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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22649

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, 2016

Date of reporting period: April 30, 2016

Item 1.

Reports to Stockholders.

APRIL 30, 2016


2016 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

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iShares Short Maturity Bond ETF | NEAR | BATS

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iShares Short Maturity Municipal Bond ETF | MEAR | BATS

^Ø

iShares Ultra Short-Term Bond ETF | ICSH | BATS

Table of Contents


Fund Performance Overviews			5
About Fund Performance			8
Shareholder Expenses			8
Schedule of Investments			9
iShares Short Maturity Bond ETF			9
iShares Short Maturity Municipal Bond ETF			24
iShares Ultra Short-Term Bond ETF			26
Financial Statements			28
Financial Highlights			32
Notes to Financial Statements			35
Supplemental Information			47

Fund Performance Overview

iSHARES^® SHORT MATURITY BOND ETF

Performance as of April 30, 2016

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 six-month reporting period ended April 30, 2016, the total return for the Fund was 0.55%, net of fees.


	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		0.80%		0.87%		0.80%		2.29%
Fund Market		0.74%		0.86%		0.74%		2.25%
Barclays Short-Term Government/Corporate Index		0.47%		0.31%		0.47%		0.82%

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 8 for more information.


Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a		Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a		Annualized Expense Ratio
$	1,000.00	$	1,005.50	$	1.25	$	1,000.00	$	1,023.60	$	1.26		0.25%

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 (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 8 for more information.

ALLOCATION BY INVESTMENT TYPE

As of 4/30/16


Investment Type		Percentage of Total Investments¹


Corporate Bonds & Notes	47.09	%
Asset-Backed Securities	30.47
Mortgage-Backed Securities	8.86
U.S. Government Agency Obligations	5.44
Foreign Government Obligations	5.36
Repurchase Agreements	2.64
Municipal Debt Obligations	0.14

TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY

As of 4/30/16


Moody’s Credit Rating²		Percentage of Total Investments¹


Aaa	35.23	%
Aa	3.13
A	20.98
Baa	21.39
Ba	0.95
P-1	1.32
Not Rated	17.00

TOTAL	100.00	%

Excludes money market funds.

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.


FUND PERFORMANCE OVERVIEWS			5

Fund Performance Overview

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

Performance as of April 30, 2016

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 six-month reporting period ended April 30, 2016, the total return for the Fund was 0.38%, net of fees.


	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		0.93%		0.75%		0.93%		0.87%
Fund Market		0.93%		0.76%		0.93%		0.89%
Barclays Municipal Bond: 1 Year (1-2) Index		0.82%		0.71%		0.82%		0.82%

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.


Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a		Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a		Annualized Expense Ratio
$	1,000.00	$	1,003.80	$	1.25	$	1,000.00	$	1,023.60	$	1.26		0.25%

ALLOCATION BY CREDIT QUALITY

As of 4/30/16


S&P Credit Rating¹		Percentage of Total Investments²


AA	20.13	%
A	32.57
BBB	7.77
Not Rated	39.53

TOTAL	100.00	%

TEN LARGEST STATES

As of 4/30/16


State		Percentage of Total Investments²


New Jersey	21.18	%
New York	16.27
Ohio	11.51
Michigan	8.72
Florida	6.19
Illinois	6.04
Rhode Island	5.83
Georgia	5.66
Oklahoma	3.99
Pennsylvania	3.68

TOTAL	89.07	%

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.

Excludes money market funds.


6		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® ULTRA SHORT-TERM BOND ETF

Performance as of April 30, 2016

The iShares Ultra Short-Term Bond ETF (the “Fund”) 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 six-month reporting period ended April 30, 2016, the total return for the Fund was 0.28%, net of fees.


	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		0.40%		0.44%		0.40%		1.05%
Fund Market		0.52%		0.46%		0.52%		1.11%
Bank of America Merrill Lynch 6-Month US Treasury Bill Index		0.41%		0.27%		0.41%		0.64%

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.


Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a		Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a		Annualized Expense Ratio
$	1,000.00	$	1,002.80	$	0.90	$	1,000.00	$	1,024.00	$	0.91		0.18%

ALLOCATION BY INVESTMENT TYPE

As of 4/30/16


Investment Type		Percentage of Total Investments¹


Corporate Bonds & Notes	61.12	%
Certificates Of Deposit	17.78
Commercial Paper	13.05
U.S. Government Obligations	8.05

TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY

As of 4/30/16


Moody’s Credit Rating²		Percentage of Total Investments¹


Aaa	10.42	%
Aa	14.06
A	42.36
Baa	4.35
P-1	23.46
P-2	3.35
Not Rated	2.00

TOTAL	100.00	%

Excludes money market funds.


FUND PERFORMANCE OVERVIEWS			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 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 November 1, 2015 and held through April 30, 2016, 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.


8		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2016


Security	Principal (000s)		Value
ASSET-BACKED SECURITIES — 29.94%
ACAS CLO Ltd.
Series 2012-1AR, Class A1R
FRN, (3 mo. LIBOR US + 1.250%)
1.87%, 09/20/23 (Call 06/20/16)^a	$	7,438	$	7,419,116
Ally Auto Receivables Trust
Series 2014-1, Class A3
0.97%, 10/15/18 (Call 12/15/17)		6,790		6,792,316
American Credit Acceptance Receivables Trust
Series 2014-4, Class A
1.33%, 07/10/18 (Call 09/10/17)^a		76		76,240
American Express Credit Account Master Trust
Series 2013-1, Class A
FRN, (1 mo. LIBOR + .420%)
0.85%, 02/16/21		5,000		5,018,023
American Express Credit Account Secured Note
Series 2012-4, Class A
FRN, (1 mo. LIBOR + .240%)
0.67%, 05/15/20		14,500		14,506,560
AmeriCredit Automobile Receivables Trust
Series 2012-3, Class D
3.03%, 07/09/18 (Call 11/08/16)		1,700		1,711,131
Series 2013-1, Class D
2.09%, 02/08/19 (Call 06/08/17)		2,500		2,497,689
Series 2016-1, Class A2B
FRN, (1 mo. LIBOR US + .750%)
1.19%, 06/10/19 (Call 11/08/19)		9,100		9,114,495
Series 2016-2, Class A2B
FRN, (1 mo. LIBOR US + .700%)
1.19%, 10/08/19 (Call 03/08/20)		9,080		9,084,813
Apidos CDO V
FRN, (3 mo. LIBOR US + .230%)
0.86%, 04/15/21^a		1,365		1,346,104


Security	Principal (000s)		Value
Apidos CLO XII
Series 2013-12A, Class A
FRN, (3 mo. LIBOR US + 1.100%)
1.73%, 04/15/25^a	$	8,000	$	7,886,400
ARES CLO Ltd.
Series 2012-2A, Class AR
FRN, (3 mo. LIBOR US + 1.290%)
1.92%, 10/12/23 (Call 07/12/16)^a		2,000		1,994,453
ARI Fleet Lease Trust
Series 2014-A, Class A2
0.81%, 11/15/22 (Call 06/15/17)^a		326		325,860
Avalon IV Capital Ltd.
Series 2012-1AR, Class AR
FRN, (3 mo. LIBOR + 1.170%)
1.46%, 04/17/23^a		1,201		1,192,255
BA Credit Card Trust
Series 2014-A3, Class A
FRN, (1 mo. LIBOR + .290%)
0.72%, 01/15/20		2,000		2,001,799
BlueMountain CLO Ltd.
Series 2012-1A, Class A
FRN, (3 mo. LIBOR US + 1.320%)
1.95%, 07/20/23 (Call 07/20/16)^a		15,000		14,952,179
Series 2013-4A, Class A
FRN, (3 mo. LIBOR US + 1.500%)
2.13%, 04/15/25 (Call 07/15/16)^a		6,100		6,100,610
Cabela’s Credit Card Master Note Trust
Series 2012-1A, Class A1
1.63%, 02/18/20^a		10,000		10,029,227
Series 2014-2, Class A
FRN, (1 mo. LIBOR + .450%)
0.88%, 07/15/22		3,500		3,449,950
Capital One Multi-Asset Execution Trust
Series 2007-A1, Class A1
FRN, (1 mo. LIBOR + .050%)
0.48%, 11/15/19		10,250		10,239,035


SCHEDULESOF INVESTMENTS			9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Series 2007-A5, Class A5
FRN, (1 mo. LIBOR + .040%)
0.47%, 07/15/20	$	6,860	$	6,860,000
CarMax Auto Owner Trust
Series 2015-4
FRN, (1 mo. LIBOR US + .600%)
1.03%, 04/15/19 (Call 09/15/19)		10,000		10,010,331
Series 2016-1, Class A2B
FRN, (1 mo. LIBOR US + .530%)
0.96%, 04/15/19 (Call 12/15/19)		10,000		10,017,943
Series 2016-2, Class A2B
FRN, (1 mo. LIBOR US + .470%)
0.92%, 06/17/19 (Call 04/15/20)		8,000		8,000,146
Chase Issuance Trust
Series 2007-A5, Class A5
FRN, (1 mo. LIBOR + .040%)
0.47%, 03/15/19		5,120		5,106,769
Series 2007-A12, Class A12
FRN, (1 mo. LIBOR + .050%)
0.48%, 08/15/19		15,000		14,970,567
Series 2012-A02, Class A2
FRN, (1 mo. LIBOR + .270%)
0.70%, 05/15/19		9,480		9,489,477
Series 2012-A10, Class A10
FRN, (1 mo. LIBOR + .260%)
0.69%, 12/16/19		3,994		3,995,201
Series 2013-A9, Class A
FRN, (1 mo. LIBOR + .420%)
0.85%, 11/16/20		2,000		2,004,485
Series 2014-A6, Class A6
1.26%, 07/15/19		7,000		7,021,563
Chesapeake Funding II LLC
Series 2016-1A, Class A2
FRN, (1 mo. LIBOR US + 1.150%)
1.58%, 03/15/28 (Call 05/15/16)^a		20,000		20,000,000
Chesapeake Funding LLC
Series 2014-1A, Class A
FRN, (1 mo. LIBOR + .420%)
0.86%, 03/07/26^a		9,411		9,392,206


Security	Principal (000s)		Value
Chrysler Capital Auto Receivables Trust
Series 2013-BA, Class A4
1.27%, 03/15/19 (Call 10/15/17)^a	$	1,460	$	1,460,774
Series 2014-BA, Class A3
1.27%, 05/15/19 (Call 06/15/18)^a		7,699		7,704,490
CIFC Funding Ltd.
Series 2012-2A, Class A1R
FRN, (3 mo. LIBOR US + 1.350%)
1.99%, 12/05/24 (Call 06/05/16)^a		1,500		1,488,487
Citibank Credit Card Issuance Trust
Series 2013-A4, Class A4
FRN, (1 mo. LIBOR + .420%)
0.86%, 07/24/20		2,000		2,007,199
CNH Equipment Trust
Series 2016-A, Class A2B
FRN, (1 mo. LIBOR US + .520%)
0.95%, 07/15/19 (Call 01/15/20)		12,000		12,021,485
CNH Wholesale Master Note Trust
Series 2013-2A, Class B
FRN, (1 mo. LIBOR + .900%)
1.33%, 08/15/19^a		300		299,765
COA Caerus CLO Ltd.
Series 2007-6A, Class A1
FRN, (3 mo. LIBOR US + .640%)
1.27%, 12/13/19 (Call 07/11/16)^a		730		724,071
Cornerstone CLO Ltd.
Series 2007-1A, Class A1S
FRN, (3 mo. LIBOR US + .220%)
0.85%, 07/15/21 (Call 07/15/16)^a		79		78,653
Credit Acceptance Auto Loan Trust
Series 2013-2A, Class A
1.50%, 04/15/21^a		328		327,866


10		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Series 2015-1A, Class A
2.00%, 07/15/22^a	$	2,315	$	2,310,263
Discover Card Execution Note Trust
Series 2013-A6, Class A6
FRN, (1 mo. LIBOR + .450%)
0.88%, 04/15/21		3,370		3,377,413
Series 2015-A1, Class A1
FRN, (1 mo. LIBOR + .350%)
0.78%, 08/17/20		11,100		11,118,312
Series 2016-A2, Class A2
FRN, (1 mo. LIBOR + .540%)
0.97%, 09/15/21		7,310		7,339,245
Discover Card Master Trust
Series 2012-A4, Class A
FRN, (1 mo. LIBOR + .370%)
0.80%, 11/15/19		10,470		10,486,492
Drive Auto Receivables Trust
Series 2015-BA, Class A2B
FRN, (1 mo. LIBOR US + .600%)
1.03%, 12/15/17 (Call 09/15/18)^a		259		259,029
Series 2015-DA, Class A2B
FRN, (1 mo. LIBOR US + .870%)
1.30%, 06/15/18 (Call 03/15/19)^a		3,684		3,685,655
Dryden XXII Senior Loan Fund
Series 2011-22A, Class A1R
FRN, (3 mo. LIBOR US + 1.170%)
1.80%, 01/15/22 (Call 07/15/16)^a		1,304		1,295,968
Dryden XXV Senior Loan Fund
Series 2012-25A, Class A
FRN, (3 mo. LIBOR US + 1.380%)
2.01%, 01/15/25 (Call 07/15/16)^a		9,000		8,974,521
Flatiron CLO Ltd.
Series 2011-1A, Class A
FRN, (3 mo. LIBOR US + 1.550%)
2.18%, 01/15/23^a		8,317		8,304,863
Ford Credit Auto Owner Trust
Series 2012-B, Class D
2.93%, 10/15/18 (Call 08/15/16)		1,790		1,808,945


Security	Principal (000s)		Value
Series 2014-B, Class A3
0.90%, 10/15/18 (Call 04/15/18)	$	5,242	$	5,239,923
Ford Credit Floorplan Master Owner Trust
Series 2012-2, Class A
1.92%, 01/15/19		7,200		7,235,910
Ford Credit Floorplan Master Owner Trust A
Series 2012-2, Class D
3.50%, 01/15/19		1,885		1,907,538
Series 2013-5, Class A1
1.50%, 09/15/18		22,911		22,947,871
Series 2014-1, Class A1
1.20%, 02/15/19		17,375		17,380,416
Series 2014-1, Class A2
FRN, (1 mo. LIBOR + .400%)
0.83%, 02/15/19		6,110		6,107,077
Series 2014-4, Class A2
FRN, (1 mo. LIBOR + .350%)
0.78%, 08/15/19		3,000		2,990,216
Series 2015-1, Class A2
FRN, (1 mo. LIBOR + .400%)
0.83%, 01/15/20		8,840		8,814,703
Series 2015-4, Class A2
1.03%, 08/15/20		5,485		5,462,564
Fraser Sullivan CLO VII Ltd.
Series 2012-7A, Class A1R
FRN, (3 mo. LIBOR US + 1.075%)
1.71%, 04/20/23 (Call 07/20/16)^a		3,693		3,687,192
Galaxy XV CLO Ltd.
Series 2013-15A, Class A
FRN, (3 mo. LIBOR US + 1.250%)
1.88%, 04/15/25 (Call 07/15/16)^a		3,000		2,932,500
Golden Credit Card Trust
Series 2015-1A, Class A
FRN, (1 mo. LIBOR + .440%)
0.87%, 02/15/20^a		3,700		3,690,670
GoldenTree Loan Opportunities VII Ltd.
Series 2013-7A, Class A
FRN, (3 mo. LIBOR US + 1.150%)
1.79%, 04/25/25^a		22,535		22,093,107


SCHEDULESOF INVESTMENTS			11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Highbridge Loan Management Ltd.
Series 2012-1AR, Class A1R
FRN, (3 mo. LIBOR US + 1.250%)
1.87%, 09/20/22^a	$	1,929	$	1,923,209
Honda Auto Receivables Owner Trust
Series 2014-2, Class A3
0.77%, 03/19/18 (Call 08/18/17)		4,051		4,047,764
Series 2014-4, Class A3
0.99%, 09/17/18 (Call 01/15/18)		16,080		16,088,643
Hyundai Auto Receivables Trust
Series 2015-C, Class A2B
FRN, (1 mo. LIBOR US + .370%)
0.80%, 11/15/18 (Call 11/15/19)		15,540		15,535,665
Series 2016-A, Class A2B
FRN, (1 mo. LIBOR US + .370%)
0.80%, 06/17/19 (Call 04/15/20)		13,500		13,501,966
ING IM CLO Ltd.
Series 2012-1RA, Class A1R
FRN, (3 mo. LIBOR + 1.200%)
1.54%, 03/14/22^a		3,361		3,348,627
Invitation Homes Trust
Series 2013-SFR1, Class A
FRN, (1 mo. LIBOR + 1.150%)
1.59%, 12/17/30^a		1,936		1,923,697
John Deere Owner Trust
Series 2015-B, Class A2
0.98%, 06/15/18 (Call 12/15/18)		15,000		14,995,153
LCM X LP
Series 10AR, Class AR
FRN, (3 mo. LIBOR US + 1.260%)
1.58%, 04/15/22^a		1,566		1,553,948
LCM XII LP
Series 12A, Class AR
FRN, (3 mo. LIBOR US + 1.260%)
1.89%, 10/19/22^a		5,000		4,975,022


Security	Principal (000s)		Value
Madison Park Funding II Ltd.
Series 2006-2A, Class A2A
FRN, (3 mo. LIBOR US + .240%)
0.87%, 03/25/20 (Call 06/25/16)^a	$	1,352	$	1,348,150
Mercedes Benz Auto Receivables Trust
Series 2015-1, Class A2A
0.82%, 06/15/18 (Call 06/15/19)		1,686		1,684,423
Navient Private Education Loan Trust
Series 2014-AA, Class A1
FRN, (1 mo. LIBOR + .480%)
0.91%, 05/16/22^a		183		182,429
Series 2014-CT, Class A
FRN, (1 mo. LIBOR + .700%)
1.13%, 09/16/24^a		3,594		3,561,685
Series 2016-AA, Class A1
FRN, (1 mo. LIBOR + 1.100%)
1.53%, 12/15/25 (Call 07/15/18)^a		10,041		10,057,443
Navient Student Loan Trust
Series 2015-2, Class A2
FRN, (1 mo. LIBOR + .420%)
0.86%, 08/27/29		4,465		4,381,002
Nissan Auto Receivables Owner Trust
Series 2016-A, Class A2B
FRN, (1 mo. LIBOR US + .350%)
0.78%, 02/15/19 (Call 02/15/20)		2,000		2,002,800
OneMain Financial Issuance Trust
Series 2014-2A, Class A
2.47%, 09/18/24 (Call 07/18/16)^a		3,510		3,509,866
Palmer Square CLO Ltd.
Series 2014-1A, Class A1
FRN, (3 mo. LIBOR US + 1.270%)
1.90%, 10/17/22 (Call 07/17/16)^a		2,463		2,463,605


12		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2016


Security	Principal (000s)		Value
PFS Financing Corp.
Series 2014-AA, Class A
FRN, (1 mo. LIBOR + .600%)
1.03%, 02/15/19^a	$	1,000	$	996,698
Series 2014-AA, Class B
FRN, (1 mo. LIBOR + .950%)
1.38%, 02/15/19^a		1,100		1,094,146
Series 2014-BA, Class A
FRN, (1 mo. LIBOR + .600%)
1.03%, 10/15/19^a		1,915		1,897,883
Series 2016-A, Class A
FRN, (1 mo. LIBOR + 1.200%)
1.63%, 02/18/20^a		12,000		11,991,222
Regatta Funding Ltd.
Series 2007-1A, Class A1L
FRN, (3 mo. LIBOR US + .250%)
0.88%, 06/15/20 (Call 06/15/16)^a		40		39,749
Santander Drive Auto Receivables Trust
Series 2012-1, Class D
4.56%, 11/15/17 (Call 06/15/16)		4,684		4,702,009
Series 2012-2, Class D
3.87%, 02/15/18 (Call 08/15/16)		1,673		1,683,914
Series 2012-2A, Class E
5.95%, 04/15/19 (Call 08/15/16)^a		3,695		3,737,889
Series 2012-AA, Class C
1.78%, 11/15/18 (Call 05/15/17)^a		935		936,298
Series 2012-AA, Class D
2.46%, 12/17/18 (Call 05/15/17)^a		2,500		2,510,807
Series 2013-1, Class C
1.76%, 01/15/19		1,789		1,792,089
Series 2013-2, Class B
1.33%, 03/15/18 (Call 08/15/17)		12		12,041
Series 2013-5, Class B
1.55%, 10/15/18 (Call 12/15/17)		356		356,052


Security	Principal (000s)		Value
Series 2014-3, Class B
1.45%, 05/15/19 (Call 03/15/18)	$	785	$	785,007
Series 2016-1, Class A2B
FRN, (1 mo. LIBOR US + .780%)
1.21%, 07/15/19 (Call 03/15/20)		12,000		12,029,976
Silver Bay Realty Trust
Series 2014-1, Class A
1.44%, 09/17/31		991		972,931
SLM Private Credit Student Loan Trust
Series 2004-B, Class A2
FRN, (3 mo. LIBOR + .200%)
0.83%, 06/15/21		1,102		1,094,746
Series 2005-A, Class A3
FRN, (3 mo. LIBOR + .200%)
0.83%, 06/15/23		2,240		2,132,159
Series 2006-A, Class A4
FRN, (3 mo. LIBOR + .190%)
0.82%, 12/15/23		647		638,997
SLM Private Education Loan Trust
Series 2011-C, Class A2A
FRN, (1 mo. LIBOR + 3.250%)
3.68%, 10/17/44 (Call 10/15/20)^a		1,862		1,936,434
Series 2012-A, Class A1
FRN, (1 mo. LIBOR + 1.400%)
1.83%, 08/15/25^a		366		366,859
Series 2012-B, Class A2
3.48%, 10/15/30^a		1,038		1,056,542
Series 2012-C, Class A1
FRN, (1 mo. LIBOR + 1.100%)
1.53%, 08/15/23^a		339		339,195
Series 2012-E, Class A1
FRN, (1 mo. LIBOR + .750%)
1.18%, 10/16/23^a		443		441,952
Series 2012-E, Class A2B
FRN, (1 mo. LIBOR + 1.750%)
2.18%, 06/15/45^a		5,250		5,255,109
Series 2013-A, Class A1
FRN, (1 mo. LIBOR + .600%)
1.03%, 08/15/22^a		1,524		1,522,423


SCHEDULESOF INVESTMENTS			13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Series 2013-A, Class A2B
FRN, (1 mo. LIBOR + 1.050%)
1.48%, 05/17/27^a	$	265	$	262,930
Series 2013-B, Class A1
FRN, (1 mo. LIBOR + .650%)
1.08%, 07/15/22^a		910		908,128
Series 2013-C, Class A1
FRN, (1 mo. LIBOR + .850%)
1.29%, 02/15/22^a		680		679,246
Series 2013-C, Class A2B
FRN, (1 mo. LIBOR + 1.400%)
1.84%, 10/15/31^a		1,750		1,741,385
Series 2014-A, Class A1
FRN, (1 mo. LIBOR US + .600%)
1.03%, 07/15/22 (Call 05/15/16)^a		5,461		5,446,693
Series 2015-B, Class A1
FRN, (1 mo. LIBOR + .700%)
1.13%, 02/15/23^a		2,776		2,766,827
SLM Student Loan Trust
Series 2006-4, Class A5
FRN, (3 mo. LIBOR + .100%)
0.74%, 10/27/25		1,065		1,056,574
Series 2011-2, Class A1
FRN, (1 mo. LIBOR + .600%)
1.04%, 11/25/27		1,007		991,754
SMB Private Education Loan Trust
Series 2014-A, Class A1
FRN, (1 mo. LIBOR + .500%)
0.93%, 09/15/21^a		1,304		1,298,315
Series 2015-A, Class A1
FRN, (1 mo. LIBOR + .600%)
1.03%, 07/17/23^a		3,795		3,783,272
Series 2015-C, Class A1
FRN, (1 mo. LIBOR US + .900%)
1.33%, 07/15/22 (Call 05/15/16)^a		5,768		5,765,616
SoFi Professional Loan Program LLC
Series 2014-A, Class A1
FRN, (1 mo. LIBOR + 1.600%)
2.04%, 06/25/25^a		1,013		1,011,086


Security	Principal (000s)		Value
Series 2014-B, Class A1
FRN, (1 mo. LIBOR + 1.250%)
1.69%, 08/25/32^a	$	653	$	644,577
Series 2014-B, Class A2
2.55%, 08/27/29^a		4,019		4,004,357
Series 2015-A, Class A1
FRN, (1 mo. LIBOR + 1.200%)
1.64%, 03/25/33^a		1,899		1,870,698
SWAY Residential Trust
Series 2014-1, Class A
FRN, (1 mo. LIBOR + 1.300%)
1.74%, 01/17/32^a		6,503		6,466,167
Symphony CLO Ltd.
Series 2012-10AR, Class AR
FRN, (3 mo. LIBOR + 1.270%)
1.56%, 07/23/23^a		3,630		3,621,392
Synchrony Credit Card Master Note Trust
Series 2012-3, Class A
FRN, (1 mo. LIBOR + .450%)
0.88%, 03/15/20		9,295		9,296,907
Series 2012-6, Class A
1.36%, 08/17/20		23,119		23,132,564
Voya CLO Ltd.
Series 2013-1A, Class A1
FRN, (3 mo. LIBOR US + 1.140%)
1.77%, 04/15/24 (Call 07/15/16)^a		1,900		1,882,895
Wheels SPV 2 LLC
Series 2014-1A, Class A2
0.84%, 03/20/23 (Call 06/20/17)^a		227		226,144
World Financial Network Credit Card Master Trust
Series 2014-C, Class A
1.54%, 08/16/21		15,000		15,041,362
Series 2015-A, Class A
FRN, (1 mo. LIBOR + .480%)
0.91%, 02/15/22		15,405		15,361,268

TOTAL ASSET-BACKED SECURITIES
(Cost: $693,544,035)				692,838,507


14		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2016


Security	Principal (000s)		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 8.70%

MORTGAGE-BACKED SECURITIES — 8.70%
BAMLL Commercial Mortgage Securities Trust
Series 2013-DSNY, Class A
FRN, (1 mo. LIBOR + 1.050%)
1.48%, 09/15/26^a	$	525	$	523,354
Series 2014-FL1, Class A
FRN, (1 mo. LIBOR + 1.400%)
1.83%, 12/15/31^a		2,670		2,665,512
Banc of America Commercial Mortgage Trust
Series 2007-4, Class A1A
VRN
5.77%, 02/10/51		1,877		1,953,616
Series 2007-5, Class A4
5.49%, 02/10/51		2,922		3,018,282
Banc of America Merrill Lynch Commercial Mortgage Inc.
Series 2007-1, Class A4
5.45%, 01/15/49		5,967		6,088,926
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class A1A
5.19%, 12/11/38		182		184,216
Series 2006-T22, Class AJ
VRN
5.89%, 04/12/38		330		330,359
Series 2007-PW15, Class A1A
5.32%, 02/11/44		217		221,871
Series 2007-PW15, Class A4
5.33%, 02/11/44		780		795,724
Series 2007-PW16, Class A4
VRN
5.91%, 06/11/40		4,911		5,064,147
Series 2007-PW17, Class A4
VRN
5.69%, 06/11/50		7,350		7,646,356
Series 2007-PW18, Class A1A
5.60%, 06/11/50		2,643		2,782,908


Security	Principal (000s)		Value
Series 2007-PW18, Class A4
5.70%, 06/11/50	$	1,300	$	1,347,653
Brunel Residential Mortgage Securitisation PLC
Series 2007-1A, Class A4C
FRN, (3 mo. LIBOR US + .200%)
0.83%, 01/13/39 (Call 07/13/16)^a		868		855,721
Carefree Portfolio Trust
Series 2014-CARE, Class A
FRN, (1 mo. LIBOR + 1.320%)
1.75%, 11/15/19^a		4,500		4,491,896
CD Commercial Mortgage Trust
Series 2007-CD4, Class A4
5.32%, 12/11/49		14,689		14,938,153
CD Mortgage Trust
Series 2007-CD5, Class A4
VRN
5.89%, 11/15/44		4,293		4,476,359
CDGJ Commercial Mortgage Trust
Series 2014-BXCH, Class A
FRN, (1 mo. LIBOR + 1.400%)
1.83%, 12/15/27^a		6,949		6,918,854
Citigroup Commercial Mortgage Trust
Series 2006-C5, Class A4
5.43%, 10/15/49		1,872		1,883,681
Series 2014-388G, Class A
FRN, (1 mo. LIBOR + .750%)
1.18%, 06/15/33^a		2,125		2,123,682
COMM Mortgage Trust
Series 2006-C8, Class AM
5.35%, 12/10/46		5,000		5,068,404
Series 2007-C9, Class A4
VRN
6.01%, 12/10/49		801		831,417
Series 2014-FL5, Class A
FRN, (1 mo. LIBOR + 1.370%)
1.81%, 10/15/31^a		1,375		1,350,306
Series 2014-PAT, Class A
FRN, (1 mo. LIBOR + .800%)
1.24%, 08/13/27^a		1,420		1,397,284


SCHEDULESOF INVESTMENTS			15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Commercial Mortgage Trust
Series 2007-GG11, Class A4
5.74%, 12/10/49	$	1,497	$	1,562,254
Credit Suisse Commercial Mortgage Trust
Series 2006-C3, Class AM
VRN
6.24%, 06/15/38		2,500		2,500,651
Series 2006-C5, Class A3
5.31%, 12/15/39		432		433,987
Series 2008-C1, Class A3
VRN
6.27%, 02/15/41		2,752		2,871,738
DBRR Trust
Series 2013-EZ3, Class A
VRN
1.64%, 12/18/49 (Call 06/17/16)^a		490		488,896
FCT Marsollier Mortgages
Series 2009-1, Class A
FRN, (3 mo. Euribor + .500%)
0.26%, 09/27/50^b		23		26,125
GS Mortgage Securities Trust
Series 2006-GG8, Class AM
5.59%, 11/10/39 (Call 10/06/16)		1,000		1,010,745
Hilton USA Trust Series 2013-HLT, Class EFX
2.66%, 11/05/30^a		17,255		17,329,419
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2006-LDP7, Class A4
VRN
6.15%, 04/17/45		575		574,148
Series 2006-LDP9, Class A3
5.34%, 05/15/47		2,264		2,298,079
Series 2007-CB18, Class A1A
VRN
5.43%, 06/12/47		241		244,471
Series 2007-CB18, Class A4
5.44%, 06/12/47		1,781		1,813,490
Series 2007-CB20, Class A4
VRN
5.79%, 02/12/51		1,675		1,741,496


Security	Principal (000s)		Value
Series 2007-LDPX, Class A3
5.42%, 01/15/49	$	17,813	$	18,208,430
Series 2013-WT, Class A
2.80%, 02/16/25^a		3,987		4,021,885
Series 2014-FL6, Class A
FRN, (1 mo. LIBOR + 1.400%)
1.83%, 11/15/31^a		2,126		2,130,069
Series 2015-CSMO, Class A
FRN, (1 mo. LIBOR + 1.250%)
1.68%, 01/15/32^a		6,930		6,899,550
LB Commercial Mortgage Trust
Series 2007-C3, Class A1A
VRN
6.05%, 07/15/44		3,740		3,899,523
LB-UBS Commercial Mortgage Trust
Series 2006-C4, Class AM
VRN
6.12%, 06/15/38		1,250		1,252,986
Series 2006-C7, Class A3
5.35%, 11/15/38		484		487,183
Series 2007-C2, Class A1A
5.39%, 02/15/40		2,488		2,540,348
Series 2007-C2, Class A3
5.43%, 02/15/40		1,958		1,995,165
Merrill Lynch Mortgage Trust
Series 2006-C2, Class AM
VRN
5.78%, 08/12/43		4,400		4,417,517
ML-CFC Commercial Mortgage Trust
Series 2006-3, Class A4
VRN
5.41%, 07/12/46		1,770		1,776,369
Series 2006-4, Class AM
5.20%, 12/12/49		2,050		2,081,287
Series 2007-9, Class A4
5.70%, 09/12/49		3,756		3,895,793
Morgan Stanley Capital I Trust
Series 2006-HQ9, Class A4FL
FRN, (1 mo. LIBOR + .148%)
0.58%, 07/12/44		759		754,875
Series 2006-IQ12, Class A1A
5.32%, 12/15/43		359		363,637


16		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Series 2006-T23, Class A4
VRN
6.12%, 08/12/41	$	607	$	606,977
Series 2007-HQ11, Class A4FL
FRN, (1 mo. LIBOR + .135%)
0.57%, 02/12/44		3,960		3,929,545
Series 2007-IQ13, Class A1A
5.31%, 03/15/44		5,049		5,166,876
Series 2007-IQ15, Class A4
VRN
6.11%, 06/11/49		3,562		3,695,001
Series 2007-IQ16 Class A4
5.81%, 12/12/49		6,046		6,302,531
Series 2007-T25, Class A3
VRN
5.51%, 11/12/49		396		400,496
Series 2007-T27, Class A4
VRN
5.82%, 06/11/42		8,424		8,764,654
Wachovia Bank Commercial Mortgage Trust
Series 2006-C29, Class A1A
5.30%, 11/15/48		214		217,348
Series 2007-C32, Class AMFL
FRN, (1 mo. LIBOR + .220%)
0.65%, 06/15/49^a		8,000		7,782,868

				201,445,093

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost: $201,710,390)				201,445,093

CORPORATE BONDS & NOTES — 46.27%

AEROSPACE & DEFENSE — 0.12%
Harris Corp.
4.25%, 10/01/16		2,260		2,291,025
L-3 Communications Corp.
3.95%, 11/15/16		403		408,377

				2,699,402
AGRICULTURE — 1.68%
BAT International Finance PLC
FRN, (3 mo. LIBOR US + .510%)
1.14%, 06/15/18^a		2,000		1,995,322
Philip Morris International Inc.
1.25%, 08/11/17		2,100		2,108,259
1.63%, 03/20/17		8,750		8,816,159


Security	Principal (000s)		Value
2.50%, 05/16/16	$	3,000	$	3,002,043
Reynolds American Inc.
3.50%, 08/04/16^c		22,800		22,954,379

				38,876,162
AIRLINES — 0.17%
Continental Airlines Inc. 2009-1 Pass Through Trust
9.00%, 01/08/18		2,558		2,609,364
UAL 2009-1 Pass Through Trust
10.40%, 05/01/18		105		109,077
UAL 2009-2 Pass Through Trust Class A
9.75%, 07/15/18		1,244		1,303,373

				4,021,814
AUTO MANUFACTURERS — 1.21%
Daimler Finance North America LLC
2.63%, 09/15/16^a		2,250		2,264,152
FRN, (3 mo. LIBOR US + .340%)
0.96%, 08/01/17^a		1,700		1,691,917
FRN, (3 mo. LIBOR US + .680%)
1.30%, 08/01/16^a		2,000		2,000,900
FRN, (3 mo. LIBOR US + .710%)
1.33%, 08/03/17^a		6,450		6,448,523
Ford Motor Credit Co. LLC
FRN, (3 mo. LIBOR US + .630%)
1.26%, 03/27/17^c		1,600		1,595,896
General Motors Financial Co. Inc.
2.63%, 07/10/17		12,965		13,071,883
Nissan Motor Acceptance Corp.
FRN, (3 mo. LIBOR US + .550%)
1.18%, 03/03/17^a		250		250,057
FRN, (3 mo. LIBOR US + .700%)
1.33%, 09/26/16^a		750		751,326

				28,074,654
BANKS — 19.86%
Abbey National Treasury Services PLC/United Kingdom
1.38%, 03/13/17^c		4,000		4,012,044
ABN AMRO Bank NV
FRN, (3 mo. LIBOR US + .800%)
1.43%, 10/28/16^a		635		636,083


SCHEDULESOF INVESTMENTS			17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Bank of America Corp.
1.35%, 11/21/16^c	$	1,300	$	1,301,613
5.63%, 10/14/16		910		928,620
FRN, (3 mo. LIBOR US + .610%)
1.24%, 08/25/17		1,250		1,246,359
FRN, (3 mo. LIBOR US + .870%)
1.50%, 04/01/19		4,000		3,982,476
FRN, (3 mo. LIBOR US + 1.070%)
1.69%, 03/22/18^c		6,750		6,784,290
Series 1
3.75%, 07/12/16		11,000		11,059,983
Bank of America N.A.
1.25%, 02/14/17		10,000		10,020,210
Bank of Montreal
FRN, (3 mo. LIBOR US + .610%)
1.25%, 07/31/18		3,350		3,341,860
Bank of New York Mellon Corp. (The)
FRN, (3 mo. LIBOR US + .560%)
1.18%, 08/01/18^c		10,000		9,976,880
Bank of Nova Scotia (The)
2.15%, 08/03/16^a		20,000		20,064,420
Banque Federative du Credit Mutuel SA
FRN, (3 mo. LIBOR US + .850%)
1.48%, 01/20/17^a		1,000		1,002,615
Barclays Bank PLC
FRN, (3 mo. LIBOR US + .580%)
1.20%, 02/17/17^c		7,150		7,156,213
BB&T Corp.
FRN, (3 mo. LIBOR US + .860%)
1.49%, 06/15/18 (Call 05/15/18)		23,775		23,782,489
BNP Paribas SA
FRN, (3 mo. LIBOR US + .590%)
1.22%, 12/12/16		750		751,608
BPCE SA
FRN, (3 mo. LIBOR US + .630%)
1.27%, 06/17/17		700		698,996
FRN, (3 mo. LIBOR US + .850%)
1.47%, 02/10/17		1,900		1,905,502
Branch Banking & Trust Co.
FRN, (3 mo. LIBOR US + .300%)
0.92%, 05/23/17		2,000		1,994,190


Security	Principal (000s)		Value
Capital One Financial Corp.
3.15%, 07/15/16	$	26,150	$	26,264,223
Capital One N.A./Mclean VA
FRN, (3 mo. LIBOR US + .680%)
1.30%, 02/05/18 (Call 01/05/18)		500		498,972
Capital One N.A./Mclean VA
FRN, (3 mo. LIBOR US + 1.150%)
1.77%, 08/17/18 (Call 07/18/18)		6,250		6,287,544
Citigroup Inc.
1.85%, 11/24/17		10,000		10,035,530
FRN, (3 mo. LIBOR US + .540%)
1.18%, 03/10/17		1,750		1,748,234
FRN, (3 mo. LIBOR US + .960%)
1.60%, 07/25/16		975		976,522
Credit Suisse AG/New York NY
FRN, (3 mo. LIBOR US + .680%)
1.31%, 04/27/18^c		10,035		9,953,375
FRN, (3 mo. LIBOR US + .690%)
1.33%, 01/29/18		1,250		1,245,444
Deutsche Bank AG/London
FRN, (3 mo. LIBOR US + .470%)
1.11%, 05/30/17^c		1,000		995,203
FRN, (3 mo. LIBOR US + .680%)
1.30%, 02/13/18^c		3,000		2,972,031
Fifth Third Bank/Cincinnati OH
1.15%, 11/18/16 (Call 10/18/16)		12,500		12,519,325
FRN, (3 mo. LIBOR US + .510%)
1.13%, 11/18/16 (Call 10/18/16)		1,500		1,501,982
Goldman Sachs Group Inc. (The)
1.68%, 04/25/19		14,000		14,009,240
6.25%, 09/01/17		1,500		1,591,884
FRN, (3 mo. LIBOR US + .625%)
1.26%, 06/04/17		5,000		4,997,880
FRN, (3 mo. LIBOR US + 1.200%)
1.84%, 04/30/18		7,000		7,036,155
HSBC Bank PLC
FRN, (3 mo. LIBOR US + .640%)
1.26%, 05/15/18^a		5,000		4,973,610


18		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2016


Security	Principal (000s)		Value
HSBC USA Inc.
FRN, (3 mo. LIBOR US + .450%)
1.08%, 03/03/17	$	3,000	$	2,997,159
FRN, (3 mo. LIBOR US + .770%)
1.39%, 08/07/18		3,250		3,239,792
Huntington National Bank (The)
1.38%, 04/24/17 (Call 03/24/17)		4,575		4,581,002
FRN, (3 mo. LIBOR US + .425%)
1.06%, 04/24/17 (Call 03/25/17)		1,405		1,402,298
ING Bank NV
FRN, (3 mo. LIBOR US + .550%)
1.19%, 03/16/18^a		4,250		4,231,542
JPMorgan Chase & Co.
1.35%, 02/15/17^c		20,000		20,060,080
FRN, (3 mo. LIBOR US + .520%)
1.14%, 02/15/17		4,952		4,953,699
FRN, (3 mo. LIBOR US + .550%)
1.19%, 04/25/18		3,000		2,989,605
KeyBank N.A./Cleveland OH
1.10%, 11/25/16 (Call 10/25/16)		7,250		7,256,293
FRN, (3 mo. LIBOR US + .490%)
1.12%, 11/25/16 (Call 10/25/16)		17,250		17,267,284
Morgan Stanley
5.45%, 01/09/17		5,000		5,145,650
5.75%, 10/18/16		5,000		5,106,645
FRN, (3 mo. LIBOR US + .740%)
1.37%, 01/05/18^c		1,600		1,594,722
FRN, (3 mo. LIBOR US + 1.280%)
1.92%, 04/25/18		6,282		6,356,919
FRN, (3 mo. LIBOR US + 1.375%)
2.00%, 02/01/19		15,000		15,169,170
MUFG Union Bank N.A.
FRN, (3 mo. LIBOR US + .750%)
1.38%, 09/26/16		1,000		1,001,684
National Bank of Canada
2.20%, 10/19/16^a,c		10,500		10,555,545
Nordea Bank AB
FRN, (3 mo. LIBOR US + .840%)
1.48%, 09/17/18^a		10,000		10,023,240


Security	Principal (000s)		Value
Nordea Eiendomskreditt AS
2.13%, 09/22/16^a	$	3,475	$	3,489,647
Royal Bank of Canada
1.13%, 07/22/16		19,000		19,012,768
FRN, (3 mo. LIBOR US + .540%)
1.18%, 07/30/18		3,400		3,391,782
FRN, (3 mo. LIBOR US + .700%)
1.34%, 12/10/18		2,300		2,300,002
Royal Bank of Scotland Group PLC
FRN, (3 mo. LIBOR US + .940%)
1.57%, 03/31/17		1,150		1,149,195
SpareBank 1 Boligkreditt AS
2.63%, 05/27/16^a		1,250		1,250,988
Standard Chartered PLC
3.20%, 05/12/16^a		4,171		4,173,365
State Street Corp.
5.38%, 04/30/17		4,000		4,177,800
Sumitomo Mitsui Banking Corp.
FRN, (3 mo. LIBOR US + .940%)
1.57%, 01/18/19		5,500		5,511,753
Sumitomo Mitsui Trust Bank Ltd.
FRN, (3 mo. LIBOR US + .780%)
1.42%, 09/16/16^a		500		500,872
Swedbank Hypotek AB
2.13%, 08/31/16^a		11,000		11,047,135
Toronto-Dominion Bank (The)
1.63%, 09/14/16^a		22,000		22,062,216
FRN, (3 mo. LIBOR US + .540%)
1.18%, 07/23/18		5,700		5,687,306
U.S. Bancorp. Series F
2.20%, 11/15/16 (Call 10/14/16)		10,384		10,454,539
UBS AG/Stamford CT
FRN, (3 mo. LIBOR US + .700%)
1.33%, 03/26/18		6,950		6,948,554
Wells Fargo & Co.
2.63%, 12/15/16^c		8,000		8,088,872
FRN, (3 mo. LIBOR US + .400%)
1.03%, 09/14/18		4,325		4,297,813
FRN, (3 mo. LIBOR US + .630%)
1.27%, 04/23/18^c		4,000		4,001,860

				459,732,401


SCHEDULESOF INVESTMENTS			19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2016


Security	Principal (000s)		Value
BEVERAGES — 1.49%
Anheuser-Busch Companies LLC
5.05%, 10/15/16	$	1,250	$	1,274,606
Anheuser-Busch InBev Finance Inc.
1.13%, 01/27/17		15,000		15,035,085
Anheuser-Busch InBev Worldwide Inc.
1.38%, 07/15/17		9,700		9,742,040
PepsiCo Inc.
FRN, (3 mo. LIBOR US + .350%)
0.98%, 10/13/17		8,500		8,515,360

				34,567,091
BIOTECHNOLOGY — 1.05%
Amgen Inc.
1.25%, 05/22/17		2,250		2,253,503
2.13%, 05/15/17		4,090		4,132,458
2.30%, 06/15/16^c		7,750		7,765,260
2.50%, 11/15/16^c		10,000		10,090,340

				24,241,561
COMPUTERS — 0.71%
Hewlett Packard Enterprise Co.
FRN, (3 mo. LIBOR US + 1.930%)
2.56%, 10/05/18^a		16,340		16,514,184

				16,514,184
DIVERSIFIED FINANCIAL SERVICES — 2.43%
American Express Credit Corp.
1.13%, 06/05/17		10,704		10,697,942
2.80%, 09/19/16		3,000		3,022,221
Credit Suisse USA Inc.
5.85%, 08/16/16		5,000		5,070,115
Ford Motor Credit Co. LLC
1.70%, 05/09/16		750		750,085
3.98%, 06/15/16		15,570		15,623,405
8.00%, 12/15/16		2,000		2,083,780
FRN, (3 mo. LIBOR US + .570%)
1.21%, 12/06/17		1,000		992,799
FRN, (3 mo. LIBOR US + 1.250%)
1.87%, 05/09/16		1,500		1,500,218
General Electric Co.
2.95%, 05/09/16		5,000		5,001,725


Security	Principal (000s)		Value
General Motors Financial Co. Inc.
2.75%, 05/15/16	$	7,363	$	7,367,226
HSBC Finance Corp.
FRN, (3 mo. LIBOR US + .430%)
1.07%, 06/01/16		4,025		4,025,712

				56,135,228
ELECTRIC — 0.85%
Dominion Resources Inc./VA
1.25%, 03/15/17		1,265		1,265,286
Duke Energy Corp.
2.15%, 11/15/16		715		718,778
Duke Energy Indiana LLC
6.05%, 06/15/16^c		7,300		7,344,150
Jersey Central Power & Light Co.
5.63%, 05/01/16		7,339		7,339,000
Ohio Power Co.
6.00%, 06/01/16		835		837,923
Southern Co. (The)
1.95%, 09/01/16		2,105		2,112,778

				19,617,915
ELECTRONICS — 0.22%
Thermo Fisher Scientific Inc.
1.30%, 02/01/17		5,000		4,999,615

				4,999,615
FOOD — 0.04%
Wm Wrigley Jr Co.
1.40%, 10/21/16^a		1,000		1,002,150

				1,002,150
HEALTH CARE — PRODUCTS — 0.10%
Zimmer Biomet Holdings Inc.
1.45%, 04/01/17		2,250		2,251,719

				2,251,719
HEALTH CARE — SERVICES — 2.24%
Aetna Inc.
1.75%, 05/15/17 (Call 04/15/17)		2,066		2,075,782
Coventry Health Care Inc.
5.95%, 03/15/17		11,271		11,736,537
UnitedHealth Group Inc.
1.45%, 07/17/17		9,450		9,503,648
6.00%, 06/15/17		583		614,743


20		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2016


Security	Principal (000s)		Value
FRN, (3 mo. LIBOR US + .450%)
1.08%, 01/17/17	$	12,000	$	12,018,060
Ventas Realty LP
1.55%, 09/26/16		15,900		15,923,198

				51,871,968
HOLDING COMPANIES — DIVERSIFIED — 0.09%
MUFG Americas Holdings Corp.
FRN, (3 mo. LIBOR US + .570%)
1.19%, 02/09/18 (Call 01/09/18)		2,000		1,987,652

				1,987,652
HOME FURNISHINGS — 0.09%
Whirlpool Corp.
1.35%, 03/01/17		2,150		2,157,138

				2,157,138
INSURANCE — 4.12%
Allied World Assurance Co. Holdings Ltd.
7.50%, 08/01/16		4,000		4,061,716
American International Group Inc.
5.60%, 10/18/16		8,459		8,643,449
Aon Corp.
3.13%, 05/27/16		15,830		15,861,090
Berkshire Hathaway Finance Corp.
FRN, (3 mo. LIBOR US + .690%)
1.32%, 03/15/19		10,000		10,084,920
Hartford Financial Services Group Inc. (The)
5.38%, 03/15/17		12,177		12,605,740
5.50%, 10/15/16		1,967		2,004,465
Liberty Mutual Group Inc.
6.70%, 08/15/16^a		13,445		13,645,599
MetLife Inc.
6.75%, 06/01/16		12,451		12,506,756
Pricoa Global Funding I
1.15%, 11/25/16^a		6,180		6,182,472
Prudential Financial Inc.
3.00%, 05/12/16		9,715		9,722,665

				95,318,872
LODGING — 0.04%
Marriott International Inc./MD
6.20%, 06/15/16		945		950,610

				950,610


Security	Principal (000s)		Value
MEDIA — 1.23%
Comcast Corp.
4.95%, 06/15/16	$	7,722	$	7,760,610
6.50%, 01/15/17		18,000		18,696,654
Cox Communications Inc.
5.88%, 12/01/16^a		1,850		1,894,209

				28,351,473
PHARMACEUTICALS — 2.73%
AbbVie Inc.
1.75%, 11/06/17		25,992		26,126,249
Actavis Funding SCS
1.85%, 03/01/17		12,000		12,041,796
FRN, (3 mo. LIBOR US + .875%)
1.51%, 09/01/16		7,000		7,008,701
FRN, (3 mo. LIBOR US + 1.080%)
1.71%, 03/12/18^c		2,000		2,009,168
Mylan Inc.
1.80%, 06/24/16		14,800		14,812,772
Perrigo Co. PLC
1.30%, 11/08/16		1,220		1,217,436

				63,216,122
REAL ESTATE INVESTMENT TRUSTS — 1.12%
ERP Operating LP
5.75%, 06/15/17		5,000		5,250,705
Simon Property Group LP
2.80%, 01/30/17 (Call 10/30/16)		13,686		13,810,269
Ventas Realty LP
1.25%, 04/17/17		4,420		4,411,160
Welltower Inc.
6.20%, 06/01/16		2,500		2,509,657

				25,981,791
RETAIL — 1.53%
AutoZone Inc.
6.95%, 06/15/16		4,000		4,027,100
CVS Health Corp.
1.20%, 12/05/16		2,000		2,004,810
5.75%, 06/01/17		3,553		3,731,752
6.13%, 08/15/16		17,013		17,275,034
Macy’s Retail Holdings Inc.
5.90%, 12/01/16		5,230		5,372,915
Walgreens Boots Alliance Inc.
1.75%, 11/17/17		3,000		3,014,760

				35,426,371


SCHEDULESOF INVESTMENTS			21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2016


Security	Principal (000s)		Value
TELECOMMUNICATIONS — 2.11%
AT&T Inc.
2.40%, 08/15/16	$	11,742	$	11,797,610
2.40%, 03/15/17^c		16,500		16,669,670
Orange SA
2.75%, 09/14/16		2,000		2,012,596
Verizon Communications Inc.
1.35%, 06/09/17		7,000		7,018,018
FRN, (3 mo. LIBOR US + .400%)
1.04%, 06/09/17		3,500		3,502,590
FRN, (3 mo. LIBOR US + 1.530%)
2.16%, 09/15/16		3,250		3,265,252
FRN, (3 mo. LIBOR US + 1.750%)
2.38%, 09/14/18^c		4,500		4,619,655

				48,885,391
TRANSPORTATION — 0.27%
Kansas City Southern
FRN, (3 mo. LIBOR US + .700%)
1.33%, 10/28/16^a		4,000		3,971,780
Ryder System Inc.
2.50%, 03/01/17 (Call 02/01/17)		565		570,269
5.85%, 11/01/16		1,600		1,637,362

				6,179,411
TRUCKING & LEASING — 0.77%
GATX Corp.
1.25%, 03/04/17		5,350		5,324,106
3.50%, 07/15/16		4,575		4,595,812
Penske Truck Leasing Co. LP/PTL Finance Corp.
3.75%, 05/11/17^a		7,695		7,853,117

				17,773,035

TOTAL CORPORATE BONDS & NOTES
(Cost: $1,070,515,919)				1,070,833,730

FOREIGN GOVERNMENT OBLIGATIONS^d — 5.27%

ITALY — 0.04%
Italy Government International Bond
5.25%, 09/20/16		1,000		1,015,120

				1,015,120


Security	Principal (000s)		Value
JAPAN — 5.23%
Japan Treasury Discount Bill
0.01%, 05/12/16^e	$	12,940,000	$	120,938,900

				120,938,900

TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $120,940,058)				121,954,020

MUNICIPAL DEBT OBLIGATIONS — 0.14%

NEW JERSEY — 0.14%
New Jersey Economic Development Authority RB Series Q
1.10%, 06/15/16		3,180		3,180,604

				3,180,604

TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $3,179,322)				3,180,604

REPURCHASE AGREEMENTS — 2.59%
Barclays Capital Inc., 1.01%, 05/02/16^f (Purchased on 04/29/16 to be repurchased at $15,001,263, collateralized by various non-agency asset-backed securities, 0.00% to 6.07%, due 04/16/21 to 10/18/52, par and fair value of $20,854,422 and $17,250,000, respectively)^g		15,000		15,000,000
Merrill Lynch, 1.09%, 05/02/16^f (Purchased on 04/29/16 to be repurchased at $15,001,363, collateralized by a non-agency asset-backed security, 5.59%, due 10/25/33, par and fair value of $17,117,934 and $17,250,001, respectively)^g		15,000		15,000,000


22		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2016


Security	Principal or Shares (000s)		Value
Mizuho Securities USA Inc., 1.74%, 05/02/16^f (Purchased on 04/29/16 to be repurchased at $30,004,346, collateralized by various non-agency asset-backed securities, 0.54% to 5.44%, due 03/25/36 to 06/25/37, par and fair value of $55,913,495 and $34,500,000, respectively)^g	$	30,000	$	30,000,000

TOTAL REPURCHASE AGREEMENTS
(Cost: $60,000,000)				60,000,000

U.S. GOVERNMENT AGENCY OBLIGATIONS — 5.35%
Federal Home Loan Mortgage Corp.
1.00%, 04/27/18 (Call 04/27/17)		23,630		23,638,460
1.05%, 02/26/18 (Call 05/26/16)		20,000		20,000,500
1.05%, 04/27/18 (Call 07/27/16)		23,630		23,631,607
1.13%, 10/11/18 (Call 07/11/16)		16,250		16,248,797
1.30%, 04/29/19 (Call 07/29/16)		8,185		8,179,017
1.40%, 03/29/19 (Call 06/29/16)		20,000		20,001,220
Federal National Mortgage Association
5.00%, 01/01/20		11,595		12,016,713

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $123,722,956)				123,716,314

MONEY MARKET FUNDS — 3.00%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.50%^h,i,j		46,061		46,060,786
BlackRock Cash Funds: Prime, SL Agency Shares
0.49%^h,i,j		23,450		23,450,216

TOTAL MONEY MARKET FUNDS
(Cost: $69,511,002)				69,511,002


	Value
TOTAL INVESTMENTS IN SECURITIES — 101.26%
(Cost: $2,343,123,682)	$	2,343,479,270
Other Assets, Less Liabilities — (1.26)%		(29,076,702	)

NET ASSETS — 100.00%	$	2,314,402,568


FRN		— Floating Rate Note
RB		— Revenue Bond
VRN		— Variable Rate Note

Forward currency contracts as of April 30, 2016 were as follows:

Currency
Purchased

Currency
Sold

Settlement
Date

Counter-
party

Unrealized
Appreciation
(Depreciation)

USD 119,768,238

JPY 12,940,000,000

05/12/2016

HSBC

(1,186,624)

Counterparty:

HSBC — HSBC Bank PLC

Currency abbreviations:

JPY — Japanese Yen

USD — United States Dollar

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

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

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

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

^e	Rates shown are the discount rate or range of discount rates at time of purchase.

