18		2,175		2,491,219
6.88%, 11/15/18		1,807		2,098,862
7.63%, 06/01/19		3,185		3,845,717
7.80%, 09/15/16		1,850		2,018,200
Series 1
3.75%, 07/12/16		4,750		4,909,820
Bank of America N.A.
1.25%, 02/14/17		5,000		4,999,671
5.30%, 03/15/17		5,875		6,290,497
6.10%, 06/15/17		3,850		4,215,525
Bank of Montreal
1.30%, 07/14/17 (Call 06/14/17)		2,500		2,499,796
1.40%, 09/11/17a		1,000		999,669
1.45%, 04/09/18 (Call 03/09/18)		5,500		5,466,582
2.38%, 01/25/19 (Call 12/25/18)		1,920		1,950,318
2.50%, 01/11/17		1,695		1,738,163
Bank of New York Mellon Corp. (The)
1.97%, 06/20/17c		500		505,360
2.10%, 08/01/18a		2,000		2,027,704
2.10%, 01/15/19 (Call 12/15/18)		2,000		2,009,902
2.20%, 05/15/19 (Call 04/15/19)		1,500		1,507,440
2.30%, 07/28/16		1,410		1,438,490
2.30%, 09/11/19 (Call 08/11/19)		1,295		1,308,489

Security	Principal (000s)		Value
3.00%, 02/24/25	$	415	$	418,802
3.40%, 05/15/24 (Call 04/15/24)		2,140		2,200,425
3.55%, 09/23/21 (Call 08/23/21)		2,025		2,150,977
4.15%, 02/01/21		1,250		1,369,702
4.60%, 01/15/20		1,090		1,211,082
5.45%, 05/15/19		800		902,023
5.50%, 12/01/17		2,590		2,857,431
Series G
2.15%, 02/24/20 (Call 01/24/20)		3,000		3,009,233
Bank of Nova Scotia (The)
0.95%, 03/15/16		1,000		1,003,584
1.10%, 12/13/16		1,500		1,502,022
1.25%, 04/11/17		1,500		1,501,450
1.30%, 07/21/17		5,000		4,999,591
1.38%, 07/15/16		1,600		1,611,358
1.45%, 04/25/18a		2,839		2,818,049
2.55%, 01/12/17		5,179		5,319,719
2.90%, 03/29/16		1,964		2,012,379
4.38%, 01/13/21		1,634		1,805,465
Barclays Bank PLC
2.50%, 02/20/19		4,350		4,428,633
3.75%, 05/15/24		5,800		6,131,664
5.00%, 09/22/16		2,563		2,718,097
5.13%, 01/08/20		1,595		1,805,931
5.14%, 10/14/20		2,376		2,630,113
6.75%, 05/22/19		2,194		2,602,003
Barclays PLC
2.75%, 11/08/19		6,150		6,230,093
BB&T Corp.
1.45%, 01/12/18 (Call 12/12/17)		2,900		2,880,280
1.60%, 08/15/17 (Call 07/14/17)		1,567		1,562,369
2.15%, 03/22/17 (Call 02/22/17)		1,701		1,727,991
2.25%, 02/01/19 (Call 01/02/19)		1,800		1,809,657
2.45%, 01/15/20 (Call 12/15/19)		2,000		2,017,679
3.20%, 03/15/16 (Call 02/16/16)		745		761,652

SCHEDULESOF INVESTMENTS 163

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
3.95%, 03/22/22 (Call 02/22/22)a	$	2,425	$	2,576,407
4.90%, 06/30/17		200		212,181
5.20%, 12/23/15		1,989		2,057,967
5.25%, 11/01/19		1,100		1,232,235
BNP Paribas SA
1.25%, 12/12/16		600		600,384
1.38%, 03/17/17		30		30,025
2.38%, 09/14/17		4,900		4,993,589
2.40%, 12/12/18a		500		507,215
2.45%, 03/17/19a		3,000		3,056,444
2.70%, 08/20/18a		4,610		4,733,033
3.25%, 03/03/23		2,250		2,305,417
3.60%, 02/23/16		1,420		1,458,599
4.25%, 10/15/24a		1,500		1,556,008
5.00%, 01/15/21		3,480		3,951,566
BNY Mellon N.A.
5.45%, 04/01/16a		170		178,787
BPCE SA
2.25%, 01/27/20		4,000		4,017,809
2.50%, 12/10/18		5,000		5,086,486
2.50%, 07/15/19		3,500		3,553,208
4.00%, 04/15/24		1,725		1,852,747
Branch Banking & Trust Co.
1.05%, 12/01/16 (Call 11/01/16)		4,000		3,992,845
Canadian Imperial Bank of Commerce/Canada
2.35%, 12/11/15		1,397		1,417,263
Capital One Financial Corp.
2.45%, 04/24/19 (Call 03/24/19)		5,000		5,028,199
3.15%, 07/15/16		1,238		1,270,690
3.20%, 02/05/25 (Call 01/05/25)		1,040		1,029,243
3.50%, 06/15/23		1,200		1,216,980
4.75%, 07/15/21		1,200		1,335,389
6.15%, 09/01/16		1,053		1,125,304
6.75%, 09/15/17		883		993,259
Capital One N.A./Mclean VA
1.50%, 09/05/17 (Call 08/05/17)		4,000		3,992,803

Security	Principal (000s)		Value
2.40%, 09/05/19 (Call 08/15/19)	$	2,500	$	2,504,883
2.95%, 07/23/21		2,000		2,016,989
Citigroup Inc.
1.30%, 04/01/16		2,200		2,205,825
1.30%, 11/15/16		6,000		5,994,591
1.35%, 03/10/17		5,000		4,984,759
1.75%, 05/01/18		6,500		6,459,937
1.80%, 02/05/18		2,865		2,855,943
2.40%, 02/18/20		2,335		2,328,081
2.50%, 07/29/19a		6,000		6,036,516
2.55%, 04/08/19		10,100		10,236,381
3.38%, 03/01/23		1,000		1,019,141
3.50%, 05/15/23a		2,000		1,989,624
3.88%, 10/25/23		1,000		1,050,391
3.95%, 06/15/16		1,532		1,585,693
4.00%, 08/05/24a		5,000		5,105,178
4.05%, 07/30/22		4,000		4,133,759
4.45%, 01/10/17		1,862		1,962,148
4.50%, 01/14/22		3,185		3,489,232
5.38%, 08/09/20		1,738		1,976,041
5.50%, 02/15/17		4,075		4,369,658
5.85%, 08/02/16		1,041		1,106,577
6.00%, 08/15/17		4,020		4,433,627
6.13%, 11/21/17		2,750		3,066,573
6.13%, 05/15/18		1,700		1,913,726
8.50%, 05/22/19		2,400		2,987,617
City National Corp./CA
5.25%, 09/15/20		500		567,833
Comerica Bank
5.20%, 08/22/17		3,050		3,263,627
5.75%, 11/21/16		110		118,360
Commonwealth Bank of Australia/New York NY
1.13%, 03/13/17		4,500		4,490,236
1.90%, 09/18/17		3,500		3,534,558
2.25%, 03/13/19		2,000		2,015,117
2.30%, 09/06/19		2,000		2,014,239
Compass Bank
1.85%, 09/29/17 (Call 08/29/17)		5,000		5,003,238
6.40%, 10/01/17		320		341,875

164 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
2.25%, 01/14/19	$	7,000	$	7,045,588
3.38%, 01/19/17		7,151		7,432,456
3.88%, 02/08/22		2,360		2,536,934
3.95%, 11/09/22		3,500		3,585,525
4.50%, 01/11/21		2,160		2,394,893
4.63%, 12/01/23a		4,800		5,198,866
Credit Suisse/New York NY
1.38%, 05/26/17		750		748,215
1.75%, 01/29/18		4,000		3,994,177
2.30%, 05/28/19		3,000		3,022,519
3.00%, 10/29/21		2,580		2,626,261
3.63%, 09/09/24		4,000		4,157,589
4.38%, 08/05/20		2,620		2,870,128
5.30%, 08/13/19		2,058		2,308,104
5.40%, 01/14/20		2,260		2,534,011
6.00%, 02/15/18a		8,283		9,198,569
Deutsche Bank AG/London
1.35%, 05/30/17		3,150		3,140,731
1.40%, 02/13/17		1,500		1,501,340
2.50%, 02/13/19a		2,650		2,693,629
3.25%, 01/11/16		2,298		2,344,273
3.70%, 05/30/24		1,430		1,498,125
4.30%, 05/24/28 (Call 05/24/23)d		5,000		4,997,322
6.00%, 09/01/17		2,920		3,235,658
Discover Bank/Greenwood DE
4.20%, 08/08/23		5,000		5,339,187
7.00%, 04/15/20		1,000		1,190,994
Fifth Third Bancorp
2.30%, 03/01/19 (Call 01/30/19)		1,900		1,906,842
3.50%, 03/15/22 (Call 02/15/22)		1,300		1,352,734
3.63%, 01/25/16		1,565		1,602,587
4.30%, 01/16/24 (Call 12/16/23)a		1,000		1,065,304
4.50%, 06/01/18		1,180		1,267,279
5.45%, 01/15/17		950		1,014,383
Fifth Third Bank/Cincinnati OH
1.15%, 11/18/16 (Call 10/18/16)		3,200		3,197,100

Security	Principal (000s)		Value
2.38%, 04/25/19 (Call 03/25/19)	$	2,500	$	2,526,292
First Horizon National Corp.
5.38%, 12/15/15		1,400		1,443,205
First Republic Bank/CA
2.38%, 06/17/19 (Call 05/17/19)		320		321,806
First Tennessee Bank N.A.
2.95%, 12/01/19 (Call 11/01/19)		1,000		1,006,340
Goldman Sachs Group Inc. (The)
2.38%, 01/22/18		8,700		8,844,860
2.55%, 10/23/19		13,500		13,586,108
2.60%, 04/23/20 (Call 03/23/20)		2,710		2,718,533
2.63%, 01/31/19		6,000		6,087,464
2.90%, 07/19/18		7,500		7,706,919
3.50%, 01/23/25 (Call 10/23/24)a		5,000		5,064,286
3.63%, 02/07/16		4,843		4,964,293
3.63%, 01/22/23		3,250		3,356,364
3.85%, 07/08/24 (Call 04/08/24)		10,000		10,451,043
4.00%, 03/03/24		6,300		6,654,748
5.25%, 07/27/21		2,600		2,946,046
5.35%, 01/15/16		1,533		1,592,579
5.38%, 03/15/20		1,330		1,502,991
5.63%, 01/15/17		5,798		6,206,208
5.75%, 10/01/16		2,581		2,760,243
5.75%, 01/24/22		1,600		1,866,504
5.95%, 01/18/18		2,270		2,528,404
6.00%, 06/15/20a		2,100		2,444,536
6.15%, 04/01/18		4,356		4,900,626
6.25%, 09/01/17		2,880		3,200,658
7.50%, 02/15/19		2,830		3,376,971
HSBC Bank USA N.A./New York NY
4.88%, 08/24/20		4,100		4,526,445
HSBC Holdings PLC
4.00%, 03/30/22		3,711		3,987,018
4.25%, 03/14/24a		4,675		4,917,537
4.88%, 01/14/22		2,000		2,253,254
5.10%, 04/05/21		2,358		2,663,576

SCHEDULESOF INVESTMENTS 165

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
HSBC USA Inc.
1.63%, 01/16/18	$	3,600	$	3,599,338
2.25%, 06/23/19a		8,500		8,547,389
2.38%, 11/13/19		7,000		7,053,157
3.50%, 06/23/24		1,500		1,571,314
Huntington National Bank (The)
1.30%, 11/20/16 (Call 10/20/16)		1,900		1,899,239
2.20%, 04/01/19 (Call 03/01/19)		2,500		2,499,622
2.40%, 04/01/20		2,000		2,008,089
Intesa Sanpaolo SpA
2.38%, 01/13/17		500		504,759
3.13%, 01/15/16		2,500		2,539,378
3.88%, 01/16/18		4,200		4,382,765
3.88%, 01/15/19		1,500		1,564,146
5.25%, 01/12/24		2,975		3,343,848
JPMorgan Chase & Co.
1.35%, 02/15/17		7,000		7,013,020
1.63%, 05/15/18a		3,300		3,281,923
1.80%, 01/25/18a		5,500		5,515,256
2.00%, 08/15/17		1,900		1,925,882
2.20%, 10/22/19		5,500		5,474,964
2.25%, 01/23/20 (Call 12/23/19)		5,000		4,971,529
2.35%, 01/28/19		6,500		6,547,527
2.60%, 01/15/16		1,500		1,523,441
3.13%, 01/23/25 (Call 10/23/24)		3,500		3,465,217
3.15%, 07/05/16		7,250		7,432,680
3.20%, 01/25/23a		8,000		8,109,971
3.25%, 09/23/22		2,000		2,039,968
3.38%, 05/01/23		5,050		5,004,280
3.45%, 03/01/16		1,756		1,798,997
3.63%, 05/13/24a		2,000		2,074,816
3.88%, 02/01/24a		11,000		11,612,942
3.88%, 09/10/24		4,000		4,077,330
4.25%, 10/15/20		2,010		2,181,981
4.35%, 08/15/21		2,050		2,235,976
4.40%, 07/22/20		4,450		4,861,293
4.50%, 01/24/22		4,800		5,291,689
4.63%, 05/10/21		1,300		1,437,569
4.95%, 03/25/20		3,000		3,354,711

Security	Principal (000s)		Value
6.00%, 01/15/18	$	2,980	$	3,334,858
6.13%, 06/27/17		3,460		3,806,792
6.30%, 04/23/19		1,475		1,709,840
JPMorgan Chase Bank N.A.
6.00%, 10/01/17		11,161		12,367,762
KeyBank N.A./Cleveland OH
1.65%, 02/01/18		1,000		999,957
2.25%, 03/16/20		905		906,112
2.50%, 12/15/19		625		631,935
5.45%, 03/03/16		2,026		2,118,000
KeyCorp
2.30%, 12/13/18 (Call 11/13/18)		2,700		2,721,861
5.10%, 03/24/21a		1,199		1,358,680
KfW
0.50%, 04/19/16		8,600		8,603,296
0.63%, 12/15/16		5,000		4,996,186
0.75%, 03/17/17a		25,250		25,238,231
0.88%, 12/15/17		10,000		9,945,702
1.00%, 06/11/18		6,000		5,956,150
1.25%, 10/05/16		7,200		7,271,120
1.25%, 02/15/17		5,200		5,250,353
1.75%, 10/15/19		6,000		6,056,434
1.88%, 04/01/19		13,900		14,133,640
2.00%, 06/01/16		2,850		2,901,861
2.13%, 01/17/23		10,050		10,157,605
2.38%, 08/25/21		5,250		5,427,681
2.50%, 11/20/24		13,000		13,447,205
2.63%, 02/16/16		1,400		1,429,413
2.63%, 01/25/22		4,750		4,976,584
2.75%, 09/08/20a		1,850		1,950,862
2.75%, 10/01/20		6,200		6,540,029
4.00%, 01/27/20		6,398		7,112,307
4.50%, 07/16/18		1,747		1,932,150
4.88%, 01/17/17a		6,850		7,378,265
4.88%, 06/17/19		2,690		3,066,826
5.13%, 03/14/16		1,400		1,467,350
Series G
4.38%, 03/15/18		2,850		3,120,855
Korea Development Bank (The)
1.50%, 01/22/18		3,500		3,472,657
2.50%, 03/11/20		1,500		1,513,844
3.00%, 09/14/22a		3,000		3,050,106

166 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
3.25%, 03/09/16	$	2,400	$	2,451,855
3.50%, 08/22/17		2,930		3,054,515
3.88%, 05/04/17		450		470,822
4.00%, 09/09/16		1,500		1,561,118
4.63%, 11/16/21a		3,000		3,360,972
Landwirtschaftliche Rentenbank
1.00%, 04/04/18		5,100		5,069,416
1.38%, 10/23/19a		6,050		6,002,001
1.88%, 09/17/18		2,500		2,547,462
2.13%, 07/15/16		1,550		1,583,764
2.25%, 10/01/21		500		511,746
2.38%, 09/13/17		2,000		2,068,213
2.50%, 02/15/16		1,100		1,121,749
5.00%, 11/08/16		2,330		2,498,097
5.13%, 02/01/17		850		920,356
Lloyds Bank PLC
2.35%, 09/05/19a		500		504,628
4.20%, 03/28/17		1,990		2,103,406
4.88%, 01/21/16		1,441		1,493,385
6.38%, 01/21/21		3,517		4,236,701
Lloyds Banking Group PLC
4.50%, 11/04/24		610		637,581
Manufacturers & Traders Trust Co.
1.45%, 03/07/18 (Call 02/05/18)		3,500		3,471,174
2.25%, 07/25/19 (Call 06/25/19)a		2,000		2,005,432
2.90%, 02/06/25 (Call 01/06/25)		1,500		1,488,180
5.63%, 12/01/21 (Call 12/01/16)d		2,000		2,067,991
6.63%, 12/04/17		1,000		1,118,801
Mellon Funding Corp.
5.50%, 11/15/18		1,160		1,298,920
Morgan Stanley
1.75%, 02/25/16		1,509		1,521,034
2.13%, 04/25/18		6,500		6,534,251
2.38%, 07/23/19		3,000		3,002,621
2.50%, 01/24/19		16,050		16,286,648
2.65%, 01/27/20		3,060		3,086,155
3.70%, 10/23/24		15,000		15,500,530
3.75%, 02/25/23		7,900		8,258,970
3.80%, 04/29/16		1,600		1,647,742

Security	Principal (000s)		Value
4.10%, 05/22/23	$	1,000	$	1,031,467
4.75%, 03/22/17		7,000		7,458,867
4.88%, 11/01/22		2,500		2,716,497
5.45%, 01/09/17		2,115		2,265,122
5.50%, 01/26/20		2,650		3,004,978
5.50%, 07/24/20		3,800		4,336,341
5.50%, 07/28/21		4,620		5,322,506
5.63%, 09/23/19		1,333		1,508,192
5.75%, 10/18/16		3,495		3,738,982
5.75%, 01/25/21		2,830		3,280,426
5.95%, 12/28/17		4,150		4,609,633
6.25%, 08/28/17		1,714		1,899,289
6.63%, 04/01/18		2,124		2,416,185
7.30%, 05/13/19		3,150		3,755,549
Series F
3.88%, 04/29/24		1,000		1,045,673
5.55%, 04/27/17		3,300		3,569,658
MUFG Union Bank N.A.
2.13%, 06/16/17		4,500		4,557,651
2.25%, 05/06/19 (Call 04/06/19)		3,500		3,506,297
2.63%, 09/26/18 (Call 08/26/18)		750		765,675
3.00%, 06/06/16		2,000		2,048,734
5.95%, 05/11/16		2,410		2,540,760
National Australia Bank Ltd./New York
2.75%, 03/09/17		4,500		4,636,801
3.00%, 01/20/23		2,500		2,534,589
National Bank of Canada
1.45%, 11/07/17 (Call 10/07/17)		3,000		2,984,033
National City Bank of Indiana
4.25%, 07/01/18		220		235,065
National City Corp.
6.88%, 05/15/19		970		1,139,057
Northern Trust Corp.
3.38%, 08/23/21		2,575		2,721,027
3.45%, 11/04/20		2,115		2,260,679
Oesterreichische Kontrollbank AG
1.13%, 05/29/18		3,000		2,985,422
2.00%, 06/03/16		1,200		1,221,891
2.38%, 10/01/21		2,500		2,570,941

SCHEDULESOF INVESTMENTS 167

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.88%, 02/16/16	$	1,780	$	1,855,091
5.00%, 04/25/17		2,300		2,500,166
PNC Bank N.A.
2.95%, 01/30/23 (Call 12/30/22)e		3,000		2,967,968
3.80%, 07/25/23 (Call 06/25/23)a,e		1,500		1,570,505
4.88%, 09/21/17e		340		366,409
5.25%, 01/15/17e		290		310,147
6.00%, 12/07/17e		2,250		2,506,228
PNC Financial Services Group Inc. (The)
2.85%, 11/09/22c,e		3,400		3,395,533
3.90%, 04/29/24 (Call 03/29/24)e		1,000		1,038,517
PNC Funding Corp.
2.70%, 09/19/16 (Call 08/19/16)e		1,693		1,730,478
3.30%, 03/08/22 (Call 02/06/22)e		1,862		1,937,831
4.38%, 08/11/20e		6,642		7,306,379
5.13%, 02/08/20e		1,391		1,573,096
5.63%, 02/01/17e		1,750		1,884,019
Regions Financial Corp.
2.00%, 05/15/18 (Call 04/15/18)		1,000		993,788
Royal Bank of Canada
0.85%, 03/08/16		1,000		1,002,706
1.20%, 01/23/17		2,500		2,505,916
1.40%, 10/13/17		5,000		5,008,524
1.45%, 09/09/16		2,200		2,217,473
1.50%, 01/16/18		3,100		3,105,086
2.15%, 03/15/19a		5,200		5,247,526
2.20%, 07/27/18		2,000		2,032,848
2.30%, 07/20/16		140		142,784
2.63%, 12/15/15		1,742		1,771,499
Royal Bank of Scotland Group PLC
1.88%, 03/31/17		1,500		1,502,177
6.40%, 10/21/19		2,233		2,609,596
Royal Bank of Scotland PLC (The)
4.38%, 03/16/16		1,356		1,402,534
4.88%, 03/16/15		720		721,010

Security	Principal (000s)		Value
5.63%, 08/24/20	$	2,370	$	2,724,371
6.13%, 01/11/21		1,420		1,681,646
Santander Bank N.A.
8.75%, 05/30/18		250		295,664
Societe Generale SA
2.63%, 10/01/18		2,500		2,544,937
2.75%, 10/12/17		1,500		1,539,568
State Street Bank & Trust Co.
5.25%, 10/15/18		1,000		1,111,460
State Street Corp.
2.88%, 03/07/16		1,041		1,064,396
3.10%, 05/15/23a		2,200		2,207,397
3.70%, 11/20/23		2,350		2,497,023
4.38%, 03/07/21		1,910		2,123,138
4.96%, 03/15/18		500		539,961
Sumitomo Mitsui Banking Corp.
1.50%, 01/18/18		5,500		5,449,057
3.20%, 07/18/22		2,750		2,798,357
3.40%, 07/11/24		5,000		5,136,120
3.95%, 01/10/24		2,750		2,937,916
SunTrust Bank/Atlanta GA
1.35%, 02/15/17 (Call 01/15/17)		2,500		2,501,232
2.75%, 05/01/23 (Call 04/01/23)		500		492,672
5.00%, 09/01/15		62		63,235
7.25%, 03/15/18a		700		796,678
SunTrust Banks Inc.
2.35%, 11/01/18 (Call 10/01/18)		200		201,362
3.50%, 01/20/17 (Call 12/20/16)		850		884,244
3.60%, 04/15/16 (Call 03/15/16)		1,931		1,981,673
6.00%, 09/11/17		1,350		1,494,680
SVB Financial Group
3.50%, 01/29/25		750		738,061
5.38%, 09/15/20		150		168,920
Svenska Handelsbanken AB
2.50%, 01/25/19		5,250		5,363,111
2.88%, 04/04/17		2,564		2,650,637
3.13%, 07/12/16		2,010		2,068,995

168 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Toronto-Dominion Bank (The)
1.13%, 05/02/17	$	4,350	$	4,344,565
1.40%, 04/30/18		4,500		4,481,786
2.25%, 11/05/19		7,400		7,474,295
2.38%, 10/19/16		1,545		1,582,283
2.50%, 07/14/16		1,725		1,764,773
U.S. Bancorp/MN
1.65%, 05/15/17 (Call 04/15/17)		4,100		4,128,784
2.20%, 04/25/19 (Call 03/25/19)		1,500		1,516,132
2.95%, 07/15/22 (Call 06/15/22)a		3,663		3,686,212
3.00%, 03/15/22 (Call 02/15/22)		1,163		1,192,209
3.44%, 02/01/16		1,100		1,124,410
3.70%, 01/30/24 (Call 12/29/23)		3,200		3,423,096
4.13%, 05/24/21 (Call 04/23/21)		2,151		2,361,296
Series F
2.20%, 11/15/16 (Call 10/14/16)		1,171		1,195,353
3.60%, 09/11/24 (Call 08/11/24)a		1,000		1,036,276
U.S. Bank N.A./Cincinnati OH
2.13%, 10/28/19 (Call 09/28/19)		7,685		7,725,528
UBS AG/Stamford CT
2.38%, 08/14/19		6,000		6,066,266
4.88%, 08/04/20		4,640		5,232,472
5.75%, 04/25/18		2,015		2,251,623
5.88%, 12/20/17		1,675		1,862,966
7.38%, 06/15/17		120		132,806
Series 10
5.88%, 07/15/16		2,318		2,463,258
Wachovia Corp.
5.63%, 10/15/16		2,397		2,560,703
5.75%, 06/15/17		2,255		2,483,042
5.75%, 02/01/18		4,530		5,059,254
Wells Fargo & Co.
1.40%, 09/08/17		500		501,194
1.50%, 01/16/18		3,500		3,499,849

Security	Principal (000s)		Value
2.10%, 05/08/17	$	2,450	$	2,499,910
2.13%, 04/22/19a		3,500		3,519,536
2.63%, 12/15/16a		3,500		3,597,200
3.00%, 01/22/21		6,850		7,046,426
3.00%, 02/19/25		1,545		1,541,955
3.30%, 09/09/24a		11,500		11,790,615
3.50%, 03/08/22		1,780		1,875,977
3.68%, 06/15/16c		2,420		2,503,273
4.60%, 04/01/21		8,220		9,171,842
5.13%, 09/15/16		1,000		1,057,244
5.63%, 12/11/17		2,682		2,983,899
Series M
3.45%, 02/13/23		2,645		2,694,233
Series N
2.15%, 01/30/20		2,770		2,765,656
Wells Fargo Bank N.A.
5.60%, 03/15/16		100		105,006
5.75%, 05/16/16		3,580		3,785,760
6.00%, 11/15/17		3,279		3,668,397
Westpac Banking Corp.
1.20%, 05/19/17		5,250		5,239,301
1.60%, 01/12/18a		3,000		2,999,031
2.00%, 08/14/17		1,995		2,023,595
2.25%, 07/30/18		2,100		2,131,045
2.25%, 01/17/19a		1,000		1,014,003
4.63%, 06/01/18		580		614,841
4.88%, 11/19/19		1,520		1,695,128
				1,480,271,664
BEVERAGES — 1.99%
Anheuser-Busch Companies LLC
5.00%, 03/01/19		220		245,846
5.05%, 10/15/16		270		288,440
5.50%, 01/15/18		5,530		6,157,511
5.60%, 03/01/17		250		272,698
Anheuser-Busch InBev Finance Inc.
1.13%, 01/27/17		3,000		3,014,231
1.25%, 01/17/18		2,200		2,193,719
2.15%, 02/01/19		5,700		5,774,288
2.63%, 01/17/23		5,300		5,226,262
3.70%, 02/01/24a		3,550		3,753,643

SCHEDULESOF INVESTMENTS 169

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Anheuser-Busch InBev Worldwide Inc.
1.38%, 07/15/17	$	500	$	503,405
2.50%, 07/15/22		1,000		983,866
2.88%, 02/15/16a		1,095		1,119,193
4.38%, 02/15/21		795		877,292
5.00%, 04/15/20		298		338,147
5.38%, 01/15/20		2,655		3,052,484
6.88%, 11/15/19		500		603,835
7.75%, 01/15/19a		4,288		5,183,672
Beam Suntory Inc.
1.88%, 05/15/17		2,000		2,018,224
3.25%, 05/15/22 (Call 02/15/22)		1,250		1,257,516
5.38%, 01/15/16		531		551,083
Bottling Group LLC
5.13%, 01/15/19		2,733		3,070,966
5.50%, 04/01/16		1,324		1,393,893
Brown-Forman Corp.
2.50%, 01/15/16		1,200		1,219,824
Coca-Cola Co. (The)
1.15%, 04/01/18a		500		497,418
1.65%, 03/14/18		1,536		1,553,265
1.80%, 09/01/16		5,714		5,807,338
2.45%, 11/01/20		5,000		5,118,913
2.50%, 04/01/23		4,000		3,999,092
3.15%, 11/15/20		2,204		2,330,985
3.20%, 11/01/23		1,500		1,574,998
3.30%, 09/01/21		1,085		1,151,935
5.35%, 11/15/17		3,000		3,338,621
Coca-Cola Enterprises Inc.
2.00%, 08/19/16		200		202,368
3.25%, 08/19/21 (Call 05/19/21)		1,200		1,242,873
3.50%, 09/15/20a		1,100		1,144,771
4.50%, 09/01/21 (Call 06/01/21)		2,784		3,083,401
Coca-Cola FEMSA SAB de CV
2.38%, 11/26/18		6,300		6,413,896
Diageo Capital PLC
1.13%, 04/29/18a		225		223,083
1.50%, 05/11/17		1,508		1,525,854
2.63%, 04/29/23 (Call 01/29/23)		2,500		2,467,694

Security	Principal (000s)		Value
4.83%, 07/15/20	$	2,150	$	2,428,517
5.50%, 09/30/16		1,310		1,403,847
5.75%, 10/23/17		1,053		1,175,764
Diageo Investment Corp.
2.88%, 05/11/22		1,396		1,413,402
Dr Pepper Snapple Group Inc.
2.00%, 01/15/20		1,600		1,569,006
2.60%, 01/15/19		180		182,766
2.70%, 11/15/22 (Call 08/15/22)		1,000		986,052
2.90%, 01/15/16		1,220		1,242,432
3.20%, 11/15/21 (Call 08/15/21)		680		695,003
Molson Coors Brewing Co.
2.00%, 05/01/17		1,300		1,315,093
3.50%, 05/01/22a		500		510,393
PepsiAmericas Inc.
5.00%, 05/15/17		180		195,321
PepsiCo Inc.
0.95%, 02/22/17a		5,650		5,650,732
1.25%, 08/13/17a		2,100		2,105,900
2.25%, 01/07/19 (Call 12/07/18)		500		510,475
2.50%, 05/10/16		1,915		1,951,836
2.75%, 03/05/22		3,196		3,246,474
2.75%, 03/01/23		2,100		2,117,624
3.00%, 08/25/21a		2,065		2,138,513
3.60%, 03/01/24 (Call 12/01/23)a		2,300		2,450,629
4.50%, 01/15/20		1,396		1,556,970
5.00%, 06/01/18		1,215		1,348,908
7.90%, 11/01/18		1,045		1,270,109
				128,242,309
BIOTECHNOLOGY — 0.75%
Amgen Inc.
1.25%, 05/22/17		3,100		3,097,725
2.13%, 05/15/17		3,034		3,089,332
2.20%, 05/22/19 (Call 04/22/19)		2,500		2,514,436
2.30%, 06/15/16		1,850		1,878,240
2.50%, 11/15/16		1,496		1,532,732
3.63%, 05/22/24 (Call 02/22/24)		1,200		1,248,736

170 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
3.88%, 11/15/21 (Call 08/15/21)	$	2,420	$	2,586,870
4.10%, 06/15/21 (Call 03/15/21)		2,188		2,369,851
4.50%, 03/15/20		2,125		2,345,821
5.70%, 02/01/19		1,593		1,807,276
5.85%, 06/01/17		102		112,080
6.15%, 06/01/18		1,500		1,699,877
Biogen Idec Inc.
6.88%, 03/01/18		750		860,169
Celgene Corp.
1.90%, 08/15/17		1,700		1,720,305
2.25%, 05/15/19		4,100		4,120,674
3.25%, 08/15/22		1,650		1,688,124
3.63%, 05/15/24 (Call 02/15/24)		500		520,269
3.95%, 10/15/20		1,850		1,989,472
Gilead Sciences Inc.
2.05%, 04/01/19a		4,300		4,341,488
3.05%, 12/01/16		395		410,037
3.50%, 02/01/25 (Call 11/01/24)		2,500		2,618,368
3.70%, 04/01/24 (Call 01/01/24)		2,000		2,131,467
4.40%, 12/01/21 (Call 09/01/21)		2,324		2,589,792
4.50%, 04/01/21 (Call 01/01/21)		674		752,038
				48,025,179
BUILDING MATERIALS — 0.15%
CRH America Inc.
4.13%, 01/15/16		600		615,295
5.75%, 01/15/21		2,500		2,903,507
6.00%, 09/30/16		1,382		1,482,067
8.13%, 07/15/18		2,000		2,386,538
Martin Marietta Materials Inc.
6.60%, 04/15/18		250		282,350
Owens Corning
4.20%, 12/15/22 (Call 09/15/22)		1,500		1,568,735
6.50%, 12/01/16		72		77,582
9.00%, 06/15/19		155		187,097
				9,503,171

Security	Principal (000s)		Value
CHEMICALS — 1.72%
Agrium Inc.
3.15%, 10/01/22 (Call 07/01/22)	$	300	$	299,534
3.38%, 03/15/25 (Call 12/15/24)		845		844,422
3.50%, 06/01/23 (Call 03/01/23)a		2,600		2,643,064
Air Products & Chemicals Inc.
1.20%, 10/15/17a		900		899,457
2.00%, 08/02/16		715		726,744
3.00%, 11/03/21		850		874,701
3.35%, 07/31/24 (Call 04/30/24)		2,000		2,063,358
4.38%, 08/21/19		250		275,012
Airgas Inc.
2.90%, 11/15/22 (Call 08/15/22)		1,300		1,284,641
3.65%, 07/15/24 (Call 04/15/24)a		1,400		1,443,570
Albemarle Corp.
4.15%, 12/01/24 (Call 09/01/24)		1,000		1,035,507
4.50%, 12/15/20 (Call 09/15/20)		1,000		1,064,264
Braskem Finance Ltd.
6.45%, 02/03/24a		1,000		1,010,000
Cabot Corp.
3.70%, 07/15/22		1,500		1,543,598
5.00%, 10/01/16a		125		131,913
CF Industries Inc.
6.88%, 05/01/18		4,000		4,562,054
7.13%, 05/01/20		975		1,171,094
Cytec Industries Inc.
3.50%, 04/01/23 (Call 01/01/23)		1,288		1,287,705
Dow Chemical Co. (The)
2.50%, 02/15/16		1,066		1,083,693
3.00%, 11/15/22 (Call 08/15/22)		2,000		1,996,809
3.50%, 10/01/24 (Call 07/01/24)		2,000		2,029,825
4.13%, 11/15/21 (Call 08/15/21)		1,634		1,765,690

SCHEDULESOF INVESTMENTS 171

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.25%, 11/15/20 (Call 08/15/20)	$	1,529	$	1,665,995
5.70%, 05/15/18a		1,210		1,354,249
8.55%, 05/15/19		5,207		6,491,405
Eastman Chemical Co.
2.40%, 06/01/17		1,400		1,427,655
2.70%, 01/15/20 (Call 12/15/19)		670		677,688
3.60%, 08/15/22 (Call 05/15/22)		2,612		2,698,707
4.50%, 01/15/21 (Call 10/15/20)		350		379,737
Ecolab Inc.
1.45%, 12/08/17		1,250		1,245,829
2.25%, 01/12/20		800		798,026
3.00%, 12/08/16		1,582		1,633,007
4.35%, 12/08/21		1,862		2,044,362
EI du Pont de Nemours & Co.
2.75%, 04/01/16		1,500		1,534,713
2.80%, 02/15/23		5,588		5,582,821
4.25%, 04/01/21		650		709,834
4.63%, 01/15/20		1,195		1,330,875
5.75%, 03/15/19		300		342,892
6.00%, 07/15/18		2,061		2,346,473
FMC Corp.
3.95%, 02/01/22 (Call 11/01/21)		700		732,031
4.10%, 02/01/24 (Call 11/01/23)		1,000		1,053,482
Lubrizol Corp.
8.88%, 02/01/19		926		1,156,565
LYB International Finance BV
4.00%, 07/15/23		4,020		4,244,468
LyondellBasell Industries NV
5.00%, 04/15/19 (Call 01/15/19)		3,200		3,510,438
5.75%, 04/15/24 (Call 01/15/24)a		1,100		1,296,285
Monsanto Co.
2.13%, 07/15/19		5,410		5,459,952
2.75%, 04/15/16		900		918,510
2.75%, 07/15/21		100		101,737
3.38%, 07/15/24 (Call 04/15/24)		830		859,852

Security	Principal (000s)		Value
Mosaic Co. (The)
3.75%, 11/15/21 (Call 08/15/21)a	$	840	$	896,361
4.25%, 11/15/23 (Call 08/15/23)		1,000		1,078,550
Potash Corp. of Saskatchewan Inc.
3.25%, 12/01/17		1,100		1,152,464
3.63%, 03/15/24 (Call 12/15/23)a		2,475		2,577,635
4.88%, 03/30/20a		105		117,499
6.50%, 05/15/19		355		417,175
PPG Industries Inc.
2.30%, 11/15/19 (Call 10/15/19)a		500		499,467
3.60%, 11/15/20		2,200		2,307,115
Praxair Inc.
1.25%, 11/07/18		1,050		1,034,253
2.45%, 02/15/22 (Call 11/15/21)		2,238		2,230,461
2.65%, 02/05/25 (Call 11/05/24)		1,240		1,225,769
2.70%, 02/21/23 (Call 11/21/22)		3,000		3,003,583
4.05%, 03/15/21		800		877,389
5.20%, 03/15/17		450		488,303
Rohm & Haas Co.
6.00%, 09/15/17		3,071		3,408,018
RPM International Inc.
3.45%, 11/15/22 (Call 08/15/22)a		1,200		1,183,725
6.13%, 10/15/19		1,280		1,457,100
Sherwin-Williams Co. (The)
1.35%, 12/15/17		1,600		1,599,846
Sigma-Aldrich Corp.
3.38%, 11/01/20 (Call 08/01/20)		1,050		1,090,669
Valspar Corp. (The)
4.20%, 01/15/22 (Call 10/15/21)		1,700		1,800,422
7.25%, 06/15/19		400		470,138
Westlake Chemical Corp.
3.60%, 07/15/22 (Call 04/15/22)		400		399,926
				110,950,111

172 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
COMMERCIAL SERVICES — 0.60%
Block Financial LLC
5.50%, 11/01/22 (Call 05/01/22)a	$	3,050	$	3,331,858
Board of Trustees of The Leland Stanford Junior University (The)
4.75%, 05/01/19		318		355,438
Catholic Health Initiatives
1.60%, 11/01/17		2,700		2,692,736
Cornell University
5.45%, 02/01/19		750		852,955
Emory University
5.63%, 09/01/19		1,000		1,159,760
Equifax Inc.
3.30%, 12/15/22 (Call 09/15/22)		1,300		1,304,050
MasterCard Inc.
2.00%, 04/01/19a		2,475		2,503,796
3.38%, 04/01/24		1,250		1,312,093
McGraw Hill Financial Inc.
5.90%, 11/15/17		1,225		1,329,832
Moody’s Corp.
4.88%, 02/15/24 (Call 11/15/23)a		3,000		3,306,623
5.50%, 09/01/20		800		913,617
Princeton University Series A
4.95%, 03/01/19		2,290		2,566,850
Synchrony Financial
3.00%, 08/15/19 (Call 07/15/19)		2,000		2,028,424
3.75%, 08/15/21 (Call 06/15/21)		745		769,315
4.25%, 08/15/24 (Call 05/15/24)		3,500		3,670,558
Total System Services Inc.
2.38%, 06/01/18		1,000		996,061
Trustees of Dartmouth College
4.75%, 06/01/19		500		558,909
Vanderbilt University (The)
5.25%, 04/01/19		750		849,717
Verisk Analytics Inc.
4.13%, 09/12/22		800		838,080

Security	Principal (000s)		Value
Western Union Co. (The)
2.38%, 12/10/15	$	1,300	$	1,312,901
2.88%, 12/10/17		1,500		1,533,054
3.35%, 05/22/19		500		508,798
3.65%, 08/22/18		1,650		1,712,696
5.25%, 04/01/20a		500		546,475
5.93%, 10/01/16		1,400		1,495,445
				38,450,041
COMPUTERS — 1.86%
Apple Inc.
0.45%, 05/03/16		1,800		1,796,779
1.00%, 05/03/18		5,350		5,303,335
1.05%, 05/05/17		5,000		5,028,724
1.55%, 02/07/20		2,000		1,979,886
2.10%, 05/06/19		3,000		3,053,841
2.40%, 05/03/23		8,100		8,014,893
2.50%, 02/09/25		1,035		1,017,676
2.85%, 05/06/21		3,700		3,843,927
3.45%, 05/06/24		7,275		7,738,413
Cadence Design Systems Inc.
4.38%, 10/15/24a		600		617,655
Computer Sciences Corp.
4.45%, 09/15/22		1,300		1,328,979
6.50%, 03/15/18		1,860		2,050,477
EMC Corp./MA
1.88%, 06/01/18		288		289,572
2.65%, 06/01/20		2,250		2,277,138
3.38%, 06/01/23 (Call 03/01/23)a		6,200		6,261,590
Hewlett-Packard Co.
2.60%, 09/15/17		2,800		2,872,672
2.65%, 06/01/16		1,396		1,420,967
2.75%, 01/14/19		1,000		1,014,561
3.00%, 09/15/16		4,018		4,127,731
3.30%, 12/09/16		1,862		1,926,899
3.75%, 12/01/20		1,666		1,744,618
4.05%, 09/15/22		1,000		1,042,694
4.30%, 06/01/21		1,290		1,384,596
4.38%, 09/15/21		2,650		2,856,099
4.65%, 12/09/21a		3,203		3,503,283
5.40%, 03/01/17a		1,000		1,077,520
5.50%, 03/01/18		597		659,360

SCHEDULESOF INVESTMENTS 173

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
International Business Machines Corp.
1.13%, 02/06/18	$	3,000	$	2,989,120
1.25%, 02/06/17		2,308		2,325,489
1.25%, 02/08/18		2,200		2,196,751
1.63%, 05/15/20		2,400		2,361,113
1.88%, 08/01/22		2,500		2,361,710
1.95%, 07/22/16		1,875		1,905,998
2.00%, 01/05/16		1,992		2,020,071
2.90%, 11/01/21a		2,300		2,384,270
3.38%, 08/01/23		2,000		2,082,165
3.63%, 02/12/24		2,350		2,484,729
5.70%, 09/14/17		3,150		3,515,332
7.63%, 10/15/18		3,179		3,837,710
8.38%, 11/01/19		2,402		3,092,859
Lexmark International Inc.
5.13%, 03/15/20a		1,600		1,692,328
6.65%, 06/01/18a		550		608,966
NetApp Inc.
2.00%, 12/15/17		2,750		2,760,883
3.25%, 12/15/22 (Call 09/15/22)		250		247,394
3.38%, 06/15/21 (Call 04/15/21)		845		855,332
Seagate HDD Cayman
3.75%, 11/15/18		3,000		3,094,072
4.75%, 06/01/23		1,200		1,275,392
4.75%, 01/01/25b		1,350		1,428,993
				119,754,562
COSMETICS & PERSONAL CARE — 0.30%
Colgate-Palmolive Co.
1.30%, 01/15/17		1,200		1,205,692
1.75%, 03/15/19		2,000		1,995,831
2.30%, 05/03/22		1,500		1,486,922
2.63%, 05/01/17		500		516,023
5.20%, 11/07/16		750		795,381
Estee Lauder Companies Inc. (The)
2.35%, 08/15/22		450		440,829
Procter & Gamble Co. (The)
1.45%, 08/15/16		3,013		3,044,203
1.60%, 11/15/18a		2,250		2,262,008
1.80%, 11/15/15		2,209		2,229,458

Security	Principal (000s)		Value
1.90%, 11/01/19a	$	1,065	$	1,074,332
2.30%, 02/06/22		1,500		1,498,749
4.70%, 02/15/19		2,223		2,485,774
Series A
9.36%, 01/01/21		86		106,273
				19,141,475
DISTRIBUTION & WHOLESALE — 0.09%
Arrow Electronics Inc.
3.38%, 11/01/15		1,000		1,017,426
4.50%, 03/01/23 (Call 12/01/22)		2,000		2,095,633
6.00%, 04/01/20a		125		141,901
Ingram Micro Inc.
4.95%, 12/15/24 (Call 09/15/24)		1,500		1,539,790
5.25%, 09/01/17		700		752,484
				5,547,234
DIVERSIFIED FINANCIAL SERVICES — 4.67%
Air Lease Corp.
3.38%, 01/15/19 (Call 12/15/18)a		500		509,294
3.88%, 04/01/21 (Call 03/01/21)		1,650		1,694,585
4.75%, 03/01/20		3,100		3,319,850
5.63%, 04/01/17		500		535,698
Alterra Finance LLC
6.25%, 09/30/20		400		468,490
American Express Co.
2.65%, 12/02/22		6,700		6,679,828
3.63%, 12/05/24 (Call 11/04/24)a		5,700		5,836,574
5.50%, 09/12/16		1,440		1,533,546
6.15%, 08/28/17		3,895		4,342,044
6.80%, 09/01/66 (Call 09/01/16)d		1,322		1,391,405
7.00%, 03/19/18		2,350		2,717,019
American Express Credit Corp.
2.13%, 03/18/19		4,500		4,521,102
2.38%, 03/24/17		3,600		3,695,385
2.80%, 09/19/16		1,674		1,720,923
Ameriprise Financial Inc.
3.70%, 10/15/24		1,500		1,573,951
4.00%, 10/15/23		930		996,299

174 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.30%, 03/15/20	$	2,250	$	2,574,739
5.65%, 11/15/15		825		852,424
7.30%, 06/28/19		135		162,918
Ameritech Capital Funding Corp.
6.45%, 01/15/18		1,420		1,595,429
Associates Corp. of North America
6.95%, 11/01/18		3,080		3,592,375
Bear Stearns Companies Inc. (The)
4.65%, 07/02/18		885		957,281
5.55%, 01/22/17		902		968,053
6.40%, 10/02/17		2,975		3,328,589
7.25%, 02/01/18		8,463		9,759,466
BP Capital Markets PLC
2.52%, 01/15/20a		500		506,128
Capital One Bank USA N.A.
1.30%, 06/05/17 (Call 05/05/17)a		450		447,971
2.25%, 02/13/19 (Call 01/13/19)		2,000		2,001,969
3.38%, 02/15/23		2,000		2,007,200
8.80%, 07/15/19		3,143		3,927,965
Charles Schwab Corp. (The)
3.23%, 09/01/22		1,360		1,398,581
4.45%, 07/22/20		1,500		1,654,320
CME Group Inc./IL
3.00%, 09/15/22		3,700		3,820,460
Countrywide Financial Corp.
6.25%, 05/15/16		990		1,045,905
Credit Suisse USA Inc.
5.38%, 03/02/16		1,089		1,138,624
5.85%, 08/16/16		1,500		1,601,581
Discover Financial Services
3.85%, 11/21/22		1,000		1,028,723
5.20%, 04/27/22		1,300		1,436,771
6.45%, 06/12/17		475		524,081
Eaton Vance Corp.
6.50%, 10/02/17		1,250		1,395,981
Ford Motor Credit Co. LLC
1.50%, 01/17/17		3,500		3,502,997
1.68%, 09/08/17		3,000		3,002,257
1.70%, 05/09/16		500		502,329
1.72%, 12/06/17		5,500		5,503,006
2.38%, 01/16/18a		4,500		4,574,502

Security	Principal (000s)		Value
2.50%, 01/15/16	$	3,000	$	3,039,417
2.60%, 11/04/19		5,000		5,049,047
2.88%, 10/01/18a		4,500		4,632,095
3.00%, 06/12/17		4,596		4,741,207
3.66%, 09/08/24a		900		929,326
4.25%, 02/03/17		3,292		3,465,867
4.25%, 09/20/22		4,800		5,198,360
5.00%, 05/15/18		2,429		2,650,825
6.63%, 08/15/17		1,792		2,000,906
8.00%, 12/15/16		2,527		2,817,998
8.13%, 01/15/20		1,792		2,242,846
Franklin Resources Inc.
1.38%, 09/15/17		1,900		1,897,715
2.80%, 09/15/22		900		908,982
4.63%, 05/20/20		350		388,819
GE Capital Trust I
6.38%, 11/15/67 (Call 11/15/17)d		1,250		1,356,250
General Electric Capital Corp.
1.00%, 01/08/16		3,350		3,366,931
1.25%, 05/15/17 (Call 04/13/17)a		12,400		12,469,080
1.63%, 04/02/18a		7,000		7,047,094
2.30%, 04/27/17		6,500		6,675,024
2.30%, 01/14/19		500		512,060
2.90%, 01/09/17		6,750		6,999,937
2.95%, 05/09/16		3,292		3,377,408
3.10%, 01/09/23		3,130		3,235,311
3.15%, 09/07/22		6,400		6,646,472
3.35%, 10/17/16		1,490		1,549,258
3.45%, 05/15/24 (Call 02/13/24)a		11,000		11,577,702
4.38%, 09/16/20a		1,520		1,685,409
4.63%, 01/07/21		2,030		2,280,555
4.65%, 10/17/21		1,930		2,187,785
5.00%, 01/08/16		1,785		1,853,692
5.30%, 02/11/21a		1,735		1,996,224
5.38%, 10/20/16a		899		963,064
5.40%, 02/15/17		980		1,063,227
5.50%, 01/08/20		1,540		1,780,818
5.63%, 09/15/17		4,770		5,293,267
5.63%, 05/01/18		4,750		5,340,862
6.00%, 08/07/19		2,910		3,407,676