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

^g	Maturity date represents next reset date.

^h	Affiliated issuer. See Note 2.

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

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

See notes to financial statements.


SCHEDULESOF INVESTMENTS			23

Schedule of Investments (Unaudited)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

April 30, 2016


Security	Principal (000s)		Value
MUNICIPAL DEBT OBLIGATIONS — 102.20%

ARIZONA — 1.56%
Maricopa County Unified School District No. 60 Higley GOL
3.00%, 07/01/17 (AGM)	$	455	$	467,572

				467,572
CALIFORNIA — 3.40%
California Housing Finance Agency RB Series A
0.85%, 08/01/16		20		20,000
Lake Elsinore School District RB Series A
2.00%, 06/30/16		1,000		1,002,650

				1,022,650
COLORADO — 0.34%
City & County of Denver CO COP
3.00%, 12/01/16		100		101,375

				101,375
FLORIDA — 6.32%
Village Community Development District No. 7 RB
3.00%, 05/01/16		555		555,078
3.00%, 05/01/17		590		602,856
Volusia County Educational Facility Authority RB
2.00%, 10/15/16		105		105,638
3.00%, 10/15/17		110		113,412
5.00%, 06/01/17		500		522,820

				1,899,804
GEORGIA — 5.79%
Burke County Development Authority RB
2.20%, 10/01/32		1,700		1,738,590

				1,738,590
ILLINOIS — 6.18%
Illinois Finance Authority RB
5.00%, 08/15/17		375		391,927
Illinois State University RB
2.00%, 04/01/17 (AGM)		1,200		1,210,656
Village of Romeoville IL RB
4.00%, 10/01/16		250		253,133

				1,855,716


Security	Principal (000s)		Value
KENTUCKY — 1.40%
Hardin County School District Finance Corp. RB
4.00%, 02/01/18	$	400	$	421,124

				421,124
MICHIGAN — 8.92%
Lawton Community Schools GO
2.00%, 05/01/17		605		612,599
Macomb Township Building Authority RB
3.00%, 04/01/17		500		510,085
3.00%, 04/01/18		500		521,235
Michigan Strategic Fund RB
5.00%, 03/01/17		1,000		1,034,980

				2,678,899
NEW JERSEY — 21.64%
City of Newark NJ RB
5.00%, 09/01/17		2,000		2,088,300
New Jersey Economic Development Authority RB
Series A
5.00%, 05/01/17		1,240		1,288,360
Series EE
5.00%, 09/01/17 (ETM)		610		644,630
New Jersey Transportation Trust Fund Authority RB
5.00%, 12/15/17		2,350		2,481,952

				6,503,242
NEW YORK — 16.62%
County of Broome NY GOL
2.00%, 05/05/17		1,000		1,010,950
County of Niagara NY GO Series C
1.50%, 05/12/16		1,400		1,400,378
Elmira City School District GO
5.00%, 06/15/17		300		314,715
Town of Pittsford NY GOL
2.00%, 09/08/16		1,200		1,204,368
Troy Capital Resource Corp. RB
5.00%, 09/01/18		975		1,064,047

				4,994,458


24		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

April 30, 2016


Security	Principal (000s)		Value
OHIO — 11.76%
City of Avon OH Water System Revenue RB Series 2
0.85%, 02/02/17	$	1,000	$	999,810
City of Garfield Heights OH RB
1.50%, 06/22/16		600		600,522
City of Seven Hills OH GOL
1.13%, 07/07/16		1,200		1,200,024
Urbana City School District GO
5.00%, 12/01/17		690		734,484

				3,534,840
OKLAHOMA — 4.08%
Cleveland County Justice Authority RB
3.00%, 03/01/17		1,205		1,226,232

				1,226,232
PENNSYLVANIA — 3.76%
Pottsgrove School District GOL
2.00%, 08/15/16		365		366,394
3.00%, 08/15/17		740		762,378

				1,128,772
RHODE ISLAND — 5.96%
Providence Redevelopment Agency RB Series A
3.00%, 04/01/17		1,210		1,230,691
Town of Coventry RI GO
4.00%, 03/15/17		545		560,462

				1,791,153
TEXAS — 3.33%
Port of Port Arthur Navigation District RB
0.52%, 11/01/40 (Call 06/14/16)		900		900,000
Southmost Regional Water Authority
5.00%, 09/01/16		100		101,421

				1,001,421
WEST VIRGINIA — 1.14%
Berkeley County Public Service District RB
2.00%, 12/01/17		335		341,067

				341,067

TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $30,683,952)				30,706,915


Security	Shares (000s)		Value
MONEY MARKET FUNDS — 0.29%
BlackRock Liquidity Funds: MuniCash Portfolio
0.18%^a,b		87	$	87,471

				87,471

TOTAL MONEY MARKET FUNDS
(Cost: $87,471)				87,471

TOTAL INVESTMENTS IN SECURITIES — 102.49%
(Cost: $30,771,423)				30,794,386
Other Assets, Less Liabilities — (2.49)%				(747,307)

NET ASSETS — 100.00%			$	30,047,079

COP — Certificates of Participation

EMT — Escrowed to Maturity

GO — General Obligation

GOL — General Obligation Limited

RB — Revenue Bond

Insured by:

AGM — Assured Guaranty Municipal Corp.

^a	Affiliated issuer. See Note 2.

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

See notes to financial statements.


SCHEDULESOF INVESTMENTS			25

Schedule of Investments (Unaudited)

iSHARES^® ULTRA SHORT-TERM BOND ETF

April 30, 2016


Security	Principal (000s)		Value
CERTIFICATES OF DEPOSIT — 17.69%
Bank of Nova Scotia (The)
0.80%, 08/26/16	$	400	$	400,161
Canadian Imperial Bank of Commerce
0.78%, 08/02/16		250		250,113
Mizuho Bank Ltd.
1.32%, 05/17/17		600		599,868
Norinchukin Bank (The)
0.85%, 09/06/16		350		350,146
Royal Bank of Canada
1.01%, 03/10/17		350		350,099
Svenska Handelsbanken AB
1.04%, 04/21/17		250		250,035
Toronto-Dominion Bank (The)
0.88%, 10/17/16		100		100,047
Wells Fargo Bank N.A.
1.03%, 04/13/17		250		250,053
Westpac Banking Corp./NY
0.89%, 10/21/16		100		100,043

TOTAL CERTIFICATES OF DEPOSIT
(Cost: $2,649,947)				2,650,565

COMMERCIAL PAPER^a — 12.97%
B.A.T. International Finance PLC
0.95%, 07/12/16		500		499,411
Coca-Cola Co. (The)
0.98%, 03/01/17		250		248,041
Credit Agricole SA
0.90%, 09/09/16		350		349,140
Old Line Funding LLC
0.88%, 10/11/16		250		249,066
Societe Generale SA
0.66%, 07/08/16		350		349,655
Westpac Banking Corp.
0.94%, 10/19/16		250		248,962

TOTAL COMMERCIAL PAPER
(Cost: $1,943,286)				1,944,275

CORPORATE BONDS & NOTES — 60.79%

AUTO MANUFACTURERS — 5.35%
Nissan Motor Acceptance Corp. FRN, (3 mo. LIBOR US + .800%)
1.43%, 04/06/18^b		300		299,886


Security		Principal (000s)		Value
FRN, (3 mo. LIBOR US + 1.010%)
1.65%, 03/08/19^b	��	$	250	$	251,180
Toyota Motor Credit Corp. FRN, (3 mo. LIBOR US + .380%)
1.01%, 04/06/18			250		250,030

					801,096
BANKS — 39.92%
Australia & New Zealand Banking Group Ltd. FRN, (3 mo. LIBOR US + .440%)
1.07%, 01/16/18^b			400		397,299
Bank of America N.A. FRN, (3 mo. LIBOR US + .470%)
1.09%, 11/14/16			500		500,465
Barclays Bank PLC
5.00%, 09/22/16			400		406,293
BNP Paribas SA
1.25%, 12/12/16			250		250,458
BPCE SA FRN, (3 mo. LIBOR US + .850%)
1.47%, 02/10/17			400		401,159
Citigroup Inc. FRN, (3 mo. LIBOR US + .860%)
1.50%, 12/07/18			400		397,615
Commonwealth Bank of Australia FRN, (3 mo. LIBOR US + .400%)
1.03%, 03/12/18^b			300		298,487
FRN, (3 mo. LIBOR US + .500%)
1.12%, 09/20/16^b			100		100,175
Cooperatieve Rabobank UA
3.38%, 01/19/17			350		355,651
JPMorgan Chase & Co.
1.35%, 02/15/17			300		300,901
FRN, (3 mo. LIBOR US + .550%)
1.19%, 04/25/18			400		398,614
Lloyds Bank PLC
4.20%, 03/28/17			150		154,003
Macquarie Bank Ltd.
5.00%, 02/22/17^b			325		334,618
Morgan Stanley
5.75%, 10/18/16			155		158,306
Nordea Bank AB
0.88%, 05/13/16^b			275		275,028
1.25%, 04/04/17^b			250		250,367


26		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Sumitomo Mitsui Banking Corp.
1.30%, 01/10/17	$	250	$	250,092
2.90%, 07/22/16^b		250		251,076
Suncorp-Metway Ltd. FRN, (3 mo. LIBOR US + .470%)
1.09%, 05/23/16^b		250		250,000
Toronto-Dominion Bank (The)
1.50%, 09/09/16		250		250,651

				5,981,258
DIVERSIFIED FINANCIAL SERVICES — 1.34%
American Express Credit Corp.
2.80%, 09/19/16		100		100,741
General Electric Co. FRN, (3 mo. LIBOR US + .200%)
0.82%, 05/11/16		100		100,007

				200,748
INSURANCE — 1.45%
Berkshire Hathaway Finance Corp.
1.45%, 03/07/18		115		116,076
FRN, (3 mo. LIBOR US + .550%)
1.18%, 03/07/18		100		100,462

				216,538
MACHINERY — 4.69%
Caterpillar Financial Services Corp. FRN, (3 mo. LIBOR US + .700%)
1.33%, 02/23/18		300		302,482
John Deere Capital Corp. FRN, (3 mo. LIBOR US + .450%)
1.08%, 07/11/17		400		400,715

				703,197
OIL & GAS — 3.02%
BP Capital Markets PLC FRN, (3 mo. LIBOR US + .350%)
0.97%, 02/10/17		100		99,927
Exxon Mobil Corp. FRN, (3 mo. LIBOR US + .600%)
1.23%, 02/28/18		350		352,912

				452,839
PHARMACEUTICALS — 2.67%
Bayer U.S. Finance LLC FRN, (3 mo. LIBOR US + .280%)
0.91%, 10/06/17^b		400		400,053

				400,053


Security	Principal or Shares (000s)		Value
RETAIL — 0.67%
Lowe’s Companies Inc. FRN, (3 mo. LIBOR US + .600%)
1.23%, 09/14/18	$	100	$	100,895

				100,895
TELECOMMUNICATIONS — 1.68%
Verizon Communications Inc. FRN, (3 mo. LIBOR US + 1.530%)
2.16%, 09/15/16		250		251,173

				251,173

TOTAL CORPORATE BONDS & NOTES
(Cost: $9,090,595)				9,107,797

U.S. GOVERNMENT OBLIGATIONS — 8.01%
U.S. Treasury Note/Bond
0.38%, 10/31/16		900		899,790
0.63%, 06/30/17		300		299,906

				1,199,696

TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost: $1,197,850)				1,199,696

MONEY MARKET FUNDS — 0.35%
BlackRock Cash Funds: Prime, SL Agency Shares
0.49%^c,d		53		52,611

TOTAL MONEY MARKET FUNDS
(Cost: $52,611)				52,611

TOTAL INVESTMENTS IN SECURITIES — 99.81%
(Cost: $14,934,289)				14,954,944
Other Assets, Less Liabilities — 0.19%				27,725

NET ASSETS — 100.00%			$	14,982,669

FRN — Floating Rate Note

^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	Affiliated issuer. See Note 2.

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

See notes to financial statements.


SCHEDULESOF INVESTMENTS			27

Statements of Assets and Liabilities (Unaudited)

iSHARES^® U.S. ETF TRUST

April 30, 2016


	iShares Short Maturity Bond ETF			iShares Short Maturity Municipal Bond ETF			iShares Ultra Short-Term Bond ETF

ASSETS
Investments, at cost:
Unaffiliated	$	2,213,612,680		$	30,683,952		$	14,881,678
Repurchase agreements — unaffiliated		60,000,000			—			—
Affiliated (Note 2)		69,511,002			87,471			52,611

Total cost of investments	$	2,343,123,682		$	30,771,423		$	14,934,289

Investments in securities, at fair value (including securities on loan^a) (Note 1):
Unaffiliated	$	2,213,968,268		$	30,706,915		$	14,902,333
Repurchase agreements — unaffiliated		60,000,000			—			—
Affiliated (Note 2)		69,511,002			87,471			52,611

Total fair value of investments		2,343,479,270			30,794,386			14,954,944
Foreign currency, at value^b		50			—			—
Cash		89,764			—			217
Receivables:
Investment securities sold		1,302,508			—			—
Interest		8,598,510			269,746			29,717
Capital shares sold		15,033,797			—			—

Total Assets		2,368,503,899			31,064,132			14,984,878


LIABILITIES
Payables:
Investment securities purchased		2,923,394			1,010,900			—
Collateral for securities on loan (Note 1)		49,515,813			—			—
Unrealized depreciation on forward currency contracts (Note 1)		1,186,624			—			—
Investment advisory fees (Note 2)		475,500			6,153			2,209

Total Liabilities		54,101,331			1,017,053			2,209


NET ASSETS	$	2,314,402,568		$	30,047,079		$	14,982,669


Net assets consist of:
Paid-in capital	$	2,314,174,523		$	30,010,940		$	14,965,222
Undistributed net investment income		1,733,669			22,670			7,212
Accumulated net realized loss		(674,589	)		(9,494	)		(10,420	)
Net unrealized appreciation (depreciation)		(831,035	)		22,963			20,655

NET ASSETS	$	2,314,402,568		$	30,047,079		$	14,982,669


Shares outstanding^c		46,200,000			600,000			300,000


Net asset value per share	$	50.10		$	50.08		$	49.94

^a	Securities on loan with values of $48,344,777, $ — and $ —, respectively. See Note 1.

^b	Cost of foreign currency: $49, $ — and $ —, respectively.

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

See notes to financial statements.


28		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^® U.S. ETF TRUST

Six months ended April 30, 2016


	iShares Short Maturity Bond ETF			iShares Short Maturity Municipal Bond ETF			iShares Ultra Short-Term Bond ETF

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	931,480		$	44		$	3,949
Interest — unaffiliated		11,639,818			156,589			36,316
Securities lending income — affiliated — net (Note 2)		53,032			—			—

Total investment income		12,624,330			156,633			40,265


EXPENSES
Investment advisory fees (Note 2)		2,669,603			38,721			8,197

Total expenses		2,669,603			38,721			8,197
Less investment advisory fees waived (Note 2)		—			(80	)		—

Net expenses		2,669,603			38,641			8,197

Net investment income		9,954,727			117,992			32,068


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		5,700,493			(411	)		(15,575	)
Foreign currency transactions		(6,197,534	)		—			—

Net realized loss		(497,041	)		(411	)		(15,575	)

Net change in unrealized appreciation/depreciation on:
Investments		4,030,208			(5,768	)		27,018
Forward currency contracts		(1,240,941	)		—			—
Translation of assets and liabilities in foreign currencies		(109	)		—			—

Net change in unrealized appreciation/depreciation		2,789,158			(5,768	)		27,018

Net realized and unrealized gain (loss)		2,292,117			(6,179	)		11,443

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,246,844		$	111,813		$	43,511

See notes to financial statements.


FINANCIAL STATEMENTS			29

Statements of Changes in Net Assets

iSHARES^® U.S. ETF TRUST


	iShares Short Maturity Bond ETF						iShares Short Maturity Municipal Bond ETF
	Six months ended April 30, 2016 (Unaudited)			Year ended October 31, 2015			Six months ended April 30, 2016 (Unaudited)			Period from March 3, 2015^a to October 31, 2015

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	9,954,727		$	7,948,845		$	117,992		$	150,269
Net realized loss		(497,041	)		(182,842	)		(411	)		(9,083	)
Net change in unrealized appreciation/depreciation		2,789,158			(3,217,775	)		(5,768	)		28,731

Net increase in net assets resulting from operations		12,246,844			4,548,228			111,813			169,917


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(9,334,974	)		(7,132,332	)		(118,757	)		(126,834	)

Total distributions to shareholders		(9,334,974	)		(7,132,332	)		(118,757	)		(126,834	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		730,190,515			1,445,296,850			—			45,000,000
Cost of shares redeemed		(200,006,132	)		(80,138,822	)		(4,994,826	)		(9,994,234	)

Net increase (decrease) in net assets from capital share transactions		530,184,383			1,365,158,028			(4,994,826	)		35,005,766

INCREASE (DECREASE) IN NET ASSETS		533,096,253			1,362,573,924			(5,001,770	)		35,048,849

NET ASSETS
Beginning of period		1,781,306,315			418,732,391			35,048,849			—

End of period	$	2,314,402,568		$	1,781,306,315		$	30,047,079		$	35,048,849

Undistributed net investment income included in net assets at end of period	$	1,733,669		$	1,113,916		$	22,670		$	23,435


SHARES ISSUED AND REDEEMED
Shares sold		14,600,000			28,850,000			—			900,000
Shares redeemed		(4,000,000	)		(1,600,000	)		(100,000	)		(200,000	)

Net increase (decrease) in shares outstanding		10,600,000			27,250,000			(100,000	)		700,000

^a	Commencement of operations.

See notes to financial statements.


30		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets (Continued)

iSHARES^® U.S. ETF TRUST


	iShares Ultra Short-Term Bond ETF
	Six months ended April 30, 2016 (Unaudited)			Year ended October 31, 2015

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	32,068		$	60,917
Net realized gain (loss)		(15,575	)		5,153
Net change in unrealized appreciation/depreciation		27,018			(25,041	)

Net increase in net assets resulting from operations		43,511			41,029


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(31,489	)		(62,833	)
From net realized gain		—			(9,825	)

Total distributions to shareholders		(31,489	)		(72,658	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		12,463,963			—
Cost of shares redeemed		(9,986,485	)		(2,499,161	)

Net increase (decrease) in net assets from capital share transactions		2,477,478			(2,499,161	)

INCREASE (DECREASE) IN NET ASSETS		2,489,500			(2,530,790	)

NET ASSETS
Beginning of period		12,493,169			15,023,959

End of period	$	14,982,669		$	12,493,169

Undistributed net investment income included in net assets at end of period	$	7,212		$	6,633


SHARES ISSUED AND REDEEMED
Shares sold		250,000			—
Shares redeemed		(200,000	)		(50,000	)

Net increase (decrease) in shares outstanding		50,000			(50,000	)

See notes to financial statements.


FINANCIAL STATEMENTS			31

Financial Highlights

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)


	iShares Short Maturity Bond ETF
	Six months ended Apr. 30, 2016 (Unaudited)			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Period from Sep. 25, 2013^a to Oct. 31, 2013
Net asset value, beginning of period	$	50.04		$	50.15		$	50.07		$	50.00

Income from investment operations:
Net investment income^b		0.23			0.44			0.44			0.02
Net realized and unrealized gain (loss)^c		0.05			(0.13	)		0.04			0.05

Total from investment operations		0.28			0.31			0.48			0.07

Less distributions from:
Net investment income		(0.22	)		(0.42	)		(0.40	)		—

Total distributions		(0.22	)		(0.42	)		(0.40	)		—

Net asset value, end of period	$	50.10		$	50.04		$	50.15		$	50.07


Total return		0.55	%^d		0.62	%		0.96	%		0.14	%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,314,403		$	1,781,306		$	418,732		$	102,634
Ratio of expenses to average net assets^e		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assets^e		0.93	%		0.87	%		0.87	%		0.42	%
Portfolio turnover rate^f		34	%		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.


32		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)


		iShares Short Maturity Municipal Bond ETF


	Six months ended Apr. 30, 2016 (Unaudited)			Period from Mar. 3, 2015^a to Oct. 31, 2015
Net asset value, beginning of period	$	50.07		$	50.00

Income from investment operations:
Net investment income^b		0.19			0.20
Net realized and unrealized gain^c		0.01			0.04

Total from investment operations		0.20			0.24

Less distributions from:
Net investment income		(0.19	)		(0.17	)

Total distributions		(0.19	)		(0.17	)

Net asset value, end of period	$	50.08		$	50.07


Total return		0.38	%^d		0.48	%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	30,047		$	35,049
Ratio of expenses to average net assets^e		0.25	%		0.25	%
Ratio of expenses to average net assets prior to waived fees^e		0.25	%		0.25	%
Ratio of net investment income to average net assets^e		0.76	%		0.59	%
Portfolio turnover rate^f		42	%		184	%

^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 each period)


		iShares Ultra Short-Term Bond ETF


	Six months ended Apr. 30, 2016 (Unaudited)			Year ended Oct. 31, 2015			Period from Dec. 11, 2013^a to Oct. 31, 2014
Net asset value, beginning of period	$	49.97		$	50.08		$	49.99

Income from investment operations:
Net investment income^b		0.17			0.24			0.16
Net realized and unrealized gain (loss)^c		(0.03	)		(0.07	)		0.06

Total from investment operations		0.14			0.17			0.22

Less distributions from:
Net investment income		(0.17	)		(0.24	)		(0.13	)
Net realized gain		—			(0.04	)		—

Total distributions		(0.17	)		(0.28	)		(0.13	)

Net asset value, end of period	$	49.94		$	49.97		$	50.08


Total return		0.28	%^d		0.32	%		0.45	%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	14,983		$	12,493		$	15,024
Ratio of expenses to average net assets^e		0.18	%		0.18	%		0.18	%
Ratio of net investment income to average net assets^e		0.70	%		0.47	%		0.35	%
Portfolio turnover rate^f		124	%		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.


34		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

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 Bond		Diversified
Ultra Short-Term Bond		Diversified

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 using the last available bid price or current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data, credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller odd lot sizes.

•

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


NOTESTO FINANCIAL STATEMENTS			35

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

•

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

•

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.


36		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (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 April 30, 2016. 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	$	—	$	655,918,997		$	36,919,510	$	692,838,507
Collateralized Mortgage Obligations		—		201,445,093			—		201,445,093
Corporate Bonds & Notes		—		1,070,833,730			—		1,070,833,730
Foreign Government Obligations		—		121,954,020			—		121,954,020
Municipal Debt Obligations		—		3,180,604			—		3,180,604
Repurchase Agreements		—		60,000,000			—		60,000,000
U.S. Government Agency Obligations		—		123,716,314			—		123,716,314
Money Market Funds		69,511,002		—			—		69,511,002

Total	$	69,511,002	$	2,237,048,758		$	36,919,510	$	2,343,479,270

Derivative Financial Instruments^a:
Liabilities:
Forward Currency Contracts	$	—	$	(1,186,624	)	$	—	$	(1,186,624	)

Total	$	—	$	(1,186,624	)	$	—	$	(1,186,624	)


Short Maturity Municipal Bond
Investments:
Assets:
Municipal Debt Obligations	$	—	$	30,706,915		$	—	$	30,706,915
Money Market Funds		87,471		—			—		87,471

Total	$	87,471	$	30,706,915		$	—	$	30,794,386


Ultra Short-Term Bond
Investments:
Assets:
Certificates of Deposit	$	—	$	2,650,565		$	—	$	2,650,565
Commercial Paper		—		1,944,275			—		1,944,275
Corporate Bonds & Notes		—		8,857,797			250,000		9,107,797
U.S. Government Obligations		—		1,199,696			—		1,199,696
Money Market Funds		52,611		—			—		52,611

Total	$	52,611	$	14,652,333		$	250,000	$	14,954,944

Shown at the unrealized depreciation on contracts.


NOTESTO FINANCIAL STATEMENTS			37

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

The following tables include a rollforward for the six months ended April 30, 2016 of investments whose values are classified as Level 3 as of the beginning or end of the period.


iShares Short Maturity Bond ETF	Asset- Backed Securities			Collateralized Mortgage Obligations
Balance at beginning of period	$	102,441		$	3,771
Realized gain (loss) and change in unrealized appreciation/depreciation		67,257			—
Purchases		36,852,188			—
Sales		(102,376	)		(3,771	)
Transfers in^a		—			—
Transfers out^a		—			—

Balance at end of period	$	36,919,510		$	—

Net change in unrealized appreciation/depreciation on investments still held at end of period	$	56,386		$	—

Represents the value as of the beginning of the reporting period


iShares Ultra Short-Term Bond ETF	Corporate Bond & Notes
Balance at beginning of period	$	250,000
Realized gain (loss) and change in unrealized appreciation/depreciation		—
Purchases		—
Sales		—
Transfers in^a		—
Transfers out^a		—

Balance at end of period	$	250,000

Net change in unrealized appreciation/depreciation on investments still held at end of period	$	—

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

The iShares Short Maturity Bond ETF and iShares Ultra Short-Term Bond ETF investment that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on observable inputs. A significant change in third party information inputs could result in a significantly lower or higher value of 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


38		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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.

The following table summarizes the Funds’ open repurchase agreements as of April 30, 2016 which are subject to offset under an MRA:


iShares ETF	Market Value of Repurchase Agreements		Non-cash Collateral Received^a		Net Amount
Short Maturity Bond	$	60,000,000	$	60,000,000	$	—

Collateral received in excess of the market value of repurchase agreements is not presented in this table. The total collateral received by the Fund 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 April 30, 2016, if any, are disclosed in the Funds’ statements of assets and liabilities.


NOTESTO FINANCIAL STATEMENTS			39

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF 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. 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 April 30, 2016, 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 April 30, 2016 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.

On July 23, 2014, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. When implemented in October 2016, the change may affect the Funds with regard to the reinvestment of cash collateral received for securities on loan. Each Fund continues to evaluate its reinvestment strategy in light of the new regulations.

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.


40		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (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 April 30, 2016:


iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^a		Net Amount
Short Maturity Bond
BNP Paribas Prime Brokerage Inc.	$	4,079,872	$	4,079,872	$	—
Citigroup Global Markets Inc.		3,402,991		3,402,991		—
Deutsche Bank Securities Inc.		8,121,089		8,121,089		—
Goldman Sachs & Co.		10,614,498		10,614,498		—
JPMorgan Clearing Corp.		7,863,202		7,863,202		—
JPMorgan Securities LLC		52,690		52,690		—
Merrill Lynch, Pierce, Fenner & Smith		2,456,259		2,456,259		—
Morgan Stanley & Co. LLC		662,522		662,522		—
SG Americas Securities LLC		9,476,672		9,476,672		—
Wells Fargo Securities LLC		1,614,982		1,614,982		—

	$	48,344,777	$	48,344,777	$	—

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund 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
Ultra-Short-Term Bond		0.18	%
Short Maturity Bond		0.25

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’s contractual agreement to waive a portion of its investment advisory fees 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, expired on February 29, 2016.

The SEC 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


NOTESTO FINANCIAL STATEMENTS			41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Funds retain a portion of securities lending income and remit the remaining portion to BTC as compensation for its services as securities lending agent.

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

For the six months ended April 30, 2016, the total of securities lending agent services and collateral investment fees paid were as follows:


iShares ETF	Fees Paid to BTC
Short Maturity Bond	$	21,260

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 “Dividends – 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.

3.	*INVESTMENT PORTFOLIO TRANSACTIONS*

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended April 30, 2016 were as follows:


	U.S. Government Obligations				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
Short Maturity Bond	$	—	$	—	$	1,132,468,825	$	618,429,593
Short Maturity Municipal Bond		—		—		13,160,642		16,855,850
Ultra Short-Term Bond		1,495,910		299,482		8,498,170		8,510,787

There were no in-kind transactions (see Note 4) for the six months ended April 30, 2016.


42		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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.

The following table shows the value of forward currency contracts held by the iShares Short Maturity Bond ETF as of April 30, 2016 and the related locations in the statement of assets and liabilities, presented by risk exposure category:


Liabilities
Forward currency contracts:
Unrealized depreciation on forward currency contracts/Net assets consist of – net unrealized appreciation (depreciation)	$	(1,186,624	)

The following table shows the realized and unrealized gains (losses) on forward currency contracts held by the iShares Short Maturity Bond ETF during the six months April 30, 2016 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	$	(6,197,534	)	$	(1,240,941	)


NOTESTO FINANCIAL STATEMENTS			43

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

For the six months ended April 30, 2016, the average quarter-end amounts purchased and sold in U.S. dollars for the iShares Short Maturity Bond ETF were $223,027 and $87,088,732, 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.

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 in the statements of assets and liabilities as of April 30, 2016:


	Derivative Liabilities Subject to Offsetting		Derivatives Available for Offset		Net Amount of Derivative Liabilities
Forward currency contracts	$	1,186,624	$	—	$	1,186,624

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.


44		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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.

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*


NOTESTO FINANCIAL STATEMENTS			45

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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

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

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

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


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

As of April 30, 2016, 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	$	2,343,045,825	$	3,042,839	$	(2,609,394	)	$	433,445
Short Maturity Municipal Bond		30,771,423		35,379		(12,416	)		22,963
Ultra Short-Term Bond		14,934,289		22,054		(1,399	)		20,655

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2016, 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.


46		2016 iSHARES SEMI-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-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Short Maturity Bond	$	0.221383	$	—	$	0.002319	$	0.223702		99	%		—	%		1	%		100	%
Short Maturity Municipal Bond		0.191065		—		—		0.191065		100			—			—			100
Ultra Short-Term Bond		0.156292		—		0.011281		0.167573		93			—			7			100


SUPPLEMENTAL INFORMATION			47

Notes:


48		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:


NOTES			49

Notes:


50		2016 iSHARES SEMI-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’ Forms N-Q are available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Funds also disclose their complete schedules of portfolio holdings on a daily basis on the Funds’ website.

iS-SAR-1008-0416

APRIL 30, 2016


2016 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

^Ø

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

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

Table of Contents


Fund Performance Overviews			5
About Fund Performance			7
Shareholder Expenses			7
Schedules of Investments			8
iShares Interest Rate Hedged High Yield Bond ETF			8
iShares Interest Rate Hedged Corporate Bond ETF			9
Financial Statements			10
Financial Highlights			13
Notes to Financial Statements			15
Supplemental Information			25
Additional Financial Information as of April 30, 2016			26
Schedules of Investments			27
iShares iBoxx $ High Yield Corporate Bond ETF			27
iShares iBoxx $ Investment Grade Corporate Bond ETF			55
Statements of Assets and Liabilities			87
Selected Audited Financial Statements as of February 29, 2016			88

Fund Performance Overview

iSHARES^® INTEREST RATE HEDGED HIGH YIELD BOND ETF

Performance as of April 30, 2016

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. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps. For the six-month reporting period ended April 30, 2016, the total return for the Fund was -0.63%, net of fees.


	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		(4.80)%		(3.35)%		(4.80)%		(6.35)%
Fund Market		(4.84)%		(3.37)%		(4.84)%		(6.40)%
Markit iBoxx USD Liquid High Yield Interest Rate Hedged Index		(3.56)%		(2.29)%		(3.56)%		(4.37)%

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.


Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a,b		Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a,b		Annualized Expense Ratio^a
$	1,000.00	$	993.70	$	0.30	$	1,000.00	$	1,024.60	$	0.30		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.

ALLOCATION BY CREDIT QUALITY¹

As of 4/30/16


Moody’s Credit Rating²		Percentage of Total Investments³


Baa	0.76	%
Ba	43.21
B	40.81
Caa	13.85
Ca	0.32
Not Rated	1.05

TOTAL	100.00	%

ALLOCATION BY MATURITY¹

As of 4/30/16


Maturity		Percentage��of Total Investments³


0-1 Year	0.06	%
1-5 Years	37.69
5-10 Years	60.52
10-15 Years	0.93
More than 20 Years	0.80

TOTAL	100.00	%

Table shown is for the iShares iBoxx $ High Yield Corporate Bond ETF, the underlying fund in which the Fund invests.

Excludes money market funds.


FUND PERFORMANCE OVERVIEWS			5

Fund Performance Overview

iSHARES^® INTEREST RATE HEDGED CORPORATE BOND ETF

Performance as of April 30, 2016

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. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps. For the six-month reporting period ended April 30, 2016, the total return for the Fund was 1.41%, net of fees.


	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		(0.81)%		(1.38)%		(0.81)%		(2.64)%
Fund Market		(2.29)%		(1.51)%		(2.29)%		(2.89)%
Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index		0.66%		(0.41)%		0.66%		(0.79)%

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.


Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a,b		Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a,b		Annualized Expense Ratio^a
$	1,000.00	$	1,014.10	$	0.55	$	1,000.00	$	1,024.30	$	0.55		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.

ALLOCATION BY CREDIT QUALITY¹

As of 4/30/16


Moody’s Credit Rating²		Percentage of Total Investments³


Aaa	2.69	%
Aa	10.79
A	42.37
Baa	41.11
Ba	2.58
Not Rated	0.46

TOTAL	100.00	%

ALLOCATION BY MATURITY¹

As of 4/30/16


Maturity		Percentage of Total Investments³


1-5 Years	24.11	%
5-10 Years	40.49
10-15 Years	2.61
15-20 Years	5.57
More than 20 Years	27.22

TOTAL	100.00	%

Table shown is for the iShares iBoxx $ Investment Grade Corporate Bond ETF, the underlying fund in which the Fund invests.

Excludes money market funds.


6		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

About Fund Performance

Shareholder Expenses


ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES			7

Schedule of Investments (Unaudited)

iSHARES^® INTEREST RATE HEDGED HIGH YIELD BOND ETF

April 30, 2016


Security	Shares		Value
INVESTMENT COMPANIES — 97.51%

EXCHANGE-TRADED FUNDS — 97.51%
iShares iBoxx $ High Yield Corporate Bond ETF^a		345,746	$	28,990,802

				28,990,802

TOTAL INVESTMENT COMPANIES
(Cost: $32,519,854)				28,990,802

SHORT-TERM INVESTMENTS — 1.51%

MONEY MARKET FUNDS — 1.51%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.28%^a,b		447,465		447,465

				447,465

TOTAL SHORT-TERM INVESTMENTS
(Cost: $447,465)				447,465

TOTAL INVESTMENTS IN SECURITIES — 99.02%
(Cost: $32,967,319)				29,438,267
Other Assets, Less Liabilities — 0.98%				292,375

NET ASSETS — 100.00%			$	29,730,642

^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 April 30, 2016 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	$	(13,410,000	)	$	(1,950	)	$	(9,821	)
1.64%*		3-month LIBOR		09/18/2020		Chicago Mercantile		(13,700,000	)		(10,431	)		(249,838	)
2.30%*		3-month LIBOR		09/18/2025		Chicago Mercantile		(3,170,000	)		(6,724	)		(167,849	)
2.81%*		3-month LIBOR		09/18/2045		Chicago Mercantile		(50,000	)		1			(6,681	)

Net unrealized depreciation													$	(434,189	)

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

See notes to financial statements.


8		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® INTEREST RATE HEDGED CORPORATE BOND ETF

April 30, 2016


Security	Shares		Value
INVESTMENT COMPANIES — 96.19%

EXCHANGE-TRADED FUNDS — 96.19%
iShares iBoxx $ Investment Grade Corporate Bond ETF^a		258,608	$	31,118,301

				31,118,301

TOTAL INVESTMENT COMPANIES
(Cost: $30,663,002)				31,118,301

SHORT-TERM INVESTMENTS — 1.22%

MONEY MARKET FUNDS — 1.22%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.28%^a,b		395,684		395,684

				395,684

TOTAL SHORT-TERM INVESTMENTS
(Cost: $395,684)				395,684

TOTAL INVESTMENTS IN SECURITIES — 97.41%
(Cost: $31,058,686)				31,513,985
Other Assets, Less Liabilities — 2.59%				838,963

NET ASSETS — 100.00%			$	32,352,948

^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 April 30, 2016 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	$	(6,525,000	)	$	(8,424	)	$	2,696
1.64%*		3-month LIBOR		09/18/2020		Chicago Mercantile		(11,500,000	)		(192,723	)		(25,750	)
2.30%*		3-month LIBOR		09/18/2025		Chicago Mercantile		(8,200,000	)		(369,494	)		(82,083	)
2.71%*		3-month LIBOR		09/18/2035		Chicago Mercantile		(5,320,000	)		(482,906	)		(45,775	)
2.81%*		3-month LIBOR		09/18/2045		Chicago Mercantile		(1,400,000	)		(192,835	)		5,805

Net unrealized depreciation													$	(145,107	)

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

See notes to financial statements.


SCHEDULESOF INVESTMENTS			9

Statements of Assets and Liabilities (Unaudited)

iSHARES^® U.S. ETF TRUST

April 30, 2016


	iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF

ASSETS
Investments, at cost:
Affiliated (Note 2)	$	32,967,319		$	31,058,686

Total cost of investments	$	32,967,319		$	31,058,686

Investments in securities, at fair value (Note 1):
Affiliated (Note 2)	$	29,438,267		$	31,513,985

Total fair value of investments		29,438,267			31,513,985
Cash pledged for centrally cleared swaps		301,000			874,000
Receivables:
Interest		2,173			85

Total Assets		29,741,440			32,388,070


LIABILITIES
Payables:
Investment advisory fees (Note 2)		1,878			3,565
Variation margin on centrally cleared swaps		8,920			31,557

Total Liabilities		10,798			35,122


NET ASSETS	$	29,730,642		$	32,352,948


Net assets consist of:
Paid-in capital	$	38,047,817		$	32,743,899
Undistributed net investment income		158,827			157,602
Accumulated net realized loss		(4,512,761	)		(858,744	)
Net unrealized appreciation (depreciation)		(3,963,241	)		310,191

NET ASSETS	$	29,730,642		$	32,352,948


Shares outstanding^a		350,000			350,000


Net asset value per share	$	84.94		$	92.44

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

See notes to financial statements.


10		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^® U.S. ETF TRUST

Six months ended April 30, 2016


	iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	1,177,533		$	518,714
Securities lending income — affiliated — net (Note 2)		31,287			2,612

Total investment income		1,208,820			521,326


EXPENSES
Investment advisory fees (Note 2)		130,195			49,515

Total expenses		130,195			49,515
Less investment advisory fees waived (Note 2)		(117,625	)		(31,933	)

Net expenses		12,570			17,582

Net investment income		1,196,250			503,744


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated (Note 2)		(124,022	)		(77,569	)
In-kind redemptions — affiliated (Note 2)		(2,248,235	)		1,042,650
Swap agreements		(365,872	)		(1,275,900	)

Net realized loss		(2,738,129	)		(310,819	)

Net change in unrealized appreciation/depreciation on:
Investments		704,864			836,147
Swap agreements		(127,998	)		103,829

Net change in unrealized appreciation/depreciation		576,866			939,976

Net realized and unrealized gain (loss)		(2,161,263	)		629,157

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(965,013	)	$	1,132,901

See notes to financial statements.


FINANCIAL STATEMENTS			11

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
	Six months ended April 30, 2016 (Unaudited)			Year ended October 31, 2015			Six months ended April 30, 2016 (Unaudited)			Year ended October 31, 2015

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	1,196,250		$	4,163,846		$	503,744		$	534,132
Net realized loss		(2,738,129	)		(4,670,072	)		(310,819	)		(625,149	)
Net change in unrealized appreciation/depreciation		576,866			(3,585,724	)		939,976			(536,370	)

Net increase (decrease) in net assets resulting from operations		(965,013	)		(4,091,950	)		1,132,901			(627,387	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,037,423	)		(4,084,037	)		(346,142	)		(502,154	)
Return of capital		—			(30,974	)		—			(24,646	)

Total distributions to shareholders		(1,037,423	)		(4,115,011	)		(346,142	)		(526,800	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		4,362,805			79,304,038			45,014,948			19,042,441
Cost of shares redeemed		(20,844,250	)		(66,501,133	)		(31,875,441	)		(9,256,512	)

Net increase (decrease) in net assets from capital share transactions		(16,481,445	)		12,802,905			13,139,507			9,785,929

INCREASE (DECREASE) IN NET ASSETS		(18,483,881	)		4,595,944			13,926,266			8,631,742

NET ASSETS
Beginning of period		48,214,523			43,618,579			18,426,682			9,794,940

End of period	$	29,730,642		$	48,214,523		$	32,352,948		$	18,426,682

Undistributed net investment income included in net assets at end of period	$	158,827		$	—		$	157,602		$	—


SHARES ISSUED AND REDEEMED
Shares sold		50,000			850,000			500,000			200,000
Shares redeemed		(250,000	)		(750,000	)		(350,000	)		(100,000	)

Net increase (decrease) in shares outstanding		(200,000	)		100,000			150,000			100,000

See notes to financial statements.


12		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)


		iShares Interest Rate Hedged High Yield Bond ETF


	Six months ended Apr. 30, 2016 (Unaudited)			Year ended Oct. 31, 2015			Period from May 27, 2014^a to Oct. 31, 2014
Net asset value, beginning of period	$	87.66		$	96.93		$	100.10

Income from investment operations:
Net investment income^b		2.46			4.80			1.86
Net realized and unrealized loss^c		(3.08	)		(9.29	)		(2.87	)

Total from investment operations		(0.62	)		(4.49	)		(1.01	)

Less distributions from:
Net investment income		(2.10	)		(4.74	)		(2.15	)
Return of capital		—			(0.04	)		(0.01	)

Total distributions		(2.10	)		(4.78	)		(2.16	)

Net asset value, end of period	$	84.94		$	87.66		$	96.93


Total return		(0.63	)%^d		(4.77	)%		(1.03	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	29,731		$	48,215		$	43,619
Ratio of expenses to average net assets^e,f		0.06	%		0.06	%		0.06	%
Ratio of expenses to average net assets prior to waived fees^e,f		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets^e		5.97	%		5.21	%		4.41	%
Portfolio turnover rate^g,h		0	%ⁱ		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. These ratios do 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.

ⁱ	Rounds to less than 1%.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			13

Financial Highlights (Continued)

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)


		iShares Interest Rate Hedged Corporate Bond ETF


	Six months ended Apr. 30, 2016 (Unaudited)			Year ended Oct. 31, 2015			Period from May 27, 2014^a to Oct. 31, 2014
Net asset value, beginning of period	$	92.13		$	97.95		$	100.32

Income from investment operations:
Net investment income^b		1.37			2.95			1.32
Net realized and unrealized loss^c		(0.07	)		(5.82	)		(2.36	)

Total from investment operations		1.30			(2.87	)		(1.04	)

Less distributions from:
Net investment income		(0.99	)		(2.81	)		(1.32	)
Return of capital		—			(0.14	)		(0.01	)

Total distributions		(0.99	)		(2.95	)		(1.33	)

Net asset value, end of period	$	92.44		$	92.13		$	97.95


Total return		1.41	%^d		(2.97	)%		(1.05	)%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	32,353		$	18,427		$	9,795
Ratio of expenses to average net assets^e,f		0.11	%		0.11	%		0.11	%
Ratio of expenses to average net assets prior to waived fees^e,f		0.30	%		0.30	%		0.30	%
Ratio of net investment income to average net assets^e		3.05	%		3.12	%		3.09	%
Portfolio turnover rate^g,h		2	%		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. These ratios do 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.


14		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^® U.S. ETF TRUST

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 ETF		Diversified
Interest Rate Hedged High Corporate ETF		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.

1.	*SIGNIFICANT ACCOUNTING POLICIES*

SECURITY VALUATION

•

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 (including money market funds) are valued at that day’s published net asset value (“NAV”).


NOTESTO FINANCIAL STATEMENTS			15

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

•

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.

•

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

•

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


16		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST


iShares ETF	Level 1		Level 2			Level 3		Total
Interest Rate Hedged High Yield Bond
Investments:
Assets:
Exchange-Traded Funds	$	28,990,802	$	—		$	—	$	28,990,802
Money Market Funds		447,465		—			—		447,465

Total	$	29,438,267	$	—		$	—	$	29,438,267

Derivative Financial Instruments:^a
Liabilities:
Centrally Cleared Interest Rate Swaps	$	—	$	(434,189	)	$	—	$	(434,189	)

Total	$	—	$	(434,189	)	$	—	$	(434,189	)


Interest Rate Hedged Corporate Bond
Investments:
Assets:
Exchange-Traded Funds	$	31,118,301	$	—		$	—	$	31,118,301
Money Market Funds		395,684		—			—		395,684

Total	$	31,513,985	$	—		$	—	$	31,513,985

Derivative Financial Instruments:^a
Assets:
Centrally Cleared Interest Rate Swaps	$	—	$	8,501		$	—	$	8,501
Liabilities:
Centrally Cleared Interest Rate Swaps		—		(153,608	)		—		(153,608	)

Total	$	—	$	(145,107	)	$	—	$	(145,107	)

Shown at the unrealized appreciation (depreciation) on contracts.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

DISTRIBUTIONS TO SHAREHOLDERS


NOTESTO FINANCIAL STATEMENTS			17

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

2.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*


18		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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”). 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) 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%.

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) 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%.

The SEC 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.

For the six months ended April 30, 2016 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	$	8,643
Interest Rate Hedged Corporate Bond		1,107


NOTESTO FINANCIAL STATEMENTS			19

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF 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 six months ended April 30, 2016, 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 Period		Shares Purchased		Shares Sold			Shares Held at End of Period		Value at End of Period		Dividend Income		Net Realized Gain (Loss)
Interest Rate Hedged High Yield Bond
iShares iBoxx $ High Yield Corporate Bond ETF		551,870		50,170		(256,294	)		345,746	$	28,990,802	$	1,176,938	$	(2,372,257	)


Interest Rate Hedged Corporate Bond
iShares iBoxx $ Investment Grade Corporate Bond ETF		151,666		375,544		(268,602	)		258,608	$	31,118,301	$	518,114	$	965,081

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 six months ended April 30, 2016 were as follows:


iShares ETF	Purchases		Sales
Interest Rate Hedged High Yield Bond	$	2,000	$	541,788
Interest Rate Hedged Corporate Bond		466,090		1,139,531

In-kind transactions (see Note 4) for the six months ended April 30, 2016 were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Interest Rate Hedged High Yield Bond	$	4,241,372	$	20,266,905
Interest Rate Hedged Corporate Bond		43,066,190		30,732,632

4.	*CAPITAL SHARE TRANSACTIONS*


20		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

5.	*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. 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 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 risks 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 April 30, 2016 and the related locations in the statements of assets and liabilities, presented by risk exposure category:


Assets
	iShares Interest Rate Hedged Corporate Bond ETF
Centrally cleared interest rate swaps:
Variation margin / Net assets consist of – net unrealized appreciation (depreciation)^a	$	8,501

Represents cumulative appreciation 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.


NOTESTO FINANCIAL STATEMENTS			21

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST


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 appreciation (depreciation)^a	$	434,189	$	153,608

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 six months ended April 30, 2016 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:
Swap agreements	$	(365,872	)	$	(1,275,900	)



	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:
Swap agreements	$	(127,998	)	$	103,829

The following table shows the average quarter-end balances of open interest rate swaps for the six months ended April 30, 2016:


	iShares Interest Rate Hedged High Yield Bond ETF		iShares Interest Rate Hedged Corporate Bond ETF
Average notional amount – pays fixed rate	$	37,595,000	$	24,971,667

6.	*PRINCIPAL RISKS*


22		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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 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.

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.

CREDIT RISK

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.

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.


NOTESTO FINANCIAL STATEMENTS			23

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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

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


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

As of April 30, 2016, 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	$	33,038,995	$	—	$	(3,600,728	)	$	(3,600,728	)
Interest Rate Hedged Corporate Bond		31,070,346		455,299		(11,660	)		443,639

8.	*SUBSEQUENT EVENTS*


24		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® U.S. ETF TRUST

Section 19(a) Notices


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Interest Rate Hedged High Yield Bond	$	2.103099	$	—	$	—	$	2.103099		100	%		—	%		—	%		100	%
Interest Rate Hedged Corporate Bond		0.970590		—		0.014749		0.985339		99			—			1			100


SUPPLEMENTAL INFORMATION			25

iShares Trust

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

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

Additional Financial Information

April 30, 2016

Selected Audited Financial Statements

February 29, 2016


26

Schedule of Investments (Unaudited)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 98.21%

ADVERTISING — 0.53%
inVentiv Health Inc.
9.00%, 01/15/18 (Call 05/31/16)^a	$	10,800	$	11,101,501
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/01/18)^b		11,347		11,783,150
5.38%, 01/15/24 (Call 01/15/19)^b		10,275		10,905,371
5.75%, 02/01/26 (Call 02/01/21)^a		9,755		10,322,619
5.88%, 02/01/22 (Call 02/01/17)^b		10,500		10,998,750
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 02/15/22 (Call 02/15/17)^b		12,765		13,057,063
5.63%, 02/15/24 (Call 02/15/19)		10,700		11,047,750
5.88%, 03/15/25 (Call 09/15/19)^b		9,600		10,056,000

				89,272,204
AEROSPACE & DEFENSE — 0.68%
KLX Inc.
5.88%, 12/01/22 (Call 12/01/17)^a,b		25,040		25,095,213
Meccanica Holdings USA Inc.
6.25%, 07/15/19^a,b		9,750		10,639,485
TransDigm Inc.
5.50%, 10/15/20 (Call 05/31/16)^b		11,950		12,136,719
6.00%, 07/15/22 (Call 07/15/17)^b		25,576		25,888,027
6.50%, 07/15/24 (Call 07/15/19)^b		24,310		24,553,100
6.50%, 05/15/25 (Call 05/15/20)^b		9,300		9,311,625
7.50%, 07/15/21 (Call 07/15/16)^b		7,554		7,886,376

				115,510,545


Security	Principal (000s)		Value
AIRLINES — 0.39%
Air Canada
6.75%, 10/01/19 (Call 10/01/16)^a,b	$	9,225	$	9,651,656
7.75%, 04/15/21^a		8,380		8,720,438
American Airlines Group Inc.
4.63%, 03/01/20^a,b		13,115		13,000,244
5.50%, 10/01/19^a		15,828		16,144,560
6.13%, 06/01/18^b		10,110		10,484,070
Continental Airlines Inc. 2012-3 Pass Through Trust Class C
6.13%, 04/29/18^b		7,950		8,268,000

				66,268,968
APPAREL — 0.21%
Hanesbrands Inc.
6.38%, 12/15/20 (Call 05/31/16)^b		13,030		13,484,903
Levi Strauss & Co.
5.00%, 05/01/25 (Call 05/01/20)^b		11,115		11,281,725
6.88%, 05/01/22 (Call 05/01/17)		10,646		11,417,835

				36,184,463
AUTO MANUFACTURERS — 0.79%
Fiat Chrysler Automobile NV
4.50%, 04/15/20^b		32,975		33,700,450
5.25%, 04/15/23^b		32,340		32,624,269
Jaguar Land Rover Automotive PLC
3.50%, 03/15/20 (Call 12/15/19)^a,b		10,600		10,660,729
4.13%, 12/15/18^a,b		14,300		14,657,500
4.25%, 11/15/19^a,b		11,240		11,549,100
5.63%, 02/01/23 (Call 02/01/18)^a,b		10,300		10,826,884
Navistar International Corp.
8.25%, 11/01/21 (Call 05/31/16)^b		26,231		19,017,475

				133,036,407
AUTO PARTS & EQUIPMENT — 1.34%
American Axle & Manufacturing Inc.
6.25%, 03/15/21 (Call 05/31/16)^b		9,006		9,412,171


SCHEDULESOF INVESTMENTS			27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
6.63%, 10/15/22 (Call 10/15/17)^b	$	11,775	$	12,424,334
Dana Holding Corp.
5.38%, 09/15/21 (Call 09/15/16)^b		9,850		10,071,625
5.50%, 12/15/24 (Call 12/15/19)^b		8,800		8,558,000
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/23 (Call 11/15/18)^b		21,620		22,313,762
6.50%, 03/01/21 (Call 05/31/16)^b		16,943		17,806,574
7.00%, 05/15/22 (Call 05/15/17)^b		14,945		16,140,600
Lear Corp.
4.75%, 01/15/23 (Call 01/15/18)^b		11,108		11,552,320
5.25%, 01/15/25 (Call 01/15/20)^b		9,605		10,174,096
Schaeffler Finance BV
4.25%, 05/15/21 (Call 05/15/17)^a,b		10,900		11,199,750
4.75%, 05/15/21 (Call 05/30/16)^a		19,850		20,395,875
4.75%, 05/15/23 (Call 05/15/18)^a,b		13,300		13,665,750
ZF North America Capital Inc.
4.00%, 04/29/20^a,b		22,228		23,242,152
4.50%, 04/29/22^a,b		7,700		7,815,500
4.75%, 04/29/25^a		31,005		31,470,075

				226,242,584
BANKS — 2.73%
BBVA International Preferred SAU VRN, (3 mo. LIBOR US + ..820%)
5.92%, 04/29/49 (Call 04/18/17)^b		41		41,103
BPCE SA VRN, (3 mo. LIBOR US + 12.980%)
12.50%, 08/29/49 (Call 09/30/19)^a,b		7,400		9,108,937


Security	Principal (000s)		Value
CIT Group Inc.
3.88%, 02/19/19^b	$	23,400	$	23,598,245
4.25%, 08/15/17		40,555		41,214,019
5.00%, 05/15/17^b		19,067		19,412,589
5.00%, 08/15/22^b		27,850		29,016,219
5.00%, 08/01/23^b		16,080		16,723,200
5.25%, 03/15/18^b		31,518		32,638,853
5.38%, 05/15/20^b		17,010		17,872,883
5.50%, 02/15/19^a,b		29,124		30,434,580
6.63%, 04/01/18^a,b		15,701		16,607,733
Credit Agricole SA
VRN, (3 mo. LIBOR US + 1.233%)
6.64%, 05/29/49 (Call 05/31/17)^a,b		16,651		16,524,452
VRN, (3 mo. LIBOR US + 6.982%)
8.38%, 10/29/49 (Call 10/13/19)^a		22,029		24,937,806
Fifth Third Bancorp. VRN, (3 mo. LIBOR US + 3.033%)
5.10%, 12/29/49 (Call 06/30/23)^b		13,275		12,154,922
Royal Bank of Scotland Group PLC
5.13%, 05/28/24^b		47,738		46,796,869
6.00%, 12/19/23		34,007		34,828,143
6.10%, 06/10/23		22,662		23,492,093
6.13%, 12/15/22^b		48,798		52,009,543
Royal Bank of Scotland NV
4.65%, 06/04/18		10,150		10,468,710
Societe Generale SA VRN, (3 mo. LIBOR US + 1.750%)
5.92%, 12/31/49 (Call 04/05/17)^a,b		3,723		3,750,923

				461,631,822
BEVERAGES — 0.67%
Constellation Brands Inc.
3.75%, 05/01/21^b		10,170		10,460,793
3.88%, 11/15/19^b		7,625		8,012,316
4.25%, 05/01/23^b		22,595		23,525,596
4.75%, 11/15/24^b		9,631		10,211,049


28		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
4.75%, 12/01/25^b	$	7,825	$	8,304,281
6.00%, 05/01/22^b		13,450		15,289,029
7.25%, 09/01/16		775		788,291
7.25%, 05/15/17^b		10,674		11,238,024
Cott Beverages Inc.
5.38%, 07/01/22 (Call 07/01/17)^b		11,025		11,307,426
6.75%, 01/01/20 (Call 01/01/17)		12,855		13,499,606

				112,636,411
BIOTECHNOLOGY — 0.16%
Concordia Healthcare Corp.
7.00%, 04/15/23 (Call 04/15/18)^a,b		11,100		10,295,250
9.50%, 10/21/22 (Call 12/15/18)^a,b		16,700		16,940,063

				27,235,313
BUILDING MATERIALS — 0.96%
Builders FirstSource Inc.
7.63%, 06/01/21 (Call 06/01/16)^a		13,367		14,068,767
10.75%, 08/15/23 (Call 08/15/18)^a		8,750		9,209,375
Masco Corp.
3.50%, 04/01/21 (Call 03/01/21)		7,190		7,301,445
4.38%, 04/01/26 (Call 01/01/26)		8,000		8,280,000
4.45%, 04/01/25 (Call 01/01/25)^b		11,300		11,794,488
5.95%, 03/15/22^b		8,777		9,818,567
7.13%, 03/15/20^b		8,645		9,948,954
Standard Industries Inc./NJ
5.13%, 02/15/21 (Call 02/15/18)^a,b		11,600		12,093,000
5.38%, 11/15/24 (Call 11/15/19)^a,b		23,054		23,918,525
5.50%, 02/15/23 (Call 02/15/19)^a,b		11,285		11,806,931
6.00%, 10/15/25 (Call 10/15/20)^a,b		23,125		24,917,187
Summit Materials LLC/Summit Materials Finance Corp.
6.13%, 07/15/23 (Call 07/15/18)		1,325		1,334,938


Security	Principal (000s)		Value
USG Corp.
9.75%, 01/15/18^b	$	8,648	$	9,707,380
Vulcan Materials Co.
4.50%, 04/01/25 (Call 01/01/25)^b		8,575		9,132,375

				163,331,932
CHEMICALS — 1.85%
Ashland Inc.
3.88%, 04/15/18 (Call 03/15/18)^b		13,900		14,282,250
4.75%, 08/15/22 (Call 05/15/22)^b		20,538		20,604,748
Axiall Corp.
4.88%, 05/15/23 (Call 05/15/18)^b		11,030		10,947,275
Blue Cube Spinco Inc.
9.75%, 10/15/23 (Call 10/15/20)^a		11,511		13,058,729
10.00%, 10/15/25 (Call 10/15/20)^a,b		10,350		11,941,313
Chemours Co. (The)
6.63%, 05/15/23 (Call 05/15/18)^a,b		29,490		25,587,842
7.00%, 05/15/25 (Call 05/15/20)^a		15,035		13,005,275
Eagle Spinco Inc.
4.63%, 02/15/21 (Call 02/15/18)^b		14,775		14,664,188
Hexion Inc.
6.63%, 04/15/20 (Call 05/31/16)^b		33,532		27,663,900
8.88%, 02/01/18 (Call 05/31/16)		23,470		18,130,575
Hexion Inc./Hexion Nova Scotia Finance ULC
9.00%, 11/15/20 (Call 05/31/16)		9,400		4,196,429
Huntsman International LLC
4.88%, 11/15/20 (Call 08/15/20)^b		13,915		13,975,878
5.13%, 11/15/22 (Call 08/15/22)		8,250		8,291,250


SCHEDULESOF INVESTMENTS			29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
INEOS Group Holdings SA
5.88%, 02/15/19 (Call 05/30/16)^a,b	$	12,475	$	12,633,091
6.13%, 08/15/18 (Call 05/31/16)^a,b		13,825		14,024,399
NOVA Chemicals Corp.
5.00%, 05/01/25 (Call 01/31/25)^a		10,705		10,598,906
5.25%, 08/01/23 (Call 08/01/18)^a,b		10,350		10,429,147
Platform Specialty Products Corp.
6.50%, 02/01/22 (Call 02/01/18)^a,b		22,925		20,174,000
10.38%, 05/01/21 (Call 05/01/18)^a,b		10,509		10,509,000
Tronox Finance LLC
6.38%, 08/15/20 (Call 05/31/16)		15,100		12,795,740
7.50%, 03/15/22 (Call 03/15/18)^a		11,853		9,837,990
WR Grace & Co.-Conn
5.13%, 10/01/21^a,b		14,675		15,328,037

				312,679,962
COAL — 0.24%
CONSOL Energy Inc.
5.88%, 04/15/22 (Call 04/15/17)^b		39,933		33,178,441
8.00%, 04/01/23 (Call 04/01/18)^b		8,500		7,246,250

				40,424,691
COMMERCIAL SERVICES — 3.26%
ADT Corp. (The)
2.25%, 07/15/17^b		8,573		8,680,163
3.50%, 07/15/22^b		22,306		20,521,520
4.13%, 04/15/19		10,325		10,996,125
4.13%, 06/15/23^b		15,225		14,083,125
6.25%, 10/15/21^b		16,713		17,289,933
APX Group Inc.
6.38%, 12/01/19 (Call 05/31/16)^b		20,850		20,890,136
8.75%, 12/01/20 (Call 05/31/16)^b		18,691		17,388,471


Security	Principal (000s)		Value
Ashtead Capital Inc.
5.63%, 10/01/24 (Call 10/01/19)^a,b	$	10,535	$	10,914,260
6.50%, 07/15/22 (Call 07/15/17)^a		18,230		19,232,650
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.13%, 06/01/22 (Call 06/01/17)^a,b		9,089		8,602,170
5.50%, 04/01/23 (Call 04/01/18)^b		14,000		13,346,200
Global A&T Electronics Ltd.
10.00%, 02/01/19 (Call 05/30/16)^a		20,950		13,041,375
Harland Clarke Holdings Corp.
9.25%, 03/01/21 (Call 03/01/17)^a		15,556		12,853,145
Hertz Corp. (The)
5.88%, 10/15/20 (Call 05/31/16)^b		11,058		11,213,807
6.25%, 10/15/22 (Call 10/15/17)^b		10,400		10,472,696
6.75%, 04/15/19 (Call 05/31/16)^b		25,390		25,840,165
7.38%, 01/15/21 (Call 05/31/16)^b		10,798		11,108,443
7.50%, 10/15/18 (Call 05/31/16)^b		14,500		14,712,322
Iron Mountain Inc.
5.75%, 08/15/24 (Call 08/15/17)^b		17,609		18,093,248
6.00%, 08/15/23 (Call 08/15/18)^b		13,415		14,253,438
Jaguar Holding Co. II/Pharmaceutical Product Development LLC
6.38%, 08/01/23 (Call 08/01/18)^a,b		25,369		26,358,391
Laureate Education Inc.
9.25%, 09/01/19 (Call 05/31/16)^a,b		30,600		27,693,000
Leidos Holdings Inc.
4.45%, 12/01/20 (Call 09/01/20)^b		9,400		9,287,491


30		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Prime Security Services Borrower LLC/Prime Finance Inc.
9.25%, 05/15/23 (Call 05/15/19)^a	$	17,835	$	18,503,812
RR Donnelley & Sons Co.
6.00%, 04/01/24		8,450		7,492,334
7.00%, 02/15/22		8,750		8,553,125
7.88%, 03/15/21^b		8,225		8,554,000
Service Corp. International/U.S.
5.38%, 01/15/22 (Call 07/15/17)^b		9,975		10,473,750
5.38%, 05/15/24 (Call 05/15/19)^b		17,870		19,031,550
United Rentals North America Inc.
4.63%, 07/15/23 (Call 07/15/18)^b		17,845		17,784,398
5.50%, 07/15/25 (Call 07/15/20)^b		15,828		15,709,290
5.75%, 11/15/24 (Call 05/15/19)^b		18,777		19,078,371
6.13%, 06/15/23 (Call 12/15/17)^b		19,514		20,296,084
7.38%, 05/15/20 (Call 05/31/16)^b		14,454		15,055,286
7.63%, 04/15/22 (Call 04/15/17)^b		28,395		30,316,248
8.25%, 02/01/21 (Call 05/31/16)^b		4,156		4,332,630

				552,053,152
COMPUTERS — 0.78%
Dell Inc.
4.63%, 04/01/21^b		8,060		7,979,400
5.65%, 04/15/18		9,809		10,266,754
5.88%, 06/15/19^b		13,850		14,542,500
NCR Corp.
4.63%, 02/15/21 (Call 02/15/17)^b		11,053		10,997,735
5.00%, 07/15/22 (Call 07/15/17)		12,860		12,924,300
5.88%, 12/15/21 (Call 12/15/17)^b		8,975		9,244,250


Security	Principal (000s)		Value
6.38%, 12/15/23 (Call 12/15/18)^b	$	14,695	$	15,282,800
Western Digital Corp.
10.50%, 04/01/24 (Call 04/01/19)^a		52,995		51,537,637

				132,775,376
COSMETICS & PERSONAL CARE — 0.09%
Avon Products Inc.
6.35%, 03/15/20^b		9,850		8,320,172
6.75%, 03/15/23		10,468		7,668,557

				15,988,729
DISTRIBUTION & WHOLESALE — 0.35%
HD Supply Inc.
5.25%, 12/15/21 (Call 12/15/17)^a,b		27,365		28,733,250
5.75%, 04/15/24 (Call 04/15/19)^a		2,980		3,125,275
7.50%, 07/15/20 (Call 10/15/16)^b		25,582		27,148,898

				59,007,423
DIVERSIFIED FINANCIAL SERVICES — 6.25%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust
2.75%, 05/15/17^b		9,000		9,000,000
3.75%, 05/15/19		22,600		23,023,750
4.25%, 07/01/20^b		11,900		12,257,000
4.50%, 05/15/21^b		22,820		23,590,175
4.63%, 10/30/20^b		22,040		22,933,845
4.63%, 07/01/22^b		10,455		10,873,200
5.00%, 10/01/21^b		16,762		17,673,518
Aircastle Ltd.
4.63%, 12/15/18^b		8,200		8,425,500
5.00%, 04/01/23^b		6,835		6,937,525
5.13%, 03/15/21^b		11,300		11,949,750
5.50%, 02/15/22^b		10,862		11,568,030
6.25%, 12/01/19^b		11,100		12,163,965
Ally Financial Inc.
3.25%, 02/13/18^b		13,360		13,351,650
3.25%, 11/05/18^b		16,098		16,041,406
3.50%, 01/27/19^b		16,250		16,213,438
3.60%, 05/21/18^b		20,800		20,849,088
3.75%, 11/18/19^b		17,350		17,415,063
4.13%, 03/30/20^b		16,990		17,393,513


SCHEDULESOF INVESTMENTS			31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
4.13%, 02/13/22^b	$	14,495	$	14,730,544
4.25%, 04/15/21		3,000		3,033,750
4.63%, 05/19/22^b		8,500		8,738,000
4.63%, 03/30/25^b		10,860		11,026,602
4.75%, 09/10/18^b		15,875		16,212,344
5.13%, 09/30/24^b		10,805		11,343,899
5.50%, 02/15/17^b		517		527,986
5.75%, 11/20/25 (Call 10/20/25)^b		17,675		17,895,937
6.25%, 12/01/17		22,310		23,265,780
7.50%, 09/15/20		10,100		11,413,000
8.00%, 12/31/18^b		10,975		12,031,344
8.00%, 03/15/20^b		19,560		22,186,628
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
3.50%, 03/15/17 (Call 02/15/17)		1,405		1,405,000
4.88%, 03/15/19 (Call 07/15/16)		27,575		27,402,656
5.88%, 02/01/22 (Call 08/01/17)^b		25,440		24,276,120
6.00%, 08/01/20 (Call 02/01/17)^b		35,485		35,307,575
International Lease Finance Corp.
3.88%, 04/15/18^b		16,515		16,758,596
4.63%, 04/15/21^b		1,600		1,660,800
5.88%, 04/01/19^b		15,850		16,979,313
5.88%, 08/15/22^b		14,275		15,637,063
6.25%, 05/15/19		25,508		27,676,180
8.25%, 12/15/20^b		21,217		25,089,102
8.63%, 01/15/22^b		14,371		17,388,910
8.75%, 03/15/17		1,399		1,473,147
8.88%, 09/01/17^b		10,590		11,399,895
Jefferies Finance LLC/JFIN Co-Issuer Corp.
6.88%, 04/15/22 (Call 04/15/17)^a,b		10,120		8,887,674
7.38%, 04/01/20 (Call 05/31/16)^a,b		13,000		12,025,000
7.50%, 04/15/21 (Call 10/15/17)^a,b		8,550		7,759,125


Security	Principal (000s)		Value
Lincoln Finance Ltd.
7.38%, 04/15/21 (Call 04/15/18)^a,b	$	8,350	$	8,798,813
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 08/01/18 (Call 05/31/16)^b		8,600		8,299,000
6.50%, 07/01/21 (Call 01/01/17)^b		12,950		11,363,625
7.88%, 10/01/20 (Call 10/01/16)		8,200		7,892,500
Navient Corp.
4.63%, 09/25/17^b		7,921		8,039,815
4.88%, 06/17/19^b		13,010		12,522,125
5.00%, 10/26/20^b		11,662		11,137,210
5.50%, 01/15/19^b		27,200		27,030,000
5.50%, 01/25/23^b		21,565		19,435,456
5.88%, 03/25/21^b		10,925		10,433,375
5.88%, 10/25/24^b		10,800		9,531,000
6.13%, 03/25/24^b		10,091		9,006,218
7.25%, 01/25/22		16,779		16,527,315
8.00%, 03/25/20		32,810		34,368,475
8.45%, 06/15/18^b		52,241		55,897,870
OneMain Financial Holdings LLC
6.75%, 12/15/19 (Call 12/15/16)^a		14,917		15,280,602
7.25%, 12/15/21 (Call 12/15/17)^a		16,602		17,193,446
Quicken Loans Inc.
5.75%, 05/01/25 (Call 05/01/20)^a,b		22,310		20,943,512
Springleaf Finance Corp.
5.25%, 12/15/19^b		14,650		13,891,148
6.90%, 12/15/17^b		34,851		36,294,828
7.75%, 10/01/21^b		12,300		12,243,420
8.25%, 12/15/20		16,075		16,577,344

				1,057,899,483
ELECTRIC — 3.59%
AES Corp./VA
4.88%, 05/15/23 (Call 05/15/18)^b		15,680		15,484,000


32		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
5.50%, 03/15/24 (Call 03/15/19)^b	$	14,500	$	14,753,750
5.50%, 04/15/25 (Call 04/15/20)^b		12,309		12,370,545
7.38%, 07/01/21 (Call 06/01/21)^b		15,800		17,992,250
8.00%, 06/01/20^b		9,665		11,138,913
Calpine Corp.
5.38%, 01/15/23 (Call 10/15/18)^b		24,339		24,673,661
5.50%, 02/01/24 (Call 02/01/19)^b		13,747		13,884,470
5.75%, 01/15/25 (Call 10/15/19)^b		33,894		34,571,880
5.88%, 01/15/24 (Call 11/01/18)^a		10,950		11,587,447
6.00%, 01/15/22 (Call 11/01/16)^a		16,616		17,592,190
7.88%, 01/15/23 (Call 01/15/17)^a,b		12,033		12,809,505
DPL Inc.
6.50%, 10/15/16 (Call 09/15/16)^b		589		600,780
7.25%, 10/15/21 (Call 07/15/21)		16,737		17,699,378
Dynegy Inc.
5.88%, 06/01/23 (Call 06/01/18)		11,300		10,229,292
6.75%, 11/01/19 (Call 05/01/17)^b		44,322		44,638,588
7.38%, 11/01/22 (Call 11/01/18)^b		28,085		27,741,801
7.63%, 11/01/24 (Call 11/01/19)		28,771		28,123,652
Enel SpA VRN, (USD 5 year swap rate + 5.880%)
8.75%, 09/24/73 (Call 09/24/23)^a,b		27,107		31,376,352
FirstEnergy Corp.
Series A
2.75%, 03/15/18 (Call 02/15/18)		9,400		9,507,555


Security	Principal (000s)		Value
Series B
4.25%, 03/15/23 (Call 12/15/22)^b	$	15,750	$	16,440,699
FirstEnergy Transmission LLC
4.35%, 01/15/25 (Call 10/15/24)^a		9,700		10,283,152
GenOn Energy Inc.
7.88%, 06/15/17		14,923		12,945,703
9.50%, 10/15/18		14,280		11,102,700
9.88%, 10/15/20 (Call 05/31/16)		9,450		6,591,375
IPALCO Enterprises Inc.
3.45%, 07/15/20 (Call 06/15/20)^b		8,625		8,765,156
5.00%, 05/01/18 (Call 04/01/18)^b		6,250		6,554,688
NRG Energy Inc.
6.25%, 07/15/22 (Call 07/15/18)		14,804		14,475,351
6.25%, 05/01/24 (Call 05/01/19)^b		19,126		18,444,636
6.63%, 03/15/23 (Call 09/15/17)^b		21,548		21,224,780
7.63%, 01/15/18^b		21,580		23,144,550
7.88%, 05/15/21 (Call 05/31/16)^b		21,468		22,326,720
8.25%, 09/01/20 (Call 05/31/16)^b		23,650		24,596,000
Talen Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)^b		15,136		11,806,080
4.63%, 07/15/19 (Call 07/15/16)^a		28,275		26,719,875
6.50%, 05/01/18^b		8,850		9,071,250
6.50%, 06/01/25 (Call 06/01/20)		7,885		6,998,568

				608,267,292
ELECTRICAL COMPONENTS & EQUIPMENT — 0.17%
Anixter Inc.
5.13%, 10/01/21^b		4,795		4,832,401
Edgewell Personal Care Co.
4.70%, 05/19/21		12,750		13,307,812
4.70%, 05/24/22		10,325		10,747,293

				28,887,506


SCHEDULESOF INVESTMENTS			33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
ENERGY — ALTERNATE SOURCES — 0.10%
TerraForm Power Operating LLC
5.88%, 02/01/23 (Call 02/01/18)^a,b	$	20,160	$	17,740,800

				17,740,800
ENGINEERING & CONSTRUCTION — 0.28%
AECOM
5.75%, 10/15/22 (Call 10/15/17)^b		16,840		17,555,700
5.88%, 10/15/24 (Call 07/15/24)^b		17,074		17,927,700
SBA Communications Corp.
4.88%, 07/15/22 (Call 07/15/17)^b		12,192		12,298,680

				47,782,080
ENTERTAINMENT — 1.50%
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/18)^b		10,150		10,099,250
4.88%, 06/01/23 (Call 06/01/18)^a		905		898,312
5.13%, 12/15/22 (Call 12/15/17)^b		8,200		8,453,739
GLP Capital LP/GLP Financing II Inc.
4.38%, 11/01/18 (Call 08/01/18)^b		11,500		11,845,000
4.38%, 04/15/21		515		526,588
4.88%, 11/01/20 (Call 08/01/20)^b		20,880		22,028,400
5.38%, 11/01/23 (Call 08/01/23)^b		11,600		12,078,500
5.38%, 04/15/26		9,160		9,549,300
International Game Technology
7.50%, 06/15/19^b		10,300		11,304,250
International Game Technology PLC
5.63%, 02/15/20 (Call 11/15/19)^a,b		13,580		14,225,050
6.25%, 02/15/22 (Call 08/15/21)^a,b		33,025		33,602,937


Security	Principal (000s)		Value
6.50%, 02/15/25 (Call 08/15/24)^a,b	$	23,340	$	23,631,750
Regal Entertainment Group
5.75%, 03/15/22 (Call 03/15/17)^b		16,250		16,900,000
Scientific Games International Inc.
7.00%, 01/01/22 (Call 01/01/18)^a,b		19,260		19,536,863
10.00%, 12/01/22 (Call 12/01/18)		42,725		35,258,806
WMG Acquisition Corp.
6.00%, 01/15/21 (Call 05/31/16)^a		9,189		9,434,806
6.75%, 04/15/22 (Call 04/15/17)^a,b		14,245		14,078,808

				253,452,359
ENVIRONMENTAL CONTROL — 0.40%
Clean Harbors Inc.
5.13%, 06/01/21 (Call 12/01/16)^b		12,975		13,072,313
5.25%, 08/01/20 (Call 08/01/16)^b		17,229		17,745,870
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/19)^b		8,575		8,492,312
6.38%, 10/01/22 (Call 04/01/17)^b		8,529		8,773,240
7.25%, 12/01/20 (Call 05/31/16)^b		8,168		8,450,476
Tervita Corp.
8.00%, 11/15/18 (Call 05/31/16)^a,b		13,070		11,272,875

				67,807,086
FOOD — 1.10%
Albertson’s Holdings LLC/Safeway Inc.
7.75%, 10/15/22 (Call 10/15/17)^a,b		13,625		14,506,265
Aramark Services Inc.
5.75%, 03/15/20 (Call 05/31/16)		15,200		15,694,000


34		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Post Holdings Inc.
6.00%, 12/15/22 (Call 06/15/18)^a	$	13,300	$	13,624,187
6.75%, 12/01/21 (Call 12/01/17)^a		15,075		15,706,341
7.38%, 02/15/22 (Call 02/15/17)^b		29,817		31,468,862
7.75%, 03/15/24 (Call 09/15/18)^a,b		16,850		18,282,250
8.00%, 07/15/25 (Call 07/15/20)^a,b		8,620		9,519,713
Smithfield Foods Inc.
5.25%, 08/01/18 (Call 05/31/16)^a,b		9,225		9,356,969
6.63%, 08/15/22 (Call 08/15/17)		19,619		20,698,045
7.75%, 07/01/17		7,329		7,768,740
TreeHouse Foods Inc.
4.88%, 03/15/22 (Call 03/15/17)		7,980		8,209,425
6.00%, 02/15/24 (Call 02/15/19)^a,b		16,805		17,876,319
U.S. Foods Inc.
8.50%, 06/30/19 (Call 05/31/16)^b		2,700		2,770,875

				185,481,991
FOOD SERVICE — 0.06%
Aramark Services Inc.
5.13%, 01/15/24 (Call 01/15/19)^b		9,845		10,386,475

				10,386,475
GAS — 0.13%
NGL Energy Partners LP/NGL Energy Finance Corp.
5.13%, 07/15/19 (Call 06/15/19)^b		10,250		8,930,312
6.88%, 10/15/21 (Call 10/15/16)		8,450		6,950,125
Sabine Pass LNG LP
6.50%, 11/01/20 (Call 11/01/16)^b		6,550		6,822,917

				22,703,354


Security	Principal (000s)		Value
HEALTH CARE — PRODUCTS — 1.34%
Alere Inc.
6.38%, 07/01/23 (Call 07/01/18)^a,b	$	8,845	$	9,021,900
6.50%, 06/15/20 (Call 06/15/16)		8,675		8,588,250
7.25%, 07/01/18 (Call 05/31/16)^b		8,100		8,272,125
ConvaTec Healthcare E SA
10.50%, 12/15/18 (Call 05/31/16)^a,b		17,847		18,352,664
Crimson Merger Sub Inc.
6.63%, 05/15/22 (Call 05/15/17)^a		24,190		19,990,858
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp.
8.13%, 06/15/21 (Call 06/15/18)^a,b		21,365		18,694,375
Hologic Inc.
5.25%, 07/15/22 (Call 07/15/18)^a,b		22,118		23,113,310
Kinetic Concepts Inc./KCI USA Inc.
7.88%, 02/15/21 (Call 02/15/18)^a,b		8,550		9,244,688
10.50%, 11/01/18 (Call 05/31/16)^b		32,020		32,200,273
12.50%, 11/01/19 (Call 05/31/16)		13,090		12,500,950
Mallinckrodt International Finance SA
4.75%, 04/15/23^b		8,600		7,034,026
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
4.88%, 04/15/20 (Call 04/15/17)^a,b		15,145		14,501,337
5.50%, 04/15/25 (Call 04/15/20)^a,b		14,930		13,425,803
5.63%, 10/15/23 (Call 10/15/18)^a,b		15,840		14,837,399
5.75%, 08/01/22 (Call 08/01/17)^a,b		17,991		16,911,540

				226,689,498


SCHEDULESOF INVESTMENTS			35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
HEALTH CARE — SERVICES — 7.53%
Acadia Healthcare Co. Inc.
5.63%, 02/15/23 (Call 02/15/18)^b	$	14,174	$	14,484,056
Amsurg Corp.
5.63%, 07/15/22 (Call 07/15/17)^b		23,398		24,153,755
Centene Corp.
4.75%, 05/15/22 (Call 05/15/19)		8,202		8,414,295
5.63%, 02/15/21 (Call 02/15/18)^a		27,802		29,262,561
6.13%, 02/15/24 (Call 02/15/19)^a,b		21,700		22,893,500
CHS/Community Health Systems Inc.
5.13%, 08/15/18 (Call 05/31/16)^b		33,695		33,989,831
5.13%, 08/01/21 (Call 02/01/17)		16,779		16,785,879
6.88%, 02/01/22 (Call 02/01/18)^b		66,950		60,736,203
7.13%, 07/15/20 (Call 07/15/16)^b		16,640		16,078,400
8.00%, 11/15/19 (Call 05/31/16)^b		42,066		42,328,912
DaVita HealthCare Partners Inc.
5.00%, 05/01/25 (Call 05/01/20)^b		31,038		31,038,000
5.13%, 07/15/24 (Call 07/15/19)^b		33,624		34,235,957
5.75%, 08/15/22 (Call 08/15/17)^b		26,821		27,927,366
Fresenius Medical Care U.S. Finance II Inc.
4.13%, 10/15/20 (Call 07/17/20)^a		11,150		11,428,750
4.75%, 10/15/24 (Call 07/17/24)^a,b		8,790		9,125,851
5.63%, 07/31/19^a		16,925		18,427,094
5.88%, 01/31/22^a,b		13,624		15,173,730
6.50%, 09/15/18^a,b		8,841		9,643,321


Security	Principal (000s)		Value
Fresenius Medical Care U.S. Finance Inc.
5.75%, 02/15/21^a,b	$	13,300	$	14,556,565
6.88%, 07/15/17		6,750		7,133,910
HCA Holdings Inc.
6.25%, 02/15/21		22,285		24,153,782
HCA Inc.
3.75%, 03/15/19^b		22,745		23,370,488
4.25%, 10/15/19^b		13,500		14,065,313
4.75%, 05/01/23		27,665		28,324,570
5.00%, 03/15/24^b		34,318		35,519,130
5.25%, 04/15/25^b		20,705		21,403,794
5.25%, 06/15/26 (Call 12/15/25)		32,194		33,481,760
5.38%, 02/01/25^b		54,680		55,910,300
5.88%, 03/15/22^b		29,025		31,667,392
5.88%, 05/01/23^b		25,050		26,286,844
5.88%, 02/15/26 (Call 08/15/25)^b		32,249		33,337,404
6.50%, 02/15/20^b		63,207		69,845,890
7.50%, 02/15/22^b		42,066		47,639,745
8.00%, 10/01/18^b		9,500		10,735,000
HealthSouth Corp.
5.75%, 11/01/24 (Call 11/01/17)^b		25,397		26,222,402
Kindred Healthcare Inc.
6.38%, 04/15/22 (Call 04/15/17)^b		10,198		9,407,655
8.00%, 01/15/20^b		11,600		11,568,100
8.75%, 01/15/23 (Call 01/15/18)^b		13,040		12,974,800
LifePoint Health Inc.
5.50%, 12/01/21 (Call 12/01/16)^b		24,200		25,319,492
5.88%, 12/01/23 (Call 12/01/18)^b		10,795		11,350,774
6.63%, 10/01/20 (Call 05/31/16)^b		6,100		6,312,738
MPH Acquisition Holdings LLC
6.63%, 04/01/22 (Call 04/01/17)^a,b		21,231		22,168,561
Tenet Healthcare Corp.
4.38%, 10/01/21^b		23,170		23,343,775
4.50%, 04/01/21^b		18,823		19,128,874


36		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
4.75%, 06/01/20^b	$	10,649	$	10,995,093
5.00%, 03/01/19^b		22,639		22,528,069
5.50%, 03/01/19		9,100		9,148,321
6.00%, 10/01/20^b		28,394		30,062,147
6.25%, 11/01/18^b		22,110		23,768,250
6.75%, 06/15/23^b		41,125		40,765,156
8.00%, 08/01/20 (Call 05/31/16)^b		14,510		14,943,486
8.13%, 04/01/22^b		50,183		52,002,134

				1,275,569,175
HOLDING COMPANIES — DIVERSIFIED — 0.65%
Argos Merger Sub Inc.
7.13%, 03/15/23 (Call 03/15/18)^a,b		39,415		40,301,837
HRG Group Inc.
7.75%, 01/15/22 (Call 01/15/17)		18,774		18,797,468
7.88%, 07/15/19 (Call 05/31/16)^b		18,156		19,268,055
Leucadia National Corp.
5.50%, 10/18/23 (Call 01/18/23)		17,800		17,589,835
Nielsen Co. Luxembourg Sarl (The)
5.50%, 10/01/21 (Call 10/01/16)^a,b		13,715		14,297,888

				110,255,083
HOME BUILDERS — 1.39%
Brookfield Residential Properties Inc.
6.50%, 12/15/20 (Call 05/30/16)^a,b		13,225		13,183,672
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
6.13%, 07/01/22 (Call 07/01/17)^a,b		7,450		6,928,500
CalAtlantic Group Inc.
8.38%, 05/15/18^b		11,677		12,990,662
8.38%, 01/15/21^b		9,230		10,891,400
DR Horton Inc.
3.63%, 02/15/18 (Call 11/15/17)^b		6,700		6,836,792


Security	Principal (000s)		Value
3.75%, 03/01/19 (Call 12/01/18)^b	$	9,150	$	9,353,016
4.00%, 02/15/20^b		10,708		11,056,010
5.75%, 08/15/23 (Call 05/15/23)^b		9,800		10,688,682
K. Hovnanian Enterprises Inc.
7.25%, 10/15/20 (Call 05/31/16)^a,b		12,350		11,028,303
KB Home
4.75%, 05/15/19 (Call 02/15/19)^b		9,574		9,576,817
7.00%, 12/15/21 (Call 09/15/21)^b		9,463		9,652,260
Lennar Corp.
4.50%, 06/15/19 (Call 04/16/19)		10,750		11,119,531
4.50%, 11/15/19 (Call 08/15/19)^b		12,265		12,816,925
4.75%, 04/01/21 (Call 02/01/21)^b		10,950		11,431,800
4.75%, 11/15/22 (Call 08/15/22)^b		10,820		10,955,250
4.75%, 05/30/25 (Call 02/28/25)		10,375		10,452,812
4.88%, 12/15/23 (Call 09/15/23)^b		10,580		10,738,700
12.25%, 06/01/17		5,325		5,873,353
PulteGroup Inc.
5.50%, 03/01/26 (Call 12/01/25)		11,591		12,018,476
Taylor Morrison Communities Inc./Monarch Communities Inc.
5.25%, 04/15/21 (Call 05/31/16)^a		12,150		12,102,540
Toll Brothers Finance Corp.
4.38%, 04/15/23 (Call 01/15/23)^b		9,850		9,843,844
5.88%, 02/15/22 (Call 11/15/21)^b		8,191		8,836,041
8.91%, 10/15/17^b		5,800		6,372,750

				234,748,136


SCHEDULESOF INVESTMENTS			37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
HOUSEHOLD PRODUCTS & WARES — 1.35%
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
5.75%, 10/15/20 (Call 05/30/16)^b	$	70,979	$	73,566,774
6.88%, 02/15/21 (Call 05/31/16)^b		21,900		22,674,712
7.88%, 08/15/19 (Call 05/31/16)^b		12,770		13,211,629
8.25%, 02/15/21 (Call 05/31/16)^b		13,955		14,356,206
8.50%, 05/15/18 (Call 05/31/16)^b		14,960		14,973,358
9.00%, 04/15/19 (Call 05/31/16)^b		15,300		15,513,961
9.88%, 08/15/19 (Call 05/31/16)^b		27,684		28,618,335
Spectrum Brands Inc.
5.75%, 07/15/25 (Call 07/15/20)^b		22,013		23,293,056
6.38%, 11/15/20 (Call 11/15/16)		10,160		10,566,400
6.63%, 11/15/22 (Call 11/15/17)^b		11,560		12,484,800

				229,259,231
INSURANCE — 0.53%
Genworth Holdings Inc.
4.80%, 02/15/24		7,700		5,374,600
4.90%, 08/15/23		7,975		5,695,958
6.52%, 05/22/18		12,552		12,092,073
7.20%, 02/15/21		8,706		7,306,511
7.63%, 09/24/21		15,575		13,005,125
7.70%, 06/15/20		8,600		7,740,000
HUB International Ltd.
7.88%, 10/01/21 (Call 10/01/16)^a,b		25,005		24,484,063
Voya Financial Inc. VRN, (3 mo. LIBOR US + 3.580%)
5.65%, 05/15/53 (Call 05/15/23)^b		15,640		14,646,860

				90,345,190


Security	Principal (000s)		Value
INTERNET — 1.04%
Equinix Inc.
4.88%, 04/01/20 (Call 04/01/17)^b	$	10,950	$	11,374,312
5.38%, 01/01/22 (Call 01/01/18)^b		15,600		16,341,000
5.38%, 04/01/23 (Call 04/01/18)^b		20,635		21,460,400
5.75%, 01/01/25 (Call 01/01/20)^b		6,280		6,570,450
IAC/InterActiveCorp
4.75%, 12/15/22 (Call 12/15/17)		9,950		8,855,500
Netflix Inc.
5.38%, 02/01/21^b		10,300		10,857,303
5.50%, 02/15/22^b		14,800		15,365,572
5.75%, 03/01/24^b		8,475		8,849,313
5.88%, 02/15/25^b		12,116		12,721,800
VeriSign Inc.
4.63%, 05/01/23 (Call 05/01/18)^b		15,906		16,383,180
5.25%, 04/01/25 (Call 01/01/25)^b		10,949		11,263,784
Zayo Group LLC/Zayo Capital Inc.
6.00%, 04/01/23 (Call 04/01/18)^b		28,700		29,561,000
6.38%, 05/15/25 (Call 05/15/20)^a		5,255		5,465,200
10.13%, 07/01/20 (Call 05/14/16)^b		1,702		1,814,757

				176,883,571
IRON & STEEL — 1.76%
AK Steel Corp.
7.63%, 05/15/20 (Call 05/31/16)^b		11,425		9,711,250
7.63%, 10/01/21 (Call 10/01/17)^b		8,900		7,342,500
Allegheny Technologies Inc.
5.95%, 01/15/21 (Call 10/15/20)^b		10,955		9,013,531
7.88%, 08/15/23 (Call 05/15/23)^b		10,650		8,772,938


38		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
ArcelorMittal
5.13%, 06/01/20^b	$	10,190	$	10,032,904
5.50%, 02/25/17		2,001		2,066,033
6.00%, 08/05/20^b		20,128		20,424,149
6.13%, 06/01/18		19,776		20,542,320
6.13%, 06/01/25^b		10,945		10,713,787
6.50%, 03/01/21^b		32,560		33,414,700
7.25%, 02/25/22^b		23,664		24,729,935
10.85%, 06/01/19		31,664		36,359,714
Cliffs Natural Resources Inc.
7.75%, 03/31/20 (Call 03/31/17)^a,b		8,897		4,075,938
8.25%, 03/31/20 (Call 03/31/18)^a		11,055		10,391,700
Commercial Metals Co.
6.50%, 07/15/17		928		960,480
7.35%, 08/15/18		8,450		8,906,300
Steel Dynamics Inc.
5.13%, 10/01/21 (Call 10/01/17)^b		11,536		11,657,128
5.25%, 04/15/23 (Call 04/15/18)		9,175		9,358,500
5.50%, 10/01/24 (Call 10/01/19)^b		11,900		12,063,625
6.13%, 08/15/19 (Call 08/15/16)^b		7,400		7,668,250
U.S. Steel Corp.
6.05%, 06/01/17^b		9,484		9,679,607
7.00%, 02/01/18^b		10,250		10,291,000
7.38%, 04/01/20^b		12,900		12,126,000
7.50%, 03/15/22 (Call 03/15/17)^b		8,875		7,680,514

				297,982,803
LEISURE TIME — 0.32%
NCL Corp. Ltd.
4.63%, 11/15/20 (Call 11/15/17)^a,b		12,550		12,753,937
5.25%, 11/15/19 (Call 11/15/16)^a,b		14,900		15,319,684
Royal Caribbean Cruises Ltd.
5.25%, 11/15/22^b		13,419		14,341,556


Security	Principal (000s)		Value
Sabre GLBL Inc.
5.25%, 11/15/23 (Call 11/15/18)^a	$	11,535	$	11,621,513

				54,036,690
LODGING — 1.96%
Boyd Gaming Corp.
6.38%, 04/01/26 (Call 04/01/21)^a,b		16,037		16,437,925
6.88%, 05/15/23 (Call 05/15/18)^b		15,935		16,532,563
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties
8.00%, 10/01/20 (Call 10/01/16)		17,250		16,948,125
11.00%, 10/01/21 (Call 10/01/16)^b		25,185		23,673,900
Felcor Lodging LP
5.63%, 03/01/23 (Call 03/01/18)		11,300		11,620,166
6.00%, 06/01/25 (Call 06/01/20)^b		9,290		9,688,142
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
5.63%, 10/15/21 (Call 10/15/16)^b		31,754		32,969,915
MGM Resorts International
5.25%, 03/31/20^b		10,700		10,967,808
6.00%, 03/15/23^b		26,485		27,511,294
6.63%, 12/15/21^b		27,350		29,196,125
6.75%, 10/01/20^b		12,960		13,834,800
7.75%, 03/15/22^b		21,350		23,912,000
8.63%, 02/01/19^b		19,012		21,639,112
11.38%, 03/01/18^b		9,170		10,534,920
MGP Escrow Issuer LLC/MGP Escrow Co-Issuer Inc.
5.63%, 05/01/24 (Call 02/01/24)^a		6,243		6,492,720
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)^a,b		10,300		9,476,000


SCHEDULESOF INVESTMENTS			39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
5.38%, 03/15/22 (Call 03/15/17)^b	$	19,550	$	19,888,215
5.50%, 03/01/25 (Call 12/01/24)^a,b		33,162		31,296,637

				332,620,367
MACHINERY — 0.89%
BlueLine Rental Finance Corp.
7.00%, 02/01/19 (Call 05/31/16)^a,b		15,375		13,488,487
Case New Holland Industrial Inc.
7.88%, 12/01/17		31,175		33,201,375
CNH Industrial Capital LLC
3.38%, 07/15/19^b		11,000		10,835,000
3.63%, 04/15/18^b		12,650		12,760,688
3.88%, 07/16/18^b		12,775		12,814,035
4.38%, 11/06/20^b		13,215		13,066,331
4.88%, 04/01/21^b		11,500		11,471,717
Terex Corp.
6.00%, 05/15/21 (Call 11/15/16)		18,600		18,544,200
Zebra Technologies Corp.
7.25%, 10/15/22 (Call 10/15/17)^b		22,820		24,759,700

				150,941,533
MANUFACTURING — 0.91%
Bombardier Inc.
4.75%, 04/15/19^a,b		9,380		8,735,125
5.50%, 09/15/18^a,b		17,200		16,942,000
5.75%, 03/15/22^a,b		11,100		9,601,500
6.00%, 10/15/22 (Call 04/15/17)^a		16,703		14,214,253
6.13%, 01/15/23^a		27,076		23,446,124
7.50%, 03/15/18^a		14,200		14,388,796
7.50%, 03/15/25 (Call 03/15/20)^a		33,130		29,458,093
7.75%, 03/15/20^a,b		17,670		17,449,125
Gates Global LLC/Gates Global Co.
6.00%, 07/15/22 (Call 07/15/17)^a,b		22,660		19,719,992

				153,955,008


Security	Principal (000s)		Value
MEDIA — 10.32%
Altice U.S. Finance I Corp.
5.38%, 07/15/23 (Call 07/15/18)^a	$	27,150	$	27,755,445
5.50%, 05/15/26		19,070		19,260,700
AMC Networks Inc.
4.75%, 12/15/22 (Call 12/15/17)^b		12,475		12,490,594
5.00%, 04/01/24 (Call 04/01/20)		22,970		22,998,712
Cablevision Systems Corp.
5.88%, 09/15/22		10,750		9,271,875
7.75%, 04/15/18^b		16,145		16,877,492
8.00%, 04/15/20^b		10,650		10,644,569
8.63%, 09/15/17		19,220		20,428,569
CCO Holdings LLC / CCO Holdings Capital Corp.
5.50%, 05/01/26 (Call 05/01/21)^a,b		7,350		7,497,000
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 02/15/23 (Call 02/15/18)^b		21,845		22,363,819
5.13%, 05/01/23 (Call 05/01/18)^a,b		23,875		24,404,727
5.25%, 03/15/21 (Call 05/31/16)^b		10,650		11,057,529
5.25%, 09/30/22 (Call 09/30/17)^b		25,076		25,953,660
5.38%, 05/01/25 (Call 05/01/20)^a,b		16,015		16,397,358
5.75%, 09/01/23 (Call 03/01/18)^b		11,050		11,585,234
5.75%, 01/15/24 (Call 07/15/18)^b		20,692		21,685,800
5.88%, 04/01/24 (Call 04/01/19)^a		37,345		39,305,612
5.88%, 05/01/27 (Call 05/01/21)^a,b		17,100		17,529,443
6.50%, 04/30/21 (Call 05/25/16)		17,686		18,194,473
6.63%, 01/31/22 (Call 01/31/17)^b		14,595		15,470,700


40		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
7.00%, 01/15/19 (Call 05/07/16)	$	7,511	$	7,645,018
7.38%, 06/01/20 (Call 05/07/16)		6,020		6,230,098
CCOH Safari LLC
5.75%, 02/15/26 (Call 02/15/21)^a,b		51,710		53,455,212
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%, 12/15/21 (Call 06/15/16)^a,b		27,300		25,662,125
6.38%, 09/15/20 (Call 05/31/16)^a,b		30,557		31,207,253
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 11/15/17)		16,170		15,644,475
6.50%, 11/15/22 (Call 11/15/17)^b		33,431		33,431,000
Series A
7.63%, 03/15/20 (Call 05/31/16)		500		437,500
Series B
7.63%, 03/15/20 (Call 05/31/16)^b		33,180		30,691,500
CSC Holdings LLC
5.25%, 06/01/24^b		16,200		14,823,000
6.75%, 11/15/21^b		20,924		21,604,030
8.63%, 02/15/19^b		10,814		12,036,090
DISH DBS Corp.
4.25%, 04/01/18^b		25,096		25,597,920
4.63%, 07/15/17^b		15,550		15,922,245
5.00%, 03/15/23^b		32,725		29,840,838
5.13%, 05/01/20^b		22,162		22,324,423
5.88%, 07/15/22^b		43,054		42,192,920
5.88%, 11/15/24^b		38,604		36,133,344
6.75%, 06/01/21^b		34,304		35,306,020
7.88%, 09/01/19^b		29,906		33,050,284
iHeartCommunications Inc.
9.00%, 12/15/19 (Call 05/31/16)^b		33,350		25,804,562
9.00%, 03/01/21 (Call 05/31/16)		35,600		25,209,250


Security	Principal (000s)		Value
9.00%, 09/15/22 (Call 09/15/17)^b	$	20,400	$	14,356,500
10.00%, 01/15/18 (Call 07/15/16)^b		18,027		7,075,598
10.63%, 03/15/23 (Call 03/15/18)		20,320		14,427,200
11.25%, 03/01/21 (Call 05/31/16)		11,425		8,240,281
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance
9.75%, 04/01/21 (Call 05/18/16)^b		14,609		15,719,284
Neptune Finco Corp.
6.63%, 10/15/25 (Call 10/15/20)^a,b		21,025		22,601,875
10.13%, 01/15/23 (Call 01/15/19)^a,b		37,672		41,345,020
10.88%, 10/15/25 (Call 10/15/20)^a,b		41,050		45,719,437
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 10/01/16)^b		15,350		15,724,156
5.00%, 04/15/22 (Call 04/15/17)^a,b		44,001		44,674,655
Numericable-SFR SA
4.88%, 05/15/19 (Call 05/16/16)^a		20,660		21,408,925
6.00%, 05/15/22 (Call 05/15/17)^a,b		82,347		82,449,934
6.25%, 05/15/24 (Call 05/15/19)^a,b		29,300		28,494,250
7.38%, 05/01/26 (Call 05/01/21)^a		49,645		50,389,675
Quebecor Media Inc.
5.75%, 01/15/23^b		19,242		19,915,470
Sinclair Television Group Inc.
5.38%, 04/01/21 (Call 05/31/16)^b		13,550		14,092,000
5.63%, 08/01/24 (Call 08/01/19)^a,b		11,025		11,273,063
6.13%, 10/01/22 (Call 10/01/17)^b		9,955		10,626,963


SCHEDULESOF INVESTMENTS			41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Sirius XM Radio Inc.
4.25%, 05/15/20 (Call 05/31/16)^a,b	$	11,400	$	11,615,175
4.63%, 05/15/23 (Call 05/15/18)^a,b		10,932		10,824,632
5.38%, 04/15/25 (Call 04/15/20)^a		21,650		22,110,062
5.75%, 08/01/21 (Call 08/01/16)^a,b		11,625		12,184,025
5.88%, 10/01/20 (Call 10/01/16)^a,b		14,400		14,922,000
6.00%, 07/15/24 (Call 07/15/19)^a,b		27,164		28,626,781
TEGNA Inc.
5.13%, 10/15/19 (Call 10/15/16)		9,479		9,858,160
5.13%, 07/15/20 (Call 07/15/16)^b		12,200		12,694,710
6.38%, 10/15/23 (Call 10/15/18)		14,796		15,898,302
Tribune Media Co.
5.88%, 07/15/22 (Call 07/15/18)^a,b		24,430		24,312,213
Unitymedia GmbH
6.13%, 01/15/25 (Call 01/15/20)^a,b		18,600		19,102,801
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.00%, 01/15/25 (Call 01/15/20)^a		13,460		13,470,095
5.50%, 01/15/23 (Call 01/15/18)^a		21,695		22,384,591
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/15/18)^a,b		24,760		24,936,819
5.13%, 02/15/25 (Call 02/15/20)^a,b		24,360		24,116,400
6.75%, 09/15/22 (Call 09/15/17)^a,b		23,903		25,337,180
8.50%, 05/15/21 (Call 05/31/16)^a,b		17,423		18,198,867
Videotron Ltd.
5.00%, 07/15/22^b		16,750		17,421,100


Security	Principal (000s)		Value
5.38%, 06/15/24 (Call 03/15/24)^a,b	$	12,915	$	13,460,225
Virgin Media Secured Finance PLC
5.50%, 08/15/26 (Call 08/15/21)^a		4,100		4,123,083
WideOpenWest Finance LLC/WideOpenWest Capital Corp.
10.25%, 07/15/19 (Call 05/31/16)		17,375		17,418,438

				1,746,972,363
MINING — 2.59%
Alcoa Inc.
5.13%, 10/01/24 (Call 07/01/24)^b		25,919		25,271,025
5.40%, 04/15/21 (Call 01/15/21)^b		22,587		22,925,805
5.72%, 02/23/19^b		15,790		16,738,979
5.87%, 02/23/22^b		14,855		15,235,437
6.15%, 08/15/20		20,213		21,451,046
6.75%, 07/15/18		16,535		17,858,938
Aleris International Inc.
7.88%, 11/01/20 (Call 05/31/16)		1,010		896,375
9.50%, 04/01/21 (Call 04/01/18)^a		3,250		3,396,250
Constellium NV
5.75%, 05/15/24 (Call 05/15/19)^a		6,478		4,890,890
7.88%, 04/01/21 (Call 04/01/18)^a,b		8,530		8,785,900
8.00%, 01/15/23 (Call 01/15/18)^a		6,810		5,856,600
FMG Resources August 2006 Pty Ltd.
6.88%, 04/01/22 (Call 04/01/17)^a,b		11,545		10,486,670
8.25%, 11/01/19 (Call 06/01/16)^a,b		12,793		13,377,640
9.75%, 03/01/22 (Call 03/01/18)^a,b		40,247		42,211,054
Freeport-McMoRan Inc.
2.38%, 03/15/18		19,110		18,297,825


42		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
3.10%, 03/15/20	$	2,224	$	2,007,160
3.55%, 03/01/22 (Call 12/01/21)		36,000		30,064,500
3.88%, 03/15/23 (Call 12/15/22)		32,500		27,218,750
4.00%, 11/14/21		8,500		7,473,625
4.55%, 11/14/24 (Call 08/14/24)		18,750		15,750,000
Lundin Mining Corp.
7.50%, 11/01/20 (Call 11/01/17)^a,b		11,110		11,276,650
7.88%, 11/01/22 (Call 11/01/18)^a		10,600		10,732,500
Novelis Inc.
8.38%, 12/15/17 (Call 05/31/16)		23,193		23,651,062
8.75%, 12/15/20 (Call 05/30/16)^b		31,698		32,807,430
Teck Resources Ltd.
2.50%, 02/01/18^b		10,200		9,690,000
3.00%, 03/01/19^b		6,900		6,279,000
3.75%, 02/01/23 (Call 11/01/22)^b		16,315		12,766,487
4.50%, 01/15/21 (Call 10/15/20)		10,975		9,356,187
4.75%, 01/15/22 (Call 10/15/21)		14,600		12,118,000

				438,871,785
OFFICE & BUSINESS EQUIPMENT — 0.22%
CDW LLC/CDW Finance Corp.
5.00%, 09/01/23 (Call 03/01/18)		10,895		11,130,550
5.50%, 12/01/24 (Call 06/01/24)^b		11,687		12,300,568
6.00%, 08/15/22 (Call 08/15/17)^b		12,570		13,457,819

				36,888,937
OIL & GAS — 6.86%
American Energy-Permian Basin LLC
13.00%, 11/30/20 (Call 11/30/18)^a,b		11,575		13,079,750


Security	Principal (000s)		Value
American Energy-Permian Basin LLC/AEPB Finance Corp.
7.13%, 11/01/20 (Call 01/31/17)^a,b	$	10,600	$	4,876,000
7.38%, 11/01/21 (Call 07/31/17)^a		10,955		5,011,913
Antero Resources Corp.
5.13%, 12/01/22 (Call 06/01/17)^b		25,602		24,447,242
5.38%, 11/01/21 (Call 11/01/16)^b		16,850		16,302,375
5.63%, 06/01/23 (Call 06/01/18)^b		15,950		15,431,625
6.00%, 12/01/20 (Call 05/31/16)^b		11,600		11,591,355
BreitBurn Energy Partners LP/BreitBurn Finance Corp.
7.88%, 04/15/22 (Call 01/15/17)		13,100		917,000
California Resources Corp.
5.00%, 01/15/20 (Call 12/15/19)^b		4,671		2,008,530
5.50%, 09/15/21 (Call 06/15/21)		12,552		5,491,500
6.00%, 11/15/24 (Call 08/15/24)		16,856		6,974,170
8.00%, 12/15/22 (Call 12/15/18)^a		46,028		31,356,331
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.50%, 04/15/21 (Call 04/15/17)		19,087		13,074,595
Carrizo Oil & Gas Inc.
6.25%, 04/15/23 (Call 04/15/18)^b		14,285		13,749,312
7.50%, 09/15/20 (Call 09/15/16)^b		12,318		12,441,180
Chesapeake Energy Corp.
4.88%, 04/15/22 (Call 04/15/17)^b		12,400		6,888,200
6.13%, 02/15/21^b		12,450		7,376,625
6.50%, 08/15/17^b		2,000		1,720,554