SCHEDULESOF INVESTMENTS 175

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
6.38%, 11/15/67 (Call 11/15/17)d	$	1,550	$	1,681,750
Series A
5.55%, 05/04/20		2,000		2,330,889
HSBC Finance Corp.
5.50%, 01/19/16a		1,600		1,662,542
6.68%, 01/15/21		963		1,152,044
Intercontinental Exchange Inc.
4.00%, 10/15/23		2,500		2,688,042
International Lease Finance Corp.
7.13%, 09/01/18b		5,000		5,612,500
Invesco Finance PLC
4.00%, 01/30/24		3,100		3,310,054
Jefferies Group LLC
3.88%, 11/09/15		800		812,991
5.13%, 04/13/18		1,406		1,483,432
5.13%, 01/20/23		2,500		2,627,551
5.50%, 03/15/16		1,450		1,504,146
6.88%, 04/15/21		1,068		1,217,437
8.50%, 07/15/19		1,650		1,970,314
Lazard Group LLC
3.75%, 02/13/25		1,000		995,622
6.85%, 06/15/17		2,100		2,329,005
Legg Mason Inc.
2.70%, 07/15/19		185		187,106
3.95%, 07/15/24		1,090		1,135,692
Murray Street Investment Trust I
4.65%, 03/09/17c		1,900		2,016,571
NASDAQ OMX Group Inc. (The)
5.25%, 01/16/18		120		131,188
5.55%, 01/15/20a		2,626		2,914,303
National Rural Utilities Cooperative Finance Corp.
1.90%, 11/01/15a		1,100		1,110,822
2.15%, 02/01/19 (Call 01/01/19)		1,600		1,607,520
2.30%, 11/15/19 (Call 10/15/19)a		1,100		1,107,150
3.05%, 03/01/16		1,000		1,024,864
3.05%, 02/15/22 (Call 11/15/21)		2,350		2,409,912
3.40%, 11/15/23 (Call 08/15/23)		500		522,332

Security	Principal (000s)		Value
5.45%, 02/01/18	$	1,000	$	1,109,600
10.38%, 11/01/18		2,300		2,983,790
Nomura Holdings Inc.
2.00%, 09/13/16		2,060		2,075,446
4.13%, 01/19/16a		1,375		1,412,450
6.70%, 03/04/20a		2,522		3,004,151
NYSE Euronext
2.00%, 10/05/17		119		120,650
ORIX Corp.
5.00%, 01/12/16		1,461		1,506,960
Raymond James Financial Inc.
4.25%, 04/15/16		350		361,647
8.60%, 08/15/19		200		248,234
Stifel Financial Corp.
4.25%, 07/18/24a		250		256,751
Synchrony Financial
2.70%, 02/03/20		1,575		1,572,552
TD Ameritrade Holding Corp.
5.60%, 12/01/19		1,000		1,143,112
XTRA Finance Corp.
5.15%, 04/01/17		250		268,092
				300,586,348
ELECTRIC — 3.93%
Alabama Power Co.
5.50%, 10/15/17		190		210,591
Ameren Illinois Co.
2.70%, 09/01/22 (Call 06/01/22)a		1,600		1,599,719
6.13%, 11/15/17		1,150		1,293,635
American Electric Power Co. Inc.
1.65%, 12/15/17 (Call 11/15/17)		1,200		1,205,599
2.95%, 12/15/22 (Call 09/15/22)		1,000		1,001,152
Appalachian Power Co.
7.95%, 01/15/20		900		1,119,960
Series K
5.00%, 06/01/17		650		701,480
Arizona Public Service Co.
2.20%, 01/15/20 (Call 12/15/19)		2,000		2,004,184
6.25%, 08/01/16		260		279,032
8.75%, 03/01/19		1,250		1,572,000

176 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Avista Corp.
5.13%, 04/01/22	$	985	$	1,139,898
Baltimore Gas & Electric Co.
2.80%, 08/15/22 (Call 05/15/22)a		1,500		1,504,600
Berkshire Hathaway Energy Co.
1.10%, 05/15/17		3,400		3,398,264
2.00%, 11/15/18 (Call 10/15/18)		1,250		1,262,174
2.40%, 02/01/20 (Call 01/01/20)		2,400		2,423,760
5.75%, 04/01/18		1,383		1,553,586
CenterPoint Energy Houston Electric LLC
2.25%, 08/01/22 (Call 05/01/22)		1,250		1,217,925
Cleveland Electric Illuminating Co. (The)
Series D
7.88%, 11/01/17		770		892,738
CMS Energy Corp.
3.88%, 03/01/24 (Call 12/01/23)		625		663,222
Commonwealth Edison Co.
1.95%, 09/01/16 (Call 08/01/16)		1,175		1,190,275
2.15%, 01/15/19 (Call 12/15/18)		500		503,050
3.10%, 11/01/24 (Call 08/01/24)		1,350		1,387,499
3.40%, 09/01/21 (Call 06/01/21)a		3,550		3,758,431
4.00%, 08/01/20 (Call 05/01/20)		500		541,100
5.80%, 03/15/18		690		780,459
Series 104
5.95%, 08/15/16		210		224,847
Connecticut Light & Power Co. (The)
2.50%, 01/15/23 (Call 10/15/22)		1,500		1,489,047
5.65%, 05/01/18		1,025		1,157,430
Series 09-A
5.50%, 02/01/19		300		340,110

Security	Principal (000s)		Value
Consolidated Edison Co. of New York Inc.
5.50%, 09/15/16	$	1,200	$	1,282,200
5.85%, 04/01/18		700		790,090
7.13%, 12/01/18		1,474		1,745,069
Series 05-C
5.38%, 12/15/15		1,320		1,369,961
Series 06-D
5.30%, 12/01/16		140		150,318
Constellation Energy Group Inc.
5.15%, 12/01/20 (Call 09/01/20)a		1,200		1,342,579
Consumers Energy Co.
3.38%, 08/15/23 (Call 05/15/23)a		925		973,971
5.15%, 02/15/17		1,230		1,321,799
5.65%, 09/15/18		250		281,468
5.65%, 04/15/20		280		323,992
6.13%, 03/15/19		750		867,600
6.70%, 09/15/19		1,775		2,120,060
Series P
5.50%, 08/15/16		94		100,205
Dominion Resources Inc./VA
1.25%, 03/15/17		2,600		2,606,617
1.95%, 08/15/16		1,100		1,114,960
3.63%, 12/01/24 (Call 09/01/24)		1,500		1,566,496
4.45%, 03/15/21		10,150		11,161,079
5.20%, 08/15/19		210		236,087
6.40%, 06/15/18		750		859,634
Series B
2.75%, 09/15/22 (Call 06/15/22)		240		238,333
DTE Electric Co.
3.45%, 10/01/20 (Call 07/01/20)		1,000		1,052,100
3.90%, 06/01/21 (Call 03/01/21)		750		814,539
DTE Energy Co.
2.40%, 12/01/19 (Call 11/01/19)		305		308,315
3.85%, 12/01/23 (Call 09/01/23)		1,000		1,066,989
6.35%, 06/01/16		210		223,772

SCHEDULESOF INVESTMENTS 177

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Series C
3.50%, 06/01/24 (Call 03/01/24)	$	950	$	986,989
Duke Energy Carolinas LLC
3.90%, 06/15/21 (Call 03/15/21)		1,260		1,359,500
7.00%, 11/15/18		1,180		1,397,963
Duke Energy Corp.
1.63%, 08/15/17		3,500		3,544,106
2.15%, 11/15/16		1,000		1,022,761
3.05%, 08/15/22 (Call 05/15/22)		1,000		1,017,339
3.55%, 09/15/21 (Call 06/15/21)		1,900		1,998,076
3.75%, 04/15/24 (Call 01/15/24)a		470		500,943
3.95%, 10/15/23 (Call 07/15/23)		100		107,964
5.05%, 09/15/19		500		563,450
6.25%, 06/15/18		740		847,965
Duke Energy Florida Inc.
3.10%, 08/15/21 (Call 05/15/21)		560		584,995
4.55%, 04/01/20		65		72,428
5.65%, 06/15/18		633		715,205
Duke Energy Indiana Inc.
3.75%, 07/15/20		1,100		1,179,363
6.05%, 06/15/16		500		531,223
Duke Energy Ohio Inc.
5.45%, 04/01/19a		300		338,953
Duke Energy Progress Inc.
2.80%, 05/15/22 (Call 02/15/22)		2,000		2,037,702
3.00%, 09/15/21 (Call 06/15/21)		1,000		1,040,562
5.30%, 01/15/19a		950		1,065,900
Edison International
3.75%, 09/15/17		800		847,690
Entergy Arkansas Inc.
3.05%, 06/01/23 (Call 03/01/23)		1,700		1,729,900
3.70%, 06/01/24 (Call 03/01/24)		1,650		1,767,004

Security	Principal (000s)		Value
3.75%, 02/15/21 (Call 11/15/20)	$	850	$	899,980
Entergy Corp.
4.70%, 01/15/17 (Call 12/15/16)		1,000		1,054,026
Entergy Gulf States Louisiana LLC
3.95%, 10/01/20 (Call 07/01/20)		500		537,711
6.00%, 05/01/18		550		622,985
Entergy Texas Inc.
7.13%, 02/01/19		1,855		2,195,207
Eversource Energy
1.45%, 05/01/18 (Call 04/01/18)a		420		415,347
4.50%, 11/15/19		1,175		1,282,842
Series H
3.15%, 01/15/25 (Call 10/15/24)		1,955		1,965,838
Exelon Generation Co. LLC
2.95%, 01/15/20 (Call 12/15/19)		500		504,820
4.00%, 10/01/20 (Call 07/01/20)		1,100		1,163,140
4.25%, 06/15/22 (Call 03/15/22)		1,000		1,059,039
5.20%, 10/01/19		1,200		1,333,680
6.20%, 10/01/17a		1,000		1,110,800
FirstEnergy Solutions Corp.
6.05%, 08/15/21a		1,500		1,659,600
Florida Power & Light Co.
5.55%, 11/01/17a		845		937,358
Georgia Power Co.
2.85%, 05/15/22		1,000		1,004,976
4.25%, 12/01/19		1,000		1,101,271
5.40%, 06/01/18		300		336,144
Great Plains Energy Inc.
4.85%, 06/01/21 (Call 03/01/21)		350		386,247
5.29%, 06/15/22 (Call 03/15/22)a,c		950		1,077,372
Hydro-Quebec
1.38%, 06/19/17		2,850		2,874,266
2.00%, 06/30/16		2,900		2,952,028

178 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
8.40%, 01/15/22	$	580	$	777,309
9.40%, 02/01/21		200		272,765
Indiana Michigan Power Co.
7.00%, 03/15/19a		1,050		1,244,145
Series J
3.20%, 03/15/23 (Call 12/15/22)		500		509,594
Integrys Energy Group Inc.
4.17%, 11/01/20		500		537,993
ITC Holdings Corp.
3.65%, 06/15/24 (Call 03/15/24)		495		511,850
Jersey Central Power & Light Co.
5.63%, 05/01/16		505		529,272
5.65%, 06/01/17		1,300		1,414,010
7.35%, 02/01/19		1,000		1,177,658
Kansas City Power & Light Co.
5.85%, 06/15/17		1,000		1,097,200
6.38%, 03/01/18		100		113,740
7.15%, 04/01/19a		2,050		2,452,005
Kentucky Utilities Co.
3.25%, 11/01/20 (Call 08/01/20)		600		627,200
LG&E and KU Energy LLC
3.75%, 11/15/20 (Call 08/15/20)		300		314,578
4.38%, 10/01/21 (Call 07/01/21)		1,450		1,568,267
MidAmerican Energy Co.
3.70%, 09/15/23 (Call 06/15/23)a		1,772		1,910,636
5.30%, 03/15/18		850		946,634
Mississippi Power Co.
2.35%, 10/15/16		600		612,240
Nevada Power Co.
6.50%, 08/01/18		550		636,680
7.13%, 03/15/19		1,590		1,900,982
Series O
6.50%, 05/15/18		500		576,100
NextEra Energy Capital Holdings Inc.
2.40%, 09/15/19 (Call 08/15/19)		2,275		2,291,935

Security	Principal (000s)		Value
4.50%, 06/01/21 (Call 03/01/21)a	$	500	$	550,892
6.00%, 03/01/19		500		570,648
6.65%, 06/15/67 (Call 06/15/17)a,d		768		764,160
7.88%, 12/15/15		881		929,311
Nisource Finance Corp.
3.85%, 02/15/23 (Call 11/15/22)a		1,175		1,243,031
4.45%, 12/01/21 (Call 09/01/21)		800		879,257
5.25%, 09/15/17		810		883,618
5.45%, 09/15/20		1,680		1,920,488
6.13%, 03/01/22		1,500		1,798,912
6.40%, 03/15/18		1,268		1,439,673
6.80%, 01/15/19		420		493,824
Northern States Power Co./MN
2.15%, 08/15/22 (Call 02/15/22)a		1,000		967,600
NSTAR Electric Co.
2.38%, 10/15/22 (Call 07/15/22)a		500		490,458
5.63%, 11/15/17		250		276,875
Oglethorpe Power Corp.
6.10%, 03/15/19		1,250		1,433,250
Ohio Power Co.
6.00%, 06/01/16		1,000		1,061,248
Series M
5.38%, 10/01/21		830		973,756
Oklahoma Gas & Electric Co.
6.35%, 09/01/18		120		138,624
Oncor Electric Delivery Co. LLC
2.15%, 06/01/19 (Call 05/01/19)		1,300		1,301,349
4.10%, 06/01/22 (Call 03/01/22)		1,500		1,627,840
6.80%, 09/01/18		1,000		1,164,800
7.00%, 09/01/22		1,360		1,727,861
Pacific Gas & Electric Co.
2.45%, 08/15/22 (Call 05/15/22)		3,100		3,032,961
3.40%, 08/15/24 (Call 05/15/24)		1,505		1,555,219

SCHEDULESOF INVESTMENTS 179

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
3.50%, 10/01/20 (Call 07/01/20)	$	931	$	981,813
3.75%, 02/15/24 (Call 11/15/23)		1,450		1,538,171
4.25%, 05/15/21 (Call 02/15/21)		1,000		1,083,900
5.63%, 11/30/17		300		332,730
8.25%, 10/15/18		250		302,575
PacifiCorp
2.95%, 02/01/22 (Call 11/01/21)a		1,300		1,331,465
3.85%, 06/15/21 (Call 03/15/21)		1,690		1,836,523
5.50%, 01/15/19		500		566,806
PECO Energy Co.
2.38%, 09/15/22 (Call 06/15/22)		1,000		986,506
5.35%, 03/01/18		500		555,050
PG&E Corp.
2.40%, 03/01/19 (Call 02/01/19)		1,275		1,284,354
Portland General Electric Co.
6.10%, 04/15/19		1,150		1,328,064
Potomac Electric Power Co.
3.60%, 03/15/24 (Call 12/15/23)		1,600		1,703,895
PPL Capital Funding Inc.
3.95%, 03/15/24 (Call 12/15/23)		1,000		1,076,703
PPL Electric Utilities Corp.
3.00%, 09/15/21 (Call 06/15/21)		2,050		2,117,347
Progress Energy Inc.
3.15%, 04/01/22 (Call 01/01/22)		1,210		1,238,230
4.40%, 01/15/21 (Call 10/15/20)		2,300		2,527,425
4.88%, 12/01/19		250		279,954
7.05%, 03/15/19		823		978,770
PSEG Power LLC
2.75%, 09/15/16		500		512,500
4.15%, 09/15/21 (Call 06/15/21)		750		795,418

Security	Principal (000s)		Value
4.30%, 11/15/23 (Call 08/15/23)a	$	1,300	$	1,380,140
5.13%, 04/15/20		868		963,490
Public Service Co. of Colorado
2.25%, 09/15/22 (Call 03/15/22)		1,500		1,461,949
5.13%, 06/01/19		140		157,808
Public Service Co. of Oklahoma
4.40%, 02/01/21		125		137,587
5.15%, 12/01/19		615		695,319	��
Public Service Electric & Gas Co.
2.38%, 05/15/23 (Call 02/15/23)		1,060		1,033,020
3.05%, 11/15/24 (Call 08/15/24)		2,350		2,388,114
3.50%, 08/15/20		275		291,773
Puget Energy Inc.
5.63%, 07/15/22 (Call 04/15/22)		2,200		2,567,417
San Diego Gas & Electric Co.
3.00%, 08/15/21		1,100		1,141,030
SCANA Corp.
4.13%, 02/01/22 (Call 11/01/21)		2,800		2,931,625
4.75%, 05/15/21 (Call 02/15/21)		1,050		1,134,435
Sierra Pacific Power Co.
Series M
6.00%, 05/15/16		1,200		1,270,602
South Carolina Electric & Gas Co.
5.25%, 11/01/18		870		975,792
6.50%, 11/01/18		650		757,705
Southern California Edison Co.
1.85%, 02/01/22		1,000		998,800
3.88%, 06/01/21 (Call 03/01/21)		4,293		4,706,845
Series 14-B
1.13%, 05/01/17		560		560,280
Series C
3.50%, 10/01/23 (Call 07/01/23)		1,000		1,066,047
Southern Co. (The)
1.95%, 09/01/16		1,215		1,234,818
2.15%, 09/01/19 (Call 08/01/19)		4,200		4,238,313

180 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Southwestern Electric Power Co.
3.55%, 02/15/22 (Call 11/15/21)a	$	500	$	521,142
6.45%, 01/15/19		774		899,156
Series E
5.55%, 01/15/17		250		269,175
Series F
5.88%, 03/01/18		1,150		1,284,205
Southwestern Public Service Co. Series G
8.75%, 12/01/18		1,125		1,385,100
System Energy Resources Inc.
4.10%, 04/01/23 (Call 01/01/23)		1,050		1,092,631
Tampa Electric Co.
2.60%, 09/15/22 (Call 06/15/22)		500		486,494
6.10%, 05/15/18		1,000		1,131,400
TECO Finance Inc.
4.00%, 03/15/16		345		355,475
5.15%, 03/15/20		1,570		1,753,696
TransAlta Corp.
1.90%, 06/03/17		1,100		1,078,409
4.50%, 11/15/22 (Call 08/15/22)a		1,650		1,638,980
Tucson Electric Power Co.
5.15%, 11/15/21 (Call 08/15/21)		1,000		1,128,223
UIL Holdings Corp.
4.63%, 10/01/20		500		530,800
Union Electric Co.
3.50%, 04/15/24 (Call 01/15/24)a		1,100		1,162,520
5.40%, 02/01/16		230		240,177
6.40%, 06/15/17		500		556,150
6.70%, 02/01/19		740		870,684
Virginia Electric and Power Co.
2.95%, 01/15/22 (Call 10/15/21)		350		358,418
3.45%, 02/15/24 (Call 11/15/23)a		1,047		1,109,830
5.00%, 06/30/19		500		559,848
5.95%, 09/15/17		800		893,812

Security	Principal (000s)		Value
Westar Energy Inc.
5.10%, 07/15/20	$	140	$	158,914
Wisconsin Electric Power Co.
1.70%, 06/15/18 (Call 05/15/18)		1,500		1,496,700
2.95%, 09/15/21 (Call 06/15/21)		650		670,670
4.25%, 12/15/19		250		273,450
Wisconsin Power & Light Co.
5.00%, 07/15/19		1,350		1,506,330
Xcel Energy Inc.
4.70%, 05/15/20 (Call 11/15/19)		2,300		2,541,136
				252,719,739
ELECTRICAL COMPONENTS & EQUIPMENT — 0.11%
Emerson Electric Co.
2.63%, 02/15/23 (Call 11/15/22)		1,000		995,865
4.25%, 11/15/20a		125		137,233
4.88%, 10/15/19		1,700		1,906,440
5.25%, 10/15/18		884		990,419
Energizer Holdings Inc.
4.70%, 05/19/21		1,750		1,809,561
4.70%, 05/24/22		1,150		1,194,704
				7,034,222
ELECTRONICS — 0.64%
Agilent Technologies Inc.
3.88%, 07/15/23 (Call 04/15/23)		1,000		1,026,101
5.00%, 07/15/20		700		763,385
6.50%, 11/01/17		484		536,173
Amphenol Corp.
2.55%, 01/30/19 (Call 12/30/18)		675		682,300
3.13%, 09/15/21 (Call 08/15/21)		1,400		1,420,604
4.00%, 02/01/22 (Call 11/01/21)		1,000		1,053,658
Arrow Electronics Inc.
4.00%, 04/01/25 (Call 01/01/25)		785		786,077
Avnet Inc.
4.88%, 12/01/22		800		848,780

SCHEDULESOF INVESTMENTS 181

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.88%, 06/15/20	$	1,150	$	1,286,432
6.63%, 09/15/16		650		697,350
Honeywell International Inc.
4.25%, 03/01/21		1,725		1,930,609
5.00%, 02/15/19		1,713		1,926,697
5.30%, 03/15/17		250		272,155
5.30%, 03/01/18		1,106		1,233,281
5.40%, 03/15/16		210		220,528
Jabil Circuit Inc.
4.70%, 09/15/22a		800		820,251
Keysight Technologies Inc.
3.30%, 10/30/19 (Call 09/30/19)b		1,500		1,509,263
Koninklijke Philips NV
3.75%, 03/15/22		1,896		2,009,962
5.75%, 03/11/18		1,056		1,175,023
PerkinElmer Inc.
5.00%, 11/15/21 (Call 08/15/21)		1,000		1,084,571
Thermo Fisher Scientific Inc.
1.85%, 01/15/18		2,000		2,007,165
2.25%, 08/15/16		438		445,104
2.40%, 02/01/19a		3,475		3,513,490
3.20%, 03/01/16		1,735		1,774,229
3.30%, 02/15/22		5,330		5,395,193
3.60%, 08/15/21 (Call 05/15/21)		2,054		2,152,573
4.15%, 02/01/24 (Call 11/01/23)		2,000		2,142,369
4.50%, 03/01/21		1,353		1,485,209
Trimble Navigation Ltd.
4.75%, 12/01/24 (Call 09/01/24)a		1,000		1,040,069
				41,238,601
ENGINEERING & CONSTRUCTION — 0.08%
ABB Finance USA Inc.
1.63%, 05/08/17		1,700		1,711,738
2.88%, 05/08/22		1,396		1,425,315
Fluor Corp.
3.38%, 09/15/21		1,850		1,920,587
				5,057,640

Security	Principal (000s)		Value
ENTERTAINMENT — 0.03%
International Game Technology
7.50%, 06/15/19	$	1,865	$	1,993,219
				1,993,219
ENVIRONMENTAL CONTROL — 0.26%
Republic Services Inc.
3.55%, 06/01/22 (Call 03/01/22)		1,846		1,911,677
3.80%, 05/15/18		750		794,785
5.00%, 03/01/20a		1,429		1,594,249
5.25%, 11/15/21		1,875		2,135,101
5.50%, 09/15/19		3,145		3,567,130
Waste Management Inc.
2.60%, 09/01/16		900		920,662
2.90%, 09/15/22 (Call 06/15/22)		1,500		1,506,600
3.13%, 03/01/25 (Call 12/01/24)		475		478,673
3.50%, 05/15/24 (Call 02/15/24)		250		259,692
4.60%, 03/01/21 (Call 12/01/20)		850		935,334
6.10%, 03/15/18		2,552		2,879,014
				16,982,917
FOOD — 1.33%
Campbell Soup Co.
3.05%, 07/15/17		1,400		1,445,287
4.25%, 04/15/21		1,000		1,079,650
4.50%, 02/15/19		580		624,475
ConAgra Foods Inc.
1.90%, 01/25/18a		1,700		1,695,156
3.20%, 01/25/23 (Call 10/25/22)a		1,248		1,230,555
3.25%, 09/15/22		2,150		2,107,228
7.00%, 04/15/19a		900		1,044,117
General Mills Inc.
1.40%, 10/20/17		1,500		1,499,864
3.15%, 12/15/21 (Call 09/15/21)		2,096		2,151,718
3.65%, 02/15/24 (Call 11/15/23)		1,000		1,045,355
5.65%, 02/15/19		1,358		1,530,495
5.70%, 02/15/17		830		901,071

182 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Hershey Co. (The)
1.50%, 11/01/16	$	1,150	$	1,161,321
4.13%, 12/01/20		1,000		1,094,710
5.45%, 09/01/16		180		192,110
Hillshire Brands Co. (The)
4.10%, 09/15/20		798		838,166
Hormel Foods Corp.
4.13%, 04/15/21 (Call 01/15/21)		125		136,719
Ingredion Inc.
4.63%, 11/01/20		1,150		1,237,130
JM Smucker Co. (The)
3.50%, 10/15/21		1,200		1,268,759
Kellogg Co.
1.88%, 11/17/16		1,740		1,762,687
3.25%, 05/21/18		940		980,924
4.00%, 12/15/20		1,313		1,409,428
4.15%, 11/15/19		1,250		1,346,537
4.45%, 05/30/16		1,392		1,450,412
Kraft Foods Group Inc.
2.25%, 06/05/17		1,880		1,913,177
3.50%, 06/06/22		3,500		3,601,127
6.13%, 08/23/18		3,150		3,572,910
Kroger Co. (The)
2.20%, 01/15/17		1,350		1,374,827
2.30%, 01/15/19 (Call 12/15/18)		1,000		1,008,931
2.95%, 11/01/21 (Call 10/01/21)		1,000		1,008,728
3.30%, 01/15/21 (Call 12/15/20)		2,200		2,275,821
3.85%, 08/01/23 (Call 05/01/23)		1,000		1,057,235
4.00%, 02/01/24 (Call 11/01/23)		900		958,832
6.15%, 01/15/20		655		762,251
6.40%, 08/15/17		1,150		1,283,767
6.80%, 12/15/18		290		339,365
McCormick & Co. Inc./MD
3.90%, 07/15/21 (Call 04/15/21)		1,200		1,305,227
Mondelez International Inc.
2.25%, 02/01/19 (Call 01/01/19)		3,500		3,520,051

Security	Principal (000s)		Value
4.13%, 02/09/16	$	1,144	$	1,178,374
5.38%, 02/10/20		1,809		2,071,629
6.13%, 02/01/18		3,769		4,241,394
6.13%, 08/23/18		2,338		2,664,550
6.50%, 08/11/17		1,848		2,078,294
Sysco Corp.
2.35%, 10/02/19 (Call 09/02/19)		2,500		2,534,939
2.60%, 06/12/22		500		499,233
3.00%, 10/02/21 (Call 08/02/21)		3,171		3,254,323
5.25%, 02/12/18		1,550		1,713,574
Tyson Foods Inc.
3.95%, 08/15/24 (Call 05/15/24)a		1,900		2,012,418
4.50%, 06/15/22 (Call 03/15/22)		2,500		2,744,170
6.60%, 04/01/16		800		847,215
Unilever Capital Corp.
0.85%, 08/02/17		1,700		1,692,165
2.20%, 03/06/19		1,500		1,527,592
2.75%, 02/10/16a		430		439,063
4.25%, 02/10/21		2,269		2,530,245
4.80%, 02/15/19		186		207,334
				85,452,635
FOREST PRODUCTS & PAPER — 0.32%
Celulosa Arauco y Constitucion SA
4.75%, 01/11/22 (Call 10/11/21)		2,820		2,964,384
7.25%, 07/29/19a		525		614,345
Domtar Corp.
10.75%, 06/01/17		2,100		2,499,000
Georgia-Pacific LLC
8.00%, 01/15/24		1,000		1,328,620
International Paper Co.
3.65%, 06/15/24 (Call 03/15/24)		1,600		1,630,518
5.25%, 04/01/16		440		458,859
7.50%, 08/15/21		2,316		2,907,447
7.95%, 06/15/18		4,747		5,591,406
Plum Creek Timberlands LP
4.70%, 03/15/21 (Call 12/15/20)		2,200		2,403,110
				20,397,689

SCHEDULESOF INVESTMENTS 183

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
GAS — 0.27%
AGL Capital Corp.
3.50%, 09/15/21 (Call 06/15/21)	$	1,200	$	1,264,182
5.25%, 08/15/19		550		617,001
6.38%, 07/15/16		425		453,007
Atmos Energy Corp.
6.35%, 06/15/17		150		166,652
8.50%, 03/15/19		168		208,292
CenterPoint Energy Inc.
5.95%, 02/01/17		200		217,612
National Fuel Gas Co.
3.75%, 03/01/23 (Call 12/01/22)		1,100		1,108,663
4.90%, 12/01/21 (Call 09/01/21)		1,180		1,277,165
8.75%, 05/01/19		750		910,992
National Grid PLC
6.30%, 08/01/16		784		846,720
ONE Gas Inc.
2.07%, 02/01/19 (Call 01/01/19)		300		301,283
3.61%, 02/01/24 (Call 11/01/23)		425		449,218
Questar Corp.
2.75%, 02/01/16		200		203,640
Sempra Energy
2.88%, 10/01/22 (Call 07/01/22)		1,000		999,483
3.55%, 06/15/24 (Call 03/15/24)		500		520,301
6.15%, 06/15/18		1,334		1,512,907
9.80%, 02/15/19		3,350		4,308,854
Southern California Gas Co.
3.15%, 09/15/24 (Call 06/15/24)		1,500		1,548,540
Series HH
5.45%, 04/15/18		200		224,140
Southwest Gas Corp.
3.88%, 04/01/22 (Call 01/01/22)		100		107,269
				17,245,921

Security	Principal (000s)		Value
HAND & MACHINE TOOLS — 0.05%
Kennametal Inc.
3.88%, 02/15/22 (Call 11/15/21)	$	442	$	455,226
Snap-On Inc.
4.25%, 01/15/18		450		474,870
6.13%, 09/01/21		125		149,267
Stanley Black & Decker Inc.
2.90%, 11/01/22		1,500		1,509,945
3.40%, 12/01/21 (Call 09/01/21)		758		790,646
				3,379,954
HEALTH CARE — PRODUCTS — 1.35%
Baxter International Inc.
1.85%, 01/15/17		1,050		1,064,483
2.40%, 08/15/22		3,600		3,467,630
3.20%, 06/15/23 (Call 03/15/23)		1,600		1,610,961
4.25%, 03/15/20		1,300		1,413,256
4.50%, 08/15/19		1,700		1,863,274
5.38%, 06/01/18		500		556,480
5.90%, 09/01/16a		1,100		1,181,706
Becton Dickinson and Co.
1.75%, 11/08/16		1,400		1,416,956
1.80%, 12/15/17a		320		322,581
2.68%, 12/15/19		10,135		10,341,521
3.13%, 11/08/21		1,687		1,721,866
3.25%, 11/12/20		900		934,465
3.73%, 12/15/24 (Call 09/15/24)a		205		214,917
Boston Scientific Corp.
2.65%, 10/01/18		1,000		1,010,195
4.13%, 10/01/23 (Call 07/01/23)		1,875		1,965,591
6.00%, 01/15/20		1,662		1,906,370
6.40%, 06/15/16		1,100		1,171,397
CareFusion Corp.
1.45%, 05/15/17		900		899,346
3.88%, 05/15/24 (Call 02/15/24)		855		889,275
6.38%, 08/01/19		1,305		1,514,962
Covidien International Finance SA
2.95%, 06/15/23 (Call 03/15/23)		1,000		998,297

184 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
4.20%, 06/15/20	$	3,350	$	3,655,798
6.00%, 10/15/17		1,061		1,178,848
CR Bard Inc.
1.38%, 01/15/18		1,575		1,562,831
4.40%, 01/15/21 (Call 10/15/20)		1,125		1,226,988
Edwards Lifesciences Corp.
2.88%, 10/15/18		1,250		1,272,581
Life Technologies Corp.
5.00%, 01/15/21 (Call 10/15/20)		650		717,733
6.00%, 03/01/20		2,821		3,246,047
Medtronic Inc.
0.88%, 02/27/17		250		249,125
1.38%, 04/01/18		1,940		1,933,797
1.50%, 03/15/18b		245		245,280
2.50%, 03/15/20b		2,115		2,152,845
2.63%, 03/15/16		1,850		1,886,731
2.75%, 04/01/23 (Call 01/01/23)		1,500		1,486,758
3.13%, 03/15/22 (Call 12/15/21)		3,600		3,696,253
3.15%, 03/15/22b		8,000		8,285,702
3.63%, 03/15/24 (Call 12/15/23)a		550		580,620
4.13%, 03/15/21 (Call 12/15/20)		3,400		3,699,238
4.45%, 03/15/20		1,394		1,544,663
5.60%, 03/15/19		750		851,954
St. Jude Medical Inc.
3.25%, 04/15/23 (Call 01/15/23)		1,500		1,522,648
Stryker Corp.
1.30%, 04/01/18		2,000		1,980,739
2.00%, 09/30/16		990		1,006,684
3.38%, 05/15/24 (Call 02/15/24)		1,200		1,230,073
4.38%, 01/15/20		1,050		1,145,617
Zimmer Holdings Inc.
3.38%, 11/30/21 (Call 08/30/21)a		1,180		1,216,241
4.63%, 11/30/19		2,600		2,855,110
				86,896,433

Security	Principal (000s)		Value
HEALTH CARE — SERVICES — 1.01%
Aetna Inc.
1.50%, 11/15/17 (Call 10/15/17)	$	2,350	$	2,355,822
1.75%, 05/15/17 (Call 04/15/17)a		1,438		1,455,327
2.20%, 03/15/19 (Call 02/15/19)		500		502,388
2.75%, 11/15/22 (Call 08/15/22)		1,650		1,655,202
3.50%, 11/15/24 (Call 08/15/24)a		395		411,384
3.95%, 09/01/20		2,227		2,391,538
4.13%, 06/01/21 (Call 03/01/21)		1,000		1,080,533
Anthem Inc.
1.88%, 01/15/18		1,180		1,185,711
2.25%, 08/15/19		2,750		2,750,720
2.30%, 07/15/18		500		506,803
2.38%, 02/15/17		1,000		1,020,233
3.13%, 05/15/22		1,396		1,400,623
3.30%, 01/15/23		1,000		1,017,147
3.70%, 08/15/21 (Call 05/15/21)		2,200		2,315,483
4.35%, 08/15/20		1,450		1,584,164
5.88%, 06/15/17		1,350		1,482,263
Cigna Corp.
2.75%, 11/15/16		1,150		1,182,490
4.00%, 02/15/22 (Call 11/15/21)		149		161,735
4.38%, 12/15/20 (Call 09/15/20)		1,100		1,192,212
4.50%, 03/15/21 (Call 12/15/20)		1,736		1,890,452
5.13%, 06/15/20		288		325,169
Coventry Health Care Inc.
5.45%, 06/15/21 (Call 03/15/21)		1,066		1,226,821
5.95%, 03/15/17		600		656,549
Dignity Health
3.13%, 11/01/22		1,050		1,044,445
Humana Inc.
3.15%, 12/01/22 (Call 09/01/22)a		1,358		1,362,236

SCHEDULESOF INVESTMENTS 185

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
3.85%, 10/01/24 (Call 07/01/24)	$	1,500	$	1,559,331
6.30%, 08/01/18a		200		227,541
7.20%, 06/15/18		1,550		1,802,489
Laboratory Corp. of America Holdings
2.20%, 08/23/17		1,800		1,821,597
3.13%, 05/15/16		600		613,752
3.60%, 02/01/25 (Call 11/01/24)		295		298,056
3.75%, 08/23/22 (Call 05/23/22)a		2,500		2,587,674
4.63%, 11/15/20 (Call 08/15/20)		700		762,230
Quest Diagnostics Inc.
4.70%, 04/01/21		1,800		1,958,130
4.75%, 01/30/20		150		164,394
5.45%, 11/01/15		1,470		1,514,146
6.40%, 07/01/17		480		530,178
UnitedHealth Group Inc.
1.40%, 10/15/17		1,650		1,660,477
1.63%, 03/15/19		3,435		3,411,187
1.88%, 11/15/16a		900		915,532
2.30%, 12/15/19		2,400		2,432,281
2.88%, 12/15/21		840		861,987
2.88%, 03/15/22 (Call 12/15/21)		1,000		1,023,107
3.38%, 11/15/21 (Call 08/15/21)		1,150		1,216,422
3.88%, 10/15/20 (Call 07/15/20)		100		108,161
4.70%, 02/15/21 (Call 11/15/20)		1,600		1,799,370
6.00%, 06/15/17		1,650		1,830,101
6.00%, 02/15/18		969		1,097,563
Ventas Realty LP
1.25%, 04/17/17		2,500		2,491,981
				64,845,137
HOLDING COMPANIES — DIVERSIFIED — 0.20%
Ares Capital Corp.
3.88%, 01/15/20 (Call 12/15/19)		1,000		1,000,829
4.88%, 11/30/18		500		520,685

Security	Principal (000s)		Value
Fifth Street Finance Corp.
4.88%, 03/01/19	$	500	$	515,500
FS Investment Corp.
4.00%, 07/15/19a		3,100		3,093,276
Leucadia National Corp.
5.50%, 10/18/23 (Call 01/18/23)		3,500		3,566,479
MUFG Americas Holdings Corp.
3.00%, 02/10/25 (Call 01/20/25)		2,500		2,478,093
Prospect Capital Corp.
5.88%, 03/15/23		1,840		1,890,600
				13,065,462
HOME FURNISHINGS — 0.07%
Leggett & Platt Inc.
3.80%, 11/15/24 (Call 08/15/24)		1,000		1,025,341
Whirlpool Corp.
3.70%, 03/01/23		1,500		1,552,249
4.85%, 06/15/21a		1,900		2,116,869
				4,694,459
HOUSEHOLD PRODUCTS & WARES — 0.21%
Avery Dennison Corp.
3.35%, 04/15/23 (Call 01/15/23)		850		843,824
5.38%, 04/15/20		150		164,896
Church & Dwight Co. Inc.
2.88%, 10/01/22		1,000		990,694
Clorox Co. (The)
3.05%, 09/15/22 (Call 06/15/22)a		1,000		1,003,073
3.50%, 12/15/24 (Call 09/15/24)		1,500		1,530,158
3.80%, 11/15/21		810		871,830
5.95%, 10/15/17		1,120		1,249,095
Kimberly-Clark Corp.
2.40%, 03/01/22		720		717,561
2.65%, 03/01/25		430		431,015
3.63%, 08/01/20a		750		810,112
3.88%, 03/01/21		400		439,269
6.13%, 08/01/17		1,058		1,183,803
6.25%, 07/15/18		640		737,274
7.50%, 11/01/18		900		1,081,868

186 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Tupperware Brands Corp.
4.75%, 06/01/21 (Call 03/01/21)	$	1,225	$	1,313,814
				13,368,286
HOUSEWARES — 0.08%
Newell Rubbermaid Inc.
2.05%, 12/01/17a		1,000		1,003,365
4.00%, 06/15/22 (Call 03/15/22)		1,500		1,565,178
4.00%, 12/01/24 (Call 09/01/24)		2,000		2,096,188
6.25%, 04/15/18		200		224,619
				4,889,350
INSURANCE — 2.42%
ACE INA Holdings Inc.
3.35%, 05/15/24		1,500		1,557,476
5.70%, 02/15/17		1,500		1,632,408
5.80%, 03/15/18		200		224,999
5.90%, 06/15/19		825		949,114
AEGON Funding Co. LLC
5.75%, 12/15/20		360		415,258
Aflac Inc.
2.65%, 02/15/17		1,750		1,800,497
3.63%, 06/15/23a		1,000		1,041,579
3.63%, 11/15/24		2,000		2,086,842
4.00%, 02/15/22		450		483,822
8.50%, 05/15/19		800		1,006,724
Alleghany Corp.
5.63%, 09/15/20		650		734,568
Allied World Assurance Co. Holdings Ltd.
5.50%, 11/15/20		575		646,513
Allstate Corp. (The)
5.75%, 08/15/53 (Call 08/15/23)d		1,700		1,836,000
7.45%, 05/16/19		1,473		1,773,993
American International Group Inc.
2.30%, 07/16/19 (Call 06/16/19)a		7,100		7,171,469
3.38%, 08/15/20		2,900		3,062,977
4.13%, 02/15/24		2,000		2,178,325
4.88%, 06/01/22		1,731		1,970,855
5.45%, 05/18/17		177		192,759

Security	Principal (000s)		Value
5.60%, 10/18/16	$	1,140	$	1,220,672
5.85%, 01/16/18a		2,030		2,277,449
6.40%, 12/15/20		1,194		1,452,539
Aon Corp.
3.13%, 05/27/16		350		358,242
5.00%, 09/30/20		950		1,067,513
Aon PLC
3.50%, 06/14/24 (Call 03/01/24)		1,520		1,555,169
Aspen Insurance Holdings Ltd.
4.65%, 11/15/23		500		529,211
6.00%, 12/15/20		650		745,308
Assurant Inc.
4.00%, 03/15/23		1,000		1,029,598
Axis Specialty Finance LLC
5.88%, 06/01/20		1,500		1,711,582
Berkshire Hathaway Finance Corp.
1.30%, 05/15/18a		500		500,446
2.90%, 10/15/20a		100		104,742
3.00%, 05/15/22		2,500		2,581,404
4.25%, 01/15/21a		1,108		1,230,933
5.40%, 05/15/18a		1,928		2,177,218
Berkshire Hathaway Inc.
0.80%, 02/11/16a		1,600		1,605,221
1.90%, 01/31/17		2,385		2,433,655
2.10%, 08/14/19		1,500		1,527,324
2.20%, 08/15/16		2,682		2,737,271
3.00%, 02/11/23a		5,000		5,141,595
3.40%, 01/31/22		2,750		2,914,654
Chubb Corp. (The)
5.75%, 05/15/18		1,300		1,467,831
6.38%, 03/29/67 (Call 04/15/17)d		1,500		1,605,000
CNA Financial Corp.
5.75%, 08/15/21		740		849,088
5.88%, 08/15/20		1,400		1,604,661
6.50%, 08/15/16		210		225,366
7.35%, 11/15/19		105		125,645
Fidelity National Financial Inc.
5.50%, 09/01/22		1,700		1,846,283
First American Financial Corp.
4.60%, 11/15/24		1,000		1,027,297

SCHEDULESOF INVESTMENTS 187

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Hanover Insurance Group Inc. (The)
6.38%, 06/15/21	$	800	$	934,985
Hartford Financial Services Group Inc. (The)
4.00%, 10/15/17		1,650		1,753,316
5.50%, 03/30/20		200		227,906
6.00%, 01/15/19		2,100		2,385,916
6.30%, 03/15/18		1,437		1,621,859
HCC Insurance Holdings Inc.
6.30%, 11/15/19		130		149,590
Kemper Corp.
6.00%, 11/30/15		1,000		1,036,251
6.00%, 05/15/17		350		378,047
Lincoln National Corp.
4.20%, 03/15/22a		1,388		1,483,604
4.85%, 06/24/21		1,150		1,278,231
6.25%, 02/15/20a		550		641,274
7.00%, 05/17/66 (Call 05/17/16)d		1,000		965,000
8.75%, 07/01/19		830		1,039,658
Loews Corp.
2.63%, 05/15/23 (Call 02/15/23)		2,500		2,410,436
5.25%, 03/15/16		260		272,632
Manulife Financial Corp.
4.90%, 09/17/20		1,000		1,098,855
Markel Corp.
5.35%, 06/01/21		1,800		2,028,019
Marsh & McLennan Companies Inc.
2.35%, 09/10/19 (Call 08/10/19)		1,550		1,559,554
3.50%, 06/03/24 (Call 03/03/24)		1,250		1,288,722
4.80%, 07/15/21 (Call 04/15/21)		575		647,085
MetLife Inc.
1.76%, 12/15/17		1,000		1,011,064
3.05%, 12/15/22		360		367,661
3.60%, 04/10/24a		3,500		3,696,826
4.75%, 02/08/21		1,801		2,031,319
6.75%, 06/01/16		1,441		1,543,579
7.72%, 02/15/19a		1,382		1,679,633

Security	Principal (000s)		Value
Series A
6.82%, 08/15/18	$	2,900	$	3,383,027
Old Republic International Corp.
4.88%, 10/01/24 (Call 09/01/24)		500		526,089
PartnerRe Finance B LLC
5.50%, 06/01/20		800		904,588
Principal Financial Group Inc.
3.30%, 09/15/22		1,550		1,565,171
8.88%, 05/15/19		500		626,380
Progressive Corp. (The)
3.75%, 08/23/21		975		1,053,303
6.70%, 06/15/67 (Call 06/15/17)d		1,000		1,070,000
Protective Life Corp.
7.38%, 10/15/19		700		841,154
Prudential Financial Inc.
3.00%, 05/12/16		750		766,865
3.50%, 05/15/24		4,600		4,756,316
4.50%, 11/16/21		1,250		1,382,829
5.38%, 06/21/20		3,200		3,658,849
5.50%, 03/15/16		170		178,243
5.63%, 06/15/43 (Call 06/15/23)d		1,000		1,062,500
5.88%, 09/15/42 (Call 09/15/22)a,d		1,400		1,512,000
7.38%, 06/15/19		1,243		1,496,145
8.88%, 06/15/68 (Call 06/15/18)d		1,000		1,177,500
Series D
6.00%, 12/01/17		941		1,051,841
Reinsurance Group of America Inc.
5.00%, 06/01/21		1,595		1,768,430
6.45%, 11/15/19a		1,200		1,397,328
RenRe North America Holdings Inc.
5.75%, 03/15/20		125		139,886
StanCorp Financial Group Inc.
5.00%, 08/15/22		950		1,020,015
Symetra Financial Corp.
4.25%, 07/15/24		500		517,465
Torchmark Corp.
3.80%, 09/15/22		1,000		1,039,696

188 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
6.38%, 06/15/16	$	350	$	372,140
9.25%, 06/15/19		325		409,835
Transatlantic Holdings Inc.
5.75%, 12/14/15a		861		890,252
Travelers Companies Inc. (The)
3.90%, 11/01/20a		1,500		1,618,205
5.75%, 12/15/17		530		592,779
5.80%, 05/15/18		1,537		1,737,819
6.25%, 06/20/16		500		533,184
Trinity Acquisition PLC
4.63%, 08/15/23a		1,600		1,694,317
Unum Group
4.00%, 03/15/24a		500		521,076
5.63%, 09/15/20		600		679,696
7.13%, 09/30/16		650		706,316
Voya Financial Inc.
5.50%, 07/15/22		1,500		1,714,015
Willis Group Holdings PLC
5.75%, 03/15/21		400		449,211
WR Berkley Corp.
4.63%, 03/15/22a		1,200		1,302,822
5.38%, 09/15/20		300		336,048
7.38%, 09/15/19		1,050		1,253,217
XLIT Ltd.
2.30%, 12/15/18		150		151,351
				155,808,020
INTERNET — 0.86%
Alibaba Group Holding Ltd.
2.50%, 11/28/19 (Call 10/28/19)b		8,405		8,351,051
3.13%, 11/28/21 (Call 09/28/21)b		4,330		4,340,339
3.60%, 11/28/24 (Call 08/28/24)b		680		683,095
Amazon.com Inc.
1.20%, 11/29/17		1,500		1,494,621
2.50%, 11/29/22 (Call 08/29/22)		2,050		1,993,027
2.60%, 12/05/19 (Call 11/05/19)		5,000		5,094,281
3.80%, 12/05/24 (Call 09/05/24)		1,500		1,572,913

Security	Principal (000s)		Value
Baidu Inc.
2.25%, 11/28/17	$	3,650	$	3,665,607
2.75%, 06/09/19		4,000		4,004,002
3.50%, 11/28/22		2,000		2,013,036
eBay Inc.
1.35%, 07/15/17		978		973,381
2.20%, 08/01/19 (Call 07/01/19)		1,500		1,496,620
2.60%, 07/15/22 (Call 04/15/22)a		5,422		5,123,130
3.25%, 10/15/20 (Call 07/15/20)		2,200		2,254,190
Expedia Inc.
5.95%, 08/15/20		2,100		2,342,023
7.46%, 08/15/18		1,770		2,045,840
Google Inc.
2.13%, 05/19/16		1,907		1,947,742
3.38%, 02/25/24		1,825		1,944,746
3.63%, 05/19/21		2,061		2,236,508
Symantec Corp.
2.75%, 06/15/17 (Call 05/15/17)		1,000		1,013,858
3.95%, 06/15/22 (Call 03/15/22)		250		253,020
4.20%, 09/15/20		600		620,861
				55,463,891
IRON & STEEL — 0.24%
Nucor Corp.
4.00%, 08/01/23 (Call 05/01/23)		1,500		1,579,812
5.75%, 12/01/17		550		613,465
5.85%, 06/01/18a		1,200		1,350,632
Reliance Steel & Aluminum Co.
4.50%, 04/15/23 (Call 01/15/23)		1,100		1,110,681
6.20%, 11/15/16		290		308,530
Vale Overseas Ltd.
4.38%, 01/11/22a		4,900		4,733,924
4.63%, 09/15/20a		2,000		2,025,436
5.63%, 09/15/19a		450		485,615
6.25%, 01/11/16		2,190		2,271,249
6.25%, 01/23/17		922		983,551
				15,462,895

SCHEDULESOF INVESTMENTS 189

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
LEISURE TIME — 0.06%
Carnival Corp.
1.88%, 12/15/17	$	1,900	$	1,893,396
3.95%, 10/15/20		2,000		2,113,101
				4,006,497
LODGING — 0.25%
Hyatt Hotels Corp.
3.38%, 07/15/23 (Call 04/15/23)		940		944,789
3.88%, 08/15/16 (Call 07/15/16)		170		175,692
5.38%, 08/15/21 (Call 05/15/21)		938		1,063,101
Marriott International Inc./MD
3.00%, 03/01/19 (Call 12/01/18)		1,700		1,748,501
3.25%, 09/15/22 (Call 06/15/22)		1,000		1,012,804
3.38%, 10/15/20 (Call 07/15/20)		1,000		1,038,441
6.20%, 06/15/16		200		212,738
Series N
3.13%, 10/15/21 (Call 07/15/21)		1,500		1,523,561
Starwood Hotels & Resorts Worldwide Inc.
3.13%, 02/15/23 (Call 11/15/22)		1,250		1,230,232
6.75%, 05/15/18		1,150		1,315,223
Wyndham Worldwide Corp.
2.50%, 03/01/18 (Call 02/01/18)		1,050		1,054,385
2.95%, 03/01/17 (Call 02/01/17)a		850		868,289
3.90%, 03/01/23 (Call 12/01/22)		1,120		1,119,773
4.25%, 03/01/22 (Call 12/01/21)		2,150		2,243,257
5.63%, 03/01/21a		305		342,721	��
6.00%, 12/01/16		14		14,995
				15,908,502