SCHEDULESOF INVESTMENTS			43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
6.63%, 08/15/20^b	$	18,900	$	11,576,250
7.25%, 12/15/18^b		6,000		4,530,000
8.00%, 12/15/22 (Call 12/15/18)^a,b		45,906		31,115,087
Citgo Holding Inc.
10.75%, 02/15/20^a		30,652		30,038,960
Comstock Resources Inc.
10.00%, 03/15/20 (Call 05/31/16)^a,b		16,225		10,708,500
Concho Resources Inc.
5.50%, 10/01/22 (Call 10/01/17)^b		12,900		13,012,875
5.50%, 04/01/23 (Call 10/01/17)^b		34,241		34,626,211
6.50%, 01/15/22 (Call 01/15/17)^b		13,625		14,093,223
7.00%, 01/15/21 (Call 05/31/16)^b		12,417		12,884,500
Denbury Resources Inc.
4.63%, 07/15/23 (Call 01/15/18)		25,939		15,368,857
5.50%, 05/01/22 (Call 05/01/17)		24,875		15,982,187
6.38%, 08/15/21 (Call 08/15/16)		9,455		6,157,569
EP Energy LLC/Everest Acquisition Finance Inc.
6.38%, 06/15/23 (Call 06/15/18)		17,395		9,828,175
9.38%, 05/01/20 (Call 05/31/16)		37,801		24,662,809
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas Inc.
6.50%, 11/15/20 (Call 05/31/16)		6,600		6,202,020
6.75%, 02/01/22 (Call 02/01/17)		9,100		8,203,832
6.88%, 02/15/23 (Call 02/15/18)		12,094		10,884,600
Halcon Resources Corp.
8.63%, 02/01/20 (Call 02/01/17)^a,b		18,090		15,014,700
13.00%, 02/15/22 (Call 08/15/18)^a,b		15,150		4,999,500


Security	Principal (000s)		Value
Harvest Operations Corp.
6.88%, 10/01/17	$	9,294	$	7,934,753
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 06/01/19)^a,b		12,845		11,913,737
5.75%, 10/01/25 (Call 04/01/20)^a,b		10,425		9,825,563
Jupiter Resources Inc.
8.50%, 10/01/22 (Call 10/01/17)^a,b		21,700		13,779,500
Laredo Petroleum Inc.
5.63%, 01/15/22 (Call 01/15/17)^b		9,850		9,086,625
7.38%, 05/01/22 (Call 05/01/17)^b		10,450		10,214,875
MEG Energy Corp.
6.38%, 01/30/23 (Call 07/30/17)^a,b		14,072		10,765,080
6.50%, 03/15/21 (Call 05/31/16)^a		16,575		13,047,633
7.00%, 03/31/24 (Call 09/30/18)^a,b		19,175		15,052,375
Memorial Production Partners LP/Memorial Production Finance Corp.
6.88%, 08/01/22 (Call 08/01/17)		9,450		3,886,313
7.63%, 05/01/21 (Call 05/01/17)		12,850		5,509,438
Midstates Petroleum Co. Inc./Midstates Petroleum Co. LLC
10.00%, 06/01/20 (Call 06/01/17)		10,150		4,542,125
Newfield Exploration Co.
5.38%, 01/01/26 (Call 10/01/25)^b		15,125		15,011,562
5.63%, 07/01/24^b		20,230		20,584,025
5.75%, 01/30/22		17,020		17,296,575
Oasis Petroleum Inc.
6.50%, 11/01/21 (Call 11/01/16)		8,350		7,640,250
6.88%, 03/15/22 (Call 09/15/17)^b		20,575		18,517,500


44		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
6.88%, 01/15/23 (Call 07/15/17)^b	$	8,817	$	7,913,258
7.25%, 02/01/19 (Call 05/31/16)^b		8,465		8,041,750
Pacific Drilling SA
5.38%, 06/01/20 (Call 06/01/16)^a,b		9,775		2,993,594
Pacific Drilling V Ltd.
7.25%, 12/01/17 (Call 05/30/16)^a		9,075		3,329,391
PBF Holding Co. LLC/PBF Finance Corp.
7.00%, 11/15/23 (Call 11/15/18)^a,b		11,135		10,800,950
8.25%, 02/15/20 (Call 05/31/16)^b		14,800		15,392,000
Precision Drilling Corp.
5.25%, 11/15/24 (Call 05/15/19)^b		7,995		6,270,079
6.63%, 11/15/20 (Call 05/30/16)		14,030		12,504,237
Puma International Financing SA
6.75%, 02/01/21 (Call 02/01/17)^a		22,600		22,345,750
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)		9,552		8,931,120
5.38%, 10/01/22 (Call 07/01/22)^b		10,460		9,950,075
6.88%, 03/01/21^b		13,421		13,421,000
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)^b		15,600		14,449,500
5.00%, 08/15/22 (Call 02/15/17)^b		12,842		12,009,196
5.00%, 03/15/23 (Call 03/15/18)^b		16,600		15,313,500
5.75%, 06/01/21 (Call 06/01/16)		11,505		11,073,562
Sanchez Energy Corp.
6.13%, 01/15/23 (Call 07/15/18)^b		21,635		16,226,250


Security	Principal (000s)		Value
7.75%, 06/15/21 (Call 06/15/17)^b	$	12,920	$	10,626,700
Seven Generations Energy Ltd.
6.75%, 05/01/23 (Call 05/01/18)^a,b		9,615		9,461,160
Seventy Seven Energy Inc.
6.50%, 07/15/22 (Call 07/15/17)		8,365		334,600
Seventy Seven Operating LLC
6.63%, 11/15/19 (Call 05/31/16)		8,260		3,386,600
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/18)		10,205		8,533,931
5.63%, 06/01/25 (Call 06/01/20)^b		6,274		5,258,428
6.13%, 11/15/22 (Call 11/15/18)		12,925		11,697,125
6.50%, 01/01/23 (Call 07/01/17)		8,802		8,053,830
Sunoco LP/Sunoco Finance Corp.
5.50%, 08/01/20 (Call 08/01/17)^a		12,850		12,846,326
6.25%, 04/15/21 (Call 04/15/18)^a		4,750		4,801,458
6.38%, 04/01/23 (Call 04/01/18)^a		17,227		17,554,313
Tesoro Corp.
4.25%, 10/01/17 (Call 09/01/17)^b		8,198		8,392,703
5.38%, 10/01/22 (Call 10/01/17)^b		11,325		11,344,705
Transocean Inc.
3.75%, 10/15/17^b		11,550		11,116,875
5.05%, 10/15/22 (Call 07/15/22)		15,515		10,763,531
6.00%, 03/15/18^b		16,658		15,658,520
6.50%, 11/15/20^b		15,550		12,819,109
7.13%, 12/15/21^b		24,300		19,849,941
Tullow Oil PLC
6.00%, 11/01/20 (Call 11/01/16)^a,b		14,420		11,536,000


SCHEDULESOF INVESTMENTS			45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
6.25%, 04/15/22 (Call 04/15/17)^a	$	14,800	$	11,840,000
Whiting Petroleum Corp.
5.00%, 03/15/19 (Call 12/15/18)		21,650		19,160,250
5.75%, 03/15/21 (Call 12/15/20)^b		18,778		15,656,157
6.25%, 04/01/23 (Call 01/01/23)^b		13,670		11,291,420
WPX Energy Inc.
5.25%, 09/15/24 (Call 06/15/24)		10,620		8,942,040
6.00%, 01/15/22 (Call 10/15/21)^b		24,017		21,615,300
7.50%, 08/01/20 (Call 07/01/20)		10,550		10,089,342
8.25%, 08/01/23 (Call 06/01/23)		11,000		10,477,500

				1,161,309,117
OIL & GAS SERVICES — 0.42%
CGG SA
6.50%, 06/01/21 (Call 06/01/16)^b		11,360		4,572,400
6.88%, 01/15/22 (Call 07/15/17)		9,975		3,990,000
Weatherford International Ltd./Bermuda
4.50%, 04/15/22 (Call 01/15/22)^b		14,045		12,346,959
5.13%, 09/15/20^b		17,400		16,008,000
6.00%, 03/15/18		10,900		10,954,500
9.63%, 03/01/19^b		21,300		22,471,500

				70,343,359
PACKAGING & CONTAINERS — 1.57%
Ardagh Packaging Finance PLC
9.13%, 10/15/20 (Call 05/30/16)^a,b		13,596		14,256,827
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.63%, 05/15/23		5,005		5,005,000
6.00%, 06/30/21 (Call 06/30/17)^a,b		9,550		9,371,415


Security	Principal (000s)		Value
6.25%, 01/31/19 (Call 05/30/16)^a,b	$	8,575	$	8,810,813
6.75%, 01/31/21 (Call 01/31/17)^a		9,700		9,748,500
7.25%, 05/15/24		2,695		2,695,000
Ball Corp.
4.00%, 11/15/23^b		21,046		20,811,139
4.38%, 12/15/20^b		21,386		22,194,658
5.00%, 03/15/22^b		12,196		12,746,040
5.25%, 07/01/25		20,633		21,703,440
Berry Plastics Corp.
5.13%, 07/15/23 (Call 07/15/18)^b		14,525		14,669,116
5.50%, 05/15/22 (Call 05/15/17)^b		10,680		11,000,400
6.00%, 10/15/22 (Call 10/15/18)^a,b		8,685		9,075,825
Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II Issuer Inc.
6.00%, 06/15/17 (Call 06/15/16)^a,b		12,250		12,265,312
Crown Americas LLC/Crown Americas Capital Corp. IV
4.50%, 01/15/23^b		17,612		17,964,240
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22^a,b		10,600		10,904,750
5.88%, 08/15/23^a,b		14,900		16,017,500
Sealed Air Corp.
4.88%, 12/01/22 (Call 09/01/22)^a,b		9,425		9,812,875
5.13%, 12/01/24 (Call 09/01/24)^a,b		9,175		9,630,883
5.25%, 04/01/23 (Call 01/01/23)^a		8,050		8,549,100
5.50%, 09/15/25 (Call 06/15/25)^a,b		8,985		9,537,827
6.50%, 12/01/20 (Call 09/01/20)^a,b		8,250		9,349,312

				266,119,972


46		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
PHARMACEUTICALS — 2.58%
DPx Holdings BV
7.50%, 02/01/22 (Call 02/01/17)^a	$	9,200	$	9,326,500
Endo Finance LLC
5.75%, 01/15/22 (Call 01/15/17)^a,b		15,975		15,507,731
Endo Finance LLC/Endo Finco Inc.
5.88%, 01/15/23 (Call 07/15/17)^a,b		8,735		8,363,763
Endo Ltd./Endo Finance LLC/Endo Finco Inc.
6.00%, 07/15/23 (Call 07/15/18)^a,b		35,545		34,449,030
6.00%, 02/01/25 (Call 02/01/20)^a,b		26,810		25,469,500
Grifols Worldwide Operations Ltd.
5.25%, 04/01/22 (Call 04/01/17)		21,015		21,697,988
NBTY Inc.
7.63%, 05/15/21 (Call 05/15/18)^a		4,670		4,775,075
9.00%, 10/01/18 (Call 05/16/16)		1,875		1,920,938
Valeant Pharmaceuticals International Inc.
5.38%, 03/15/20 (Call 03/15/17)^a		40,310		35,388,822
5.50%, 03/01/23 (Call 03/01/18)^a		22,510		19,133,500
5.63%, 12/01/21 (Call 12/01/16)^a,b		18,995		16,145,750
5.88%, 05/15/23 (Call 05/15/18)^a,b		69,112		58,442,835
6.13%, 04/15/25 (Call 04/15/20)^a,b		61,005		50,710,406
6.38%, 10/15/20 (Call 10/15/16)^a		45,575		41,302,344
6.75%, 08/15/18 (Call 05/31/16)^a,b		30,508		29,516,490
6.75%, 08/15/21 (Call 05/31/16)^a		13,470		11,988,300


Security	Principal (000s)		Value
7.00%, 10/01/20 (Call 05/31/16)^a	$	17,838	$	16,232,580
7.25%, 07/15/22 (Call 07/15/16)^a		8,100		7,107,750
7.50%, 07/15/21 (Call 07/15/16)^a		32,007		28,886,317

				436,365,619
PIPELINES — 3.28%
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
6.00%, 12/15/20 (Call 12/15/16)^b		10,365		9,777,650
6.13%, 03/01/22 (Call 11/01/16)^b		13,119		11,989,829
6.25%, 04/01/23 (Call 04/01/18)^a		15,037		13,608,485
DCP Midstream LLC VRN, (3 mo. LIBOR US + 3.850%)
5.85%, 05/21/43 (Call 05/21/23)^a		11,011		6,918,578
DCP Midstream Operating LP
2.50%, 12/01/17 (Call 11/01/17)		10,600		10,255,500
3.88%, 03/15/23 (Call 12/15/22)		10,225		9,036,344
Energy Transfer Equity LP
5.50%, 06/01/27 (Call 03/01/27)^b		17,640		15,170,400
5.88%, 01/15/24 (Call 10/15/23)^b		24,125		22,380,963
7.50%, 10/15/20		24,333		24,576,330
Genesis Energy LP/Genesis Energy Finance Corp.
6.00%, 05/15/23 (Call 05/15/18)^b		8,885		8,218,625
6.75%, 08/01/22 (Call 08/01/18)		15,620		14,995,981
NGPL PipeCo LLC
7.12%, 12/15/17^a		23,223		23,977,747
9.63%, 06/01/19 (Call 05/31/16)^a,b		12,175		12,698,525
NuStar Logistics LP
4.80%, 09/01/20		10,618		9,768,560


SCHEDULESOF INVESTMENTS			47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
ONEOK Inc.
4.25%, 02/01/22 (Call 11/02/21)	$	10,788	$	9,547,380
7.50%, 09/01/23 (Call 06/01/23)		11,575		11,726,044
Rockies Express Pipeline LLC
5.63%, 04/15/20^a,b		15,746		15,627,905
6.00%, 01/15/19^a,b		11,275		11,556,875
6.85%, 07/15/18^a,b		11,495		11,895,190
Sabine Pass Liquefaction LLC
5.63%, 02/01/21 (Call 11/01/20)^b		34,140		33,969,300
5.63%, 04/15/23 (Call 01/15/23)		32,162		31,393,129
5.63%, 03/01/25 (Call 12/01/24)^b		41,170		40,006,947
5.75%, 05/15/24 (Call 02/15/24)^b		34,802		33,670,935
6.25%, 03/15/22 (Call 12/15/21)^b		21,350		21,444,888
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.13%, 11/15/19 (Call 11/15/16)		17,300		16,824,250
4.25%, 11/15/23 (Call 05/15/18)		12,305		11,343,733
5.00%, 01/15/18 (Call 10/15/17)^b		21,691		21,867,131
5.25%, 05/01/23 (Call 11/01/17)^b		7,825		7,507,149
6.75%, 03/15/24 (Call 09/15/19)^a		12,550		12,769,625
6.88%, 02/01/21 (Call 05/31/16)		11,861		12,127,873
Tesoro Logistics LP/Tesoro Logistics Finance Corp.
5.50%, 10/15/19 (Call 09/15/19)^b		10,397		10,615,285
5.88%, 10/01/20 (Call 10/01/16)^b		10,015		10,259,166
6.13%, 10/15/21 (Call 10/15/16)^b		11,700		11,953,695


Security	Principal (000s)		Value
6.25%, 10/15/22 (Call 10/15/18)^b	$	16,980	$	17,468,175
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)		4,000		3,350,000
4.55%, 06/24/24 (Call 03/24/24)		5,915		5,116,475

				555,414,667
REAL ESTATE — 0.12%
Realogy Group LLC/Realogy Co-Issuer Corp.
4.50%, 04/15/19^a,b		8,450		8,748,631
5.25%, 12/01/21 (Call 12/01/17)^a,b		10,254		10,709,021

				19,457,652
REAL ESTATE INVESTMENT TRUSTS — 1.03%
Communications Sales & Leasing Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 04/15/18)^a,b		8,611		8,562,563
8.25%, 10/15/23 (Call 04/15/19)		23,350		21,929,542
Equinix Inc.
5.88%, 01/15/26 (Call 01/15/21)^b		23,275		24,613,313
ESH Hospitality Inc.
5.25%, 05/01/25 (Call 05/01/20)^a,b		28,074		27,758,167
Iron Mountain Inc.
6.00%, 10/01/20 (Call 10/01/17)^a,b		21,275		22,518,258
iStar Inc.
4.00%, 11/01/17 (Call 08/01/17)^b		12,100		11,888,250
5.00%, 07/01/19 (Call 07/01/16)		16,125		15,641,250
MPT Operating Partnership LP/MPT Finance Corp.
6.38%, 03/01/24 (Call 03/01/19)^b		8,655		9,167,088
6.88%, 05/01/21 (Call 05/31/16)		7,925		8,214,395


48		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Vereit Operating Partnership LP
2.00%, 02/06/17	$	2,400	$	2,396,400
3.00%, 02/06/19 (Call 01/06/19)		15,850		15,545,680
4.60%, 02/06/24 (Call 11/06/23)		6,750		6,752,565

				174,987,471
RETAIL — 3.36%
1011778 BC ULC/New Red Finance Inc.
4.63%, 01/15/22 (Call 10/01/17)^a,b		26,344		27,002,600
6.00%, 04/01/22 (Call 10/01/17)^a,b		48,706		50,045,415
AmeriGas Finance LLC/AmeriGas Finance Corp.
6.75%, 05/20/20 (Call 05/31/16)^b		11,975		12,367,660
7.00%, 05/20/22 (Call 05/20/17)^b		21,417		22,568,164
AmeriGas Partners LP/AmeriGas Finance Corp.
6.25%, 08/20/19 (Call 05/31/16)^b		9,230		9,442,877
Claire’s Stores Inc.
8.88%, 03/15/19 (Call 05/31/16)^b		7,430		1,984,872
9.00%, 03/15/19 (Call 05/31/16)^a		26,125		18,810,000
Dollar Tree Inc.
5.25%, 03/01/20 (Call 03/01/17)^a,b		11,557		12,019,280
5.75%, 03/01/23 (Call 03/01/18)^a,b		54,292		57,617,385
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 05/31/16)^b		10,725		10,182,047
6.75%, 01/15/22 (Call 11/15/16)^b		11,400		10,909,800
6.75%, 06/15/23 (Call 06/15/19)^a		10,095		9,438,825


Security	Principal (000s)		Value
JC Penney Corp. Inc.
5.65%, 06/01/20^b	$	8,077	$	7,642,861
8.13%, 10/01/19		9,115		9,365,663
L Brands Inc.
5.63%, 02/15/22^b		20,847		23,025,511
5.63%, 10/15/23^b		10,400		11,440,000
6.63%, 04/01/21^b		16,691		18,986,012
6.90%, 07/15/17		10,262		10,863,900
7.00%, 05/01/20		8,360		9,649,828
8.50%, 06/15/19		10,150		11,943,696
Michaels Stores Inc.
5.88%, 12/15/20 (Call 12/15/16)^a,b		11,375		11,844,219
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/21 (Call 10/15/16)^a,b		20,500		17,742,896
QVC Inc.
3.13%, 04/01/19		7,080		7,173,344
4.38%, 03/15/23		15,451		15,427,179
4.45%, 02/15/25 (Call 11/15/24)		12,586		12,549,819
4.85%, 04/01/24		12,040		12,142,491
5.13%, 07/02/22		10,415		10,962,730
Rite Aid Corp.
6.13%, 04/01/23 (Call 04/01/18)^a,b		37,970		40,367,046
6.75%, 06/15/21 (Call 06/15/16)		14,366		15,156,130
9.25%, 03/15/20 (Call 05/31/16)^b		12,958		13,715,337
Sally Holdings LLC/Sally Capital Inc.
5.63%, 12/01/25 (Call 12/01/20)^b		15,695		16,793,650
5.75%, 06/01/22 (Call 06/01/17)^b		14,568		15,223,560
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)^b		11,350		11,185,425
Toys R Us Inc.
10.38%, 08/15/17 (Call 05/31/16)		9,740		8,936,450


SCHEDULESOF INVESTMENTS			49

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Toys R Us Property Co. II LLC
8.50%, 12/01/17 (Call 05/31/16)^b	$	15,375	$	14,913,750

				569,440,422
SEMICONDUCTORS — 1.36%
Advanced Micro Devices Inc.
6.75%, 03/01/19		12,800		10,752,000
7.00%, 07/01/24 (Call 07/01/19)		10,471		7,813,984
7.50%, 08/15/22		10,850		8,408,750
7.75%, 08/01/20 (Call 05/31/16)^b		10,035		8,090,719
Micron Technology Inc.
5.25%, 08/01/23 (Call 02/01/18)^a,b		17,920		14,470,400
5.25%, 01/15/24 (Call 05/01/18)^a		11,400		9,177,000
5.50%, 02/01/25 (Call 08/01/19)^b		24,820		19,980,100
5.63%, 01/15/26 (Call 05/01/20)^a		9,690		7,606,650
5.88%, 02/15/22 (Call 02/15/17)^b		12,465		10,938,037
NXP BV/NXP Funding LLC
3.75%, 06/01/18^a,b		15,016		15,353,860
4.13%, 06/15/20^a,b		13,270		13,701,275
4.63%, 06/15/22^a,b		9,600		9,984,000
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		11,850		12,561,000
Qorvo Inc.
6.75%, 12/01/23 (Call 12/01/18)^a,b		9,550		9,812,625
7.00%, 12/01/25 (Call 12/01/20)^a,b		11,700		12,051,000
Sensata Technologies BV
4.88%, 10/15/23^a,b		10,208		10,284,560
5.00%, 10/01/25^a,b		15,020		15,132,650
5.63%, 11/01/24^a,b		5,030		5,256,350


Security	Principal (000s)		Value
Sensata Technologies UK Financing Co. PLC
6.25%, 02/15/26 (Call 02/15/21)^a,b	$	17,350	$	18,477,750

				230,431,460
SHIPBUILDING — 0.16%
Huntington Ingalls Industries Inc.
5.00%, 12/15/21 (Call 12/15/17)^a		12,891		13,511,444
5.00%, 11/15/25 (Call 11/15/20)^a,b		12,580		13,193,275

				26,704,719
SOFTWARE — 2.40%
Activision Blizzard Inc.
5.63%, 09/15/21 (Call 09/15/16)^a		29,950		31,522,375
6.13%, 09/15/23 (Call 09/15/18)^a,b		14,975		16,313,391
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 07/15/16)^a		30,845		22,825,300
First Data Corp.
5.00%, 01/15/24 (Call 01/15/19)^a,b		32,080		32,323,808
5.38%, 08/15/23 (Call 08/15/18)^a,b		27,090		27,925,274
5.75%, 01/15/24 (Call 01/15/19)^a,b		45,622		46,443,196
6.75%, 11/01/20 (Call 05/31/16)^a		23,152		24,406,838
7.00%, 12/01/23 (Call 12/01/18)^a,b		68,700		70,417,500
Infor U.S. Inc.
5.75%, 08/15/20 (Call 08/15/17)^a,b		10,540		11,106,525
6.50%, 05/15/22 (Call 05/15/18)		31,060		28,668,691
MSCI Inc.
5.25%, 11/15/24 (Call 11/15/19)^a,b		17,025		17,833,687
5.75%, 08/15/25 (Call 08/15/20)^a		18,235		19,443,069


50		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Nuance Communications Inc.
5.38%, 08/15/20 (Call 08/15/16)^a,b	$	22,815	$	23,328,337
Solera LLC/Solera Finance Inc.
10.50%, 03/01/24 (Call 03/01/19)^a		32,080		33,443,400

				406,001,391
STORAGE & WAREHOUSING — 0.15%
Algeco Scotsman Global Finance PLC
8.50%, 10/15/18 (Call 05/31/16)^a,b		25,750		20,836,042
10.75%, 10/15/19 (Call 10/15/16)^a		12,550		4,677,728

				25,513,770
TELECOMMUNICATIONS — 13.08%
Altice Financing SA
6.50%, 01/15/22 (Call 12/15/16)^a,b		21,749		21,993,676
6.63%, 02/15/23 (Call 02/15/18)^a		39,386		39,041,372
7.50%, 05/15/26		6,460		6,468,075
7.88%, 12/15/19 (Call 05/19/16)^a,b		10,000		10,415,250
Altice Finco SA
8.13%, 01/15/24 (Call 12/15/18)^a,b		9,550		9,287,375
9.88%, 12/15/20 (Call 12/15/16)^a,b		8,950		9,721,077
Altice Luxembourg SA
7.63%, 02/15/25 (Call 02/15/20)^a,b		33,060		31,944,225
7.75%, 05/15/22 (Call 05/15/17)^a,b		58,881		58,777,369
Avaya Inc.
7.00%, 04/01/19 (Call 05/31/16)^a,b		22,516		14,353,950
10.50%, 03/01/21 (Call 03/01/17)^a,b		24,695		5,432,900
CenturyLink Inc.
5.63%, 04/01/25 (Call 01/01/25)^b		10,100		9,113,230
5.80%, 03/15/22^b		29,109		28,890,682


Security	Principal (000s)		Value
6.00%, 04/01/17^b	$	—	$	—
6.45%, 06/15/21^b		26,825		27,555,348
Series V
5.63%, 04/01/20^b		22,305		22,951,845
Series W
6.75%, 12/01/23^b		14,600		14,472,250
Series Y
7.50%, 04/01/24 (Call 01/01/24)^b		10,680		10,681,027
CommScope Inc.
4.38%, 06/15/20 (Call 06/15/17)^a,b		10,786		11,136,545
5.00%, 06/15/21 (Call 06/15/17)^a,b		13,925		14,151,281
5.50%, 06/15/24 (Call 06/15/19)^a		9,460		9,495,475
CommScope Technologies Finance LLC
6.00%, 06/15/25 (Call 06/15/20)^a,b		32,840		33,825,200
Frontier Communications Corp.
6.25%, 09/15/21 (Call 06/15/21)^b		16,972		15,887,206
6.88%, 01/15/25 (Call 10/15/24)		17,645		14,700,491
7.13%, 03/15/19^b		10,300		10,820,086
7.13%, 01/15/23		17,990		15,966,125
7.63%, 04/15/24^b		8,250		7,323,525
8.13%, 10/01/18^b		12,825		13,820,466
8.25%, 04/15/17^b		—		—
8.50%, 04/15/20^b		21,641		23,123,408
8.75%, 04/15/22^b		11,120		11,008,800
8.88%, 09/15/20 (Call 06/15/20)^a		22,854		24,074,241
9.25%, 07/01/21^b		12,300		12,867,644
10.50%, 09/15/22 (Call 06/15/22)^a,b		41,568		42,815,040
11.00%, 09/15/25 (Call 06/15/25)^a,b		64,815		65,502,039
Hughes Satellite Systems Corp.
6.50%, 06/15/19		19,412		21,377,465
7.63%, 06/15/21^b		20,165		22,736,037


SCHEDULESOF INVESTMENTS			51

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Inmarsat Finance PLC
4.88%, 05/15/22 (Call 05/15/17)^a,b	$	21,425	$	20,407,313
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/18)^b		43,216		27,496,180
6.63%, 12/15/22 (Call 12/15/17)		26,956		17,454,010
7.25%, 04/01/19 (Call 05/31/16)		27,468		22,523,760
7.25%, 10/15/20 (Call 05/31/16)^b		47,670		34,562,533
7.50%, 04/01/21 (Call 05/31/16)^b		25,295		18,149,163
8.00%, 02/15/24 (Call 02/15/19)^a		19,458		20,139,030
Intelsat Luxembourg SA
6.75%, 06/01/18 (Call 06/01/16)^b		11,050		8,515,406
7.75%, 06/01/21 (Call 06/01/17)		38,475		12,696,750
8.13%, 06/01/23 (Call 06/01/18)^b		22,880		7,493,200
Koninklijke KPN NV VRN, (10 year USD Swap + 5.330%)
7.00%, 03/28/73 (Call 03/28/23)^a,b		12,610		13,491,124
Level 3 Communications Inc.
5.75%, 12/01/22 (Call 12/01/17)^b		8,500		8,733,750
Level 3 Financing Inc.
5.13%, 05/01/23 (Call 05/01/18)^b		14,790		14,990,721
5.25%, 03/15/26 (Call 03/15/21)^a,b		16,327		16,612,723
5.38%, 08/15/22 (Call 08/15/17)		21,109		21,647,491
5.38%, 01/15/24 (Call 01/15/19)^a		19,000		19,380,000
5.38%, 05/01/25 (Call 05/01/20)^b		14,725		15,010,297
5.63%, 02/01/23 (Call 02/01/18)^b		10,730		11,031,265


Security	Principal (000s)		��	Value
6.13%, 01/15/21 (Call 11/15/16)	$	13,640		$	14,264,457
Nokia OYJ
5.38%, 05/15/19^b		18,800			20,084,687
Sable International Finance Ltd.
6.88%, 08/01/22 (Call 08/01/18)^a,b		16,730			17,210,988
SBA Communications Corp.
5.63%, 10/01/19 (Call 10/01/16)^b		11,750			12,205,313
SBA Telecommunications Inc.
5.75%, 07/15/20 (Call 07/15/16)^b		16,307			16,831,865
SoftBank Group Corp.
4.50%, 04/15/20^a,b		33,045			33,186,162
Sprint Communications Inc.
6.00%, 11/15/22		39,160			28,839,382
7.00%, 03/01/20^a		21,818			22,392,531
7.00%, 08/15/20		31,798			26,472,143
8.38%, 08/15/17		30,078			30,582,537
9.00%, 11/15/18^a		53,847			56,875,894
9.13%, 03/01/17^b		1,473			1,519,031
11.50%, 11/15/21		21,439			19,455,893
Sprint Corp.
7.13%, 06/15/24		44,025			32,963,719
7.25%, 09/15/21		48,707			39,330,902
7.63%, 02/15/25 (Call 11/15/24)		32,974			24,854,152
7.88%, 09/15/23		91,015			70,764,162
T-Mobile USA Inc.
5.25%, 09/01/18 (Call 05/10/16)^b		9,150			9,357,019
6.00%, 03/01/23 (Call 09/01/18)^b		27,597			28,878,091
6.00%, 04/15/24 (Call 04/15/19)^b		6,250			6,511,285
6.13%, 01/15/22 (Call 01/15/18)^b		13,515			14,054,046
6.25%, 04/01/21 (Call 04/01/17)^b		35,507			37,144,633
6.38%, 03/01/25 (Call 09/01/19)^b		32,542			34,209,777
6.46%, 04/28/19 (Call 05/10/16)		20,737			21,177,661


52		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
6.50%, 01/15/24 (Call 01/15/19)^b	$	20,675	$	21,874,150
6.50%, 01/15/26 (Call 01/15/21)^b		43,895		46,528,700
6.54%, 04/28/20 (Call 05/10/16)^b		27,484		28,308,520
6.63%, 11/15/20 (Call 05/10/16)^b		13,820		14,259,891
6.63%, 04/28/21 (Call 04/28/17)^b		26,831		28,427,673
6.63%, 04/01/23 (Call 04/01/18)^b		36,128		38,542,900
6.73%, 04/28/22 (Call 04/28/17)^b		27,229		28,661,368
6.84%, 04/28/23 (Call 04/28/18)		13,769		14,643,906
Telecom Italia Capital SA
7.00%, 06/04/18		14,140		15,450,345
7.18%, 06/18/19^b		17,485		19,779,906
Telecom Italia SpA/Milano
5.30%, 05/30/24^a,b		32,950		34,556,312
UPCB Finance IV Ltd.
5.38%, 01/15/25 (Call 01/15/20)^a		24,532		24,838,650
UPCB Finance V Ltd.
7.25%, 11/15/21 (Call 11/15/16)^a		12,029		12,680,738
UPCB Finance VI Ltd.
6.88%, 01/15/22 (Call 01/15/17)^a		12,848		13,554,113
Virgin Media Finance PLC
5.75%, 01/15/25 (Call 01/15/20)^a		8,805		8,805,000
6.00%, 10/15/24 (Call 10/15/19)^a,b		11,100		11,254,024
6.38%, 04/15/23 (Call 04/15/18)^a,b		11,250		11,590,875
Virgin Media Secured Finance PLC
5.25%, 01/15/21		10,100		10,642,875
5.25%, 01/15/26 (Call 01/15/20)^a,b		19,407		19,365,857
5.38%, 04/15/21 (Call 04/15/17)^a,b		16,962		17,746,806


Security	Principal (000s)		Value
5.50%, 01/15/25 (Call 01/15/19)^a,b	$	9,850	$	10,101,175
West Corp.
5.38%, 07/15/22 (Call 07/15/17)^a,b		21,272		19,251,160
Wind Acquisition Finance SA
4.75%, 07/15/20 (Call 07/15/16)^a,b		22,687		21,654,742
6.50%, 04/30/20 (Call 05/30/16)^a,b		12,242		12,303,210
7.38%, 04/23/21 (Call 04/23/17)^a		59,525		53,126,062
Windstream Services LLC
6.38%, 08/01/23 (Call 02/01/18)		15,000		11,449,307
7.50%, 06/01/22 (Call 06/01/17)		10,100		8,288,313
7.50%, 04/01/23 (Call 05/31/16)		12,100		9,801,000
7.75%, 10/15/20 (Call 05/31/16)^b		14,680		13,314,613
7.75%, 10/01/21 (Call 10/01/16)^b		16,400		13,899,000

				2,215,932,962
TRANSPORTATION — 0.43%
Florida East Coast Holdings Corp.
6.75%, 05/01/19 (Call 05/31/16)^a		18,931		19,076,926
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc.
7.38%, 01/15/22 (Call 01/15/17)^a		11,850		4,787,400
XPO Logistics Inc.
6.50%, 06/15/22 (Call 06/15/18)^a,b		31,328		30,388,160
7.88%, 09/01/19 (Call 09/01/16)^a,b		18,500		19,332,500

				73,584,986

TOTAL CORPORATE BONDS & NOTES
(Cost: $17,272,390,434)				16,632,315,345


SCHEDULESOF INVESTMENTS			53

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2016


Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 26.81%

MONEY MARKET FUNDS — 26.81%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.50%^c,d,e		4,059,308	$	4,059,307,911
BlackRock Cash Funds: Prime, SL Agency Shares
0.49%^c,d,e		304,489		304,489,336
BlackRock Cash Funds: Treasury, SL Agency Shares
0.28%^c,d		176,808		176,808,289

				4,540,605,536

TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,540,605,536)				4,540,605,536

TOTAL INVESTMENTS IN SECURITIES — 125.02%
(Cost: $21,812,995,970)				21,172,920,881
Other Assets, Less Liabilities — (25.02)%				(4,237,512,911	)

NET ASSETS — 100.00%			$	16,935,407,970

VRN — Variable Rate Note

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

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

^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.


54		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 91.53%

ADVERTISING — 0.21%
Omnicom Group Inc.
3.60%, 04/15/26 (Call 01/15/26)	$	8,000	$	8,342,177
3.63%, 05/01/22		15,019		15,838,240
3.65%, 11/01/24 (Call 08/01/24)		11,133		11,613,171
4.45%, 08/15/20^a		9,690		10,602,063
WPP Finance 2010
3.75%, 09/19/24		7,425		7,640,325
4.75%, 11/21/21		10,660		11,701,654

				65,737,630
AEROSPACE & DEFENSE — 1.23%
Boeing Co. (The)
4.88%, 02/15/20		14,724		16,550,559
General Dynamics Corp.
2.25%, 11/15/22 (Call 08/15/22)		4,480		4,551,686
L-3 Communications Corp.
4.75%, 07/15/20		13,268		14,154,334
5.20%, 10/15/19		9,315		10,070,573
Lockheed Martin Corp.
2.50%, 11/23/20 (Call 10/23/20)		21,830		22,440,563
2.90%, 03/01/25 (Call 12/01/24)		9,290		9,497,280
3.35%, 09/15/21		17,244		18,351,201
3.55%, 01/15/26 (Call 10/15/25)^a		21,460		23,012,786
3.80%, 03/01/45 (Call 09/01/44)^a		7,973		7,998,290
4.07%, 12/15/42		18,344		18,992,228
4.25%, 11/15/19		6,443		7,075,271
4.70%, 05/15/46 (Call 11/15/45)^a		29,980		34,497,425
Northrop Grumman Corp.
3.25%, 08/01/23		10,083		10,606,482
4.75%, 06/01/43		10,198		11,732,677
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)		13,474		13,835,463


Security	Principal (000s)		Value
3.13%, 10/15/20^a	$	10,842	$	11,494,028
United Technologies Corp.
3.10%, 06/01/22^a		32,677		34,570,841
4.15%, 05/15/45 (Call 11/16/44)		7,150		7,582,635
4.50%, 04/15/20		14,750		16,315,750
4.50%, 06/01/42		51,387		57,149,944
5.70%, 04/15/40		9,669		12,310,307
6.13%, 07/15/38		12,491		16,392,796

				379,183,119
AGRICULTURE — 1.23%
Altria Group Inc.
2.63%, 01/14/20 (Call 12/14/19)^a		7,575		7,847,479
2.85%, 08/09/22^a		26,309		27,302,828
4.00%, 01/31/24		14,857		16,398,651
4.25%, 08/09/42		9,777		10,353,407
4.75%, 05/05/21^a		22,596		25,604,811
5.38%, 01/31/44^a		25,702		32,035,371
9.25%, 08/06/19		14,428		17,868,680
Philip Morris International Inc.
1.88%, 01/15/19^a		1,000		1,014,641
1.88%, 02/25/21 (Call 01/25/21)		8,325		8,348,626
2.50%, 08/22/22		9,520		9,726,787
2.75%, 02/25/26 (Call 11/25/25)^a		8,000		8,093,180
2.90%, 11/15/21^a		20,216		21,162,746
3.25%, 11/10/24		12,500		13,262,005
3.88%, 08/21/42^a		14,436		14,550,106
4.13%, 03/04/43^a		7,749		8,081,472
4.25%, 11/10/44^a		4,801		5,129,327
4.38%, 11/15/41		16,236		17,497,967
4.50%, 03/26/20^a		9,614		10,670,326
4.88%, 11/15/43^a		9,450		10,997,689
6.38%, 05/16/38		16,796		22,594,853
Reynolds American Inc.
3.25%, 06/12/20		896		938,219
4.00%, 06/12/22		12,285		13,357,457
4.45%, 06/12/25 (Call 03/12/25)		26,840		29,719,725
5.70%, 08/15/35 (Call 02/15/35)^a		10,600		12,602,831


SCHEDULESOF INVESTMENTS			55

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
5.85%, 08/15/45 (Call 02/15/45)	$	29,400	$	36,349,822

				381,509,006
APPAREL — 0.03%
NIKE Inc.
3.88%, 11/01/45 (Call 05/01/45)		9,100		9,596,959

				9,596,959
AUTO MANUFACTURERS — 1.62%
American Honda Finance Corp.
2.25%, 08/15/19^a		15,528		15,962,045
2.45%, 09/24/20		5,900		6,064,572
Daimler Finance North America LLC
8.50%, 01/18/31		18,776		29,693,713
Ford Motor Co.
4.75%, 01/15/43^a		31,423		32,353,306
7.45%, 07/16/31		23,844		31,705,829
Ford Motor Credit Co. LLC
3.16%, 08/04/20		12,400		12,765,026
3.20%, 01/15/21^a		5,700		5,870,626
3.22%, 01/09/22		5,700		5,846,201
3.34%, 03/18/21^a		16,290		16,810,216
4.13%, 08/04/25		21,800		23,101,233
4.39%, 01/08/26^a		9,000		9,723,104
General Motors Co.
4.88%, 10/02/23		25,550		27,384,745
5.00%, 04/01/35^a		5,535		5,538,100
5.20%, 04/01/45^a		20,169		20,153,873
6.25%, 10/02/43		23,010		25,793,789
6.60%, 04/01/36 (Call 10/01/35)		6,525		7,606,193
6.75%, 04/01/46 (Call 10/01/45)		14,605		17,599,901
General Motors Financial Co. Inc.
3.15%, 01/15/20 (Call 12/15/19)^a		23,178		23,596,595
3.20%, 07/13/20 (Call 06/13/20)^a		18,378		18,657,897
3.45%, 04/10/22 (Call 02/10/22)^a		24,850		24,948,197
3.50%, 07/10/19		3,350		3,456,919


Security	Principal (000s)		Value
3.70%, 11/24/20 (Call 10/24/20)^a	$	9,635	$	9,979,548
4.00%, 01/15/25 (Call 10/15/24)^a		18,400		18,577,376
4.20%, 03/01/21 (Call 02/01/21)^a		13,500		14,205,780
4.30%, 07/13/25 (Call 04/13/25)^a		5,560		5,719,294
4.38%, 09/25/21		10,100		10,693,880
5.25%, 03/01/26 (Call 12/01/25)^a		10,480		11,493,311
Toyota Motor Credit Corp.
1.90%, 04/08/21		500		499,914
2.13%, 07/18/19		13,450		13,725,860
2.15%, 03/12/20^a		16,016		16,300,039
3.30%, 01/12/22		14,532		15,516,254
3.40%, 09/15/21		12,852		13,774,230
4.25%, 01/11/21		975		1,076,058
Series B
4.50%, 06/17/20^a		5,604		6,199,511

				502,393,135
BANKS — 24.40%
Abbey National Treasury Services PLC/United Kingdom
2.35%, 09/10/19^a		10,558		10,665,308
2.38%, 03/16/20^a		19,267		19,359,449
4.00%, 03/13/24^a		12,666		13,589,842
Australia & New Zealand Banking Group Ltd./New York NY
2.25%, 06/13/19		20,720		20,939,856
2.70%, 11/16/20^a		11,150		11,435,942
3.70%, 11/16/25^a		9,000		9,655,691
Banco Bilbao Vizcaya Argentaria SA
3.00%, 10/20/20^a		19,200		19,508,736
Bank of America Corp.
2.63%, 10/19/20^a		33,775		34,116,796
2.63%, 04/19/21		10,000		10,066,703
2.65%, 04/01/19^a		14,409		14,679,068
3.30%, 01/11/23		39,511		40,223,506
3.50%, 04/19/26		8,975		9,073,885
3.88%, 08/01/25		62,939		65,500,007
4.00%, 04/01/24^a		42,622		44,595,919


56		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
4.00%, 01/22/25	$	41,050	$	41,207,061
4.10%, 07/24/23^a		31,376		33,348,835
4.13%, 01/22/24		39,342		41,768,890
4.20%, 08/26/24		48,702		49,594,411
4.25%, 10/22/26		20,443		20,876,555
4.45%, 03/03/26		15,575		16,096,647
4.88%, 04/01/44^a		19,167		21,063,262
5.00%, 05/13/21^a		30,330		33,670,149
5.00%, 01/21/44		17,895		19,945,951
5.63%, 07/01/20		16,885		18,970,174
5.70%, 01/24/22		42,423		48,849,113
5.88%, 01/05/21^a		18,470		21,101,643
5.88%, 02/07/42		19,215		23,698,390
6.11%, 01/29/37		25,602		29,754,273
7.63%, 06/01/19		34,240		39,773,937
7.75%, 05/14/38		19,277		26,595,964
Series L
2.25%, 04/21/20^a		41,145		41,112,607
3.95%, 04/21/25^a		26,394		26,411,172
Bank of America N.A.
6.00%, 10/15/36		9,815		12,196,787
Bank of Montreal
2.55%, 11/06/22 (Call 10/06/22)^a		16,293		16,508,112
Bank of New York Mellon Corp. (The)
2.05%, 05/03/21		5,730		5,759,628
2.20%, 05/15/19 (Call 04/15/19)		11,941		12,136,545
2.30%, 09/11/19 (Call 08/11/19)		6,118		6,260,974
2.45%, 11/27/20 (Call 10/27/20)^a		6,480		6,639,960
2.50%, 04/15/21 (Call 03/15/21)^a		13,300		13,616,343
2.60%, 08/17/20 (Call 07/17/20)		15,021		15,503,855
2.80%, 05/04/26		2,650		2,675,310
3.00%, 02/24/25 (Call 01/24/25)^a		9,710		9,928,434
3.55%, 09/23/21 (Call 08/23/21)		22,552		24,169,668
3.65%, 02/04/24 (Call 01/05/24)		10,076		10,825,962


Security	Principal (000s)		Value
Series G
2.15%, 02/24/20 (Call 01/24/20)^a	$	16,867	$	17,145,999
Bank of Nova Scotia (The)
2.05%, 06/05/19^a		5,303		5,346,022
2.35%, 10/21/20^a		16,750		16,977,659
2.45%, 03/22/21		22,750		23,047,600
2.80%, 07/21/21		16,851		17,275,611
4.38%, 01/13/21		3,674		4,027,284
4.50%, 12/16/25^a		14,850		15,306,578
Barclays Bank PLC
5.14%, 10/14/20^a		10,234		11,010,950
Barclays PLC
2.75%, 11/08/19^a		33,400		33,447,218
2.88%, 06/08/20^a		29,250		29,151,302
3.25%, 01/12/21^a		14,250		14,410,089
3.65%, 03/16/25		20,265		19,501,087
4.38%, 09/11/24^a		21,335		20,637,130
4.38%, 01/12/26^a		35,820		36,219,085
5.25%, 08/17/45^a		22,819		24,195,937
BB&T Corp.
2.45%, 01/15/20 (Call 12/15/19)^a		20,475		20,905,878
2.63%, 06/29/20 (Call 05/29/20)		7,431		7,613,632
BNP Paribas SA
2.38%, 05/21/20		17,470		17,686,347
2.45%, 03/17/19		5,665		5,764,236
3.25%, 03/03/23^a		28,534		29,582,696
4.25%, 10/15/24		18,305		18,909,257
5.00%, 01/15/21		19,343		21,635,434
BPCE SA
2.25%, 01/27/20^a		15,500		15,672,321
2.50%, 07/15/19^a		11,750		11,962,676
2.65%, 02/03/21^a		1,750		1,784,382
4.00%, 04/15/24^a		29,200		31,328,052
Branch Banking & Trust Co.
3.63%, 09/16/25 (Call 08/16/25)		9,670		10,144,651
3.80%, 10/30/26 (Call 09/30/26)		14,800		15,786,950
Capital One Financial Corp.
2.45%, 04/24/19 (Call 03/24/19)^a		7,217		7,300,130


SCHEDULESOF INVESTMENTS			57

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
3.20%, 02/05/25 (Call 01/05/25)^a	$	13,850	$	13,759,285
3.50%, 06/15/23		5,000		5,142,344
3.75%, 04/24/24 (Call 03/24/24)		12,975		13,449,864
4.20%, 10/29/25 (Call 09/29/25)		8,082		8,273,956
4.75%, 07/15/21^a		17,267		18,997,507
Capital One N.A./Mclean VA
2.40%, 09/05/19 (Call 08/05/19)		20,875		20,886,214
2.95%, 07/23/21 (Call 06/23/21)^a		14,390		14,596,118
Citigroup Inc.
2.40%, 02/18/20^a		27,312		27,492,524
2.50%, 07/29/19^a		27,824		28,218,939
2.55%, 04/08/19^a		6,660		6,772,881
2.65%, 10/26/20^a		41,925		42,399,398
2.70%, 03/30/21^a		15,900		16,085,310
3.30%, 04/27/25		7,384		7,440,252
3.40%, 05/01/26		15,000		15,090,905
3.50%, 05/15/23^a		20,275		20,509,428
3.70%, 01/12/26^a		15,150		15,579,525
3.75%, 06/16/24^a		16,956		17,671,777
3.88%, 10/25/23^a		22,436		23,659,428
3.88%, 03/26/25^a		13,519		13,433,971
4.00%, 08/05/24		14,388		14,650,860
4.05%, 07/30/22		17,406		18,167,137
4.30%, 11/20/26^a		12,645		12,941,355
4.40%, 06/10/25^a		36,294		37,416,425
4.45%, 09/29/27		45,970		46,818,206
4.50%, 01/14/22		28,129		30,731,489
4.60%, 03/09/26^a		10,710		11,193,737
4.65%, 07/30/45		17,744		19,008,271
5.30%, 05/06/44^a		10,600		11,435,245
5.38%, 08/09/20^a		10,050		11,281,870
5.50%, 09/13/25^a		21,439		23,750,609
5.88%, 01/30/42^a		9,910		12,317,445
6.13%, 08/25/36		1,620		1,861,325
6.63%, 06/15/32		13,000		15,645,402
6.68%, 09/13/43		11,803		14,664,301
8.13%, 07/15/39		22,108		33,872,098
8.50%, 05/22/19		1,250		1,482,382


Security	Principal (000s)		Value
Citizens Bank N.A./Providence RI
2.45%, 12/04/19 (Call 11/04/19)	$	1,250	$	1,258,168
Citizens Financial Group Inc.
4.30%, 12/03/25 (Call 11/03/25)^a		8,335		8,590,424
Commonwealth Bank of Australia/New York NY
2.25%, 03/13/19		11,750		11,912,775
2.30%, 09/06/19^a		16,970		17,219,771
2.30%, 03/12/20^a		15,109		15,288,493
2.40%, 11/02/20^a		7,580		7,680,591
2.55%, 03/15/21^a		4,985		5,078,311
Cooperatieve Rabobank UA
3.88%, 02/08/22		27,110		29,170,593
3.95%, 11/09/22		23,290		23,898,395
4.38%, 08/04/25		14,550		15,179,138
4.50%, 01/11/21		21,585		23,812,218
4.63%, 12/01/23^a		23,554		25,042,090
5.25%, 05/24/41^a		20,868		25,157,006
5.25%, 08/04/45^a		19,200		21,197,140
5.75%, 12/01/43		15,628		18,377,498
Cooperatieve Rabobank UA/NY
2.25%, 01/14/20^a		6,750		6,832,505
2.50%, 01/19/21^a		23,650		24,022,355
3.38%, 05/21/25^a		10,602		10,995,122
Credit Suisse AG/New York NY
2.30%, 05/28/19^a		25,990		26,269,668
3.00%, 10/29/21		16,295		16,657,101
3.63%, 09/09/24		48,850		50,649,253
4.38%, 08/05/20		21,180		22,945,639
5.30%, 08/13/19		7,602		8,390,576
5.40%, 01/14/20^a		26,401		28,690,680
Credit Suisse Group Funding Guernsey Ltd.
2.75%, 03/26/20		15,000		14,883,246
3.13%, 12/10/20^b		20,000		19,949,494
3.45%, 04/16/21^b		20,000		20,150,194
3.75%, 03/26/25		840		819,922
3.80%, 09/15/22		15,000		15,132,909
4.55%, 04/17/26^b		25,000		25,592,897
4.88%, 05/15/45		8,325		8,347,323


58		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Deutsche Bank AG
2.95%, 08/20/20	$	8,850	$	8,866,149
3.13%, 01/13/21^a		12,255		12,318,255
4.10%, 01/13/26^a		13,880		13,878,965
4.50%, 04/01/25^a		13,180		12,140,335
Deutsche Bank AG/London
3.70%, 05/30/24^a		25,290		25,399,056
Discover Bank/Greenwood DE
3.10%, 06/04/20 (Call 05/04/20)		19,030		19,389,187
3.20%, 08/09/21 (Call 07/09/21)^a		12,494		12,563,006
4.20%, 08/08/23^a		9,295		9,732,105
Fifth Third Bancorp.
2.88%, 07/27/20 (Call 06/27/20)		8,498		8,651,586
4.30%, 01/16/24 (Call 12/16/23)		11,235		11,834,669
8.25%, 03/01/38		9,848		14,186,693
Fifth Third Bank/Cincinnati OH
2.38%, 04/25/19 (Call 03/25/19)		13,850		14,019,851
2.88%, 10/01/21 (Call 09/01/21)		14,950		15,250,496
3.85%, 03/15/26 (Call 02/15/26)^a		12,500		12,879,936
Goldman Sachs Group Inc. (The)
2.55%, 10/23/19^a		38,869		39,554,669
2.60%, 04/23/20 (Call 03/23/20)		9,577		9,686,706
2.63%, 04/25/21		11,280		11,337,265
2.75%, 09/15/20 (Call 08/15/20)^a		16,300		16,544,427
2.88%, 02/25/21 (Call 01/25/21)^a		6,430		6,533,144
3.50%, 01/23/25 (Call 10/23/24)		39,116		39,493,149
3.63%, 01/22/23^a		26,882		27,846,161
3.75%, 05/22/25 (Call 02/22/25)		30,373		31,243,120
3.75%, 02/25/26 (Call 11/25/25)^a		20,665		21,255,808
3.85%, 07/08/24 (Call 04/08/24)^a		32,223		33,547,021


Security	Principal (000s)		Value
4.00%, 03/03/24	$	36,144	$	38,141,437
4.25%, 10/21/25^a		32,760		33,445,614
4.75%, 10/21/45 (Call 04/21/45)		25,130		26,730,887
4.80%, 07/08/44 (Call 01/08/44)^a		12,681		13,622,687
5.15%, 05/22/45^a		28,175		28,953,008
5.25%, 07/27/21		45,815		51,736,140
5.38%, 03/15/20		30,848		34,315,787
5.75%, 01/24/22^a		67,025		77,096,344
5.95%, 01/15/27		15,726		18,007,475
6.00%, 06/15/20^a		29,446		33,524,763
6.13%, 02/15/33		31,371		38,398,151
6.25%, 02/01/41^a		37,916		48,259,072
6.45%, 05/01/36		19,356		22,582,827
6.75%, 10/01/37		51,815		62,558,835
7.50%, 02/15/19^a		5,179		5,936,720
HSBC Bank USA N.A./New York NY
4.88%, 08/24/20		21,560		23,345,278
5.63%, 08/15/35		8,793		10,114,518
5.88%, 11/01/34^a		7,500		8,792,015
HSBC Holdings PLC
3.40%, 03/08/21^a		26,755		27,706,255
4.00%, 03/30/22		31,475		33,389,187
4.25%, 03/14/24		6,500		6,632,769
4.25%, 08/18/25^a		31,800		31,881,615
4.30%, 03/08/26^a		22,790		23,936,193
4.88%, 01/14/22^a		21,502		23,655,851
5.10%, 04/05/21^a		40,585		45,043,814
5.25%, 03/14/44^a		23,159		24,433,176
6.10%, 01/14/42^a		7,668		9,738,044
6.50%, 05/02/36^a		19,327		23,200,533
6.50%, 09/15/37		31,884		38,218,681
6.80%, 06/01/38		22,510		27,856,445
HSBC USA Inc.
2.25%, 06/23/19^a		10,000		10,114,114
2.35%, 03/05/20^a		17,657		17,774,717
2.38%, 11/13/19		11,400		11,486,238
2.75%, 08/07/20^a		13,820		14,012,470
3.50%, 06/23/24^a		11,300		11,570,316
5.00%, 09/27/20		9,090		9,854,430


SCHEDULESOF INVESTMENTS			59

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Huntington Bancshares Inc./OH
3.15%, 03/14/21 (Call 02/14/21)	$	5,000	$	5,123,734
Intesa Sanpaolo SpA
5.25%, 01/12/24^a		12,512		13,647,251
JPMorgan Chase & Co.
2.20%, 10/22/19^a		21,006		21,304,161
2.25%, 01/23/20 (Call 12/23/19)^a		48,108		48,472,899
2.55%, 10/29/20 (Call 09/29/20)		26,625		27,010,091
2.55%, 03/01/21 (Call 02/01/21)^a		22,200		22,474,257
2.75%, 06/23/20 (Call 05/23/20)^a		28,059		28,704,946
3.13%, 01/23/25 (Call 10/23/24)		34,672		34,721,910
3.20%, 01/25/23		35,293		36,236,781
3.25%, 09/23/22^a		39,869		41,269,582
3.30%, 04/01/26 (Call 01/01/26)^a		19,300		19,541,323
3.38%, 05/01/23		29,718		29,991,420
3.63%, 05/13/24^a		20,609		21,593,498
3.88%, 02/01/24^a		27,823		29,588,884
3.88%, 09/10/24		40,155		41,453,448
3.90%, 07/15/25 (Call 04/15/25)		35,959		38,087,726
4.13%, 12/15/26^a		26,200		27,358,168
4.25%, 10/15/20^a		36,775		39,764,760
4.25%, 10/01/27^a		22,382		23,345,753
4.35%, 08/15/21		40,437		44,239,336
4.40%, 07/22/20^a		33,568		36,444,197
4.50%, 01/24/22^a		35,629		39,345,860
4.63%, 05/10/21		31,187		34,441,251
4.85%, 02/01/44^a		15,614		17,997,515
4.95%, 03/25/20^a		19,973		22,003,597
4.95%, 06/01/45^a		16,378		17,686,566
5.40%, 01/06/42^a		18,350		22,163,486
5.50%, 10/15/40^a		14,061		17,204,831
5.60%, 07/15/41		21,281		26,290,039
5.63%, 08/16/43		9,768		11,507,672
6.30%, 04/23/19		17,942		20,176,909
6.40%, 05/15/38^a		21,428		28,663,681


Security	Principal (000s)		Value
KeyBank N.A./Cleveland OH
2.25%, 03/16/20	$	18,750	$	18,776,332
2.50%, 12/15/19		8,500		8,613,341
KeyCorp
2.90%, 09/15/20		7,700		7,845,434
5.10%, 03/24/21^a		18,050		20,064,515
Lloyds Bank PLC
2.35%, 09/05/19^a		6,976		7,052,345
2.40%, 03/17/20^a		26,400		26,648,083
2.70%, 08/17/20^a		6,250		6,356,704
3.50%, 05/14/25^a		26,450		27,657,482
6.38%, 01/21/21		6,486		7,629,960
Lloyds Banking Group PLC
4.50%, 11/04/24		15,400		15,755,287
4.58%, 12/10/25^b		20,576		20,576,000
4.65%, 03/24/26^a		9,745		9,899,786
5.30%, 12/01/45^a,b		6,900		7,147,648
Manufacturers & Traders Trust Co.
2.10%, 02/06/20 (Call 01/06/20)^a		8,650		8,656,673
2.90%, 02/06/25 (Call 01/06/25)		13,600		13,459,255
Mitsubishi UFJ Financial Group Inc.
2.95%, 03/01/21		34,500		35,239,049
3.85%, 03/01/26^a		32,450		34,050,217
Morgan Stanley
2.38%, 07/23/19^a		15,960		16,133,951
2.50%, 04/21/21		4,435		4,443,721
2.65%, 01/27/20		34,287		34,827,373
2.80%, 06/16/20^a		32,645		33,311,490
3.70%, 10/23/24		43,660		45,124,466
3.75%, 02/25/23^a		31,843		33,347,031
3.88%, 01/27/26^a		25,681		26,693,532
3.95%, 04/23/27^a		27,615		27,654,288
4.00%, 07/23/25		29,300		30,797,992
4.10%, 05/22/23^a		33,299		34,398,676
4.30%, 01/27/45		32,189		32,660,842
4.35%, 09/08/26		29,729		30,767,250
4.88%, 11/01/22		25,843		28,113,320
5.00%, 11/24/25		29,924		32,555,259
5.50%, 01/26/20^a		24,177		26,867,615
5.50%, 07/24/20		28,341		31,598,396


60		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
5.50%, 07/28/21	$	36,230	$	41,133,615
5.63%, 09/23/19		34,677		38,659,026
5.75%, 01/25/21		23,368		26,620,697
6.38%, 07/24/42		29,463		38,814,097
7.25%, 04/01/32^a		8,932		12,066,099
7.30%, 05/13/19		33,130		38,148,108
Series F
3.88%, 04/29/24		41,032		43,154,278
National Australia Bank Ltd./New York
2.63%, 07/23/20^a		15,500		15,903,279
2.63%, 01/14/21		13,800		14,170,221
3.00%, 01/20/23^a		13,539		13,855,079
3.38%, 01/14/26^a		500		523,096
Northern Trust Corp.
3.95%, 10/30/25^a		11,700		12,675,659
PNC Bank N.A.
2.25%, 07/02/19 (Call 06/02/19)^a,c		8,900		9,046,421
2.40%, 10/18/19 (Call 09/18/19)^c		15,250		15,559,897
2.45%, 11/05/20 (Call 10/06/20)^a,c		8,850		9,023,570
2.60%, 07/21/20 (Call 06/21/20)^c		11,330		11,619,089
2.70%, 11/01/22 (Call 10/01/22)^c		12,437		12,402,691
2.95%, 01/30/23 (Call 12/30/22)^c		7,300		7,364,388
2.95%, 02/23/25 (Call 01/24/25)^c		17,300		17,522,241
3.80%, 07/25/23 (Call 06/25/23)^c		15,153		15,973,011
PNC Financial Services Group Inc. (The)
3.90%, 04/29/24 (Call 03/29/24)^c		14,540		15,404,021
PNC Funding Corp.
3.30%, 03/08/22 (Call 02/06/22)^a,c		9,969		10,488,542
4.38%, 08/11/20^c		10,724		11,706,796
5.13%, 02/08/20^c		4,065		4,513,857
Royal Bank of Canada
2.15%, 03/15/19^a		3,114		3,159,929


Security	Principal (000s)		Value
2.15%, 03/06/20^a	$	11,000	$	11,112,262
2.35%, 10/30/20		33,750		34,223,030
2.50%, 01/19/21		14,760		15,063,150
4.65%, 01/27/26^a		8,000		8,352,234
Royal Bank of Scotland Group PLC
4.80%, 04/05/26		5,000		5,102,484
Santander Holdings USA Inc.
2.65%, 04/17/20 (Call 03/17/20)^a		11,885		11,847,530
4.50%, 07/17/25 (Call 04/17/25)		12,245		12,669,966
Santander UK Group Holdings PLC
2.88%, 10/16/20		16,900		16,866,269
3.13%, 01/08/21^a		9,990		10,068,635
Skandinaviska Enskilda Banken AB
2.63%, 03/15/21^a		4,000		4,083,354
State Street Corp.
2.55%, 08/18/20^a		8,805		9,081,127
3.10%, 05/15/23		20,813		21,248,939
3.30%, 12/16/24^a		14,415		15,150,912
3.55%, 08/18/25		8,461		9,098,516
3.70%, 11/20/23		16,765		18,152,069
4.38%, 03/07/21		10,765		11,894,793
Sumitomo Mitsui Banking Corp.
2.25%, 07/11/19		11,600		11,684,117
2.45%, 01/16/20^a		28,200		28,472,282
2.65%, 07/23/20		11,000		11,178,474
3.20%, 07/18/22		7,449		7,633,204
Sumitomo Mitsui Financial Group Inc.
2.93%, 03/09/21^a		21,300		21,724,705
Sumitomo Mitsui Financial Group Inc. ADR
3.78%, 03/09/26^a		17,500		18,264,624
SunTrust Banks Inc.
2.90%, 03/03/21 (Call 02/03/21)		5,575		5,671,008
Svenska Handelsbanken AB
2.25%, 06/17/19		10,102		10,279,164
2.40%, 10/01/20^a		22,750		23,085,999
2.45%, 03/30/21		5,250		5,332,698


SCHEDULESOF INVESTMENTS			61

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
2.50%, 01/25/19^a	$	875	$	897,814
Toronto-Dominion Bank (The)
2.13%, 07/02/19		16,305		16,543,880
2.13%, 04/07/21		4,000		4,008,325
2.25%, 11/05/19^a		18,330		18,630,942
2.50%, 12/14/20^a		29,825		30,419,708
U.S. Bancorp.
2.20%, 04/25/19 (Call 03/25/19)		12,604		12,909,182
2.35%, 01/29/21 (Call 12/29/20)		1,100		1,126,120
2.95%, 07/15/22 (Call 06/15/22)		20,347		20,943,544
3.00%, 03/15/22 (Call 02/15/22)		11,714		12,253,331
3.70%, 01/30/24 (Call 12/29/23)		30,000		32,588,163
4.13%, 05/24/21 (Call 04/23/21)		7,519		8,237,284
Series F
3.60%, 09/11/24 (Call 08/11/24)		15,410		16,255,961
U.S. Bank N.A./Cincinnati OH
2.13%, 10/28/19 (Call 09/28/19)^a		19,985		20,338,778
2.80%, 01/27/25 (Call 12/27/24)^a		8,350		8,547,027
UBS AG/Stamford CT
2.35%, 03/26/20^a		23,680		23,999,183
2.38%, 08/14/19^a		37,956		38,588,336
4.88%, 08/04/20^a		9,225		10,213,826
Wachovia Corp.
5.50%, 08/01/35		9,017		10,156,358
Wells Fargo & Co.
2.13%, 04/22/19		11,925		12,113,434
2.50%, 03/04/21^a		9,800		9,952,252
2.55%, 12/07/20^a		42,750		43,545,291
2.60%, 07/22/20^a		49,260		50,417,846
3.00%, 01/22/21		19,189		19,903,090
3.00%, 02/19/25^a		31,570		31,629,857
3.00%, 04/22/26^a		27,600		27,477,967
3.30%, 09/09/24^a		34,011		35,024,878
3.50%, 03/08/22^a		39,498		41,919,212
3.55%, 09/29/25^a		28,750		30,073,466


Security	Principal (000s)		Value
3.90%, 05/01/45^a	$	32,255	$	31,876,033
4.10%, 06/03/26^a		34,774		36,475,346
4.13%, 08/15/23		31,794		33,941,914
4.30%, 07/22/27		37,690		39,943,357
4.60%, 04/01/21^a		29,340		32,522,932
4.65%, 11/04/44^a		17,210		17,819,392
4.90%, 11/17/45		18,515		19,997,059
5.38%, 02/07/35		4,074		4,861,820
5.38%, 11/02/43		26,400		29,879,010
5.61%, 01/15/44		21,135		24,758,137
Series M
3.45%, 02/13/23		26,916		27,642,783
Series N
2.15%, 01/30/20		21,179		21,361,629
Wells Fargo Bank N.A.
5.85%, 02/01/37		10,850		13,074,568
6.60%, 01/15/38		19,484		26,000,102
Westpac Banking Corp.
2.30%, 05/26/20^a		12,825		12,977,761
2.60%, 11/23/20		32,775		33,455,042
4.88%, 11/19/19^a		20,007		22,043,348

				7,554,128,341
BEVERAGES — 3.57%
Anheuser-Busch InBev Finance Inc.
2.15%, 02/01/19^a		1,000		1,019,555
2.63%, 01/17/23		15,373		15,437,035
2.65%, 02/01/21 (Call 01/01/21)^a		75,875		77,934,733
3.30%, 02/01/23 (Call 12/01/22)^a		77,525		80,902,656
3.65%, 02/01/26 (Call 11/01/25)		126,600		133,436,463
3.70%, 02/01/24^a		26,146		27,939,454
4.00%, 01/17/43^a		7,267		7,302,187
4.63%, 02/01/44^a		12,725		13,998,951
4.70%, 02/01/36 (Call 08/01/35)		74,548		81,748,517
4.90%, 02/01/46 (Call 08/01/45)^a		133,015		150,650,089
Anheuser-Busch InBev Worldwide Inc.
2.50%, 07/15/22		55,218		55,464,819


62		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
3.75%, 07/15/42^a	$	8,041	$	7,819,495
5.00%, 04/15/20		12,812		14,298,646
5.38%, 01/15/20		18,247		20,501,036
6.88%, 11/15/19		21,677		25,498,720
8.20%, 01/15/39		15,662		24,306,719
Coca-Cola Co. (The)
1.88%, 10/27/20		12,820		13,011,197
2.45%, 11/01/20^a		19,009		19,773,730
2.50%, 04/01/23^a		6,271		6,431,816
2.88%, 10/27/25^a		27,960		29,237,210
3.15%, 11/15/20		9,506		10,147,399
3.20%, 11/01/23		22,175		23,922,718
3.30%, 09/01/21^a		16,938		18,241,609
Diageo Capital PLC
2.63%, 04/29/23 (Call 01/29/23)		15,715		16,007,214
Diageo Investment Corp.
2.88%, 05/11/22		12,234		12,757,637
Pepsi Bottling Group Inc. (The) Series B
7.00%, 03/01/29		12,965		18,056,533
PepsiCo Inc.
1.85%, 04/30/20 (Call 03/30/20)^a		16,350		16,567,347
2.15%, 10/14/20 (Call 09/14/20)^a		14,485		14,865,496
2.75%, 03/05/22		12,863		13,441,178
2.75%, 03/01/23		14,413		14,995,292
2.75%, 04/30/25 (Call 01/30/25)^a		13,909		14,297,477
2.85%, 02/24/26 (Call 11/24/25)^a		10,235		10,531,695
3.00%, 08/25/21^a		8,446		8,960,662
3.10%, 07/17/22 (Call 05/17/22)		14,500		15,446,113
3.13%, 11/01/20		5,429		5,783,318
3.50%, 07/17/25 (Call 04/17/25)^a		550		596,750
3.60%, 03/01/24 (Call 12/01/23)		10,955		12,018,222
4.00%, 03/05/42		5,814		5,994,153
4.45%, 04/14/46 (Call 10/14/45)^a		24,570		27,437,624
4.50%, 01/15/20		13,950		15,520,068


Security	Principal (000s)		Value
4.88%, 11/01/40	$	9,786	$	11,251,331
5.50%, 01/15/40		9,796		12,105,897

				1,105,658,761
BIOTECHNOLOGY — 2.33%
Amgen Inc.
2.13%, 05/01/20 (Call 04/01/20)		7,978		8,052,689
2.20%, 05/22/19 (Call 04/22/19)		18,415		18,805,170
3.13%, 05/01/25 (Call 02/01/25)^a		9,950		10,230,813
3.45%, 10/01/20^a		10,810		11,546,339
3.63%, 05/15/22 (Call 02/15/22)		2,486		2,662,488
3.63%, 05/22/24 (Call 02/22/24)		23,250		24,784,946
3.88%, 11/15/21 (Call 08/15/21)^a		32,623		35,513,280
4.10%, 06/15/21 (Call 03/15/21)		13,741		15,050,887
4.40%, 05/01/45 (Call 11/01/44)^a		19,124		19,848,964
5.15%, 11/15/41 (Call 05/15/41)		28,432		32,356,205
5.38%, 05/15/43 (Call 11/15/42)		14,907		17,377,406
5.65%, 06/15/42 (Call 12/15/41)		12,208		14,750,752
6.38%, 06/01/37		3,834		4,858,362
6.40%, 02/01/39		12,362		15,621,165
Biogen Inc.
2.90%, 09/15/20		12,825		13,259,155
3.63%, 09/15/22^a		25,750		27,294,434
4.05%, 09/15/25 (Call 06/15/25)^a		21,200		22,806,070
5.20%, 09/15/45 (Call 03/15/45)		20,590		23,464,282
Celgene Corp.
2.88%, 08/15/20		18,950		19,638,673
3.25%, 08/15/22^a		4,976		5,150,720
3.55%, 08/15/22		17,650		18,487,134
3.63%, 05/15/24 (Call 02/15/24)		15,006		15,574,682


SCHEDULESOF INVESTMENTS			63

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
3.88%, 08/15/25 (Call 05/15/25)	$	32,250	$	34,033,667
4.63%, 05/15/44 (Call 11/15/43)		14,570		15,050,702
5.00%, 08/15/45 (Call 02/15/45)^a		25,050		27,493,572
Gilead Sciences Inc.
2.55%, 09/01/20^a		30,559		31,619,788
3.25%, 09/01/22 (Call 07/01/22)		13,050		13,790,020
3.50%, 02/01/25 (Call 11/01/24)		25,597		27,180,500
3.65%, 03/01/26 (Call 12/01/25)^a		27,412		29,291,416
3.70%, 04/01/24 (Call 01/01/24)		22,050		23,793,094
4.40%, 12/01/21 (Call 09/01/21)		13,914		15,550,900
4.50%, 04/01/21 (Call 01/01/21)^a		11,854		13,259,736
4.50%, 02/01/45 (Call 08/01/44)		22,843		24,343,294
4.60%, 09/01/35 (Call 03/01/35)		15,228		16,612,880
4.75%, 03/01/46 (Call 09/01/45)^a		31,380		34,783,155
4.80%, 04/01/44 (Call 10/01/43)		18,345		20,413,129
5.65%, 12/01/41 (Call 06/01/41)		13,645		16,825,010

				721,175,479
CHEMICALS — 1.50%
CF Industries Inc.
3.45%, 06/01/23^a		7,819		7,676,257
4.95%, 06/01/43		4,996		4,640,993
5.15%, 03/15/34		16,055		15,850,996
5.38%, 03/15/44^a		9,913		9,677,923
7.13%, 05/01/20		4,810		5,525,231
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)		24,722		25,454,105
3.50%, 10/01/24 (Call 07/01/24)^a		11,114		11,563,622


Security	Principal (000s)		Value
4.13%, 11/15/21 (Call 08/15/21)	$	17,048	$	18,745,355
4.25%, 11/15/20 (Call 08/15/20)^a		14,845		16,235,680
4.38%, 11/15/42 (Call 05/15/42)		14,465		14,222,137
5.25%, 11/15/41 (Call 05/15/41)		8,338		9,074,043
7.38%, 11/01/29^a		11,602		15,110,166
8.55%, 05/15/19		17,612		21,037,703
9.40%, 05/15/39^a		11,976		18,353,804
Eastman Chemical Co.
2.70%, 01/15/20 (Call 12/15/19)		9,303		9,506,988
3.60%, 08/15/22 (Call 05/15/22)		14,926		15,593,464
3.80%, 03/15/25 (Call 12/15/24)		10,520		10,874,311
4.65%, 10/15/44 (Call 04/15/44)^a		8,245		8,208,966
Ecolab Inc.
4.35%, 12/08/21		13,100		14,510,463
5.50%, 12/08/41		10,708		12,584,344
EI du Pont de Nemours & Co.
2.80%, 02/15/23^a		11,679		11,827,285
3.63%, 01/15/21^a		15,513		16,562,960
4.15%, 02/15/43^a		7,774		7,672,563
4.63%, 01/15/20^a		13,923		15,293,108
LYB International Finance BV
4.00%, 07/15/23^a		8,486		9,048,220
4.88%, 03/15/44 (Call 09/15/43)		16,710		17,467,538
5.25%, 07/15/43		7,428		8,048,424
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)		13,385		12,351,982
5.00%, 04/15/19 (Call 01/15/19)		3,350		3,619,131
5.75%, 04/15/24 (Call 01/15/24)^a		14,170		16,577,105
6.00%, 11/15/21 (Call 08/17/21)		13,953		16,195,805


64		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Monsanto Co.
3.38%, 07/15/24 (Call 04/15/24)^a	$	14,609	$	14,988,178
4.40%, 07/15/44 (Call 01/15/44)^a		13,000		12,529,387
4.70%, 07/15/64 (Call 01/15/64)		7,735		6,789,860
Mosaic Co. (The)
4.25%, 11/15/23 (Call 08/15/23)^a		9,990		10,543,680
Potash Corp. of Saskatchewan Inc.
3.63%, 03/15/24 (Call 12/15/23)		10,442		10,661,453
Rohm & Haas Co.
7.85%, 07/15/29		8,206		10,932,241

				465,555,471
COMMERCIAL SERVICES — 0.27%
Automatic Data Processing Inc.
2.25%, 09/15/20 (Call 08/15/20)		9,557		9,852,832
3.38%, 09/15/25 (Call 06/15/25)		12,518		13,400,227
S&P Global Inc.
4.40%, 02/15/26 (Call 11/15/25)^a		8,050		8,800,683
Synchrony Financial
3.00%, 08/15/19 (Call 07/15/19)		17,346		17,699,347
3.75%, 08/15/21 (Call 06/15/21)		8,990		9,318,121
4.25%, 08/15/24 (Call 05/15/24)		19,645		20,207,884
Total System Services Inc.
3.80%, 04/01/21 (Call 03/01/21)		2,000		2,076,221
4.80%, 04/01/26 (Call 01/01/26)^a		2,500		2,618,467

				83,973,782
COMPUTERS — 3.04%
Apple Inc.
1.55%, 02/07/20^a		19,238		19,339,988
2.00%, 05/06/20^a		13,024		13,240,828
2.10%, 05/06/19^a		16,995		17,415,801


Security	Principal (000s)		Value
2.15%, 02/09/22^a	$	16,641	$	16,730,377
2.25%, 02/23/21 (Call 01/23/21)		44,910		45,904,285
2.40%, 05/03/23^a		66,670		66,912,245
2.50%, 02/09/25		19,213		19,149,833
2.70%, 05/13/22^a		18,894		19,506,156
2.85%, 05/06/21^a		32,771		34,347,210
2.85%, 02/23/23 (Call 12/23/22)^a		20,695		21,359,140
3.20%, 05/13/25		33,307		35,109,042
3.25%, 02/23/26 (Call 11/23/25)^a		35,980		37,696,343
3.45%, 05/06/24		28,154		30,095,325
3.45%, 02/09/45^a		27,822		25,352,850
3.85%, 05/04/43		35,400		34,575,672
4.38%, 05/13/45		26,715		28,317,636
4.45%, 05/06/44^a		12,512		13,357,466
4.50%, 02/23/36 (Call 08/23/35)^a		20,800		22,664,165
4.65%, 02/23/46 (Call 08/23/45)		50,420		55,464,582
EMC Corp./MA
2.65%, 06/01/20^a		25,035		23,357,655
3.38%, 06/01/23 (Call 03/01/23)^a		10,864		9,103,380
Hewlett Packard Enterprise Co.
3.60%, 10/15/20 (Call 09/15/20)^a,b		36,355		37,710,874
4.40%, 10/15/22 (Call 08/15/22)^a,b		9,400		9,930,655
4.90%, 10/15/25 (Call 07/15/25)^a,b		30,450		31,597,852
6.20%, 10/15/35 (Call 04/15/35)^b		15,500		15,476,124
6.35%, 10/15/45 (Call 04/15/45)^a,b		19,500		19,373,043
HP Inc.
3.75%, 12/01/20^a		2,297		2,407,421
4.30%, 06/01/21^a		14,947		15,760,181
4.38%, 09/15/21		17,655		18,592,655
4.65%, 12/09/21^a		22,718		24,153,201
6.00%, 09/15/41^a		12,827		11,844,935
International Business Machines Corp.
1.63%, 05/15/20^a		15,455		15,518,777


SCHEDULESOF INVESTMENTS			65

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
1.88%, 08/01/22	$	16,251	$	16,092,075
2.25%, 02/19/21		10,300		10,530,559
2.88%, 11/09/22		10,175		10,591,009
3.38%, 08/01/23		20,875		22,249,903
3.45%, 02/19/26^a		16,200		17,192,031
3.63%, 02/12/24^a		23,095		24,939,651
4.00%, 06/20/42^a		14,879		15,474,717
4.70%, 02/19/46^a		3,000		3,350,622
8.38%, 11/01/19		6,537		8,044,191
Seagate HDD Cayman
4.75%, 06/01/23^a		13,410		10,359,225
4.75%, 01/01/25		13,625		9,912,188

				940,101,868
COSMETICS & PERSONAL CARE — 0.17%
Procter & Gamble Co. (The)
2.30%, 02/06/22^a		15,663		16,103,613
3.10%, 08/15/23		6,504		6,973,215
4.70%, 02/15/19		9,816		10,771,821
5.55%, 03/05/37^a		13,348		17,521,853

				51,370,502
DIVERSIFIED FINANCIAL SERVICES — 3.96%
American Express Co.
2.65%, 12/02/22^a		18,953		18,879,713
4.05%, 12/03/42^a		12,194		12,320,903
American Express Credit Corp.
2.13%, 03/18/19		4,491		4,551,743
2.25%, 08/15/19		19,315		19,626,902
2.38%, 05/26/20 (Call 04/25/20)^a		21,945		22,327,501
Series F
2.60%, 09/14/20 (Call 08/14/20)^a		13,779		14,115,892
Ameriprise Financial Inc.
4.00%, 10/15/23		14,223		15,096,837
5.30%, 03/15/20		3,270		3,645,641
BP Capital Markets PLC
2.52%, 01/15/20^a		11,680		11,927,422
Capital One Bank USA N.A.
3.38%, 02/15/23^a		31,640		31,803,022
CME Group Inc./IL
3.00%, 09/15/22		6,098		6,400,532
3.00%, 03/15/25 (Call 12/15/24)		11,769		11,981,027


Security	Principal (000s)		Value
5.30%, 09/15/43 (Call 03/15/43)	$	9,081	$	10,855,182
Ford Motor Credit Co. LLC
2.38%, 03/12/19		4,400		4,436,825
2.60%, 11/04/19^a		11,641		11,704,737
3.66%, 09/08/24^a		17,300		17,747,958
4.25%, 09/20/22		14,595		15,673,476
4.38%, 08/06/23^a		15,287		16,526,704
5.75%, 02/01/21^a		12,670		14,439,129
5.88%, 08/02/21^a		30,129		34,785,569
8.13%, 01/15/20		10,121		12,118,486
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/20^b		60,364		61,795,086
3.37%, 11/15/25^a,b		32,691		34,966,451
4.42%, 11/15/35^a,b		98,872		108,205,537
General Electric Co.
2.20%, 01/09/20 (Call 12/09/19)		11,089		11,368,704
3.10%, 01/09/23^a		16,360		17,343,220
3.15%, 09/07/22^a		12,835		13,605,291
3.45%, 05/15/24 (Call 02/13/24)		1,140		1,227,204
4.38%, 09/16/20		11,286		12,569,053
4.63%, 01/07/21		16,886		19,021,057
4.65%, 10/17/21		30,135		34,095,706
5.30%, 02/11/21		23,553		27,111,924
5.50%, 01/08/20^a		11,968		13,654,660
5.88%, 01/14/38		51,759		68,169,657
6.00%, 08/07/19^a		5,966		6,852,861
6.15%, 08/07/37		16,897		22,921,478
6.88%, 01/10/39		27,381		40,037,473
Series A
5.55%, 05/04/20		938		1,078,167
6.75%, 03/15/32		40,846		56,330,032
HSBC Finance Corp.
6.68%, 01/15/21		46,696		53,578,505
Intercontinental Exchange Inc.
2.75%, 12/01/20 (Call 11/01/20)		11,380		11,670,329
3.75%, 12/01/25 (Call 09/01/25)		18,675		19,254,355
4.00%, 10/15/23		13,475		14,258,189


66		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Jefferies Group LLC
6.88%, 04/15/21	$	9,552	$	10,728,900
8.50%, 07/15/19^a		11,991		13,722,614
Nomura Holdings Inc.
2.75%, 03/19/19^a		8,930		9,060,849
6.70%, 03/04/20^a		12,533		14,417,288
Synchrony Financial
2.70%, 02/03/20 (Call 01/03/20)		8,085		8,095,800
4.50%, 07/23/25 (Call 04/24/25)		11,550		11,959,630
Visa Inc.
2.20%, 12/14/20 (Call 11/14/20)^a		50,865		52,126,813
2.80%, 12/14/22 (Call 10/14/22)^a		28,720		29,918,402
3.15%, 12/14/25 (Call 09/14/25)^a		48,450		50,846,715
4.15%, 12/14/35 (Call 06/14/35)		17,250		18,623,837
4.30%, 12/14/45 (Call 06/14/45)		42,290		46,472,079

				1,226,053,067
ELECTRIC — 1.08%
Berkshire Hathaway Energy Co.
4.50%, 02/01/45 (Call 08/01/44)^a		12,796		14,171,351
5.15%, 11/15/43 (Call 05/15/43)^a		9,469		11,329,269
6.13%, 04/01/36		16,305		21,134,903
6.50%, 09/15/37		12,201		16,570,107
Consolidated Edison Co. of New York Inc.
4.45%, 03/15/44 (Call 09/15/43)^a		11,836		13,064,577
4.63%, 12/01/54 (Call 06/01/54)^a		8,365		9,295,130
Duke Energy Carolinas LLC
3.88%, 03/15/46 (Call 09/15/45)		3,800		3,881,928
5.30%, 02/15/40^a		7,767		9,705,509
Duke Energy Corp.
3.75%, 04/15/24 (Call 01/15/24)^a		12,726		13,558,512


Security	Principal (000s)		Value
Duke Energy Florida LLC
6.40%, 06/15/38^a	$	17,086	$	23,741,211
Exelon Corp.
2.85%, 06/15/20 (Call 05/15/20)		9,246		9,452,487
3.40%, 04/15/26 (Call 01/15/26)		3,000		3,070,738
3.95%, 06/15/25 (Call 03/15/25)^a,b		17,800		18,976,913
4.45%, 04/15/46 (Call 10/15/45)		3,000		3,096,408
5.10%, 06/15/45 (Call 12/15/44)^b		4,724		5,256,577
Exelon Generation Co. LLC
2.95%, 01/15/20 (Call 12/15/19)^a		3,550		3,599,675
5.60%, 06/15/42 (Call 12/15/41)^a		4,808		4,758,167
6.25%, 10/01/39^a		12,295		13,360,337
Georgia Power Co.
4.30%, 03/15/42		13,852		14,659,231
NiSource Finance Corp.
4.80%, 02/15/44 (Call 08/15/43)		6,791		7,338,641
Oncor Electric Delivery Co. LLC
7.00%, 09/01/22		7,773		9,695,491
Pacific Gas & Electric Co.
3.50%, 10/01/20 (Call 07/01/20)^a		3,587		3,831,243
5.40%, 01/15/40		10,531		12,907,911
5.80%, 03/01/37		11,093		13,977,034
6.05%, 03/01/34		36,740		48,430,176
Southern California Edison Co.
4.65%, 10/01/43 (Call 04/01/43)		9,496		11,069,953
Virginia Electric & Power Co. Series A
3.15%, 01/15/26 (Call 10/15/25)^a		14,575		15,235,162

				335,168,641
ELECTRONICS — 0.32%
Honeywell International Inc.
4.25%, 03/01/21		5,849		6,528,929


SCHEDULESOF INVESTMENTS			67

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Koninklijke Philips NV
3.75%, 03/15/22	$	10,481	$	11,130,699
6.88%, 03/11/38		15,044		18,743,306
Thermo Fisher Scientific Inc.
2.40%, 02/01/19		1,000		1,015,420
3.15%, 01/15/23 (Call 10/15/22)^a		6,898		6,973,078
3.30%, 02/15/22^a		11,042		11,405,842
3.60%, 08/15/21 (Call 05/15/21)^a		19,306		20,254,376
4.15%, 02/01/24 (Call 11/01/23)		12,801		13,793,829
4.50%, 03/01/21		8,706		9,492,737

				99,338,216
ENGINEERING & CONSTRUCTION — 0.10%
ABB Finance USA Inc.
2.88%, 05/08/22		24,063		24,754,568
4.38%, 05/08/42^a		4,367		4,668,859

				29,423,427
ENVIRONMENTAL CONTROL — 0.12%
Republic Services Inc.
3.55%, 06/01/22 (Call 03/01/22)		15,395		16,364,382
5.00%, 03/01/20^a		9,032		9,941,745
Waste Management Inc.
4.10%, 03/01/45 (Call 09/01/44)		9,024		9,223,119

				35,529,246
FOOD — 1.23%
ConAgra Foods Inc.
3.20%, 01/25/23 (Call 10/25/22)		821		830,206
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)		11,074		11,630,836
JM Smucker Co. (The)
3.50%, 10/15/21^a		25		26,543
3.50%, 03/15/25^a		22,365		23,497,626
Kellogg Co.
4.00%, 12/15/20		8,252		8,987,472
Series B
7.45%, 04/01/31		6,656		8,799,726


Security	Principal (000s)		Value
Kraft Heinz Foods Co.
2.80%, 07/02/20 (Call 06/02/20)^b	$	20,900	$	21,521,113
3.50%, 06/06/22		21,781		23,093,943
3.50%, 07/15/22 (Call 05/15/22)^b		19,245		20,330,872
3.95%, 07/15/25 (Call 04/15/25)^a,b		11,265		11,989,316
5.00%, 07/15/35 (Call 01/15/35)^b		10,695		11,948,136
5.00%, 06/04/42		23,103		25,725,653
5.20%, 07/15/45 (Call 01/15/45)^a,b		22,150		25,484,025
5.38%, 02/10/20		20,180		22,745,623
6.50%, 02/09/40		13,719		17,265,242
6.88%, 01/26/39		9,190		12,006,707
Kroger Co. (The)
6.15%, 01/15/20		7,777		8,956,589
Mondelez International Inc.
4.00%, 02/01/24 (Call 11/01/23)^a		20,874		22,600,689
6.50%, 02/09/40^a		1,961		2,495,042
Sysco Corp.
2.50%, 07/15/21 (Call 06/15/21)^a		1,600		1,618,546
2.60%, 10/01/20 (Call 09/01/20)^a		8,845		9,050,708
3.30%, 07/15/26 (Call 04/15/26)		4,260		4,368,989
3.75%, 10/01/25 (Call 07/01/25)^a		9,920		10,547,397
Tyson Foods Inc.
2.65%, 08/15/19 (Call 07/15/19)		15,370		15,800,830
3.95%, 08/15/24 (Call 05/15/24)^a		14,250		15,317,012
4.50%, 06/15/22 (Call 03/15/22)		11,520		12,737,128
Unilever Capital Corp.
2.20%, 03/06/19		4,061		4,171,770
4.25%, 02/10/21		12,363		13,743,715
4.80%, 02/15/19		1,314		1,440,599
5.90%, 11/15/32^a		10,009		13,461,808

				382,193,861


68		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
FOREST PRODUCTS & PAPER — 0.07%
International Paper Co.
3.65%, 06/15/24 (Call 03/15/24)^a	$	10,625	$	11,010,923
4.80%, 06/15/44 (Call 12/15/43)^a		8,600		8,699,880
7.30%, 11/15/39		1,050		1,305,372

				21,016,175
GAS — 0.04%
Sempra Energy
6.00%, 10/15/39		10,045		12,174,242

				12,174,242
HEALTH CARE — PRODUCTS — 1.48%
Becton Dickinson and Co.
2.68%, 12/15/19		22,741		23,316,604
3.13%, 11/08/21		11,491		12,028,288
3.73%, 12/15/24 (Call 09/15/24)		16,590		17,655,227
4.69%, 12/15/44 (Call 06/15/44)		16,125		17,725,558
Boston Scientific Corp.
3.85%, 05/15/25^a		14,105		14,752,419
6.00%, 01/15/20		10,006		11,348,844
Medtronic Inc.
2.50%, 03/15/20		23,818		24,607,517
2.75%, 04/01/23 (Call 01/01/23)		14,414		14,812,814
3.15%, 03/15/22		35,630		37,823,889
3.50%, 03/15/25^a		40,344		43,245,980
3.63%, 03/15/24 (Call 12/15/23)		10,994		11,910,636
4.38%, 03/15/35		33,588		37,423,491
4.45%, 03/15/20		12,143		13,386,307
4.63%, 03/15/45^a		48,493		55,075,799
St. Jude Medical Inc.
3.25%, 04/15/23 (Call 01/15/23)^a		5,792		5,916,233
Stryker Corp.
2.63%, 03/15/21 (Call 02/15/21)		7,360		7,551,893
3.38%, 11/01/25 (Call 08/01/25)		6,535		6,801,069
3.50%, 03/15/26 (Call 12/15/25)		10,665		11,190,697


Security	Principal (000s)		Value
4.63%, 03/15/46 (Call 09/15/45)	$	12,925	$	14,217,929
Thermo Fisher Scientific Inc.
3.00%, 04/15/23 (Call 02/15/23)		1,815		1,842,465
Zimmer Biomet Holdings Inc.
2.70%, 04/01/20 (Call 03/01/20)		21,445		21,831,147
3.15%, 04/01/22 (Call 02/01/22)		11,800		12,140,180
3.55%, 04/01/25 (Call 01/01/25)		30,623		31,411,224
4.45%, 08/15/45 (Call 02/15/45)		9,740		9,796,058

				457,812,268
HEALTH CARE — SERVICES — 1.36%
Aetna Inc.
2.75%, 11/15/22 (Call 08/15/22)		11,485		11,594,384
3.50%, 11/15/24 (Call 08/15/24)^a		8,900		9,205,349
3.95%, 09/01/20		11,315		12,085,883
6.63%, 06/15/36		11,323		14,521,454
Anthem Inc.
2.25%, 08/15/19		10,295		10,448,129
3.13%, 05/15/22^a		12,185		12,437,674
3.30%, 01/15/23		8,875		9,021,667
3.50%, 08/15/24 (Call 05/15/24)^a		9,575		9,845,899
4.63%, 05/15/42		12,134		12,606,272
4.65%, 01/15/43		13,375		13,795,926
4.65%, 08/15/44 (Call 02/15/44)^a		16,394		17,020,500
5.85%, 01/15/36^a		9,582		11,074,219
6.38%, 06/15/37		5,890		7,237,591
Cigna Corp.
3.25%, 04/15/25 (Call 01/15/25)		9,090		9,111,769
4.00%, 02/15/22 (Call 11/15/21)		9,289		9,936,998
5.38%, 02/15/42 (Call 08/15/41)		10,385		11,666,672


SCHEDULESOF INVESTMENTS			69

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Humana Inc.
4.95%, 10/01/44 (Call 04/01/44)^a	$	7,985	$	8,434,635
Laboratory Corp. of America Holdings
3.60%, 02/01/25 (Call 11/01/24)^a		8,821		8,981,306
4.70%, 02/01/45 (Call 08/01/44)^a		14,155		14,377,716
UnitedHealth Group Inc.
2.13%, 03/15/21		11,000		11,104,488
2.70%, 07/15/20^a		26,679		27,663,637
2.88%, 12/15/21		5,250		5,483,181
2.88%, 03/15/22 (Call 12/15/21)		11,737		12,172,930
2.88%, 03/15/23^a		13,527		13,858,536
3.10%, 03/15/26		12,700		13,096,329
3.35%, 07/15/22		10,100		10,701,215
3.75%, 07/15/25^a		26,323		28,538,841
4.25%, 03/15/43 (Call 09/15/42)		8,639		9,079,118
4.63%, 07/15/35		16,460		18,592,454
4.75%, 07/15/45		27,066		31,272,460
5.80%, 03/15/36^a		4,000		5,021,266
6.88%, 02/15/38^a		14,559		20,445,709

				420,434,207
HOLDING COMPANIES — DIVERSIFIED — 0.04%
MUFG Americas Holdings Corp.
2.25%, 02/10/20 (Call 01/10/20)		13,771		13,775,124

				13,775,124
HOUSEWARES — 0.28%
Newell Brands Inc.
3.15%, 04/01/21 (Call 03/01/21)		12,550		12,998,815
3.85%, 04/01/23 (Call 02/01/23)^a		21,500		22,460,704
4.20%, 04/01/26 (Call 01/01/26)^a		24,875		26,266,811
5.50%, 04/01/46 (Call 10/01/45)^a		22,430		25,037,806

				86,764,136


Security	Principal (000s)		Value
INSURANCE — 1.98%
Aflac Inc.
3.63%, 11/15/24^a	$	12,043	$	12,748,159
American International Group Inc.
2.30%, 07/16/19 (Call 06/16/19)		10,381		10,509,900
3.30%, 03/01/21 (Call 02/01/21)		20,301		20,908,107
3.38%, 08/15/20		455		470,533
3.75%, 07/10/25 (Call 04/10/25)^a		3,657		3,683,787
3.88%, 01/15/35 (Call 07/15/34)^a		15,523		14,290,300
3.90%, 04/01/26 (Call 01/01/26)^a		16,815		17,146,725
4.13%, 02/15/24^a		20,545		21,542,384
4.38%, 01/15/55 (Call 07/15/54)		9,889		8,870,439
4.50%, 07/16/44 (Call 01/16/44)		32,734		31,656,770
4.80%, 07/10/45 (Call 01/10/45)^a		9,000		9,128,783
4.88%, 06/01/22		23,664		25,973,616
6.25%, 05/01/36		12,807		14,912,201
6.40%, 12/15/20^a		1,357		1,580,207
Aon PLC
3.88%, 12/15/25 (Call 09/15/25)		5,000		5,140,416
Berkshire Hathaway Finance Corp.
3.00%, 05/15/22		14,795		15,521,113
4.25%, 01/15/21^a		10,371		11,584,487
5.75%, 01/15/40^a		8,988		11,488,693
Berkshire Hathaway Inc.
2.10%, 08/14/19^a		10,680		10,951,834
2.20%, 03/15/21 (Call 02/15/21)		4,950		5,065,351
2.75%, 03/15/23 (Call 01/15/23)^a		20,595		21,208,161
3.13%, 03/15/26 (Call 12/15/25)		31,905		33,151,031
4.50%, 02/11/43^a		6,943		7,696,875
Chubb Corp. (The)
6.00%, 05/11/37		4,851		6,300,662


70		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Chubb INA Holdings Inc.
2.30%, 11/03/20 (Call 10/03/20)	$	11,220	$	11,485,015
2.88%, 11/03/22 (Call 09/03/22)		20,900		21,667,448
3.15%, 03/15/25		16,025		16,676,272
3.35%, 05/03/26 (Call 02/03/26)^a		22,175		23,364,321
4.35%, 11/03/45 (Call 05/03/45)		18,285		20,090,037
Manulife Financial Corp.
4.15%, 03/04/26^a		13,150		13,721,119
5.38%, 03/04/46		5,000		5,354,918
MetLife Inc.
3.60%, 04/10/24^a		9,725		10,152,733
4.05%, 03/01/45^a		13,685		13,201,539
4.13%, 08/13/42^a		7,128		6,830,609
4.60%, 05/13/46 (Call 11/13/45)^a		14,850		15,493,017
4.75%, 02/08/21		11,161		12,453,684
4.88%, 11/13/43		17,665		19,057,244
5.70%, 06/15/35^a		4,925		5,771,899
5.88%, 02/06/41		8,300		9,908,705
6.38%, 06/15/34		8,149		10,076,441
Series D
4.37%, 09/15/23		15,460		16,938,560
Prudential Financial Inc.
4.60%, 05/15/44^a		10,920		11,200,933
5.70%, 12/14/36		170		194,892
7.38%, 06/15/19		9,607		11,125,648
Series D
6.63%, 12/01/37		12,295		15,301,250
Travelers Companies Inc. (The)
5.35%, 11/01/40		7,925		9,670,161
6.25%, 06/15/37		9,055		12,120,245

				613,387,224
INTERNET — 0.62%
Alphabet Inc.
3.38%, 02/25/24^a		11,565		12,606,726
3.63%, 05/19/21^a		14,285		15,697,906
Amazon.com Inc.
2.50%, 11/29/22 (Call 08/29/22)^a		20,269		20,618,843


Security	Principal (000s)		Value
2.60%, 12/05/19 (Call 11/05/19)	$	5,145	$	5,352,970
3.30%, 12/05/21 (Call 10/05/21)		6,723		7,234,058
3.80%, 12/05/24 (Call 09/05/24)		18,282		20,133,268
4.80%, 12/05/34 (Call 06/05/34)		18,990		21,581,250
4.95%, 12/05/44 (Call 06/05/44)^a		21,828		25,435,712
eBay Inc.
2.20%, 08/01/19 (Call 07/01/19)^a		19,053		19,267,996
2.60%, 07/15/22 (Call 04/15/22)		13,234		12,940,162
2.88%, 08/01/21 (Call 06/01/21)^a		5,418		5,516,582
3.45%, 08/01/24 (Call 05/01/24)^a		12,980		13,048,106
4.00%, 07/15/42 (Call 01/15/42)		10,897		8,825,696
Expedia Inc.
5.00%, 02/15/26 (Call 11/15/25)^b		4,000		4,059,759

				192,319,034
MACHINERY — 0.44%
Caterpillar Financial Services Corp.
2.10%, 06/09/19		3,378		3,463,657
7.15%, 02/15/19		11,015		12,727,277
Caterpillar Inc.
3.40%, 05/15/24 (Call 02/15/24)^a		14,370		15,268,786
3.80%, 08/15/42^a		21,248		21,124,942
3.90%, 05/27/21		12,172		13,353,501
5.20%, 05/27/41		8,798		10,450,768
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)		11,309		11,591,088
3.90%, 06/09/42 (Call 12/09/41)^a		15,696		16,127,505
4.38%, 10/16/19		8,171		9,024,866


SCHEDULESOF INVESTMENTS			71

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
John Deere Capital Corp.
2.80%, 03/06/23	$	22,500	$	22,829,650

				135,962,040
MANUFACTURING — 0.57%
3M Co.
5.70%, 03/15/37		5,651		7,269,777
Eaton Corp.
2.75%, 11/02/22		20,498		20,583,938
4.15%, 11/02/42^a		12,640		12,790,742
General Electric Co.
2.70%, 10/09/22^a		51,602		53,457,262
3.38%, 03/11/24		9,293		9,995,489
4.13%, 10/09/42^a		24,008		25,495,857
4.50%, 03/11/44		32,150		35,927,545
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)		10,080		10,282,772

				175,803,382
MEDIA — 5.13%
21st Century Fox America Inc.
3.00%, 09/15/22		18,552		19,261,640
4.50%, 02/15/21^a		11,121		12,360,818
6.15%, 03/01/37^a		1,890		2,314,542
6.15%, 02/15/41		20,731		25,488,862
6.20%, 12/15/34^a		14,214		17,489,144
6.40%, 12/15/35		16,305		20,393,815
6.65%, 11/15/37^a		14,846		19,147,590
CBS Corp.
3.50%, 01/15/25 (Call 10/15/24)		2,065		2,115,454
4.00%, 01/15/26 (Call 10/15/25)^a		12,770		13,513,058
7.88%, 07/30/30		7,295		10,051,689
CCO Safari II LLC
3.58%, 07/23/20 (Call 06/23/20)^b		20,660		21,456,815
4.46%, 07/23/22 (Call 05/23/22)^b		41,800		44,369,985
4.91%, 07/23/25 (Call 04/23/25)^b		55,970		60,341,414
6.38%, 10/23/35 (Call 04/23/35)^a,b		22,500		25,978,293


Security	Principal (000s)		Value
6.48%, 10/23/45 (Call 04/23/45)^b	$	46,960	$	55,456,238
Comcast Cable Communications Holdings Inc.
9.46%, 11/15/22		13,818		19,499,222
Comcast Corp.
2.75%, 03/01/23 (Call 02/01/23)		17,000		17,580,722
2.85%, 01/15/23		9,820		10,210,273
3.13%, 07/15/22		15,705		16,650,000
3.15%, 03/01/26 (Call 12/01/25)^a		30,270		31,717,587
3.38%, 02/15/25 (Call 11/15/24)		4,048		4,308,968
3.38%, 08/15/25 (Call 05/15/25)^a		18,160		19,376,219
3.60%, 03/01/24^a		17,671		19,164,576
4.20%, 08/15/34 (Call 02/15/34)		14,640		15,637,438
4.25%, 01/15/33^a		21,926		23,542,211
4.40%, 08/15/35 (Call 02/15/35)		7,590		8,343,929
4.60%, 08/15/45 (Call 02/15/45)^a		21,209		23,915,926
4.65%, 07/15/42		6,011		6,754,182
4.75%, 03/01/44^a		14,248		16,450,811
5.15%, 03/01/20^a		20,018		22,676,064
5.65%, 06/15/35		12,002		15,054,971
6.40%, 05/15/38		4,975		6,766,002
6.40%, 03/01/40^a		13,179		17,858,147
6.45%, 03/15/37		21,036		28,328,531
6.50%, 11/15/35		13,177		17,917,547
6.55%, 07/01/39		18,503		25,296,658
6.95%, 08/15/37^a		19,221		27,217,330
7.05%, 03/15/33^a		11,910		16,472,042
Discovery Communications LLC
4.88%, 04/01/43		9,584		8,529,436
5.05%, 06/01/20^a		15,515		16,845,324
6.35%, 06/01/40		12,310		12,799,367
Historic TW Inc.
6.63%, 05/15/29		15,471		19,258,640
NBCUniversal Media LLC
2.88%, 01/15/23^a		16,230		16,832,235
4.38%, 04/01/21		27,852		31,119,803


72		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
4.45%, 01/15/43^a	$	18,043	$	19,765,432
5.15%, 04/30/20^a		21,337		24,241,998
5.95%, 04/01/41		16,074		20,691,007
6.40%, 04/30/40		8,443		11,374,256
Time Warner Cable Inc.
4.00%, 09/01/21 (Call 06/01/21)^a		19,818		21,191,865
4.50%, 09/15/42 (Call 03/15/42)^a		17,880		16,688,507
5.00%, 02/01/20^a		18,911		20,677,089
5.50%, 09/01/41 (Call 03/01/41)		17,473		18,152,307
5.88%, 11/15/40 (Call 05/15/40)		17,891		19,256,584
6.55%, 05/01/37		18,192		20,835,996
6.75%, 06/15/39^a		16,353		19,250,011
7.30%, 07/01/38^a		19,876		24,408,730
8.25%, 04/01/19		8,564		10,055,459
Time Warner Entertainment Co. LP
8.38%, 03/15/23		12,805		16,623,372
8.38%, 07/15/33		6,840		9,049,994
Time Warner Inc.
3.55%, 06/01/24 (Call 03/01/24)		11,025		11,444,159
3.60%, 07/15/25 (Call 04/15/25)		22,350		23,349,727
4.70%, 01/15/21^a		11,103		12,316,076
4.75%, 03/29/21		13,760		15,338,224
4.85%, 07/15/45 (Call 01/15/45)		14,000		15,081,321
4.88%, 03/15/20		9,601		10,602,987
6.10%, 07/15/40		9,070		10,873,089
6.25%, 03/29/41		15,870		19,376,553
6.50%, 11/15/36^a		16,548		20,177,599
7.63%, 04/15/31		11,804		15,303,302
7.70%, 05/01/32		24,491		32,495,952
Verizon Communications Inc.
4.52%, 09/15/48^a		50,750		51,048,440
4.67%, 03/15/55		58,725		57,281,956
Viacom Inc.
4.25%, 09/01/23 (Call 06/01/23)^a		15,100		15,500,087


Security	Principal (000s)		Value
4.38%, 03/15/43	$	19,020	$	15,070,982
5.85%, 09/01/43 (Call 03/01/43)^a		20,517		20,092,070
6.88%, 04/30/36		8,644		9,274,779
Walt Disney Co. (The)
1.85%, 05/30/19^a		10,413		10,638,624
2.15%, 09/17/20		4,900		5,021,852
2.30%, 02/12/21^a		14,305		14,775,208
2.35%, 12/01/22^a		15,527		15,945,757
2.75%, 08/16/21		7,458		7,820,036
3.00%, 02/13/26^a		13,000		13,798,986
3.15%, 09/17/25^a		9,050		9,716,665
4.13%, 06/01/44^a		15,200		16,464,003

				1,586,934,559
METAL FABRICATE & HARDWARE — 0.08%
Precision Castparts Corp.
2.50%, 01/15/23 (Call 10/15/22)		14,237		14,549,229
3.25%, 06/15/25 (Call 03/15/25)		10,769		11,400,827

				25,950,056
MINING — 1.18%
Barrick Gold Corp.
5.25%, 04/01/42^a		6,750		6,616,698
Barrick North America Finance LLC
4.40%, 05/30/21		15,127		16,077,773
5.70%, 05/30/41		10,695		10,686,860
5.75%, 05/01/43		12,736		13,210,678
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39		12,480		12,547,215
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22^a		7,918		8,052,018
3.25%, 11/21/21^a		13,586		14,236,758
3.85%, 09/30/23^a		19,802		21,031,670
4.13%, 02/24/42		9,265		9,098,154
5.00%, 09/30/43		35,515		39,514,795
6.50%, 04/01/19^a		6,397		7,244,986
Goldcorp Inc.
3.70%, 03/15/23 (Call 12/15/22)^a		11,095		11,072,097


SCHEDULESOF INVESTMENTS			73

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)^a	$	19,094	$	19,466,352
4.88%, 03/15/42 (Call 09/15/41)^a		18,246		17,319,357
5.13%, 10/01/19^a		250		271,597
6.25%, 10/01/39		7,649		7,980,852
Rio Tinto Alcan Inc.
6.13%, 12/15/33^a		3,100		3,497,183
Rio Tinto Finance USA Ltd.
3.50%, 11/02/20^a		8,202		8,617,510
3.75%, 09/20/21^a		16,880		17,907,889
3.75%, 06/15/25 (Call 03/15/25)^a		10,666		10,927,575
4.13%, 05/20/21^a		10,038		10,850,240
5.20%, 11/02/40^a		14,055		15,235,959
7.13%, 07/15/28		5,448		6,856,098
9.00%, 05/01/19		19,707		23,622,842
Rio Tinto Finance USA PLC
2.88%, 08/21/22 (Call 05/21/22)^a		15,847		15,884,822
3.50%, 03/22/22 (Call 12/22/21)		21,330		22,164,673
4.13%, 08/21/42 (Call 02/21/42)^a		14,994		14,399,303

				364,391,954
OFFICE & BUSINESS EQUIPMENT — 0.04%
Xerox Corp.
4.50%, 05/15/21^a		12,662		12,914,293

				12,914,293
OIL & GAS — 6.40%
Anadarko Finance Co.
7.50%, 05/01/31		9,085		10,352,783
Anadarko Petroleum Corp.
4.85%, 03/15/21 (Call 02/15/21)^a		9,170		9,574,292
5.55%, 03/15/26 (Call 12/15/25)^a		10,900		11,686,141
6.20%, 03/15/40		9,121		9,631,037
6.45%, 09/15/36		26,689		28,800,276
6.60%, 03/15/46 (Call 09/15/45)^a		13,365		15,198,044