Security	Principal (000s)		Value
MACHINERY — 1.04%
Caterpillar Financial Services Corp.
0.70%, 02/26/16	$	1,200	$	1,202,909
1.00%, 03/03/17		3,300		3,303,706
1.63%, 06/01/17a		300		302,664
2.00%, 03/05/20		3,000		3,003,742
2.10%, 06/09/19		4,350		4,397,344
2.25%, 12/01/19		3,500		3,543,598
2.63%, 03/01/23		1,360		1,352,417
2.65%, 04/01/16		740		755,517
7.15%, 02/15/19		3,635		4,342,943
Caterpillar Inc.
1.50%, 06/26/17		2,400		2,420,077
2.60%, 06/26/22 (Call 03/26/22)		1,500		1,501,638
3.40%, 05/15/24 (Call 02/15/24)		1,050		1,101,889
3.90%, 05/27/21		1,293		1,405,216
5.70%, 08/15/16		904		967,241
7.90%, 12/15/18		3,374		4,096,548
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)		1,152		1,151,043
4.38%, 10/16/19		2,053		2,260,296
Flowserve Corp.
3.50%, 09/15/22 (Call 06/15/22)		1,000		1,010,748
IDEX Corp.
4.20%, 12/15/21 (Call 09/15/21)a		250		264,285
John Deere Capital Corp.
1.13%, 06/12/17		2,000		2,002,315
1.20%, 10/10/17a		2,700		2,703,913
1.30%, 03/12/18a		4,000		3,989,188
1.35%, 01/16/18		1,840		1,840,957
1.85%, 09/15/16		800		812,780
2.25%, 06/07/16		855		870,770
2.30%, 09/16/19		500		507,488
2.75%, 03/15/22		1,639		1,655,452
2.80%, 09/18/17		1,500		1,557,978
2.80%, 03/04/21		1,050		1,073,151
3.15%, 10/15/21		680		704,549

190 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
3.35%, 06/12/24a	$	805	$	846,126
3.90%, 07/12/21a		1,150		1,246,009
Series D
5.35%, 04/03/18		1,100		1,228,361
Joy Global Inc.
5.13%, 10/15/21a		1,500		1,675,426
Rockwell Automation Inc.
2.05%, 03/01/20 (Call 02/01/20)		990		993,060
2.88%, 03/01/25 (Call 12/01/24)		305		306,864
5.65%, 12/01/17		300		330,391
Roper Industries Inc.
3.13%, 11/15/22 (Call 08/15/22)		1,500		1,469,903
6.25%, 09/01/19		1,350		1,557,758
Xylem Inc./NY
3.55%, 09/20/16		490		506,712
4.88%, 10/01/21		800		876,287
				67,139,259
MANUFACTURING — 0.93%
3M Co.
1.00%, 06/26/17		1,300		1,302,279
1.38%, 09/29/16		1,312		1,325,801
1.63%, 06/15/19		1,900		1,888,367
2.00%, 06/26/22a		1,500		1,475,505
Carlisle Companies Inc.
3.75%, 11/15/22 (Call 08/15/22)		1,500		1,531,036
Cooper U.S. Inc.
3.88%, 12/15/20 (Call 09/15/20)		1,110		1,167,698
6.10%, 07/01/17		200		221,240
Crane Co.
2.75%, 12/15/18		250		253,679
4.45%, 12/15/23 (Call 09/15/23)		500		533,539
Danaher Corp.
2.30%, 06/23/16		100		102,053
3.90%, 06/23/21 (Call 03/23/21)		1,840		1,999,839
5.40%, 03/01/19		558		629,812
5.63%, 01/15/18		1,100		1,225,382

Security	Principal (000s)		Value
Dover Corp.
4.30%, 03/01/21 (Call 12/01/20)	$	650	$	719,526
5.45%, 03/15/18		100		111,528
Eaton Corp.
1.50%, 11/02/17		3,200		3,212,246
2.75%, 11/02/22		2,000		2,009,196
5.60%, 05/15/18		788		880,806
6.95%, 03/20/19		405		477,407
General Electric Co.
2.70%, 10/09/22		4,000		4,070,911
3.38%, 03/11/24		5,000		5,300,488
5.25%, 12/06/17		3,432		3,808,360
Illinois Tool Works Inc.
0.90%, 02/25/17		20		19,991
1.95%, 03/01/19		500		502,426
3.38%, 09/15/21 (Call 06/15/21)		955		1,011,720
3.50%, 03/01/24 (Call 12/01/23)a		2,400		2,536,712
6.25%, 04/01/19		500		582,836
Ingersoll-Rand Global Holding Co. Ltd.
2.88%, 01/15/19		500		510,144
4.25%, 06/15/23		1,500		1,606,706
6.88%, 08/15/18		1,592		1,844,005
Ingersoll-Rand Luxembourg Finance SA
3.55%, 11/01/24 (Call 08/01/24)		1,145		1,156,615
Parker-Hannifin Corp.
3.30%, 11/21/24 (Call 08/21/24)		1,500		1,566,724
3.50%, 09/15/22		1,000		1,064,564
Pentair Finance SA
1.88%, 09/15/17		2,850		2,853,629
2.65%, 12/01/19		1,068		1,064,492
3.15%, 09/15/22 (Call 06/15/22)		400		397,609
Pentair Inc.
5.00%, 05/15/21 (Call 02/15/21)		900		1,007,098

SCHEDULESOF INVESTMENTS 191

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Textron Inc.
3.65%, 03/01/21	$	1,000	$	1,038,030
3.88%, 03/01/25 (Call 12/01/24)		760		778,152
4.63%, 09/21/16		725		763,457
5.60%, 12/01/17		895		979,421
5.95%, 09/21/21 (Call 06/21/21)		725		846,893
Tyco Electronics Group SA
3.45%, 08/01/24 (Call 05/01/24)		565		584,195
4.88%, 01/15/21		1,450		1,624,030
6.55%, 10/01/17		1,000		1,121,964
				59,708,111
MEDIA — 2.68%
21st Century Fox America Inc.
3.00%, 09/15/22		2,500		2,516,299
3.70%, 09/15/24 (Call 06/15/24)		500		528,076
4.00%, 10/01/23		1,000		1,074,926
4.50%, 02/15/21		2,363		2,601,853
5.65%, 08/15/20		200		232,453
6.90%, 03/01/19		2,300		2,721,087
7.25%, 05/18/18		500		584,681
8.25%, 08/10/18		100		121,052
CBS Corp.
1.95%, 07/01/17		900		906,079
2.30%, 08/15/19 (Call 07/15/19)a		950		941,885
3.38%, 03/01/22 (Call 12/01/21)		4,700		4,748,859
3.50%, 01/15/25 (Call 10/15/24)		825		828,822
4.30%, 02/15/21 (Call 11/15/20)		1,000		1,078,409
4.63%, 05/15/18		170		182,953
5.75%, 04/15/20		1,100		1,259,247
Comcast Cable Communications Holdings Inc.
9.46%, 11/15/22		2,500		3,602,039
Comcast Cable Communications LLC
8.88%, 05/01/17		3,130		3,641,932

Security	Principal (000s)			Value
Comcast Corp.
2.85%, 01/15/23	$	1,000		$	1,010,345
3.13%, 07/15/22		7,100			7,322,937
3.60%, 03/01/24a		1,850			1,981,792
4.95%, 06/15/16		1,070			1,126,055
5.15%, 03/01/20		1,242			1,421,947
5.70%, 05/15/18		1,425			1,606,751
5.70%, 07/01/19		2,300			2,656,279
5.90%, 03/15/16		1,517			1,598,452
6.30%, 11/15/17		1,798			2,030,889
6.50%, 01/15/17		1,763			1,940,527
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
1.75%, 01/15/18a		2,250			2,235,517
2.40%, 03/15/17		2,262			2,298,911
3.50%, 03/01/16		1,576			1,614,735
3.80%, 03/15/22		2,412			2,491,317
3.95%, 01/15/25 (Call 10/15/24)		1,380			1,417,448
4.45%, 04/01/24 (Call 01/01/24)		2,500			2,659,017
4.60%, 02/15/21 (Call 11/15/20)		2,328			2,515,241
5.00%, 03/01/21		2,689	��		2,973,954
5.20%, 03/15/20		850			945,086
5.88%, 10/01/19		1,388			1,582,944
Discovery Communications LLC
3.30%, 05/15/22		4,500			4,484,704
4.38%, 06/15/21		1,400			1,505,064
5.05%, 06/01/20		477			530,182
5.63%, 08/15/19		1,050			1,189,719
Graham Holdings Co.
7.25%, 02/01/19		1,100			1,228,211
Historic TW Inc.
6.88%, 06/15/18		830			965,307
7.25%, 10/15/17		400			459,435
9.15%, 02/01/23		500			686,209
NBCUniversal Media LLC
2.88%, 04/01/16		1,397			1,429,679
2.88%, 01/15/23		1,000			1,012,107
4.38%, 04/01/21		1,950			2,160,491
5.15%, 04/30/20		2,126			2,430,089

192 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Reed Elsevier Capital Inc.
3.13%, 10/15/22 (Call 07/15/22)	$	84	$	83,840
8.63%, 01/15/19		1,400		1,717,231
Scripps Networks Interactive Inc.
2.70%, 12/15/16		1,000		1,025,502
3.90%, 11/15/24 (Call 08/15/24)		1,000		1,046,490
Thomson Reuters Corp.
3.85%, 09/29/24 (Call 06/29/24)		1,500		1,547,136
3.95%, 09/30/21 (Call 06/30/21)		1,000		1,063,096
4.30%, 11/23/23 (Call 08/23/23)		1,000		1,077,024
4.70%, 10/15/19		1,300		1,426,838
6.50%, 07/15/18		1,482		1,693,104
Time Warner Cable Inc.
4.00%, 09/01/21 (Call 06/01/21)		4,363		4,604,073
4.13%, 02/15/21 (Call 11/15/20)a		2,400		2,540,196
5.00%, 02/01/20		2,687		2,969,227
5.85%, 05/01/17		3,244		3,528,864
6.75%, 07/01/18		3,301		3,780,904
8.25%, 04/01/19		2,348		2,858,337
8.75%, 02/14/19		1,996		2,453,937
Time Warner Companies Inc.
7.57%, 02/01/24		500		643,475
Time Warner Entertainment Co. LP
8.38%, 03/15/23		500		667,303
Time Warner Inc.
2.10%, 06/01/19		500		498,909
3.40%, 06/15/22a		4,950		5,077,646
4.00%, 01/15/22		4,000		4,245,869
4.70%, 01/15/21		3,277		3,658,202
4.75%, 03/29/21		1,480		1,653,059
4.88%, 03/15/20		1,145		1,281,407
5.88%, 11/15/16		1,359		1,468,241
Viacom Inc.
2.20%, 04/01/19a		150		148,817
2.50%, 12/15/16		1,450		1,480,569

Security	Principal (000s)		Value
2.75%, 12/15/19 (Call 11/11/19)	$	1,000	$	1,008,621
3.13%, 06/15/22 (Call 03/15/22)		500		495,862
3.50%, 04/01/17		1,150		1,195,707
3.88%, 12/15/21		1,250		1,296,921
3.88%, 04/01/24 (Call 01/01/24)		1,375		1,397,883
4.25%, 09/01/23 (Call 06/01/23)		3,300		3,439,366
4.50%, 03/01/21		1,250		1,348,434
5.63%, 09/15/19		600		677,125
6.13%, 10/05/17		160		177,446
6.25%, 04/30/16		1,797		1,903,629
Walt Disney Co. (The)
1.10%, 12/01/17		1,130		1,128,369
1.13%, 02/15/17		1,947		1,959,126
1.35%, 08/16/16		2,006		2,027,713
1.85%, 05/30/19		1,500		1,502,813
2.35%, 12/01/22		2,150		2,134,423
2.55%, 02/15/22		1,200		1,203,575
2.75%, 08/16/21		2,000		2,059,340
3.75%, 06/01/21		1,750		1,891,203
5.50%, 03/15/19		1,600		1,829,362
5.63%, 09/15/16		93		100,068
Series B
5.88%, 12/15/17		100		112,773
				172,211,048
METAL FABRICATE & HARDWARE — 0.05%
Precision Castparts Corp.
1.25%, 01/15/18		1,813		1,800,228
2.50%, 01/15/23 (Call 10/15/22)		1,375		1,350,510
				3,150,738
MINING — 1.38%
Barrick Gold Corp.
3.85%, 04/01/22a		2,675		2,640,166
4.10%, 05/01/23		1,900		1,893,001
6.95%, 04/01/19a		1,546		1,804,653
Barrick North America Finance LLC
4.40%, 05/30/21		2,403		2,495,440
6.80%, 09/15/18		1,700		1,952,222

SCHEDULESOF INVESTMENTS 193

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Barrick PD Australia Finance Pty Ltd.
4.95%, 01/15/20	$	1,300	$	1,420,008
BHP Billiton Finance USA Ltd.
1.63%, 02/24/17		4,496		4,557,768
1.88%, 11/21/16		1,527		1,554,135
2.05%, 09/30/18		2,520		2,559,177
2.88%, 02/24/22a		1,295		1,313,208
3.25%, 11/21/21		2,382		2,491,302
3.85%, 09/30/23		1,000		1,080,137
6.50%, 04/01/19		1,485		1,751,901
7.25%, 03/01/16		670		714,052
Freeport-McMoRan Inc.
2.15%, 03/01/17		850		845,820
2.38%, 03/15/18		3,600		3,529,820
3.10%, 03/15/20a		1,000		959,121
3.55%, 03/01/22 (Call 12/01/21)		1,862		1,690,496
3.88%, 03/15/23 (Call 12/15/22)a		3,450		3,147,813
4.00%, 11/14/21		1,500		1,444,010
4.55%, 11/14/24 (Call 08/14/24)a		4,200		3,968,324
Goldcorp Inc.
2.13%, 03/15/18		1,350		1,350,930
3.70%, 03/15/23 (Call 12/15/22)		1,300		1,301,512
Kinross Gold Corp.
5.13%, 09/01/21 (Call 06/01/21)a		740		740,864
5.95%, 03/15/24 (Call 12/15/23)		2,300		2,267,925
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)		2,747		2,697,658
5.13%, 10/01/19a		2,558		2,805,897
Rio Tinto Finance USA Ltd.
2.25%, 09/20/16		1,913		1,947,565
2.50%, 05/20/16		800		815,254
3.50%, 11/02/20a		1,448		1,518,302
3.75%, 09/20/21		2,032		2,140,128
4.13%, 05/20/21a		3,210		3,450,422
6.50%, 07/15/18		4,278		4,909,974
9.00%, 05/01/19		2,069		2,625,769

Security	Principal (000s)		Value
Rio Tinto Finance USA PLC
1.63%, 08/21/17 (Call 07/21/17)	$	3,450	$	3,463,864
2.25%, 12/14/18 (Call 11/14/18)		2,050		2,070,288
2.88%, 08/21/22 (Call 05/21/22)a		2,000		1,996,256
Southern Copper Corp.
3.50%, 11/08/22		2,150		2,079,222
5.38%, 04/16/20		1,150		1,252,108
Teck Resources Ltd.
2.50%, 02/01/18		1,400		1,378,596
3.00%, 03/01/19a		650		631,961
3.15%, 01/15/17		500		508,627
3.85%, 08/15/17		1,100		1,132,405
4.75%, 01/15/22 (Call 10/15/21)a		2,250		2,217,117
				89,115,218
MULTI-NATIONAL — 0.04%
International Bank for Reconstruction & Development
2.13%, 03/03/25		2,500		2,500,837
				2,500,837
OFFICE & BUSINESS EQUIPMENT — 0.24%
Pitney Bowes Inc.
4.63%, 03/15/24 (Call 12/15/23)		1,400		1,445,157
4.75%, 01/15/16a		410		422,832
4.75%, 05/15/18		1,300		1,377,098
5.75%, 09/15/17a		1,013		1,097,307
Xerox Corp.
2.75%, 09/01/20		800		801,069
2.80%, 05/15/20		3,200		3,214,801
2.95%, 03/15/17		500		513,960
4.50%, 05/15/21		2,637		2,851,014
5.63%, 12/15/19		900		1,019,478
6.35%, 05/15/18		976		1,105,482
6.40%, 03/15/16		1,500		1,583,445
6.75%, 02/01/17a		200		219,549
				15,651,192

194 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
OIL & GAS — 6.40%
Anadarko Petroleum Corp.
3.45%, 07/15/24 (Call 04/15/24)a	$	1,500	$	1,523,166
5.95%, 09/15/16		1,202		1,286,813
6.38%, 09/15/17		4,392		4,899,669
6.95%, 06/15/19		1,750		2,056,682
8.70%, 03/15/19		1,119		1,378,908
Apache Corp.
1.75%, 04/15/17		1,100		1,105,640
2.63%, 01/15/23 (Call 10/15/22)a		950		912,042
3.25%, 04/15/22 (Call 01/15/22)		2,862		2,887,870
3.63%, 02/01/21 (Call 11/01/20)a		1,900		1,981,256
5.63%, 01/15/17		405		436,086
BP Capital Markets PLC
1.38%, 11/06/17		3,000		2,993,827
1.38%, 05/10/18		4,320		4,283,003
1.67%, 02/13/18		3,000		3,010,561
1.85%, 05/05/17		2,839		2,875,017
2.24%, 05/10/19		4,800		4,829,328
2.32%, 02/13/20		2,000		2,008,505
2.50%, 11/06/22		2,000		1,952,929
2.75%, 05/10/23		3,500		3,436,040
3.20%, 03/11/16		1,562		1,600,238
3.25%, 05/06/22		2,792		2,868,028
3.54%, 11/04/24		940		964,971
3.56%, 11/01/21		2,750		2,892,872
4.50%, 10/01/20		2,571		2,836,842
4.74%, 03/11/21		1,333		1,487,113
4.75%, 03/10/19		1,363		1,498,730
British Transco Finance Inc.
6.63%, 06/01/18		1,380		1,593,899
Canadian Natural Resources Ltd.
3.45%, 11/15/21 (Call 08/15/21)a		1,750		1,764,767
3.80%, 04/15/24a		1,000		1,011,288
3.90%, 02/01/25 (Call 11/01/24)		1,990		2,021,631
5.70%, 05/15/17		1,416		1,534,097
5.90%, 02/01/18a		850		937,818

Security	Principal (000s)		Value
Cenovus Energy Inc.
3.00%, 08/15/22 (Call 05/15/22)	$	1,000	$	951,414
3.80%, 09/15/23 (Call 06/15/23)a		1,000		992,570
5.70%, 10/15/19		1,173		1,295,176
Chevron Corp.
0.89%, 06/24/16a		1,450		1,453,512
1.10%, 12/05/17 (Call 11/05/17)		7,500		7,475,742
1.72%, 06/24/18 (Call 05/24/18)		3,750		3,782,620
2.36%, 12/05/22 (Call 09/05/22)		4,150		4,092,410
2.41%, 03/03/22 (Call 01/03/22)		1,140		1,142,112
2.43%, 06/24/20 (Call 05/24/20)		500		509,209
3.19%, 06/24/23 (Call 03/24/23)		3,000		3,116,477
4.95%, 03/03/19		2,526		2,828,671
CNOOC Finance 2013 Ltd.
3.00%, 05/09/23a		7,000		6,799,664
CNOOC Nexen Finance 2014 ULC
1.63%, 04/30/17		5,000		4,971,135
ConocoPhillips
5.20%, 05/15/18		1,050		1,170,375
5.75%, 02/01/19		2,100		2,405,991
6.00%, 01/15/20		837		986,398
6.65%, 07/15/18		1,240		1,441,576
ConocoPhillips Co.
1.05%, 12/15/17 (Call 11/15/17)		4,300		4,273,752
2.40%, 12/15/22 (Call 09/15/22)		6,500		6,340,013
3.35%, 11/15/24 (Call 08/15/24)a		445		459,480
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)a		1,195		1,114,748
4.50%, 04/15/23 (Call 01/15/23)		4,400		4,282,154
5.00%, 09/15/22 (Call 03/15/17)		1,000		989,906

SCHEDULESOF INVESTMENTS 195

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Devon Energy Corp.
2.25%, 12/15/18 (Call 11/15/18)	$	300	$	303,723
3.25%, 05/15/22 (Call 02/15/22)a		1,031		1,053,384
6.30%, 01/15/19		2,750		3,165,828
Diamond Offshore Drilling Inc.
5.88%, 05/01/19a		1,550		1,716,605
Ecopetrol SA
4.13%, 01/16/25		2,500		2,362,500
4.25%, 09/18/18		1,500		1,575,000
5.88%, 09/18/23a		1,500		1,612,500
7.63%, 07/23/19a		3,950		4,661,000
Encana Corp.
3.90%, 11/15/21 (Call 08/15/21)a		2,900		2,974,306
6.50%, 05/15/19		245		277,556
Ensco PLC
3.25%, 03/15/16		1,192		1,210,281
4.50%, 10/01/24 (Call 07/01/24)a		1,500		1,454,159
4.70%, 03/15/21a		3,003		3,025,916
EOG Resources Inc.
2.45%, 04/01/20 (Call 03/01/20)		1,850		1,871,461
2.50%, 02/01/16		500		507,823
2.63%, 03/15/23 (Call 12/15/22)a		1,288		1,271,595
4.10%, 02/01/21		1,229		1,325,715
4.40%, 06/01/20a		1,200		1,320,567
5.63%, 06/01/19a		796		909,358
5.88%, 09/15/17		453		502,747
6.88%, 10/01/18		400		468,591
EQT Corp.
4.88%, 11/15/21		1,350		1,422,560
6.50%, 04/01/18		1,900		2,100,219
8.13%, 06/01/19		1,700		2,029,824
Exxon Mobil Corp.
0.92%, 03/15/17		3,600		3,604,911
1.82%, 03/15/19 (Call 02/15/19)		4,000		4,025,229

Security	Principal (000s)		Value
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas Inc.
6.50%, 11/15/20 (Call 11/15/15)	$	1,225	$	1,295,437
6.63%, 05/01/21 (Call 05/01/16)		500		527,500
6.88%, 02/15/23 (Call 02/15/18)		1,688		1,780,840
Hess Corp.
1.30%, 06/15/17		500		494,378
3.50%, 07/15/24 (Call 04/15/24)a		360		355,652
8.13%, 02/15/19		2,026		2,418,568
Husky Energy Inc.
4.00%, 04/15/24 (Call 01/15/24)		1,900		1,920,823
6.15%, 06/15/19		150		166,934
7.25%, 12/15/19a		1,583		1,865,174
Kerr-McGee Corp.
6.95%, 07/01/24		1,000		1,240,795
Marathon Oil Corp.
2.80%, 11/01/22 (Call 08/01/22)a		300		290,837
5.90%, 03/15/18		874		967,151
6.00%, 10/01/17		1,167		1,285,383
Marathon Petroleum Corp.
3.50%, 03/01/16		1,590		1,626,190
3.63%, 09/15/24 (Call 06/15/24)		670		684,455
5.13%, 03/01/21		1,061		1,193,030
Murphy Oil Corp.
2.50%, 12/01/17		850		842,092
3.70%, 12/01/22 (Call 09/01/22)		1,360		1,272,189
4.00%, 06/01/22 (Call 03/01/22)		1,000		957,177
Nabors Industries Inc.
4.63%, 09/15/21		1,750		1,639,039
5.00%, 09/15/20a		1,000		972,030
5.10%, 09/15/23 (Call 06/15/23)		1,050		980,688
9.25%, 01/15/19		1,853		2,125,287
Nexen Energy ULC
6.20%, 07/30/19		1,750		2,010,774

196 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)	$	2,148	$	2,286,618
8.25%, 03/01/19		828		994,040
Noble Holding International Ltd.
2.50%, 03/15/17		300		294,240
3.95%, 03/15/22a		1,250		1,111,015
4.63%, 03/01/21		250		232,252
4.90%, 08/01/20		1,400		1,326,276
Occidental Petroleum Corp.
1.50%, 02/15/18 (Call 01/15/18)		1,300		1,295,089
1.75%, 02/15/17		6,100		6,166,614
2.50%, 02/01/16		400		406,739
3.13%, 02/15/22 (Call 11/15/21)		1,154		1,169,527
Series 1
4.10%, 02/01/21 (Call 11/01/20)		2,390		2,586,477
Petro-Canada
6.05%, 05/15/18		2,250		2,531,396
Petrobras Global Finance BV
2.00%, 05/20/16		818		778,178
3.00%, 01/15/19a		1,500		1,294,691
3.25%, 03/17/17		3,800		3,532,563
3.50%, 02/06/17		3,750		3,516,432
4.38%, 05/20/23		5,250		4,311,916
4.88%, 03/17/20		1,325		1,178,334
5.38%, 01/27/21		7,000		6,298,983
5.75%, 01/20/20		5,350		4,950,980
5.88%, 03/01/18		2,237		2,132,253
6.13%, 10/06/16a		1,850		1,839,400
6.25%, 03/17/24a		4,000		3,687,269
7.88%, 03/15/19		2,250		2,278,535
Petroleos Mexicanos
3.13%, 01/23/19		1,500		1,519,455
3.50%, 01/30/23		6,750		6,547,500
4.25%, 01/15/25b		2,500		2,506,250
4.88%, 01/24/22		4,600		4,870,250
4.88%, 01/18/24		3,750		3,956,250
5.50%, 01/21/21		5,300		5,810,125
5.75%, 03/01/18		967		1,061,282
6.00%, 03/05/20a		2,900		3,280,625
8.00%, 05/03/19		1,500		1,796,250

Security	Principal (000s)		Value
Phillips 66
2.95%, 05/01/17	$	1,412	$	1,461,498
4.30%, 04/01/22		2,544		2,776,830
Pioneer Natural Resources Co.
3.95%, 07/15/22 (Call 04/15/22)a		1,050		1,069,404
5.88%, 07/15/16		175		185,102
6.65%, 03/15/17		1,300		1,421,446
7.50%, 01/15/20		2,200		2,617,660
Pride International Inc.
6.88%, 08/15/20		1,345		1,525,512
8.50%, 06/15/19a		1,000		1,186,320
Rowan Companies Inc.
4.75%, 01/15/24 (Call 10/15/23)a		275		263,956
4.88%, 06/01/22 (Call 03/01/22)		2,160		2,104,783
5.00%, 09/01/17		800		826,485
7.88%, 08/01/19a		175		194,608
Sasol Financing International PLC
4.50%, 11/14/22		2,000		2,010,000
Shell International Finance BV
1.13%, 08/21/17		11,800		11,811,953
2.00%, 11/15/18a		4,160		4,226,918
2.25%, 01/06/23		2,000		1,957,127
2.38%, 08/21/22		750		743,493
3.40%, 08/12/23		1,400		1,478,666
4.30%, 09/22/19		1,359		1,503,663
4.38%, 03/25/20		130		145,113
5.20%, 03/22/17		475		516,016
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)a		3,458		3,405,397
4.95%, 01/23/25 (Call 10/23/24)		1,000		1,026,782
7.50%, 02/01/18		325		366,498
Statoil ASA
1.15%, 05/15/18		790		781,341
1.20%, 01/17/18		1,700		1,690,372
1.80%, 11/23/16		500		507,235
2.45%, 01/17/23		8,900		8,759,738
3.13%, 08/17/17		2,660		2,782,261
3.15%, 01/23/22		158		163,723
3.25%, 11/10/24		6,500		6,716,994

SCHEDULESOF INVESTMENTS 197

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.25%, 04/15/19	$	1,879	$	2,131,103
6.70%, 01/15/18		700		795,547
Suncor Energy Inc.
6.10%, 06/01/18		1,263		1,425,053
Talisman Energy Inc.
3.75%, 02/01/21 (Call 11/01/20)		850		836,519
7.75%, 06/01/19		1,240		1,440,823
Total Capital Canada Ltd.
1.45%, 01/15/18		4,000		4,013,312
2.75%, 07/15/23		900		898,449
Total Capital International SA
0.75%, 01/25/16		2,250		2,254,214
1.50%, 02/17/17		1,792		1,811,686
1.55%, 06/28/17a		2,792		2,821,822
2.10%, 06/19/19		6,100		6,166,809
2.70%, 01/25/23		2,700		2,699,394
3.70%, 01/15/24		2,500		2,668,935
3.75%, 04/10/24a		3,600		3,857,340
Total Capital SA
2.30%, 03/15/16		1,231		1,252,596
4.13%, 01/28/21		1,070		1,180,168
4.45%, 06/24/20		1,254		1,399,826
Transocean Inc.
2.50%, 10/15/17		1,000		915,000
3.80%, 10/15/22 (Call 07/15/22)a		1,300		1,004,250
5.05%, 12/15/16		969		971,423
6.00%, 03/15/18		982		945,175
6.38%, 12/15/21		3,060		2,669,850
6.50%, 11/15/20a		1,568		1,395,520
Valero Energy Corp.
6.13%, 06/15/17		1,612		1,778,963
6.13%, 02/01/20		834		958,306
9.38%, 03/15/19		1,131		1,417,839
XTO Energy Inc.
5.50%, 06/15/18		1,500		1,696,903
6.25%, 08/01/17		750		842,751
				411,434,796
OIL & GAS SERVICES — 0.50%
Baker Hughes Inc.
3.20%, 08/15/21 (Call 05/15/21)		2,100		2,153,161
7.50%, 11/15/18		1,184		1,410,673

Security	Principal (000s)		Value
Cameron International Corp.
3.70%, 06/15/24 (Call 03/15/24)	$	1,500	$	1,453,633
4.50%, 06/01/21 (Call 03/01/21)		1,450		1,515,570
6.38%, 07/15/18		1,700		1,899,938
FMC Technologies Inc.
2.00%, 10/01/17		900		902,177
3.45%, 10/01/22 (Call 07/01/22)		1,000		989,907
Halliburton Co.
2.00%, 08/01/18 (Call 07/01/18)		500		503,199
3.25%, 11/15/21 (Call 08/15/21)		2,000		2,078,765
3.50%, 08/01/23 (Call 05/01/23)		1,050		1,091,418
6.15%, 09/15/19		1,814		2,121,571
National Oilwell Varco Inc.
1.35%, 12/01/17		900		896,290
2.60%, 12/01/22 (Call 09/01/22)		1,520		1,467,656
Schlumberger Investment SA
3.65%, 12/01/23 (Call 09/01/23)a		2,200		2,340,057
SESI LLC
6.38%, 05/01/19 (Call 05/01/15)a		1,100		1,105,855
7.13%, 12/15/21 (Call 12/15/16)a		1,430		1,431,003
Weatherford International LLC
6.35%, 06/15/17a		1,385		1,454,250
Weatherford International Ltd./Bermuda
4.50%, 04/15/22 (Call 01/15/22)		1,070		973,202
5.13%, 09/15/20		4,280		4,066,000
5.50%, 02/15/16		210		215,775
6.00%, 03/15/18		1,000		1,035,000
9.63%, 03/01/19		1,038		1,172,940
				32,278,040

198 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
PACKAGING & CONTAINERS — 0.07%
Bemis Co. Inc.
4.50%, 10/15/21 (Call 07/15/21)	$	100	$	109,287
6.80%, 08/01/19		555		650,295
Packaging Corp. of America
3.90%, 06/15/22 (Call 03/15/22)		1,038		1,072,015
Rock-Tenn Co.
3.50%, 03/01/20		500		513,783
4.90%, 03/01/22		2,000		2,181,198
Sonoco Products Co.
4.38%, 11/01/21 (Call 08/01/21)		75		80,509
				4,607,087
PHARMACEUTICALS — 3.27%
Abbott Laboratories
4.13%, 05/27/20		800		873,977
5.13%, 04/01/19		1,678		1,873,259
AbbVie Inc.
1.75%, 11/06/17		6,250		6,293,594
2.00%, 11/06/18		2,950		2,957,129
2.90%, 11/06/22		2,725		2,724,381
Actavis Funding SCS
1.30%, 06/15/17		2,000		1,975,297
2.45%, 06/15/19a		195		192,616
3.85%, 06/15/24 (Call 03/15/24)a		500		507,520
Actavis Inc.
1.88%, 10/01/17		2,800		2,790,979
3.25%, 10/01/22 (Call 07/01/22)		3,500		3,452,891
6.13%, 08/15/19		1,195		1,354,779
Allergan Inc./United States
1.35%, 03/15/18a		1,150		1,121,370
2.80%, 03/15/23 (Call 12/15/22)		2,900		2,696,310
3.38%, 09/15/20a		1,500		1,524,377
5.75%, 04/01/16		520		545,365
AmerisourceBergen Corp.
1.15%, 05/15/17		900		897,005
3.40%, 05/15/24a		1,000		1,023,595
3.50%, 11/15/21 (Call 08/15/21)		1,075		1,117,628

Security	Principal (000s)		Value
AstraZeneca PLC
1.95%, 09/18/19	$	2,300	$	2,314,621
5.90%, 09/15/17		4,217		4,722,032
Bristol-Myers Squibb Co.
0.88%, 08/01/17		2,163		2,153,816
2.00%, 08/01/22		2,231		2,148,103
3.25%, 11/01/23		1,300		1,354,587
Cardinal Health Inc.
2.40%, 11/15/19		2,000		2,006,736
3.20%, 06/15/22		1,600		1,615,222
3.20%, 03/15/23		1,300		1,318,162
4.63%, 12/15/20		2,000		2,202,308
DENTSPLY International Inc.
2.75%, 08/15/16		140		142,442
4.13%, 08/15/21 (Call 05/15/21)		1,545		1,640,650
Eli Lilly & Co.
1.25%, 03/01/18		305		304,899
1.95%, 03/15/19		2,000		2,017,581
5.20%, 03/15/17		996		1,083,317
Express Scripts Holding Co.
1.25%, 06/02/17		325		324,112
2.25%, 06/15/19		9,900		9,890,319
2.65%, 02/15/17		1,000		1,026,502
3.13%, 05/15/16		1,399		1,432,764
3.90%, 02/15/22		1,665		1,758,106
4.75%, 11/15/21		800		890,410
7.25%, 06/15/19		1,665		1,991,885
GlaxoSmithKline Capital Inc.
0.70%, 03/18/16		3,650		3,654,438
5.65%, 05/15/18		2,080		2,347,629
GlaxoSmithKline Capital PLC
1.50%, 05/08/17		5,196		5,247,131
2.85%, 05/08/22		6,309		6,389,705
Johnson & Johnson
1.88%, 12/05/19		5,000		5,050,402
2.15%, 05/15/16		951		968,638
2.45%, 12/05/21		1,500		1,524,951
2.95%, 09/01/20		1,200		1,263,986
3.55%, 05/15/21		1,900		2,061,348
5.15%, 07/15/18a		2,063		2,324,093
5.55%, 08/15/17a		1,828		2,032,394

SCHEDULESOF INVESTMENTS 199

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
McKesson Corp.
1.40%, 03/15/18	$	1,000	$	991,110
2.70%, 12/15/22 (Call 09/15/22)a		1,563		1,535,630
2.85%, 03/15/23 (Call 12/15/22)a		500		494,569
3.25%, 03/01/16		1,299		1,328,622
3.80%, 03/15/24 (Call 12/15/23)		3,200		3,382,131
4.75%, 03/01/21 (Call 12/01/20)		750		831,249
5.70%, 03/01/17		567		616,645
7.50%, 02/15/19		1,985		2,376,961
Mead Johnson Nutrition Co.
4.90%, 11/01/19		1,450		1,598,058
Medco Health Solutions Inc.
4.13%, 09/15/20		500		536,858
7.13%, 03/15/18		1,338		1,543,412
Merck & Co. Inc.
1.10%, 01/31/18		1,750		1,742,440
1.30%, 05/18/18		10,700		10,669,322
2.75%, 02/10/25 (Call 11/10/24)		5,775		5,773,461
2.80%, 05/18/23		2,150		2,181,098
3.88%, 01/15/21 (Call 10/15/20)		1,021		1,110,773
Merck Sharp & Dohme Corp.
4.75%, 03/01/15		850		850,000
5.00%, 06/30/19		1,128		1,277,518
Mylan Inc./PA
2.55%, 03/28/19		3,050		3,061,296
Novartis Capital Corp.
2.40%, 09/21/22		2,200		2,199,535
3.40%, 05/06/24		3,650		3,870,784
4.40%, 04/24/20		168		187,157
Novartis Securities Investment Ltd.
5.13%, 02/10/19		3,313		3,736,552
Perrigo Co. PLC
4.00%, 11/15/23 (Call 08/15/23)		1,910		1,997,453
Perrigo Finance PLC
3.50%, 12/15/21 (Call 10/15/21)		5,000		5,172,260

Security	Principal (000s)		Value
Pfizer Inc.
1.10%, 05/15/17	$	5,750	$	5,773,365
1.50%, 06/15/18		1,500		1,507,140
2.10%, 05/15/19		2,000		2,026,314
3.00%, 06/15/23		4,100		4,180,612
4.65%, 03/01/18		200		219,332
6.20%, 03/15/19		6,084		7,103,209
Pharmacia Corp.
6.50%, 12/01/18		2,140		2,511,462
Sanofi
1.25%, 04/10/18		2,000		1,996,874
2.63%, 03/29/16		4,729		4,835,151
4.00%, 03/29/21		2,782		3,061,447
Teva Pharmaceutical Finance Co. BV
2.40%, 11/10/16		450		460,131
2.95%, 12/18/22a		1,174		1,152,027
Series 2
3.65%, 11/10/21		2,329		2,455,715
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/21		923		981,932
Teva Pharmaceutical Finance IV LLC
2.25%, 03/18/20a		1,250		1,255,723
Wyeth LLC
5.45%, 04/01/17		315		344,147
5.50%, 02/15/16		168		176,025
Zoetis Inc.
1.15%, 02/01/16		650		650,570
1.88%, 02/01/18		1,225		1,217,187
				210,098,618
PIPELINES — 2.35%
Access Midstream Partners LP/ACMP Finance Corp.
4.88%, 05/15/23 (Call 12/15/17)		75		77,063
4.88%, 03/15/24 (Call 03/15/19)		1,000		1,030,000
6.13%, 07/15/22 (Call 01/15/17)		1,000		1,070,000
Boardwalk Pipelines Partners LP
5.50%, 02/01/17		110		115,600
5.75%, 09/15/19		2,200		2,367,423

200 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Buckeye Partners LP
4.15%, 07/01/23 (Call 04/01/23)	$	3,225	$	3,224,677
4.88%, 02/01/21 (Call 11/01/20)		2,000		2,124,000
5.50%, 08/15/19		500		540,837
6.05%, 01/15/18		1,250		1,359,465
CenterPoint Energy Resources Corp.
4.50%, 01/15/21 (Call 10/15/20)		2,023		2,205,879
6.13%, 11/01/17		200		222,953
6.15%, 05/01/16		210		222,121
Copano Energy LLC/Copano Energy Finance Corp.
7.13%, 04/01/21 (Call 04/01/16)		1,600		1,739,840
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)		2,000		1,815,000
4.95%, 04/01/22 (Call 01/01/22)		500		488,228
El Paso Natural Gas Co. LLC
5.95%, 04/15/17		350		378,551
El Paso Pipeline Partners Operating Co. LLC
4.30%, 05/01/24 (Call 02/01/24)		1,000		1,028,129
5.00%, 10/01/21 (Call 07/01/21)		2,000		2,156,908
6.50%, 04/01/20		675		770,090
Enable Midstream Partners LP
2.40%, 05/15/19 (Call 04/15/19)b		500		485,255
Enbridge Energy Partners LP
4.20%, 09/15/21 (Call 06/15/21)a		150		156,283
5.20%, 03/15/20		2,395		2,621,651
9.88%, 03/01/19		1,535		1,926,458
Enbridge Inc.
3.50%, 06/10/24 (Call 03/10/24)		3,790		3,671,946
5.60%, 04/01/17		1,325		1,423,148

Security	Principal (000s)		Value
Energy Transfer Partners LP
3.60%, 02/01/23 (Call 11/01/22)	$	500	$	494,792
4.15%, 10/01/20 (Call 08/01/20)		1,675		1,749,024
4.65%, 06/01/21 (Call 03/01/21)		1,487		1,586,801
5.20%, 02/01/22 (Call 11/01/21)a		4,866		5,317,078
6.13%, 02/15/17		230		248,781
6.70%, 07/01/18		1,350		1,527,823
9.00%, 04/15/19		840		1,032,043
9.70%, 03/15/19		665		831,731
EnLink Midstream Partners LP
4.40%, 04/01/24 (Call 01/01/24)		1,535		1,626,874
Enterprise Products Operating LLC
2.55%, 10/15/19 (Call 09/15/19)		1,260		1,272,211
3.20%, 02/01/16		405		413,095
3.35%, 03/15/23 (Call 12/15/22)		3,000		3,061,405
4.05%, 02/15/22a		1,400		1,500,468
5.20%, 09/01/20		393		444,327
5.25%, 01/31/20		800		899,791
6.50%, 01/31/19		1,450		1,673,504
6.65%, 04/15/18		800		913,299
Series L
6.30%, 09/15/17		2,412		2,689,519
Kinder Morgan Energy Partners LP
3.45%, 02/15/23 (Call 11/15/22)		1,000		992,906
3.50%, 03/01/16		1,150		1,175,017
3.50%, 03/01/21 (Call 01/01/21)		1,375		1,390,710
3.95%, 09/01/22 (Call 06/01/22)		1,000		1,025,214
4.15%, 03/01/22a		900		933,043
4.25%, 09/01/24 (Call 06/01/24)a		5,870		6,101,103
5.30%, 09/15/20		4,100		4,500,264

SCHEDULESOF INVESTMENTS 201

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.80%, 03/01/21	$	150	$	169,359
5.95%, 02/15/18		1,105		1,219,548
6.00%, 02/01/17		1,000		1,077,710
6.85%, 02/15/20a		2,165		2,529,440
9.00%, 02/01/19		900		1,099,837
Kinder Morgan Inc./DE
3.05%, 12/01/19 (Call 11/01/19)		255		257,391
Magellan Midstream Partners LP
4.25%, 02/01/21		770		836,836
5.65%, 10/15/16		220		235,481
6.55%, 07/15/19		2,025		2,371,427
Northern Border Pipeline Co. Series A
7.50%, 09/15/21		90		105,678
Northwest Pipeline LLC
6.05%, 06/15/18		215		241,105
ONEOK Partners LP
2.00%, 10/01/17 (Call 09/01/17)		1,000		996,160
3.20%, 09/15/18 (Call 08/15/18)		3,200		3,257,627
3.25%, 02/01/16 (Call 01/01/16)a		1,100		1,116,311
3.38%, 10/01/22 (Call 07/01/22)		2,120		1,993,800
6.15%, 10/01/16		425		454,738
8.63%, 03/01/19a		1,120		1,339,287
Panhandle Eastern Pipe Line Co. LP
6.20%, 11/01/17a		300		332,111
Plains All American Pipeline LP/PAA Finance Corp.
2.60%, 12/15/19 (Call 11/15/19)		2,000		2,012,906
3.60%, 11/01/24 (Call 08/01/24)		1,500		1,533,313
5.00%, 02/01/21 (Call 11/01/20)		1,975		2,200,842
5.75%, 01/15/20		1,490		1,699,503
6.50%, 05/01/18		1,700		1,933,472
8.75%, 05/01/19		1,550		1,927,250
Questar Pipeline Co.
5.83%, 02/01/18a		1,000		1,104,947

Security	Principal (000s)		Value
Southern Natural Gas Co. LLC
5.90%, 04/01/17b	$	325	$	351,055
Southern Natural Gas Co. LLC/Southern Natural Issuing Corp.
4.40%, 06/15/21 (Call 03/15/21)a		1,850		1,934,408
Spectra Energy Capital LLC
3.30%, 03/15/23 (Call 12/15/22)		550		516,410
8.00%, 10/01/19		2,250		2,727,919
Spectra Energy Partners LP
2.95%, 06/15/16 (Call 05/15/16)		1,000		1,023,600
4.75%, 03/15/24 (Call 12/15/23)		50		55,481
Sunoco Logistics Partners Operations LP
3.45%, 01/15/23 (Call 10/15/22)		2,690		2,625,843
4.65%, 02/15/22		1,150		1,225,667
TC Pipelines LP
4.65%, 06/15/21 (Call 03/15/21)		450		472,851
Tennessee Gas Pipeline Co. LLC
7.50%, 04/01/17		975		1,083,795
TransCanada PipeLines Ltd.
1.88%, 01/12/18		510		511,750
2.50%, 08/01/22		2,650		2,587,839
3.75%, 10/16/23 (Call 07/16/23)		1,100		1,148,010
3.80%, 10/01/20		2,720		2,880,770
6.35%, 05/15/67 (Call 05/15/17)a,d		500		480,000
6.50%, 08/15/18		1,386		1,593,159
7.13%, 01/15/19		149		175,461
9.88%, 01/01/21		320		428,698
Transcontinental Gas Pipe Line Co. LLC
6.05%, 06/15/18		1,105		1,239,170
Western Gas Partners LP
2.60%, 08/15/18 (Call 07/15/18)		550		552,633
4.00%, 07/01/22 (Call 04/01/22)		1,850		1,907,231

202 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.38%, 06/01/21 (Call 03/01/21)	$	3,050	$	3,399,835
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)		3,358		3,127,899
4.55%, 06/24/24 (Call 03/24/24)		85		82,773
7.88%, 09/01/21a		1,300		1,508,869
Williams Partners LP
3.35%, 08/15/22 (Call 05/15/22)		2,250		2,205,832
4.00%, 11/15/21 (Call 08/15/21)		2,750		2,828,228
4.30%, 03/04/24 (Call 12/04/23)		1,200		1,233,303
5.25%, 03/15/20a		982		1,079,604
Williams Partners LP/Williams Partners Finance Corp.
7.25%, 02/01/17		1,300		1,431,479
				151,087,979
REAL ESTATE — 0.04%
Brookfield Asset Management Inc.
4.00%, 01/15/25 (Call 10/15/24)		1,000		999,722
5.80%, 04/25/17		250		269,320
Regency Centers LP
3.75%, 06/15/24 (Call 03/15/24)		500		515,365
5.88%, 06/15/17		800		876,478
				2,660,885
REAL ESTATE INVESTMENT TRUSTS — 2.68%
Alexandria Real Estate Equities Inc.
3.90%, 06/15/23 (Call 03/15/23)		1,000		1,021,965
4.60%, 04/01/22 (Call 01/01/22)		1,500		1,601,130
American Tower Corp.
3.40%, 02/15/19		154		157,996
3.50%, 01/31/23		5,100		4,978,088
4.50%, 01/15/18		1,524		1,620,951
4.70%, 03/15/22		1,600		1,692,947
5.00%, 02/15/24a		1,500		1,623,337

Security	Principal (000s)		Value
5.05%, 09/01/20	$	1,000	$	1,092,429
5.90%, 11/01/21a		585		667,670
7.00%, 10/15/17		1,000		1,125,623
AvalonBay Communities Inc.
2.85%, 03/15/23 (Call 12/15/22)		1,210		1,184,137
3.63%, 10/01/20 (Call 07/01/20)		2,000		2,096,037
3.95%, 01/15/21 (Call 10/15/20)a		550		582,586
5.70%, 03/15/17		750		812,962
5.75%, 09/15/16		190		203,131
6.10%, 03/15/20		300		348,460
BioMed Realty LP
3.85%, 04/15/16 (Call 03/15/16)		150		154,086
4.25%, 07/15/22 (Call 04/15/22)		1,500		1,579,763
Boston Properties LP
3.13%, 09/01/23 (Call 06/01/23)a		3,500		3,484,993
3.70%, 11/15/18 (Call 08/15/18)		2,030		2,151,556
3.80%, 02/01/24 (Call 11/01/23)a		1,000		1,041,032
3.85%, 02/01/23 (Call 11/01/22)		500		525,316
4.13%, 05/15/21 (Call 02/15/21)		1,049		1,127,408
5.63%, 11/15/20 (Call 08/15/20)		900		1,034,988
5.88%, 10/15/19		900		1,038,431
Camden Property Trust
4.25%, 01/15/24 (Call 10/15/23)		1,750		1,859,960
4.63%, 06/15/21 (Call 03/15/21)		200		218,363
CBL & Associates LP
5.25%, 12/01/23 (Call 09/01/23)		3,000		3,233,623
Corporate Office Properties LP
5.25%, 02/15/24 (Call 11/15/23)		2,500		2,708,213

SCHEDULESOF INVESTMENTS 203

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
DDR Corp.
3.38%, 05/15/23 (Call 02/15/23)	$	500	$	491,947
3.50%, 01/15/21 (Call 11/15/20)a		103		105,390
4.63%, 07/15/22 (Call 04/15/22)		2,600		2,790,959
Digital Realty Trust LP
3.63%, 10/01/22 (Call 07/01/22)		1,000		998,139
5.25%, 03/15/21 (Call 12/15/20)		1,290		1,422,777
Duke Realty LP
3.88%, 10/15/22 (Call 07/15/22)		1,200		1,245,390
4.38%, 06/15/22 (Call 03/15/22)		1,350		1,442,848
5.95%, 02/15/17		1,270		1,374,566
6.75%, 03/15/20a		1,250		1,475,132
EPR Properties
5.75%, 08/15/22 (Call 05/15/22)		1,500		1,647,914
Equity Commonwealth
5.88%, 09/15/20 (Call 03/15/20)		600		663,730
6.25%, 06/15/17 (Call 12/15/16)		550		590,116
6.65%, 01/15/18 (Call 07/15/17)		200		218,988
ERP Operating LP
3.00%, 04/15/23 (Call 01/15/23)a		1,000		992,636
4.63%, 12/15/21 (Call 09/15/21)		929		1,026,522
4.75%, 07/15/20 (Call 04/15/20)		1,100		1,213,635
5.13%, 03/15/16		1,006		1,048,742
5.38%, 08/01/16		750		794,356
5.75%, 06/15/17		1,322		1,447,843
Essex Portfolio LP
3.63%, 08/15/22 (Call 05/15/22)		1,000		1,026,981
3.88%, 05/01/24 (Call 02/01/24)		2,400		2,477,152