Security	Principal (000s)		Value
Apache Corp.
3.25%, 04/15/22 (Call 01/15/22)	$	15,117	$	15,080,050
4.25%, 01/15/44 (Call 07/15/43)		11,224		10,238,157
4.75%, 04/15/43 (Call 10/15/42)		10,219		9,983,161
5.10%, 09/01/40 (Call 03/01/40)		18,815		18,814,520
6.00%, 01/15/37		12,184		13,175,402
BP Capital Markets PLC
2.24%, 05/10/19		3,871		3,936,138
2.32%, 02/13/20^a		21,012		21,342,979
2.50%, 11/06/22		15,763		15,732,116
2.75%, 05/10/23		21,376		21,305,778
3.06%, 03/17/22		10,530		10,849,482
3.25%, 05/06/22		22,303		23,183,456
3.51%, 03/17/25^a		12,995		13,613,863
3.54%, 11/04/24		11,463		11,926,983
3.56%, 11/01/21		18,129		19,296,187
3.81%, 02/10/24^a		20,728		22,156,723
3.99%, 09/26/23		3,440		3,665,161
4.50%, 10/01/20		15,637		17,253,300
4.74%, 03/11/21^a		16,983		19,003,935
4.75%, 03/10/19^a		6,257		6,792,223
Canadian Natural Resources Ltd.
6.25%, 03/15/38		17,548		17,665,687
Chevron Corp.
1.96%, 03/03/20 (Call 02/03/20)		22,259		22,533,854
2.19%, 11/15/19 (Call 10/15/19)		9,000		9,198,887
2.36%, 12/05/22 (Call 09/05/22)		19,283		19,357,348
2.42%, 11/17/20 (Call 10/17/20)^a		16,370		16,860,761
2.43%, 06/24/20 (Call 05/24/20)^a		15,964		16,339,050
3.19%, 06/24/23 (Call 03/24/23)^a		26,580		27,735,850
3.33%, 11/17/25 (Call 08/17/25)^a		14,090		14,922,726


74		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
ConocoPhillips
6.00%, 01/15/20^a	$	12,428	$	14,037,107
6.50%, 02/01/39		35,109		43,513,431
ConocoPhillips Co.
2.20%, 05/15/20 (Call 04/15/20)^a		1,740		1,741,356
2.40%, 12/15/22 (Call 09/15/22)		9,625		9,341,561
2.88%, 11/15/21 (Call 09/15/21)		9,400		9,480,143
3.35%, 11/15/24 (Call 08/15/24)^a		16,861		16,904,576
4.20%, 03/15/21 (Call 02/15/21)^a		7,300		7,799,249
4.30%, 11/15/44 (Call 05/15/44)^a		9,815		9,516,466
4.95%, 03/15/26 (Call 12/15/25)^a		13,350		14,766,148
ConocoPhillips Holding Co.
6.95%, 04/15/29		13,756		16,495,539
Devon Energy Corp.
3.25%, 05/15/22 (Call 02/15/22)^a		13,552		12,244,227
4.75%, 05/15/42 (Call 11/15/41)		9,383		7,758,498
5.00%, 06/15/45 (Call 12/15/44)^a		13,200		11,256,737
5.60%, 07/15/41 (Call 01/15/41)		19,418		17,138,300
5.85%, 12/15/25 (Call 09/15/25)^a		6,550		6,824,321
7.95%, 04/15/32		11,464		12,302,357
Devon Financing Co. LLC
7.88%, 09/30/31		13,063		13,911,572
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)^a		19,472		19,025,067
4.10%, 02/01/21		11,346		12,116,400
4.15%, 01/15/26 (Call 10/15/25)		3,800		4,063,883
5.63%, 06/01/19		11,769		12,970,718
Exxon Mobil Corp.
1.82%, 03/15/19 (Call 02/15/19)^a		8,420		8,534,184


Security	Principal (000s)		Value
1.91%, 03/06/20 (Call 02/06/20)	$	21,525	$	21,750,502
2.22%, 03/01/21 (Call 02/01/21)		31,790		32,365,771
2.40%, 03/06/22 (Call 01/06/22)		26,250		26,772,813
2.71%, 03/06/25 (Call 12/06/24)		22,352		22,820,712
2.73%, 03/01/23 (Call 01/01/23)^a		13,700		14,013,488
3.04%, 03/01/26 (Call 12/01/25)^a		27,135		27,953,565
3.18%, 03/15/24 (Call 12/15/23)^a		11,535		12,137,969
3.57%, 03/06/45 (Call 09/06/44)^a		14,380		13,944,017
4.11%, 03/01/46 (Call 09/01/45)^a		31,960		34,088,881
Hess Corp.
5.60%, 02/15/41		15,848		15,547,791
6.00%, 01/15/40		10,233		10,168,152
7.30%, 08/15/31		10,113		11,093,674
8.13%, 02/15/19		2,000		2,254,600
Husky Energy Inc.
4.00%, 04/15/24 (Call 01/15/24)^a		17,413		17,111,130
Marathon Oil Corp.
2.80%, 11/01/22 (Call 08/01/22)^a		9,490		8,455,922
3.85%, 06/01/25 (Call 03/01/25)^a		15,134		13,410,377
6.60%, 10/01/37		9,256		8,864,990
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 06/15/24)		11,400		10,887,437
4.75%, 09/15/44 (Call 03/15/44)		7,892		6,618,320
5.13%, 03/01/21		15,330		16,579,968
6.50%, 03/01/41 (Call 09/01/40)^a		6,075		6,183,898
Nexen Energy ULC
5.88%, 03/10/35		10,523		11,589,054
6.40%, 05/15/37		13,880		16,177,699


SCHEDULESOF INVESTMENTS			75

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)	$	8,960	$	9,142,747
5.05%, 11/15/44 (Call 05/15/44)		10,135		9,537,226
5.25%, 11/15/43 (Call 05/15/43)		14,295		13,361,126
6.00%, 03/01/41 (Call 09/01/40)		9,075		9,038,029
8.25%, 03/01/19		5,502		6,144,633
Occidental Petroleum Corp.
2.60%, 04/15/22 (Call 03/15/22)		4,070		4,118,908
2.70%, 02/15/23 (Call 11/15/22)		12,756		12,840,369
3.13%, 02/15/22 (Call 11/15/21)		10,488		10,871,263
3.40%, 04/15/26 (Call 01/15/26)		7,990		8,274,832
3.50%, 06/15/25 (Call 03/15/25)^a		13,800		14,487,528
4.40%, 04/15/46 (Call 10/15/45)		9,980		10,631,110
4.63%, 06/15/45 (Call 12/15/44)^a		11,655		12,811,335
Series 1
4.10%, 02/01/21 (Call 11/01/20)		12,470		13,518,607
Petro-Canada
6.80%, 05/15/38		15,372		18,209,630
Phillips 66
4.30%, 04/01/22		16,194		17,557,648
4.65%, 11/15/34 (Call 05/15/34)		15,350		16,129,392
4.88%, 11/15/44 (Call 05/15/44)		20,445		22,094,317
5.88%, 05/01/42		20,650		24,066,181
Shell International Finance BV
2.13%, 05/11/20^a		24,492		24,795,010
2.25%, 11/10/20^a		16,735		17,000,151
2.25%, 01/06/23		21,792		21,417,104
2.38%, 08/21/22^a		13,751		13,788,965
3.25%, 05/11/25^a		38,559		39,888,742
3.40%, 08/12/23^a		8,958		9,372,897


Security	Principal (000s)		Value
4.13%, 05/11/35	$	23,378	$	24,805,138
4.30%, 09/22/19		20,896		22,707,445
4.38%, 03/25/20^a		17,724		19,370,056
4.38%, 05/11/45^a		36,055		38,359,654
4.55%, 08/12/43		16,302		17,538,564
5.50%, 03/25/40		11,816		14,066,104
6.38%, 12/15/38^a		26,327		33,995,223
Statoil ASA
2.25%, 11/08/19		8,470		8,598,254
2.45%, 01/17/23^a		23,855		23,699,833
2.65%, 01/15/24		11,249		11,175,603
2.75%, 11/10/21		1,880		1,925,676
2.90%, 11/08/20		9,377		9,678,804
3.15%, 01/23/22		10,792		11,198,282
3.70%, 03/01/24^a		9,420		9,972,431
3.95%, 05/15/43		7,167		7,087,079
4.80%, 11/08/43^a		9,331		10,468,584
5.10%, 08/17/40		7,752		8,966,293
5.25%, 04/15/19^a		2,518		2,771,950
Suncor Energy Inc.
3.60%, 12/01/24 (Call 09/01/24)^a		10,609		10,784,640
6.50%, 06/15/38^a		11,835		13,949,843
6.85%, 06/01/39		7,320		8,806,755
Total Capital Canada Ltd.
2.75%, 07/15/23^a		10,692		10,875,249
Total Capital International SA
2.10%, 06/19/19^a		17,200		17,448,693
2.70%, 01/25/23^a		10,191		10,237,942
2.75%, 06/19/21		18,300		18,967,963
2.88%, 02/17/22		18,712		19,306,374
3.70%, 01/15/24^a		15,400		16,454,888
3.75%, 04/10/24^a		11,656		12,479,203
Total Capital SA
4.45%, 06/24/20^a		9,206		10,122,185
Valero Energy Corp.
6.13%, 02/01/20^a		9,779		10,987,797
6.63%, 06/15/37		20,493		23,036,515
7.50%, 04/15/32		8,826		10,466,103
9.38%, 03/15/19		2,604		3,095,299

				1,982,241,092


76		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
OIL & GAS SERVICES — 0.81%
Baker Hughes Inc.
3.20%, 08/15/21 (Call 05/15/21)	$	8,663	$	8,938,269
5.13%, 09/15/40		20,447		21,047,651
Halliburton Co.
2.70%, 11/15/20 (Call 10/15/20)		16,805		17,010,154
3.38%, 11/15/22 (Call 09/15/22)		19,105		19,458,116
3.50%, 08/01/23 (Call 05/01/23)^a		12,751		13,016,620
3.80%, 11/15/25 (Call 08/15/25)^a		30,465		31,215,597
4.75%, 08/01/43 (Call 02/01/43)		8,230		7,987,003
4.85%, 11/15/35 (Call 05/15/35)		15,900		16,439,302
5.00%, 11/15/45 (Call 05/15/45)^a		24,100		24,705,934
6.15%, 09/15/19		13,716		15,487,634
6.70%, 09/15/38		9,165		10,958,896
7.45%, 09/15/39		11,616		15,157,644
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)^a		21,651		19,244,392
3.95%, 12/01/42 (Call 06/01/42)^a		12,974		9,655,761
Schlumberger Investment SA
3.65%, 12/01/23 (Call 09/01/23)		18,302		19,476,461

				249,799,434
PHARMACEUTICALS — 5.33%
Abbott Laboratories
2.00%, 03/15/20		15,639		15,526,399
2.55%, 03/15/22		9,983		9,959,658
2.95%, 03/15/25 (Call 12/15/24)^a		8,945		8,769,221
5.13%, 04/01/19		6,835		7,496,928
AbbVie Inc.
2.50%, 05/14/20 (Call 04/14/20)^a		37,847		38,498,850
2.90%, 11/06/22		44,239		44,952,664


Security	Principal (000s)		Value
3.20%, 11/06/22 (Call 09/06/22)^a	$	11,015	$	11,390,988
3.60%, 05/14/25 (Call 02/14/25)^a		47,345		49,615,268
4.40%, 11/06/42		30,247		30,548,375
4.50%, 05/14/35 (Call 11/14/34)^a		36,540		37,993,119
4.70%, 05/14/45 (Call 11/14/44)^a		34,170		36,258,761
Actavis Funding SCS
3.00%, 03/12/20 (Call 02/12/20)^a		39,345		40,197,201
3.45%, 03/15/22 (Call 01/15/22)		42,889		43,966,685
3.80%, 03/15/25 (Call 12/15/24)^a		52,734		54,050,304
3.85%, 06/15/24 (Call 03/15/24)		15,400		15,894,523
4.55%, 03/15/35 (Call 09/15/34)^a		20,610		20,603,524
4.75%, 03/15/45 (Call 09/15/44)^a		39,765		40,242,792
4.85%, 06/15/44 (Call 12/15/43)^a		22,819		23,386,919
Actavis Inc.
3.25%, 10/01/22 (Call 07/01/22)		26,108		26,335,696
4.63%, 10/01/42 (Call 04/01/42)		6,144		6,064,068
AstraZeneca PLC
1.95%, 09/18/19^a		12,627		12,786,291
2.38%, 11/16/20^a		27,390		27,996,784
3.38%, 11/16/25^a		20,300		21,132,791
4.00%, 09/18/42		16,112		16,381,649
4.38%, 11/16/45^a		11,810		12,768,774
6.45%, 09/15/37		33,340		44,464,304
Baxalta Inc.
2.88%, 06/23/20 (Call 05/23/20)^b		14,130		14,150,069
3.60%, 06/23/22 (Call 04/23/22)^b		815		833,525
4.00%, 06/23/25 (Call 03/23/25)^a,b		24,375		25,088,554


SCHEDULESOF INVESTMENTS			77

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
5.25%, 06/23/45 (Call 12/23/44)^b	$	9,715	$	10,368,756
Bristol-Myers Squibb Co.
2.00%, 08/01/22		12,238		12,301,283
Eli Lilly & Co.
2.75%, 06/01/25 (Call 03/01/25)^a		13,500		13,977,769
3.70%, 03/01/45 (Call 09/01/44)^a		7,213		7,459,795
Express Scripts Holding Co.
2.25%, 06/15/19		15,131		15,319,472
3.50%, 06/15/24 (Call 03/15/24)		15,762		16,010,039
3.90%, 02/15/22		21,302		22,293,107
4.50%, 02/25/26 (Call 11/25/25)^a		12,100		12,974,207
4.75%, 11/15/21		11,286		12,399,959
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23		15,624		16,222,810
6.38%, 05/15/38		30,934		42,700,149
GlaxoSmithKline Capital PLC
2.85%, 05/08/22^a		34,570		36,091,426
Johnson & Johnson
1.65%, 03/01/21 (Call 02/01/21)		16,885		16,978,101
2.45%, 03/01/26 (Call 12/01/25)		29,565		29,771,854
3.38%, 12/05/23^a		7,661		8,402,260
3.55%, 03/01/36 (Call 09/01/35)^a		10,500		11,087,627
3.70%, 03/01/46 (Call 09/01/45)		26,950		28,605,662
4.38%, 12/05/33 (Call 06/05/33)		11,400		13,148,364
5.95%, 08/15/37		9,474		13,081,777
McKesson Corp.
3.80%, 03/15/24 (Call 12/15/23)^a		7,316		7,781,058
4.88%, 03/15/44 (Call 09/15/43)^a		11,804		13,180,541
Mead Johnson Nutrition Co.
3.00%, 11/15/20		13,370		13,837,653
4.13%, 11/15/25 (Call 08/15/25)^a		8,620		9,218,966


Security	Principal (000s)		Value
Merck & Co. Inc.
1.85%, 02/10/20^a	$	12,785	$	13,005,688
2.35%, 02/10/22^a		16,795		17,104,503
2.40%, 09/15/22 (Call 06/15/22)		14,446		14,769,348
2.75%, 02/10/25 (Call 11/10/24)^a		28,918		29,830,383
2.80%, 05/18/23		30,987		32,193,922
3.70%, 02/10/45 (Call 08/10/44)		21,562		22,006,369
3.88%, 01/15/21 (Call 10/15/20)^a		12,179		13,328,526
4.15%, 05/18/43		19,221		21,143,531
Merck Sharp & Dohme Corp.
5.00%, 06/30/19		11,807		13,176,284
Novartis Capital Corp.
2.40%, 09/21/22^a		5,045		5,165,612
3.00%, 11/20/25 (Call 08/20/25)^a		24,150		25,333,268
3.40%, 05/06/24		27,325		29,405,050
4.00%, 11/20/45 (Call 05/20/45)		19,720		21,459,454
4.40%, 04/24/20		9,512		10,553,847
4.40%, 05/06/44^a		21,683		25,086,251
Novartis Securities Investment Ltd.
5.13%, 02/10/19		6,036		6,668,013
Perrigo Co. PLC
4.00%, 11/15/23 (Call 08/15/23)		7,290		7,468,243
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)		3,721		3,737,319
Pfizer Inc.
2.10%, 05/15/19		19,470		20,017,602
3.00%, 06/15/23		13,933		14,645,171
3.40%, 05/15/24^a		16,525		17,888,863
4.30%, 06/15/43^a		8,075		8,902,317
7.20%, 03/15/39		33,103		48,646,769
Sanofi
4.00%, 03/29/21		25,601		28,059,700
Wyeth LLC
5.95%, 04/01/37^a		22,220		28,769,123
6.50%, 02/01/34		8,495		11,353,211


78		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Zoetis Inc.
3.25%, 02/01/23 (Call 11/01/22)	$	23,855	$	24,021,112
4.50%, 11/13/25 (Call 08/13/25)^a		5,900		6,357,291
4.70%, 02/01/43 (Call 08/01/42)		10,630		10,374,030

				1,651,038,119
PIPELINES — 2.40%
Columbia Pipeline Group Inc.
3.30%, 06/01/20 (Call 05/01/20)^b		12,480		12,598,805
4.50%, 06/01/25 (Call 03/01/25)^b		10,111		10,414,928
Energy Transfer Partners LP
3.60%, 02/01/23 (Call 11/01/22)		5,344		4,891,686
4.05%, 03/15/25 (Call 12/15/24)^a		13,805		12,827,381
4.15%, 10/01/20 (Call 08/01/20)^a		12,570		12,422,445
4.65%, 06/01/21 (Call 03/01/21)^a		12,483		12,425,016
4.75%, 01/15/26 (Call 10/15/25)		17,645		17,024,147
5.15%, 03/15/45 (Call 09/15/44)^a		11,445		9,655,444
5.20%, 02/01/22 (Call 11/01/21)		10,505		10,618,478
6.13%, 12/15/45 (Call 06/15/45)		18,000		17,216,588
6.50%, 02/01/42 (Call 08/01/41)		7,360		7,144,387
Enterprise Products Operating LLC
2.55%, 10/15/19 (Call 09/15/19)^a		12,800		12,994,545
3.35%, 03/15/23 (Call 12/15/22)		18,477		18,751,459
3.70%, 02/15/26 (Call 11/15/25)^a		10,570		10,773,040
3.75%, 02/15/25 (Call 11/15/24)		4,052		4,174,114


Security	Principal (000s)		Value
3.90%, 02/15/24 (Call 11/15/23)	$	8,590	$	8,964,685
3.95%, 02/15/27 (Call 11/15/26)		2,020		2,105,397
4.45%, 02/15/43 (Call 08/15/42)		9,888		9,203,003
4.85%, 08/15/42 (Call 02/15/42)		9,497		9,448,028
4.85%, 03/15/44 (Call 09/15/43)		18,360		18,234,820
4.90%, 05/15/46 (Call 11/15/45)		11,720		11,847,461
5.10%, 02/15/45 (Call 08/15/44)^a		20,226		21,254,915
5.20%, 09/01/20		9,643		10,703,548
5.95%, 02/01/41^a		11,985		13,251,957
Kinder Morgan Energy Partners LP
2.65%, 02/01/19		10,792		10,658,465
3.50%, 03/01/21 (Call 01/01/21)		12,511		12,215,892
3.95%, 09/01/22 (Call 06/01/22)		11,851		11,810,039
5.50%, 03/01/44 (Call 09/01/43)		11,160		10,362,127
6.95%, 01/15/38		15,669		16,395,984
Kinder Morgan Inc./DE
3.05%, 12/01/19 (Call 11/01/19)		11,540		11,475,091
4.30%, 06/01/25 (Call 03/01/25)^a		19,400		19,229,317
5.05%, 02/15/46 (Call 08/15/45)^a		9,050		7,967,639
5.30%, 12/01/34 (Call 06/01/34)		12,754		11,658,584
5.55%, 06/01/45 (Call 12/01/44)		20,575		19,064,215
7.75%, 01/15/32		10,269		11,092,570
MPLX LP
4.50%, 07/15/23 (Call 04/15/23)^b		3,000		2,910,000
4.88%, 12/01/24 (Call 09/01/24)^b		11,500		11,191,800


SCHEDULESOF INVESTMENTS			79

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
ONEOK Partners LP
3.38%, 10/01/22 (Call 07/01/22)	$	13,701	$	12,869,146
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24 (Call 08/01/24)		11,730		10,523,641
3.65%, 06/01/22 (Call 03/01/22)		14,911		14,302,534
4.65%, 10/15/25 (Call 07/15/25)^a		7,970		7,576,422
Regency Energy Partners LP/Regency Energy Finance Corp.
5.88%, 03/01/22 (Call 12/01/21)		11,350		11,548,625
Spectra Energy Partners LP
4.75%, 03/15/24 (Call 12/15/23)		14,645		15,834,151
Sunoco Logistics Partners Operations LP
5.35%, 05/15/45 (Call 11/15/44)^a		11,360		10,192,752
TransCanada PipeLines Ltd.
2.50%, 08/01/22^a		18,719		17,995,840
3.80%, 10/01/20^a		7,938		8,304,670
4.63%, 03/01/34 (Call 12/01/33)		14,714		15,022,633
4.88%, 01/15/26 (Call 10/15/25)^a		9,505		10,481,745
6.10%, 06/01/40		7,217		8,276,434
6.20%, 10/15/37^a		12,810		14,535,499
7.63%, 01/15/39		14,071		17,946,570
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26 (Call 11/01/25)^b		2,500		3,016,941
Williams Partners LP
3.35%, 08/15/22 (Call 05/15/22)		11,806		10,286,686
3.60%, 03/15/22 (Call 01/15/22)		20,800		18,609,329
3.90%, 01/15/25 (Call 10/15/24)		15,450		13,518,750


Security	Principal (000s)		Value
4.00%, 09/15/25 (Call 06/15/25)^a	$	2,615	$	2,263,021
4.30%, 03/04/24 (Call 12/04/23)		13,370		12,014,015
5.10%, 09/15/45 (Call 03/15/45)		8,195		6,658,437
5.25%, 03/15/20		25,868		25,792,983
6.30%, 04/15/40		13,928		12,831,170
Williams Partners LP/ACMP Finance Corp.
4.88%, 05/15/23 (Call 12/15/17)		13,000		11,912,182
4.88%, 03/15/24 (Call 03/15/19)		12,975		11,742,375
6.13%, 07/15/22 (Call 01/15/17)		2,570		2,545,012

				741,579,563
REAL ESTATE — 0.03%
Prologis LP
3.75%, 11/01/25 (Call 08/01/25)^a		8,450		8,985,029

				8,985,029
REAL ESTATE INVESTMENT TRUSTS — 0.89%
American Tower Corp.
2.80%, 06/01/20 (Call 05/01/20)^a		8,425		8,531,419
3.30%, 02/15/21 (Call 01/15/21)		4,700		4,843,817
3.50%, 01/31/23^a		11,896		12,140,462
4.00%, 06/01/25 (Call 03/01/25)^a		9,351		9,790,125
4.70%, 03/15/22		2,100		2,275,603
5.00%, 02/15/24^a		15,085		16,794,333
Boston Properties LP
3.65%, 02/01/26 (Call 11/01/25)		5,275		5,521,835
3.85%, 02/01/23 (Call 11/01/22)^a		13,083		13,907,433
4.13%, 05/15/21 (Call 02/15/21)		10,121		10,939,695
Crown Castle International Corp.
3.40%, 02/15/21 (Call 01/15/21)		605		626,312


80		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
5.25%, 01/15/23^a	$	23,050	$	25,668,941
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		8,925		9,435,963
4.63%, 12/15/21 (Call 09/15/21)		11,057		12,407,827
HCP Inc.
2.63%, 02/01/20 (Call 11/01/19)^a		18,826		18,621,578
3.88%, 08/15/24 (Call 05/17/24)		13,490		13,216,452
4.00%, 06/01/25 (Call 03/01/25)		1,000		986,520
4.25%, 11/15/23 (Call 08/15/23)		7,975		8,126,531
5.38%, 02/01/21 (Call 11/03/20)		17,320		19,023,680
Prologis LP
4.25%, 08/15/23 (Call 05/15/23)		3,600		3,946,716
Simon Property Group LP
3.30%, 01/15/26 (Call 10/15/25)^a		2,800		2,923,913
3.38%, 10/01/24 (Call 07/01/24)^a		15,759		16,723,121
4.38%, 03/01/21 (Call 12/01/20)		13,759		15,192,442
5.65%, 02/01/20 (Call 11/01/19)^a		13,421		15,186,773
Welltower Inc.
4.00%, 06/01/25 (Call 03/01/25)^a		10,000		10,246,045
Weyerhaeuser Co.
7.38%, 03/15/32^a		15,514		19,273,906

				276,351,442
RETAIL — 4.07%
Costco Wholesale Corp.
1.70%, 12/15/19		12,883		12,922,178
CVS Health Corp.
2.25%, 08/12/19 (Call 07/12/19)		12,314		12,603,748
2.75%, 12/01/22 (Call 09/01/22)^a		18,358		18,743,285


Security	Principal (000s)		Value
2.80%, 07/20/20 (Call 06/20/20)^a	$	36,915	$	38,359,694
3.50%, 07/20/22 (Call 05/20/22)^a		17,570		18,754,559
3.88%, 07/20/25 (Call 04/20/25)		35,671		38,505,232
4.00%, 12/05/23 (Call 09/05/23)		12,393		13,664,892
4.88%, 07/20/35 (Call 01/20/35)		22,775		25,281,437
5.13%, 07/20/45 (Call 01/20/45)		46,160		54,055,525
5.30%, 12/05/43 (Call 06/05/43)		11,500		13,633,882
Home Depot Inc. (The)
2.00%, 06/15/19 (Call 05/15/19)		11,048		11,301,229
2.00%, 04/01/21 (Call 03/01/21)^a		14,350		14,506,302
2.63%, 06/01/22 (Call 05/01/22)		25,054		25,906,061
2.70%, 04/01/23 (Call 01/01/23)		13,543		14,054,632
3.00%, 04/01/26 (Call 01/01/26)		16,550		17,309,526
3.35%, 09/15/25 (Call 06/15/25)^a		10,925		12,015,542
3.75%, 02/15/24 (Call 11/15/23)^a		18,541		20,576,066
4.20%, 04/01/43 (Call 10/01/42)		11,928		12,911,491
4.25%, 04/01/46 (Call 10/01/45)		26,780		29,548,492
4.40%, 04/01/21 (Call 01/01/21)		14,968		16,817,868
4.40%, 03/15/45 (Call 09/15/44)		13,665		15,292,846
4.88%, 02/15/44 (Call 08/15/43)		13,220		15,672,432
5.88%, 12/16/36		33,702		44,001,850
5.95%, 04/01/41 (Call 10/01/40)		3,752		5,033,418


SCHEDULESOF INVESTMENTS			81

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Lowe’s Companies Inc.
2.50%, 04/15/26 (Call 01/15/26)	$	8,080	$	7,998,767
3.12%, 04/15/22 (Call 01/15/22)		6,844		7,263,068
3.38%, 09/15/25 (Call 06/15/25)		11,785		12,614,326
3.70%, 04/15/46 (Call 10/15/45)		7,800		7,719,290
4.38%, 09/15/45 (Call 03/15/45)		16,150		17,830,945
4.65%, 04/15/42 (Call 10/15/41)		5,106		5,770,301
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)		8,290		7,891,434
McDonald’s Corp.
2.63%, 01/15/22^a		10,123		10,331,359
2.75%, 12/09/20 (Call 11/09/20)		12,025		12,475,105
3.70%, 01/30/26 (Call 10/30/25)^a		21,330		22,831,250
4.70%, 12/09/35 (Call 06/09/35)^a		8,827		9,611,666
4.88%, 12/09/45 (Call 06/09/45)^a		13,284		15,032,872
6.30%, 10/15/37		11,576		14,864,553
6.30%, 03/01/38		16,700		21,589,451
Target Corp.
2.30%, 06/26/19		11,264		11,623,503
2.50%, 04/15/26		8,500		8,491,830
2.90%, 01/15/22		13,214		13,927,364
3.50%, 07/01/24^a		12,350		13,524,504
3.63%, 04/15/46		10,165		10,048,659
3.88%, 07/15/20^a		17,331		19,007,748
4.00%, 07/01/42^a		18,543		19,607,919
6.50%, 10/15/37		5,000		6,972,321
7.00%, 01/15/38		4,393		6,440,520
Wal-Mart Stores Inc.
2.55%, 04/11/23 (Call 01/11/23)		27,302		28,257,294
3.25%, 10/25/20^a		15,768		16,963,008
3.30%, 04/22/24 (Call 01/22/24)^a		24,461		26,495,722


Security	Principal (000s)		Value
3.63%, 07/08/20^a	$	12,179	$	13,259,143
4.00%, 04/11/43 (Call 10/11/42)		14,815		15,850,254
4.25%, 04/15/21^a		16,994		19,076,470
4.30%, 04/22/44 (Call 10/22/43)^a		11,143		12,417,396
4.75%, 10/02/43 (Call 04/02/43)^a		12,612		14,967,015
4.88%, 07/08/40		8,244		9,795,034
5.00%, 10/25/40		13,788		16,729,088
5.25%, 09/01/35		30,061		37,643,806
5.63%, 04/01/40		19,475		25,106,849
5.63%, 04/15/41		21,183		27,519,697
5.88%, 04/05/27		5,929		7,650,632
6.20%, 04/15/38		22,887		31,201,312
6.50%, 08/15/37		36,083		50,504,509
7.55%, 02/15/30		15,252		22,621,895
Walgreen Co.
3.10%, 09/15/22^a		18,059		18,315,413
Walgreens Boots Alliance Inc.
2.70%, 11/18/19 (Call 10/18/19)		12,075		12,466,904
3.30%, 11/18/21 (Call 09/18/21)		20,550		21,285,567
3.80%, 11/18/24 (Call 08/18/24)^a		25,325		26,426,425
4.80%, 11/18/44 (Call 05/18/44)		20,715		21,195,242

				1,260,689,617
SEMICONDUCTORS — 1.02%
Applied Materials Inc.
4.30%, 06/15/21		10,149		11,142,659
Intel Corp.
2.45%, 07/29/20		28,960		29,919,804
2.70%, 12/15/22^a		14,547		15,048,672
3.10%, 07/29/22		6,715		7,156,541
3.30%, 10/01/21^a		27,128		29,053,838
3.70%, 07/29/25 (Call 04/29/25)^a		24,870		27,345,145
4.00%, 12/15/32		14,154		14,944,212
4.25%, 12/15/42		10,033		10,532,136
4.80%, 10/01/41		18,509		20,882,474
4.90%, 07/29/45 (Call 01/29/45)		26,084		29,844,071


82		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
QUALCOMM Inc.
2.25%, 05/20/20^a	$	21,239	$	21,752,638
3.00%, 05/20/22		24,359		25,305,274
3.45%, 05/20/25 (Call 02/20/25)^a		23,483		24,435,480
4.65%, 05/20/35 (Call 11/20/34)^a		15,370		16,162,417
4.80%, 05/20/45 (Call 11/20/44)		23,975		24,048,910
Texas Instruments Inc.
1.65%, 08/03/19		7,995		8,073,221

				315,647,492
SOFTWARE — 2.86%
Fidelity National Information Services Inc.
3.50%, 04/15/23 (Call 01/15/23)		10,580		10,707,559
3.63%, 10/15/20 (Call 09/15/20)		23,150		24,218,604
5.00%, 10/15/25 (Call 07/15/25)		15,175		16,788,820
Fiserv Inc.
2.70%, 06/01/20 (Call 05/01/20)^a		5,100		5,228,581
3.85%, 06/01/25 (Call 03/01/25)		15,000		15,827,739
Microsoft Corp.
1.85%, 02/12/20 (Call 01/12/20)^a		18,228		18,588,293
2.00%, 11/03/20 (Call 10/03/20)		26,500		27,144,938
2.13%, 11/15/22^a		12,877		12,941,317
2.38%, 02/12/22 (Call 01/12/22)^a		18,470		19,062,894
2.38%, 05/01/23 (Call 02/01/23)		15,190		15,421,508
2.65%, 11/03/22 (Call 09/03/22)		16,600		17,263,764
2.70%, 02/12/25 (Call 11/12/24)		36,230		37,074,684
3.00%, 10/01/20^a		15,163		16,205,811
3.13%, 11/03/25 (Call 08/03/25)		23,770		24,970,119


Security	Principal (000s)		Value
3.50%, 02/12/35 (Call 08/12/34)^a	$	30,782	$	30,775,665
3.50%, 11/15/42		9,582		9,350,804
3.63%, 12/15/23 (Call 09/15/23)^a		17,997		19,799,936
3.75%, 02/12/45 (Call 08/12/44)		25,485		25,449,968
4.00%, 02/12/55 (Call 08/12/54)^a		15,825		15,660,824
4.20%, 06/01/19		7,933		8,671,486
4.20%, 11/03/35 (Call 05/03/35)^a		14,575		15,867,295
4.45%, 11/03/45 (Call 05/03/45)^a		42,280		47,070,607
4.50%, 10/01/40		11,650		12,893,983
4.75%, 11/03/55 (Call 05/03/55)^a		6,430		7,253,410
5.20%, 06/01/39		11,719		14,097,853
5.30%, 02/08/41^a		14,044		17,274,671
Oracle Corp.
2.25%, 10/08/19		28,661		29,546,450
2.50%, 05/15/22 (Call 03/15/22)		38,038		38,851,294
2.50%, 10/15/22		33,695		34,416,851
2.80%, 07/08/21		27,277		28,522,449
2.95%, 05/15/25 (Call 02/15/25)		29,790		30,652,516
3.40%, 07/08/24 (Call 04/08/24)		20,008		21,289,929
3.63%, 07/15/23^a		14,743		16,117,186
3.88%, 07/15/20		7,074		7,722,582
3.90%, 05/15/35 (Call 11/15/34)^a		15,205		15,515,857
4.13%, 05/15/45 (Call 11/15/44)^a		19,681		20,451,671
4.30%, 07/08/34 (Call 01/08/34)		22,641		24,171,751
4.38%, 05/15/55 (Call 11/15/54)		17,789		18,211,215
4.50%, 07/08/44 (Call 01/08/44)		11,837		13,002,342
5.00%, 07/08/19		24,804		27,667,865
5.38%, 07/15/40		30,460		37,003,691


SCHEDULESOF INVESTMENTS			83

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
6.13%, 07/08/39	$	17,362	$	22,754,054
6.50%, 04/15/38		10,639		14,420,973

				885,929,809
TELECOMMUNICATIONS — 7.18%
AT&T Corp.
8.25%, 11/15/31		13,519		19,008,157
AT&T Inc.
2.45%, 06/30/20 (Call 05/30/20)^a		18,410		18,693,037
2.63%, 12/01/22 (Call 09/01/22)		23,087		22,927,395
2.80%, 02/17/21 (Call 01/17/21)^a		19,000		19,437,488
3.00%, 02/15/22^a		26,583		27,171,630
3.00%, 06/30/22 (Call 04/30/22)		33,456		33,996,418
3.40%, 05/15/25 (Call 02/15/25)		66,118		67,205,879
3.60%, 02/17/23 (Call 12/17/22)^a		8,100		8,443,907
3.80%, 03/15/22		20,272		21,489,370
3.88%, 08/15/21		20,203		21,619,537
3.90%, 03/11/24 (Call 12/11/23)^a		21,045		22,325,940
3.95%, 01/15/25 (Call 10/15/24)		10,735		11,307,930
4.13%, 02/17/26 (Call 11/17/25)^a		21,200		22,779,739
4.30%, 12/15/42 (Call 06/15/42)^a		23,980		22,644,724
4.35%, 06/15/45 (Call 12/15/44)^a		44,319		41,978,704
4.45%, 05/15/21		18,135		19,886,150
4.45%, 04/01/24 (Call 01/01/24)		24,471		26,654,667
4.50%, 05/15/35 (Call 11/15/34)^a		33,044		32,986,949
4.60%, 02/15/21 (Call 11/15/20)^a		11,130		12,230,258
4.75%, 05/15/46 (Call 11/15/45)		46,844		47,134,236
4.80%, 06/15/44 (Call 12/15/43)		17,030		17,190,862


Security	Principal (000s)		Value
5.00%, 03/01/21	$	20,029	$	22,330,038
5.15%, 03/15/42^a		17,038		17,791,066
5.20%, 03/15/20		16,405		18,262,771
5.35%, 09/01/40		48,608		52,551,052
5.55%, 08/15/41^a		15,567		17,244,766
5.65%, 02/15/47 (Call 08/15/46)^a		15,250		17,185,776
5.80%, 02/15/19		3,775		4,189,041
5.88%, 10/01/19		4,574		5,163,211
6.00%, 08/15/40 (Call 05/15/40)		14,695		16,777,545
6.30%, 01/15/38		20,465		24,326,046
6.38%, 03/01/41		11,527		13,730,625
6.50%, 09/01/37^a		8,750		10,496,804
6.55%, 02/15/39^a		19,925		23,876,572
British Telecommunications PLC
9.63%, 12/15/30		32,956		52,978,355
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23^a		28,619		30,209,366
Cisco Systems Inc.
2.20%, 02/28/21		30,010		30,631,810
2.45%, 06/15/20		19,810		20,531,514
2.95%, 02/28/26		9,685		10,119,849
3.50%, 06/15/25^a		940		1,028,418
3.63%, 03/04/24		14,831		16,380,745
4.45%, 01/15/20		25,010		27,638,006
5.50%, 01/15/40		22,083		28,065,415
5.90%, 02/15/39		25,795		34,054,861
Deutsche Telekom International Finance BV
6.00%, 07/08/19		5,061		5,742,577
8.75%, 06/15/30		42,296		64,100,992
New Cingular Wireless Services Inc.
8.75%, 03/01/31^a		14,643		21,484,680
Orange SA
2.75%, 02/06/19^a		3,319		3,419,740
4.13%, 09/14/21^a		14,724		16,122,877
5.38%, 07/08/19		7,651		8,496,944
5.38%, 01/13/42^a		14,827		17,947,649
5.50%, 02/06/44 (Call 08/06/43)^a		8,044		10,011,004
9.00%, 03/01/31		27,193		42,377,974


84		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Qwest Corp.
6.75%, 12/01/21^a	$	9,071	$	9,798,494
6.88%, 09/15/33 (Call 05/31/16)		12,179		11,996,315
Rogers Communications Inc.
4.10%, 10/01/23 (Call 07/01/23)^a		14,039		15,285,666
5.00%, 03/15/44 (Call 09/15/43)^a		11,375		12,654,493
Telefonica Emisiones SAU
4.57%, 04/27/23^a		12,650		13,844,628
5.13%, 04/27/20^a		14,014		15,481,014
5.46%, 02/16/21		16,638		18,917,369
5.88%, 07/15/19^a		10,542		11,780,663
7.05%, 06/20/36^a		27,025		35,000,575
Telefonica Europe BV
8.25%, 09/15/30^a		15,703		22,494,780
Verizon Communications Inc.
2.45%, 11/01/22 (Call 08/01/22)^a		21,356		21,292,976
2.63%, 02/21/20		38,478		39,669,521
3.00%, 11/01/21 (Call 09/01/21)^a		18,719		19,421,498
3.45%, 03/15/21		14,050		14,906,362
3.50%, 11/01/21^a		19,952		21,248,275
3.50%, 11/01/24 (Call 08/01/24)		27,600		28,848,963
3.85%, 11/01/42 (Call 05/01/42)		11,600		10,621,460
4.15%, 03/15/24 (Call 12/15/23)		18,714		20,301,335
4.27%, 01/15/36		30,675		30,787,651
4.40%, 11/01/34 (Call 05/01/34)^a		28,169		28,644,659
4.50%, 09/15/20		50,646		56,089,189
4.60%, 04/01/21^a		11,349		12,693,464
4.75%, 11/01/41		8,950		9,389,415
4.86%, 08/21/46^a		54,822		58,207,478
5.01%, 08/21/54		63,940		65,556,435
5.05%, 03/15/34 (Call 12/15/33)		10,552		11,552,716
5.15%, 09/15/23		97,720		112,402,909
5.85%, 09/15/35		16,275		19,390,352


Security	Principal (000s)		Value
6.00%, 04/01/41	$	7,143	$	8,688,403
6.25%, 04/01/37		9,082		10,803,772
6.40%, 09/15/33		23,351		29,212,636
6.40%, 02/15/38		8,662		10,601,061
6.55%, 09/15/43		65,268		86,926,403
6.90%, 04/15/38		2,045		2,652,641
7.75%, 12/01/30		5,872		8,113,459
Vodafone Group PLC
2.50%, 09/26/22^a		16,298		16,071,296
2.95%, 02/19/23^a		27,060		27,053,289
4.38%, 02/19/43^a		20,382		19,123,444
5.45%, 06/10/19^a		11,450		12,604,871
6.15%, 02/27/37		18,588		21,807,226

				2,224,318,222
TRANSPORTATION — 0.81%
Burlington Northern Santa Fe LLC
3.00%, 04/01/25 (Call 01/01/25)^a		2,900		3,003,606
3.85%, 09/01/23 (Call 06/01/23)^a		5,124		5,633,706
4.15%, 04/01/45 (Call 10/01/44)		14,966		15,773,730
4.45%, 03/15/43 (Call 09/15/42)		9,746		10,678,074
4.55%, 09/01/44 (Call 03/01/44)^a		9,679		10,755,911
4.70%, 10/01/19		6,497		7,202,821
4.90%, 04/01/44 (Call 10/01/43)^a		12,740		14,861,447
5.75%, 05/01/40 (Call 11/01/39)		9,777		12,322,467
Canadian Pacific Railway Co.
6.13%, 09/15/15 (Call 03/15/15)		6,988		8,192,788
CSX Corp.
4.10%, 03/15/44 (Call 09/15/43)^a		7,450		7,527,329
FedEx Corp.
3.25%, 04/01/26 (Call 01/01/26)^a		7,950		8,219,644
4.00%, 01/15/24^a		12,589		13,803,821
4.55%, 04/01/46 (Call 10/01/45)^a		13,810		14,665,622


SCHEDULESOF INVESTMENTS			85

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2016


Security	Principal or Shares (000s)		Value
4.75%, 11/15/45 (Call 05/15/45)	$	22,580	$	24,688,884
5.10%, 01/15/44^a		9,780		11,149,019
Union Pacific Corp.
4.16%, 07/15/22 (Call 04/15/22)		7,218		8,070,905
United Parcel Service Inc.
2.45%, 10/01/22		13,746		14,225,403
3.13%, 01/15/21		17,311		18,494,302
5.13%, 04/01/19		11,821		13,106,213
6.20%, 01/15/38		19,950		27,265,013

				249,640,705
WATER — 0.01%
American Water Capital Corp.
6.59%, 10/15/37^a		3,085		4,209,249

				4,209,249

TOTAL CORPORATE BONDS & NOTES
(Cost: $27,629,165,552)				28,338,158,978

U.S. GOVERNMENT OBLIGATIONS — 0.05%

U.S. GOVERNMENT OBLIGATIONS — 0.05%
U.S. Treasury Note/Bond
2.50%, 02/15/46		15,000		14,499,001

				14,499,001

TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost: $14,467,969)				14,499,001

SHORT-TERM INVESTMENTS — 8.42%

MONEY MARKET FUNDS — 8.42%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.50%^c,d,e		2,246,138		2,246,137,739
BlackRock Cash Funds: Prime, SL Agency Shares
0.49%^c,d,e		168,483		168,483,151
BlackRock Cash Funds: Treasury, SL Agency Shares
0.28%^c,d		193,639		193,638,690

				2,608,259,580

TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,608,259,580)				2,608,259,580


	Value
TOTAL INVESTMENTS IN SECURITIES — 107.80%
(Cost: $30,251,893,101)	$	30,960,917,559
Other Assets, Less Liabilities — (7.80)%		(2,240,342,342	)

NET ASSETS — 100%	$	28,720,575,217

^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.


86		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

April 30, 2016


	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF

ASSETS
Investments, at cost:
Unaffiliated	$	17,272,390,434		$	27,505,929,005
Affiliated		4,540,605,536			2,745,964,096

Total cost of investments	$	21,812,995,970		$	30,251,893,101

Investments in securities, at fair value (including securities on loan^a)
Unaffiliated	$	16,632,315,345		$	28,199,357,796
Affiliated		4,540,605,536			2,761,559,763

Total fair value of investments		21,172,920,881			30,960,917,559
Cash		456,422			—
Receivables:
Investment securities sold		50,590,105			140,891,283
Due from custodian		1,666,401			2,104,980
Interest		279,919,300			287,043,606
Capital shares sold		44,449,253			11,647,040

Total Assets		21,550,002,362			31,402,604,468


LIABILITIES
Payables:
Investment securities purchased		219,239,577			264,011,074
Collateral for securities on loan		4,363,797,247			2,414,620,890
Capital shares redeemed		22,552,541			—
Securities related to in-kind transactions		1,999,424			—
Investment advisory fees		7,005,603			3,397,287

Total Liabilities		4,614,594,392			2,682,029,251


NET ASSETS	$	16,935,407,970		$	28,720,575,217


Net assets consist of:
Paid-in capital	$	18,079,723,194		$	28,025,096,958
Undistributed net investment income		59,829,985			70,802,803
Accumulated net realized loss		(564,070,120	)		(84,349,002	)
Net unrealized appreciation (depreciation)		(640,075,089	)		709,024,458

NET ASSETS	$	16,935,407,970		$	28,720,575,217


Shares outstanding^b		202,600,000			239,300,000


Net asset value per share	$	83.59		$	120.02

^a	Securities on loan with values of $4,262,864,969 and $2,355,258,174, respectively.

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


FINANCIAL STATEMENTS			87

Schedule of Investments

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 97.16%

ADVERTISING — 0.51%
inVentiv Health Inc.
9.00%, 01/15/18 (Call 03/31/16)^a	$	10,800	$	11,016,000
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/01/18)^b		11,347		11,421,465
5.38%, 01/15/24 (Call 01/15/19)^b		10,275		10,493,087
5.75%, 02/01/26 (Call 02/01/21)^a,b		7,655		7,908,534
5.88%, 02/01/22 (Call 02/01/17)^b		8,200		8,528,929
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 02/15/22 (Call 02/15/17)^b		9,975		10,226,569
5.63%, 02/15/24 (Call 02/15/19)		11,200		11,620,000
5.88%, 03/15/25 (Call 09/15/19)^b		7,900		8,137,000

				79,351,584
AEROSPACE & DEFENSE — 0.73%
KLX Inc.
5.88%, 12/01/22 (Call 12/01/17)^a,b		26,840		25,766,623
Meccanica Holdings USA Inc.
6.25%, 07/15/19^a,b		9,750		10,188,750
TransDigm Inc.
5.50%, 10/15/20 (Call 03/31/16)^b		10,100		9,948,500
6.00%, 07/15/22 (Call 07/15/17)^b		24,410		23,891,287
6.50%, 07/15/24 (Call 07/15/19)^b		23,510		22,901,679
6.50%, 05/15/25 (Call 05/15/20)^a		9,300		8,986,125
7.50%, 07/15/21 (Call 07/15/16)^b		10,654		10,946,985

				112,629,949


Security	Principal (000s)		Value
AIRLINES — 0.37%
Air Canada
6.75%, 10/01/19 (Call 10/01/16)^a,b	$	9,225	$	9,465,583
7.75%, 04/15/21^a		7,180		6,947,527
American Airlines Group Inc.
4.63%, 03/01/20^a		9,015		8,699,475
5.50%, 10/01/19^a		15,090		15,174,806
6.13%, 06/01/18^b		10,110		10,539,675
Continental Airlines Inc. 2012-3 Pass Through Trust Class C
6.13%, 04/29/18		6,750		6,975,501

				57,802,567
APPAREL — 0.22%
Hanesbrands Inc.
6.38%, 12/15/20 (Call 03/31/16)^b		13,030		13,481,962
Levi Strauss & Co.
5.00%, 05/01/25 (Call 05/01/20)^b		11,115		11,116,112
6.88%, 05/01/22 (Call 05/01/17)^b		9,246		9,916,335

				34,514,409
AUTO MANUFACTURERS — 0.72%
Fiat Chrysler Automobile NV
4.50%, 04/15/20^b		27,675		27,591,975
5.25%, 04/15/23^b		28,140		26,592,300
Jaguar Land Rover Automotive PLC
3.50%, 03/15/20 (Call 12/15/19)^a,b		10,600		10,374,750
4.13%, 12/15/18 ^a,b		12,400		12,756,500
4.25%, 11/15/19 ^a,b		10,240		10,214,400
5.63%, 02/01/23 (Call 02/01/18)^a,b		9,200		9,223,000
Navistar International Corp.
8.25%, 11/01/21 (Call 03/31/16)^b		25,531		14,999,462

				111,752,387
AUTO PARTS & EQUIPMENT — 1.45%
American Axle & Manufacturing Inc.
6.25%, 03/15/21 (Call 03/31/16)^b		6,806		6,882,908


88		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
6.63%, 10/15/22 (Call 10/15/17)^b	$	12,875	$	13,093,875
Dana Holding Corp.
5.38%, 09/15/21 (Call 09/15/16)^b		8,150		7,890,178
5.50%, 12/15/24 (Call 12/15/19)^b		8,800		8,151,000
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/23 (Call 11/15/18)^b		19,120		19,669,700
6.50%, 03/01/21 (Call 03/31/16)^b		16,943		17,843,181
7.00%, 05/15/22 (Call 05/15/17)^b		13,245		14,155,655
Lear Corp.
4.75%, 01/15/23 (Call 01/15/18)^b		9,908		10,094,457
5.25%, 01/15/25 (Call 01/15/20)^b		15,255		16,082,584
Schaeffler Finance BV
4.25%, 05/15/21 (Call 05/15/17)^a,b		12,900		13,145,100
4.75%, 05/15/21 (Call 05/15/16)^a,b		17,550		17,695,840
4.75%, 05/15/23 (Call 05/15/18)^a,b		11,600		11,320,476
ZF North America Capital Inc.
4.00%, 04/29/20^a,b		19,100		19,153,719
4.50%, 04/29/22^a,b		19,450		19,450,000
4.75%, 04/29/25^a		31,455		30,000,206

				224,628,879
BANKS — 3.09%
BBVA International Preferred SAU
5.92%, 04/29/49 (Call 04/18/17)^b,c		9,641		9,368,033
BPCE SA
12.50%, 08/29/49 (Call 09/30/19)^a,b,c		7,400		9,029,480
CIT Group Inc.
3.88%, 02/19/19^b		20,900		20,795,500
4.25%, 08/15/17		35,855		36,464,535
5.00%, 05/15/17^b		19,067		19,519,841


Security	Principal (000s)		Value
5.00%, 08/15/22^b	$	25,850	$	26,011,563
5.00%, 08/01/23^b		14,880		14,871,398
5.25%, 03/15/18		32,980		33,886,950
5.38%, 05/15/20^b		15,010		15,486,739
5.50%, 02/15/19^a,b		36,324		37,595,340
6.63%, 04/01/18^a,b		14,101		14,815,382
Commerzbank AG
8.13%, 09/19/23^a,b		19,850		21,735,750
Credit Agricole SA
6.64%, 05/29/49 (Call 05/31/17)^a,b,c		12,051		11,629,215
8.38%, 10/29/49 (Call 10/13/19)^a,c		20,929		22,603,320
Fifth Third Bancorp.
5.10%, 12/29/49 (Call 06/30/23)^b,c		13,275		11,930,906
Royal Bank of Scotland Group PLC
5.13%, 05/28/24^b		44,238		42,269,086
6.00%, 12/19/23		39,732		40,127,147
6.10%, 06/10/23^b		20,262		20,570,337
6.13%, 12/15/22		46,433		48,277,676
Royal Bank of Scotland NV
4.65%, 06/04/18		8,350		8,417,635
Societe Generale SA
5.92%, 12/31/49 (Call 04/05/17)^a,b,c		14,723		14,502,155

				479,907,988
BEVERAGES — 0.69%
Constellation Brands Inc.
3.75%, 05/01/21^b		8,170		8,310,424
3.88%, 11/15/19^b		7,625		7,894,981
4.25%, 05/01/23^b		20,495		21,227,354
4.75%, 11/15/24		9,631		10,027,833
4.75%, 12/01/25^b		7,125		7,427,813
6.00%, 05/01/22^b		14,250		16,104,077
7.25%, 09/01/16		775		797,010
7.25%, 05/15/17^b		10,674		11,290,532
Cott Beverages Inc.
5.38%, 07/01/22 (Call 07/01/17)^b		11,025		10,914,750
6.75%, 01/01/20 (Call 01/01/17)^b		12,455		12,841,624

				106,836,398


SCHEDULESOF INVESTMENTS			89

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)			Value
BIOTECHNOLOGY — 0.19%
Concordia Healthcare Corp.
7.00%, 04/15/23 (Call 04/15/18)^a	$	14,700		$	12,642,000
9.50%, 10/21/22 (Call 12/15/18)^a,b		17,400			16,704,000

					29,346,000
BUILDING MATERIALS — 0.88%
Builders FirstSource Inc.
7.63%, 06/01/21 (Call 06/01/16)^a		11,267			11,456,460
10.75%, 08/15/23 (Call 08/15/18)^a		10,250			9,553,000
Lafarge SA
6.50%, 07/15/16		1,100			1,119,211
Masco Corp.
4.45%, 04/01/25 (Call 01/01/25)^b		9,500			9,428,750
5.95%, 03/15/22^b		8,777			9,592,795
6.13%, 10/03/16		1,353			1,384,146
7.13%, 03/15/20^b		8,645			9,949,213
Standard Industries Inc./NJ
5.13%, 02/15/21 (Call 02/15/18)^a		2,475	��		2,521,406
5.38%, 11/15/24 (Call 11/15/19)^a,b		25,610			26,074,053
5.50%, 02/15/23 (Call 02/15/19)^a		2,185			2,216,713
6.00%, 10/15/25 (Call 10/15/20)^a,b		22,475			22,881,957
USG Corp.
6.30%, 11/15/16^b		169			174,281
9.75%, 01/15/18^b		8,148			9,080,596
Vulcan Materials Co.
4.50%, 04/01/25 (Call 01/01/25)^b		6,875			6,884,114
7.50%, 06/15/21^b		12,700			14,827,250

					137,143,945
CHEMICALS — 1.85%
Ashland Inc.
3.88%, 04/15/18 (Call 03/15/18)^b		10,700			11,048,820


Security	Principal (000s)		Value
4.75%, 08/15/22 (Call 05/15/22)^b	$	22,300	$	22,132,750
Axiall Corp.
4.88%, 05/15/23 (Call 05/15/18)^b		8,830		8,525,365
Blue Cube Spinco Inc.
9.75%, 10/15/23 (Call 10/15/20)^a		14,950		16,669,250
10.00%, 10/15/25 (Call 10/15/20)^a,b		9,100		10,078,250
Chemours Co. (The)
6.63%, 05/15/23 (Call 05/15/18)^a,b		28,390		20,772,296
7.00%, 05/15/25 (Call 05/15/20)^a		13,870		10,055,750
Eagle Spinco Inc.
4.63%, 02/15/21 (Call 02/15/18)^b		14,975		14,813,270
Hexion Inc.
6.63%, 04/15/20 (Call 03/31/16)^b		33,898		26,779,420
8.88%, 02/01/18 (Call 03/31/16)		23,970		15,820,200
Hexion Inc./Hexion Nova Scotia Finance ULC
9.00%, 11/15/20 (Call 03/31/16)		9,400		3,717,272
Huntsman International LLC
4.88%, 11/15/20 (Call 08/15/20)^b		15,315		14,509,431
5.13%, 11/15/22 (Call 08/15/22)^a,b		7,350		6,706,875
INEOS Group Holdings SA
5.88%, 02/15/19 (Call 03/31/16)^a,b		12,475		12,368,963
6.13%, 08/15/18 (Call 03/31/16)^a,b		12,825		12,825,000
NOVA Chemicals Corp.
5.00%, 05/01/25 (Call 01/31/25)^a,b		9,605		9,315,992
5.25%, 08/01/23 (Call 08/01/18)^a,b		10,850		10,670,576


90		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Platform Specialty Products Corp.
6.50%, 02/01/22 (Call 02/01/18)^a,b	$	21,925	$	17,814,062
10.38%, 05/01/21 (Call 05/01/18)^a,b		9,765		8,910,563
Tronox Finance LLC
6.38%, 08/15/20 (Call 03/31/16)^b		16,300		10,309,812
7.50%, 03/15/22 (Call 03/15/18)^a		13,253		8,274,842
WR Grace & Co.-Conn
5.13%, 10/01/21^a,b		15,175		15,774,412

				287,893,171
COAL — 0.19%
CONSOL Energy Inc.
5.88%, 04/15/22 (Call 04/15/17)^b		31,410		20,495,025
8.00%, 04/01/23 (Call 04/01/18)		8,500		5,657,812
Murray Energy Corp.
11.25%, 04/15/21 (Call 04/15/18)^a,b		20,000		2,300,000
Peabody Energy Corp.
6.00%, 11/15/18		21,240		557,550
6.25%, 11/15/21		21,528		565,110
6.50%, 09/15/20		9,145		148,606
10.00%, 03/15/22 (Call 03/15/18)^a,b		14,055		456,788

				30,180,891
COMMERCIAL SERVICES — 3.14%
ADT Corp. (The)
2.25%, 07/15/17^b		8,573		8,603,364
3.50%, 07/15/22^b		22,306		18,858,902
4.13%, 04/15/19^b		10,325		10,905,781
4.13%, 06/15/23^b		12,825		10,822,989
6.25%, 10/15/21^b		18,260		17,820,664
APX Group Inc.
6.38%, 12/01/19 (Call 03/31/16)^b		21,150		20,304,000
8.75%, 12/01/20 (Call 03/31/16)^b		17,291		14,003,981


Security	Principal (000s)		Value
Ashtead Capital Inc.
5.63%, 10/01/24 (Call 10/01/19)^a,b	$	10,535	$	10,366,733
6.50%, 07/15/22 (Call 07/15/17)^a,b		16,430		16,881,825
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.13%, 06/01/22 (Call 06/01/17)^a,b		9,089		8,498,215
5.50%, 04/01/23 (Call 04/01/18)^b		14,500		13,703,675
Global A&T Electronics Ltd.
10.00%, 02/01/19 (Call 03/31/16)^a		19,950		14,064,750
Harland Clarke Holdings Corp.
9.25%, 03/01/21 (Call 03/01/17)^a		13,956		9,131,211
Hertz Corp. (The)
5.88%, 10/15/20 (Call 03/31/16)^b		14,479		14,136,954
6.25%, 10/15/22 (Call 10/15/17)^b		9,400		8,941,750
6.75%, 04/15/19 (Call 03/31/16)^b		24,690		24,655,604
7.38%, 01/15/21 (Call 03/31/16)^b		9,898		9,850,198
7.50%, 10/15/18 (Call 03/31/16)^b		14,500		14,610,265
Iron Mountain Inc.
5.75%, 08/15/24 (Call 08/15/17)^b		20,159		20,335,391
6.00%, 08/15/23 (Call 08/15/18)^b		11,215		11,915,938
Jaguar Holding Co. II/Pharmaceutical Product Development LLC
6.38%, 08/01/23 (Call 08/01/18)^a,b		22,669		22,954,543
Laureate Education Inc.
9.25%, 09/01/19 (Call 03/31/16)^a,b		21,800		10,682,000
Leidos Holdings Inc.
4.45%, 12/01/20 (Call 09/01/20)^b		7,200		6,988,143


SCHEDULESOF INVESTMENTS			91

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
RR Donnelley & Sons Co.
6.00%, 04/01/24	$	8,450	$	6,253,000
7.00%, 02/15/22		7,350		6,192,375
7.88%, 03/15/21^b		8,025		7,483,313
Service Corp. International/U.S.
5.38%, 01/15/22 (Call 07/15/17)		7,750		8,098,750
5.38%, 05/15/24 (Call 05/15/19)^b		16,620		17,679,525
United Rentals North America Inc.
4.63%, 07/15/23 (Call 07/15/18)^b		20,945		20,945,000
5.50%, 07/15/25 (Call 07/15/20)^b		17,920		17,059,840
5.75%, 11/15/24 (Call 05/15/19)^b		17,677		17,235,075
6.13%, 06/15/23 (Call 12/15/17)^b		20,014		20,524,557
7.38%, 05/15/20 (Call 05/15/16)^b		14,454		15,158,633
7.63%, 04/15/22 (Call 04/15/17)^b		26,295		27,954,740
8.25%, 02/01/21 (Call 03/31/16)^b		4,156		4,363,800

				487,985,484
COMPUTERS — 0.46%
Dell Inc.
4.63%, 04/01/21^b		7,660		7,066,350
5.65%, 04/15/18		7,209		7,461,315
5.88%, 06/15/19^b		14,850		15,295,500
NCR Corp.
4.63%, 02/15/21 (Call 02/15/17)^b		9,979		9,504,997
5.00%, 07/15/22 (Call 07/15/17)^b		10,914		10,341,015
5.88%, 12/15/21 (Call 12/15/17)^b		7,475		7,344,188
6.38%, 12/15/23 (Call 12/15/18)^b		15,295		14,989,100

				72,002,465


Security	Principal (000s)		Value
COSMETICS & PERSONAL CARE — 0.07%
Avon Products Inc.
6.35%, 03/15/20^b	$	8,850	$	6,383,062
6.75%, 03/15/23		7,168		4,296,432

				10,679,494
DISTRIBUTION & WHOLESALE — 0.48%
HD Supply Inc.
5.25%, 12/15/21 (Call 12/15/17)^a,b		23,515		24,631,963
7.50%, 07/15/20 (Call 10/15/16)^b		26,982		28,380,250
11.50%, 07/15/20 (Call 10/15/16)		19,895		21,983,975

				74,996,188
DIVERSIFIED FINANCIAL SERVICES — 6.68%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust
2.75%, 05/15/17^b		9,000		8,935,785
3.75%, 05/15/19^b		24,800		24,800,000
4.25%, 07/01/20^b		9,600		9,624,000
4.50%, 05/15/21^b		20,820		20,976,150
4.63%, 10/30/20^b		20,640		20,975,400
4.63%, 07/01/22^b		10,455		10,481,138
5.00%, 10/01/21^b		16,660		17,097,325
Aircastle Ltd.
4.63%, 12/15/18^b		8,200		8,284,608
5.13%, 03/15/21^b		11,300		11,328,250
5.50%, 02/15/22^b		11,262		11,219,768
6.25%, 12/01/19^b		10,000		10,565,333
6.75%, 04/15/17^b		7,900		8,207,536
Ally Financial Inc.
3.25%, 02/13/18^b		12,360		12,242,580
3.25%, 11/05/18		17,150		16,849,875
3.50%, 01/27/19^b		14,800		14,590,333
3.60%, 05/21/18^b		21,100		20,994,500
3.75%, 11/18/19^b		15,750		15,572,812
4.13%, 03/30/20^b		13,490		13,464,774
4.13%, 02/13/22^b		12,495		12,474,290
4.63%, 05/19/22^b		8,000		7,980,000
4.63%, 03/30/25^b		9,100		8,825,895
4.75%, 09/10/18		17,375		17,700,781
5.13%, 09/30/24^b		15,425		15,502,125
5.50%, 02/15/17^b		11,017		11,223,569


92		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
5.75%, 11/20/25 (Call 10/20/25)^b	$	15,575	$	15,110,687
6.25%, 12/01/17		18,060		18,827,550
7.50%, 09/15/20		10,100		11,185,750
8.00%, 12/31/18		8,975		9,749,094
8.00%, 03/15/20^b		19,110		21,289,585
E*TRADE Financial Corp.
5.38%, 11/15/22 (Call 11/15/17)		1,380		1,434,358
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
3.50%, 03/15/17 (Call 02/15/17)^b		25,405		25,341,487
4.88%, 03/15/19 (Call 07/15/16)		25,775		23,938,531
5.88%, 02/01/22 (Call 08/01/17)^b		28,490		24,857,525
6.00%, 08/01/20 (Call 02/01/17)^b		33,875		32,094,865
International Lease Finance Corp.
3.88%, 04/15/18^b		14,465		14,463,112
4.63%, 04/15/21		8,800		8,864,849
5.88%, 04/01/19^b		15,350		16,229,678
5.88%, 08/15/22^b		14,825		15,583,797
6.25%, 05/15/19		26,158		28,054,455
8.25%, 12/15/20^b		20,517		23,732,055
8.63%, 01/15/22^b		13,321		15,647,728
8.75%, 03/15/17		20,899		22,056,387
8.88%, 09/01/17^b		9,390		10,114,485
Jefferies Finance LLC/JFIN Co-Issuer Corp.
6.88%, 04/15/22 (Call 04/15/17)^a		7,520		5,282,800
7.38%, 04/01/20 (Call 04/01/16)^a,b		11,500		8,826,250
7.50%, 04/15/21 (Call 10/15/17)^a,b		8,550		6,398,222
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 08/01/18 (Call 03/31/16)^b		8,800		8,536,000
6.50%, 07/01/21 (Call 01/01/17)^b		12,950		11,428,375


Security	Principal (000s)		Value
7.88%, 10/01/20 (Call 10/01/16)^b	$	7,200	$	6,786,000
Navient Corp.
4.63%, 09/25/17^b		7,921		7,936,842
4.88%, 06/17/19^b		20,010		19,169,580
5.00%, 10/26/20^b		8,862		7,754,250
5.50%, 01/15/19^b		28,200		27,918,000
5.50%, 01/25/23^b		19,915		16,230,725
5.88%, 03/25/21^b		12,725		11,166,188
5.88%, 10/25/24^b		10,800		8,748,000
6.00%, 01/25/17		1,146		1,160,325
6.13%, 03/25/24^b		19,291		16,011,530
7.25%, 01/25/22		13,279		11,917,903
8.00%, 03/25/20^b		30,810		30,347,850
8.45%, 06/15/18^b		51,588		54,941,220
OneMain Financial Holdings Inc.
6.75%, 12/15/19 (Call 12/15/16)^a		12,674		11,976,930
7.25%, 12/15/21 (Call 12/15/17)^a,b		16,602		15,529,788
Quicken Loans Inc.
5.75%, 05/01/25 (Call 05/01/20)^a,b		27,110		25,899,538
Springleaf Finance Corp.
5.25%, 12/15/19^b		14,650		12,875,885
6.90%, 12/15/17		32,351		31,779,704
7.75%, 10/01/21^b		13,100		11,429,750

				1,038,544,460
ELECTRIC — 3.52%
AES Corp./VA
4.88%, 05/15/23 (Call 05/15/18)^b		13,780		12,358,938
5.50%, 03/15/24 (Call 03/15/19)^b		13,950		12,721,521
5.50%, 04/15/25 (Call 04/15/20)^b		11,809		10,657,623
7.38%, 07/01/21 (Call 06/01/21)^b		19,500		20,377,500
8.00%, 06/01/20^b		9,065		9,949,109
Calpine Corp.
5.38%, 01/15/23 (Call 10/15/18)^b		26,739		24,820,161


SCHEDULESOF INVESTMENTS			93

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
5.50%, 02/01/24 (Call 02/01/19)	$	11,247	$	10,055,443
5.75%, 01/15/25 (Call 10/15/19)^b		32,910		29,701,275
5.88%, 01/15/24 (Call 11/01/18)^a		11,450		11,631,769
6.00%, 01/15/22 (Call 11/01/16)^a		13,516		13,804,750
7.88%, 01/15/23 (Call 01/15/17)^a,b		10,833		11,449,648
DPL Inc.
6.50%, 10/15/16 (Call 09/15/16)^b		589		596,363
7.25%, 10/15/21 (Call 07/15/21)		15,437		15,111,721
Dynegy Inc.
5.88%, 06/01/23 (Call 06/01/18)		9,300		7,137,750
6.75%, 11/01/19 (Call 05/01/17)^b		44,865		41,948,775
7.38%, 11/01/22 (Call 11/01/18)^b		35,735		29,711,276
7.63%, 11/01/24 (Call 11/01/19)^b		24,770		20,497,175
Enel SpA
8.75%, 09/24/73 (Call 09/24/23)^a,c		23,507		25,510,384
FirstEnergy Corp.
Series A
2.75%, 03/15/18 (Call 02/15/18)^b		9,400		9,430,906
Series B
4.25%, 03/15/23 (Call 12/15/22)^b		15,350		15,657,207
FirstEnergy Transmission LLC
4.35%, 01/15/25 (Call 10/15/24)^a		9,100		9,494,042
GenOn Energy Inc.
7.88%, 06/15/17^b		14,923		12,432,724
9.50%, 10/15/18		14,280		9,246,300
9.88%, 10/15/20 (Call 03/31/16)		9,450		5,481,000


Security	Principal (000s)		Value
IPALCO Enterprises Inc.
3.45%, 07/15/20 (Call 06/15/20)^b	$	3,525	$	3,508,431
5.00%, 05/01/18 (Call 04/01/18)^b		6,250		6,511,993
NRG Energy Inc.
6.25%, 07/15/22 (Call 07/15/18)		21,604		18,255,380
6.25%, 05/01/24 (Call 05/01/19)^b		19,750		16,441,875
6.63%, 03/15/23 (Call 09/15/17)^b		20,065		17,005,088
7.63%, 01/15/18^b		21,480		22,258,650
7.88%, 05/15/21 (Call 05/15/16)^b		25,468		23,712,745
8.25%, 09/01/20 (Call 03/31/16)^b		23,650		22,851,812
Talen Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)^b		15,445		10,155,088
4.63%, 07/15/19 (Call 07/15/16)^a		26,375		21,231,875
6.50%, 05/01/18^b		9,350		8,745,641
6.50%, 06/01/25 (Call 06/01/20)^b		10,285		7,096,650

				547,558,588
ELECTRICAL COMPONENTS & EQUIPMENT — 0.20%
Anixter Inc.
5.13%, 10/01/21^b		7,645		7,506,778
Edgewell Personal Care Co.
4.70%, 05/19/21^b		11,650		12,086,875
4.70%, 05/24/22		11,825		11,943,250

				31,536,903
ENERGY – ALTERNATE SOURCES — 0.09%
TerraForm Power Operating LLC
5.88%, 02/01/23 (Call 02/01/18)^a,b		18,660		13,995,000

				13,995,000
ENGINEERING & CONSTRUCTION — 0.31%
AECOM
5.75%, 10/15/22 (Call 10/15/17)^b		17,840		17,947,040


94		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
5.88%, 10/15/24 (Call 07/15/24)^b	$	14,824	$	14,712,820
SBA Communications Corp.
4.88%, 07/15/22 (Call 07/15/17)^b		14,692		14,949,110

				47,608,970
ENTERTAINMENT — 1.59%
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/18)^b		10,250		10,250,000
5.13%, 12/15/22 (Call 12/15/17)^b		7,700		7,826,729
GLP Capital LP/GLP Financing II Inc.
4.38%, 11/01/18 (Call 08/01/18)^b		10,500		10,578,750
4.88%, 11/01/20 (Call 08/01/20)^b		20,780		21,052,634
5.38%, 11/01/23 (Call 08/01/23)		9,200		9,062,000
International Game Technology
7.50%, 06/15/19^b		9,300		9,834,750
International Game Technology PLC
5.63%, 02/15/20 (Call 11/15/19)^a,b		12,380		12,287,150
6.25%, 02/15/22 (Call 08/15/21)^a,b		30,225		28,562,625
6.50%, 02/15/25 (Call 08/15/24)^a		22,840		20,327,600
Pinnacle Entertainment Inc.
6.38%, 08/01/21 (Call 08/01/16)^b		12,940		13,732,575
7.50%, 04/15/21 (Call 03/31/16)		15,805		16,476,712
Regal Entertainment Group
5.75%, 03/15/22 (Call 03/15/17)^b		16,950		17,214,844
Scientific Games International Inc.
7.00%, 01/01/22 (Call 01/01/18)^a,b		19,160		18,647,104
10.00%, 12/01/22 (Call 12/01/18)^b		44,325		34,628,906


Security	Principal (000s)		Value
WMG Acquisition Corp.
6.00%, 01/15/21 (Call 03/31/16)^a,b	$	6,889	$	6,963,631
6.75%, 04/15/22 (Call 04/15/17)^a,b		10,100		9,430,875

				246,876,885
ENVIRONMENTAL CONTROL — 0.36%
Clean Harbors Inc.
5.13%, 06/01/21 (Call 12/01/16)		10,175		10,111,406
5.25%, 08/01/20 (Call 08/01/16)^b		17,229		17,530,163
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/19)^b		8,550		7,353,000
6.38%, 10/01/22 (Call 04/01/17)^b		7,225		6,692,326
7.25%, 12/01/20 (Call 03/31/16)		8,168		8,082,917
Tervita Corp.
8.00%, 11/15/18 (Call 03/31/16)^a		9,350		5,834,400

				55,604,212
FOOD — 1.16%
Albertson’s Holdings LLC/Safeway Inc.
7.75%, 10/15/22 (Call 10/15/17)^a		14,025		14,621,063
Aramark Services Inc.
5.75%, 03/15/20 (Call 03/31/16)^b		15,200		15,690,200
Post Holdings Inc.
6.00%, 12/15/22 (Call 06/15/18)^a		12,700		13,160,375
6.75%, 12/01/21 (Call 12/01/17)^a		17,025		18,072,037
7.38%, 02/15/22 (Call 02/15/17)^b		28,360		29,986,162
7.75%, 03/15/24 (Call 09/15/18)^a,b		18,350		19,955,625
8.00%, 07/15/25 (Call 07/15/20)^a,b		7,620		8,388,325


SCHEDULESOF INVESTMENTS			95

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Smithfield Foods Inc.
5.25%, 08/01/18 (Call 03/31/16)^a,b	$	7,425	$	7,548,750
6.63%, 08/15/22 (Call 08/15/17)		18,119		19,206,140
7.75%, 07/01/17^b		7,329		7,738,966
TreeHouse Foods Inc.
4.88%, 03/15/22 (Call 03/15/17)		4,580		4,724,165
6.00%, 02/15/24 (Call 02/15/19)^a		16,805		17,687,263
U.S. Foods Inc.
8.50%, 06/30/19 (Call 03/31/16)		2,700		2,755,620

				179,534,691
FOOD SERVICE — 0.05%
Aramark Services Inc.
5.13%, 01/15/24 (Call 01/15/19)^a,b		7,845		8,207,831

				8,207,831
GAS — 0.12%
NGL Energy Partners LP/NGL Energy Finance Corp.
5.13%, 07/15/19 (Call 06/15/19)^b		10,750		6,315,625
6.88%, 10/15/21 (Call 10/15/16)		8,450		4,918,604
Sabine Pass LNG LP
6.50%, 11/01/20 (Call 11/01/16)^b		6,550		6,908,285
7.50%, 11/30/16^b		100		104,125

				18,246,639
HEALTH CARE – PRODUCTS — 1.42%
Alere Inc.
6.38%, 07/01/23 (Call 07/01/18)^a,b		7,645		8,390,387
6.50%, 06/15/20 (Call 06/15/16)		8,275		8,582,209
7.25%, 07/01/18 (Call 03/31/16)^b		8,100		8,488,125
ConvaTec Healthcare E SA
10.50%, 12/15/18 (Call 03/31/16)^a,b		13,647		13,902,681


Security	Principal (000s)		Value
Crimson Merger Sub Inc.
6.63%, 05/15/22 (Call 05/15/17)^a	$	26,040	$	18,748,800
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp.
8.13%, 06/15/21 (Call 06/15/18)^a,b		21,365		17,839,775
Hologic Inc.
5.25%, 07/15/22 (Call 07/15/18)^a,b		21,518		22,561,623
Kinetic Concepts Inc./KCI USA Inc.
7.88%, 02/15/21 (Call 02/15/18)^a		8,350		8,600,500
10.50%, 11/01/18 (Call 03/31/16)^b		36,020		33,273,475
12.50%, 11/01/19 (Call 03/31/16)		12,090		9,339,525
Mallinckrodt International Finance SA
4.75%, 04/15/23^b		11,850		10,457,625
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
4.88%, 04/15/20 (Call 04/15/17)^a,b		14,595		14,382,157
5.50%, 04/15/25 (Call 04/15/20)^a,b		12,730		11,998,025
5.63%, 10/15/23 (Call 10/15/18)^a,b		16,440		16,111,200
5.75%, 08/01/22 (Call 08/01/17)^a,b		18,700		18,513,000

				221,189,107
HEALTH CARE – SERVICES — 7.64%
Acadia Healthcare Co. Inc.
5.63%, 02/15/23 (Call 02/15/18)^b		12,674		12,856,189
Amsurg Corp.
5.63%, 07/15/22 (Call 07/15/17)^b		22,398		23,235,237
Centene Corp.
4.75%, 05/15/22 (Call 05/15/19)		300		303,189


96		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Centene Escrow Corp.
5.63%, 02/15/21 (Call 02/15/18)^a	$	12,902	$	13,523,231
6.13%, 02/15/24 (Call 02/15/19)^a		17,900		18,951,625
CHS/Community Health Systems Inc.
5.13%, 08/15/18 (Call 03/31/16)^b		32,960		33,124,800
5.13%, 08/01/21 (Call 02/01/17)		22,779		22,864,421
6.88%, 02/01/22 (Call 02/01/18)^b		58,950		50,896,251
7.13%, 07/15/20 (Call 07/15/16)^b		23,940		21,725,550
8.00%, 11/15/19 (Call 03/31/16)^b		42,061		39,852,798
DaVita HealthCare Partners Inc.
5.00%, 05/01/25 (Call 05/01/20)^b		31,797		31,826,412
5.13%, 07/15/24 (Call 07/15/19)^b		34,420		34,934,262
5.75%, 08/15/22 (Call 08/15/17)^b		24,750		26,026,011
Fresenius Medical Care U.S. Finance II Inc.
4.13%, 10/15/20 (Call 07/17/20)^a		12,050		12,291,000
4.75%, 10/15/24 (Call 07/17/24)^a,b		11,790		11,960,955
5.63%, 07/31/19^a,b		13,825		15,034,688
5.88%, 01/31/22^a,b		12,424		13,571,853
6.50%, 09/15/18^a,b		6,241		6,864,448
Fresenius Medical Care U.S. Finance Inc.
5.75%, 02/15/21^a,b		11,000		11,903,038
6.88%, 07/15/17^b		6,750		7,170,669
HCA Holdings Inc.
6.25%, 02/15/21^b		20,185		21,438,022
HCA Inc.
3.75%, 03/15/19		32,495		33,101,032
4.25%, 10/15/19^b		10,700		10,980,064
4.75%, 05/01/23		24,365		24,701,237


Security	Principal (000s)		Value
5.00%, 03/15/24^b	$	41,718	$	42,708,803
5.25%, 04/15/25^b		28,005		28,740,131
5.38%, 02/01/25^b		53,680		54,351,000
5.88%, 03/15/22^b		26,825		28,870,406
5.88%, 05/01/23^b		25,650		26,941,408
5.88%, 02/15/26 (Call 08/15/25)^b		29,449		30,247,033
6.50%, 02/15/20^b		59,257		65,638,979
7.50%, 02/15/22^b		39,116		44,201,080
8.00%, 10/01/18^b		8,600		9,669,668
HealthSouth Corp.
5.75%, 11/01/24 (Call 11/01/17)^b		16,965		17,134,650
Kindred Healthcare Inc.
6.38%, 04/15/22 (Call 04/15/17)^b		11,675		9,412,969
8.00%, 01/15/20^b		16,300		15,077,500
8.75%, 01/15/23 (Call 01/15/18)^b		11,540		10,357,150
LifePoint Health Inc.
5.50%, 12/01/21 (Call 12/01/16)^b		22,500		23,283,254
5.88%, 12/01/23 (Call 12/01/18)^b		9,195		9,588,666
6.63%, 10/01/20 (Call 03/31/16)^b		6,100		6,317,455
MPH Acquisition Holdings LLC
6.63%, 04/01/22 (Call 04/01/17)^a,b		23,631		23,808,233
Tenet Healthcare Corp.
4.38%, 10/01/21^b		21,270		20,977,538
4.50%, 04/01/21^b		18,130		18,021,220
4.75%, 06/01/20		9,249		9,399,296
5.00%, 03/01/19^b		23,739		22,670,745
5.50%, 03/01/19^b		8,900		8,588,500
6.00%, 10/01/20		34,594		36,669,640
6.25%, 11/01/18		19,310		20,351,286
6.75%, 06/15/23^b		38,020		34,455,625
8.00%, 08/01/20 (Call 03/31/16)^b		17,010		17,193,443
8.13%, 04/01/22^b		55,069		54,070,599

				1,187,883,259


SCHEDULESOF INVESTMENTS			97

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
HOLDING COMPANIES – DIVERSIFIED — 0.59%
Argos Merger Sub Inc.
7.13%, 03/15/23 (Call 03/15/18)^a,b	$	38,515	$	39,477,875
HRG Group Inc.
7.75%, 01/15/22 (Call 01/15/17)		14,074		13,194,375
7.88%, 07/15/19 (Call 03/31/16)		11,480		11,967,900
Leucadia National Corp.
5.50%, 10/18/23 (Call 01/18/23)		14,200		12,699,211
Nielsen Co. Luxembourg Sarl (The)
5.50%, 10/01/21 (Call 10/01/16)^a,b		13,715		14,180,738

				91,520,099
HOME BUILDERS — 1.31%
Brookfield Residential Properties Inc.
6.50%, 12/15/20 (Call 03/31/16)^a,b		13,225		12,034,750
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
6.13%, 07/01/22 (Call 07/01/17)^a		7,900		6,550,120
CalAtlantic Group Inc.
8.38%, 05/15/18		10,577		11,634,700
8.38%, 01/15/21^b		9,230		10,522,200
DR Horton Inc.
3.63%, 02/15/18 (Call 11/15/17)^b		6,700		6,841,035
3.75%, 03/01/19 (Call 12/01/18)^b		8,750		8,912,500
4.00%, 02/15/20^b		9,408		9,572,640
5.75%, 08/15/23 (Call 05/15/23)^b		7,700		8,108,100
K. Hovnanian Enterprises Inc.
7.25%, 10/15/20 (Call 03/31/16)^a,b		12,350		9,694,750


Security	Principal (000s)		Value
KB Home
4.75%, 05/15/19 (Call 02/15/19)^b	$	7,374	$	7,072,571
7.00%, 12/15/21 (Call 09/15/21)^b		9,463		9,020,388
Lennar Corp.
4.50%, 06/15/19 (Call 04/16/19)^b		9,550		9,828,860
4.50%, 11/15/19 (Call 08/15/19)^b		12,265		12,571,625
4.75%, 04/01/21		9,050		9,095,250
4.75%, 11/15/22 (Call 08/15/22)^b		13,920		13,920,000
4.75%, 05/30/25 (Call 02/28/25)^b		9,175		8,899,750
4.88%, 12/15/23 (Call 09/15/23)^b		6,880		6,708,000
12.25%, 06/01/17		5,325		5,899,784
PulteGroup Inc.
5.50%, 03/01/26 (Call 12/01/25)		3,475		3,514,094
Taylor Morrison Communities Inc./Monarch Communities Inc.
5.25%, 04/15/21 (Call 04/15/16)^a,b		10,150		9,477,562
Toll Brothers Finance Corp.
4.38%, 04/15/23 (Call 01/15/23)^b		9,850		9,449,035
5.88%, 02/15/22 (Call 11/15/21)		7,391		7,713,287
8.91%, 10/15/17^b		5,800		6,366,145

				203,407,146
HOUSEHOLD PRODUCTS & WARES — 1.43%
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
5.75%, 10/15/20 (Call 03/31/16)^b		67,145		68,991,487
6.88%, 02/15/21 (Call 03/31/16)^b		21,700		22,486,625
7.88%, 08/15/19 (Call 03/31/16)		12,770		13,312,725


98		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
8.25%, 02/15/21 (Call 03/31/16)	$	20,755	$	20,443,675
8.50%, 05/15/18 (Call 03/31/16)^b		13,460		13,406,665
9.00%, 04/15/19 (Call 03/31/16)^b		13,000		13,070,417
9.88%, 08/15/19 (Call 03/31/16)^b		25,161		25,915,830
Spectrum Brands Inc.
5.75%, 07/15/25 (Call 07/15/20)^b		20,413		21,510,199
6.38%, 11/15/20 (Call 11/15/16)^b		9,660		10,205,404
6.63%, 11/15/22 (Call 11/15/17)^b		11,560		12,441,450

				221,784,477
INSURANCE — 0.50%
Genworth Holdings Inc.
4.80%, 02/15/24		5,500		3,114,375
4.90%, 08/15/23		6,275		3,603,643
6.15%, 11/15/66 (Call 11/15/16)^c		2,559		537,390
6.52%, 05/22/18		10,252		9,149,910
7.20%, 02/15/21		6,950		4,608,684
7.63%, 09/24/21		16,075		10,609,500
7.70%, 06/15/20^b		8,600		6,073,750
HUB International Ltd.
7.88%, 10/01/21 (Call 10/01/16)^a,b		25,705		23,134,500
Voya Financial Inc.
5.65%, 05/15/53 (Call 05/15/23)^b,c		17,925		16,646,947

				77,478,699
INTERNET — 1.10%
Equinix Inc.
4.88%, 04/01/20 (Call 04/01/17)		7,500		7,781,250
5.38%, 01/01/22 (Call 01/01/18)^b		15,300		16,026,750
5.38%, 04/01/23 (Call 04/01/18)^b		19,735		21,116,450
5.75%, 01/01/25 (Call 01/01/20)^b		9,330		9,656,550


Security	Principal (000s)		Value
IAC/InterActiveCorp
4.75%, 12/15/22 (Call 12/15/17)	$	9,950	$	8,656,500
Netflix Inc.
5.38%, 02/01/21^b		13,500		14,478,750
5.50%, 02/15/22^b		14,200		14,927,750
5.75%, 03/01/24^b		8,475		8,888,156
5.88%, 02/15/25^b		15,295		16,040,631
VeriSign Inc.
4.63%, 05/01/23 (Call 05/01/18)^b		13,184		13,085,120
5.25%, 04/01/25 (Call 01/01/25)		10,949		10,784,765
Zayo Group LLC/Zayo Capital Inc.
6.00%, 04/01/23 (Call 04/01/18)^b		28,200		28,115,400
10.13%, 07/01/20 (Call 07/01/16)		1,702		1,825,395

				171,383,467
IRON & STEEL — 1.63%
AK Steel Corp.
7.63%, 05/15/20 (Call 03/31/16)^b		10,875		6,579,375
7.63%, 10/01/21 (Call 10/01/17)^b		7,400		3,845,632
Allegheny Technologies Inc.
5.95%, 01/15/21 (Call 10/15/20)^b		7,655		5,588,915
7.63%, 08/15/23 (Call 05/15/23)^b		9,050		6,448,125
ArcelorMittal
5.13%, 06/01/20^b		10,190		9,094,575
5.50%, 02/25/17		2,001		2,016,007
6.13%, 06/01/18^b		28,326		28,001,951
6.13%, 06/01/25^b		9,045		7,326,450
6.25%, 08/05/20^b		19,728		17,779,860
6.50%, 03/01/21^b		29,535		26,581,500
7.25%, 02/25/22^b		24,925		22,370,187
10.85%, 06/01/19		31,396		33,282,900
Cliffs Natural Resources Inc.
4.88%, 04/01/21 (Call 01/01/21)^b		2,425		279,384


SCHEDULESOF INVESTMENTS			99

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
7.75%, 03/31/20 (Call 03/31/17)^a,b	$	8,897	$	1,334,481
8.25%, 03/31/20 (Call 03/31/18)^a,b		9,955		7,441,362
Commercial Metals Co.
6.50%, 07/15/17		6,928		7,202,955
7.35%, 08/15/18		7,250		7,504,710
Steel Dynamics Inc.
5.13%, 10/01/21 (Call 10/01/17)^b		13,636		13,269,977
5.25%, 04/15/23 (Call 04/15/18)		6,875		6,505,469
5.50%, 10/01/24 (Call 10/01/19)^b		9,300		8,841,231
6.13%, 08/15/19 (Call 08/15/16)		7,400		7,533,200
U.S. Steel Corp.
6.05%, 06/01/17		7,184		6,462,369
7.00%, 02/01/18^b		9,250		7,307,500
7.38%, 04/01/20^b		10,900		6,867,000
7.50%, 03/15/22 (Call 03/15/17)^b		7,175		3,960,600

				253,425,715
LEISURE TIME — 0.33%
NCL Corp. Ltd.
4.63%, 11/15/20 (Call 11/15/17)^a,b		11,150		10,871,250
5.25%, 11/15/19 (Call 11/15/16)^a		15,800		15,928,375
Royal Caribbean Cruises Ltd.
5.25%, 11/15/22^b		14,819		15,096,856
Sabre GLBL Inc.
5.25%, 11/15/23 (Call 11/15/18)^a,b		9,335		9,475,025

				51,371,506
LODGING — 1.99%
Boyd Gaming Corp.
6.88%, 05/15/23 (Call 05/15/18)^b		15,735		16,177,547


Security	Principal (000s)		Value
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties
8.00%, 10/01/20 (Call 10/01/16)^b	$	19,550	$	19,061,250
11.00%, 10/01/21 (Call 10/01/16)^b		23,685		20,724,375
Felcor Lodging LP
5.63%, 03/01/23 (Call 03/01/18)		9,800		9,975,199
6.00%, 06/01/25 (Call 06/01/20)^b		8,990		9,227,111
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
5.63%, 10/15/21 (Call 10/15/16)^b		30,354		31,492,275
MGM Resorts International
5.25%, 03/31/20^b		10,700		10,914,000
6.00%, 03/15/23^b		25,685		26,327,125
6.63%, 12/15/21^b		25,400		26,975,488
6.75%, 10/01/20^b		22,160		23,678,463
7.63%, 01/15/17^b		950		989,188
7.75%, 03/15/22^b		21,150		23,060,056
8.63%, 02/01/19^b		17,312		19,624,018
11.38%, 03/01/18^b		7,570		8,729,573
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)^a,b		10,700		9,890,866
5.38%, 03/15/22 (Call 03/15/17)^b		18,650		18,650,000
5.50%, 03/01/25 (Call 12/01/24)^a,b		35,562		33,961,710

				309,458,244
MACHINERY — 0.84%
BlueLine Rental Finance Corp.
7.00%, 02/01/19 (Call 03/31/16)^a,b		16,975		12,434,188
Case New Holland Industrial Inc.
7.88%, 12/01/17^b		29,075		31,146,594


100		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
CNH Industrial Capital LLC
3.25%, 02/01/17^b	$	3,650	$	3,665,987
3.38%, 07/15/19^b		9,000		8,466,300
3.63%, 04/15/18^b		11,400		11,296,260
3.88%, 07/16/18^b		12,775		12,533,233
4.38%, 11/06/20^b		12,115		11,537,341
6.25%, 11/01/16		845		863,484
Terex Corp.
6.00%, 05/15/21 (Call 11/15/16)^b		17,500		16,493,750
Zebra Technologies Corp.
7.25%, 10/15/22 (Call 10/15/17)^b		21,320		22,332,700

				130,769,837
MANUFACTURING — 0.84%
Bombardier Inc.
4.75%, 04/15/19^a		11,380		9,037,617
5.50%, 09/15/18^a		15,800		14,417,500
5.75%, 03/15/22^a,b		8,700		6,052,714
6.00%, 10/15/22 (Call 04/15/17)^a,b		25,103		17,752,842
6.13%, 01/15/23^a		26,076		18,253,200
7.50%, 03/15/18^a		13,200		12,606,000
7.50%, 03/15/25 (Call 03/15/20)^a,b		31,930		22,322,416
7.75%, 03/15/20^a		16,620		13,296,000
Gates Global LLC/Gates Global Co.
6.00%, 07/15/22 (Call 07/15/17)^a,b		23,760		17,463,600

				131,201,889
MEDIA — 10.52%
Altice U.S. Finance I Corp.
5.38%, 07/15/23 (Call 07/15/18)^a		22,650		22,933,125
AMC Networks Inc.
4.75%, 12/15/22 (Call 12/15/17)^b		10,375		10,530,625
7.75%, 07/15/21 (Call 07/15/16)		11,724		12,406,923
Cablevision Systems Corp.
5.88%, 09/15/22		15,150		12,006,375
7.75%, 04/15/18^b		15,570		15,959,250


Security	Principal (000s)		Value
8.00%, 04/15/20^b	$	9,400	$	8,883,000
8.63%, 09/15/17^b		18,220		19,381,525
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 02/15/23 (Call 02/15/18)^b		20,145		20,094,638
5.13%, 05/01/23 (Call 05/01/18)^a		24,125		23,748,047
5.25%, 03/15/21 (Call 03/31/16)^b		10,650		11,036,063
5.25%, 09/30/22 (Call 09/30/17)^b		25,476		25,762,605
5.38%, 05/01/25 (Call 05/01/20)^a,b		16,515		16,515,000
5.75%, 09/01/23 (Call 03/01/18)^b		9,050		9,215,163
5.75%, 01/15/24 (Call 07/15/18)^b		18,792		19,130,444
5.88%, 04/01/24 (Call 04/01/19)^a,b		23,075		23,594,187
5.88%, 05/01/27 (Call 05/01/21)^a,b		18,100		18,100,000
6.50%, 04/30/21 (Call 03/31/16)		34,186		35,553,440
6.63%, 01/31/22 (Call 01/31/17)		15,889		16,691,553
7.00%, 01/15/19 (Call 03/31/16)		7,511		7,673,989
7.38%, 06/01/20 (Call 03/31/16)^b		12,020		12,500,800
CCOH Safari LLC
5.75%, 02/15/26 (Call 02/15/21)^a,b		52,410		52,547,838
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%, 12/15/21 (Call 06/15/16)^a,b		24,700		22,415,760
6.38%, 09/15/20 (Call 03/31/16)^a,b		31,057		30,435,860
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 11/15/17)		12,870		11,711,700


SCHEDULESOF INVESTMENTS			101

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
6.50%, 11/15/22 (Call 11/15/17)^b	$	40,231	$	39,024,070
Series A
7.63%, 03/15/20 (Call 03/31/16)^b		500		406,875
Series B
7.63%, 03/15/20 (Call 03/31/16)^b		37,180		32,439,550
CSC Holdings LLC
5.25%, 06/01/24^b		15,700		13,462,750
6.75%, 11/15/21^b		20,445		20,659,673
8.63%, 02/15/19		10,314		11,087,550
DISH DBS Corp.
4.25%, 04/01/18		24,346		24,568,522
4.63%, 07/15/17^b		15,550		15,899,875
5.00%, 03/15/23^b		30,325		26,790,266
5.13%, 05/01/20^b		22,462		22,181,225
5.88%, 07/15/22		42,295		40,656,069
5.88%, 11/15/24^b		39,054		35,154,380
6.75%, 06/01/21^b		41,885		42,566,993
7.88%, 09/01/19^b		29,206		31,637,107
iHeartCommunications Inc.
9.00%, 12/15/19 (Call 03/31/16)^b		31,850		22,613,500
9.00%, 03/01/21 (Call 03/31/16)^b		34,350		23,400,937
9.00%, 09/15/22 (Call 09/15/17)^b		18,700		12,549,035
10.00%, 01/15/18 (Call 07/15/16)^b		12,200		3,886,171
10.63%, 03/15/23 (Call 03/15/18)^b		19,070		12,745,116
11.25%, 03/01/21 (Call 03/31/16)		11,425		7,740,438
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance
9.75%, 04/01/21 (Call 04/01/16)^b		14,609		15,887,288
Neptune Finco Corp.
6.63%, 10/15/25 (Call 10/15/20)^a,b		22,825		24,080,375
10.13%, 01/15/23 (Call 01/15/19)^a		35,080		37,754,850


Security	Principal (000s)		Value
10.88%, 10/15/25 (Call 10/15/20)^a,b	$	39,250	$	42,390,000
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 10/01/16)^b		15,350		15,707,288
5.00%, 04/15/22 (Call 04/15/17)^a,b		44,238		45,025,879
Numericable-SFR SA
4.88%, 05/15/19 (Call 05/15/16)^a,b		48,460		48,429,955
6.00%, 05/15/22 (Call 05/15/17)^a,b		84,642		83,795,580
6.25%, 05/15/24 (Call 05/15/19)^a,b		29,300		28,494,250
Quebecor Media Inc.
5.75%, 01/15/23^b		17,142		17,699,115
Sinclair Television Group Inc.
5.38%, 04/01/21 (Call 04/01/16)^b		10,950		11,020,025
5.63%, 08/01/24 (Call 08/01/19)^a,b		10,925		10,878,911
6.13%, 10/01/22 (Call 10/01/17)^b		9,955		10,218,005
Sirius XM Radio Inc.
4.25%, 05/15/20 (Call 05/15/16)^a,b		7,400		7,526,654
4.63%, 05/15/23 (Call 05/15/18)^a,b		10,932		10,651,868
5.38%, 04/15/25 (Call 04/15/20)^a		20,850		20,876,062
5.75%, 08/01/21 (Call 08/01/16)^a,b		13,125		13,626,063
5.88%, 10/01/20 (Call 10/01/16)^a,b		11,800		12,323,194
6.00%, 07/15/24 (Call 07/15/19)^a,b		29,250		30,895,312
TEGNA Inc.
5.13%, 10/15/19 (Call 10/15/16)^b		9,479		10,033,522
5.13%, 07/15/20 (Call 07/15/16)^b		9,300		9,708,053
6.38%, 10/15/23 (Call 10/15/18)^b		13,696		14,688,960


102		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Tribune Media Co.
5.88%, 07/15/22 (Call 07/15/18)^a,b	$	24,430	$	24,552,150
Unitymedia GmbH
6.13%, 01/15/25 (Call 01/15/20)^a,b		19,100		19,673,000
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.00%, 01/15/25 (Call 01/15/20)^a,b		13,460		13,401,045
5.50%, 01/15/23 (Call 01/15/18)^a,b		20,695		21,620,731
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/15/18)^a,b		23,230		23,055,775
5.13%, 02/15/25 (Call 02/15/20)^a,b		30,960		30,340,800
6.75%, 09/15/22 (Call 09/15/17)^a		24,103		25,564,244
8.50%, 05/15/21 (Call 03/31/16)^a,b		17,873		17,962,365
Videotron Ltd.
5.00%, 07/15/22		12,350		12,627,875
5.38%, 06/15/24 (Call 03/15/24)^a,b		10,100		10,258,298
WideOpenWest Finance LLC/WideOpenWest Capital Corp.
10.25%, 07/15/19 (Call 03/31/16)^b		17,375		15,876,406

				1,634,941,910
MINING — 1.76%
Alcoa Inc.
5.13%, 10/01/24 (Call 07/01/24)^b		24,440		22,087,650
5.40%, 04/15/21 (Call 01/15/21)^b		26,129		25,865,097
5.55%, 02/01/17^b		3,050		3,116,336
5.72%, 02/23/19^b		16,290		16,493,625
5.87%, 02/23/22^b		11,655		11,242,857
6.15%, 08/15/20^b		19,713		19,910,130
6.75%, 07/15/18^b		14,735		15,348,838
Aleris International Inc.
7.88%, 11/01/20 (Call 03/31/16)^b		1,010		780,162


Security	Principal (000s)		Value
FMG Resources August 2006 Pty Ltd.
6.88%, 04/01/22 (Call 04/01/17)^a,b	$	8,545	$	5,981,500
8.25%, 11/01/19 (Call 03/31/16)^a,b		13,293		11,830,770
9.75%, 03/01/22 (Call 03/01/18)^a,b		42,910		39,922,808
Lundin Mining Corp.
7.50%, 11/01/20 (Call 11/01/17)^a,b		12,210		10,866,900
7.88%, 11/01/22 (Call 11/01/18)^a		8,200		6,888,000
Novelis Inc.
8.38%, 12/15/17 (Call 03/31/16)^b		19,793		19,694,035
8.75%, 12/15/20 (Call 03/31/16)^b		28,398		26,361,083
Teck Resources Ltd.
2.50%, 02/01/18^b		9,200		7,876,810
3.00%, 03/01/19^b		9,250		7,053,125
3.75%, 02/01/23 (Call 11/01/22)		13,265		8,091,650
4.50%, 01/15/21 (Call 10/15/20)		7,875		4,925,813
4.75%, 01/15/22 (Call 10/15/21)		15,500		9,413,134

				273,750,323
OFFICE & BUSINESS EQUIPMENT — 0.24%
CDW LLC/CDW Finance Corp.
5.00%, 09/01/23 (Call 03/01/18)^b		10,535		10,785,207
5.50%, 12/01/24 (Call 06/01/24)^b		11,870		12,082,671
6.00%, 08/15/22 (Call 08/15/17)^b		13,070		13,800,933

				36,668,811
OIL & GAS — 4.96%
American Energy-Permian Basin LLC
13.00%, 11/30/20 (Call 11/30/18)^a,b		7,675		8,135,500


SCHEDULESOF INVESTMENTS			103

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
American Energy-Permian Basin LLC/AEPB Finance Corp.
7.13%, 11/01/20 (Call 01/31/17)^a,b	$	10,600	$	2,544,000
7.38%, 11/01/21 (Call 07/31/17)^a,b		9,155		2,197,200
Antero Resources Corp.
5.13%, 12/01/22 (Call 06/01/17)^b		24,232		20,657,780
5.38%, 11/01/21 (Call 11/01/16)^b		20,150		17,505,312
5.63%, 06/01/23 (Call 06/01/18)^a,b		14,850		12,625,915
6.00%, 12/01/20 (Call 03/31/16)^b		10,800		9,635,414
Berry Petroleum Co. LLC
6.38%, 09/15/22 (Call 03/15/17)		9,600		960,000
BreitBurn Energy Partners LP/BreitBurn Finance Corp.
7.88%, 04/15/22 (Call 01/15/17)		13,100		1,441,000
California Resources Corp.
5.00%, 01/15/20 (Call 12/15/19)		4,671		607,230
5.50%, 09/15/21 (Call 06/15/21)		11,052		1,436,760
6.00%, 11/15/24 (Call 08/15/24)		12,556		1,632,280
8.00%, 12/15/22 (Call 12/15/18)^a,b		40,028		10,007,000
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.50%, 04/15/21 (Call 04/15/17)^b		19,287		11,620,417
Carrizo Oil & Gas Inc.
6.25%, 04/15/23 (Call 04/15/18)^b		11,085		7,981,200
7.50%, 09/15/20 (Call 09/15/16)^b		13,650		10,783,500


Security	Principal (000s)		Value
Chaparral Energy Inc.
7.63%, 11/15/22 (Call 05/15/17)^d	$	9,200	$	920,000
8.25%, 09/01/21 (Call 09/01/16)^d		6,520		652,000
Chesapeake Energy Corp.
7.25%, 12/15/18		1,500		540,000
8.00%, 12/15/22 (Call 12/15/18)^a,b		70,406		27,810,370
Citgo Holding Inc.
10.75%, 02/15/20^a		30,052		27,347,320
Comstock Resources Inc.
10.00%, 03/15/20 (Call 03/31/16)^a,b		12,325		4,529,438
Concho Resources Inc.
5.50%, 10/01/22 (Call 10/01/17)^b		12,850		12,095,062
5.50%, 04/01/23 (Call 10/01/17)^b		31,041		28,787,756
6.50%, 01/15/22 (Call 01/15/17)^b		12,425		11,945,648
7.00%, 01/15/21 (Call 03/31/16)		14,317		14,442,274
Denbury Resources Inc.
4.63%, 07/15/23 (Call 01/15/18)		22,039		6,415,553
5.50%, 05/01/22 (Call 05/01/17)		19,725		6,213,375
6.38%, 08/15/21 (Call 08/15/16)^b		6,055		1,913,380
Energy XXI Gulf Coast Inc.
6.88%, 03/15/24 (Call 03/15/19)^b,d		6,325		158,125
9.25%, 12/15/17 (Call 03/31/16)^d		9,075		272,250
11.00%, 03/15/20 (Call 09/15/17)^a,d		19,750		2,172,500
EP Energy LLC/Everest Acquisition Finance Inc.
6.38%, 06/15/23 (Call 06/15/18)		13,395		3,595,218
9.38%, 05/01/20 (Call 05/01/16)		33,196		9,917,305


104		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Halcon Resources Corp.
8.63%, 02/01/20 (Call 02/01/17)^a,b	$	13,990	$	7,729,475
13.00%, 02/15/22 (Call 08/15/18)^a,b		15,150		2,121,000
Harvest Operations Corp.
6.88%, 10/01/17		9,294		5,901,690
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 06/01/19)^a,b		9,245		6,301,947
5.75%, 10/01/25 (Call 04/01/20)^a,b		9,925		6,773,813
Jupiter Resources Inc.
8.50%, 10/01/22 (Call 10/01/17)^a,b		17,400		5,655,000
Laredo Petroleum Inc.
5.63%, 01/15/22 (Call 01/15/17)^b		7,925		5,072,000
7.38%, 05/01/22 (Call 05/01/17)^b		12,150		7,715,250
Linn Energy LLC/Linn Energy Finance Corp.
6.50%, 09/15/21 (Call 09/15/17)		9,875		419,688
7.75%, 02/01/21 (Call 03/31/16)		14,053		597,253
8.63%, 04/15/20 (Call 03/31/16)		18,245		775,413
12.00%, 12/15/20 (Call 12/15/18)^a		19,595		1,959,500
MEG Energy Corp.
6.38%, 01/30/23 (Call 07/30/17)^a,b		14,972		7,074,270
6.50%, 03/15/21 (Call 03/31/16)^a,b		13,475		6,501,688
7.00%, 03/31/24 (Call 09/30/18)^a,b		21,675		10,241,438
Memorial Production Partners LP/Memorial Production Finance Corp.
6.88%, 08/01/22 (Call 08/01/17)		9,450		2,055,375


Security	Principal (000s)		Value
7.63%, 05/01/21 (Call 05/01/17)	$	12,850	$	2,984,695
Midstates Petroleum Co. Inc./Midstates Petroleum Co. LLC
10.00%, 06/01/20 (Call 06/01/17)^b		11,550		3,060,750
Newfield Exploration Co.
5.38%, 01/01/26 (Call 10/01/25)^b		15,125		13,017,812
5.63%, 07/01/24^b		19,030		17,269,725
5.75%, 01/30/22^b		16,570		15,286,032
Oasis Petroleum Inc.
6.50%, 11/01/21 (Call 11/01/16)		8,350		4,993,300
6.88%, 03/15/22 (Call 09/15/17)^b		19,075		11,142,980
6.88%, 01/15/23 (Call 07/15/17)		7,967		4,627,499
7.25%, 02/01/19 (Call 03/31/16)^b		8,465		5,277,928
Pacific Drilling SA
5.38%, 06/01/20 (Call 06/01/16)^a,b		9,775		1,857,861
Pacific Drilling V Ltd.
7.25%, 12/01/17 (Call 03/31/16)^a		9,075		2,484,281	��
PBF Holding Co. LLC/PBF Finance Corp.
7.00%, 11/15/23 (Call 11/15/18)^a,b		8,335		7,126,425
8.25%, 02/15/20 (Call 03/31/16)^b		14,800		14,940,600
Penn Virginia Corp.
8.50%, 05/01/20 (Call 05/01/17)		11,500		977,500
Precision Drilling Corp.
5.25%, 11/15/24 (Call 05/15/19)^b		6,895		4,010,950
6.63%, 11/15/20 (Call 03/31/16)		11,420		7,622,850
Puma International Financing SA
6.75%, 02/01/21 (Call 02/01/17)^a		19,300		17,780,125


SCHEDULESOF INVESTMENTS			105

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)	$	13,452	$	9,416,400
5.38%, 10/01/22 (Call 07/01/22)^b		8,160		5,574,259
6.88%, 03/01/21^b		12,821		9,263,173
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)^a,b		13,100		11,331,500
5.00%, 08/15/22 (Call 02/15/17)^b		13,342		11,307,345
5.00%, 03/15/23 (Call 03/15/18)^b		16,900		13,995,312
5.75%, 06/01/21 (Call 06/01/16)		8,622		7,149,075
Sanchez Energy Corp.
6.13%, 01/15/23 (Call 07/15/18)^b		20,635		7,523,438
7.75%, 06/15/21 (Call 06/15/17)		10,020		4,058,100
Seven Generations Energy Ltd.
6.75%, 05/01/23 (Call 05/01/18)^a,b		7,915		6,812,554
Seventy Seven Energy Inc.
6.50%, 07/15/22 (Call 07/15/17)		8,365		125,475
Seventy Seven Operating LLC
6.63%, 11/15/19 (Call 03/31/16)		8,260		1,404,200
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/18)		8,105		3,221,738
5.63%, 06/01/25 (Call 06/01/20)^b		8,824		3,551,660
6.13%, 11/15/22 (Call 11/15/18)		14,025		6,271,840
6.50%, 01/01/23 (Call 07/01/17)		9,052		3,598,170
Sunoco LP/Sunoco Finance Corp.
5.50%, 08/01/20 (Call 08/01/17)^a,b		10,650		10,224,000
6.38%, 04/01/23 (Call 04/01/18)^a,b		15,400		14,691,600