Security	Principal (000s)		Value
5.50%, 03/15/17	$	950	$	1,026,350
HCP Inc.
3.15%, 08/01/22 (Call 05/01/22)		2,000		1,982,584
3.75%, 02/01/16		1,415		1,451,680
3.75%, 02/01/19 (Call 11/01/18)		2,200		2,320,813
4.25%, 11/15/23 (Call 08/15/23)		1,000		1,058,006
5.38%, 02/01/21 (Call 11/03/20)		1,418		1,588,267
5.63%, 05/01/17a		640		694,579
6.00%, 01/30/17		1,300		1,409,601
6.70%, 01/30/18		1,426		1,615,573
Health Care REIT Inc.
2.25%, 03/15/18		950		958,608
3.63%, 03/15/16		1,208		1,240,010
3.75%, 03/15/23 (Call 12/15/22)		1,400		1,432,061
4.13%, 04/01/19 (Call 01/01/19)		650		694,437
4.50%, 01/15/24 (Call 10/15/23)		1,100		1,178,472
4.70%, 09/15/17		950		1,020,437
4.95%, 01/15/21 (Call 10/15/20)		888		975,838
5.25%, 01/15/22 (Call 10/15/21)		920		1,028,668
6.20%, 06/01/16		745		791,029
Healthcare Realty Trust Inc.
3.75%, 04/15/23 (Call 01/15/23)		196		195,274
5.75%, 01/15/21		650		730,528
6.50%, 01/17/17		800		870,601
Highwoods Realty LP
3.63%, 01/15/23 (Call 10/15/22)		1,850		1,873,649
5.85%, 03/15/17		250		270,423
Hospitality Properties Trust
4.65%, 03/15/24 (Call 09/15/23)		1,500		1,553,113
5.00%, 08/15/22 (Call 02/15/22)		1,750		1,854,986

204 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.63%, 03/15/17	$	1,350	$	1,441,590
6.70%, 01/15/18 (Call 07/15/17)		200		220,434
Host Hotels & Resorts LP
5.88%, 06/15/19 (Call 06/15/15)		500		520,625
Series D
3.75%, 10/15/23 (Call 07/15/23)		4,350		4,380,210
Kilroy Realty LP
4.80%, 07/15/18 (Call 05/15/18)		1,700		1,830,543
Kimco Realty Corp.
3.13%, 06/01/23 (Call 03/01/23)		2,500		2,471,580
3.20%, 05/01/21 (Call 03/01/21)		100		101,621
5.70%, 05/01/17		1,550		1,679,457
5.78%, 03/15/16		210		219,898
Liberty Property LP
4.13%, 06/15/22 (Call 03/15/22)		1,000		1,048,042
4.40%, 02/15/24 (Call 11/15/23)		2,200		2,338,532
4.75%, 10/01/20 (Call 07/01/20)		100		108,805
5.50%, 12/15/16		200		214,052
6.63%, 10/01/17		1,000		1,117,111
Mack-Cali Realty LP
2.50%, 12/15/17 (Call 11/15/17)		1,350		1,349,871
4.50%, 04/18/22 (Call 01/18/22)		2,000		2,029,206
7.75%, 08/15/19		1,350		1,590,646
Mid-America Apartments LP
4.30%, 10/15/23 (Call 07/15/23)		2,000		2,129,751
National Retail Properties Inc.
3.90%, 06/15/24 (Call 03/15/24)		1,500		1,543,439
5.50%, 07/15/21 (Call 04/15/21)		1,000		1,141,661

Security	Principal (000s)		Value
Omega Healthcare Investors Inc.
6.75%, 10/15/22 (Call 10/15/15)	$	750	$	795,000
Piedmont Operating Partnership LP
4.45%, 03/15/24 (Call 12/15/23)		1,600		1,670,684
ProLogis LP
4.25%, 08/15/23 (Call 05/15/23)		2,150		2,298,537
4.50%, 08/15/17		680		723,340
6.88%, 03/15/20 (Call 12/16/19)		1,240		1,465,543
Rayonier Inc.
3.75%, 04/01/22 (Call 01/01/22)		897		915,846
Realty Income Corp.
2.00%, 01/31/18 (Call 12/31/17)		2,700		2,711,017
3.25%, 10/15/22 (Call 07/15/22)		1,000		996,432
5.95%, 09/15/16		690		739,785
6.75%, 08/15/19		1,050		1,234,433
Select Income REIT
3.60%, 02/01/20 (Call 01/01/20)		1,000		1,010,907
Senior Housing Properties Trust
3.25%, 05/01/19 (Call 02/01/19)		1,000		1,010,884
4.75%, 05/01/24 (Call 11/01/23)		1,000		1,039,337
Simon Property Group LP
2.15%, 09/15/17 (Call 06/15/17)a		2,300		2,349,024
2.75%, 02/01/23 (Call 11/01/22)		500		495,317
2.80%, 01/30/17 (Call 10/30/16)		1,550		1,595,844
3.75%, 02/01/24 (Call 11/01/23)		500		529,103
4.13%, 12/01/21 (Call 09/01/21)		2,940		3,205,855
4.38%, 03/01/21 (Call 12/01/20)		3,421		3,795,720

SCHEDULESOF INVESTMENTS 205

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.65%, 02/01/20 (Call 11/01/19)	$	878	$	1,009,402
6.13%, 05/30/18		1,383		1,570,734
10.35%, 04/01/19 (Call 01/01/19)		2,303		2,989,077
Tanger Properties LP
3.88%, 12/01/23 (Call 09/01/23)		1,900		1,968,540
UDR Inc.
3.70%, 10/01/20 (Call 07/01/20)		500		520,803
4.25%, 06/01/18		950		1,016,869
4.63%, 01/10/22 (Call 10/10/21)		700		763,217
Ventas Realty LP/Ventas Capital Corp.
2.00%, 02/15/18 (Call 01/15/18)		1,550		1,560,753
2.70%, 04/01/20 (Call 01/01/20)		1,150		1,157,614
4.25%, 03/01/22 (Call 12/01/21)		1,700		1,808,399
4.75%, 06/01/21 (Call 03/01/21)		2,250		2,462,956
Vornado Realty LP
5.00%, 01/15/22 (Call 10/15/21)		500		553,388
Washington REIT
4.95%, 10/01/20 (Call 04/01/20)		750		812,802
Weingarten Realty Investors
3.38%, 10/15/22 (Call 07/15/22)		200		199,628
Weyerhaeuser Co.
4.63%, 09/15/23		500		546,880
7.38%, 10/01/19		2,000		2,395,360
				172,674,635
RETAIL — 2.58%
Advance Auto Parts Inc.
4.50%, 01/15/22 (Call 10/15/21)		1,890		2,029,403
5.75%, 05/01/20		500		562,692

Security	Principal (000s)		Value
AutoZone Inc.
1.30%, 01/13/17	$	1,100	$	1,103,576
3.70%, 04/15/22 (Call 01/15/22)		2,150		2,242,438
4.00%, 11/15/20 (Call 08/15/20)		150		160,194
Bed Bath & Beyond Inc.
3.75%, 08/01/24 (Call 05/01/24)a		500		513,530
Costco Wholesale Corp.
1.13%, 12/15/17		3,100		3,103,528
1.70%, 12/15/19		1,900		1,888,388
2.25%, 02/15/22		850		833,679
5.50%, 03/15/17		2,000		2,188,719
CVS Health Corp.
1.20%, 12/05/16		4,281		4,304,624
3.38%, 08/12/24 (Call 05/12/24)		3,000		3,111,164
4.00%, 12/05/23 (Call 09/05/23)		4,000		4,341,359
4.75%, 05/18/20 (Call 12/18/19)		4,200		4,694,413
5.75%, 06/01/17		842		927,702
6.13%, 08/15/16		480		515,432
Darden Restaurants Inc.
6.45%, 10/15/17		1,515		1,655,686
Dollar General Corp.
3.25%, 04/15/23 (Call 01/15/23)		1,300		1,251,120
4.13%, 07/15/17		2,000		2,097,790
Family Dollar Stores Inc.
5.00%, 02/01/21a		1,840		1,955,587
Gap Inc. (The)
5.95%, 04/12/21 (Call 01/12/21)		2,050		2,337,070
Home Depot Inc. (The)
2.00%, 06/15/19 (Call 05/15/19)		3,400		3,449,019
2.25%, 09/10/18 (Call 08/10/18)		4,600		4,733,868
2.70%, 04/01/23 (Call 01/01/23)		1,000		1,011,806
4.40%, 04/01/21 (Call 01/01/21)		2,559		2,872,555
5.40%, 03/01/16		1,951		2,044,564

206 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Kohl’s Corp.
4.00%, 11/01/21 (Call 08/01/21)a	$	2,538	$	2,672,450
6.25%, 12/15/17		1,700		1,889,907
Lowe’s Companies Inc.
1.63%, 04/15/17 (Call 03/15/17)		1,200		1,215,017
2.13%, 04/15/16 (Call 03/15/16)		950		960,984
3.12%, 04/15/22 (Call 01/15/22)		1,403		1,452,857
3.75%, 04/15/21 (Call 01/15/21)		150		162,110
3.80%, 11/15/21 (Call 08/15/21)		1,550		1,681,596
4.63%, 04/15/20 (Call 10/15/19)		1,050		1,171,892
5.40%, 10/15/16		1,250		1,341,987
Macy’s Retail Holdings Inc.
3.63%, 06/01/24 (Call 03/01/24)a		2,100		2,168,803
3.88%, 01/15/22 (Call 10/15/21)		1,510		1,600,657
5.90%, 12/01/16		1,373		1,484,308
7.45%, 07/15/17		1,900		2,157,509
McDonald’s Corp.
1.88%, 05/29/19a		2,600		2,607,517
2.63%, 01/15/22		754		755,027
3.25%, 06/10/24a		1,100		1,137,156
3.63%, 05/20/21		1,250		1,332,457
5.30%, 03/15/17		245		266,347
5.35%, 03/01/18		4,006		4,462,866
5.80%, 10/15/17		500		559,143
Nordstrom Inc.
4.00%, 10/15/21 (Call 07/15/21)		1,000		1,071,181
4.75%, 05/01/20a		500		554,100
6.25%, 01/15/18		1,240		1,392,963
O’Reilly Automotive Inc.
3.85%, 06/15/23 (Call 03/15/23)		1,500		1,568,296
4.63%, 09/15/21 (Call 06/15/21)		1,050		1,155,134

Security	Principal (000s)		Value
4.88%, 01/14/21 (Call 10/14/20)	$	115	$	127,621
QVC Inc.
3.13%, 04/01/19		175		175,139
4.85%, 04/01/24a		250		258,284
5.13%, 07/02/22		4,500		4,788,564
Ross Stores Inc.
3.38%, 09/15/24 (Call 06/15/24)		500		506,872
Staples Inc.
4.38%, 01/12/23 (Call 10/12/22)		1,840		1,824,463
Starbucks Corp.
2.00%, 12/05/18 (Call 11/05/18)		2,650		2,687,573
3.85%, 10/01/23 (Call 07/01/23)a		650		707,835
6.25%, 08/15/17		1,150		1,285,544
Target Corp.
2.30%, 06/26/19a		2,100		2,143,100
2.90%, 01/15/22		2,412		2,475,150
3.50%, 07/01/24		1,500		1,595,452
3.88%, 07/15/20		1,127		1,226,688
5.38%, 05/01/17a		2,328		2,549,772
5.88%, 07/15/16		92		98,354
6.00%, 01/15/18		1,674		1,892,474
TJX Companies Inc. (The)
2.75%, 06/15/21 (Call 04/15/21)		1,000		1,019,603
6.95%, 04/15/19		1,405		1,675,534
Wal-Mart Stores Inc.
1.00%, 04/21/17		500		502,399
1.13%, 04/11/18		1,000		997,672
1.95%, 12/15/18		2,000		2,041,826
2.55%, 04/11/23 (Call 01/11/23)		5,750		5,781,482
2.80%, 04/15/16a		3,168		3,249,309
3.25%, 10/25/20		1,454		1,554,340
3.30%, 04/22/24 (Call 01/22/24)		875		925,987
3.63%, 07/08/20		1,477		1,605,777
4.13%, 02/01/19a		1,450		1,588,233
4.25%, 04/15/21		2,099		2,341,146

SCHEDULESOF INVESTMENTS 207

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
5.38%, 04/05/17	$	2,461	$	2,692,027
5.80%, 02/15/18		2,238		2,531,061
Walgreen Co.
1.80%, 09/15/17		2,550		2,576,412
3.10%, 09/15/22		2,500		2,516,236
5.25%, 01/15/19		627		697,012
Walgreens Boots Alliance Inc.
2.70%, 11/18/19 (Call 10/18/19)		5,000		5,086,517
3.80%, 11/18/24 (Call 08/18/24)		5,210		5,418,948
Yum! Brands Inc.
3.75%, 11/01/21 (Call 08/01/21)		625		642,832
3.88%, 11/01/20 (Call 08/01/20)a		300		312,977
3.88%, 11/01/23 (Call 08/01/23)		1,200		1,236,711
5.30%, 09/15/19		1,275		1,412,617
6.25%, 04/15/16		200		211,446
6.25%, 03/15/18		392		438,400
				166,151,559
SAVINGS & LOANS — 0.05%
People’s United Financial Inc.
3.65%, 12/06/22 (Call 09/06/22)		500		508,125
Santander Holdings USA Inc./PA
3.45%, 08/27/18 (Call 07/27/18)		2,000		2,072,860
4.63%, 04/19/16		400		415,124
				2,996,109
SEMICONDUCTORS — 0.58%
Altera Corp.
1.75%, 05/15/17		2,000		2,014,991
Analog Devices Inc.
2.88%, 06/01/23 (Call 03/01/23)		1,250		1,229,364
3.00%, 04/15/16		400		409,568
Applied Materials Inc.
2.65%, 06/15/16		500		509,865
4.30%, 06/15/21		3,350		3,616,988
Broadcom Corp.
2.50%, 08/15/22a		1,900		1,848,989

Security	Principal (000s)		Value
2.70%, 11/01/18	$	1,200	$	1,229,480
3.50%, 08/01/24 (Call 05/01/24)		1,050		1,076,293
Intel Corp.
1.35%, 12/15/17		4,900		4,919,628
1.95%, 10/01/16		1,484		1,511,895
2.70%, 12/15/22		2,000		2,003,735
3.30%, 10/01/21		2,986		3,138,724
KLA-Tencor Corp.
3.38%, 11/01/19 (Call 10/01/19)		375		387,417
4.13%, 11/01/21 (Call 09/01/21)a		1,790		1,875,360
Maxim Integrated Products Inc.
3.38%, 03/15/23 (Call 12/15/22)		1,000		998,037
National Semiconductor Corp.
6.60%, 06/15/17		1,200		1,344,293
Texas Instruments Inc.
0.88%, 03/12/17		1,500		1,494,639
1.00%, 05/01/18		750		739,557
1.65%, 08/03/19		2,219		2,195,223
2.38%, 05/16/16		698		712,011
2.75%, 03/12/21 (Call 02/12/21)		500		508,155
Xilinx Inc.
2.13%, 03/15/19		1,500		1,504,120
3.00%, 03/15/21a		2,150		2,179,263
				37,447,595
SOFTWARE — 1.32%
Adobe Systems Inc.
4.75%, 02/01/20		1,740		1,907,060
Autodesk Inc.
1.95%, 12/15/17		1,775		1,777,220
Broadridge Financial Solutions Inc.
3.95%, 09/01/20		1,500		1,575,356
CA Inc.
4.50%, 08/15/23 (Call 05/15/23)		1,960		2,081,120
5.38%, 12/01/19a		1,000		1,118,285
Dun & Bradstreet Corp. (The)
2.88%, 11/15/15		1,000		1,012,931
4.38%, 12/01/22 (Call 09/01/22)a		1,100		1,148,012

208 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Fidelity National Information Services Inc.
1.45%, 06/05/17	$	1,500	$	1,498,218
3.50%, 04/15/23 (Call 01/15/23)		900		901,664
5.00%, 03/15/22 (Call 03/15/17)		2,950		3,104,936
Fiserv Inc.
3.13%, 06/15/16		1,200		1,230,170
3.50%, 10/01/22 (Call 07/01/22)		1,350		1,384,925
4.63%, 10/01/20		1,000		1,088,110
4.75%, 06/15/21		850		938,554
6.80%, 11/20/17		1,250		1,413,200
Intuit Inc.
5.75%, 03/15/17		1,460		1,580,953
Microsoft Corp.
1.00%, 05/01/18		2,300		2,275,023
1.63%, 12/06/18		1,000		1,003,770
1.85%, 02/12/20 (Call 01/12/20)		3,000		3,020,411
2.13%, 11/15/22a		1,250		1,225,672
2.38%, 05/01/23 (Call 02/01/23)a		1,000		986,939
2.50%, 02/08/16a		1,544		1,574,215
2.70%, 02/12/25 (Call 11/12/24)		6,775		6,802,147
3.63%, 12/15/23 (Call 09/15/23)		2,150		2,325,823
4.00%, 02/08/21		2,150		2,382,712
4.20%, 06/01/19		2,274		2,505,729
Oracle Corp.
1.20%, 10/15/17		4,600		4,605,514
2.25%, 10/08/19a		12,350		12,537,525
2.38%, 01/15/19		2,050		2,097,463
2.50%, 10/15/22		6,500		6,476,193
3.63%, 07/15/23		3,100		3,298,449
3.88%, 07/15/20		326		355,182
5.00%, 07/08/19		1,219		1,375,924
5.25%, 01/15/16		2,823		2,940,730
5.75%, 04/15/18		3,071		3,472,488
				85,022,623

Security	Principal (000s)		Value
TELECOMMUNICATIONS — 3.76%
America Movil SAB de CV
2.38%, 09/08/16	$	2,900	$	2,955,412
3.13%, 07/16/22a		6,750		6,880,227
5.00%, 10/16/19a		500		561,147
5.00%, 03/30/20		2,900		3,268,373
5.63%, 11/15/17		1,150		1,271,945
AT&T Inc.
1.40%, 12/01/17		1,500		1,483,828
1.60%, 02/15/17		3,136		3,142,416
1.70%, 06/01/17		4,896		4,906,377
2.30%, 03/11/19a		3,600		3,607,755
2.38%, 11/27/18		200		201,595
2.40%, 08/15/16		1,851		1,881,513
2.63%, 12/01/22 (Call 09/01/22)		2,500		2,414,829
2.95%, 05/15/16		1,863		1,904,070
3.00%, 02/15/22		1,000		993,593
3.88%, 08/15/21		1,423		1,490,992
3.90%, 03/11/24 (Call 12/11/23)a		500		520,660
4.45%, 05/15/21		5,085		5,498,358
5.50%, 02/01/18		2,383		2,623,010
5.80%, 02/15/19		4,588		5,172,567
British Telecommunications PLC
1.25%, 02/14/17		595		593,248
1.63%, 06/28/16		1,500		1,510,257
2.35%, 02/14/19a		1,425		1,440,946
5.95%, 01/15/18		2,313		2,583,824
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23		2,750		2,777,858
Cisco Systems Inc.
1.10%, 03/03/17		7,500		7,536,709
2.13%, 03/01/19		3,000		3,042,851
2.90%, 03/04/21		250		259,032
3.15%, 03/14/17		3,101		3,241,237
3.63%, 03/04/24a		3,700		3,986,494
4.45%, 01/15/20		1,362		1,517,243
4.95%, 02/15/19		1,219		1,367,259
5.50%, 02/22/16		2,500		2,622,599

SCHEDULESOF INVESTMENTS 209

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Corning Inc.
1.45%, 11/15/17	$	2,500	$	2,483,304
3.70%, 11/15/23 (Call 08/15/23)		500		529,687
4.25%, 08/15/20		365		399,261
6.63%, 05/15/19		40		46,801
Deutsche Telekom International Finance BV
5.75%, 03/23/16		1,120		1,176,576
6.00%, 07/08/19		1,089		1,264,573
6.75%, 08/20/18		2,518		2,926,015
Embarq Corp.
7.08%, 06/01/16		533		571,050
GTE Corp.
6.84%, 04/15/18		440		506,279
Harris Corp.
4.40%, 12/15/20		200		212,542
6.38%, 06/15/19		1,365		1,557,669
Juniper Networks Inc.
3.10%, 03/15/16		1,195		1,216,456
4.35%, 06/15/25 (Call 03/15/25)		1,750		1,749,673
4.50%, 03/15/24a		1,200		1,214,839
4.60%, 03/15/21		1,410		1,477,808
Motorola Solutions Inc.
3.50%, 09/01/21		950		966,401
3.75%, 05/15/22		3,850		3,922,251
Nippon Telegraph & Telephone Corp.
1.40%, 07/18/17		2,033		2,030,463
Orange SA
2.75%, 09/14/16		1,396		1,430,915
2.75%, 02/06/19		2,400		2,467,359
4.13%, 09/14/21		1,784		1,934,967
5.38%, 07/08/19		1,034		1,169,361
Qwest Corp.
6.50%, 06/01/17a		1,250		1,359,375
6.75%, 12/01/21		2,681		3,056,340
Rogers Communications Inc.
4.10%, 10/01/23 (Call 07/01/23)a		3,370		3,581,988
6.80%, 08/15/18		1,700		1,961,800
Telefonaktiebolaget LM Ericsson
4.13%, 05/15/22a		1,500		1,598,250

Security	Principal (000s)		Value
Telefonica Emisiones SAU
3.19%, 04/27/18	$	500	$	521,229
3.99%, 02/16/16		1,311		1,348,271
4.57%, 04/27/23		2,000		2,220,561
5.13%, 04/27/20		1,799		2,026,477
5.46%, 02/16/21		2,414		2,770,980
5.88%, 07/15/19a		698		807,448
6.22%, 07/03/17		3,200		3,549,511
6.42%, 06/20/16		861		918,877
Verizon Communications Inc.
1.10%, 11/01/17		1,000		988,198
1.35%, 06/09/17a		3,500		3,495,819
2.00%, 11/01/16		2,583		2,621,129
2.45%, 11/01/22 (Call 08/01/22)		3,000		2,889,084
2.55%, 06/17/19		8,000		8,145,753
3.00%, 11/01/21 (Call 09/01/21)		1,285		1,296,077
3.45%, 03/15/21		4,000		4,153,954
3.50%, 11/01/21		10,920		11,311,809
3.50%, 11/01/24 (Call 08/01/24)a		10,000		10,207,076
3.65%, 09/14/18		9,590		10,160,818
4.50%, 09/15/20		6,150		6,731,259
4.60%, 04/01/21		2,323		2,550,752
5.15%, 09/15/23		6,400		7,334,710
5.50%, 02/15/18		3,958		4,381,098
6.10%, 04/15/18		3,156		3,560,881
6.35%, 04/01/19		4,139		4,805,559
Vodafone Group PLC
1.25%, 09/26/17		2,700		2,682,816
1.50%, 02/19/18		2,699		2,683,337
1.63%, 03/20/17		350		352,272
2.95%, 02/19/23		5,500		5,425,675
4.38%, 03/16/21		500		549,212
4.63%, 07/15/18		1,320		1,434,613
5.45%, 06/10/19a		1,200		1,358,059
5.63%, 02/27/17		2,008		2,175,758
				241,529,299
TEXTILES — 0.06%
Cintas Corp. No. 2
2.85%, 06/01/16		1,275		1,300,156
4.30%, 06/01/21		340		365,937

210 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Mohawk Industries Inc.
3.85%, 02/01/23 (Call 11/01/22)	$	2,100	$	2,120,463
				3,786,556
TOYS, GAMES & HOBBIES — 0.07%
Hasbro Inc.
3.15%, 05/15/21 (Call 03/15/21)		555		557,619
Mattel Inc.
1.70%, 03/15/18a		1,000		989,697
2.35%, 05/06/19a		1,775		1,764,207
2.50%, 11/01/16		400		406,865
4.35%, 10/01/20		500		533,030
				4,251,418
TRANSPORTATION — 1.07%
Burlington Northern Santa Fe LLC
3.00%, 03/15/23 (Call 12/15/22)		3,400		3,449,013
3.05%, 03/15/22 (Call 12/15/21)a		1,600		1,639,251
3.05%, 09/01/22 (Call 06/01/22)a		2,000		2,045,461
3.40%, 09/01/24 (Call 06/01/24)		2,000		2,080,181
3.75%, 04/01/24 (Call 01/01/24)		475		507,301
4.70%, 10/01/19		984		1,095,054
5.75%, 03/15/18		1,216		1,365,428
Canadian National Railway Co.
1.45%, 12/15/16 (Call 11/15/16)		1,900		1,919,152
2.25%, 11/15/22 (Call 08/15/22)		550		538,401
2.95%, 11/21/24 (Call 08/21/24)		2,160		2,195,253
5.55%, 03/01/19		1,100		1,252,868
5.80%, 06/01/16		180		191,045
Canadian Pacific Railway Co.
7.25%, 05/15/19		2,500		2,996,162
9.45%, 08/01/21		70		95,908
Con-Way Inc.
7.25%, 01/15/18		1,100		1,243,855

Security	Principal (000s)		Value
CSX Corp.
3.40%, 08/01/24 (Call 05/01/24)	$	2,000	$	2,069,728
3.70%, 10/30/20 (Call 07/30/20)		100		106,544
4.25%, 06/01/21 (Call 03/01/21)		900		979,201
6.25%, 03/15/18		350		396,953
7.38%, 02/01/19		650		778,156
7.90%, 05/01/17		210		238,282
CSX Transportation Inc.
6.25%, 01/15/23		2,115		2,502,120
FedEx Corp.
2.30%, 02/01/20		1,130		1,136,598
2.63%, 08/01/22a		1,750		1,739,699
4.00%, 01/15/24		1,200		1,299,355
8.00%, 01/15/19		750		912,034
JB Hunt Transport Services Inc.
3.85%, 03/15/24 (Call 12/15/23)a		800		845,678
Kansas City Southern de Mexico SA de CV
2.35%, 05/15/20 (Call 04/15/20)		294		286,726
Norfolk Southern Corp.
2.90%, 02/15/23 (Call 11/15/22)		150		150,932
3.00%, 04/01/22 (Call 01/01/22)		1,350		1,370,654
3.25%, 12/01/21 (Call 09/01/21)		2,000		2,058,700
5.75%, 01/15/16		900		939,487
5.75%, 04/01/18		750		839,622
5.90%, 06/15/19		990		1,140,252
7.70%, 05/15/17		830		945,037
Ryder System Inc.
2.45%, 09/03/19 (Call 08/03/19)		1,030		1,031,999
2.50%, 03/01/17 (Call 02/01/17)a		1,550		1,585,007
2.50%, 03/01/18 (Call 02/01/18)		1,250		1,274,715
2.55%, 06/01/19 (Call 05/01/19)		1,150		1,160,269

SCHEDULESOF INVESTMENTS 211

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
2.65%, 03/02/20 (Call 02/20/20)	$	360	$	363,792
3.15%, 03/02/15		925		925,000
3.50%, 06/01/17		950		992,872
3.60%, 03/01/16		100		102,628
5.85%, 11/01/16		750		807,320
Southern Railway Co.
9.75%, 06/15/20		150		201,312
Union Pacific Corp.
1.80%, 02/01/20 (Call 01/01/20)		70		69,530
2.25%, 02/15/19		1,500		1,528,325
3.75%, 03/15/24 (Call 12/15/23)		800		867,758
4.00%, 02/01/21 (Call 11/01/20)		500		547,605
4.16%, 07/15/22 (Call 04/15/22)		964		1,070,461
5.70%, 08/15/18a		1,237		1,409,006
5.75%, 11/15/17a		1,350		1,510,962
United Parcel Service Inc.
2.45%, 10/01/22		1,870		1,855,504
3.13%, 01/15/21		1,214		1,275,272
5.13%, 04/01/19		1,431		1,620,285
5.50%, 01/15/18a		4,111		4,595,996
United Parcel Service of America Inc.
8.38%, 04/01/20		350		453,323
				68,599,032
TRUCKING & LEASING — 0.11%
GATX Corp.
1.25%, 03/04/17		500		497,798
2.50%, 07/30/19a		575		576,102
2.60%, 03/30/20 (Call 02/28/20)a		2,450		2,453,012
3.25%, 03/30/25 (Call 12/30/24)		1,500		1,471,653
3.50%, 07/15/16		1,050		1,082,711
4.85%, 06/01/21		1,150		1,270,122
				7,351,398
WATER — 0.03%
American Water Capital Corp.
3.40%, 03/01/25 (Call 12/01/24)		1,000		1,029,098

Security	Principal (000s)		Value
United Utilities PLC
4.55%, 06/19/18	$	400	$	426,443
5.38%, 02/01/19		210		230,301
				1,685,842
TOTAL CORPORATE BONDS & NOTES
(Cost: $5,275,554,215)				5,365,319,040
FOREIGN GOVERNMENT OBLIGATIONSf — 14.17%
BRAZIL — 0.45%
Brazilian Government International Bond
2.63%, 01/05/23a		7,200		6,372,000
4.25%, 01/07/25a		10,000		9,700,000
4.88%, 01/22/21a		1,875		1,964,062
5.88%, 01/15/19a		3,950		4,368,700
6.00%, 01/17/17a		2,225		2,395,213
8.00%, 01/15/18		686		747,740
8.88%, 10/14/19		1,500		1,871,250
12.75%, 01/15/20		1,000		1,421,250
				28,840,215
CANADA — 1.87%
Canada Government International Bond
0.88%, 02/14/17a		6,625		6,650,152
1.63%, 02/27/19		3,500		3,533,964
Export Development Canada
0.75%, 12/15/17a		5,000		4,955,097
1.00%, 05/15/17a		5,000		5,018,528
1.25%, 10/26/16a		500		505,260
1.63%, 12/03/19		3,000		3,006,926
Province of British Columbia
1.20%, 04/25/17a		1,250		1,259,845
2.00%, 10/23/22a		3,300		3,273,676
2.10%, 05/18/16		1,650		1,681,245
2.65%, 09/22/21		2,250		2,342,374
Province of Manitoba Canada
2.10%, 09/06/22		4,000		3,971,496
3.05%, 05/14/24		3,500		3,686,255
4.90%, 12/06/16a		3,750		4,021,232
Province of New Brunswick
5.20%, 02/21/17		850		920,531
Province of Nova Scotia
5.13%, 01/26/17		1,250		1,348,578
9.25%, 03/01/20		2,000		2,620,518

212 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
Province of Ontario Canada
1.00%, 07/22/16	$	5,000	$	5,024,734
1.10%, 10/25/17		6,000		5,987,746
1.20%, 02/14/18a		5,000		4,985,790
1.60%, 09/21/16		1,350		1,368,808
1.65%, 09/27/19		6,500		6,490,615
2.00%, 01/30/19a		5,050		5,136,996
2.30%, 05/10/16		2,000		2,041,184
2.50%, 09/10/21		8,500		8,698,991
4.00%, 10/07/19		4,200		4,621,156
4.40%, 04/14/20a		1,850		2,081,152
4.95%, 11/28/16a		1,300		1,393,414
5.45%, 04/27/16a		2,475		2,614,119
Province of Quebec Canada
2.63%, 02/13/23		3,500		3,563,657
2.75%, 08/25/21		2,050		2,122,898
2.88%, 10/16/24		2,500		2,583,716
3.50%, 07/29/20		4,950		5,343,107
4.63%, 05/14/18a		1,000		1,101,589
5.00%, 03/01/16		2,092		2,184,826
5.13%, 11/14/16		500		536,774
7.13%, 02/09/24a		2,600		3,489,421
				120,166,370
CHILE — 0.10%
Chile Government International Bond
2.25%, 10/30/22a		2,400		2,376,000
3.25%, 09/14/21a		1,850		1,965,625
3.88%, 08/05/20		2,250		2,446,875
				6,788,500
COLOMBIA — 0.34%
Colombia Government International Bond
4.00%, 02/26/24 (Call 11/26/23)a		1,500		1,558,500
4.38%, 07/12/21a		8,500		9,065,251
7.38%, 01/27/17a		1,700		1,884,450
7.38%, 03/18/19		6,700		7,922,750
11.75%, 02/25/20a		1,000		1,390,000
				21,820,951
GERMANY — 0.29%
FMS Wertmanagement AoeR
1.00%, 11/21/17		1,500		1,496,449

Security	Principal (000s)		Value
1.13%, 10/14/16a	$	9,200	$	9,269,269
1.13%, 09/05/17		1,750		1,754,805
1.63%, 11/20/18		500		504,438
Landwirtschaftliche Rentenbank
2.00%, 01/13/25		5,500		5,445,735
				18,470,696
ISRAEL — 0.12%
Israel Government International Bond
4.00%, 06/30/22		2,400		2,640,000
5.13%, 03/26/19		2,825		3,192,250
5.50%, 11/09/16		1,600		1,724,000
				7,556,250
ITALY — 0.27%
Italy Government International Bond
5.25%, 09/20/16		9,130		9,708,887
5.38%, 06/12/17		3,000		3,271,499
6.88%, 09/27/23a		3,500		4,523,239
				17,503,625
JAPAN — 0.56%
Development Bank of Japan Inc.
5.13%, 02/01/17a		2,600		2,806,423
Japan Bank for International Cooperation/Japan
1.13%, 07/19/17		3,500		3,503,376
1.75%, 07/31/18		4,200		4,238,397
2.13%, 02/10/25		5,000		4,917,728
2.25%, 07/13/16		3,500		3,574,504
2.50%, 05/18/16a		2,500		2,556,770
3.38%, 07/31/23		5,000		5,448,037
Japan Finance Corp.
2.13%, 02/07/19		1,000		1,020,135
2.50%, 01/21/16a		2,100		2,137,611
Japan Finance Organization for Municipalities
4.00%, 01/13/21		3,300		3,656,502
4.63%, 04/21/15		250		251,422
5.00%, 05/16/17		2,100		2,280,470
				36,391,375

SCHEDULESOF INVESTMENTS 213

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
MEXICO — 0.50%
Mexico Government International Bond
3.63%, 03/15/22a	$	8,600	$	8,974,099
4.00%, 10/02/23a		8,500		9,061,000
5.13%, 01/15/20a		500		560,500
5.63%, 01/15/17a		5,500		5,940,001
5.95%, 03/19/19		4,900		5,605,600
8.13%, 12/30/19		850		1,130,500
11.38%, 09/15/16a		800		928,000
				32,199,700
PANAMA — 0.12%
Panama Government International Bond
4.00%, 09/22/24 (Call 06/24/24)a		1,000		1,050,000
5.20%, 01/30/20a		6,250		6,959,375
				8,009,375
PERU — 0.10%
Peruvian Government International Bond
7.13%, 03/30/19a		5,225		6,243,875
				6,243,875
PHILIPPINES — 0.20%
Philippine Government International Bond
4.00%, 01/15/21		5,500		6,015,625
4.20%, 01/21/24a		1,000		1,112,500
9.88%, 01/15/19		4,500		5,788,125
				12,916,250
POLAND — 0.38%
Poland Government International Bond
4.00%, 01/22/24a		11,000		11,838,749
5.00%, 03/23/22		3,300		3,750,582
5.13%, 04/21/21		1,950		2,221,128
6.38%, 07/15/19		5,500		6,434,340
				24,244,799
SOUTH AFRICA — 0.15%
South Africa Government International Bond
4.67%, 01/17/24a		4,500		4,758,750

Security	Principal (000s)		Value
5.50%, 03/09/20a	$	3,100	$	3,410,000
6.88%, 05/27/19		1,250		1,432,813
				9,601,563
SOUTH KOREA — 0.31%
Export-Import Bank of Korea
2.38%, 08/12/19		3,000		3,029,170
3.75%, 10/20/16		600		624,030
4.00%, 01/11/17		750		785,008
4.00%, 01/29/21		500		541,125
4.00%, 01/14/24		2,000		2,191,737
4.38%, 09/15/21		3,200		3,542,653
5.00%, 04/11/22		1,000		1,146,976
5.13%, 06/29/20		2,550		2,908,581
Republic of Korea
5.13%, 12/07/16		750		802,807
7.13%, 04/16/19		3,800		4,584,981
				20,157,068
SUPRANATIONAL — 7.53%
African Development Bank
0.88%, 03/15/18		980		971,601
1.13%, 03/15/17		1,500		1,510,000
1.25%, 09/02/16		480		484,936
1.63%, 10/02/18		6,500		6,569,575
2.38%, 09/23/21		3,646		3,757,097
2.50%, 03/15/16		1,650		1,684,796
Asian Development Bank
0.50%, 06/20/16		2,420		2,419,422
1.13%, 03/15/17a		14,800		14,904,720
1.38%, 03/23/20		4,900		4,840,991
1.50%, 09/28/18		3,500		3,523,868
1.75%, 03/21/19		1,300		1,316,369
1.88%, 10/23/18		1,700		1,732,914
1.88%, 02/18/22		5,000		4,992,352
2.00%, 01/22/25		5,000		4,954,980
2.13%, 11/24/21		500		507,624
2.50%, 03/15/16		1,250		1,276,360
5.50%, 06/27/16		1,150		1,224,963
Corp. Andina de Fomento
1.50%, 08/08/17		6,900		6,939,061
4.38%, 06/15/22		1,234		1,339,839
Council of Europe Development Bank
1.13%, 05/31/18		5,000		4,981,207

214 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
1.50%, 02/22/17a	$	2,100	$	2,128,446
1.50%, 06/19/17		1,000		1,013,248
1.75%, 11/14/19a		5,000		5,036,199
European Bank for Reconstruction & Development
0.75%, 09/01/17		2,000		1,986,326
1.00%, 02/16/17		3,900		3,917,468
1.00%, 09/17/18		2,200		2,174,728
1.38%, 10/20/16		2,300		2,327,398
1.50%, 03/16/20		3,500		3,474,038
1.75%, 06/14/19a		4,500		4,541,996
1.75%, 11/26/19		3,700		3,721,284
2.50%, 03/15/16		3,000		3,062,951
European Investment Bank
0.50%, 08/15/16		9,000		8,990,817
0.63%, 04/15/16		10,700		10,720,640
0.88%, 04/18/17		10,000		10,014,034
1.00%, 08/17/17		7,000		7,007,844
1.00%, 12/15/17a		10,750		10,731,275
1.00%, 03/15/18		20,250		20,148,602
1.00%, 06/15/18		13,000		12,902,600
1.13%, 09/15/17		5,250		5,269,813
1.63%, 06/15/17		2,100		2,135,807
1.63%, 03/16/20		2,000		1,999,721
1.75%, 03/15/17a		4,200		4,282,501
1.75%, 06/17/19		13,000		13,140,479
1.88%, 03/15/19		6,000		6,102,161
1.88%, 02/10/25		10,000		9,795,843
2.13%, 07/15/16		6,150		6,284,818
2.13%, 10/15/21		10,000		10,170,511
2.25%, 03/15/16		4,350		4,432,807
2.50%, 05/16/16		5,550		5,685,063
2.50%, 04/15/21		6,000		6,244,136
2.50%, 10/15/24a		500		517,710
2.88%, 09/15/20a		2,570		2,726,942
3.25%, 01/29/24		5,100		5,590,742
4.00%, 02/16/21a		600		674,731
4.88%, 01/17/17		4,330		4,661,925
5.13%, 09/13/16		2,750		2,939,134
5.13%, 05/30/17		1,600		1,751,049
Inter-American Development Bank
0.88%, 03/15/18a		6,500		6,444,290
1.00%, 07/14/17		13,500		13,522,421

Security	Principal (000s)		Value
1.13%, 03/15/17	$	2,000	$	2,014,303
1.25%, 01/16/18a		500		501,919
1.38%, 10/18/16		2,200		2,227,324
1.75%, 08/24/18		2,200		2,234,732
1.75%, 10/15/19		6,500		6,558,237
2.13%, 11/09/20		4,500		4,592,255
2.38%, 08/15/17		2,000		2,068,350
3.00%, 10/04/23a		9,600		10,352,612
3.00%, 02/21/24		1,500		1,615,339
3.88%, 02/14/20a		750		830,266
4.25%, 09/10/18a		2,000		2,201,903
5.13%, 09/13/16		1,592		1,701,492
Series E
3.88%, 09/17/19a		5,500		6,058,234
International Bank for Reconstruction & Development
0.50%, 04/15/16		6,400		6,403,445
0.50%, 05/16/16		13,150		13,151,827
0.63%, 10/14/16		10,000		10,002,698
0.88%, 04/17/17a		7,400		7,413,634
1.00%, 09/15/16a		7,500		7,549,291
1.13%, 07/18/17		2,000		2,011,068
1.38%, 04/10/18		10,000		10,067,192
1.88%, 03/15/19		8,500		8,654,782
1.88%, 10/07/19		5,000		5,073,490
2.13%, 03/15/16a		3,300		3,357,226
2.13%, 02/13/23a		5,500		5,615,903
2.25%, 06/24/21		12,500		12,827,777
2.50%, 11/25/24		4,000		4,139,563
International Finance Corp.
0.88%, 06/15/18a		13,200		13,058,731
1.00%, 04/24/17a		500		502,030
1.13%, 11/23/16		6,100		6,150,697
1.75%, 09/04/18		11,400		11,579,435
1.75%, 09/16/19		500		505,394
2.13%, 11/17/17		950		977,173
2.25%, 04/11/16		2,250		2,294,425
Nordic Investment Bank
0.50%, 04/14/16		4,100		4,101,794
0.75%, 01/17/18		1,000		990,037
1.00%, 03/07/17		4,200		4,218,850
2.25%, 03/15/16		2,200		2,240,731
5.00%, 02/01/17		512		553,118
				484,602,450

SCHEDULESOF INVESTMENTS 215

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Principal (000s)		Value
SWEDEN — 0.16%
Svensk Exportkredit AB
0.63%, 05/31/16	$	1,767	$	1,767,680
1.13%, 04/05/18		1,500		1,492,143
2.13%, 07/13/16		4,750		4,847,319
5.13%, 03/01/17		1,788		1,939,079
				10,046,221
TURKEY — 0.62%
Turkey Government International Bond
3.25%, 03/23/23a		8,500		8,043,125
5.75%, 03/22/24a		3,500		3,893,750
6.25%, 09/26/22		4,800		5,472,000
6.75%, 04/03/18		17,500		19,425,000
7.50%, 07/14/17a		2,500		2,786,400
				39,620,275
URUGUAY — 0.10%
Uruguay Government International Bond
4.50%, 08/14/24a		4,500		4,853,250
8.00%, 11/18/22a		1,000		1,330,000
				6,183,250
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $900,384,538)				911,362,808
MUNICIPAL DEBT OBLIGATIONS — 0.36%
CALIFORNIA — 0.09%
Southern California Public Power Authority RB Series B
6.93%, 05/15/17(AGM)		600		675,828
State of California GO
5.45%, 04/01/15		1,360		1,365,726
5.75%, 03/01/17		500		546,380
5.95%, 04/01/16		290		306,776
6.20%, 10/01/19		1,500		1,763,235
State of California GO BAB
5.70%, 11/01/21		500		586,935
University of California RB Series AH
1.80%, 07/01/19		1,000		1,001,510
				6,246,390

Security	Principal (000s)		Value
FLORIDA — 0.06%
State Board of Administration Finance Corp. RB
Series A
1.30%, 07/01/16	$	1,155	$	1,162,566
3.00%, 07/01/20		2,500		2,553,775
				3,716,341
ILLINOIS — 0.11%
State of Illinois GO
4.95%, 06/01/23		2,000		2,118,780
4.96%, 03/01/16		500		517,820
5.37%, 03/01/17		250		268,763
5.67%, 03/01/18		2,000		2,181,000
5.88%, 03/01/19		1,690		1,872,435
				6,958,798
MASSACHUSETTS — 0.01%
Commonwealth of Massachusetts GOL BAB Series E
4.20%, 12/01/21		600		665,982
				665,982
NEW JERSEY — 0.08%
New Jersey Economic Development Authority RB
Series B
0.00%, 02/15/20 (AGM)		3,000		2,563,470
0.00%, 02/15/21 (AGM)		480		390,941
0.00%, 02/15/23 (AGM)		180		130,399
Series Q
1.10%, 06/15/16		2,200		2,195,138
				5,279,948
WASHINGTON — 0.01%
Energy Northwest RB Series E
2.20%, 07/01/19		500		501,390
				501,390
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $22,418,646)				23,368,849

216 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® INTERMEDIATE CREDIT BOND ETF

February 28, 2015

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 10.25%
MONEY MARKET FUNDS — 10.25%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.16%e,g,h		511,710	$	511,709,593
BlackRock Cash Funds: Prime, SL Agency Shares
0.15%e,g,h		14,885		14,885,094
BlackRock Cash Funds: Treasury, SL Agency Shares
0.00%e,g		132,410		132,410,415
				659,005,102
TOTAL SHORT-TERM INVESTMENTS
(Cost: $659,005,102)				659,005,102
TOTAL INVESTMENTS IN SECURITIES — 108.21%
(Cost: $6,857,362,501)				6,959,055,799
Other Assets, Less Liabilities — (8.21)%				(528,172,179	)
NET ASSETS — 100.00%			$	6,430,883,620

GOL  —  General Obligation Limited

BAB  —  Build America Bond

GO  —  General Obligation

RB  —  Revenue Bond

Insured by:

AGM  —  Assured Guaranty Municipal Corp.

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

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

^c  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^d  Variable rate security. Rate shown is as of report date.

^e  Affiliated issuer. See Note 2.

^f  Investments are denominated in U.S. dollars.

^g  The rate quoted is the annualized seven-day yield of the fund at period end.

^h  All or a portion of this security represents an investment of securities lending collateral. See Note 1.

See notes to financial statements.

SCHEDULESOF INVESTMENTS 217

Statements of Assets and Liabilities

iSHARES^® TRUST

February 28, 2015

	iShares 1-3 Year Credit Bond ETF			iShares 10+ Year Credit Bond ETF			iShares Core U.S. Credit Bond ETF
ASSETS
Investments, at cost:
Unaffiliated	$	10,774,363,349		$	806,305,865		$	1,015,366,343
Affiliated (Note 2)		529,976,521			50,667,787			103,600,422
Total cost of investments	$	11,304,339,870		$	856,973,652		$	1,118,966,765
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	10,781,197,717		$	831,931,989		$	1,048,502,694
Affiliated (Note 2)		529,838,775			50,667,787			103,626,686
Total fair value of investments		11,311,036,492			882,599,776			1,152,129,380
Cash		625			1,766,031			919,274
Receivables:
Investment securities sold		290,783,229			—			1,200,870
Interest		78,843,949			10,598,273			10,892,711
Capital shares sold		—			6,789,234			—
Total Assets		11,680,664,295			901,753,314			1,165,142,235
LIABILITIES
Payables:
Investment securities purchased		306,108,608			10,870,741			6,765,170
Collateral for securities on loan (Note 1)		427,234,862			40,384,165			87,506,625
Investment advisory fees (Note 2)		1,662,615			122,253			119,421
Total Liabilities		735,006,085			51,377,159			94,391,216
NET ASSETS	$	10,945,658,210		$	850,376,155		$	1,070,751,019
Net assets consist of:
Paid-in capital	$	10,929,049,794		$	823,197,591		$	1,035,808,903
Undistributed net investment income		10,607,876			2,657,131			1,930,329
Accumulated net realized loss		(696,082	)		(1,104,691	)		(150,828	)
Net unrealized appreciation		6,696,622			25,626,124			33,162,615
NET ASSETS	$	10,945,658,210		$	850,376,155		$	1,070,751,019
Shares outstandingb		103,900,000			13,600,000			9,500,000
Net asset value per share	$	105.35		$	62.53		$	112.71

^a  Securities on loan with values of $415,553,774, $38,985,033 and $84,612,796, respectively. See Note 1.

^b  No par value, unlimited number of shares authorized.

See notes to financial statements.

218 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Continued)

iSHARES^® TRUST

February 28, 2015

	iShares Intermediate Credit Bond ETF
ASSETS
Investments, at cost:
Unaffiliated	$	6,172,281,532
Affiliated (Note 2)		685,080,969
Total cost of investments	$	6,857,362,501
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	6,273,463,587
Affiliated (Note 2)		685,592,212
Total fair value of investments		6,959,055,799
Cash		1,542,218
Receivables:
Investment securities sold		1,166,410
Due from custodian (Note 4)		489,435
Interest		57,609,497
Total Assets		7,019,863,359
LIABILITIES
Payables:
Investment securities purchased		61,414,782
Collateral for securities on loan (Note 1)		526,594,687
Investment advisory fees (Note 2)		970,270
Total Liabilities		588,979,739
NET ASSETS	$	6,430,883,620
Net assets consist of:
Paid-in capital	$	6,318,364,444
Undistributed net investment income		13,028,702
Accumulated net realized loss		(2,202,824	)
Net unrealized appreciation		101,693,298
NET ASSETS	$	6,430,883,620
Shares outstandingb		58,300,000
Net asset value per share	$	110.31

^a  Securities on loan with a value of $509,468,611. See Note 1.

^b  No par value, unlimited number of shares authorized.

See notes to financial statements.

FINANCIAL STATEMENTS 219

Statements of Operations

iSHARES^® TRUST

Year ended February 28, 2015

	iShares 1-3 Year Credit Bond ETF			iShares 10+ Year Credit Bond ETF			iShares Core U.S. Credit Bond ETF
NET INVESTMENT INCOME
Interest — unaffiliated	$	133,508,669		$	23,458,089		$	27,108,436
Interest — affiliated (Note 2)		707,893			345			67,537
Securities lending income — affiliated (Note 2)		815,393			66,944			142,214
Total investment income		135,031,955			23,525,378			27,318,187
EXPENSES
Investment advisory fees (Note 2)		23,583,497			1,050,676			1,298,512
Total expenses		23,583,497			1,050,676			1,298,512
Net investment income		111,448,458			22,474,702			26,019,675
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(35,904	)		(261,217	)		361,944
Investments — affiliated (Note 2)		12,021			—			484
In-kind redemptions — unaffiliated		40,092,695			6,290,986			5,809,344
In-kind redemptions — affiliated (Note 2)		32,875			—			35,851
Net realized gain		40,101,687			6,029,769			6,207,623
Net change in unrealized appreciation/depreciation		(60,778,007	)		32,857,194			12,294,569
Net realized and unrealized gain (loss)		(20,676,320	)		38,886,963			18,502,192
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	90,772,138		$	61,361,665		$	44,521,867

See notes to financial statements.

220 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Continued)

iSHARES^® TRUST

Year ended February 28, 2015

	iShares Intermediate Credit Bond ETF
NET INVESTMENT INCOME
Interest — unaffiliated	$	157,459,378
Interest — affiliated (Note 2)		775,626
Securities lending income — affiliated (Note 2)		1,150,460
Total investment income		159,385,464
EXPENSES
Investment advisory fees (Note 2)		11,961,904
Total expenses		11,961,904
Net investment income		147,423,560
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(651,267	)
Investments — affiliated (Note 2)		(35,656	)
In-kind redemptions — unaffiliated		44,031,562
In-kind redemptions — affiliated (Note 2)		131,658
Net realized gain		43,476,297
Net change in unrealized appreciation/depreciation		12,438,175
Net realized and unrealized gain		55,914,472
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	203,338,032

See notes to financial statements.

FINANCIAL STATEMENTS 221

Statements of Changes in Net Assets

iSHARES^® TRUST

	iShares 1-3 Year Credit Bond ETF						iShares 10+ Year Credit Bond ETF
	Year ended February 28, 2015			Year ended February 28, 2014			Year ended February 28, 2015			Year ended February 28, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	111,448,458		$	122,693,473		$	22,474,702		$	14,152,333
Net realized gain (loss)		40,101,687			52,130,550			6,029,769			(417,800	)
Net change in unrealized appreciation/depreciation		(60,778,007	)		(34,742,752	)		32,857,194			(17,640,416	)
Net increase (decrease) in net assets resulting from operations		90,772,138			140,081,271			61,361,665			(3,905,883	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(111,918,079	)		(123,039,606	)		(20,884,615	)		(14,655,911	)
From net realized gain		—			—			—			(404,890	)
Total distributions to shareholders		(111,918,079	)		(123,039,606	)		(20,884,615	)		(15,060,801	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		3,962,880,408			8,177,786,564			637,059,987			33,392,791
Cost of shares redeemed		(6,221,395,468	)		(4,798,855,500	)		(110,709,066	)		(152,131,950	)
Net increase (decrease) in net assets from capital share transactions		(2,258,515,060	)		3,378,931,064			526,350,921			(118,739,159	)
INCREASE (DECREASE) IN NET ASSETS		(2,279,661,001	)		3,395,972,729			566,827,971			(137,705,843	)
NET ASSETS
Beginning of year		13,225,319,211			9,829,346,482			283,548,184			421,254,027
End of year	$	10,945,658,210		$	13,225,319,211		$	850,376,155		$	283,548,184
Undistributed net investment income included in net assets at end of year	$	10,607,876		$	11,077,497		$	2,657,131		$	1,067,044
SHARES ISSUED AND REDEEMED
Shares sold		37,600,000			77,700,000			10,500,000			600,000
Shares redeemed		(59,000,000	)		(45,600,000	)		(1,800,000	)		(2,600,000	)
Net increase (decrease) in shares outstanding		(21,400,000	)		32,100,000			8,700,000			(2,000,000	)

See notes to financial statements.

222 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^® TRUST

	iShares Core U.S. Credit Bond ETF						iShares Intermediate Credit Bond ETF
	Year ended February 28, 2015			Year ended February 28, 2014			Year ended February 28, 2015			Year ended February 28, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	26,019,675		$	36,020,436		$	147,423,560		$	151,023,485
Net realized gain		6,207,623			22,268,490			43,476,297			68,769,805
Net change in unrealized appreciation/depreciation		12,294,569			(71,135,085	)		12,438,175			(176,640,693	)
Net increase (decrease) in net assets resulting from operations		44,521,867			(12,846,159	)		203,338,032			43,152,597
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(26,077,967	)		(37,278,340	)		(146,513,931	)		(150,864,514	)
Total distributions to shareholders		(26,077,967	)		(37,278,340	)		(146,513,931	)		(150,864,514	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		406,735,213			112,045,340			2,544,074,370			2,535,474,058
Cost of shares redeemed		(154,622,521	)		(670,782,685	)		(1,874,247,387	)		(2,008,034,178	)
Net increase (decrease) in net assets from capital share transactions		252,112,692			(558,737,345	)		669,826,983			527,439,880
INCREASE (DECREASE) IN NET ASSETS		270,556,592			(608,861,844	)		726,651,084			419,727,963
NET ASSETS
Beginning of year		800,194,427			1,409,056,271			5,704,232,536			5,284,504,573
End of year	$	1,070,751,019		$	800,194,427		$	6,430,883,620		$	5,704,232,536
Undistributed net investment income included in net assets at end of year	$	1,930,329		$	1,988,621		$	13,028,702		$	12,119,073
SHARES ISSUED AND REDEEMED
Shares sold		3,600,000			1,000,000			23,200,000			23,100,000
Shares redeemed		(1,400,000	)		(6,200,000	)		(17,100,000	)		(18,500,000	)
Net increase (decrease) in shares outstanding		2,200,000			(5,200,000	)		6,100,000			4,600,000

See notes to financial statements.

FINANCIAL STATEMENTS 223

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares 1-3 Year Credit Bond ETF
	Year ended Feb. 28, 2015			Year ended Feb. 28, 2014			Year ended Feb. 28, 2013			Year ended Feb. 29, 2012			Year ended Feb. 28, 2011
Net asset value, beginning of year	$	105.55		$	105.47		$	104.85		$	104.51		$	103.89
Income from investment operations:
Net investment incomea		0.99			1.17			1.59			1.92			2.44
Net realized and unrealized gain (loss)b		(0.20	)		0.11			0.66			0.36			0.73
Total from investment operations		0.79			1.28			2.25			2.28			3.17
Less distributions from:
Net investment income		(0.99	)		(1.20	)		(1.63	)		(1.94	)		(2.51	)
Net realized gain		—			—			—			—			(0.04	)
Total distributions		(0.99	)		(1.20	)		(1.63	)		(1.94	)		(2.55	)
Net asset value, end of year	$	105.35		$	105.55		$	105.47		$	104.85		$	104.51
Total return		0.73	%		1.22	%		2.16	%		2.19	%		3.13	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	10,945,658		$	13,225,319		$	9,829,346		$	9,132,075		$	7,650,194
Ratio of expenses to average net assets		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Ratio of net investment income to average net assets		0.94	%		1.11	%		1.51	%		1.84	%		2.34	%
Portfolio turnover ratec		17	%		10	%		8	%		8	%		12	%

^a  Based on average shares outstanding throughout each period.

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

^c  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.

224 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

		iShares 10+ Year Credit Bond ETF
		Year ended Feb. 28, 2015			Year ended Feb. 28, 2014			Year ended Feb. 28, 2013			Year ended Feb. 29, 2012			Year ended Feb. 28, 2011
Net asset value, beginning of year		$	57.87		$	61.05		$	59.51		$	52.53		$	50.60
Income from investment operations:
Net investment incomea			2.59			2.68			2.65			2.72			2.88
Net realized and unrealized gain (loss)b			4.59			(3.03	)		1.59			6.88			1.85
Total from investment operations			7.18			(0.35	)		4.24			9.60			4.73
Less distributions from:
Net investment income			(2.52	)		(2.74	)		(2.70	)		(2.62	)		(2.80	)
Net realized gain			—			(0.09	)		—			—			—
Total distributions			(2.52	)		(2.83	)		(2.70	)		(2.62	)		(2.80	)
	��
Net asset value, end of year		$	62.53		$	57.87		$	61.05		$	59.51		$	52.53
Total return			12.64	%		(0.41	)%c		7.22	%		18.81	%		9.62	%
Ratios/Supplemental data:
Net assets, end of year (000s)		$	850,376		$	283,548		$	421,254		$	196,391		$	21,014
Ratio of expenses to average net assets			0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Ratio of net investment income to average net assets			4.28	%		4.67	%		4.33	%		4.79	%		5.47	%
Portfolio turnover rated			23	%		12	%		10	%		6	%		37	%

^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  Includes payment from an affiliate. Not including these proceeds, the Fund’s total return would have been -0.43%.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 225

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares Core U.S. Credit Bond ETF
	Year ended Feb. 28, 2015			Year ended Feb. 28, 2014			Year ended Feb. 28, 2013			Year ended Feb. 29, 2012			Year ended Feb. 28, 2011
Net asset value, beginning of year	$	109.62		$	112.72		$	110.34		$	104.45		$	101.84
Income from investment operations:
Net investment incomea		3.65			3.69			3.89			4.45			4.75
Net realized and unrealized gain (loss)b		3.13			(3.03	)		2.44			5.86			2.59
Total from investment operations		6.78			0.66			6.33			10.31			7.34
Less distributions from:
Net investment income		(3.69	)		(3.76	)		(3.95	)		(4.42	)		(4.70	)
Net realized gain		—			—			—			—			(0.03	)
Total distributions		(3.69	)		(3.76	)		(3.95	)		(4.42	)		(4.73	)
Net asset value, end of year	$	112.71		$	109.62		$	112.72		$	110.34		$	104.45
Total return		6.26	%		0.66	%		5.83	%		10.11	%		7.35	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	1,070,751		$	800,194		$	1,409,056		$	1,169,565		$	762,495
Ratio of expenses to average net assets		0.16	%		0.20	%		0.20	%		0.20	%		0.20	%
Ratio of net investment income to average net assets		3.29	%		3.37	%		3.47	%		4.16	%		4.55	%
Portfolio turnover ratec		10	%		9	%		10	%		11	%		13	%

^a  Based on average shares outstanding throughout each period.

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

^c  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.

226 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares Intermediate Credit Bond ETF
	Year ended Feb. 28, 2015			Year ended Feb. 28, 2014			Year ended Feb. 28, 2013			Year ended Feb. 29, 2012			Year ended Feb. 28, 2011
Net asset value, beginning of year	$	109.28		$	111.02		$	108.84		$	105.67		$	103.50
Income from investment operations:
Net investment incomea		2.68			2.88			3.40			3.97			4.36
Net realized and unrealized gain (loss)b		1.03			(1.72	)		2.25			3.18			2.23
Total from investment operations		3.71			1.16			5.65			7.15			6.59
Less distributions from:
Net investment income		(2.68	)		(2.90	)		(3.47	)		(3.94	)		(4.33	)
Net realized gain		—			—			—			(0.04	)		(0.09	)
Total distributions		(2.68	)		(2.90	)		(3.47	)		(3.98	)		(4.42	)
Net asset value, end of year	$	110.31		$	109.28		$	111.02		$	108.84		$	105.67
Total return		3.41	%		1.09	%		5.27	%		6.90	%		6.55	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	6,430,884		$	5,704,233		$	5,284,505		$	4,462,401		$	3,096,177
Ratio of expenses to average net assets		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Ratio of net investment income to average net assets		2.45	%		2.65	%		3.09	%		3.71	%		4.14	%
Portfolio turnover ratec		7	%		9	%		7	%		9	%		9	%

^a  Based on average shares outstanding throughout each period.

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

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 227

Notes to Financial Statements

iSHARES^® TRUST

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated December 16, 1999.

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

iShares ETF	Diversification Classification
1-3 Year Credit Bond	Diversified
10+ Year Credit Bond	Diversified
Core U.S. Credit Bonda	Diversified
Intermediate Credit Bond	Diversified

^a  Formerly the iShares Credit Bond ETF.

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

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

• Fixed income investments are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to

228 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments, and calculated yield measures.

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

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices, reviews of large movements in market values, and reviews of market related activity.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.

NOTESTO FINANCIAL STATEMENTS 229

Notes to Financial Statements (Continued)

iSHARES^® TRUST

The following table summarizes the value of each of the Funds’ investments according to the fair value hierarchy as of February 28, 2015. The breakdown of each Fund’s investments into major categories is disclosed in its respective schedule of investments.

iShares ETF and Investment Type	Investments
	Level 1		Level 2		Level 3		Total
1-3 Year Credit Bond
Assets:
Corporate Bonds & Notes	$	—	$	8,688,091,179	$	—	$	8,688,091,179
Foreign Government Obligations		—		2,127,333,756		—		2,127,333,756
Municipal Debt Obligations		—		20,507,437		—		20,507,437
Money Market Funds		475,104,120		—		—		475,104,120
	$	475,104,120	$	10,835,932,372	$	—	$	11,311,036,492
10+ Year Credit Bond
Assets:
Corporate Bonds & Notes	$	—	$	682,188,456	$	—	$	682,188,456
Foreign Government Obligations		—		71,575,178		—		71,575,178
Municipal Debt Obligations		—		76,636,600		—		76,636,600
U.S. Government Obligations		—		1,531,755		—		1,531,755
Money Market Funds		50,667,787		—		—		50,667,787
	$	50,667,787	$	831,931,989	$	—	$	882,599,776
Core U.S. Credit Bond
Assets:
Corporate Bonds & Notes	$	—	$	881,195,520	$	—	$	881,195,520
Foreign Government Obligations		—		136,345,825		—		136,345,825
Municipal Debt Obligations		—		34,284,040		—		34,284,040
Money Market Funds		100,303,995		—		—		100,303,995
	$	100,303,995	$	1,051,825,385	$	—	$	1,152,129,380
Intermediate Credit Bond
Assets:
Corporate Bonds & Notes	$	—	$	5,365,319,040	$	—	$	5,365,319,040
Foreign Government Obligations		—		911,362,808		—		911,362,808
Municipal Debt Obligations		—		23,368,849		—		23,368,849
Money Market Funds		659,005,102		—		—		659,005,102
	$	659,005,102	$	6,300,050,697	$	—	$	6,959,055,799

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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis.

230 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities plus the interest accrued on such securities, if any, 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 plus accrued interest, if any. The market value of the loaned securities is determined at the close of each business day of the Funds and any additional required collateral is delivered to the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

NOTESTO FINANCIAL STATEMENTS 231

Notes to Financial Statements (Continued)

iSHARES^® TRUST

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

iShares ETF	Market Value of Securities on Loan		Cash Collateral Received a		Net Amount
1-3 Year Credit Bond	$	415,553,774	$	415,553,774	$	—
10+ Year Credit Bond		38,985,033		38,985,033		—
Core U.S. Credit Bond		84,612,796		84,612,796		—
Intermediate Credit Bond		509,468,611		509,468,611		—

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

RECENT ACCOUNTING STANDARD

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings, including securities lending. The guidance is effective for financial statements for fiscal years beginning after December 15, 2014, and interim periods within those fiscal years. Management does not expect the guidance to have a material impact on the Funds’ financial statements.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to each of the iShares 1-3 Year Credit Bond ETF and iShares Intermediate Credit Bond ETF, BFA is entitled to an annual investment advisory fee based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.2000	%	First $121 billion
	0.1900	a	Over $121 billion, up to and including $211 billion
	0.1805	a	Over $211 billion

^a  Investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

For its investment advisory services to the iShares 10+ Year Credit Bond ETF, BFA is entitled to an annual investment advisory fee of 0.20% based on the average daily net assets of the Fund.

Effective June 12, 2014, for its investment advisory services to the iShares Core U.S. Credit Bond ETF, BFA is entitled to an annual investment advisory fee of 0.15% based on the average daily net assets of the Fund. Prior to June 12, 2014, for its investment advisory services to the Fund, BFA was entitled to an annual investment advisory fee of 0.20% based on the average daily net assets of the Fund.

232 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

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

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

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

For the year ended February 28, 2015, each Fund paid to BTC the following amounts in total for securities lending agent services and collateral investment fees:

iShares ETF	Fees Paid to BTC
1-3 Year Credit Bond	$	346,913
10+ Year Credit Bond		28,687
Core U.S. Credit Bond		60,663
Intermediate Credit Bond		492,212

BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Cross trades for the year ended February 28, 2015, if any, were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest – affiliated” in the statements of operations.

NOTESTO FINANCIAL STATEMENTS 233

Notes to Financial Statements (Continued)

iSHARES^® TRUST

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

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the year ended February 28, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

iShares ETF and Name of Affiliated Issuer	Principal Held at Beginning of Year (000s)		Principal Purchased (000s)		Principal Sold (000s)			Principal Held at End of Year (000s)		Value at End of Year		Interest Income		Net Realized Gain (Loss)
1-3 Year Credit Bond
PNC Bank N.A.
0.80%, 01/28/16	$	8,500	$	—	$	(8,500	)	$	—	$	—	$	57,905	$	10,355
1.13%, 01/27/17		9,040		7,000		—			16,040		16,007,331		156,114		—
1.15%, 11/01/16		16,500		—		—			16,500		16,509,463		162,634		—
1.30%, 10/03/16		15,000		1,000		—			16,000		16,063,574		146,596		—
PNC Funding Corp.
2.70%, 09/19/16		12,721		—		(6,700	)		6,021		6,154,287		94,797		11,322
4.25%, 09/21/15		6,250		—		(6,250	)		—		—		25,099		9,155
5.25%, 11/15/15		6,526		—		(6,526	)		—		—		61,980		14,064
										$	54,734,655	$	705,125	$	44,896
Core U.S. Credit Bond
PNC Bank N.A.
0.80%, 01/28/16	$	500	$	—	$	(500	)	$	—	$	—	$	3,289	$	484
2.25% 7/2/2019		—		1,900		—			1,900		1,912,787		12,393		—
PNC Financial Services Group Inc. (The)
3.90%, 04/29/24		—		350		—			350		363,481		4,818		—
PNC Funding Corp.
3.30%, 03/08/22		560		—		(248	)		312		324,706		13,633		(2,132	)
3.63%, 02/08/15		500		—		(500	)		—		—		4,959		8,566
4.25%, 09/21/15		200		—		(200	)		—		—		6,756		5,681
4.38%, 08/11/20		—		250		—			250		275,007		6,933		—
5.13%, 02/08/20		445		250		(300	)		395		446,710		14,606		23,736
										$	3,322,691	$	67,387	$	36,335

234 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

iShares ETF and Name of Affiliated Issuer	Principal Held at Beginning of Year (000s)		Principal Purchased (000s)		Principal Sold (000s)			Principal Held at End of Year (000s)		Value at End of Year		Interest Income		Net Realized Gain (Loss)
Intermediate Credit Bond
PNC Bank N.A.
2.95%, 01/30/23	$	3,000	$	—	$	—		$	3,000	$	2,967,968	$	90,560	$	—
3.80%, 07/25/23		1,500		—		—			1,500		1,570,505		57,055		—
4.88%, 09/21/17		340		—		—			340		366,409		10,397		—
5.25%, 01/15/17		290		—		—			290		310,147		9,208		—
6.00%, 12/07/17		1,000	$	1,250		—			2,250		2,506,228		44,946
PNC Financial Services Group Inc. (The)
2.85%, 11/09/22		5,400		—	$	(2,000	)		3,400		3,395,533		109,406	$	(53,132	)
3.90%, 04/29/24		—		1,000		—			1,000		1,038,517		17,759		—
PNC Funding Corp.
2.70%, 09/19/16		2,093		—		(400	)		1,693		1,730,478		39,996		12,830
3.30%, 03/08/22		1,862		—		—			1,862		1,937,831		62,825		—
3.63%, 02/08/15		335		—		(335	)		—		—		707		2,545
4.25%, 09/21/15		2,250		—		(2,250	)		—		—		28,539		29,194
4.38%, 08/11/20		1,342		6,500		(1,200	)		6,642		7,306,379		150,668		95,853
5.13%, 02/08/20		1,391		—		—			1,391		1,573,096		48,367		—
5.25%, 11/15/15		807		—		(807	)		—		—		15,435		8,712
5.63%, 02/01/17		1,750		—		—			1,750		1,884,019		86,465		—
										$	26,587,110	$	772,333	$	96,002

Certain trustees and officers of the Trust 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 year ended February 28, 2015 were as follows:

	U.S. Government Obligations				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
1-3 Year Credit Bond	$	214,491,404	$	214,616,894	$	4,798,193,949	$	1,743,843,110
10+ Year Credit Bond		35,389,001		33,810,670		330,316,012		85,467,436
Core U.S. Credit Bond		2,516,020		2,547,554		398,573,599		75,954,407
Intermediate Credit Bond		30,140,166	��	20,376,523		1,357,173,091		382,216,981

NOTESTO FINANCIAL STATEMENTS 235

Notes to Financial Statements (Continued)

iSHARES^® TRUST

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

iShares ETF	In-kind Purchases		In-kind Sales
1-3 Year Credit Bond	$	1,119,263,487	$	6,139,611,230
10+ Year Credit Bond		376,442,946		105,166,943
Core U.S. Credit Bond		73,401,732		146,109,876
Intermediate Credit Bond		1,538,513,869		1,823,302,031

4. CAPITAL SHARE TRANSACTIONS

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

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

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

5. MARKET AND CREDIT RISK

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

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

MARKET RISK

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

236 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

affect a particular industry or group of industries. The extent of each Fund’s exposure to market risk is the market value of the investments held as shown in the Fund’s schedule of investments.

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

Each Fund invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.

Each Fund invests a substantial amount of its assets in fixed-income securities. Changes in market interest rates or economic conditions, including the decision in December 2013 by the Federal Reserve Bank to taper its quantitative easing policy, may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. Given the environment of historically low interest rates, each Fund may be subject to a greater risk of price losses if interest rates rise.

CREDIT RISK

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

6. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The following permanent differences

NOTESTO FINANCIAL STATEMENTS 237

Notes to Financial Statements (Continued)

iSHARES^® TRUST

as of February 28, 2015, attributable to the use of equalization and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Undistributed Net Investment Income/Distributions in Excess of Net Investment Income		Undistributed Net Realized Gain/Accumulated Net Realized Loss
1-3 Year Credit Bond	$	40,123,962	$	—	$	(40,123,962	)
10+ Year Credit Bond		6,244,623		—		(6,244,623	)
Core U.S. Credit Bond		5,864,812		—		(5,864,812	)
Intermediate Credit Bond		43,975,839		—		(43,975,839	)

The tax character of distributions paid during the years ended February 28, 2015 and February 28, 2014 was as follows:

iShares ETF	2015		2014
1-3 Year Credit Bond
Ordinary income	$	111,918,079	$	123,039,606
10+ Year Credit Bond
Long-term capital gain	$	—	$	167,202
Ordinary income		20,884,615		14,893,599
	$	20,884,615	$	15,060,801
Core U.S. Credit Bond
Ordinary income	$	26,077,967	$	37,278,340
Intermediate Credit Bond
Ordinary income	$	146,513,931	$	150,864,514

As of February 28, 2015, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Capital Loss Carryforwards			Net Unrealized Gains (Losses) a		Qualified Late-Year Losses b			Total
1-3 Year Credit Bond	$	10,607,876	$	(373,718	)	$	6,672,533	$	(298,275	)	$	16,608,416
10+ Year Credit Bond		2,657,131		(695,160	)		25,439,898		(223,305	)		27,178,564
Core U.S. Credit Bond		1,930,329		—			33,033,503		(21,716	)		34,942,116
Intermediate Credit Bond		13,028,702		(937,330	)		101,347,274		(919,470	)		112,519,176

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

^b  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

238 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

As of February 28, 2015, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
1-3 Year Credit Bond	$	373,718
10+ Year Credit Bond		695,160
Intermediate Credit Bond		937,330

For the year ended February 28, 2015, the iShares Core U.S. Credit Bond ETF utilized $296,950 of its capital loss carryforwards.

As of February 28, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
1-3 Year Credit Bond	$	11,304,363,959	$	20,466,110	$	(13,793,577	)	$	6,672,533
10+ Year Credit Bond		857,159,878		31,565,273		(6,125,375	)		25,439,898
Core U.S. Credit Bond		1,119,095,877		38,480,998		(5,447,495	)		33,033,503
Intermediate Credit Bond		6,857,708,525		120,647,365		(19,300,091	)		101,347,274

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

7. SUBSEQUENT EVENTS

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

NOTESTO FINANCIAL STATEMENTS 239

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

iShares Trust:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares 1-3 Year Credit Bond ETF, iShares 10+ Year Credit Bond ETF, iShares Core U.S. Credit Bond ETF and iShares Intermediate Credit Bond ETF (the “Funds”) at February 28, 2015, the results of each of their operations, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 28, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

April 21, 2015

240 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 241

Notes:

242 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

For more information visit www.iShares.com or call 1-800-474-2737

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

A description of the policies that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request, by calling toll-free 1-800-474-2737; on the Fund’s website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund also discloses its complete schedule of portfolio holdings on a daily basis on the Fund’s website.

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1018-1015

OCTOBER 31, 2015

2015 ANNUAL REPORT

iShares U.S. ETF Trust

^Ø   iShares Interest Rate Hedged Emerging Markets Bond ETF  |  EMBH  |  NYSE Arca

Table of Contents

Management’s Discussion of Fund Performance	5
About Fund Performance	8
Shareholder Expenses	8
Schedule of Investments	9
Financial Statements	10
Financial Highlights	13
Notes to Financial Statements	14
Report of Independent Registered Public Accounting Firm	23
Board Review and Approval of Investment Advisory Contract	24
Supplemental Information	27
Trustee and Officer Information	28
Additional Financial Information - iShares J.P. Morgan USD Emerging Markets Bond ETF
Schedule of Investments	32
Financial Statements	39
Financial Highlights	42
Notes to Financial Statements	43
Report of Independent Registered Public Accounting Firm	51

Management’s Discussion of Fund Performance

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

GLOBAL BOND MARKET OVERVIEW

Global bonds generally produced negative returns in U.S. dollar terms for the 12-month period ended October 31, 2015 (the “reporting period”), after accounting for the effects of a stronger U.S. currency. Interest rates declined modestly in most markets amid uncertainty around global economic growth; however, for U.S. investors, a stronger U.S. dollar detracted from performance as overseas investments were worth less when translated back into U.S. dollars.

Global economic data were mixed. The U.S. and U.K. experienced comparatively healthy growth, with GDP expanding by 2.0% and 2.3%, respectively, through September 2015, while eurozone economic growth ran at a 1.5% annual rate through the third quarter. However, the Japanese economy contracted in two of the last four quarters, while China saw growth fall below the 7% threshold to its slowest pace since 2009.

In addition to disappointing growth, China witnessed a sharp stock market decline, currency devaluation, and a raft of monetary and policy changes meant to prop up markets. These challenges, coupled with worry about a possible Greek exit from the European common currency, led to a sell-off in risk assets and safe-haven demand for high-quality bonds.

Slower growth in China and other emerging markets also weighed on commodity markets, with prices for many key commodities falling during the fiscal year. This provided additional support for bonds in general because it meant downward pressure on inflation. In the European Union and U.K., consumer prices actually declined for the 12 months ended in September, while inflation in Japan and the U.S. was relatively flat year over year.

Despite these positives, bonds sold off and market volatility surged during the summer, when economic growth in Europe improved, corporations rushed to issue new debt, and investors began to price in the likelihood of an interest rate increase by the U.S. Federal Reserve Bank (the “Fed”).

From a sector perspective, government agency mortgage-backed securities and government bonds performed best for the reporting period. Investor concern about risk assets and surging new bond issuance generally limited returns for corporate securities. And within the corporate market, high-quality bonds generally outperformed high-yield bonds. Sharply declining commodities prices dragged down high-yield bonds. Nevertheless, many sectors of the global corporate bond market produced positive results. For example, banks were among the best-performing industries as growth improved in the eurozone and U.S., and the Fed was expected to begin raising rates.

In terms of performance by country for the reporting period, Australian bonds performed well in local currency terms, but fared poorly after taking currency effects into account. It was a similar story for bonds from across Europe, where low inflation and strong demand meant falling interest rates and higher bond prices, only to see this performance be counteracted by weakness in the euro relative to the U.S. dollar. In Japan, too, aggressive monetary policy, disappointing growth, and the absence of inflation meant falling bond yields. But an attempt to stimulate the economy by cutting interest rates and weakening the yen had the effect of limiting Japanese bond returns for U.S. investors.

Specifically, the U.S. dollar appreciated by approximately 4% relative to the British pound, 16% and 23% against the commodity-driven Canadian and Australian dollars, respectively, 14% against the euro, and 8% against the Japanese yen. The U.S. dollar’s strength during the reporting period was driven by the divergence in economic growth and central bank policies between the U.S. and other regions.

MANAGEMENT’S DISCUSSIONOF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Performance as of October 31, 2015

	Cumulative Total Returns
	Since Inception
Fund NAV		(2.43)%
Fund Market		(2.39)%
J.P. Morgan EMBI Global Core Swap Hedged Index		(2.51)%

The inception date of the Fund was 7/22/15. The first day of secondary market trading was 7/23/15.

The J.P. Morgan EMBI Global Core Swap Hedged Index is an unmanaged index that consists of the J.P. Morgan EMBI^SM Global Core Index plus interest rate swaps that intend to hedge the interest rate exposure of the J.P. Morgan EMBI^SM Global Core Index.

For the fiscal period ended 10/31/15, the Fund did not have six months of performance and therefore line graphs are not presented.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account  Value (7/22/15) a		Ending Account Value (10/31/15)		Expenses Paid During  Period b,c		Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During  Period b,c		Annualized Expense Ratio  b
$	1,000.00	$	975.70	$	0.33	$	1,000.00	$	1,024.60	$	0.61		0.12%

^a  The beginning of the period (commencement of operations) is July 22, 2015.

^b  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^c  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (101 days for actual and 184 days for hypothetical expenses) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

6 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Management’s Discussion of Fund Performance  (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

The iShares Interest Rate Hedged Emerging Markets Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, emerging market bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares J.P. Morgan USD Emerging Markets Bond ETF (“EMB”). The Fund attempts to mitigate the interest rate risk of EMB by holding short positions in U.S. Treasury futures or interest rate swaps. For the period from July 22, 2015 (inception date of the Fund) through October 31, 2015 (the “reporting period”), the total return for the Fund was -2.43%, net of fees.

The Fund declined by approximately 2% for the reporting period. During the reporting period, U.S. dollar-denominated emerging markets bonds (as represented by the Fund’s investment in EMB) posted a modestly positive return. The interest rate hedging activity detracted from Fund performance, as longer-term yields declined.

Emerging market bonds experienced significant volatility during the reporting period. Uncertainty surrounding a potential short-term interest rate increase by the Fed, decelerating global economic growth (particularly in China), and a broad decline in commodity prices contributed to a decline in Fund performance throughout much of the reporting period. However, the Fund rebounded during the last month of the reporting period as these concerns subsided, paving the way for positive performance.

From a regional perspective, emerging markets bonds in Europe had a positive impact on EMB’s performance during the reporting period, led by Ukraine, Russia, and Hungary. In contrast, African emerging markets bonds detracted the most from EMB’s return. Bonds issued by Zambia and South Africa had the most significant negative impact in this region.

Emerging markets bonds from Latin America, the largest regional weighting within EMB, produced mixed results. Bonds issued by Brazil and Ecuador were among the detractors from performance, but this was offset by contributions to return by Argentina and Venezuela.

ALLOCATION BY CREDIT QUALITY1 As of 10/31/15
Moody’s Credit Rating2	Percentage of Total  Investments 3
Aa		3.93	%
A		19.74
Baa		37.11
Ba		14.91
B		10.67
Caa		4.81
Ca		1.57
Not Rated		7.26
TOTAL		100.00	%

TEN LARGEST COUNTRIES1 As of 10/31/15
Country	Percentage of Total  Investments 3
Mexico		6.14	%
Russia		5.59
Turkey		5.46
Indonesia		5.24
Philippines		5.22
Brazil		4.45
China		4.20
Hungary		4.05
Colombia		3.89
Poland		3.73
TOTAL		47.97	%

¹  Reflects the allocation by country and credit quality of the iShares J.P. Morgan USD Emerging Markets Bond ETF, the underlying fund in which the Fund invests.

²  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

³  Excludes money market funds.

MANAGEMENT’S DISCUSSIONOF FUND PERFORMANCE 7

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on May 1, 2015 (or commencement of operations, as applicable) and held through October 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number 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 the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

8 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

October 31, 2015

Security	Shares		Value
INVESTMENT COMPANIES — 95.52%
EXCHANGE-TRADED FUNDS — 95.52%
iShares J.P. Morgan USD Emerging Markets Bond ETFa,b		21,302	$	2,311,267
				2,311,267
TOTAL INVESTMENT COMPANIES
(Cost: $2,336,190)				2,311,267
SHORT-TERM INVESTMENTS — 47.63%
MONEY MARKET FUNDS — 47.63%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.19%b,c,d		1,043,895		1,043,895
BlackRock Cash Funds: Prime, SL Agency Shares
0.19%b,c,d		54,015		54,015
BlackRock Cash Funds: Treasury, SL Agency Shares
0.02%b,c		54,473		54,473
				1,152,383
TOTAL SHORT-TERM INVESTMENTS
(Cost: $1,152,383)				1,152,383
TOTAL INVESTMENTS IN SECURITIES — 143.15%
(Cost: $3,488,573)				3,463,650
Other Assets, Less Liabilities — (43.15)%				(1,044,003	)
NET ASSETS — 100.00%			$	2,419,647

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

^b  Affiliated issuer. See Note 2.

^c  The rate quoted is the annualized seven-day yield of the fund at period end.

^d  All or a portion of this security represents an investment of securities lending collateral. See Note 1.

Centrally cleared short interest rate swaps outstanding as of October 31, 2015 were as follows:

Fixed Rate	Floating Rate		Expiration Date		Clearinghouse		Notional Amount			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
0.96%*		3-month LIBOR		07/24/2017		Chicago Mercantile	$	(200,000	)	$	(704	)	$	29
1.81%*		3-month LIBOR		07/24/2020		Chicago Mercantile		(1,150,000	)		(2,260	)		(15,800	)
2.43%*		3-month LIBOR		07/24/2025		Chicago Mercantile		(975,000	)		(12,754	)		(19,125	)
2.87%*		3-month LIBOR		07/24/2045		Chicago Mercantile		(100,000	)		(1,900	)		(4,774	)
Net unrealized depreciation													$	(39,670	)

* Fund pays the fixed rate and receives the floating rate.

See notes to financial statements.

SCHEDULEOF INVESTMENTS 9

Statement of Assets and Liabilities

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

October 31, 2015

ASSETS
Investments, at cost:
Affiliated (Note 2)	$	3,488,573
Total cost of investments	$	3,488,573
Investments in securities, at fair value (including securities on loana) (Note 1):
Affiliated (Note 2)	$	3,463,650
Total fair value of investments		3,463,650
Cash pledged for centrally cleared swaps		55,000
Receivables:
Interest		2,341
Total Assets		3,520,991
LIABILITIES
Payables:
Collateral for securities on loan (Note 1)		1,097,910
Variation margin on centrally cleared swaps		3,195
Investment advisory fees (Note 2)		239
Total Liabilities		1,101,344
NET ASSETS	$	2,419,647
Net assets consist of:
Paid-in capital	$	2,504,974
Accumulated net realized loss		(20,734	)
Net unrealized depreciation		(64,593	)
NET ASSETS	$	2,419,647
Shares outstandingb		100,000
Net asset value per share	$	24.20

^a  Securities on loan with a value of $1,074,150. See Note 1.

^b  No par value, unlimited number of shares authorized.

See notes to financial statements.

10 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statement of Operations

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Period from July 22, 2015 (commencement of operations) to October 31, 2015

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	29,007
Interest — affiliated (Note 2)		3
Securities lending income — affiliated — net (Note 2)		4,474
Total investment income		33,484
EXPENSES
Investment advisory fees (Note 2)		5,042
Total expenses		5,042
Less investment advisory fees waived (Note 2)		(4,223	)
Net expenses		819
Net investment income		32,665
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated (Note 2)		(1,259	)
Swaps		(29,358	)
Net realized loss		(30,617	)
Net change in unrealized appreciation/depreciation on:
Investments — affiliated (Note 2)		(24,923	)
Swaps		(39,670	)
Net change in unrealized appreciation/depreciation		(64,593	)
Net realized and unrealized loss		(95,210	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(62,545	)

See notes to financial statements.

FINANCIAL STATEMENTS 11

Statement of Changes in Net Assets

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

	Period from July 22, 2015a to October 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	32,665
Net realized loss		(30,617	)
Net change in unrealized appreciation/depreciation		(64,593	)
Net decrease in net assets resulting from operations		(62,545	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(22,782	)
Return of capital		(84	)
Total distributions to shareholders		(22,866	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,505,058
Net increase in net assets from capital share transactions		2,505,058
INCREASE IN NET ASSETS		2,419,647
NET ASSETS
Beginning of period		—
End of period	$	2,419,647
SHARES ISSUED
Shares sold		100,000
Net increase in shares outstanding		100,000

^a  Commencement of operations.

See notes to financial statements.

12 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

(For a share outstanding throughout the period)

	Period from Jul. 22, 2015a to Oct. 31, 2015
Net asset value, beginning of period	$	25.05
Income from investment operations:
Net investment incomeb		0.33
Net realized and unrealized lossc		(0.95	)
Total from investment operations		(0.62	)
Less distributions from:
Net investment income		(0.23	)
Return of capital		(0.00	)d
Total distributions		(0.23	)
Net asset value, end of period	$	24.20
Total return		(2.43	)%e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,420
Ratio of expenses to average net assetsf,g		0.12	%
Ratio of expenses to average net assets prior to waived feesf,g		0.75	%
Ratio of net investment income to average net assetsf		4.86	%
Portfolio turnover rateh,i		0	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout the period.

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

^d  Rounds to less than $0.01.

^e  Not annualized.

^f  Annualized for periods of less than one year.

^g  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^h  Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

ⁱ  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See page 42 for the portfolio turnover rates of the underlying fund.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 13

Notes to Financial Statements

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated June 21, 2011.

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
Interest Rate Hedged Emerging Markets Bonda	Non-diversified

^a  The Fund commenced operations on July 22, 2015.

Currently the Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an exchange-traded fund of iShares Trust (an “underlying fund”), an affiliate of the Fund. The financial statement and schedule of investments for the underlying fund can be found elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

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

14 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’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.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.

NOTESTO FINANCIAL STATEMENTS 15

Notes to Financial Statements  (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

The following table summarizes the value of each of the Fund’s investments according to the fair value hierarchy as of October 31, 2015. The breakdown of the Fund’s investments into major categories is disclosed in its schedule of investments.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Exchange-Traded Funds	$	2,311,267	$	—		$	—	$	2,311,267
Money Market Funds		1,152,383		—			—		1,152,383
Total	$	3,463,650	$	—		$	—	$	3,463,650
Derivative Financial Instruments:a
Assets:
Centrally Cleared Interest Rate Swaps	$	—	$	29		$	—	$	29
Liabilities:
Centrally Cleared Interest Rate Swaps		—		(39,699	)		—		(39,699	)
Total	$	—	$	(39,670	)	$	—	$	(39,670	)

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

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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis. Dividend income and capital gain distributions from other iShares funds held, if any, are recognized on the ex-dividend date.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

The Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund. Any additional required collateral is delivered to the Fund and any excess collateral is returned by the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates. As of October 31, 2015, any securities on loan were collateralized by

16 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedule of investments. The securities on loan for the Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of October 31, 2015 and the total value of the related collateral are disclosed in the statement of assets and liabilities. Income earned by the Fund from securities lending is disclosed in the statement 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 Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. The Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

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

Counterparty	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
Citigroup Global Markets Inc.	$	1,074,150	$	1,074,150	$	—

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.75% based on the average daily net assets of the Fund. In addition, the Fund indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees through February 28, 2017 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other registered investment companies. BFA has also contractually agreed to reduce its investment advisory fees for the Fund through February 28, 2017 on assets attributable to the Fund’s investments in the iShares J.P. Morgan USD Emerging Markets Bond ETF (“EMB”) (and those assets used by the Fund to hedge the securities in EMB’s portfolio) such that the Fund’s total annual investment advisory fee is equal to EMB’s net total expense ratio after fee waiver plus 0.10%.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As

NOTESTO FINANCIAL STATEMENTS 17

Notes to Financial Statements  (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

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

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

For the period ended October 31, 2015, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $1,126.

BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest - affiliated” in the statement of operations.

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

Investments in issuers considered to be affiliates of the Fund (excluding money market funds) during the period ended October 31, 2015, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Name of Affiliated Issuer	Shares Held at Beginning of Period		Shares Purchased		Shares Sold			Shares Held at End of Period		Value at End of Period		Dividend Income		Net Realized Gain (Loss)
iShares J.P. Morgan USD Emerging Markets
Bond ETF		—		21,702		(400	)		21,302	$	2,311,267	$	29,007	$	(1,259	)

Certain trustees and officers of the Trust 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 period ended October 31, 2015, were $ — and $42,609, respectively.

In-kind purchases and sales (see Note 4) for the period ended October 31, 2015, were $2,380,058 and $ —, respectively.

18 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

4. CAPITAL SHARE TRANSACTIONS

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

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust 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 Trust’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 statement of changes in net assets.

5. INTEREST RATE SWAPS

The Fund may enter into short positions in interest rate swaps in an attempt to mitigate interest rate risk by economically hedging the value of fixed rate bonds, which may decrease when interest rates rise (interest rate risk). Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Interest rate swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). Swap agreements are privately negotiated in the over-the-counter market. The Fund enters into centrally cleared interest rate swaps.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the schedule of investments and cash deposited is recorded on the statement of assets and liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the statement of assets and liabilities. Payments received from (paid to) the CCP, including at termination, are recorded as realized gain (loss) in the statement of operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

The following table shows the value of interest rate swaps held by the Fund as of October 31, 2015 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Assets
Centrally cleared interest rate swaps:
Variation margin/Net assets consist of — net unrealized depreciationa	$	29

^a  Represents cumulative appreciation of centrally cleared interest rate swaps as reported in the schedule of investments. Only current day’s variation margin is reported separately within the statement of assets and liabilities.

NOTESTO FINANCIAL STATEMENTS 19

Notes to Financial Statements  (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Liabilities
Centrally cleared interest rate swaps:
Variation margin/Net assets consist of — net unrealized depreciationb	$	39,699

^b Represents cumulative depreciation of centrally cleared interest rate swaps as reported in the schedule of investments. Only current day’s variation margin is reported separately within the statement of assets and liabilities.

The following table shows the realized and unrealized gains (losses) on interest rate swaps held by the Fund during the period ended October 31, 2015 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/Depreciation
Centrally cleared interest rate swaps:
Swaps	$	(29,358	)	$	(39,670	)

For the period ended October 31, 2015, the average quarter-end notional value of open interest rate swaps for the Fund (where the Fund pays the fixed rate) was $2,462,500.

6. PRINCIPAL RISKS

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

MARKET RISK

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

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

The Fund invests a substantial amount of its assets indirectly in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.

20 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

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

The Fund invests a substantial amount of its assets indirectly in fixed-income securities. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. Given the environment of historically low interest rates, the Fund may be subject to a greater risk of price losses if interest rates rise.

CREDIT RISK

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

The Fund invests a substantial portion of its assets indirectly in high yield securities that are rated below investment-grade (including those bonds rated lower than “BBB-” by Standard & Poor’s Ratings Services and Fitch or “Baa3” by Moody’s), or are unrated which may be more volatile than higher-rated securities of similar maturity. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.

7. INCOME TAX INFORMATION

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

NOTESTO FINANCIAL STATEMENTS 21

Notes to Financial Statements  (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of October 31, 2015, attributable to the accounting for swap agreements, were reclassified to the following accounts:

Undistributed Net Investment Income/Distributions in Excess of Net Investment Income			Undistributed Net Realized Gain/Accumulated Net Realized Loss
$	(9,883	)	$	9,883

The tax character of distributions paid during the period ended October 31, 2015 was as follows:

	2015
Ordinary income	$	22,782
Return of capital		84
	$	22,866

As of October 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

Capital Loss Carryforwards			Net Unrealized Gains (Losses)			Total
$	(20,734	)	$	(64,593	)	$	(85,327	)

As of October 31, 2015, the Fund had non-expiring capital loss carryforwards in the amount of $20,734 available to offset future realized capital gains.

As of October 31, 2015, the cost of investments for federal income tax purposes was $3,488,573. Net unrealized depreciation was $24,923, of which $ — represented gross unrealized appreciation on securities and $24,923 represented gross unrealized depreciation on securities.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2015, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

8. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund 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.

22 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

iShares U.S. ETF Trust:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares Interest Rate Hedged Emerging Markets Bond ETF (the “Fund”) at October 31, 2015, the results of its operations, the changes in its net assets and its financial highlights for the period July 22, 2015 (commencement of operations) through October 31, 2015, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2015 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

December 22, 2015

REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 23

Board Review and Approval of Investment Advisory

Contract

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. A committee of Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Trustees required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Contract, and the Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group, and in the 5^th Lipper quintile. The Board further noted that the Fund’s pricing reflects its interest rate hedging strategy, as compared to all of the competitor funds identified by Lipper, which are not interest rate hedged.

Because the Fund had not commenced operations as of December 31, 2014, the Board did not review any performance information for the Fund.

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

24 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Nature, Extent and Quality of Services to be Provided by BFA — The Board noted that the Fund had not commenced operations as of December 31, 2014, and reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates — While the Board reviewed information about the profitability of the iShares complex to BlackRock based on fees payable to BFA and its affiliates (including fees under advisory contracts with iShares funds), and all other sources of revenue and expense to BFA and its affiliates from iShares funds’ operations for the last calendar year, the Board did not consider the profitability of the Fund to BFA and its affiliates since the Fund had not commenced operations as of December 31, 2014. The Board noted that it expects to receive profitability information from BFA on at least an annual basis following the Fund’s launch and thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the 15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that to the extent that the Fund invests in the unhedged iShares J.P. Morgan USD Emerging Markets Bond ETF (“EMB”), Fund shareholders would benefit from breakpoints in EMB’s investment advisory fee rate as the assets of EMB, on an aggregated basis with the assets of another iShares fund, increase. The Board further noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 25

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Contract for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services to be provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses to be borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA, since the Fund had not commenced operations as of December 31, 2014. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Contract for the coming year.

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

26 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information  (Unaudited)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for the Fund. The information shown for the Fund is for five calendar years (or from the inception date of the Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for the Fund are disclosed in the table for the Fund.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

Period Covered: July 22, 2015 through September 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 0.5% and Less than 1.0%		2		4.00	%
Between 0.5% and -0.5%		48		96.00
		50		100.00	%

SUPPLEMENTAL INFORMATION 27

Trustee and Officer Information

iSHARES^® U.S. ETF TRUST

The Board of Trustees has responsibility for the overall management and operations of the Trust, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). The Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust and, as a result, oversees a total of 324 funds (as of October 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Trustee and Officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Fund’s Trustees and officers may be found in the Fund’s combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapitoa (58)	Trustee (since 2011).	President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983).	Trustee of iShares Trust (since 2009); Director of iShares, Inc. (since 2009); Director of BlackRock, Inc. (since 2006).
Mark Wiedmanb (44)	Trustee (since 2013)	Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Trustee of iShares Trust (since 2013); Director of iShares, Inc. (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

^a  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc.

^b  Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

28 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information  (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert H. Silver (60)	Trustee (since 2011); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Director of iShares, Inc. (since 2007); Independent Chairman of iShares, Inc. and iShares Trust (since 2012).
Jane D. Carlin (59)	Trustee (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Director of iShares, Inc. (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).
Cecilia H. Herbert (66)	Trustee (since 2011); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005); Director of Forward Funds (34 portfolios) (since 2009).
Charles A. Hurty (72)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

TRUSTEEAND OFFICER INFORMATION 29

Trustee and Officer Information  (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (60)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005).
John E. Martinez (54)	Trustee (since 2011); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Director of iShares, Inc. (since 2003).
Madhav V. Rajan (51)	Trustee (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Director of iShares, Inc. (since 2011); Director, Cavium, Inc. (since 2013).

30 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information  (Continued)

iSHARES^® U.S. ETF TRUST

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).
Jack Gee (56)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).
Benjamin Archibald (40)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director, BlackRock, Inc. (2010-2013).
Charles Park (48)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).
Amy Schioldager (53)	Executive Vice President (since 2011).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).

TRUSTEEAND OFFICER INFORMATION 31

Schedule of Investments

iSHARES J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2015

Security	Principal (000s)		Value
CORPORATE BONDS & NOTESa — 19.09%
AZERBAIJAN — 0.28%
State Oil Co. of the Azerbaijan Republic
4.75%, 03/13/23b	$	14,355	$	12,596,513
				12,596,513
BRAZIL — 0.33%
Caixa Economica Federal
4.25%, 05/13/19b		8,285		7,560,063
4.50%, 10/03/18b		7,750		7,323,750
				14,883,813
CHILE — 1.44%
Corp. Nacional del Cobre de Chile
3.00%, 07/17/22b		19,259		18,140,052
3.75%, 11/04/20b		11,694		11,914,666
3.88%, 11/03/21b		16,461		16,567,749
4.50%, 09/16/25c		18,000		17,845,920
				64,468,387
CHINA — 4.14%
Amber Circle Funding Ltd.
3.25%, 12/04/22b		8,700		8,645,740
Charming Light Investments Ltd.
3.75%, 09/03/19b		10,500		10,659,336
CNOOC Curtis Funding No. 1 Pty Ltd.
4.50%, 10/03/23b		11,854		12,388,378
Export-Import Bank of China (The)
2.50%, 07/31/19b		12,900		13,035,579
3.63%, 07/31/24b		12,649		12,956,497
Sinochem Overseas Capital Co. Ltd.
4.50%, 11/12/20b		11,077		11,659,100
Sinopec Group Overseas Development 2012 Ltd.
3.90%, 05/17/22b		16,109		16,514,165
4.88%, 05/17/42b		10,369		10,632,684
Sinopec Group Overseas Development 2013 Ltd.
4.38%, 10/17/23b		13,100		13,704,834
Sinopec Group Overseas Development 2014 Ltd.
4.38%, 04/10/24b		15,546		16,243,383

Security	Principal (000s)		Value
Sinopec Group Overseas Development 2015 Ltd.
2.50%, 04/28/20b	$	22,260	$	21,947,915
3.25%, 04/28/25b		2,300		2,206,781
State Grid Overseas Investment 2013 Ltd.
3.13%, 05/22/23b		9,725		9,612,422
State Grid Overseas Investment 2014 Ltd.
2.75%, 05/07/19b		9,800		9,949,756
4.13%, 05/07/24b		13,800		14,639,292
				184,795,862
INDONESIA — 1.38%
Majapahit Holding BV
7.75%, 01/20/20b		6,045		6,800,625
Pelabuhan Indonesia II PT
4.25%, 05/05/25b		6,000		5,520,000
Pertamina Persero PT
4.30%, 05/20/23b		8,536		8,055,850
4.88%, 05/03/22b		5,896		5,792,820
5.25%, 05/23/21b		5,202		5,306,040
5.63%, 05/20/43b		7,920		6,543,623
6.00%, 05/03/42b		8,232		7,132,740
6.45%, 05/30/44b		7,600		6,992,000
Perusahaan Listrik Negara PT
5.25%, 10/24/42b		5,160		4,231,200
5.50%, 11/22/21b		5,200		5,356,000
				61,730,898
KAZAKHSTAN — 2.07%
Development Bank of Kazakhstan JSC
4.13%, 12/10/22b		13,830		12,101,250
Kazakhstan Temir Zholy Finance BV
6.95%, 07/10/42b		10,375		8,585,313
KazMunaiGaz Finance Sub BV
9.13%, 07/02/18b		13,098		14,424,172
KazMunayGas National Co. JSC
4.40%, 04/30/23b		11,000		9,652,500
5.75%, 04/30/43b		19,094		14,941,055
6.00%, 11/07/44b		10,000		7,828,000
6.38%, 04/09/21b		11,746		11,848,895
7.00%, 05/05/20b		12,395		12,952,775
				92,333,960

32 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2015

Security	Principal (000s)		Value
MALAYSIA — 2.83%
1MDB Global Investments Ltd.
4.40%, 03/09/23b	$	38,000	$	28,975,000
Petronas Capital Ltd.
3.50%, 03/18/25b		24,673		23,848,441
4.50%, 03/18/45b		17,556		16,536,758
5.25%, 08/12/19b		37,647		40,990,057
7.88%, 05/22/22b		12,936		16,111,925
				126,462,181
MEXICO — 2.95%
Comision Federal de Electricidad
4.88%, 05/26/21b		3,336		3,494,460
4.88%, 01/15/24b		4,200		4,305,000
Petroleos Mexicanos
3.50%, 07/18/18		3,200		3,254,400
3.50%, 07/23/20b		5,650		5,585,025
3.50%, 01/30/23		3,021		2,797,446
4.25%, 01/15/25b		4,722		4,492,983
4.50%, 01/23/26b		4,290		4,087,083
4.88%, 01/24/22		7,925		8,062,103
4.88%, 01/18/24		4,210		4,206,632
5.50%, 01/21/21		12,769		13,598,985
5.50%, 06/27/44		8,612		7,339,146
5.63%, 01/23/46b		13,593		11,689,980
5.75%, 03/01/18		8,137		8,645,563
6.00%, 03/05/20		7,448		8,088,081
6.38%, 01/23/45		10,425		9,794,287
6.50%, 06/02/41		10,267		9,769,051
6.63%, 06/15/35		12,616		12,380,081
8.00%, 05/03/19		8,647		9,879,197
				131,469,503
PHILIPPINES — 0.56%
Power Sector Assets & Liabilities Management Corp.
7.25%, 05/27/19b		9,048		10,563,540
7.39%, 12/02/24b		10,866		14,234,460
				24,798,000
RUSSIA — 0.95%
Russian Agricultural Bank OJSC Via RSHB Capital SA
5.10%, 07/25/18b		7,600		7,581,000
5.30%, 12/27/17b		3,100		3,127,125

Security	Principal (000s)		Value
Russian Railways OJSC via RZD Capital PLC
5.70%, 04/05/22b	$	9,290	$	9,220,325
Vnesheconombank Via VEB Finance PLC
5.94%, 11/21/23b		2,300		2,202,250
6.03%, 07/05/22b		6,200		6,021,750
6.80%, 11/22/25b		6,100		6,005,450
6.90%, 07/09/20b		8,078		8,271,872
				42,429,772
SOUTH AFRICA — 1.16%
Eskom Holdings SOC Ltd.
5.75%, 01/26/21b		16,147		15,028,820
6.75%, 08/06/23b		13,798		12,828,690
7.13%, 02/11/25b		13,639		12,701,319
Transnet SOC Ltd.
4.00%, 07/26/22b		11,782		11,104,535
				51,663,364
VENEZUELA — 1.00%
Petroleos de Venezuela SA
5.38%, 04/12/27b		13,802		4,761,759
5.50%, 04/12/37b		6,593		2,249,861
6.00%, 05/16/24b		24,981		8,843,274
6.00%, 11/15/26b		23,069		8,069,536
8.50%, 11/02/17b		8,284		5,000,757
9.00%, 11/17/21b		7,867		3,221,537
9.75%, 05/17/35b		14,094		5,849,106
12.75%, 02/17/22b		13,494		6,734,181
				44,730,011
TOTAL CORPORATE BONDS & NOTES
(Cost: $914,972,235)				852,362,264
FOREIGN GOVERNMENT OBLIGATIONSa — 79.38%
ANGOLA — 0.31%
Republic of Angola Via Northern Lights III BV
7.00%, 08/16/19b		14,370		14,010,750
				14,010,750
ARGENTINA — 2.87%
Argentine Republic Government International Bond
2.50%, 12/31/38d		68,661		43,256,430
8.28%, 12/31/33d		21,945		23,809,998

SCHEDULEOF INVESTMENTS 33

Schedule of Investments (Continued)

iSHARES J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2015

Security	Principal (000s)		Value
8.28%, 12/31/33d	$	54,879	$	60,916,097
				127,982,525
AZERBAIJAN — 0.37%
Republic of Azerbaijan International Bond
4.75%, 03/18/24b		17,230		16,476,188
				16,476,188
BRAZIL — 4.05%
Banco Nacional de Desenvolvimento Economico e Social
4.00%, 04/14/19b		7,400		6,882,000
5.50%, 07/12/20b		7,275		6,802,125
5.75%, 09/26/23b		11,623		10,228,240
6.37%, 06/16/18b		6,000		6,112,500
6.50%, 06/10/19b		4,565		4,565,000
Brazil Minas SPE via State of Minas Gerais
5.33%, 02/15/28b		9,681		7,877,914
Brazilian Government International Bond
2.63%, 01/05/23		13,285		10,976,731
4.25%, 01/07/25		25,955		23,061,017
4.88%, 01/22/21		19,563		19,245,101
5.00%, 01/27/45		22,723		17,241,076
5.63%, 01/07/41		15,251		12,448,629
5.88%, 01/15/19		11,657		12,429,276
7.13%, 01/20/37		13,552		13,162,380
8.25%, 01/20/34		10,703		11,452,210
8.88%, 04/15/24		7,478		8,945,558
10.13%, 05/15/27		7,241		9,512,864
				180,942,621
CHILE — 0.23%
Chile Government International Bond
3.13%, 03/27/25		10,225		10,288,906
				10,288,906
COLOMBIA — 3.83%
Colombia Government International Bond
2.63%, 03/15/23 (Call 12/15/22)		10,315		9,314,445
4.00%, 02/26/24 (Call 11/26/23)		18,243		17,896,383
4.38%, 07/12/21		20,654		21,252,966
5.00%, 06/15/45 (Call 12/15/44)		26,204		23,256,050

Security	Principal (000s)		Value
5.63%, 02/26/44 (Call 08/26/43)	$	21,768	$	21,060,540
6.13%, 01/18/41		22,781		23,407,477
7.38%, 03/18/19		20,766		23,725,155
7.38%, 09/18/37		16,570		19,221,200
8.13%, 05/21/24		9,698		12,001,275
				171,135,491
COSTA RICA — 0.84%
Costa Rica Government International Bond
4.25%, 01/26/23b		14,084		12,675,600
7.00%, 04/04/44b		16,770		15,072,038
7.16%, 03/12/45b		10,492		9,508,375
				37,256,013
CROATIA — 2.42%
Croatia Government International Bond
5.50%, 04/04/23b		20,447		21,060,410
6.00%, 01/26/24b		23,565		24,978,900
6.38%, 03/24/21b		19,381		20,873,337
6.63%, 07/14/20b		18,350		19,928,100
6.75%, 11/05/19b		19,572		21,260,085
				108,100,832
DOMINICAN REPUBLIC — 2.34%
Dominican Republic International Bond
5.50%, 01/27/25b		18,160		17,933,000
5.88%, 04/18/24b		12,690		12,880,350
6.85%, 01/27/45b		26,307		26,043,930
7.45%, 04/30/44b		20,680		21,817,400
7.50%, 05/06/21b		23,470		25,611,638
				104,286,318
ECUADOR — 0.86%
Ecuador Government International Bond
7.95%, 06/20/24b		25,182		19,012,410
10.50%, 03/24/20b		23,160		19,135,950
				38,148,360
EGYPT — 0.77%
Egypt Government International Bond
5.75%, 04/29/20b		11,874		12,185,693
5.88%, 06/11/25b		23,830		22,209,560
				34,395,253

34 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2015

Security	Principal (000s)		Value
EL SALVADOR — 0.28%
El Salvador Government International Bond
6.38%, 01/18/27b	$	200	$	178,250
7.65%, 06/15/35b		13,757		12,450,085
				12,628,335
ETHIOPIA — 0.28%
Federal Democratic Republic of Ethiopia
6.63%, 12/11/24b		13,300		12,352,375
				12,352,375
GABON — 0.38%
Gabon Government International Bond
6.38%, 12/12/24b		19,770		17,026,913
				17,026,913
GHANA — 0.56%
Republic of Ghana
7.88%, 08/07/23b		14,068		12,098,480
8.13%, 01/18/26b		15,012		12,778,965
				24,877,445
HUNGARY — 3.98%
Hungary Government International Bond
4.00%, 03/25/19		6,642		6,952,215
4.13%, 02/19/18		12,548		13,111,248
5.38%, 02/21/23		24,092		26,499,530
5.38%, 03/25/24		23,780		26,268,458
5.75%, 11/22/23		18,528		20,883,187
6.25%, 01/29/20		23,939		27,025,814
6.38%, 03/29/21		31,968		36,762,401
7.63%, 03/29/41		14,908		20,331,456
				177,834,309
INDONESIA — 3.77%
Indonesia Government International Bond
3.38%, 04/15/23b		10,600		10,070,000
3.75%, 04/25/22b		12,051		11,900,362
4.13%, 01/15/25b		3,000		2,925,000
4.63%, 04/15/43b		6,750		6,081,986
4.88%, 05/05/21b		15,106		15,899,065
5.13%, 01/15/45b		11,655		10,897,425
5.25%, 01/17/42b		13,332		12,648,735

Security	Principal (000s)		Value
5.38%, 10/17/23b	$	5,164	$	5,538,390
5.88%, 03/13/20b		10,322		11,431,615
5.88%, 01/15/24b		7,216		7,928,580
6.63%, 02/17/37b		7,202		7,904,195
6.75%, 01/15/44b		10,391		11,689,875
6.88%, 01/17/18b		9,207		10,139,209
7.75%, 01/17/38b		9,726		12,011,610
8.50%, 10/12/35b		10,390		13,662,850
11.63%, 03/04/19b		13,860		17,758,125
				168,487,022
IRAQ — 0.61%
Republic of Iraq
5.80%, 01/15/28b (Call 12/14/15)		37,225		27,360,375
				27,360,375
IVORY COAST — 0.97%
Ivory Coast Government International Bond
5.75%, 12/31/32b,e		35,722		31,881,885
6.38%, 03/03/28b		12,450		11,454,000
				43,335,885
JAMAICA — 0.44%
Jamaica Government International Bond
6.75%, 04/28/28		19,359		19,600,988
				19,600,988
KAZAKHSTAN — 1.44%
KazAgro National Management Holding JSC
4.63%, 05/24/23b		10,000		8,087,500
Kazakhstan Government International Bond
3.88%, 10/14/24b		15,760		14,755,300
4.88%, 10/14/44b		13,640		11,201,850
5.13%, 07/21/25b		19,600		19,502,000
6.50%, 07/21/45b		11,006		10,730,850
				64,277,500
KENYA — 0.54%
Kenya Government International Bond
6.88%, 06/24/24b		26,060		24,203,225
				24,203,225

SCHEDULEOF INVESTMENTS 35

Schedule of Investments (Continued)

iSHARES J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2015

Security	Principal (000s)		Value
LATVIA — 0.42%
Republic of Latvia
2.75%, 01/12/20b	$	17,967	$	18,280,434
5.25%, 06/16/21b		500		569,128
				18,849,562
LEBANON — 3.12%
Lebanese Republic
6.65%, 02/26/30b		18,312		18,060,210
Lebanon Government International Bond
5.15%, 11/12/18b		13,538		13,419,543
6.00%, 01/27/23b		14,072		13,896,100
6.10%, 10/04/22b		19,503		19,405,485
6.38%, 03/09/20		15,704		15,998,450
6.60%, 11/27/26b		21,874		21,874,000
6.75%, 11/29/27b		14,317		14,495,962
8.25%, 04/12/21b		19,982		21,955,222
				139,104,972
LITHUANIA — 1.86%
Lithuania Government International Bond
6.13%, 03/09/21b		18,920		22,065,450
6.63%, 02/01/22b		21,379		25,962,764
7.38%, 02/11/20b		29,249		35,111,816
				83,140,030
MEXICO — 3.10%
Mexico Government International Bond
3.60%, 01/30/25		13,821		13,734,619
3.63%, 03/15/22		12,128		12,385,720
4.00%, 10/02/23		16,260		16,788,450
4.60%, 01/23/46		10,650		9,877,875
4.75%, 03/08/44		17,508		16,632,600
5.13%, 01/15/20		9,154		10,103,727
5.55%, 01/21/45		11,582		12,276,920
5.75%, 10/12/49		10,362		10,128,855
5.95%, 03/19/19		8,708		9,792,146
6.05%, 01/11/40		12,416		14,030,080
6.75%, 09/27/34		5,651		6,929,539
8.30%, 08/15/31		3,978		5,847,660
				138,528,191
MONGOLIA — 0.25%
Mongolia Government International Bond
5.13%, 12/05/22b		13,465		11,243,275
				11,243,275

Security	Principal (000s)		Value
MOROCCO — 0.43%
Morocco Government International Bond
4.25%, 12/11/22b	$	19,109	$	19,290,536
				19,290,536
PAKISTAN — 0.64%
Pakistan Government International Bond
7.25%, 04/15/19b		14,181		14,711,157
8.25%, 04/15/24b		12,906		13,750,375
				28,461,532
PANAMA — 2.02%
Panama Government International Bond
3.75%, 03/16/25 (Call 12/16/24)		19,413		19,315,935
4.00%, 09/22/24 (Call 06/22/24)		17,830		18,052,875
5.20%, 01/30/20		18,058		19,728,365
6.70%, 01/26/36		27,018		33,232,140
				90,329,315
PARAGUAY — 0.34%
Republic of Paraguay
6.10%, 08/11/44b		14,751		14,972,265
				14,972,265
PERU — 3.17%
Peruvian Government International Bond
4.13%, 08/25/27		10,318		10,369,590
5.63%, 11/18/50		32,855		35,319,125
6.55%, 03/14/37		12,068		14,511,770
7.35%, 07/21/25		28,592		36,740,720
8.75%, 11/21/33		500		727,500
8.75%, 11/21/33		30,154		43,874,070
				141,542,775
PHILIPPINES — 4.58%
Philippine Government International Bond
3.95%, 01/20/40		18,205		18,842,175
4.00%, 01/15/21		13,662		14,891,580
4.20%, 01/21/24		14,556		16,102,575
5.00%, 01/13/37		13,714		16,319,660
5.50%, 03/30/26		9,240		11,088,000
6.38%, 01/15/32		11,728		15,363,680
6.38%, 10/23/34		20,411		27,350,740

36 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2015

Security	Principal (000s)		Value
7.75%, 01/14/31	$	17,773	$	25,637,553
8.38%, 06/17/19		10,447		12,836,751
9.50%, 02/02/30		15,197		24,467,170
10.63%, 03/16/25		13,576		21,653,720
				204,553,604
POLAND — 3.68%
Poland Government International Bond
3.00%, 03/17/23		22,993		23,174,672
4.00%, 01/22/24		20,517		21,798,513
5.00%, 03/23/22		38,342		43,137,242
5.13%, 04/21/21		24,237		27,423,317
6.38%, 07/15/19		41,929		48,624,013
				164,157,757
ROMANIA — 2.00%
Romanian Government International Bond
4.38%, 08/22/23b		17,994		18,916,192
4.88%, 01/22/24b		15,792		17,173,800
6.13%, 01/22/44b		14,610		17,283,630
6.75%, 02/07/22b		29,971		35,702,954
				89,076,576
RUSSIA — 4.56%
Russian Foreign Bond – Eurobond
3.50%, 01/16/19b		9,400		9,477,550
4.50%, 04/04/22b		10,600		10,817,300
4.88%, 09/16/23b		19,000		19,608,000
5.00%, 04/29/20b		20,200		21,230,200
5.63%, 04/04/42b		14,800		14,670,500
5.88%, 09/16/43b		9,400		9,611,500
7.50%, 03/31/30b,e		68,062		81,027,871
11.00%, 07/24/18b		11,594		13,891,061
12.75%, 06/24/28b		14,139		23,011,222
				203,345,204
SERBIA — 1.52%
Republic of Serbia
4.88%, 02/25/20b		22,488		23,190,750
5.88%, 12/03/18b		15,977		16,935,620
7.25%, 09/28/21b		24,107		27,572,381
				67,698,751
SLOVAKIA — 0.54%
Slovakia Government International Bond
4.38%, 05/21/22b		21,709		24,310,244
				24,310,244

Security	Principal (000s)		Value
SOUTH AFRICA — 2.50%
South Africa Government International Bond
4.67%, 01/17/24	$	16,708	$	16,850,018
5.38%, 07/24/44		11,102		10,879,960
5.50%, 03/09/20		23,180		24,918,500
5.88%, 05/30/22		11,121		12,205,297
5.88%, 09/16/25		19,899		21,590,415
6.88%, 05/27/19		22,611		25,188,654
				111,632,844
SRI LANKA — 1.20%
Sri Lanka Government International Bond
5.88%, 07/25/22b		13,844		13,272,935
6.00%, 01/14/19b		13,243		13,304,779
6.25%, 10/04/20b		14,658		14,712,967
6.25%, 07/27/21b		12,580		12,469,925
				53,760,606
TUNISIA — 0.32%
Banque Centrale de Tunisie SA
5.75%, 01/30/25b		15,192		14,265,288
				14,265,288
TURKEY — 5.37%
Turkey Government International Bond
3.25%, 03/23/23		9,066		8,408,715
4.25%, 04/14/26		1,911		1,830,738
4.88%, 04/16/43		16,565		14,900,217
5.13%, 03/25/22		6,968		7,281,560
5.63%, 03/30/21		10,856		11,664,772
5.75%, 03/22/24		16,618		17,922,513	��
6.00%, 01/14/41		18,769		19,669,912
6.25%, 09/26/22		18,639		20,661,331
6.63%, 02/17/45		6,847		7,850,086
6.75%, 04/03/18		12,509		13,603,538
6.75%, 05/30/40		9,894		11,274,213
6.88%, 03/17/36		18,365		21,101,385
7.00%, 03/11/19		9,314		10,385,110
7.00%, 06/05/20		6,194		7,014,705
7.25%, 03/05/38		6,782		8,141,791
7.38%, 02/05/25		15,315		18,293,767
7.50%, 11/07/19		9,812		11,234,740
8.00%, 02/14/34		9,720		12,427,020
11.88%, 01/15/30		9,700		16,174,750
				239,840,863

SCHEDULEOF INVESTMENTS 37

Schedule of Investments (Continued)

iSHARES J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2015

Security	Principal (000s)		Value
UKRAINE — 1.55%
Ukraine Government International Bond
7.50%, 04/17/23b	$	19,721	$	14,901,681
7.75%, 09/23/20b		16,666		12,342,909
7.80%, 11/28/22b		34,904		26,332,741
7.95%, 02/23/21b		20,239		15,740,123
				69,317,454
URUGUAY — 1.96%
Uruguay Government International Bond
4.50%, 08/14/24		26,226		27,275,040
5.10%, 06/18/50		44,845		40,304,659
7.63%, 03/21/36		15,721		19,867,414
				87,447,113
VENEZUELA — 1.30%
Venezuela Government International Bond
6.00%, 12/09/20b		6,076		2,293,690
7.00%, 12/01/18b		1,916		833,460
7.00%, 03/31/38b		8,354		3,111,865
7.65%, 04/21/25		7,055		2,663,263
7.75%, 10/13/19b		11,837		4,675,615
8.25%, 10/13/24b		9,930		3,773,400
9.00%, 05/07/23b		14,339		5,628,058
9.25%, 09/15/27		20,409		8,928,937
9.25%, 05/07/28b		7,692		3,019,110
9.38%, 01/13/34		6,815		2,743,038
11.75%, 10/21/26b		12,789		5,659,132
11.95%, 08/05/31b		18,992		8,641,451
12.75%, 08/23/22b		12,479		5,927,525
				57,898,544
VIETNAM — 0.25%
Vietnam Government International Bond
4.80%, 11/19/24b		11,535		11,333,138
				11,333,138
ZAMBIA — 0.56%
Zambia Government International Bond
8.50%, 04/14/24b		10,743		9,037,549
8.97%, 07/30/27b		18,839		15,824,760
				24,862,309
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $3,698,831,880)				3,543,970,377

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 0.17%
MONEY MARKET FUNDS — 0.17%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.02%f,g		7,532	$	7,532,143
				7,532,143
TOTAL SHORT-TERM INVESTMENTS
(Cost: $7,532,143)				7,532,143
TOTAL INVESTMENTS IN SECURITIES — 98.64%
(Cost: $4,621,336,258)				4,403,864,784
Other Assets, Less Liabilities — 1.36%				60,578,620
NET ASSETS — 100.00%			$	4,464,443,404

^a  Investments are denominated in U.S. dollars.

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

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

^d  Issuer is in default of interest payments.

^e  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^f  Affiliated issuer. See Note 2.

^g  The rate quoted is the annualized seven-day yield of the fund at period end.

See notes to financial statements.

38 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statement of Assets and Liabilities

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

October 31, 2015

ASSETS
Investments, at cost:
Unaffiliated	$	4,613,804,115
Affiliated (Note 2)		7,532,143
Total cost of investments	$	4,621,336,258
Investments in securities, at fair value (Note 1):
Unaffiliated	$	4,396,332,641
Affiliated (Note 2)		7,532,143
Total fair value of investments		4,403,864,784
Cash		1,561,283
Receivables:
Investment securities sold		58,796,505
Due from custodian (Note 4)		15,952,504
Interest		65,209,802
Capital shares sold		897,445
Total Assets		4,546,282,323
LIABILITIES
Payables:
Investment securities purchased		79,682,852
Capital shares redeemed		623,316
Investment advisory fees (Note 2)		1,532,751
Total Liabilities		81,838,919
NET ASSETS	$	4,464,443,404
Net assets consist of:
Paid-in capital	$	4,786,277,719
Undistributed net investment income		14,319,993
Accumulated net realized loss		(118,682,834	)
Net unrealized depreciation		(217,471,474	)
NET ASSETS	$	4,464,443,404
Shares outstandinga		41,200,000
Net asset value per share	$	108.36

^a  No par value, unlimited number of shares authorized.

See notes to financial statements.

FINANCIAL STATEMENTS 39

Statement of Operations

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

Year ended October 31, 2015

NET INVESTMENT INCOME
Interest — unaffiliated	$	236,781,015
Interest — affiliated (Note 2)		1,343
Total investment income		236,782,358
EXPENSES
Investment advisory fees (Note 2)		28,288,791
Total expenses		28,288,791
Less investment advisory fees waived (Note 2)		(9,391,710	)
Net expenses		18,897,081
Net investment income		217,885,277
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(66,418,042	)
In-kind redemptions — unaffiliated		6,340,430
Net realized loss		(60,077,612	)
Net change in unrealized appreciation/depreciation		(222,657,001	)
Net realized and unrealized loss		(282,734,613	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(64,849,336	)

See notes to financial statements.

40 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

	Year ended October 31, 2015			Year ended October 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	217,885,277		$	183,251,864
Net realized loss		(60,077,612	)		(19,959,585	)
Net change in unrealized appreciation/depreciation		(222,657,001	)		130,812,937
Net increase (decrease) in net assets resulting from operations		(64,849,336	)		294,105,216
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(220,652,648	)		(180,077,963	)
Total distributions to shareholders		(220,652,648	)		(180,077,963	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,970,814,249			5,123,729,026
Cost of shares redeemed		(3,368,836,785	)		(3,940,061,398	)
Net increase (decrease) in net assets from capital share transactions		(398,022,536	)		1,183,667,628
INCREASE (DECREASE) IN NET ASSETS		(683,524,520	)		1,297,694,881
NET ASSETS
Beginning of year		5,147,967,924			3,850,273,043
End of year	$	4,464,443,404		$	5,147,967,924
Undistributed net investment income included in net assets at end of year	$	14,319,993		$	17,087,364
SHARES ISSUED AND REDEEMED
Shares sold		26,900,000			45,800,000
Shares redeemed		(30,800,000	)		(35,400,000	)
Net increase (decrease) in shares outstanding		(3,900,000	)		10,400,000

See notes to financial statements.

FINANCIAL STATEMENTS 41

Financial Highlights

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

(For a share outstanding throughout each period)

	Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013			Year ended Oct. 31, 2012			Period from Mar. 1, 2011 to Oct. 31, 2011a			Year ended Feb. 28, 2011
Net asset value, beginning of period	$	114.15		$	110.96		$	120.81		$	109.56		$	105.20		$	101.51
Income from investment operations:
Net investment incomeb		5.08			4.86			5.00			5.25			3.56			5.55
Net realized and unrealized gain (loss)c		(5.75	)		3.17			(9.77	)		11.23			4.35			3.63
Total from investment operations		(0.67	)		8.03			(4.77	)		16.48			7.91			9.18
Less distributions from:
Net investment income		(5.12	)		(4.84	)		(5.08	)		(5.23	)		(3.55	)		(5.49	)
Total distributions		(5.12	)		(4.84	)		(5.08	)		(5.23	)		(3.55	)		(5.49	)
Net asset value, end of period	$	108.36		$	114.15		$	110.96		$	120.81		$	109.56		$	105.20
Total return		(0.55	)%		7.45	%		(4.01	)%		15.50	%		7.63	%d		9.21	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	4,464,443		$	5,147,968		$	3,850,273		$	6,185,433		$	3,144,253		$	2,240,859
Ratio of expenses to average net assetse		0.40	%		0.59	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of expenses to average net assets prior to waived feese		0.60	%		0.60	%		n/a			n/a			n/a			n/a
Ratio of net investment income to average net assetse		4.61	%		4.35	%		4.30	%		4.61	%		4.92	%		5.21	%
Portfolio turnover ratef		24	%		52	%		32	%		30	%		14	%		24	%

^a  The Fund’s fiscal year-end was changed from February 28 to October 31.

^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.

42 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated December 16, 1999.

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
J.P. Morgan USD Emerging Markets Bond	Non-diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

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

• Fixed income investments are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments, and calculated yield measures.

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

NOTESTO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’s pricing vendors, a regular review of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices, reviews of large movements in market values, and reviews of market related activity.

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

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.

44 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

The following table summarizes the value of each of the Fund’s investments according to the fair value hierarchy as of October 31, 2015. The breakdown of the Fund’s investments into major categories is disclosed in its schedule of investments.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Corporate Bonds & Notes	$	—	$	852,362,264	$	—	$	852,362,264
Foreign Government Obligations		—		3,543,970,377		—		3,543,970,377
Money Market Funds		7,532,143		—		—		7,532,143
Total	$	7,532,143	$	4,396,332,641	$	—	$	4,403,864,784

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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis.

FOREIGN CURRENCY TRANSLATION

The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

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

FOREIGN TAXES

The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2015, if any, are disclosed in the Fund’s statement of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

NOTESTO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.6000	%	First $19 billion
	0.5700	a	Over $19 billion, up to and including $33 billion
	0.5415	a	Over $33 billion, up to and including $58 billion
	0.5145	a	Over $58 billion

^a  Investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

The total of the investment advisory fee and any other fund expenses is a fund’s total annual operating expense. Effective March 2, 2015, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2018 in order to limit total annual operating expenses after fee waiver to 0.40% of average daily net assets. In addition, for the year ended October 31, 2015, BFA has voluntarily waived a portion of its investment advisory fees for the Fund in the amount of $3,022,489.

BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

Cross trades for the year ended October 31, 2015, if any, were executed by the Fund pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest – affiliated” in the statement of operations.

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

Certain trustees and officers of the Trust are also officers of BlackRock Institutional Trust Company, N.A. and/or BFA.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the year ended October 31, 2015, were $1,229,026,838 and $1,142,836,609, respectively.

46 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

In-kind purchases and sales (see Note 4) for the year ended October 31, 2015, were $2,809,758,889 and $3,226,336,516, respectively.

4. CAPITAL SHARE TRANSACTIONS

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

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust 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 Trust’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 statement of assets and liabilities.

5. PRINCIPAL RISKS

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

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

MARKET RISK

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

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

NOTESTO FINANCIAL STATEMENTS 47

Notes to Financial Statements (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

The Fund invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.

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

The Fund invests a substantial amount of its assets in fixed-income securities. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. Given the environment of historically low interest rates, the Fund may be subject to a greater risk of price losses if interest rates rise.

CREDIT RISK

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

The Fund invests a substantial portion of its assets in high yield securities that are rated below investment-grade (including those bonds rated lower than “BBB-” by Standard & Poor’s Ratings Services and Fitch or “Baa3” by Moody’s), or are unrated which may be more volatile than higher-rated securities of similar maturity. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.

48 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

6. INCOME TAX INFORMATION

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

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of October 31, 2015, attributable to realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

Paid-in Capital	Undistributed Net Investment Income/Distributions in Excess of Net Investment Income		Undistributed Net Realized Gain/Accumulated Net Realized Loss
$(15,277,124)	$	—	$	15,277,124

The tax character of distributions paid during the years ended October 31, 2015 and October 31, 2014 was as follows:

	2015		2014
Ordinary income	$	220,652,648	$	180,077,963

As of October 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

Undistributed Ordinary Income		Capital Loss Carryforwards			Net Unrealized Gains (Losses)a			Total
	$20,800,458	$	(98,024,613	)	$	(244,610,160	)	$	(321,834,315	)

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and interest accruals on defaulted bonds.

As of October 31, 2015, the Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Non- Expiringa	Expiring 2018		Total
$97,928,583	$	96,030	$	98,024,613

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

As of October 31, 2015, the cost of investments for federal income tax purposes was $4,641,994,479. Net unrealized depreciation was $238,129,695, of which $45,499,733 represented gross unrealized appreciation on securities and $283,629,428 represented gross unrealized depreciation on securities.

NOTESTO FINANCIAL STATEMENTS 49

Notes to Financial Statements (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

7. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund 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.

50 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

iShares Trust:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares J.P. Morgan USD Emerging Markets Bond ETF (the “Fund”) at October 31, 2015, the results of its operations, the changes in its net assets and its financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

December 22, 2015

REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 51

Notes:

52 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 53

Notes:

54 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

For more information visit www.iShares.com or call 1-800-474-2737

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

A description of the policies that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request, by calling toll-free 1-800-474-2737; on the Fund’s website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund also discloses its complete schedule of portfolio holdings on a daily basis on the Fund’s website.

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1019-1015

OCTOBER 31, 2015

2015 ANNUAL REPORT

iShares U.S. ETF Trust

^Ø   iShares U.S. Fixed Income Balanced Risk ETF  |  INC  |  BATS

Table of Contents

Management’s Discussion of Fund Performance	5
About Fund Performance	8
Shareholder Expenses	8
Schedule of Investments	9
Financial Statements	22
Financial Highlights	25
Notes to Financial Statements	26
Report of Independent Registered Public Accounting Firm	35
Tax Information	36
Supplemental Information	37
Trustee and Officer Information	39

Management’s Discussion of Fund Performance

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

U.S. Bond Market Overview

U.S. bonds returned approximately 2% for the 12 months ended October 31, 2015 (the “reporting period”). The modest bond market returns reflected an inconsistent but moderate overall level of U.S. economic growth and low inflation. After generating its fastest quarterly growth rate in 11 years in the third quarter of 2014, the U.S. economy slowed over the next two quarters, weighed down by a stronger U.S. dollar (which made U.S. goods more expensive overseas) and severe winter weather in many regions of the country. The economy rebounded in the second and third quarters of 2015, led by strong employment growth — sending the unemployment rate to its lowest level since April 2008 — and robust vehicle sales.

Inflation stayed low throughout the reporting period, with the consumer price index increasing 0.2% for the reporting period. Falling energy prices, including a decline of more than 40% in the price of oil, contributed to the muted inflation rate.

At the beginning of the reporting period, the U.S. Federal Reserve Bank (the “Fed”) ended a two-year quantitative easing program and signaled its intent to raise its short-term interest rate target sometime in 2015. However, the mixed economic data, lack of inflationary pressure, and slowing growth elsewhere in the world (particularly in China and other emerging economies) convinced the Fed to hold short-term interest rates steady throughout the reporting period.

Nonetheless, short-term bond yields generally rose during the reporting period in anticipation of a potential Fed interest rate increase. In contrast, intermediate- and long-term bond yields declined modestly for the reporting period, reflecting the benign inflationary environment and investor demand for U.S. bonds.

A number of other factors buffeted the fixed-income market during the reporting period. Geopolitical conflicts, most notably in Ukraine and across the Middle East, continued to have an effect on financial markets. Greece and Puerto Rico wrestled with potential defaults on their government debt. The U.S. dollar strengthened against most major currencies during the reporting period, which made U.S. investments more attractive to international investors but created headwinds for the domestic economy.

Investor concerns brought on by many of these factors, as well as uncertainty surrounding the strength of the U.S. economy and Fed interest rate policy, led to a flight to quality during the reporting period. As a result, higher-quality bonds outperformed riskier assets for the reporting period.

Mortgage-backed securities were the leading performers for the reporting period. Both residential and commercial mortgage-backed securities benefited from investor demand for high credit quality and relatively high yields. U.S. Treasury bonds were also among the better performers in the fixed-income market. In addition to the flight to quality, Treasury securities benefited from their interest-rate sensitivity as declining yields across most maturity sectors of the Treasury market led to rising bond prices. The primary exception was Treasury inflation-protected securities, which posted negative returns for the reporting period, reflecting a lack of investor demand for inflation protection.

Corporate bonds underperformed the broader bond market for the reporting period. Corporate bonds tend to have greater credit risk than other sectors of the bond market, and the broad flight to quality led to reduced demand for corporate securities. In particular, high-yield corporate bonds were among the only sectors of the bond market to decline for the reporting period.

MANAGEMENT’S DISCUSSIONOF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

Performance as of October 31, 2015

	Cumulative Total Returns
	Since Inception
Fund NAV		0.46%
Fund Market		0.60%
Barclays U.S. Aggregate Bond Index		(0.02)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 2/24/15. The first day of secondary market trading was 2/26/15.

The Barclays U.S. Aggregate Bond Index is a widely recognized unmanaged market-weighted index, comprised of investment-grade corporate bonds rated BBB or better, mortgages and U.S. Treasury and U.S. Government agency issues with at least one year to maturity.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During  Period a		Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	998.90	$	1.26	$	1,000.00	$	1,023.90	$	1.28		0.25%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

6 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Management’s Discussion of Fund Performance  (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

The iShares U.S. Fixed Income Balanced Risk ETF (the “Fund”) seeks total return and preservation of capital by investing, under normal circumstances, at least 80% of its net assets in U.S. dollar denominated investment-grade and high-yield fixed-income securities that in the aggregate has approximately equal exposure to credit spread risk and interest rate risk. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the period from February 24, 2015 (inception date of the Fund) through October 31, 2015 (the “reporting period”), the total return for the Fund was 0.46%, net of fees.

The Fund allocates capital across fixed-income sectors in a systematic manner, with the objective of balancing interest rate and credit risk. From a credit risk perspective, the Fund invests primarily in corporate bonds (both investment-grade and high-yield) and mortgage-backed securities. When necessary to balance the Fund’s exposure to interest rate risk against its exposure to credit spread risk, the Fund may take short or long positions in U.S. Treasury futures and short positions in U.S. Treasury securities through transactions in interest rate swaps.

The Fund posted a positive return for the reporting period and outpaced the broad U.S. fixed-income market. The interest rate hedge component contributed positively to performance as interest rates rose during the reporting period. In addition, the Fund had a shorter duration (less interest rate sensitivity) relative to the broader bond market and was positioned for a steeper yield curve (the yield curve is a graphic representation of bond yields at different maturities). Both these positions contributed positively to performance.

From a sector perspective, the Fund benefited from an overweight position in mortgage-backed securities relative to the Barclays U.S. Aggregate Bond Index, as their combination of high credit quality and attractive yields increased the appeal of these securities in a period of market uncertainty and low prevailing interest rates. At the other end of the spectrum, overweight positions in both investment-grade and high-yield corporate bonds detracted from performance. Investor concerns about risk assets and surging new bond issuance generally limited returns for corporate securities. Nevertheless, security selection within the corporate allocation aided results thanks to an overweight position in banks and underweight positions to media, energy, and metals companies.

ALLOCATION BY SECTOR

As of 10/31/15

Sector/Investment Type	Percentage of Total  Investments1
Mortgage-Backed Securities		28.75	%
Financial		24.84
Consumer Non-Cyclical		13.71
Communications		10.31
Consumer Cyclical		6.03
Industrial		4.43
Energy		3.35
Technology		3.02
Basic Materials		2.71
Utilities		2.33
U.S. Government Obligations		0.42
Diversified		0.10
TOTAL		100.00	%

ALLOCATION BY CREDIT QUALITY

As of 10/31/15

Moody’s Credit Rating2	Percentage of Total  Investments1
Aaa		29.32	%
Aa		4.21
A		23.14
Baa		25.85
Ba		8.61
B		5.92
Caa		2.16
Not Rated		0.79
TOTAL		100.00	%

¹  Excludes money market funds.

²  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

MANAGEMENT’S DISCUSSIONOF FUND PERFORMANCE 7

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on May 1, 2015 and held through October 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

8 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2015

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 92.17%
AEROSPACE & DEFENSE — 1.32%
L-3 Communications Corp.
4.95%, 02/15/21 (Call 11/15/20)	$	200	$	207,038
Northrop Grumman Corp.
1.75%, 06/01/18		200		199,545
Raytheon Co.
3.13%, 10/15/20a		200		208,465
StandardAero Aviation Holdings Inc.
10.00%, 07/15/23 (Call 07/15/18)a,b		35		35,350
TransDigm Inc.
7.50%, 07/15/21 (Call 07/15/16)		100		105,500
United Technologies Corp.
4.50%, 04/15/20		200		219,703
				975,601
AGRICULTURE — 2.29%
Altria Group Inc.
2.63%, 01/14/20 (Call 12/14/19)		150		150,914
2.85%, 08/09/22		150		147,707
9.25%, 08/06/19		150		185,729
Philip Morris International Inc.
1.63%, 03/20/17		200		201,610
2.50%, 08/22/22		200		196,282
3.38%, 08/11/25 (Call 05/11/25)		150		152,864
Reynolds American Inc.
2.30%, 06/12/18a		40		40,467
3.25%, 11/01/22a		150		148,780
3.75%, 05/20/23 (Call 02/20/23)b		100		100,628
4.45%, 06/12/25 (Call 03/12/25)		135		140,869
8.13%, 06/23/19b		100		118,443
Vector Group Ltd.
7.75%, 02/15/21 (Call 02/15/16)		100		106,750
				1,691,043
AIRLINES — 0.04%
American Airlines Group Inc.
4.63%, 03/01/20b		30		29,737
				29,737
APPAREL — 0.15%
Levi Strauss & Co.
6.88%, 05/01/22 (Call 05/01/17)		100		109,625
				109,625

Security	Principal (000s)		Value
AUTO MANUFACTURERS — 1.30%
FCA U.S. LLC/CG Co-Issuer Inc.
8.25%, 06/15/21 (Call 06/15/16)	$	200	$	214,000
Ford Motor Credit Co. LLC
2.46%, 03/27/20a		200		195,820
General Motors Financial Co. Inc.
3.45%, 04/10/22 (Call 02/10/22)		175		170,645
3.50%, 07/10/19		100		101,843
4.00%, 01/15/25 (Call 10/15/24)		100		98,096
Toyota Motor Credit Corp.
2.15%, 03/12/20		180		180,235
				960,639
AUTO PARTS & EQUIPMENT — 0.63%
Delphi Corp.
5.00%, 02/15/23 (Call 02/15/18)		156		162,240
Lear Corp.
5.25%, 01/15/25 (Call 01/15/20)		100		102,000
Schaeffler Finance BV
4.25%, 05/15/21 (Call 05/15/17)b		200		201,000
				465,240
BANKS — 20.73%
American Express Credit Corp.
1.80%, 07/31/18 (Call 06/30/18)		85		85,131
Bank of America Corp.
1.70%, 08/25/17a		350		350,694
3.88%, 08/01/25		100		101,733
4.00%, 01/22/25		100		98,467
4.13%, 01/22/24		100		104,055
5.65%, 05/01/18		250		271,758
5.88%, 01/05/21		250		285,272
7.63%, 06/01/19		400		470,312
Bank of America N.A.
5.30%, 03/15/17		250		262,296
Bank of New York Mellon Corp. (The)
2.30%, 09/11/19 (Call 08/11/19)		250		251,731
2.60%, 08/17/20 (Call 07/17/20)		120		121,553
Bank of Nova Scotia (The)
1.45%, 04/25/18a		250		248,846
Barclays PLC
2.00%, 03/16/18		200		199,812
2.75%, 11/08/19		250		250,773
BB&T Corp.
2.05%, 06/19/18 (Call 05/15/18)		200		201,531

SCHEDULEOF INVESTMENTS 9

Schedule of Investments  (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2015

Security	Principal (000s)		Value
BNP Paribas SA
2.38%, 09/14/17	$	250	$	253,375
2.40%, 12/12/18		100		101,078
Capital One Financial Corp.
4.20%, 10/29/25		35		35,081
Capital One N.A./Mclean VA
1.50%, 09/05/17 (Call 08/05/17)		250		248,471
CIT Group Inc.
3.88%, 02/19/19		100		101,500
Citigroup Inc.
1.35%, 03/10/17		250		249,736
1.70%, 04/27/18		100		99,419
2.50%, 09/26/18		250		252,796
3.75%, 06/16/24		200		203,965
4.00%, 08/05/24		50		49,555
4.40%, 06/10/25		100		101,158
4.50%, 01/14/22		100		108,184
6.13%, 11/21/17		150		162,974
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
3.38%, 01/19/17		250		255,815
Credit Suisse Group Funding Guernsey Ltd.
3.75%, 03/26/25a,b		250		243,956
Credit Suisse/New York NY
2.30%, 05/28/19		250		250,954
Deutsche Bank AG/London
1.40%, 02/13/17		100		99,635
2.50%, 02/13/19a		250		250,244
Discover Bank/Greenwood DE
2.00%, 02/21/18		250		248,097
Fifth Third Bancorp
5.45%, 01/15/17		200		209,181
Fifth Third Bank/Cincinnati OH
2.15%, 08/20/18 (Call 07/20/18)		200		201,263
Goldman Sachs Group Inc. (The)
2.55%, 10/23/19		250		250,863
2.75%, 09/15/20 (Call 08/15/20)		30		30,109
3.50%, 01/23/25 (Call 10/23/24)		450		443,988
3.75%, 05/22/25 (Call 02/22/25)a		50		50,386
5.25%, 07/27/21		200		223,126
5.75%, 10/01/16		250		260,834
5.95%, 01/18/18		250		271,895
HSBC Holdings PLC
4.25%, 08/18/25		200		200,762

Security	Principal (000s)		Value
HSBC USA Inc.
1.50%, 11/13/17	$	200	$	199,051
1.70%, 03/05/18		180		179,421
JPMorgan Chase & Co.
1.63%, 05/15/18		350		348,051
3.13%, 01/23/25 (Call 10/23/24)		350		337,260
3.15%, 07/05/16		250		253,196
3.88%, 09/10/24		100		99,577
4.63%, 05/10/21		100		108,650
6.30%, 04/23/19		350		396,305
JPMorgan Chase Bank N.A.
6.00%, 10/01/17		250		269,994
Lloyds Bank PLC
1.75%, 05/14/18		200		199,553
Morgan Stanley
2.20%, 12/07/18		50		50,133
2.38%, 07/23/19		300		300,386
3.70%, 10/23/24		200		202,265
4.88%, 11/01/22		200		214,357
5.75%, 10/18/16		250		261,391
Series F
5.55%, 04/27/17		300		317,556
Royal Bank of Canada
1.20%, 01/23/17		250		250,430
Royal Bank of Scotland Group PLC
6.13%, 12/15/22		200		219,322
State Street Corp.
2.55%, 08/18/20		70		70,731
4.96%, 03/15/18		100		106,357
Sumitomo Mitsui Banking Corp.
2.45%, 01/16/20		250		250,013
Toronto-Dominion Bank (The)
2.38%, 10/19/16		250		253,934
U.S. Bancorp
2.20%, 04/25/19 (Call 03/25/19)		150		151,880
3.00%, 03/15/22 (Call 02/15/22)		100		101,425
UBS AG/Stamford CT
5.88%, 12/20/17		250		270,763
Wells Fargo & Co.
1.25%, 07/20/16		100		100,434
2.15%, 01/15/19a		250		251,868
3.00%, 01/22/21		100		101,851
3.30%, 09/09/24		100		99,833
3.68%, 06/15/16c		200		203,717
4.48%, 01/16/24		100		105,463

10 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2015

Security	Principal (000s)		Value
Westpac Banking Corp.
2.25%, 07/30/18	$	250	$	251,723
				15,289,254
BEVERAGES — 1.27%
Anheuser-Busch InBev Finance Inc.
1.25%, 01/17/18		200		197,451
2.63%, 01/17/23		125		118,221
Bottling Group LLC
5.13%, 01/15/19		150		165,967
Diageo Capital PLC
1.50%, 05/11/17		150		150,592
PepsiCo Inc.
2.50%, 05/10/16		150		151,545
3.10%, 07/17/22 (Call 05/17/22)		150		153,575
				937,351
BIOTECHNOLOGY — 1.08%
Amgen Inc.
1.25%, 05/22/17		200		199,882
2.20%, 05/22/19 (Call 04/22/19)		100		100,440
Biogen Inc.
2.90%, 09/15/20		30		30,247
Celgene Corp.
2.88%, 08/15/20		200		201,394
Concordia Healthcare Corp.
7.00%, 04/15/23 (Call 04/15/18)b		30		26,100
Gilead Sciences Inc.
2.35%, 02/01/20a		100		100,611
2.55%, 09/01/20		75		75,618
3.65%, 03/01/26 (Call 12/01/25)		60		60,548
				794,840
BUILDING MATERIALS — 0.43%
Builders FirstSource Inc.
10.75%, 08/15/23 (Call 08/15/18)b		40		41,300
Building Materials Corp. of America
5.38%, 11/15/24 (Call 11/15/19)b		100		102,875
Summit Materials LLC/Summit Materials Finance Corp.
6.13%, 07/15/23 (Call 07/15/18)		15		14,925
Vulcan Materials Co.
4.50%, 04/01/25 (Call 01/01/25)		100		102,250
7.50%, 06/15/21		50		59,250
				320,600

Security	Principal (000s)		Value
CHEMICALS — 1.56%
Ashland Inc.
4.75%, 08/15/22 (Call 05/15/22)a	$	100	$	100,055
CF Industries Inc.
7.13%, 05/01/20		200		232,037
Dow Chemical Co. (The)
4.13%, 11/15/21 (Call 08/15/21)		100		104,757
LyondellBasell Industries NV
5.75%, 04/15/24 (Call 01/15/24)		200		225,752
Monsanto Co.
2.75%, 07/15/21		200		195,660
PolyOne Corp.
5.25%, 03/15/23		100		100,250
RPM International Inc.
6.13%, 10/15/19		100		110,713
TPC Group Inc.
8.75%, 12/15/20 (Call 12/15/16)b		100		81,760
				1,150,984
COAL — 0.02%
Murray Energy Corp.
11.25%, 04/15/21 (Call 04/15/18)b		50		13,375
				13,375
COMMERCIAL SERVICES — 2.29%
ADT Corp. (The)
5.25%, 03/15/20		100		106,000
Ahern Rentals Inc.
7.38%, 05/15/23 (Call 05/15/18)a,b		40		37,200
Automatic Data Processing Inc.
3.38%, 09/15/25 (Call 06/15/25)		35		35,791
Block Financial LLC
4.13%, 10/01/20 (Call 09/01/20)		150		151,682
Global Cash Access Inc.
10.00%, 01/15/22 (Call 01/15/18)b		65		59,150
Live Nation Entertainment Inc.
7.00%, 09/01/20 (Call 09/01/16)b		100		106,000
MasterCard Inc.
2.00%, 04/01/19		150		150,799
Moody’s Corp.
2.75%, 07/15/19 (Call 06/15/19)		100		101,665
4.88%, 02/15/24 (Call 11/15/23)		100		105,953
RR Donnelley & Sons Co.
6.00%, 04/01/24		100		91,625
Service Corp. International/U.S.
5.38%, 05/15/24 (Call 05/15/19)		35		37,319

SCHEDULEOF INVESTMENTS 11

Schedule of Investments  (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2015

Security	Principal (000s)		Value
Synchrony Financial
1.88%, 08/15/17 (Call 07/15/17)a	$	200	$	199,776
3.75%, 08/15/21 (Call 06/15/21)		200		201,835
United Rentals North America Inc.
7.63%, 04/15/22 (Call 04/15/17)		100		108,511
Verisk Analytics Inc.
4.00%, 06/15/25 (Call 03/15/25)		200		197,606
				1,690,912
COMPUTERS — 1.35%
Apple Inc.
2.00%, 05/06/20		145		145,385
2.70%, 05/13/22		100		100,836
3.45%, 05/06/24		100		103,958
Hewlett Packard Enterprise Co.
2.85%, 10/05/18b		150		150,290
Hewlett-Packard Co.
4.65%, 12/09/21		200		207,102
International Business Machines Corp.
7.63%, 10/15/18		250		292,041
				999,612
DISTRIBUTION & WHOLESALE — 0.28%
HD Supply Inc.
5.25%, 12/15/21 (Call 12/15/17)b		100		105,000
Univar USA Inc.
6.75%, 07/15/23 (Call 07/15/18)b		100		99,000
				204,000
DIVERSIFIED FINANCIAL SERVICES — 6.02%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust
5.00%, 10/01/21		150		156,750
Aircastle Ltd.
5.13%, 03/15/21		100		105,500
Ally Financial Inc.
5.13%, 09/30/24		150		158,055
5.50%, 02/15/17		100		103,750
American Express Credit Corp.
2.25%, 08/15/19		200		199,865
2.38%, 03/24/17		200		202,720
BP Capital Markets PLC
2.52%, 01/15/20		150		151,811
Capital One Bank USA N.A.
2.25%, 02/13/19 (Call 01/13/19)a		250		248,285
Credit Suisse USA Inc.
5.85%, 08/16/16		200		207,750

Security	Principal (000s)		Value
Ford Motor Credit Co. LLC
1.72%, 12/06/17	$	250	$	247,631
5.00%, 05/15/18		250		265,341
GE Capital International Funding Co.
0.96%, 04/15/16a		638		637,874
2.34%, 11/15/20		200		200,697
General Electric Capital Corp.
4.38%, 09/16/20		200		219,338
5.38%, 10/20/16		100		104,520
Intercontinental Exchange Inc.
4.00%, 10/15/23		150		155,151
Nasdaq Inc.
4.25%, 06/01/24 (Call 03/01/24)		100		101,393
National Financial Partners Corp.
9.00%, 07/15/21 (Call 07/15/16)b		100		98,000
National Rural Utilities Cooperative Finance Corp.
10.38%, 11/01/18		200		246,950
Navient Corp.
5.00%, 10/26/20a		200		187,250
OneMain Financial Holdings Inc.
7.25%, 12/15/21 (Call 12/15/17)b		50		52,250
Quicken Loans Inc.
5.75%, 05/01/25 (Call 05/01/20)b		40		39,700
Springleaf Finance Corp.
5.25%, 12/15/19a		100		99,500
Synchrony Financial
2.70%, 02/03/20 (Call 01/03/20)		150		147,690
TD Ameritrade Holding Corp.
2.95%, 04/01/22 (Call 02/01/22)		100		99,361
				4,437,132
ELECTRIC — 3.03%
AES Corp./VA
7.38%, 07/01/21 (Call 06/01/21)a		200		213,000
Baltimore Gas & Electric Co.
2.80%, 08/15/22 (Call 05/15/22)		100		98,647
Berkshire Hathaway Energy Co.
3.75%, 11/15/23 (Call 08/15/23)		150		155,112
Dominion Resources Inc./VA
5.20%, 08/15/19a		100		109,440
Series A
1.40%, 09/15/17		100		99,470
Duke Energy Corp.
2.10%, 06/15/18 (Call 05/15/18)		200		202,276
3.55%, 09/15/21 (Call 06/15/21)		200		207,034

12 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2015

Security	Principal (000s)		Value
Dynegy Inc.
7.38%, 11/01/22 (Call 11/01/18)	$	150	$	150,375
Exelon Corp.
1.55%, 06/09/17		30		29,925
MidAmerican Energy Co.
2.40%, 03/15/19 (Call 02/15/19)		250		253,261
NRG Energy Inc.
6.25%, 07/15/22 (Call 07/15/18)		100		92,000
Pacific Gas & Electric Co.
2.45%, 08/15/22 (Call 05/15/22)		100		96,454
PPL Electric Utilities Corp.
2.50%, 09/01/22 (Call 06/01/22)		100		98,441
Public Service Electric & Gas Co.
2.00%, 08/15/19 (Call 07/15/19)a		150		149,899
Southern Co. (The)
2.45%, 09/01/18		150		151,557
Talen Energy Supply LLC
4.63%, 07/15/19 (Call 07/15/16)b		100		91,480	��
6.50%, 06/01/25 (Call 06/01/20)a,b		45		39,937
				2,238,308
ELECTRICAL COMPONENTS & EQUIPMENT — 0.15%
Energizer Holdings Inc.
5.50%, 06/15/25 (Call 06/15/20)b		64		65,280
General Cable Corp.
5.75%, 10/01/22 (Call 10/01/17)		50		43,125
				108,405
ELECTRONICS — 0.53%
Amphenol Corp.
2.55%, 01/30/19 (Call 12/30/18)		100		100,733
Flextronics International Ltd.
4.75%, 06/15/25 (Call 03/15/25)b		90		87,750
Thermo Fisher Scientific Inc.
1.30%, 02/01/17		200		199,091
				387,574
ENGINEERING & CONSTRUCTION — 0.14%
AECOM Co.
5.75%, 10/15/22		100		105,019
				105,019
ENTERTAINMENT — 0.60%
GLP Capital LP/GLP Financing II Inc.
4.88%, 11/01/20 (Call 08/01/20)a		100		103,000
International Game Technology PLC
6.25%, 02/15/22 (Call 08/15/21)b		200		195,000

Security	Principal (000s)		Value
Pinnacle Entertainment Inc.
6.38%, 08/01/21 (Call 08/01/16)	$	50	$	53,250
Scientific Games International Inc.
7.00%, 01/01/22 (Call 01/01/18)b		50		50,250
10.00%, 12/01/22 (Call 12/01/18)		50		44,250
				445,750
ENVIRONMENTAL CONTROL — 0.36%
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/19)		100		99,250
Waste Management Inc.
6.10%, 03/15/18		150		164,577
				263,827
FOOD — 2.62%
Albertson’s Holdings LLC/Safeway Inc.
7.75%, 10/15/22 (Call 10/15/17)b		50		53,875
B&G Foods Inc.
4.63%, 06/01/21 (Call 06/01/16)		100		99,625
ConAgra Foods Inc.
3.20%, 01/25/23 (Call 10/25/22)		100		95,308
General Mills Inc.
1.40%, 10/20/17		150		149,888
JBS USA LLC/JBS USA Finance Inc.
5.88%, 07/15/24 (Call 07/15/19)a,b		100		98,000
JM Smucker Co. (The)
1.75%, 03/15/18		125		125,172
Kraft Foods Group Inc.
2.25%, 06/05/17		100		101,195
Kraft Heinz Foods Co.
2.00%, 07/02/18b		250		250,578
3.95%, 07/15/25 (Call 04/15/25)a,b		200		204,733
Kroger Co. (The)
2.30%, 01/15/19 (Call 12/15/18)		150		151,272
2.95%, 11/01/21 (Call 10/01/21)		100		99,900
Mondelez International Inc.
2.25%, 02/01/19 (Call 01/01/19)a		150		150,601
Post Holdings Inc.
7.75%, 03/15/24 (Call 09/15/18)b		25		26,625
8.00%, 07/15/25 (Call 07/15/20)b		25		27,125
Sysco Corp.
2.60%, 10/01/20 (Call 09/01/20)		90		90,537
3.75%, 10/01/25 (Call 07/01/25)		155		158,008
U.S. Foods Inc.
8.50%, 06/30/19 (Call 11/30/15)		50		52,000
				1,934,442

SCHEDULEOF INVESTMENTS 13

Schedule of Investments  (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2015

Security	Principal (000s)		Value
FOREST PRODUCTS & PAPER — 0.13%
Clearwater Paper Corp.
5.38%, 02/01/25b	$	100	$	99,000
				99,000
HEALTH CARE — PRODUCTS — 2.47%
Baxter International Inc.
5.38%, 06/01/18		150		163,195
Becton Dickinson and Co.
1.80%, 12/15/17		150		150,628
Boston Scientific Corp.
2.85%, 05/15/20		25		24,981
3.38%, 05/15/22		150		150,040
Crimson Merger Sub Inc.
6.63%, 05/15/22 (Call 05/15/17)b		50		43,313
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp.
8.13%, 06/15/21 (Call 06/15/18)b		50		49,625
Greatbatch Ltd.
9.13%, 11/01/23		45		45,844
Hill-Rom Holdings Inc.
5.75%, 09/01/23 (Call 09/01/18)b		85		86,700
Hologic Inc.
5.25%, 07/15/22 (Call 07/15/18)b		30		31,313
Kinetic Concepts Inc./KCI USA Inc.
10.50%, 11/01/18 (Call 11/30/15)		100		105,590
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
4.88%, 04/15/20 (Call 04/15/17)b		25		23,969
Medtronic Inc.
1.50%, 03/15/18		100		100,254
3.13%, 03/15/22 (Call 12/15/21)		100		101,809
St. Jude Medical Inc.
2.00%, 09/15/18		35		34,931
3.88%, 09/15/25 (Call 06/15/25)		25		25,308
Stryker Corp.
1.30%, 04/01/18a		150		149,147
3.38%, 11/01/25 (Call 08/01/25)	��	65		65,074
Universal Hospital Services Inc.
7.63%, 08/15/20 (Call 11/30/15)		50		47,687
Zimmer Biomet Holdings Inc.
1.45%, 04/01/17		55		54,855
2.00%, 04/01/18		185		184,736
2.70%, 04/01/20 (Call 03/01/20)		180		179,713
				1,818,712

Security	Principal (000s)		Value
HEALTH CARE — SERVICES — 1.53%
Anthem Inc.
2.30%, 07/15/18a	$	100	$	100,547
CHS/Community Health Systems Inc.
6.88%, 02/01/22 (Call 02/01/18)		100		100,750
Fresenius Medical Care U.S. Finance II Inc.
5.63%, 07/31/19b		100		108,750
HCA Inc.
3.75%, 03/15/19		100		101,750
5.00%, 03/15/24		150		154,500
Humana Inc.
2.63%, 10/01/19		100		100,506
Quest Diagnostics Inc.
2.50%, 03/30/20 (Call 02/29/20)		145		143,690
UnitedHealth Group Inc.
2.88%, 03/15/22 (Call 12/15/21)		100		100,411
6.00%, 02/15/18		200		219,266
				1,130,170
HOLDING COMPANIES — DIVERSIFIED — 0.14%
Argos Merger Sub Inc.
7.13%, 03/15/23 (Call 03/15/18)a,b		100		105,250
				105,250
HOME BUILDERS — 0.51%
Brookfield Residential Properties Inc.
6.38%, 05/15/25 (Call 05/15/20)a,b		100		96,000
Lennar Corp.
4.50%, 06/15/19 (Call 04/16/19)		100		103,750
Shea Homes LP/Shea Homes Funding Corp.
5.88%, 04/01/23 (Call 04/01/18)a,b		45		47,081
6.13%, 04/01/25 (Call 04/01/20)a,b		25		26,188
TRI Pointe Holdings Inc.
5.88%, 06/15/24		100		100,000
				373,019
HOME FURNISHINGS — 0.18%
Tempur Sealy International Inc.
5.63%, 10/15/23 (Call 10/15/18)a,b		30		31,425
Whirlpool Corp.
1.35%, 03/01/17		100		99,752
				131,177
HOUSEHOLD PRODUCTS & WARES — 0.36%
ACCO Brands Corp.
6.75%, 04/30/20 (Call 04/30/17)a		100		106,500

14 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2015

Security	Principal (000s)		Value
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
6.88%, 02/15/21 (Call 02/15/16)	$	150	$	156,750
				263,250
HOUSEWARES — 0.18%
Newell Rubbermaid Inc.
2.15%, 10/15/18		50		50,028
3.90%, 11/01/25 (Call 08/01/25)		30		29,823
RSI Home Products Inc.
6.50%, 03/15/23 (Call 03/15/18)b		50		51,625
				131,476
INSURANCE — 2.73%
ACE INA Holdings Inc.
3.35%, 05/15/24		200		201,457
Aflac Inc.
2.40%, 03/16/20		300		301,384
Allstate Corp. (The)
5.75%, 08/15/53 (Call 08/15/23)d		25		25,625
American International Group Inc.
5.85%, 01/16/18		250		272,042
Berkshire Hathaway Finance Corp.
2.90%, 10/15/20		100		103,420
4.25%, 01/15/21a		150		163,743
CNO Financial Group Inc.
4.50%, 05/30/20		25		26,000
First American Financial Corp.
4.60%, 11/15/24a		50		50,733
Genworth Holdings Inc.
7.63%, 09/24/21		100		93,281
HUB International Ltd.
7.88%, 10/01/21 (Call 10/01/16)b		100		99,750
Markel Corp.
3.63%, 03/30/23		50		49,753
Marsh & McLennan Companies Inc.
2.35%, 09/10/19 (Call 08/10/19)		150		150,441
Prudential Financial Inc.
2.35%, 08/15/19		100		100,221
6.10%, 06/15/17		100		107,111
Radian Group Inc.
5.25%, 06/15/20		100		99,875
XLIT Ltd.
5.75%, 10/01/21		150		169,703
				2,014,539

Security	Principal (000s)		Value
INTERNET — 2.26%
Alibaba Group Holding Ltd.
1.63%, 11/28/17b	$	200	$	198,127
3.60%, 11/28/24 (Call 08/28/24)b		200		193,195
Amazon.com Inc.
2.60%, 12/05/19 (Call 11/05/19)		150		153,113
3.80%, 12/05/24 (Call 09/05/24)a		100		103,797
Baidu Inc.
2.75%, 06/09/19		250		248,320
eBay Inc.
1.35%, 07/15/17		100		99,349
2.20%, 08/01/19 (Call 07/01/19)		100		98,796
3.45%, 08/01/24 (Call 05/01/24)		75		71,328
Expedia Inc.
4.50%, 08/15/24 (Call 05/15/24)		100		99,696
Netflix Inc.
5.50%, 02/15/22b		100		105,500
VeriSign Inc.
4.63%, 05/01/23 (Call 05/01/18)		100		100,180
Zayo Group LLC/Zayo Capital Inc.
6.00%, 04/01/23 (Call 04/01/18)b		145		147,828
6.38%, 05/15/25 (Call 05/15/20)a,b		50		50,625
				1,669,854
IRON & STEEL — 0.73%
AK Steel Corp.
7.63%, 05/15/20 (Call 11/30/15)a		100		52,000
Allegheny Technologies Inc.
7.38%, 08/15/23 (Call 05/15/23)		50		42,500
ArcelorMittal
10.60%, 06/01/19		150		165,750
Steel Dynamics Inc.
5.50%, 10/01/24 (Call 10/01/19)		100		98,750
U.S. Steel Corp.
7.38%, 04/01/20a		100		74,500
Vale Overseas Ltd.
6.25%, 01/23/17		100		102,250
				535,750
LODGING — 0.27%
MGM Resorts International
6.00%, 03/15/23a		100		101,500
Wyndham Worldwide Corp.
3.90%, 03/01/23 (Call 12/01/22)		100		96,577
				198,077

SCHEDULEOF INVESTMENTS 15

Schedule of Investments  (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2015

Security	Principal (000s)		Value
MACHINERY — 0.89%
Case New Holland Industrial Inc.
7.88%, 12/01/17	$	50	$	54,063
Caterpillar Financial Services Corp.
2.00%, 03/05/20		150		148,957
2.10%, 06/09/19		200		200,703
John Deere Capital Corp.
1.95%, 03/04/19		200		200,461
Zebra Technologies Corp.
7.25%, 10/15/22 (Call 10/15/17)a		50		54,562
				658,746
MANUFACTURING — 0.85%
Bombardier Inc.
6.00%, 10/15/22 (Call 04/15/17)a,b		100		77,000
Ingersoll-Rand Global Holding Co. Ltd.
6.88%, 08/15/18		300		336,507
Textron Inc.
3.65%, 03/01/21		100		101,508
Tyco Electronics Group SA
6.55%, 10/01/17		100		109,268
				624,283
MEDIA — 3.42%
Cable One Inc.
5.75%, 06/15/22 (Call 06/15/18)b		100		102,500
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 02/15/23 (Call 02/15/18)		100		100,250
CCO Safari II LLC
3.58%, 07/23/20 (Call 06/23/20)b		145		145,681
4.91%, 07/23/25 (Call 04/23/25)a,b		235		239,211
Comcast Cable Communications LLC
8.88%, 05/01/17		250		278,087
CSC Holdings LLC
5.25%, 06/01/24		300		263,847
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
5.88%, 10/01/19		300		335,545
DISH DBS Corp.
5.88%, 11/15/24		100		95,650
7.88%, 09/01/19		100		109,729
Numericable-SFR SAS
6.00%, 05/15/22 (Call 05/15/17)b		200		200,500
Sirius XM Radio Inc.
5.38%, 04/15/25 (Call 04/15/20)b		100		102,375

Security	Principal (000s)		Value
Starz LLC/Starz Finance Corp.
5.00%, 09/15/19 (Call 11/30/15)	$	100	$	102,262
Time Warner Cable Inc.
4.00%, 09/01/21 (Call 06/01/21)		150		152,113
Time Warner Inc.
2.10%, 06/01/19		150		149,391
Univision Communications Inc.
5.13%, 02/15/25 (Call 02/15/20)b		50		49,125
WideOpenWest Finance LLC/WideOpenWest Capital Corp.
10.25%, 07/15/19 (Call 11/30/15)		100		99,875
				2,526,141
MINING — 1.10%
Alcoa Inc.
5.13%, 10/01/24 (Call 07/01/24)		100		99,125
Aleris International Inc.
7.88%, 11/01/20 (Call 11/30/15)		42		39,480
BHP Billiton Finance USA Ltd.
2.05%, 09/30/18		250		250,771
FMG Resources August 2006 Pty Ltd.
8.25%, 11/01/19 (Call 11/30/15)a,b		50		42,500
Freeport-McMoRan Inc.
4.55%, 11/14/24 (Call 08/14/24)a		100		79,500
Newmont Mining Corp.
5.13%, 10/01/19		50		53,197
Rio Tinto Finance USA PLC
1.63%, 08/21/17 (Call 07/21/17)		250		248,834
				813,407
MUNICIPAL DEBT SECURITIES — 0.13%
Global Partners LP/GLP Finance Corp.
7.00%, 06/15/23a		100		94,000
				94,000
OIL & GAS — 2.75%
BP Capital Markets PLC
1.85%, 05/05/17a		200		201,663
California Resources Corp.
6.00%, 11/15/24 (Call 08/15/24)		50		34,000
Calumet Specialty Products Partners LP/Calumet Finance Corp.
7.75%, 04/15/23 (Call 04/15/18)a,b		50		47,500
Chesapeake Energy Corp.
4.88%, 04/15/22 (Call 04/15/17)		50		31,000
Chevron Corp.
1.96%, 03/03/20 (Call 02/03/20)		150		149,025

16 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2015

Security	Principal (000s)		Value
ConocoPhillips
5.75%, 02/01/19	$	150	$	167,769
Ensco PLC
4.50%, 10/01/24 (Call 07/01/24)		100		82,000
Exxon Mobil Corp.
1.91%, 03/06/20 (Call 02/06/20)		150		150,267
Marathon Petroleum Corp.
5.13%, 03/01/21		150		163,524
MEG Energy Corp.
7.00%, 03/31/24 (Call 09/30/18)b		100		86,500
Newfield Exploration Co.
5.38%, 01/01/26 (Call 10/01/25)		25		23,750
Occidental Petroleum Corp.
3.50%, 06/15/25 (Call 03/15/25)		60		60,712
Parsley Energy LLC/Parsley Finance Corp.
7.50%, 02/15/22 (Call 02/15/17)b		35		35,262
Shell International Finance BV
2.13%, 05/11/20		40		39,926
4.30%, 09/22/19		250		271,243
Total Capital SA
2.13%, 08/10/18		250		253,816
Transocean Inc.
4.30%, 10/15/22 (Call 07/15/22)		50		32,681
Valero Energy Corp.
3.65%, 03/15/25		85		82,036
Whiting Petroleum Corp.
6.25%, 04/01/23 (Call 01/01/23)a		50		46,500
WPX Energy Inc.
5.25%, 09/15/24 (Call 06/15/24)		40		33,200
7.50%, 08/01/20 (Call 07/01/20)		35		32,725
				2,025,099
PACKAGING & CONTAINERS — 0.25%
Ball Corp.
4.00%, 11/15/23		50		48,750
Berry Plastics Corp.
5.50%, 05/15/22 (Call 05/15/17)		100		103,000
PaperWorks Industries Inc.
9.50%, 08/15/19 (Call 08/15/16)b		30		29,850
				181,600
PHARMACEUTICALS — 3.80%
Abbott Laboratories
2.00%, 03/15/20		175		174,139
2.55%, 03/15/22		90		89,787

Security	Principal (000s)		Value
AbbVie Inc.
1.75%, 11/06/17	$	150	$	150,330
1.80%, 05/14/18		50		49,888
2.50%, 05/14/20 (Call 04/14/20)		30		29,609
Actavis Funding SCS
2.35%, 03/12/18		250		250,911
3.00%, 03/12/20 (Call 02/12/20)a		185		185,603
3.45%, 03/15/22 (Call 01/15/22)		65		64,666
AmerisourceBergen Corp.
3.25%, 03/01/25 (Call 12/01/24)		100		96,461
3.50%, 11/15/21 (Call 08/15/21)		100		102,276
4.88%, 11/15/19a		100		108,996
Baxalta Inc.
2.88%, 06/23/20 (Call 05/23/20)b		45		44,915
Cardinal Health Inc.
1.95%, 06/15/18		75		75,113
Express Scripts Holding Co.
2.65%, 02/15/17		200		202,824
JLL/Delta Dutch Pledgeco BV
8.75% (9.50% PIK), 05/01/20 (Call 05/01/16)b,e		50		51,063
McKesson Corp.
1.40%, 03/15/18		150		148,060
Mead Johnson Nutrition Co.
3.00%, 11/15/20		55		55,333
Novartis Capital Corp.
3.40%, 05/06/24		150		156,180
Novartis Securities Investment Ltd.
5.13%, 02/10/19		150		165,949
Pfizer Inc.
3.40%, 05/15/24		100		101,322
6.20%, 03/15/19		250		283,909
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/21		46		45,955
Valeant Pharmaceuticals International Inc.
5.38%, 03/15/20 (Call 03/15/17)b		50		43,500
6.13%, 04/15/25 (Call 04/15/20)b		45		37,856
6.38%, 10/15/20 (Call 10/15/16)b		100		89,500
				2,804,145
PIPELINES — 1.39%
Buckeye Partners LP
4.15%, 07/01/23 (Call 04/01/23)		50		45,816
Energy Transfer Partners LP
4.05%, 03/15/25 (Call 12/15/24)		75		65,750

SCHEDULEOF INVESTMENTS 17

Schedule of Investments  (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2015

Security	Principal (000s)		Value
4.15%, 10/01/20 (Call 08/01/20)	$	100	$	99,917
9.00%, 04/15/19		100		116,623
Kinder Morgan Inc./DE
3.05%, 12/01/19 (Call 11/01/19)		250		242,797
Magellan Midstream Partners LP
3.20%, 03/15/25 (Call 12/15/24)		150		137,688
NuStar Logistics LP
4.80%, 09/01/20		100		97,000
PBF Logistics LP/PBF Logistics Finance Corp.
6.88%, 05/15/23 (Call 05/15/18)b		35		32,550
Phillips 66 Partners LP
2.65%, 02/15/20 (Call 01/15/20)		100		97,135
Williams Partners LP
4.30%, 03/04/24 (Call 12/04/23)		100		88,954
				1,024,230
REAL ESTATE INVESTMENT TRUSTS — 2.98%
American Tower Corp.
2.80%, 06/01/20 (Call 05/01/20)		100		99,282
3.40%, 02/15/19		100		101,970
3.50%, 01/31/23		100		96,136
5.90%, 11/01/21		100		112,495
ARC Properties Operating Partnership LP
2.00%, 02/06/17		50		49,285
Boston Properties LP
5.88%, 10/15/19 (Call 07/17/19)		100		111,938
Communications Sales & Leasing Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 04/15/18)b		45		43,762
Crown Castle International Corp.
4.88%, 04/15/22		100		105,875
Digital Delta Holdings LLC
3.40%, 10/01/20 (Call 09/01/20)a,b		200		199,838
DuPont Fabros Technology LP
5.63%, 06/15/23 (Call 06/15/18)a		30		30,825
HCP Inc.
3.88%, 08/15/24 (Call 05/17/24)		100		97,473
Hospitality Properties Trust
5.00%, 08/15/22 (Call 02/15/22)		200		206,501
Host Hotels & Resorts LP
6.00%, 11/01/20 (Call 11/13/15)		150		154,500
Simon Property Group LP
2.20%, 02/01/19 (Call 11/01/18)		150		151,008
2.50%, 09/01/20 (Call 06/01/20)		100		100,568
4.38%, 03/01/21 (Call 12/01/20)		150		162,838

Security	Principal (000s)		Value
Ventas Realty LP/Ventas Capital Corp.
4.00%, 04/30/19 (Call 01/30/19)	$	200	$	209,190
Welltower Inc.
5.25%, 01/15/22 (Call 10/15/21)		150		163,399
				2,196,883
RETAIL — 3.78%
1011778 BC ULC/New Red Finance Inc.
4.63%, 01/15/22 (Call 10/01/17)b		100		101,500
6.00%, 04/01/22 (Call 10/01/17)b		50		52,313
Advance Auto Parts Inc.
5.75%, 05/01/20		200		221,940
AmeriGas Finance LLC/AmeriGas Finance Corp.
7.00%, 05/20/22 (Call 05/20/17)		100		105,500
AutoZone Inc.
1.30%, 01/13/17		100		99,978
2.50%, 04/15/21 (Call 03/15/21)		130		127,275
2.88%, 01/15/23 (Call 10/15/22)		150		145,923
CVS Health Corp.
4.13%, 05/15/21 (Call 02/15/21)		200		214,287
Ferrellgas LP/Ferrellgas Finance Corp.
6.75%, 06/15/23 (Call 06/15/19)b		35		32,288
Home Depot Inc. (The)
3.35%, 09/15/25 (Call 06/15/25)		35		35,895
L Brands Inc.
6.63%, 04/01/21		150		169,875
McDonald’s Corp.
3.38%, 05/26/25 (Call 02/26/25)a		100		98,577
3.63%, 05/20/21a		250		260,297
Men’s Wearhouse Inc. (The)
7.00%, 07/01/22 (Call 07/01/17)		100		104,000
Michaels Stores Inc.
5.88%, 12/15/20 (Call 12/15/16)a,b		100		105,500
Party City Holdings Inc.
6.13%, 08/15/23 (Call 08/15/18)a,b		45		46,350
QVC Inc.
3.13%, 04/01/19		250		247,650
Rite Aid Corp.
6.75%, 06/15/21 (Call 06/15/16)		100		107,375
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)		100		97,000
Target Corp.
6.00%, 01/15/18		100		110,252

18 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2015

Security	Principal (000s)		Value
Wal-Mart Stores Inc.
3.63%, 07/08/20a	$	100	$	107,705
Walgreens Boots Alliance Inc.
3.80%, 11/18/24 (Call 08/18/24)		200		196,963
				2,788,443
SEMICONDUCTORS — 1.21%
Applied Materials Inc.
2.63%, 10/01/20 (Call 09/01/20)		50		50,355
3.90%, 10/01/25 (Call 07/01/25)		65		64,831
Broadcom Corp.
2.50%, 08/15/22 (Call 05/15/22)		300		294,985
Freescale Semiconductor Inc.
6.00%, 01/15/22 (Call 11/15/16)b		100		106,500
Intel Corp.
2.45%, 07/29/20		60		60,920
QUALCOMM Inc.
1.40%, 05/18/18		85		84,534
3.00%, 05/20/22		85		83,555
3.45%, 05/20/25 (Call 02/20/25)		100		95,273
Sensata Technologies BV
5.63%, 11/01/24b		50		50,875
				891,828
SOFTWARE — 1.37%
Autodesk Inc.
3.13%, 06/15/20 (Call 05/15/20)		30		30,059
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 07/15/16)b		50		38,688
Fidelity National Information Services Inc.
2.00%, 04/15/18		200		197,442
5.00%, 10/15/25 (Call 07/15/25)		100		102,152
First Data Corp.
6.75%, 11/01/20 (Call 11/30/15)b		100		105,375
7.00%, 12/01/23		80		81,400
11.75%, 08/15/21 (Call 05/15/16)		100		114,000
Infor U.S. Inc.
6.50%, 05/15/22 (Call 05/15/18)b		90		85,275
Oracle Corp.
2.25%, 10/08/19		250		253,128
				1,007,519
TELECOMMUNICATIONS — 7.73%
Altice Luxembourg SA
7.75%, 05/15/22 (Call 05/15/17)b		200		192,500
America Movil SAB de CV
2.38%, 09/08/16		200		201,773

Security	Principal (000s)		Value
AT&T Inc.
1.70%, 06/01/17	$	350	$	351,701
3.00%, 06/30/22 (Call 04/30/22)		50		49,047
3.40%, 05/15/25 (Call 02/15/25)		200		193,156
3.90%, 03/11/24 (Call 12/11/23)		150		152,807
5.80%, 02/15/19		100		111,128
Avaya Inc.
7.00%, 04/01/19 (Call 11/30/15)b		100		81,250
British Telecommunications PLC
1.63%, 06/28/16		200		200,790
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23		100		99,342
CenturyLink Inc.
6.45%, 06/15/21		150		151,125
Cisco Systems Inc.
2.45%, 06/15/20		100		101,674
4.95%, 02/15/19		200		220,577
CommScope Technologies Finance LLC
6.00%, 06/15/25 (Call 06/15/20)b		30		30,450
Frontier Communications Corp.
6.88%, 01/15/25 (Call 10/15/24)		100		86,410
8.50%, 04/15/20		100		103,000
Harris Corp.
2.00%, 04/27/18		45		44,588
Intelsat Jackson Holdings SA
7.25%, 10/15/20 (Call 11/30/15)		100		91,250
Intelsat Luxembourg SA
7.75%, 06/01/21 (Call 06/01/17)		100		59,000
Juniper Networks Inc.
3.30%, 06/15/20 (Call 05/15/20)		30		30,103
4.35%, 06/15/25 (Call 03/15/25)		150		148,812
Motorola Solutions Inc.
3.50%, 03/01/23		150		135,278
Orange SA
2.75%, 09/14/16		150		152,276
Plantronics Inc.
5.50%, 05/31/23 (Call 05/15/18)b		50		50,875
Qwest Corp.
6.75%, 12/01/21		100		107,500
Sprint Communications Inc.
9.00%, 11/15/18b		100		109,937
Sprint Corp.
7.88%, 09/15/23		250		231,250

SCHEDULEOF INVESTMENTS 19

Schedule of Investments  (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2015

Security	Principal (000s)		Value
T-Mobile USA Inc.
6.63%, 04/01/23 (Call 04/01/18)	$	150	$	153,234
6.73%, 04/28/22 (Call 04/28/17)a		100		103,250
UPCB Finance IV Ltd.
5.38%, 01/15/25 (Call 01/15/20)b		200		200,250
Verizon Communications Inc.
1.35%, 06/09/17		250		250,045
3.50%, 11/01/21		200		204,699
5.15%, 09/15/23		250		278,678
6.35%, 04/01/19		350		398,561
Vodafone Group PLC
1.63%, 03/20/17		150		150,074
2.95%, 02/19/23a		100		95,228
West Corp.
5.38%, 07/15/22 (Call 07/15/17)a,b		100		95,250
Wind Acquisition Finance SA
7.38%, 04/23/21 (Call 04/23/17)b		200		201,500
Windstream Services LLC
6.38%, 08/01/23 (Call 02/01/18)		100		79,250
				5,697,618
TRANSPORTATION — 0.84%
Burlington Northern Santa Fe LLC
3.45%, 09/15/21 (Call 06/15/21)		250		258,160
FedEx Corp.
2.30%, 02/01/20		200		201,467
OPE KAG Finance Sub Inc.
7.88%, 07/31/23 (Call 07/31/18)b		35		36,400
United Parcel Service Inc.
5.13%, 04/01/19		100		111,362
XPO Logistics Inc.
6.50%, 06/15/22 (Call 06/15/18)b		15		13,387
				620,776
TOTAL CORPORATE BONDS & NOTES
(Cost: $69,115,351)				67,978,262
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 37.95%
MORTGAGE-BACKED SECURITIES — 37.41%
Federal Home Loan Mortgage Corp.
2.50%, 11/01/30f		600		610,500
3.00%, 11/01/30f		600		623,625
3.00%, 11/01/30f		100		100,781
3.00%, 11/01/45		980		988,582
3.50%, 11/01/30f		300		316,172
3.50%, 11/01/45f		1,900		1,972,734

Security	Principal (000s)			Value
Federal Home Loan Mortgage Corp.
4.00%, 11/01/45f	$	1,650	��	$	1,752,609
4.50%, 11/01/45f		500			540,703
Federal National Mortgage Association
2.50%, 11/01/30		471			479,959
2.50%, 11/01/30f		450			458,086
2.50%, 11/01/45f		100			97,563
3.00%, 11/01/30f		1,100			1,144,344
3.00%, 11/01/45		1,764			1,784,611
3.00%, 11/01/45f		250			252,695
3.50%, 11/01/30f		600			633,469
3.50%, 11/01/45f		2,840			2,955,819
4.00%, 11/01/30f		500			522,188
4.00%, 11/01/45f		1,900			2,022,312
4.50%, 11/01/45f		1,200			1,300,125
5.00%, 11/01/45f		1,200			1,322,625
5.50%, 11/01/45f		1,450			1,620,148
Government National Mortgage Association
3.00%, 11/01/45f		1,450			1,480,414
3.50%, 11/01/45f		2,100			2,200,250
4.00%, 11/01/45f		1,350			1,436,719
4.50%, 11/01/45f		900			969,437
					27,586,470
U.S. GOVERNMENT OBLIGATIONS — 0.54%
U.S. Treasury Note/Bond
0.63%, 09/30/17a		400			399,140
					399,140
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost: $28,043,879)					27,985,610
SHORT-TERM INVESTMENTS — 13.38%
MONEY MARKET FUNDS — 13.38%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.19%g,h,i		7,680			7,680,387
BlackRock Cash Funds: Prime, SL Agency Shares
0.19%g,h,i		673			672,827
BlackRock Cash Funds: Treasury, SL Agency Shares
0.02%g,h		1,513			1,513,470
					9,866,684
TOTAL SHORT-TERM INVESTMENTS
(Cost: $9,866,684)					9,866,684

20 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 143.50%
(Cost: $107,025,914)	$	105,830,556
Other Assets, Less Liabilities — (43.50)%		(32,080,210	)
NET ASSETS — 100.00%	$	73,750,346

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

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

^c  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^d  Variable rate security. Rate shown is as of report date.

^e  Payment-in-kind (“PIK”) bond which gives the issuer an option to make coupon payments in cash or in the form of additional bonds. Stated interest rate represents the cash coupon rate.

^f  To-be-announced (TBA). See Note 1.

^g  Affiliated issuer. See Note 2.

^h  The rate quoted is the annualized seven-day yield of the fund at period end.

ⁱ  All or a portion of this security represents an investment of securities lending collateral. See Note 1.

Open futures contracts as of October 31, 2015 were as follows:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
5-Year U.S. Treasury Note		(22)		Dec. 2015		Chicago Board of Trade	$	(2,635,016)	$	10,088
10-Year U.S. Treasury Note		10		Dec. 2015		Chicago Board of Trade		1,276,875		(6,481)
Ultra Long U.S. Treasury Bond		(28)		Dec. 2015		Chicago Board of Trade		(4,473,000)		10,733
		Net unrealized appreciation							$	14,340

See notes to financial statements.

SCHEDULEOF INVESTMENTS 21

Statement of Assets and Liabilities

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

October 31, 2015

ASSETS
Investments, at cost:
Unaffiliated	$	97,159,230
Affiliated (Note 2)		9,866,684
Total cost of investments	$	107,025,914
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	95,963,872
Affiliated (Note 2)		9,866,684
Total fair value of investments		105,830,556
Cash pledged to broker		134,980
Receivables:
Investment securities sold		668,447
Interest		728,674
Futures variation margin		76,483
Tax reclaims		158
Total Assets		107,439,298
LIABILITIES
Payables:
Investment securities purchased		25,215,704
Collateral for securities on loan (Note 1)		8,353,214
Futures variation margin		28,686
Due to custodian		75,728
Investment advisory fees (Note 2)		15,620
Total Liabilities		33,688,952
NET ASSETS	$	73,750,346
Net assets consist of:
Paid-in capital	$	74,886,750
Undistributed net investment income		14,894
Undistributed net realized gain		29,720
Net unrealized depreciation		(1,181,018	)
NET ASSETS	$	73,750,346
Shares outstandingb		750,000
Net asset value per share	$	98.33

^a  Securities on loan with a value of $8,095,154. See Note 1.

^b  No par value, unlimited number of shares authorized.

See notes to financial statements.

22 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Statement of Operations

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

Period ended October 31, 2015^a

NET INVESTMENT INCOME
Interest — unaffiliated	$	1,417,870
Interest — affiliated (Note 2)		964
Securities lending income — affiliated — net (Note 2)		8,626
Total investment income		1,427,460
EXPENSES
Investment advisory fees (Note 2)		129,274
Total expenses		129,274
Less investment advisory fees waived (Note 2)		(4,540	)
Net expenses		124,734
Net investment income		1,302,726
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(97,968	)
Futures contracts		127,688
Net realized gain		29,720
Net change in unrealized appreciation/depreciation on:
Investments		(1,195,358	)
Futures contracts		14,340
Net change in unrealized appreciation/depreciation		(1,181,018	)
Net realized and unrealized loss		(1,151,298	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	151,428

^a  For the period from February 24, 2015 (commencement of operations) to October 31, 2015.

See notes to financial statements.

FINANCIAL STATEMENTS 23

Statement of Changes in Net Assets

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

	Period from Feb. 24, 2015a to Oct. 31, 2015
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,302,726
Net realized gain		29,720
Net change in unrealized appreciation/depreciation		(1,181,018	)
Net increase in net assets resulting from operations		151,428
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,287,832	)
Total distributions to shareholders		(1,287,832	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		74,886,750
Net increase in net assets from capital share transactions		74,886,750
INCREASE IN NET ASSETS		73,750,346
NET ASSETS
Beginning of period		—
End of period	$	73,750,346
Undistributed net investment income included in net assets at end of period	$	14,894
SHARES ISSUED
Shares sold		750,000
Net increase in shares outstanding		750,000

^a  Commencement of operations.

See notes to financial statements.

24 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

(For a share outstanding throughout the period)

	Period from Feb. 24, 2015a to Oct. 31, 2015
Net asset value, beginning of period	$	99.60
Income from investment operations:
Net investment incomeb		1.74
Net realized and unrealized lossc		(1.29	)
Total from investment operations		0.45
Less distributions from:
Net investment income		(1.72	)
Total distributions		(1.72	)
Net asset value, end of period	$	98.33
Total return		0.46	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	73,750
Ratio of expenses to average net assetse		0.25	%
Ratio of expenses to average net assets prior to waived feese		0.26	%
Ratio of net investment income to average net assetse		2.58	%
Portfolio turnover ratef,g		362	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout the period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

^g  Portfolio turnover rate includes to-be-announced (TBA) transactions. See Note 1.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 25

Notes to Financial Statements

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated June 21, 2011.

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
U.S. Fixed Income Balanced Riska	Non-diversified

^a  The fund commenced operations on February 24, 2015.

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

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

• Fixed income investments are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments, and calculated yield measures.

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

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

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

26 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’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.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.

NOTESTO FINANCIAL STATEMENTS 27

Notes to Financial Statements (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of October 31, 2015. The breakdown of the Fund’s investments into major categories is disclosed in its schedule of investments.

	Level 1			Level 2		Level 3		Total
Investments:
Assets:
Corporate Bonds & Notes	$	—		$	67,978,262	$	—	$	67,978,262
U.S. Government & Agency Obligations		—			27,985,610		—		27,985,610
Money Market Funds		9,866,684			—		—		9,866,684
Total	$	9,866,684		$	95,963,872	$	—	$	105,830,556
Derivative Financial Instrumentsa
Assets:
Futures Contracts	$	20,821		$	—	$	—	$	20,821
Liabilities:
Futures Contracts		(6,481	)		—		—		(6,481	)
Total	$	14,340		$	—	$	—	$	14,340

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

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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis.

WHEN-ISSUED/TBA TRANSACTIONS

The Fund may purchase mortgage pass-through securities on a when-issued or to-be-announced (“TBA”) basis, with payment and delivery scheduled for a future date. The Fund may enter into a TBA agreement, sell the obligation to purchase the pools stipulated in the TBA agreement prior to the stipulated settlement date and enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities (a “TBA roll”). A TBA roll is treated by the Fund as a purchase transaction and a sale transaction in which the Fund realizes a gain or loss. The Fund’s use of TBA rolls may cause the Fund to experience higher portfolio turnover and higher transaction costs. The Fund could be exposed to possible risk if there are adverse market actions, expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, the Fund has entered into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the “in-the-money” party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash received as collateral from the counterparty may be reinvested in money market funds, including those managed by the Fund’s investment adviser, or its affiliates. Such collateral, if any, is presented in the statement of assets and liabilities as “Investments in securities – affiliated” and “Payable due to broker for TBA collateral.” Securities pledged as collateral by the Fund, if any, are noted in the schedule of investments.

28 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

The Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities plus the interest accrued on such securities, if any, 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 plus accrued interest, if any. The market value of the loaned securities is determined at the close of each business day of the Fund. Any additional required collateral is delivered to the Fund and any excess collateral is returned by the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, or its affiliates. As of October 31, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedule of investments. The securities on loan for the Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of October 31, 2015 and the total value of the related collateral are disclosed in the statement of assets and liabilities. Income earned by the Fund from securities lending is disclosed in the statement 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 Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. The Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

NOTESTO FINANCIAL STATEMENTS 29

Notes to Financial Statements (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

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

	Market Value of Securities on Loan		Cash Collateral Received a		Net Amount
BNP Paribas Prime Brokerage Inc.	$	13,133	$	13,133	$	—
Citigroup Global Markets Inc.		317,475		317,475		—
Credit Suisse Securities (USA) LLC		789,915		789,915		—
Deutsche Bank Securities Inc.		233,530		233,530		—
Jefferies LLC		1,154,858		1,154,858		—
JPMorgan Clearing Corp.		1,731,818		1,731,818		—
JPMorgan Securities LLC		645,790		645,790		—
Merrill Lynch, Pierce, Fenner & Smith		1,876,154		1,876,154		—
Wells Fargo Securities LLC		1,332,481		1,332,481		—
	$	8,095,154	$	8,095,154	$	—

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

Effective March 26, 2015, for its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.25% based on the average daily net assets of the Fund. In addition, the Fund indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through February 28, 2019 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates, if any.

Prior to March 26, 2015, for its investment advisory services to the Fund, BFA was entitled to an annual investment advisory fee of 0.30%. BFA had contractually agreed to waive a portion of its investment advisory fees for the Fund through February 29, 2016 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other iShares funds, if any. In addition, BFA had contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2016 in an amount equal to 0.05% of average daily net assets. This additional contractual waiver was terminated effective March 26, 2015.

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

30 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

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

For the period ended October 31, 2015, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $3,539.

BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest — affiliated” in the statement of operations.

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

Certain trustees and officers of the Trust 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 period ended October 31, 2015 were as follows:

U.S. Government Obligations				Other Securities
Purchases		Sales		Purchases		Sales
$	359,630,052	$	331,847,263	$	81,100,571	$	11,173,393

There were no in-kind transactions for the period ended October 31, 2015.

4. CAPITAL SHARE TRANSACTIONS

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

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust 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 Trust’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 statement of changes in net assets.

NOTESTO FINANCIAL STATEMENTS 31

Notes to Financial Statements (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

5. FUTURES CONTRACTS

The Fund may purchase or sell futures contracts as part of its investment strategy. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held by the Fund as of October 31, 2015 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Assets
Interest rate contracts:
Variation margin/Net assets consist of – net unrealized appreciationa	$	20,821

^a  Represents cumulative appreciation of futures contracts as reported in the schedule of investments. Only current day’s variation margin is reported seperately within the statement of assets and liabilities.

Liabilities
Interest rate contracts:
Variation margin/Net assets consist of – net unrealized appreciationb	$	6,481

^b  Represents cumulative depreciation of futures contracts as reported in the schedule of investments. Only current day’s variation margin is reported seperately within the statement of assets and liabilities.

The following table shows the realized and unrealized gains (losses) on futures contracts held by the Fund during the period ended October 31, 2015 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Interest rate contracts:
Futures contracts	$	127,688	$	14,340

The following table shows the average quarter-end balances of open futures contracts for the Fund for the period ended October 31, 2015:

Average value of contracts purchased	$	680,500
Average value of contracts sold		(7,858,534	)

32 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

6. PRINCIPAL RISKS

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

MARKET RISK

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

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

The Fund invests a substantial amount of its assets in fixed-income securities. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. Given the environment of historically low interest rates, the Fund may be subject to a greater risk of price losses if interest rates rise.

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

NOTESTO FINANCIAL STATEMENTS 33

Notes to Financial Statements (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

The tax character of distributions paid during the period ended October 31, 2015 was as follows:

	2015
Ordinary income	$	1,287,832

As of October 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gains		Net Unrealized Gains (Losses) a			Total
$ 14,894	$	44,096	$	(1,195,394	)	$	(1,136,404	)

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains (losses) on certain futures contracts.

As of October 31, 2015, the cost of investments for federal income tax purposes was $107,025,949. Net unrealized depreciation was $1,195,393, of which $140,354 represented gross unrealized appreciation on securities and $1,335,747 represented gross unrealized depreciation on securities.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2015, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

8. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund 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.

34 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

iShares U.S. ETF Trust:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of iShares U.S. Fixed Income Balanced Risk ETF (the “Fund”) at October 31, 2015, the results of its operations, the changes in its net assets and its financial highlights for the period February 24, 2015 (commencement of operations) through October 31, 2015, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at October 31, 2015 by correspondence with the custodian, transfer agent and brokers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

December 22, 2015

REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 35

Tax Information (Unaudited)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

The Fund hereby designates $6,168 as the amount of distributions from direct federal obligation interest for the fiscal year ended October 31, 2015. The law varies in each state as to whether and what percentage of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

36 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

Section 19(a) Notices

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

Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
$	1.512765	$	—	$	0.204344	$	1.717109		88	%		—	%		12	%		100	%

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for the Fund, which commenced operations on February 24, 2015. The information shown for the Fund is for five calendar years (or from the inception date of the Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for the Fund are disclosed in the table for the Fund.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

SUPPLEMENTAL INFORMATION 37

Supplemental Information  (Unaudited) (Continued)

iSHARES^® U.S. FIXED INCOME BALANCED RISK ETF

Period Covered: February 24, 2015 through September 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1%		3		1.96	%
Greater than 0.5% and Less than 1.0%		5		3.27
Between 0.5% and –0.5%		143		93.46
Less than –0.5%		2		1.31
		153		100.00	%

38 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information

iSHARES^® U.S. ETF TRUST

The Board of Trustees has responsibility for the overall management and operations of the Trust, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). The Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust and, as a result, oversees a total of 324 funds (as of October 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Trustee and Officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Fund’s Trustees and officers may be found in the Fund’s combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapitoa (58)	Trustee (since 2011).	President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983). Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Trustee of iShares Trust (since 2009); Director of iShares, Inc. (since 2009); Director of BlackRock, Inc. (since 2006).
Mark Wiedmanb (44)	Trustee (since 2013)		Trustee of iShares Trust (since 2013); Director of iShares, Inc. (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

^a Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc.

^b Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

TRUSTEEAND OFFICER INFORMATION 39

Trustee and Officer Information  (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert H. Silver (60)	Trustee (since 2011); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Director of iShares, Inc. (since 2007); Independent Chairman of iShares, Inc. and iShares Trust (since 2012).
Jane D. Carlin (59)	Trustee (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Director of iShares, Inc. (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).
Cecilia H. Herbert (66)	Trustee (since 2011); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005); Director of Forward Funds (34 portfolios) (since 2009).
Charles A. Hurty (72)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

40 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information  (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (60)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005).
John E. Martinez (54)	Trustee (since 2011); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Director of iShares, Inc. (since 2003).
Madhav V. Rajan (51)	Trustee (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Director of iShares, Inc. (since 2011); Director, Cavium, Inc. (since 2013).

TRUSTEEAND OFFICER INFORMATION 41

Trustee and Officer Information  (Continued)

iSHARES^® U.S. ETF TRUST

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).
Jack Gee (56)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).
Benjamin Archibald (40)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director, BlackRock, Inc. (2010-2013).
Charles Park (48)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).
Amy Schioldager (53)	Executive Vice President (since 2011).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).

42 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 43

Notes:

44 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 45

Notes:

46 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

For more information visit www.iShares.com or call 1-800-474-2737

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

A description of the policies that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request, by calling toll-free 1-800-474-2737; on the Fund’s website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund also discloses its complete schedule of portfolio holdings on a daily basis on the Fund’s website.

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1013-1015

OCTOBER 31, 2015

2015 ANNUAL REPORT

iShares U.S. ETF Trust

^Ø   iShares Commodities Select Strategy ETF  |  COMT  |  NASDAQ

Table of Contents

Management’s Discussion of Fund Performance	5
About Fund Performance	8
Shareholder Expenses	8
Consolidated Schedule of Investments	9
Consolidated Financial Statements	13
Consolidated Financial Highlights	16
Notes to Consolidated Financial Statements	17
Report of Independent Registered Public Accounting Firm	27
Tax Information	28
Board Review and Approval of Investment Advisory Contract	29
Supplemental Information	33
Trustee and Officer Information	35

Management’s Discussion of Fund Performance

iSHARES^® COMMODITIES SELECT STRATEGY ETF

GLOBAL EQUITY MARKET OVERVIEW

Global equity markets delivered a flat return for the 12 months ended October 31, 2015 (the “reporting period”), as market volatility late in the reporting period nullified the equity market’s prior gains. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -0.03% for the reporting period.

The reporting period was characterized by a continued divergence in economic growth and central bank policy between the U.S. and the rest of the world. Despite a slowdown in early 2015, the U.S. economy remained one of the strongest economies among developed countries, which motivated the U.S. Federal Reserve Bank (the “Fed”) to scale back its economic stimulus measures. The Fed signaled its intent to raise its short-term interest rate target sometime in 2015. In contrast, weaker economic growth in most other regions of the globe led many of the world’s central banks to take more aggressive actions to stimulate economic activity.

This divergence contributed to a notably stronger U.S. dollar. For the reporting period, the euro, Japanese yen, British pound and Australian dollar declined by 12%, 7%, 3%, and 19% against the U.S. dollar, respectively. Weaker foreign currencies decrease the value of foreign investments measured in U.S. dollars, thereby decreasing returns for U.S. investors, while increasing foreign currencies relative to the U.S. dollar have the opposite effect. Currency performance had a meaningful impact on non-U.S. equity returns for U.S. investors. For example, the MSCI ACWI returned 4.90% in local currency terms for the reporting period.

In commodities markets, energy prices fell sharply amid growing supply — primarily from increased production in the U.S. — and declining global demand. Global energy stocks faced a growing supply-and-demand imbalance in the oil and gas markets, which meant weaker earnings and lower stock prices. Excess supply materialized because of a boom in U.S. shale oil and gas production, driving U.S. oil production to its highest level in more than 40 years. Meanwhile, the Organization of Petroleum Exporting Countries (“OPEC”) chose to maintain its existing production levels. On the demand side, slowing growth in China, the world’s largest consumer of commodities, and other emerging economies led to reduced global demand for energy. Similarly, industrial and precious metals generally declined due to weakening demand. The commodities downturn slowed economic growth in several commodity-producing countries, including Canada, Australia, Brazil, and Russia.

Lower commodities prices contributed to historically low and declining inflation rates in most of the world. Consumer prices were nearly unchanged in the U.S., the European Union, and Japan, while prices in China and India rose at a relatively slow rate. Low inflation and tepid aggregate demand kept the Fed’s zero interest rate policy intact, while central banks throughout the world took aggressive measures to stimulate demand.

Global markets advanced for most of the reporting period, then declined in the final months of the reporting period. The volatility began in China, as slowing economic growth led to a steep drop in China’s equity markets. Plummeting commodity prices amid already subdued inflation also raised concerns about global demand. Currency devaluations in Asia, including China, Vietnam, Pakistan, and Kazakhstan, led to speculation that Asian countries were weakening their currencies to compete for demand. These global events led to further uncertainty about the timing of an expected interest rate increase by the Fed. Nevertheless, global stocks generally stabilized in October 2015, as commodities prices rebounded and Fed policy remained unchanged.

MANAGEMENT’S DISCUSSIONOF FUND PERFORMANCE 5

Management’s Discussion of Fund Performance

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Performance as of October 31, 2015

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		(33.88)%		(31.83)%		(33.88)%		(33.04)%
Fund Market		(34.04)%		(31.87)%		(34.04)%		(33.08)%
S&P GSCI Commodity Total Return Index		(37.89)%		(36.01)%		(37.89)%		(37.19)%

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 10/15/14. The first day of secondary market trading was 10/16/14.

The S&P GSCI^TM Commodity Total Return Index is an unmanaged index that measures the performance of general commodity price movements and inflation in the world economy.

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

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During  Period a		Beginning Account Value (5/1/15)		Ending Account Value (10/31/15)		Expenses Paid During  Period a		Annualized Expense Ratio
$	1,000.00	$	805.20	$	2.18	$	1,000.00	$	1,022.80	$	2.45		0.48%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

6 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Management’s Discussion of Fund Performance (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

The iShares Commodities Select Strategy ETF (the “Fund”) seeks total return by providing investors with broad commodity exposure. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the 12-month reporting period ended October 31, 2015, the total return for the Fund was -33.88%, net of fees.

The Fund declined sharply for the reporting period, reflecting the broad decline in commodity prices and the commodity-oriented segments of the global equity markets. The Fund maintained its broad commodities exposure by investing approximately 70% in commodity-linked futures contracts and 30% in commodity-related stocks during the reporting period.

For the reporting period, the futures portion of the Fund fell sharply, detracting the most from performance. The equity portion of the Fund also declined, largely due to weak performance in energy stocks.

The prices of many commodities fell substantially during the reporting period amid weaker demand resulting from decelerating global economic growth. In particular, slower economic activity in China, one of the world’s leading consumers of commodities, contributed to the decrease in demand for commodities.

Stocks and futures in the energy sector, which comprised about half of the Fund, were the largest detractors during the reporting period. A combination of growing supply, primarily from increased production in the U.S., and declining global demand put downward pressure on energy prices. For the reporting period, the price of oil fell by approximately 42%, while natural gas prices declined by approximately 48%.

Agricultural futures and agriculture-related stocks comprised approximately 14% of the Fund at the end of the reporting period. Decelerating global growth crimped demand for agricultural products, while favorable weather and improved crop yields resulted in higher agricultural product inventories. As a result, many agricultural commodity prices, from wheat to cotton to soybeans, fell during the reporting period.

Metals futures and metals and mining stocks also detracted from Fund performance during the reporting period. Reduced demand for metals, especially from China, weighed on metals prices during the reporting period. Copper, nickel, aluminum, lead, and iron ore were among the metals that experienced the most significant price declines for the reporting period.

ALLOCATION BY SECTOR

As of 10/31/15

Sector/Investment Type % of Net Assets

Base Metal Equities	14.37	%
Energy Equities	9.83
Timber Equities	2.06
Precious Metals Equities	2.06
Agriculture Equities	2.04
Short-term Investments	64.79
Cash	5.22
Other Assets, Less Liabilities	(0.37	)
TOTAL	100.00	%

COMMODITY-LINKED FUTURES

As of 10/31/15

Sector Exposure ¹ % of Net Assets

Energy Futures	40.22	%
Agriculture Futures	12.45
Livestock Futures	9.19
Base Metals Futures	4.65
Precious Metals Futures	0.87
TOTAL	67.38	%

¹ Exposures are calculated as the notional value of the futures contracts adjusted for net unrealized appreciation (depreciation) as a percentage of net assets.

MANAGEMENT’S DISCUSSIONOF FUND PERFORMANCE 7

About Fund Performance

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.ishares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on May 1, 2015 and held through October 31, 2015, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

8 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments

iSHARES^® COMMODITIES SELECT STRATEGY ETF

October 31, 2015

Security	Shares		Value
COMMON STOCKS — 30.32%
AGRICULTURAL & FARM MACHINERY — 0.35%
AGCO Corp.		1,921	$	92,957
CNH Industrial NV		25,464		172,901
Deere & Co.		7,958		620,724
				886,582
AGRICULTURAL PRODUCTS — 0.33%
Archer-Daniels-Midland Co.		12,774		583,261
Bunge Ltd.		3,030		221,069
Fresh Del Monte Produce Inc.		707		32,260
				836,590
ALUMINUM — 1.02%
Alcoa Inc.		256,256		2,288,366
Aluminum Corp. of China Ltd.a,b		30,735		246,802
Constellium NVb		16,676		62,869
				2,598,037
COAL & CONSUMABLE FUELS — 0.05%
Cameco Corp.		6,123		86,763
CONSOL Energy Inc.		3,543		23,596
Yanzhou Coal Mining Co. Ltd.		2,757		13,206
				123,565
DIVERSIFIED METALS & MINING — 13.35%
BHP Billiton Ltd. ADR		352,180		11,583,200
BHP Billiton PLC		231,777		7,474,808
Freeport-McMoRan Inc.		249,506		2,936,685
HudBay Minerals Inc.		51,403		267,810
Nevsun Resources Ltd.		43,972		131,916
Rio Tinto PLC ADR		272,174		9,937,073
Teck Resources Ltd. Class B		101,886		598,071
Turquoise Hill Resources Ltd.b		216,120		587,846
Vedanta Ltd. ADR		60,019		358,914
				33,876,323
FERTILIZERS & AGRICULTURAL CHEMICALS — 1.36%
Agrium Inc.a		3,728		346,965
CF Industries Holdings Inc.		6,084		308,885
Israel Chemicals Ltd.b		13,315		73,765
Monsanto Co.		12,190		1,136,352
Mosaic Co. (The)		8,802		297,419
Potash Corp. of Saskatchewan Inc.		21,706		439,112
Sociedad Quimica y Minera de Chile SA ADR		2,420		46,900
Syngenta AG ADR		12,108		814,747
				3,464,145

Security	Shares		Value
FOREST PRODUCTS — 0.02%
Deltic Timber Corp.		766	$	47,461
				47,461
GOLD — 1.81%
Agnico Eagle Mines Ltd.		14,178		401,096
Alamos Gold Inc. Class Ab		16,747		64,308
AngloGold Ashanti Ltd.b		26,358		222,462
B2Gold Corp.a,b		60,724		64,975
Barrick Gold Corp.		76,021		584,601
Cia. de Minas Buenaventura SA ADR		12,105		77,593
Eldorado Gold Corp.		46,970		164,395
Franco-Nevada Corp.		10,237		518,914
Gold Fields Ltd.		45,455		115,001
Goldcorp Inc.		54,192		694,741
Harmony Gold Mining Co. Ltd.b		24,283		16,423
IAMGOLD Corp.b		25,655		46,179
Kinross Gold Corp.b		75,135		151,021
New Gold Inc.b		33,370		81,756
Newmont Mining Corp.		34,533		672,012
NovaGold Resources Inc.a,b		15,209		55,057
Pretium Resources Inc.a,b		6,942		41,583
Primero Mining Corp.a,b		10,649		24,386
Randgold Resources Ltd. ADR		5,991		400,618
Sibanye Gold Ltd.		10,628		69,401
Yamana Gold Inc.		62,043		135,874
				4,602,396
INTEGRATED OIL & GAS — 5.33%
BP PLC ADR		35,517		1,267,957
Cenovus Energy Inc.		9,778		145,790
Chevron Corp.		22,019		2,001,087
China Petroleum & Chemical Corp.		2,991		215,591
Ecopetrol SA ADR		2,846		26,525
Eni SpA		15,717		512,374
Exxon Mobil Corp.		48,788		4,036,719
Imperial Oil Ltd.		2,984		99,218
InterOil Corp.b		471		18,020
Occidental Petroleum Corp.		8,930		665,642
Petrobras Argentina SA ADR		797		5,005
PetroChina Co. Ltd.		2,476		194,688
Petroleo Brasileiro SA ADRb		17,468		85,244
Royal Dutch Shell PLC Class A ADR		23,013		1,207,262
Royal Dutch Shell PLC Class B ADR		14,337		755,417

CONSOLIDATED SCHEDULEOF INVESTMENTS 9

Consolidated Schedule of Investments (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

October 31, 2015

Security	Shares		Value
Sasol Ltd.		5,957	$	191,577
Statoil ASA		12,358		199,705
Suncor Energy Inc.		16,892		502,199
Total SA ADR		28,263		1,363,125
YPF SA ADR		2,224		47,505
				13,540,650
OIL & GAS DRILLING — 0.16%
Diamond Offshore Drilling Inc.		884		17,574
Ensco PLC Class A		3,231		53,732
Helmerich & Payne Inc.		1,477		83,111
Nabors Industries Ltd.		3,999		40,150
Noble Corp. PLC		3,316		44,666
Ocean Rig UDW Inc.		899		1,924
Pacific Drilling SAb		717		1,147
Precision Drilling Corp.		4,014		15,855
Rowan Companies PLC Class A		1,710		33,653
Seadrill Ltd.a		4,798		31,043
Transocean Ltd.a		4,683		74,132
				396,987
OIL & GAS EQUIPMENT & SERVICES — 0.91%
Amec Foster Wheeler PLC ADR		4,128		45,078
Baker Hughes Inc.		4,570		240,748
C&J Energy Services Ltd.a,b		453		2,260
Cameron International Corp.b		2,006		136,428
CGGa,b		1,785		7,229
Core Laboratories NV		442		51,418
FMC Technologies Inc.b		2,404		81,327
Frank’s International NV		345		5,920
Halliburton Co.		8,902		341,659
McDermott International Inc.b		2,407		11,096
National Oilwell Varco Inc.		4,021		151,350
Oceaneering International Inc.		1,025		43,071
Schlumberger Ltd.		13,205		1,032,103
Superior Energy Services Inc.		1,537		21,764
Tenaris SA ADR		2,473		62,493
Weatherford International PLCb		8,122		83,169
				2,317,113
OIL & GAS EXPLORATION & PRODUCTION — 1.97%
Advantage Oil & Gas Ltd.b		2,202		12,265
Anadarko Petroleum Corp.		6,522		436,191
Antero Resources Corp.a,b		1,001		23,594
Apache Corp.		4,877		229,853
Baytex Energy Corp.		2,673		10,879
Bellatrix Exploration Ltd.b		2,134		3,500
Cabot Oil & Gas Corp.		5,339		115,910

Security	Shares		Value
Canadian Natural Resources Ltd.		14,036	$	325,916
Chesapeake Energy Corp.a		6,671		47,564
Cimarex Energy Co.		1,218		143,797
CNOOC Ltd.a		2,074		235,772
Cobalt International Energy Inc.b		4,329		33,203
Concho Resources Inc.b		1,552		179,892
ConocoPhillips		15,850		845,598
Continental Resources Inc./OKa,b		1,059		35,911
Crescent Point Energy Corp.		6,484		88,377
Devon Energy Corp.		4,989		209,189
Encana Corp.		10,848		82,770
Energen Corp.		1,017		59,139
Enerplus Corp.		2,660		12,529
EOG Resources Inc.		7,057		605,843
EQT Corp.		1,966		129,894
Hess Corp.		3,111		174,869
Kosmos Energy Ltd.a,b		1,849		12,610
Marathon Oil Corp.		8,737		160,586
Murphy Oil Corp.		2,095		59,561
Noble Energy Inc.		5,484		196,547
Pengrowth Energy Corp.		6,435		6,390
Penn West Petroleum Ltd.		5,584		6,533
Pioneer Natural Resources Co.		1,926		264,132
QEP Resources Inc.		2,074		32,064
Range Resources Corp.		2,185		66,511
Southwestern Energy Co.b		4,960		54,758
Ultra Petroleum Corp.a,b		1,977		10,834
Vermilion Energy Inc.		1,421		50,062
Whiting Petroleum Corp.b		2,634		45,384
				5,008,427
OIL & GAS REFINING & MARKETING — 0.44%
Cosan Ltd.		1,538		5,383
HollyFrontier Corp.		1,662		81,388
Marathon Petroleum Corp.		4,731		245,066
Phillips 66		4,218		375,613
Tesoro Corp.		1,085		116,019
Valero Energy Corp.		4,383		288,927
				1,112,396
OIL & GAS STORAGE & TRANSPORTATION — 0.93%
Aegean Marine Petroleum Network Inc.		352		2,746
Cheniere Energy Inc.b		2,746		135,982
DHT Holdings Inc.		1,033		8,119
Dorian LPG Ltd.b		307		3,616
Enbridge Inc.		9,897		422,503

10 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

October 31, 2015

Security	Shares		Value
Euronav SAb		1,367	$	20,450
GasLog Ltd.a		412		4,767
Golar LNG Ltd.a		1,019		29,561
Kinder Morgan Inc./DE		20,781		568,360
Navigator Holdings Ltd.b		347		4,973
Navios Maritime Acquisition Corp.		803		2,875
Nordic American Tankers Ltd.		1,036		15,830
ONEOK Inc.		2,428		82,358
Pembina Pipeline Corp.		3,981		100,003
Scorpio Tankers Inc.		1,992		18,167
Ship Finance International Ltd.		683		11,672
Spectra Energy Corp.		7,798		222,789
Teekay Corp.		549		17,639
Teekay Tankers Ltd. Class A		1,046		7,991
TransCanada Corp.		8,230		276,446
Tsakos Energy Navigation Ltd.		770		6,907
Ultrapar Participacoes SA ADR		5,038		87,208
Williams Companies Inc. (The)		7,872		310,472
				2,361,434
PAPER PACKAGING — 0.68%
Packaging Corp. of America		6,709		459,231
Sonoco Products Co.		6,958		297,037
WestRock Co.		17,989		967,089
				1,723,357
PAPER PRODUCTS — 0.63%
Fibria Celulose SA ADR		15,280		206,585
International Paper Co.		28,746		1,227,167
KapStone Paper and Packaging Corp.		5,909		128,521
Resolute Forest Products Inc.b		6,546		48,899
				1,611,172
PRECIOUS METALS & MINERALS — 0.06%
Dominion Diamond Corp.b		4,416		46,633
Tahoe Resources Inc.		11,602		96,877
				143,510
SILVER — 0.19%
First Majestic Silver Corp.a,b		7,939		26,278
Fortuna Silver Mines Inc.b		8,385		21,885
Pan American Silver Corp.		9,851		74,572
Silver Wheaton Corp.		26,125		355,039
				477,774
SPECIALIZED REITS — 0.73%
CatchMark Timber Trust Inc. Class A		2,728		29,872

Security	Shares or Principal		Value
Plum Creek Timber Co. Inc.a		12,000	$	488,880
Potlatch Corp.		2,806		87,659
Rayonier Inc.		8,686		196,738
Weyerhaeuser Co.a		35,395		1,038,135
				1,841,284
TOTAL COMMON STOCKS
(Cost: $100,755,748)				76,969,203
PREFERRED STOCKS — 0.04%
INTEGRATED OIL & GAS — 0.04%
Petroleo Brasileiro SA ADRb		23,995		95,740
				95,740
TOTAL PREFERRED STOCKS
(Cost: $216,395)				95,740
SHORT-TERM INVESTMENTS — 64.79%
MONEY MARKET FUNDS — 6.89%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.19%c,d,e		1,659,071		1,659,071
BlackRock Cash Funds: Prime, SL Agency Shares
0.19%c,d,e		85,847		85,847
BlackRock Cash Funds: Treasury, SL Agency Shares
0.02%c,d,f		15,745,991		15,745,991
				17,490,909
U.S. GOVERNMENT OBLIGATIONS — 57.90%
U.S. Treasury Billg
0.01%, 12/24/15	$	22,000,000		21,998,680
0.02% - 0.13%, 12/31/15		33,000,000		32,997,294
0.00% - 0.11%, 01/07/16		47,000,000		46,993,984
0.00%, 01/14/16		45,000,000		44,992,575
				146,982,533
TOTAL SHORT-TERM INVESTMENTS
(Cost: $164,475,731)				164,473,442

CONSOLIDATED SCHEDULEOF INVESTMENTS 11

Consolidated Schedule of Investments (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

October 31, 2015

	Value
TOTAL INVESTMENTS IN SECURITIES — 95.15%
(Cost: $265,447,874)	$	241,538,385
Other Assets, Less Liabilities — 4.85%		12,318,436
NET ASSETS — 100.00%	$	253,856,821

ADR — American Depositary Receipts

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

^b  Non-income earning security.

^c  Affiliated issuer. See Note 2.

^d  The rate quoted is the annualized seven-day yield of the fund at period end.

^e  All or a portion of this security represents an investment of securities lending collateral. See Note 1.

^f  Includes portion held by the Subsidiary in the amount of $6,890,511.

^g  Rates shown are the discount rate or range of discount rates at time of purchase.

Open futures contracts as of October 31, 2015 were as follows^h:

Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Notional Value		Unrealized Appreciation (Depreciation)
Aluminum		107		Feb. 2016		London Metal	$	3,956,325	$	(304,953)
Brent Crude Oil		790		Aug. 2016		New York Mercantile		43,402,600		(1,165,580)
Cocoa		30		May 2016		ICE Futures U.S.		976,500		7,320
Coffee		32		Mar. 2016		ICE Futures U.S.		1,491,000		(120,900)
Copper		42		Jan. 2016		London Metal		5,371,800		(129,257)
Corn		436		May 2016		Chicago Board of Trade		8,660,050		169,558
Cotton		75		Mar. 2016		ICE Futures U.S.		2,362,500		35,052
Feeder Cattle		38		Jan. 2016		Chicago Mercantile		3,480,800		72,931
Gold		17		Dec. 2015		COMEX		1,940,380		49,720
KC Red Wheat		61		Mar. 2016		Chicago Board of Trade		1,555,500		(258,970)
Lead		21		Apr. 2016		London Metal		895,913		(4,142)
Lean Hogs		249		Dec. 2015		Chicago Mercantile		5,896,320		(388,837)
Live Cattle		265		Jun. 2016		Chicago Mercantile		14,074,150		205,112
Natural Gas		626		Apr. 2016		New York Mercantile		15,343,260		(3,182,047)
Nickel		14		May 2016		London Metal		847,140		(25,283)
Silver		3		Mar. 2016		COMEX		234,225		(5,609)
Soybean		123		Mar. 2016		Chicago Board of Trade		5,465,813		(38,324)
Sugar		220		May 2016		ICE Futures U.S.		3,491,488		521,174
Wheat		274		Mar. 2016		Chicago Board of Trade		7,199,350		93,430
WTI Crude Oil		964		Jul. 2016		ICE Futures Europe		48,826,600		(1,134,727)
Zinc		29		Apr. 2016		London Metal		1,247,906		(47,371)
Net Unrealized Depreciation									$	(5,651,703)

^h Represents positions held in the Subsidiary.

See notes to consolidated financial statements.

12 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statement of Assets and Liabilities

iSHARES^® COMMODITIES SELECT STRATEGY ETF

October 31, 2015

ASSETS
Investments, at cost:
Unaffiliated	$	247,956,965
Affiliated (Note 2)		17,490,909
Total cost of investments	$	265,447,874
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	224,047,476
Affiliated (Note 2)		17,490,909
Total fair value of investments		241,538,385
Foreign currency, at valueb		68
Cashc		2,796
Cash pledged to brokerc		13,247,471
Receivables:
Dividends and interest		82,514
Futures variation marginc		1,433,800
Tax reclaims		13,270
Total Assets		256,318,304
LIABILITIES
Payables:
Investment securities purchased		101,178
Collateral for securities on loan (Note 1)		1,744,918
Futures variation marginc		510,198
Foreign taxes (Note 1)		202
Investment advisory fees (Note 2)		104,987
Total Liabilities		2,461,483
NET ASSETS	$	253,856,821
Net assets consist of:
Paid-in capital	$	288,144,460
Distributions in excess of net investment income		(1,548,514	)
Accumulated net realized loss		(3,178,680	)
Net unrealized depreciation		(29,560,445	)
NET ASSETS	$	253,856,821
Shares outstandingd		7,700,000
Net asset value per share	$	32.97

^a  Securities on loan with a value of $1,686,640. See Note 1.

^b  Cost of foreign currency: $68.

^c  Represents an asset or liability of the Subsidiary.

^d  No par value, unlimited number of shares authorized.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 13

Consolidated Statement of Operations

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Year ended October 31, 2015

NET INVESTMENT INCOME
Dividends — unaffiliateda	$	2,418,328
Interest — unaffiliated		11,117
Interest — affiliated (Note 2)		1,163
Securities lending income — affiliated — net (Note 2)		18,731
Total investment income		2,449,339
EXPENSES
Investment advisory fees (Note 2)		1,012,214
Total expenses		1,012,214
Less investment advisory fees waived (Note 2)		(3,032	)
Net expenses		1,009,182
Net investment income		1,440,157
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,708,483	)
In-kind redemptions — unaffiliated		66,071
Futures contracts		(36,677,133	)
Foreign currency transactions		(549	)
Net realized loss		(40,320,094	)
Net change in unrealized appreciation/depreciation on:
Investments		(24,066,243	)
Futures contracts		(5,753,014	)
Translation of assets and liabilities in foreign currencies		3
Net change in unrealized appreciation/depreciation		(29,819,254	)
Net realized and unrealized loss		(70,139,348	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(68,699,191	)

^a  Net of foreign withholding tax of $72,596.

See notes to consolidated financial statements.

14 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets

iSHARES^® COMMODITIES SELECT STRATEGY ETF

	Year ended October 31, 2015			Period from October 15, 2014a to October 31, 2014
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,440,157		$	(2,015	)
Net realized loss		(40,320,094	)		—
Net change in unrealized appreciation/depreciation		(29,819,254	)		258,809
Net increase (decrease) in net assets resulting from operations		(68,699,191	)		256,794
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(3,140,724	)		—
Return of capital		(31,122	)		—
Total distributions to shareholders		(3,171,846	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		323,459,573			20,016,294
Cost of shares redeemed		(18,004,803	)		—
Net increase in net assets from capital share transactions		305,454,770			20,016,294
INCREASE IN NET ASSETS		233,583,733			20,273,088
NET ASSETS
Beginning of period		20,273,088			—
End of period	$	253,856,821		$	20,273,088
Distributions in excess of net investment income included in net assets at end of period	$	(1,548,514	)	$	(2,015	)
SHARES ISSUED AND REDEEMED
Shares sold		7,800,000			400,000
Shares redeemed		(500,000	)		—
Net increase in shares outstanding		7,300,000			400,000

^a  Commencement of operations.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 15

Consolidated Financial Highlights

iSHARES^® COMMODITIES SELECT STRATEGY ETF

(For a share outstanding throughout each period)

	Year ended Oct. 31, 2015			Period from Oct. 15, 2014a to Oct. 31, 2014
Net asset value, beginning of period	$	50.68		$	50.04
Income from investment operations:
Net investment income (loss)b		0.26			(0.01	)
Net realized and unrealized gain (loss)c		(17.35	)		0.65
Total from investment operations		(17.09	)		0.64
Less distributions from:
Net investment income		(0.61	)		—
Return of capital		(0.01	)		—
Total distributions		(0.62	)		—
Net asset value, end of period	$	32.97		$	50.68
Total return		(33.88	)%		1.28	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	253,857		$	20,273
Ratio of expenses to average net assetse		0.48	%		0.48	%
Ratio of expenses to average net assets prior to waived feese		0.48	%		n/a
Ratio of net investment income (loss) to average net assetse		0.68	%		(0.23	)%
Portfolio turnover ratef		76	%		0	%

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to consolidated financial statements.

16 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements

iSHARES^® COMMODITIES SELECT STRATEGY ETF

iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust was established as a Delaware statutory trust pursuant to an Agreement and Declaration of Trust dated June 21, 2011.

These consolidated financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
Commodities Select Strategy	Non-diversified

The Fund carries out its investment strategies associated with investment in commodity-linked futures contracts and other derivatives (“commodity-linked investments”) by investing up to 25% of its total assets in iShares Commodities Strategy Cayman Ltd., a wholly-owned subsidiary organized in the Cayman Islands (the “Subsidiary”). The investment adviser of the Fund also serves as the investment adviser to the Subsidiary. Investments in the Subsidiary enable the Fund to hold the commodity-linked investments and satisfy regulated investment company tax requirements. The accompanying consolidated schedule of investments and consolidated financial statements for the Fund include the positions and accounts, respectively, of its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated.

The following table shows a summary of selected financial information of the Subsidiary included in the consolidated financial statements of the Fund, as of and for the year ended October 31, 2015:

Consolidated Statement of Assets and Liabilities
Total Assets	$21,574,800
Total Liabilities	510,198
Net Assets	$21,064,602

Consolidated Statement of Operations
Net investment income	$              336
Net realized gain (loss) from:
Futures contracts	(36,677,133)
Net change in unrealized appreciation/depreciation on:
Futures contracts	(5,753,014)
Net increase (decrease) in net assets resulting from operations	$(42,429,811)

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 17

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

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

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

• Fixed income investments are valued at the last available bid price received from independent pricing services. In determining the value of a fixed income investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments, and calculated yield measures.

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

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

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued based upon other available factors deemed relevant by the Global Valuation Committee, in accordance with policies approved by the Board. These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Trust’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.

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement

18 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 — Unobservable inputs for the asset or liability, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period.

The following table summarizes the value of each of the Fund’s investments according to the fair value hierarchy as of October 31, 2015. The breakdown of the Fund’s investments into major categories is disclosed in its consolidated schedule of investments.

	Level 1			Level 2		Level 3		Total
Investments:
Assets:
Common Stocks	$	76,969,203		$	—	$	—	$	76,969,203
Preferred Stocks		95,740			—		—		95,740
Money Market Funds		17,490,909			—		—		17,490,909
U.S. Government Obligations		—			146,982,533		—		146,982,533
Total	$	94,555,852		$	146,982,533	$	—	$	241,538,385
Derivative Financial Instruments:a
Assets:
Futures Contracts	$	1,154,297		$	—	$	—	$	1,154,297
Liabilities:
Futures Contracts		(6,806,000	)		—		—		(6,806,000	)
Total	$	(5,651,703	)	$	—	$	—	$	(5,651,703	)

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of October 31, 2015 are reflected in tax reclaims receivable. Non-cash dividends received in the form of stock in an elective dividend, if any, are recorded as dividend income at fair value. Distributions received by the Fund may include a return of

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 19

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

FOREIGN CURRENCY TRANSLATION

The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

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

FOREIGN TAXES

The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its consolidated statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes,” and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2015, if any, are disclosed in the Fund’s consolidated statement of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

The Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund. Any additional required collateral is delivered to the Fund and any excess collateral is returned by the Fund on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Any cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors

20 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

(“BFA”), the Fund’s investment adviser, or its affiliates. As of October 31, 2015, any securities on loan were collateralized by cash. The cash collateral received was invested in money market funds managed by BFA and is disclosed in the consolidated schedule of investments. The securities on loan for the Fund are also disclosed in its consolidated schedule of investments. The total value of any securities on loan as of October 31, 2015 and the total value of the related collateral are disclosed in the consolidated statement of assets and liabilities. Income earned by the Fund from securities lending is disclosed in the consolidated statement 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 Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities lent. The Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

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

Counterparty	Market Value of Securities on Loan		Cash  Collateral Received a		Net Amount
BNP Paribas Prime Brokerage Inc.	$	2,679	$	2,679	$	—
Citigroup Global Markets Inc.		102,900		102,900		—
Credit Suisse Securities (USA) LLC		190,843		190,843		—
Deutsche Bank Securities Inc.		399,752		399,752		—
Jefferies LLC		21,858		21,858		—
JPMorgan Clearing Corp.		792,270		792,270		—
Merrill Lynch, Pierce, Fenner & Smith		83,268		83,268		—
State Street Bank & Trust Company		93,070		93,070		—
	$	1,686,640	$	1,686,640	$	—

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

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except interest, taxes, brokerage commissions and other expenses connected with the execution of portfolio transactions, distribution fees, litigation expenses and any extraordinary expenses.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 21

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the Fund and the Subsidiary.

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.48% based on the average daily net assets of the Fund. In addition, the Fund indirectly pays its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). Effective February 23, 2015, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through February 28, 2019 in an amount equal to the acquired fund fees and expenses attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates, if any.

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

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

Prior to January 1, 2015, the Fund retained 75% of securities lending income and the amount retained was never less than 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 the iShares ETF Complex in the calendar year 2014 exceeded the aggregate securities lending income generated across the iShares ETF Complex in the calendar year 2013 and pursuant to a securities lending agreement, the Fund retained for the remainder of the calendar year 2014, 80% of securities lending income and the amount retained was never less than 70% of the total of securities lending income plus the collateral investment fees.

For the year ended October 31, 2015, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $5,067.

BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

22 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is included in “Interest – affiliated” in the consolidated statement of operations.

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

Certain trustees and officers of the Trust 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 year ended October 31, 2015, were $50,329,813 and $54,559,912, respectively.

In-kind purchases and sales (see Note 4) for the year ended October 31, 2015, were $108,740,369 and $5,320,429, respectively.

4. CAPITAL SHARE TRANSACTIONS

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

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

5. FUTURES CONTRACTS

The Fund may purchase or sell futures contracts as part of its investment strategy. A futures contract is a standardized, exchange-traded agreement to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 23

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

The following table shows the value of futures contracts held as of October 31, 2015 and the related locations in the consolidated statement of assets and liabilities, presented by risk exposure category:

Assets
Commodity contracts:
Variation margin/Net assets consist of — net unrealized depreciationa	$	1,154,297

^a  Represents cumulative appreciation of futures contracts as reported in the consolidated schedule of investments. Only current day’s variation margin is reported separately within the consolidated statement of assets and liabilities.

Liabilities
Commodity contracts:
Variation margin/Net assets consist of — net unrealized depreciationb	$	6,806,000

^b  Represents cumulative depreciation of futures contracts as reported in the consolidated schedule of investments. Only current day’s variation margin is reported separately within the consolidated statement of assets and liabilities.

The following table shows the realized and unrealized gains (losses) on futures contracts held during the year ended October 31, 2015 and the related locations in the consolidated statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/Depreciation
Commodity contracts:
Futures contracts	$	(36,677,133	)	$	(5,753,014	)

The following table shows the average quarter-end balances of open futures contracts for the year ended October 31, 2015:

Average value of contracts purchased $ 125,103,636

6. PRINCIPAL RISKS

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

MARKET RISK

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

24 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

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

The Fund invests a substantial amount of its assets in securities of non-U.S. issuers that trade in non-U.S. markets. This involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets; and the risk of war. These risks are heightened for investments in issuers from countries with less developed markets.

The Fund invests all or substantially all of its assets in securities and derivatives linked to commodities or commodities markets. Commodity prices may be influenced or characterized by unpredictable factors, including, where applicable, high volatility, changes in supply and demand relationships, weather, agriculture, trade, pestilence, political instability, changes in interest rates and monetary and other governmental policies. Securities of companies held by the Fund that are dependent on a single commodity, or are concentrated in a single commodity sector, may typically exhibit volatility attributable to commodity prices.

CREDIT RISK

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

7. INCOME TAX INFORMATION

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

Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes and any net income or net gains will pass through to the Fund as such. Accordingly, the net investment income (loss) and realized gains (losses) reported in the Fund’s financial statements for such investments held by the Subsidiary may differ significantly from distributions. In addition, if a net loss is realized by the Subsidiary in any taxable year, the loss will not be available to offset the Fund’s ordinary income and/or capital gains for that year.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 25

Notes to Consolidated Financial Statements (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

October 31, 2015, attributable to foreign currency transactions, the character of income (losses) from a wholly owned foreign subsidiary and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

Paid-in Capital	Undistributed Net Investment Income/Distributions in Excess of Net Investment Income		Undistributed Net Realized Gain/Accumulated Net Realized Loss
$ (37,295,482)	$	154,068	$	37,141,414

The tax character of distributions paid during the years ended October 31, 2015 and October 31, 2014 were as follows:

	2015		2014
Ordinary income	$	3,140,724		N/A
Return of capital		31,122		N/A
	$	3,171,846		N/A

As of October 31, 2015, the tax components of accumulated net earnings (losses) were as follows:

Capital Loss Carryforwards	Net Unrealized Gains (Losses) a		Total
$  (2,622,925)	$	(31,664,714)	$	(34,287,639)

^a  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

As of October 31, 2015, the Fund had non-expiring capital loss carryforwards in the amount of $2,622,925 available to offset future realized capital gains.

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

As of October 31, 2015, the cost of investments for federal income tax purposes was $267,552,143. Net unrealized depreciation was $26,013,758, of which $215,891 represented gross unrealized appreciation on securities and $26,229,649 represented gross unrealized depreciation on securities.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s consolidated financial statements.

8. SUBSEQUENT EVENTS

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

26 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of

iShares U.S. ETF Trust:

In our opinion, the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, and the related consolidated statements of operations and of changes in net assets and the consolidated financial highlights present fairly, in all material respects, the financial position of iShares Commodities Select Strategy ETF and its subsidiary (the “Fund”) at October 31, 2015, the results of its operations, the changes in its net assets and its financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These consolidated financial statements and consolidated financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

December 22, 2015

REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 27

Tax Information (Unaudited)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Under Section 854(b)(2) of the Internal Revenue Code (the “Code”), the Fund hereby designates the maximum amount of $3,079,718 as qualified dividend income for purposes of the maximum rate under Section 1(h)(11) of the Code for the fiscal year ended October 31, 2015.

In February 2016, shareholders will receive Form 1099-DIV which will include their share of qualified dividend income distributed during the calendar year 2015. Shareholders are advised to check with their tax advisers for information on the treatment of these amounts on their income tax returns.

For corporate shareholders, the percentage of income dividends paid by the Fund during the fiscal year ended October 31, 2015 that qualified for the dividends-received deduction was 17.18%.

28 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required annually to consider and approve the Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”), and the Sub-Advisory Agreement between BFA and BlackRock International Limited (“BIL”) (the “Sub-Advisory Agreement”), on behalf of the Fund. The Advisory Contract and the Sub-Advisory Agreement are referred to hereafter as the “Advisory Agreements”. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. A committee of Independent Trustees (the “15(c) Committee”), with independent counsel, met with management on May 1, 2015 and May 6, 2015, to discuss the types of information the Independent Trustees required and the manner in which management would organize and present such information. At a meeting held on May 21, 2015, management presented preliminary information to the Board relating to the continuance of the Advisory Agreements, and the Board, including the Independent Trustees, reviewed and discussed such information at length. The Independent Trustees requested from management certain additional information, which management agreed to provide. At a meeting held on June 24-25, 2015, the Board, including the Independent Trustees, reviewed the additional information provided by management in response to these requests. After extensive discussions, the Board, including all of the Independent Trustees, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA, including the additional information management provided at the request of the Independent Trustees. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Board also noted that the Board and BFA agreed to discuss potential enhancements and adjustments to the 15(c) process for the coming year. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Agreements for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

Expenses and Performance of the Fund — The Board reviewed statistical information prepared by Lipper Inc. (“Lipper”), an independent provider of investment company data, regarding the expense ratio components, including actual advisory fees, waivers/reimbursements, and gross and net total expenses of the Fund in comparison with the same information for other exchange traded funds (including, where applicable, funds sponsored by an “at cost” service provider) and, in the limited instances where no comparable ETFs existed and the comparison group would not otherwise be reasonable in Lipper’s judgment, pure index institutional mutual funds, objectively selected by Lipper as comprising the Fund’s applicable peer group pursuant to Lipper’s proprietary ETF methodology (the “Lipper Group”). The Board was provided with a detailed description of Lipper’s proprietary ETF methodology used by Lipper to determine the Fund’s Lipper Group. The Board further noted that due to the limitations in providing comparable funds in the Lipper Group, the statistical information provided in Lipper’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Lipper Group. The Board also noted that BFA pays BIL for its sub-advisory services, and that there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement.

In addition, the Board reviewed statistical information prepared by Lipper regarding the performance of the Fund for the one-, three-, five-, ten-year, and since inception periods, as applicable, and the “last quarter” period ended December 31, 2014, and a comparison of the Fund’s performance to its performance benchmark index for the same periods. To the extent that any of the comparison funds included in the Lipper Group track the same index as the Fund, Lipper also provided, and the Board reviewed, a comparison of the Fund’s performance to that of such relevant comparison funds for the same periods. The Board noted that the Fund generally performed in line with its performance benchmark index over the relevant periods. In considering this

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 29

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

information, the Board noted that the Lipper Group may include funds that have a different investment objective and/or benchmark from the Fund. In addition, the Board noted that the Fund seeks to track its own investment strategy or investment mandate and that, during the prior year, the Board received periodic reports on the Fund’s performance in comparison with its investment strategy or investment mandate. Such periodic comparative performance information, including detailed information on certain specific iShares funds requested by the Boards, was also considered.

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

Nature, Extent and Quality of Services Provided by BFA and BIL or their Affiliates — Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to shareholder servicing and support, the Board expected that there would be no diminution in the scope of services required of or provided by BFA (and any services provided by BIL on BFA’s behalf or at BFA’s direction) under the Advisory Agreements for the coming year as compared to the scope of services provided by BFA and BIL during prior years. In reviewing the scope of these services, the Board considered the investment philosophy and experience of BFA and BIL, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board acknowledged that resources to support the iShares funds and their shareholders have been added or enhanced in recent years. The Board also considered the compliance program of BFA and BIL and their compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the June 24-25, 2015 meeting and throughout the previous year, and matters related to BFA’s and BIL’s portfolio compliance policies and procedures, and BFA’s oversight of the services provided by BIL. The Board noted that the Fund had met its investment objective consistently since its inception date.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided by BFA and BIL to the Fund under the Advisory Agreements supported the Board’s approval of the continuance of the Advisory Agreements for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates — The Board reviewed information about the profitability to BlackRock of the Fund based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreements), and all other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s profitability methodology for the iShares funds, noting that the 15(c) Committee had focused on the methodology and proposed presentation during its meetings. The Board discussed the sources of direct and ancillary revenue with management, including the revenues to BTC from securities lending by the Fund. The Board also discussed BFA’s profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below). Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors considered.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets, noting that the issue of economies of scale had been focused on extensively by the

30 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

15(c) Committee during its meetings and addressed by management. The Board and the 15(c) Committee reviewed information provided by BFA regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board and the 15(c) Committee received information regarding BlackRock’s historical profitability, including BFA’s and its affiliates’ costs in providing services. The cost information distinguished between fixed and variable costs, and explained how the level of fixed and variable costs, as well as the nature of such costs, may impact the existence or size of scale benefits. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale exist in the future, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

Based on this review, as well as the other factors considered at the meeting, the Board, recognizing its responsibility to consider this issue periodically, determined to approve the continuance of the Advisory Agreements for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates — The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end and closed-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, separately managed accounts, and institutional separate accounts (together, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the Fund, including in terms of the different, generally more extensive services provided to the Fund, as well as other significant differences in the approach of BFA and its affiliates to the Fund, on one hand, and Other Accounts, on the other. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded exchange traded fund, as compared to the Other Accounts that are institutional clients in light of differing regulatory requirements and client-imposed mandates. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for the Other Accounts that are institutional clients of BFA (or its affiliates) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — The Board reviewed the “fallout” benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s profitability methodology), and payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board noted that BFA and BIL generally do not use soft dollars or consider the value of research or other services that may be provided to BFA and BIL (including their affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 31

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.

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

32 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Section 19(a) Notices

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

Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
$	0.511409	$	—	$	0.113283	$	0.624692		82	%		—	%		18	%		100	%

Premium/Discount Information

The Premium/Discount Information section is intended to present information about the differences between the daily market price on secondary markets for shares of a fund and that fund’s NAV. NAV is the price at which a fund issues and redeems shares. It is calculated in accordance with the standard formula for valuing mutual fund shares. The “Market Price” of a fund generally is determined using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which the shares of such fund are listed for trading, as of the time that the fund’s NAV is calculated. A fund’s Market Price may be at, above or below its NAV. The NAV of a fund will fluctuate with changes in the fair value of its portfolio holdings. The Market Price of a fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a fund is trading below the reported NAV, expressed as a percentage of the NAV.

The following information shows the frequency of distributions of premiums and discounts for the Fund. The information shown for the Fund is for five calendar years (or from the inception date of the Fund if less than five years) through the date of the most recent calendar quarter-end. The specific periods covered for the Fund are disclosed in the table for the Fund.

SUPPLEMENTAL INFORMATION 33

Supplemental Information (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. The number of trading days in each premium/discount range is also shown as a percentage of the total number of trading days in the period covered by each table. All data presented here represents past performance, which cannot be used to predict future results.

Period Covered: October 15, 2014 through September 30, 2015

Premium/Discount Range	Number of Days		Percentage of Total Days
Greater than 1.0%		1		0.41	%
Greater than 0.5% and Less than 1.0%		5		2.07
Between 0.5% and  –0.5%		215		89.22
Less than  –0.5% and Greater than  –1.0%		20		8.30
		241		100.00	%

34 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information

iSHARES^® U.S. ETF TRUST

The Board of Trustees has responsibility for the overall management and operations of the Trust, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates are organized into one complex of closed-end funds, two complexes of open-end funds and one complex of exchange-traded funds (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust and, as a result, oversees a total of 324 funds (as of October 31, 2015) within the Exchange-Traded Fund Complex. With the exception of Robert S. Kapito and Mark Wiedman, the address of each Trustee and Officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wiedman is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated Robert H. Silver as its Independent Chairman. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapitoa (58)	Trustee (since 2011).	President and Director, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock, Inc.’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002); President of the Board of Directors, Periwinkle Theatre for Youth (since 1983).	Trustee of iShares Trust (since 2009); Director of iShares, Inc. (since 2009); Director of BlackRock, Inc. (since 2006).
Mark Wiedmanb (44)	Trustee (since 2013)	Managing Director, BlackRock, Inc. (since 2007); Global Head of iShares (since 2011); Head of Corporate Strategy, BlackRock, Inc. (2009-2011).	Trustee of iShares Trust (since 2013); Director of iShares, Inc. (since 2013); Director of PennyMac Financial Services, Inc. (since 2008).

^a  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc.

^b  Mark Wiedman is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

TRUSTEEAND OFFICER INFORMATION 35

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
Robert H. Silver (60)	Trustee (since 2011); Independent Chairman (since 2012).	President and Co-Founder of The Bravitas Group, Inc. (since 2006); Director and Vice Chairman of the YMCA of Greater NYC (2001-2011); Broadway Producer (2006-2011); Co-Founder and Vice President of Parentgiving Inc. (since 2008); Director and Member of the Audit and Compensation Committee of EPAM Systems, Inc. (2006-2009); President and Chief Operating Officer of UBS Financial Services Inc. (formerly Paine Webber Inc.) (2003-2005) and various executive positions with UBS and its affiliates (1988-2005); CPA and Audit Manager of KPMG, LLP (formerly Peat Marwick Mitchell) (1977-1983).	Trustee of iShares Trust (since 2007); Director of iShares, Inc. (since 2007); Independent Chairman of iShares, Inc. and iShares Trust (since 2012).
Jane D. Carlin (59)	Trustee (since 2015).	Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares Trust (since 2015); Director of iShares, Inc. (since 2015); Director of PHH Corporation (mortgage solutions) (since 2012).
Cecilia H. Herbert (66)	Trustee (since 2011); Nominating and Governance Committee Chair and Equity Plus Committee Chair (since 2012).	Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Member (since 1992) and Chair (1994-2005) of the Investment Committee, Archdiocese of San Francisco; Trustee and Member of the Investment Committee, WNET, the New York public broadcasting/media company (since 2011).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005); Director of Forward Funds (34 portfolios) (since 2009).
Charles A. Hurty (72)	Trustee (since 2011); Audit Committee Chair (since 2011).	Retired; Partner, KPMG LLP (1968-2001).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005); Director of GMAM Absolute Return Strategy Fund (1 portfolio) (since 2002); Director of SkyBridge Alternative Investments Multi-Adviser Hedge Fund Portfolios LLC (2 portfolios) (since 2002).

36 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Independent Trustees (Continued)

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (60)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2012).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares Trust (since 2005); Director of iShares, Inc. (since 2005).
John E. Martinez (54)	Trustee (since 2011); Securities Lending Committee Chair (since 2012).	Director of FirstREX Agreement Corp. (formerly EquityRock, Inc.) (since 2005).	Trustee of iShares Trust (since 2003); Director of iShares, Inc. (since 2003).
Madhav V. Rajan (51)	Trustee (since 2011); 15(c) Committee Chair (since 2012).	Robert K. Jaedicke Professor of Accounting and Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (since 2001); Professor of Law (by courtesy), Stanford Law School (since 2005); Visiting Professor, University of Chicago (2007-2008).	Trustee of iShares Trust (since 2011); Director of iShares, Inc. (since 2011); Director, Cavium, Inc. (since 2013).

TRUSTEEAND OFFICER INFORMATION 37

Trustee and Officer Information (Continued)

iSHARES^® U.S. ETF TRUST

Officers

Name (Age)	Position(s)	Principal Occupation(s) During the Past 5 Years
Manish Mehta (44)	President (since 2013).	Managing Director, BlackRock, Inc. (since 2009); Chief Operating Officer for iShares (since 2009); Head of Strategy and Corporate Development, BGI (2005-2009); Chief of Staff to the CEO, BGI (2005-2009).
Jack Gee (56)	Treasurer and Chief Financial Officer (since 2011).	Managing Director, BlackRock, Inc. (since 2009); Senior Director of Fund Administration of Intermediary Investor Business, BGI (2009); Director of Fund Administration of Intermediary Investor Business, BGI (2004-2009).
Benjamin Archibald (40)	Secretary (since 2015).	Managing Director, BlackRock, Inc. (since 2014); Secretary of the BlackRock-advised Mutual Funds (since 2012); Director, BlackRock, Inc. (2010-2013).
Charles Park (48)	Chief Compliance Officer (since 2011).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Scott Radell (46)	Executive Vice President (since 2012).	Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BGI (2007-2009); Credit Portfolio Manager, BGI (2005-2007); Credit Research Analyst, BGI (2003-2005).
Amy Schioldager (53)	Executive Vice President (since 2011).	Senior Managing Director, BlackRock, Inc. (since 2009); Global Head of Index Equity, BGI (2008-2009); Global Head of U.S. Indexing, BGI (2006-2008); Head of Domestic Equity Portfolio Management, BGI (2001-2006).

38 2015 iSHARES ANNUAL REPORTTO SHAREHOLDERS

For more information visit www.iShares.com or call 1-800-iShares (1-800-474-2737)

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

A description of the policies that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request, by calling toll-free 1-800-474-2737; on the Fund’s website at www.iShares.com; and on the U.S. Securities and Exchange Commission (SEC) website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund also discloses its complete schedule of portfolio holdings on a daily basis on the Fund’s website.

©2015 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1011-1015

Item 2. Code of Ethics.

iShares U.S. ETF Trust (the “Registrant”) adopted a new code of ethics on July 1, 2015 that applies to persons appointed by the Registrant’s Board of Trustees as the President and/or Chief Financial Officer, and any persons performing similar functions. For the fiscal year ended October 31, 2015, there were no amendments to any provision of the former and new codes of ethics, nor were there any waivers granted from any provision of the former and new codes of ethics. A copy of the new code of ethics is filed with this Form N-CSR under Item 12(a)(1).

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that the Registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the Registrant’s audit committee are Charles A. Hurty, John E. Kerrigan, Robert H. Silver and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the nine series of the Registrant for which the fiscal year-end is October 31, 2015 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $60,490 for the fiscal year ended October 31, 2014 and $113,240 for the fiscal year ended October 31, 2015.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended October 31, 2014 and October 31, 2015 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for the review of the Funds’ tax returns and excise tax calculations, were $18,385 for the fiscal year ended October 31, 2014 and $33,093 for the fiscal year ended October 31, 2015.

(d) All Other Fees – There were no other fees billed for the fiscal years ended October 31, 2014 and October 31, 2015 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The Registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the Registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the Registrant or to any entity controlling, controlled by or under common control with the Registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant.

(2) There were no services described in (b) through (d) above (including services required by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended October 31, 2015 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the Funds, and rendered to the Registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the Registrant for the last two fiscal years were $3,359,197 for the fiscal year ended October 31, 2014 and $3,548,374 for the fiscal year ended October 31, 2015.

(h) The Registrant’s audit committee has considered whether the provision of non-audit services rendered to the Registrant’s investment adviser and any Adviser Affiliate that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, are compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services do not compromise the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are Jane D. Carlin, Cecilia H. Herbert, Charles A. Hurty, John E. Kerrigan, Robert H. Silver, John E. Martinez and Madhav V. Rajan.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the Registrant’s Principal Executive Officer) and Chief Financial Officer (the Registrant’s Principal Financial Officer) have concluded that, based on their evaluation as of a date within 90 days of the filing date of this report, the disclosure controls and procedures of the Registrant (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are reasonably designed to achieve the purposes described in Section 4(a) of the attached certification.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Code of Ethics for Senior Officers that is the subject of Item 2 is attached.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable to the Registrant.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares U.S. ETF Trust

By:	/s/ Manish Mehta
	Manish Mehta, President (Principal Executive Officer)

Date: December 29, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Manish Mehta
	Manish Mehta, President (Principal Executive Officer)

Date: December 29, 2015

By:	/s/ Jack Gee
	Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: December 29, 2015