Security	Principal (000s)		Value
Tesoro Corp.
4.25%, 10/01/17 (Call 09/01/17)^b	$	8,198	$	8,319,945
5.38%, 10/01/22 (Call 10/01/17)^b		11,325		10,733,134
Transocean Inc.
3.00%, 10/15/17^b		11,550		10,260,827
4.30%, 10/15/22 (Call 07/15/22)^b		13,815		6,769,350
6.00%, 03/15/18^b		19,358		15,631,585
6.50%, 11/15/20^b		18,250		10,585,000
7.13%, 12/15/21^b		22,600		12,537,124
Tullow Oil PLC
6.00%, 11/01/20 (Call 11/01/16)^a		14,420		9,409,050
6.25%, 04/15/22 (Call 04/15/17)^a		11,700		7,160,400
Ultra Petroleum Corp.
5.75%, 12/15/18 (Call 03/31/16)^a		10,320		567,600
6.13%, 10/01/24 (Call 10/01/19)^a		13,795		758,725
Whiting Petroleum Corp.
5.00%, 03/15/19 (Call 12/15/18)^b		21,950		10,920,125
5.75%, 03/15/21 (Call 12/15/20)^b		24,378		11,396,715
6.25%, 04/01/23 (Call 01/01/23)^b		14,070		6,437,025
WPX Energy Inc.
5.25%, 09/15/24 (Call 06/15/24)^b		9,620		5,050,500
6.00%, 01/15/22 (Call 10/15/21)^b		20,317		11,631,482
7.50%, 08/01/20 (Call 07/01/20)		9,150		5,741,625
8.25%, 08/01/23 (Call 06/01/23)^b		12,200		7,259,000

				771,543,246
OIL & GAS SERVICES — 0.12%
CGG SA
6.50%, 06/01/21 (Call 06/01/16)^b		11,360		3,890,800


106		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
6.88%, 01/15/22 (Call 07/15/17)	$	9,975	$	3,370,054
Weatherford International Ltd./Bermuda
4.50%, 04/15/22 (Call 01/15/22)		2,220		1,454,100
5.13%, 09/15/20		6,600		4,607,592
6.00%, 03/15/18		5,750		4,884,873
9.63%, 03/01/19		600		512,625

				18,720,044
PACKAGING & CONTAINERS — 1.55%
Ardagh Packaging Finance PLC
9.13%, 10/15/20 (Call 03/31/16)^a,b		11,296		11,631,350
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
6.00%, 06/30/21 (Call 06/30/17)^a,b		9,550		8,717,028
6.25%, 01/31/19 (Call 03/31/16)^a,b		8,075		7,893,313
6.75%, 01/31/21 (Call 01/31/17)^a,b		9,700		9,133,856
Ball Corp.
4.00%, 11/15/23^b		20,096		19,568,480
4.38%, 12/15/20^b		16,386		17,123,370
5.00%, 03/15/22^b		18,046		18,734,087
5.25%, 07/01/25		20,000		20,850,000
Berry Plastics Corp.
5.13%, 07/15/23 (Call 07/15/18)^b		13,625		13,676,094
5.50%, 05/15/22 (Call 05/15/17)^b		11,180		11,627,200
6.00%, 10/15/22 (Call 10/15/18)^a,b		7,185		7,454,438
Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II Issuer Inc.
6.00%, 06/15/17 (Call 06/15/16)^a,b		8,650		8,574,312
Crown Americas LLC/Crown Americas Capital Corp. IV
4.50%, 01/15/23^b		19,912		20,310,240


Security	Principal (000s)		Value
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22^a,b	$	8,800	$	8,712,000
5.88%, 08/15/23^a,b		16,200		16,686,000
Sealed Air Corp.
4.88%, 12/01/22 (Call 09/01/22)^a,b		8,125		8,321,553
5.13%, 12/01/24 (Call 09/01/24)^a,b		9,175		9,496,125
5.25%, 04/01/23 (Call 01/01/23)^a,b		7,850		8,105,880
5.50%, 09/15/25 (Call 06/15/25)^a,b		7,785		8,160,407
6.50%, 12/01/20 (Call 09/01/20)^a,b		6,150		6,852,974

				241,628,707
PHARMACEUTICALS — 2.87%
DPx Holdings BV
7.50%, 02/01/22 (Call 02/01/17)^a		8,000		7,520,000
Endo Finance LLC
5.75%, 01/15/22 (Call 01/15/17)^a,b		15,975		16,051,301
Endo Finance LLC/Endo Finco Inc.
5.88%, 01/15/23 (Call 07/15/17)^a,b		16,135		16,034,156
Endo Ltd./Endo Finance LLC/Endo Finco Inc.
6.00%, 07/15/23 (Call 07/15/18)^a,b		31,845		32,123,644
6.00%, 02/01/25 (Call 02/01/20)^a,b		23,510		23,392,450
Grifols Worldwide Operations Ltd.
5.25%, 04/01/22 (Call 04/01/17)		20,485		21,176,369
NBTY Inc.
9.00%, 10/01/18 (Call 03/31/16)^b		11,875		12,171,875
Valeant Pharmaceuticals International Inc.
5.38%, 03/15/20 (Call 03/15/17)^a		40,760		37,091,600


SCHEDULESOF INVESTMENTS			107

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
5.50%, 03/01/23 (Call 03/01/18)^a	$	19,310	$	16,196,263
5.63%, 12/01/21 (Call 12/01/16)^a,b		18,995		16,299,989
5.88%, 05/15/23 (Call 05/15/18)^a,b		66,367		56,121,594
6.13%, 04/15/25 (Call 04/15/20)^a		66,255		55,819,837
6.38%, 10/15/20 (Call 10/15/16)^a		45,975		42,297,000
6.75%, 08/15/18 (Call 03/31/16)^a,b		28,908		27,942,210
6.75%, 08/15/21 (Call 03/31/16)^a,b		12,070		11,044,050
7.00%, 10/01/20 (Call 03/31/16)^a,b		13,038		12,415,436
7.25%, 07/15/22 (Call 07/15/16)^a		9,950		9,138,744
7.50%, 07/15/21 (Call 07/15/16)^a		34,907		33,096,199

				445,932,717
PIPELINES — 3.16%
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
6.00%, 12/15/20 (Call 12/15/16)^b		9,865		7,176,788
6.13%, 03/01/22 (Call 11/01/16)^b		13,119		9,314,490
6.25%, 04/01/23 (Call 04/01/18)^a,b		13,300		9,609,250
DCP Midstream LLC
5.85%, 05/21/43 (Call 05/21/23)^a,c		10,011		5,280,803
DCP Midstream Operating LP
2.50%, 12/01/17 (Call 11/01/17)^b		8,100		7,397,036
3.88%, 03/15/23 (Call 12/15/22)		10,225		7,528,156
Energy Transfer Equity LP
5.50%, 06/01/27 (Call 03/01/27)^b		20,790		15,696,450


Security	Principal (000s)		Value
5.88%, 01/15/24 (Call 10/15/23)^b	$	22,775	$	18,860,433
7.50%, 10/15/20		23,680		21,667,200
Genesis Energy LP/Genesis Energy Finance Corp.
6.00%, 05/15/23 (Call 05/15/18)^b		7,385		5,683,373
6.75%, 08/01/22 (Call 08/01/18)		16,820		13,960,600
MPLX LP
4.88%, 12/01/24 (Call 09/01/24)^a		489		399,496
NGPL PipeCo LLC
7.12%, 12/15/17^a		24,940		23,230,064
9.63%, 06/01/19 (Call 03/31/16)^a,b		12,175		11,444,500
NuStar Logistics LP
4.80%, 09/01/20		7,518		6,136,568
ONEOK Inc.
4.25%, 02/01/22 (Call 11/02/21)		9,388		7,111,410
7.50%, 09/01/23 (Call 06/01/23)		11,075		9,607,562
Rockies Express Pipeline LLC
5.63%, 04/15/20^a,b		16,346		14,570,416
6.00%, 01/15/19^a,b		8,575		7,974,750
6.85%, 07/15/18^a,b		13,295		12,845,606
Sabine Pass Liquefaction LLC
5.63%, 02/01/21 (Call 11/01/20)^b		39,115		37,067,216
5.63%, 04/15/23 (Call 01/15/23)^b		31,391		29,036,675
5.63%, 03/01/25 (Call 12/01/24)^b		41,070		37,271,025
5.75%, 05/15/24 (Call 02/15/24)^b		41,902		39,204,349
6.25%, 03/15/22 (Call 12/15/21)^b		20,250		19,338,750
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.13%, 11/15/19 (Call 11/15/16)		18,100		15,973,250


108		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
4.25%, 11/15/23 (Call 05/15/18)	$	11,200	$	8,293,600
5.00%, 01/15/18 (Call 10/15/17)^b		22,291		21,357,453
5.25%, 05/01/23 (Call 11/01/17)^b		10,975		8,661,105
6.75%, 03/15/24 (Call 09/15/19)^a,b		12,550		10,345,843
6.88%, 02/01/21 (Call 03/31/16)		9,261		8,068,646
Tesoro Logistics LP/Tesoro Logistics Finance Corp.
5.50%, 10/15/19 (Call 09/15/19)^a,b		8,197		7,807,642
5.88%, 10/01/20 (Call 10/01/16)		9,015		8,474,100
6.13%, 10/15/21 (Call 10/15/16)^b		9,600		8,928,000
6.25%, 10/15/22 (Call 10/15/18)^a,b		16,580		15,253,600

				490,576,205
REAL ESTATE — 0.07%
Realogy Group LLC/Realogy Co-Issuer Corp.
4.50%, 04/15/19^a,b		8,450		8,650,687
5.25%, 12/01/21 (Call 12/01/17)^a		2,355		2,393,269

				11,043,956
REAL ESTATE INVESTMENT TRUSTS — 0.90%
Communications Sales & Leasing Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 04/15/18)^a,b		7,011		6,695,505
8.25%, 10/15/23 (Call 04/15/19)^b		22,800		20,292,000
Crown Castle International Corp.
5.25%, 01/15/23		969		1,025,929
Equinix Inc.
5.88%, 01/15/26 (Call 01/15/21)^b		23,175		24,217,875


Security	Principal (000s)		Value
Iron Mountain Inc.
6.00%, 10/01/20 (Call 10/01/17)^a	$	18,975	$	20,113,500
iStar Inc.
4.00%, 11/01/17 (Call 08/01/17)^b		12,600		11,907,000
5.00%, 07/01/19 (Call 07/01/16)^b		15,025		14,010,812
MPT Operating Partnership LP/MPT Finance Corp.
6.38%, 03/01/24 (Call 03/01/19)		2,235		2,280,560
6.88%, 05/01/21 (Call 05/01/16)		7,925		8,243,981
Vereit Operating Partnership LP
2.00%, 02/06/17		9,400		9,226,100
3.00%, 02/06/19 (Call 01/06/19)^b		12,750		12,112,500
4.60%, 02/06/24 (Call 11/06/23)		10,300		9,862,250

				139,988,012
RETAIL — 3.38%
1011778 BC ULC/New Red Finance Inc.
4.63%, 01/15/22 (Call 10/01/17)^a		26,644		27,076,965
6.00%, 04/01/22 (Call 10/01/17)^a,b		44,852		46,758,210
AmeriGas Finance LLC/AmeriGas Finance Corp.
6.75%, 05/20/20 (Call 05/20/16)^b		12,775		12,966,625
7.00%, 05/20/22 (Call 05/20/17)^b		19,317		19,824,071
AmeriGas Partners LP/AmeriGas Finance Corp.
6.25%, 08/20/19 (Call 03/31/16)^b		7,480		7,454,624
Claire’s Stores Inc.
8.88%, 03/15/19 (Call 03/31/16)^b		6,930		1,022,175
9.00%, 03/15/19 (Call 03/31/16)^a		16,125		9,288,000


SCHEDULESOF INVESTMENTS			109

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Dollar Tree Inc.
5.25%, 03/01/20 (Call 03/01/17)^a	$	13,357	$	14,024,850
5.75%, 03/01/23 (Call 03/01/18)^a,b		50,830		53,997,726
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 05/01/16)^b		8,325		6,327,000
6.75%, 01/15/22 (Call 11/15/16)^b		8,050		5,826,188
6.75%, 06/15/23 (Call 06/15/19)^a		12,595		9,320,300
JC Penney Corp. Inc.
5.65%, 06/01/20^b		8,077		7,471,225
8.13%, 10/01/19^b		9,615		9,735,187
L Brands Inc.
5.63%, 02/15/22^b		19,847		21,295,831
5.63%, 10/15/23		10,400		11,060,041
6.63%, 04/01/21		23,702		26,398,102
6.90%, 07/15/17		10,262		10,981,366
7.00%, 05/01/20		8,360		9,535,347
8.50%, 06/15/19^b		10,150		11,856,534
Michaels Stores Inc.
5.88%, 12/15/20 (Call 12/15/16)^a,b		8,575		8,838,846
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/21 (Call 10/15/16)^a,b		18,500		12,903,750
QVC Inc.
3.13%, 04/01/19		7,080		7,041,077
4.38%, 03/15/23		15,651		15,034,718
4.45%, 02/15/25 (Call 11/15/24)^b		12,086		11,284,695
4.85%, 04/01/24		11,340		10,939,527
5.13%, 07/02/22		9,015		9,159,632
Rite Aid Corp.
6.13%, 04/01/23 (Call 04/01/18)^a,b		35,570		38,052,786
6.75%, 06/15/21 (Call 06/15/16)^b		14,366		15,197,737
9.25%, 03/15/20 (Call 03/31/16)^b		12,958		13,657,306


Security	Principal (000s)		Value
Sally Holdings LLC/Sally Capital Inc.
5.63%, 12/01/25 (Call 12/01/20)^b	$	14,545	$	15,163,162
5.75%, 06/01/22 (Call 06/01/17)^b		16,218		17,045,595
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)^b		10,550		9,030,800
Toys R Us Inc.
10.38%, 08/15/17 (Call 03/31/16)^b		7,740		6,493,783
Toys R Us Property Co. II LLC
8.50%, 12/01/17 (Call 03/31/16)		14,375		13,422,656

				525,486,437
SEMICONDUCTORS — 1.44%
Advanced Micro Devices Inc.
6.75%, 03/01/19		13,850		10,145,125
7.00%, 07/01/24 (Call 07/01/19)		9,831		6,193,530
7.50%, 08/15/22		8,100		5,265,000
7.75%, 08/01/20 (Call 03/31/16)^b		10,935		7,435,800
Micron Technology Inc.
5.25%, 08/01/23 (Call 02/01/18)^a,b		21,320		18,228,600
5.25%, 01/15/24 (Call 05/01/18)^a,b		10,700		9,041,500
5.50%, 02/01/25 (Call 08/01/19)^b		22,720		19,084,800
5.63%, 01/15/26 (Call 05/01/20)^a		8,550		6,925,500
5.88%, 02/15/22 (Call 02/15/17)^b		13,965		12,760,519
NXP BV/NXP Funding LLC
3.50%, 09/15/16^a,b		2,750		2,760,313
3.75%, 06/01/18^a		13,716		13,853,160
4.13%, 06/15/20^a,b		13,270		13,386,112
4.63%, 06/15/22^a,b		7,800		7,741,500
5.75%, 02/15/21 (Call 02/15/17)^a,b		10,075		10,478,000


110		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
5.75%, 03/15/23 (Call 03/15/18)^a,b	$	9,750	$	10,091,250
Qorvo Inc.
6.75%, 12/01/23 (Call 12/01/18)^a,b		9,650		9,794,750
7.00%, 12/01/25 (Call 12/01/20)^a,b		11,200		11,396,000
Sensata Technologies BV
4.88%, 10/15/23^a,b		9,808		9,685,400
5.00%, 10/01/25^a,b		13,500		13,263,750
5.63%, 11/01/24^a,b		7,930		8,167,900
Sensata Technologies UK Financing Co. PLC
6.25%, 02/15/26 (Call 02/15/21)^a,b		17,350		18,347,625

				224,046,134
SHIPBUILDING — 0.14%
Huntington Ingalls Industries Inc.
5.00%, 12/15/21 (Call 12/15/17)^a,b		9,966		10,489,215
5.00%, 11/15/25 (Call 11/15/20)^a,b		11,380		11,941,831

				22,431,046
SOFTWARE — 2.70%
Activision Blizzard Inc.
5.63%, 09/15/21 (Call 09/15/16)^a,b		26,750		28,120,938
6.13%, 09/15/23 (Call 09/15/18)^a,b		17,075		18,248,906
Audatex North America Inc.
6.00%, 06/15/21 (Call 06/15/17)^a		32,661		32,865,131
6.13%, 11/01/23 (Call 11/01/18)^a		27,583		27,760,320
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 07/15/16)^a		31,945		20,285,075
First Data Corp.
5.00%, 01/15/24 (Call 01/15/19)^a,b		19,430		19,733,691
5.38%, 08/15/23 (Call 08/15/18)^a,b		25,890		26,847,930


Security	Principal (000s)		Value
5.75%, 01/15/24 (Call 01/15/19)^a,b	$	46,590	$	46,881,188
6.75%, 11/01/20 (Call 03/31/16)^a,b		23,152		24,436,936
7.00%, 12/01/23 (Call 12/01/18)^a,b		67,900		67,900,000
Infor U.S. Inc.
5.75%, 08/15/20 (Call 08/15/17)^a,b		12,240		12,331,800
6.50%, 05/15/22 (Call 05/15/18)^a,b		33,160		28,766,300
MSCI Inc.
5.25%, 11/15/24 (Call 11/15/19)^a,b		17,525		18,598,406
5.75%, 08/15/25 (Call 08/15/20)^a		15,435		16,592,625
Nuance Communications Inc.
5.38%, 08/15/20 (Call 08/15/16)^a,b		21,315		21,741,300
Solera LLC/Solera Finance Inc.
10.50%, 03/01/24		9,180		8,721,000

				419,831,546
STORAGE & WAREHOUSING — 0.12%
Algeco Scotsman Global Finance PLC
8.50%, 10/15/18 (Call 03/31/16)^a,b		19,150		14,735,818
10.75%, 10/15/19 (Call 10/15/16)^a		12,550		3,364,968

				18,100,786
TELECOMMUNICATIONS — 13.99%
Altice Financing SA
6.50%, 01/15/22 (Call 12/15/16)^a		16,649		16,773,868
6.63%, 02/15/23 (Call 02/15/18)^a		42,386		41,856,175
7.88%, 12/15/19 (Call 03/31/16)^a,b		10,000		10,410,426
Altice Finco SA
8.13%, 01/15/24 (Call 12/15/18)^a,b		9,550		9,237,238
9.88%, 12/15/20 (Call 12/15/16)^a		8,950		9,531,750


SCHEDULESOF INVESTMENTS			111

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Altice Luxembourg SA
7.63%, 02/15/25 (Call 02/15/20)^a,b	$	28,860	$	26,406,900
7.75%, 05/15/22 (Call 05/15/17)^a,b		56,925		54,790,312
Avaya Inc.
7.00%, 04/01/19 (Call 03/31/16)^a,b		20,516		12,610,929
10.50%, 03/01/21 (Call 03/01/17)^a,b		21,695		5,694,938
CenturyLink Inc.
5.63%, 04/01/25 (Call 01/01/25)		9,500		8,326,750
5.80%, 03/15/22^b		28,539		27,718,504
6.00%, 04/01/17^b		7,100		7,418,790
6.45%, 06/15/21^b		24,725		25,111,204
Series V
5.63%, 04/01/20^b		22,305		22,519,574
Series W
6.75%, 12/01/23^b		15,350		15,004,625
CommScope Inc.
4.38%, 06/15/20 (Call 06/15/17)^a,b		9,786		10,030,650
5.00%, 06/15/21 (Call 06/15/17)^a,b		12,825		12,632,625
5.50%, 06/15/24 (Call 06/15/19)^a		12,460		12,086,200
CommScope Technologies Finance LLC
6.00%, 06/15/25 (Call 06/15/20)^a,b		28,540		28,254,600
Frontier Communications Corp.
6.25%, 09/15/21 (Call 06/15/21)^b		18,022		15,971,998
6.88%, 01/15/25 (Call 10/15/24)		16,345		13,688,938
7.13%, 03/15/19^b		8,200		8,251,988
7.13%, 01/15/23		15,890		13,819,374
7.63%, 04/15/24		14,650		12,818,750
8.13%, 10/01/18^b		14,825		15,453,580
8.25%, 04/15/17^b		9,570		10,072,425
8.50%, 04/15/20		20,162		20,580,361
8.75%, 04/15/22		9,520		8,883,350


Security	Principal (000s)		Value
8.88%, 09/15/20 (Call 06/15/20)^a,b	$	25,154	$	25,826,419
9.25%, 07/01/21^b		10,200		10,200,000
10.50%, 09/15/22 (Call 06/15/22)^a,b		42,645		42,956,637
11.00%, 09/15/25 (Call 06/15/25)^a,b		70,915		70,745,513
Hughes Satellite Systems Corp.
6.50%, 06/15/19		19,912		22,052,540
7.63%, 06/15/21		17,865		19,372,359
Inmarsat Finance PLC
4.88%, 05/15/22 (Call 05/15/17)^a,b		20,425		20,016,500
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/18)^b		40,816		26,110,093
6.63%, 12/15/22 (Call 12/15/17)^b		23,856		11,848,481
7.25%, 04/01/19 (Call 03/31/16)^b		30,068		22,840,519
7.25%, 10/15/20 (Call 03/31/16)^b		44,799		30,351,322
7.50%, 04/01/21 (Call 04/01/16)^b		26,295		18,159,090
Intelsat Luxembourg SA
6.75%, 06/01/18 (Call 06/01/16)^b		9,350		5,633,375
7.75%, 06/01/21 (Call 06/01/17)		36,975		11,277,375
8.13%, 06/01/23 (Call 06/01/18)		16,655		5,079,775
Koninklijke KPN NV
7.00%, 03/28/73 (Call 03/28/23)^a,c		11,410		11,422,551
Level 3 Communications Inc.
5.75%, 12/01/22 (Call 12/01/17)^b		12,050		12,475,486
Level 3 Financing Inc.
5.13%, 05/01/23 (Call 05/01/18)^b		12,590		12,841,800
5.38%, 08/15/22 (Call 08/15/17)^b		21,109		21,689,497
5.38%, 01/15/24 (Call 01/15/19)^a,b		21,200		21,677,000


112		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
5.38%, 05/01/25 (Call 05/01/20)^b	$	14,625	$	14,844,375
5.63%, 02/01/23 (Call 02/01/18)^b		11,980		12,354,375
6.13%, 01/15/21 (Call 11/15/16)		13,640		14,270,850
7.00%, 06/01/20 (Call 06/01/16)		11,950		12,502,688
Millicom International Cellular SA
6.63%, 10/15/21 (Call 10/15/17)^a		4,460		4,192,400
Nokia OYJ
5.38%, 05/15/19^b		18,800		19,939,265
Sable International Finance Ltd.
6.88%, 08/01/22 (Call 08/01/18)^a		14,830		14,088,500
SBA Communications Corp.
5.63%, 10/01/19 (Call 10/01/16)^b		8,150		8,496,375
SBA Telecommunications Inc.
5.75%, 07/15/20 (Call 07/15/16)^b		16,307		16,907,290
SoftBank Group Corp.
4.50%, 04/15/20^a,b		48,945		48,406,605
Sprint Communications Inc.
6.00%, 12/01/16		850		846,813
6.00%, 11/15/22		44,460		31,733,325
7.00%, 03/01/20^a,b		22,518		22,179,406
7.00%, 08/15/20^b		32,298		24,542,562
8.38%, 08/15/17		26,478		25,749,855
9.00%, 11/15/18^a		61,947		64,307,181
9.13%, 03/01/17^b		14,973		15,202,237
11.50%, 11/15/21		22,339		18,960,226
Sprint Corp.
7.13%, 06/15/24		50,425		35,864,781
7.25%, 09/15/21		43,607		32,923,285
7.63%, 02/15/25 (Call 11/15/24)		32,345		23,026,405
7.88%, 09/15/23		86,055		63,895,837
T-Mobile USA Inc.
5.25%, 09/01/18 (Call 03/11/16)^b		9,150		9,365,025


Security	Principal (000s)		Value
6.00%, 03/01/23 (Call 09/01/18)^b	$	27,097	$	28,020,685
6.13%, 01/15/22 (Call 01/15/18)		20,000		20,558,126
6.25%, 04/01/21 (Call 04/01/17)^b		34,668		36,314,730
6.38%, 03/01/25 (Call 09/01/19)^b		34,242		34,969,642
6.46%, 04/28/19 (Call 03/11/16)^b		20,737		21,307,267
6.50%, 01/15/24 (Call 01/15/19)^b		21,375		22,016,250
6.50%, 01/15/26 (Call 01/15/21)		39,695		40,290,425
6.54%, 04/28/20 (Call 04/28/16)^b		25,484		26,439,650
6.63%, 11/15/20 (Call 03/11/16)^b		22,020		22,900,800
6.63%, 04/28/21 (Call 04/28/17)^b		25,174		26,569,989
6.63%, 04/01/23 (Call 04/01/18)^b		36,328		38,012,809
6.73%, 04/28/22 (Call 04/28/17)^b		24,929		26,140,549
6.84%, 04/28/23 (Call 04/28/18)		11,355		11,844,528
Telecom Italia Capital SA
7.00%, 06/04/18		11,540		12,402,957
7.18%, 06/18/19^b		14,785		16,448,313
Telecom Italia SpA
5.30%, 05/30/24^a,b		32,950		31,920,312
UPCB Finance IV Ltd.
5.38%, 01/15/25 (Call 01/15/20)^a,b		24,532		24,286,680
UPCB Finance V Ltd.
7.25%, 11/15/21 (Call 11/15/16)^a		12,029		12,711,940
UPCB Finance VI Ltd.
6.88%, 01/15/22 (Call 01/15/17)^a,b		11,048		11,648,010
Virgin Media Finance PLC
5.75%, 01/15/25 (Call 01/15/20)^a,b		7,605		7,509,938


SCHEDULESOF INVESTMENTS			113

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
6.00%, 10/15/24 (Call 10/15/19)^a	$	9,400	$	9,461,100
6.38%, 04/15/23 (Call 04/15/18)^a,b		10,250		10,685,625
Virgin Media Secured Finance PLC
5.25%, 01/15/21		8,000		8,420,000
5.25%, 01/15/26 (Call 01/15/20)^a,b		19,507		19,551,866
5.38%, 04/15/21 (Call 04/15/17)^a,b		12,822		13,303,136
5.50%, 01/15/25 (Call 01/15/19)^a,b		9,850		9,925,268
West Corp.
5.38%, 07/15/22 (Call 07/15/17)^a,b		21,522		19,208,385
Wind Acquisition Finance SA
4.75%, 07/15/20 (Call 07/15/16)^a,b		39,825		38,331,562
6.50%, 04/30/20 (Call 04/30/16)^a,b		12,242		12,401,316
7.38%, 04/23/21 (Call 04/23/17)^a,b		55,025		50,347,875
Windstream Services LLC
6.38%, 08/01/23 (Call 02/01/18)^b		14,300		10,467,457
7.50%, 06/01/22 (Call 06/01/17)^b		9,100		7,052,500
7.50%, 04/01/23 (Call 04/01/16)^b		12,900		9,746,079
7.75%, 10/15/20 (Call 03/31/16)^b		13,480		11,133,806
7.75%, 10/01/21 (Call 10/01/16)^b		19,550		15,818,795
7.88%, 11/01/17^b		21,647		22,621,115

				2,173,922,300
TRANSPORTATION — 0.50%
CHC Helicopter SA
9.25%, 10/15/20 (Call 03/31/16)^b		14,210		5,044,586
Florida East Coast Holdings Corp.
6.75%, 05/01/19 (Call 05/01/16)^a,b		17,931		18,110,310


Security	Principal or Shares (000s)		Value
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc.
7.38%, 01/15/22 (Call 01/15/17)^a	$	11,850	$	3,799,406
XPO Logistics Inc.
6.50%, 06/15/22 (Call 06/15/18)^a,b		32,218		30,365,465
7.88%, 09/01/19 (Call 09/01/16)^a,b		19,700		20,340,250

				77,660,017

TOTAL CORPORATE BONDS & NOTES
(Cost: $16,754,317,237)				15,102,511,620

SHORT-TERM INVESTMENTS — 27.41%

MONEY MARKET FUNDS — 27.41%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.50%^e,f,g		3,799,592		3,799,592,031
BlackRock Cash Funds: Prime, SL Agency Shares
0.49%^e,f,g		336,520		336,519,974
BlackRock Cash Funds: Treasury, SL Agency Shares
0.27%^e,f		124,421		124,421,145

				4,260,533,150

TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,260,533,150)				4,260,533,150

TOTAL INVESTMENTS IN SECURITIES — 124.57%
(Cost: $21,014,850,387)				19,363,044,770
Other Assets, Less Liabilities — (24.57)%				(3,819,122,373	)

NET ASSETS — 100.00%			$	15,543,922,397

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

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

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

^d	Issuer is in default of interest payments.

^e	Affiliated issuer. See Note 2.

^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. See Note 1.

See notes to financial statements.


114		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 98.42%

ADVERTISING — 0.24%
Omnicom Group Inc.
3.63%, 05/01/22^a	$	13,819	$	13,959,824
3.65%, 11/01/24 (Call 08/01/24)		11,133		11,187,418
4.45%, 08/15/20		9,490		10,175,301
WPP Finance 2010
3.75%, 09/19/24^a		12,325		12,244,967
4.75%, 11/21/21		10,660		11,580,542

				59,148,052
AEROSPACE & DEFENSE — 1.43%
Boeing Co. (The)
4.88%, 02/15/20		7,824		8,687,791
General Dynamics Corp.
2.25%, 11/15/22 (Call 08/15/22)		4,480		4,423,616
L-3 Communications Corp.
4.75%, 07/15/20		16,718		17,238,012
5.20%, 10/15/19		7,915		8,417,900
Lockheed Martin Corp.
2.50%, 11/23/20 (Call 10/23/20)^a		18,130		18,458,305
2.90%, 03/01/25 (Call 12/01/24)^a		4,190		4,165,064
3.35%, 09/15/21		16,444		17,246,421
3.55%, 01/15/26 (Call 10/15/25)^a		20,460		21,493,662
3.80%, 03/01/45 (Call 09/01/44)^a		7,673		7,186,424
4.07%, 12/15/42		16,044		15,561,684
4.25%, 11/15/19		6,443		6,952,908
4.70%, 05/15/46 (Call 11/15/45)		31,330		33,821,769
Northrop Grumman Corp.
3.25%, 08/01/23		9,583		9,855,196
4.75%, 06/01/43		14,498		15,572,038
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)		7,924		8,016,338
3.13%, 10/15/20		16,042		16,867,046


Security	Principal (000s)		Value
United Technologies Corp.
3.10%, 06/01/22	$	32,502	$	33,880,657
4.15%, 05/15/45 (Call 11/16/44)		7,150		6,971,449
4.50%, 04/15/20^a		17,800		19,497,036
4.50%, 06/01/42		43,887		45,057,905
5.70%, 04/15/40		6,869		8,189,450
6.13%, 02/01/19		16,038		17,970,154
6.13%, 07/15/38		9,991		12,343,881

				357,874,706
AGRICULTURE — 1.42%
Altria Group Inc.
2.63%, 01/14/20 (Call 12/14/19)^a		7,575		7,708,452
2.85%, 08/09/22^a		26,259		26,401,424
4.00%, 01/31/24^a		13,257		14,243,160
4.25%, 08/09/42		15,977		15,238,043
4.75%, 05/05/21		20,319		22,480,328
5.38%, 01/31/44		19,677		22,143,390
9.25%, 08/06/19		13,828		16,934,415
Philip Morris International Inc.
1.88%, 01/15/19^a		5,133		5,185,091
1.88%, 02/25/21 (Call 01/25/21)		5,000		4,973,541
2.50%, 08/22/22		9,020		9,091,321
2.75%, 02/25/26 (Call 11/25/25)		8,000		8,074,354
2.90%, 11/15/21^a		17,716		18,378,368
3.25%, 11/10/24		12,300		12,864,500
3.88%, 08/21/42		10,586		10,136,052
4.13%, 03/04/43		7,649		7,546,659
4.25%, 11/10/44^a		4,801		4,906,061
4.38%, 11/15/41		13,736		14,141,771
4.50%, 03/26/20^a		9,614		10,602,973
4.88%, 11/15/43^a		9,450		10,453,197
6.38%, 05/16/38		16,296		20,858,249
Reynolds American Inc.
3.25%, 06/12/20		4,446		4,613,130
4.00%, 06/12/22^a		17,085		18,433,087
4.45%, 06/12/25 (Call 03/12/25)		22,540		24,501,870
5.70%, 08/15/35 (Call 02/15/35)		9,600		10,845,718


SCHEDULESOF INVESTMENTS			115

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
5.85%, 08/15/45 (Call 02/15/45)^a	$	29,100	$	34,153,820
6.88%, 05/01/20		1,226		1,424,430
8.13%, 06/23/19^a		369		434,385

				356,767,789
APPAREL — 0.04%
NIKE Inc.
3.88%, 11/01/45 (Call 05/01/45)		8,700		8,858,727

				8,858,727
AUTO MANUFACTURERS — 1.60%
American Honda Finance Corp.
2.25%, 08/15/19^a		14,128		14,310,767
2.45%, 09/24/20		5,900		5,977,504
Daimler Finance North America LLC
8.50%, 01/18/31		18,401		27,512,435
Ford Motor Co.
4.75%, 01/15/43^a		25,743		23,780,212
7.45%, 07/16/31		20,844		25,532,187
Ford Motor Credit Co. LLC
3.16%, 08/04/20		8,350		8,315,871
3.20%, 01/15/21		4,700		4,667,594
3.22%, 01/09/22		9,100		8,852,004
4.13%, 08/04/25		25,500		25,383,136
4.39%, 01/08/26		7,700		7,807,515
General Motors Co.
4.88%, 10/02/23		21,250		21,497,562
5.00%, 04/01/35		5,535		4,833,937
5.20%, 04/01/45^a		19,869		17,144,364
6.25%, 10/02/43		19,210		18,766,249
6.60%, 04/01/36 (Call 10/01/35)^a		2,525		2,609,260
6.75%, 04/01/46 (Call 10/01/45)		9,805		10,310,806
General Motors Financial Co. Inc.
3.15%, 01/15/20 (Call 12/15/19)^a		21,573		21,046,187
3.20%, 07/13/20 (Call 06/13/20)		16,378		15,875,195
3.45%, 04/10/22 (Call 02/10/22)		19,850		18,707,633
3.50%, 07/10/19		3,250		3,240,120


Security	Principal (000s)		Value
3.70%, 11/24/20 (Call 10/24/20)	$	4,535	$	4,450,150
4.00%, 01/15/25 (Call 10/15/24)		16,400		15,165,421
4.20%, 03/01/21 (Call 12/01/20)		8,000		8,027,298
4.30%, 07/13/25 (Call 04/13/25)^a		2,100		1,987,587
4.38%, 09/25/21		15,500		15,494,420
5.25%, 03/01/26 (Call 12/01/25)		4,830		4,870,128
Toyota Motor Credit Corp.
2.10%, 01/17/19^a		347		351,737
2.13%, 07/18/19^a		14,850		15,011,045
2.15%, 03/12/20^a		16,016		16,210,553
3.30%, 01/12/22		11,532		12,088,887
3.40%, 09/15/21		12,652		13,357,320
4.25%, 01/11/21		975		1,068,005
Series B
4.50%, 06/17/20		5,604		6,161,093

				400,414,182
BANKS — 25.65%
Abbey National Treasury Services PLC/United Kingdom
2.35%, 09/10/19		11,758		11,701,579
2.38%, 03/16/20^a		18,767		18,566,505
4.00%, 03/13/24^a		12,166		12,966,890
Australia & New Zealand Banking Group Ltd./New York NY
2.25%, 06/13/19		19,070		19,199,039
2.70%, 11/16/20^a		9,000		9,134,361
3.70%, 11/16/25^a		9,000		9,526,244
Banco Bilbao Vizcaya Argentaria SA
3.00%, 10/20/20^a		19,500		19,170,645
Bank of America Corp.
2.63%, 10/19/20^a		23,280		23,134,027
2.65%, 04/01/19		29,409		29,659,335
3.30%, 01/11/23		28,011		27,934,208
3.88%, 08/01/25^a		47,589		48,948,004
4.00%, 04/01/24^a		41,622		42,957,034


116		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)			Value
4.00%, 01/22/25	$	39,950		$	38,845,586
4.10%, 07/24/23		28,476			29,741,528
4.13%, 01/22/24		35,341			36,851,382
4.20%, 08/26/24		39,352	��		39,438,079
4.25%, 10/22/26		35,643			35,320,762
4.45%, 03/03/26		3,525			3,525,000
4.88%, 04/01/44^a		14,167			14,743,498
5.00%, 05/13/21^a		26,330			28,766,576
5.00%, 01/21/44		16,795			17,838,720
5.63%, 07/01/20		14,385			15,918,465
5.70%, 01/24/22		27,223			30,705,783
5.88%, 01/05/21^a		16,670			18,810,011
5.88%, 02/07/42		19,115			21,934,222
6.11%, 01/29/37		25,602			27,833,368
7.63%, 06/01/19		34,640			40,005,875
7.75%, 05/14/38^a		19,277			24,636,237
Series L
2.25%, 04/21/20^a		31,495			30,954,927
3.95%, 04/21/25		23,894			23,115,271
Bank of America N.A.
6.00%, 10/15/36		9,815			11,636,028
Bank of Montreal
2.55%, 11/06/22 (Call 10/06/22)		16,293			16,194,771
Bank of New York Mellon Corp. (The)
2.20%, 05/15/19 (Call 04/15/19)		11,941			12,020,694
2.30%, 09/11/19 (Call 08/11/19)		5,618			5,682,735
2.45%, 11/27/20 (Call 10/27/20)		5,030			5,070,091
2.50%, 04/15/21 (Call 03/15/21)^a		5,000			5,021,374
2.60%, 08/17/20 (Call 07/17/20)		21,421			21,775,149
3.00%, 02/24/25 (Call 01/24/25)^a		9,710			9,739,069
3.55%, 09/23/21 (Call 08/23/21)		20,452			21,504,943
3.65%, 02/04/24 (Call 01/05/24)		7,826			8,215,204


Security	Principal (000s)		Value
Series G
2.15%, 02/24/20 (Call 01/24/20)^a	$	16,317	$	16,349,867
Bank of Nova Scotia (The)
2.05%, 06/05/19		11,003		11,002,799
2.35%, 10/21/20^a		16,750		16,760,420
2.80%, 07/21/21		18,301		18,672,241
4.38%, 01/13/21^a		3,674		3,991,780
4.50%, 12/16/25		14,150		13,851,567
Barclays Bank PLC
2.50%, 02/20/19		366		366,912
5.14%, 10/14/20^a		10,234		10,977,488
6.75%, 05/22/19		17,214		19,507,497
Barclays PLC
2.75%, 11/08/19		30,900		29,999,370
2.88%, 06/08/20		41,700		40,056,682
3.25%, 01/12/21		11,500		11,141,465
3.65%, 03/16/25		19,640		18,014,497
4.38%, 09/11/24^a		21,335		19,529,263
4.38%, 01/12/26		5,720		5,502,042
5.25%, 08/17/45^a		26,219		25,145,896
BB&T Corp.
2.45%, 01/15/20 (Call 12/15/19)		17,825		17,982,275
2.63%, 06/29/20 (Call 05/29/20)^a		10,131		10,254,112
BNP Paribas SA
2.38%, 05/21/20		18,870		18,623,184
2.45%, 03/17/19		6,865		6,876,282
3.25%, 03/03/23^a		16,334		16,723,982
4.25%, 10/15/24		18,305		17,805,264
5.00%, 01/15/21		24,143		26,880,420
BPCE SA
2.25%, 01/27/20^a		15,500		15,380,118
2.50%, 07/15/19		7,750		7,801,534
4.00%, 04/15/24^a		23,700		25,002,355
Branch Banking & Trust Co.
3.63%, 09/16/25 (Call 08/16/25)		8,670		8,949,066
3.80%, 10/30/26 (Call 09/30/26)		13,800		14,529,618
Capital One Financial Corp.
2.45%, 04/24/19 (Call 03/24/19)^a		7,217		7,225,678


SCHEDULESOF INVESTMENTS			117

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
3.20%, 02/05/25 (Call 01/05/25)^a	$	13,200	$	12,647,938
3.50%, 06/15/23		5,000		4,964,588
3.75%, 04/24/24 (Call 03/24/24)		12,725		12,730,289
4.20%, 10/29/25 (Call 09/29/25)		6,882		6,757,384
4.75%, 07/15/21		16,667		17,982,718
Capital One N.A./Mclean VA
2.40%, 09/05/19 (Call 08/05/19)		18,375		18,152,859
2.95%, 07/23/21 (Call 06/23/21)		13,140		13,019,810
Citigroup Inc.
2.40%, 02/18/20		32,712		32,377,160
2.50%, 07/29/19		26,324		26,325,622
2.55%, 04/08/19		21,660		21,755,538
2.65%, 10/26/20^a		39,825		39,679,272
3.30%, 04/27/25		4,234		4,209,389
3.38%, 03/01/23		2,708		2,725,450
3.50%, 05/15/23^a		17,775		17,459,689
3.70%, 01/12/26^a		5,900		6,027,318
3.75%, 06/16/24^a		16,956		17,375,425
3.88%, 10/25/23		30,286		31,543,656
3.88%, 03/26/25		13,444		12,879,083
4.00%, 08/05/24		17,388		17,555,339
4.05%, 07/30/22^a		20,096		20,423,141
4.30%, 11/20/26		12,645		12,516,505
4.40%, 06/10/25^a		35,694		35,596,505
4.45%, 09/29/27		44,870		44,145,726
4.50%, 01/14/22		18,829		20,246,859
4.65%, 07/30/45^a		15,944		15,995,403
5.30%, 05/06/44		7,850		7,805,941
5.38%, 08/09/20^a		7,250		8,047,204
5.50%, 09/13/25		21,439		22,974,086
5.88%, 01/30/42^a		8,910		10,158,347
6.13%, 08/25/36		1,620		1,773,005
6.63%, 06/15/32		13,000		14,879,094
6.68%, 09/13/43^a		10,803		12,573,303
8.13%, 07/15/39		21,858		31,289,749
Citizens Financial Group Inc.
4.30%, 12/03/25 (Call 11/03/25)		4,335		4,448,752


Security	Principal (000s)		Value
Commonwealth Bank of Australia/New York NY
2.25%, 03/13/19	$	14,750	$	14,834,354
2.30%, 09/06/19^a		16,070		16,127,773
2.30%, 03/12/20^a		14,609		14,589,228
2.40%, 11/02/20^a		7,580		7,590,335
Cooperatieve Rabobank UA/NY
2.25%, 01/14/20		6,750		6,750,416
2.50%, 01/19/21^a		9,900		9,933,429
3.38%, 05/21/25^a		10,200		10,240,915
3.88%, 02/08/22		25,710		27,118,656
3.95%, 11/09/22		21,990		21,961,727
4.38%, 08/04/25^a		14,250		14,297,655
4.50%, 01/11/21^a		21,185		23,143,865
4.63%, 12/01/23		19,750		20,149,647
5.25%, 05/24/41^a		17,958		20,698,132
5.25%, 08/04/45^a		21,950		22,178,686
5.75%, 12/01/43		15,628		17,240,275
Credit Suisse AG/New York NY
2.30%, 05/28/19		25,990		25,794,249
3.00%, 10/29/21^a		15,295		15,314,334
3.63%, 09/09/24		45,950		46,129,223
4.38%, 08/05/20^a		20,930		22,205,439
5.30%, 08/13/19		6,552		7,126,293
5.40%, 01/14/20^a		25,351		26,746,131
Deutsche Bank AG
2.95%, 08/20/20^a		12,900		12,491,964
3.13%, 01/13/21		17,855		17,436,132
4.50%, 04/01/25^a		4,930		4,222,121
Series 1254
4.10%, 01/13/26^a		11,880		11,568,656
Deutsche Bank AG/London
2.50%, 02/13/19^a		2,413		2,355,661
3.70%, 05/30/24^a		22,740		21,826,134
Discover Bank/Greenwood DE
3.10%, 06/04/20 (Call 05/04/20)		18,180		18,134,570
3.20%, 08/09/21 (Call 07/09/21)		12,494		12,292,604
4.20%, 08/08/23		9,045		9,192,977
Fifth Third Bancorp.
2.88%, 07/27/20 (Call 06/27/20)		11,698		11,784,943


118		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
4.30%, 01/16/24 (Call 12/16/23)	$	11,235	$	11,579,993
8.25%, 03/01/38		9,348		13,314,666
Fifth Third Bank/Cincinnati OH
2.38%, 04/25/19 (Call 03/25/19)		13,850		13,907,446
2.88%, 10/01/21 (Call 09/01/21)		12,250		12,357,560
Goldman Sachs Group Inc. (The)
2.55%, 10/23/19		36,669		36,750,666
2.60%, 04/23/20 (Call 03/23/20)		4,877		4,862,947
2.63%, 01/31/19		721		726,547
2.75%, 09/15/20 (Call 08/15/20)^a		32,600		32,591,997
2.88%, 02/25/21 (Call 01/25/21)		4,380		4,392,748
3.50%, 01/23/25 (Call 10/23/24)		31,551		31,246,381
3.63%, 01/22/23		11,782		12,001,875
3.75%, 05/22/25 (Call 02/22/25)^a		22,573		22,914,426
3.75%, 02/25/26 (Call 11/25/25)		12,915		13,061,270
3.85%, 07/08/24 (Call 04/08/24)		38,673		39,547,880
4.00%, 03/03/24		33,044		34,230,815
4.25%, 10/21/25		28,210		28,072,809
4.75%, 10/21/45 (Call 04/21/45)^a		18,430		18,737,025
4.80%, 07/08/44 (Call 01/08/44)^a		12,481		12,560,349
5.15%, 05/22/45^a		27,875		26,663,703
5.25%, 07/27/21		38,705		42,980,625
5.38%, 03/15/20		28,748		31,545,692
5.75%, 01/24/22		59,425		67,451,119
5.95%, 01/15/27		15,626		17,353,570
6.00%, 06/15/20^a		28,446		32,003,736
6.13%, 02/15/33		28,671		33,545,939
6.25%, 02/01/41		37,216		44,615,471
6.45%, 05/01/36		19,156		20,891,518
6.75%, 10/01/37		60,715		69,428,434
7.50%, 02/15/19		15,179		17,313,120


Security	Principal (000s)		Value
HSBC Bank USA N.A./New York NY
4.88%, 08/24/20	$	21,260	$	22,593,678
5.63%, 08/15/35		8,493		9,096,771
5.88%, 11/01/34^a		7,000		7,719,865
HSBC Holdings PLC
4.00%, 03/30/22		15,773		16,456,372
4.25%, 03/14/24^a		5,100		5,005,143
4.25%, 08/18/25^a		26,800		25,932,361
4.88%, 01/14/22		18,502		20,097,168
5.10%, 04/05/21		25,885		28,522,311
5.25%, 03/14/44^a		21,359		20,325,113
6.10%, 01/14/42		6,668		8,237,313
6.50%, 05/02/36^a		19,327		21,372,604
6.50%, 09/15/37		31,784		35,371,180
6.80%, 06/01/38		22,310		25,264,138
HSBC USA Inc.
2.25%, 06/23/19^a		10,000		9,863,187
2.35%, 03/05/20		30,857		30,201,116
2.38%, 11/13/19		11,400		11,281,826
2.75%, 08/07/20^a		7,900		7,830,373
3.50%, 06/23/24		11,300		11,347,104
5.00%, 09/27/20		9,090		9,772,849
Intesa Sanpaolo SpA
3.88%, 01/15/19^a		400		406,106
5.25%, 01/12/24^a		10,610		11,036,432
JPMorgan Chase & Co.
2.20%, 10/22/19		15,006		14,964,998
2.25%, 01/23/20 (Call 12/23/19)		42,358		42,227,720
2.35%, 01/28/19^a		860		867,669
2.55%, 10/29/20 (Call 09/29/20)^a		12,800		12,820,568
2.55%, 03/01/21 (Call 02/01/21)		7,000		6,996,343
2.75%, 06/23/20 (Call 05/23/20)^a		21,359		21,632,015
3.13%, 01/23/25 (Call 10/23/24)^a		31,672		31,600,624
3.20%, 01/25/23		29,493		29,746,534
3.25%, 09/23/22^a		38,369		38,898,715
3.38%, 05/01/23^a		26,718		26,249,585
3.63%, 05/13/24		19,509		20,058,467
3.88%, 02/01/24^a		25,323		26,583,176


SCHEDULESOF INVESTMENTS			119

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
3.88%, 09/10/24	$	22,555	$	22,648,502
3.90%, 07/15/25 (Call 04/15/25)^a		27,909		29,403,346
4.13%, 12/15/26		23,200		23,527,292
4.25%, 10/15/20		38,675		41,307,232
4.25%, 10/01/27		27,432		27,788,322
4.35%, 08/15/21^a		37,737		40,648,172
4.40%, 07/22/20^a		27,368		29,404,831
4.50%, 01/24/22		33,979		36,785,944
4.63%, 05/10/21^a		29,887		32,565,739
4.85%, 02/01/44^a		12,014		13,282,170
4.95%, 03/25/20^a		24,888		27,121,905
4.95%, 06/01/45^a		14,065		14,145,102
5.40%, 01/06/42^a		22,600		25,801,656
5.50%, 10/15/40		12,561		14,493,654
5.60%, 07/15/41		21,081		24,719,237
5.63%, 08/16/43		7,168		7,819,905
6.30%, 04/23/19		29,942		33,591,008
6.40%, 05/15/38		17,578		22,188,068
KeyBank N.A./Cleveland OH
2.25%, 03/16/20		14,250		14,176,541
2.50%, 12/15/19		8,500		8,470,643
KeyCorp
2.90%, 09/15/20		7,000		7,009,421
5.10%, 03/24/21^a		15,950		17,500,094
Lloyds Bank PLC
2.35%, 09/05/19^a		6,576		6,579,642
2.40%, 03/17/20		23,300		23,221,654
2.70%, 08/17/20		6,250		6,275,931
3.50%, 05/14/25^a		21,700		22,038,817
6.38%, 01/21/21		6,486		7,597,706
Lloyds Banking Group PLC
4.50%, 11/04/24^a		28,200		27,887,482
4.58%, 12/10/25^b		14,826		14,714,805
5.30%, 12/01/45^b		3,000		2,907,439
Manufacturers & Traders Trust Co.
2.10%, 02/06/20 (Call 01/06/20)		12,900		12,715,536
2.30%, 01/30/19 (Call 12/30/18)		5,630		5,642,767
2.90%, 02/06/25 (Call 01/06/25)		13,600		13,287,317


Security	Principal (000s)		Value
Morgan Stanley
2.38%, 07/23/19^a	$	28,260	$	28,150,306
2.65%, 01/27/20^a		32,087		32,075,648
2.80%, 06/16/20^a		29,645		29,789,765
3.70%, 10/23/24		37,550		38,054,492
3.75%, 02/25/23^a		31,743		32,549,964
3.88%, 01/27/26		4,281		4,384,116
3.95%, 04/23/27^a		25,290		24,432,123
4.00%, 07/23/25		35,150		36,286,456
4.10%, 05/22/23		29,749		30,343,977
4.30%, 01/27/45^a		29,839		28,632,621
4.35%, 09/08/26		35,779		35,829,287
4.88%, 11/01/22		22,843		24,111,705
5.00%, 11/24/25		26,924		28,382,344
5.50%, 01/26/20		21,477		23,609,383
5.50%, 07/24/20		30,541		33,791,793
5.50%, 07/28/21		32,430		36,395,634
5.63%, 09/23/19		34,277		37,487,031
5.75%, 01/25/21		18,518		20,845,757
6.38%, 07/24/42		26,263		32,738,258
7.25%, 04/01/32		6,732		8,913,645
7.30%, 05/13/19		33,130		37,857,038
Series F
3.88%, 04/29/24^a		38,282		39,516,625
National Australia Bank Ltd./New York
2.63%, 07/23/20^a		14,600		14,791,549
2.63%, 01/14/21		6,750		6,822,665
3.00%, 01/20/23^a		13,539		13,719,478
3.38%, 01/14/26^a		500		515,386
Northern Trust Corp.
3.95%, 10/30/25^a		11,650		12,462,876
PNC Bank N.A.
2.20%, 01/28/19 (Call 12/29/18)^a,c		6,275		6,315,815
2.25%, 07/02/19 (Call 06/02/19)^a,c		7,750		7,808,335
2.40%, 10/18/19 (Call 09/18/19)^c		12,750		12,900,191
2.45%, 11/05/20 (Call 10/06/20)^a,c		2,400		2,424,218
2.60%, 07/21/20 (Call 06/21/20)^a,c		11,000		11,174,466


120		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
2.70%, 11/01/22 (Call 10/01/22)^c	$	9,587	$	9,419,403
2.95%, 01/30/23 (Call 12/30/22)^c		7,300		7,301,418
2.95%, 02/23/25 (Call 01/24/25)^a,c		17,300		17,177,729
3.80%, 07/25/23 (Call 06/25/23)^c		15,653		16,476,149
PNC Financial Services Group Inc. (The)
3.90%, 04/29/24 (Call 03/29/24)^c		12,540		12,946,641
PNC Funding Corp.
3.30%, 03/08/22 (Call 02/06/22)^a,c		9,569		9,922,566
4.38%, 08/11/20^c		10,724		11,629,478
5.13%, 02/08/20^c		3,965		4,366,776
Royal Bank of Canada
2.15%, 03/15/19^a		13,114		13,192,079
2.15%, 03/06/20		11,000		11,028,447
2.35%, 10/30/20^a		30,250		30,468,472
2.50%, 01/19/21		12,260		12,389,486
4.65%, 01/27/26		6,000		6,001,462
Royal Bank of Scotland Group PLC
6.40%, 10/21/19		22,812		24,581,461
Santander Holdings USA Inc.
2.65%, 04/17/20 (Call 03/17/20)^a		16,275		15,735,817
4.50%, 07/17/25 (Call 04/17/25)		16,195		15,881,573
Santander UK Group Holdings PLC
2.88%, 10/16/20		12,225		12,034,568
3.13%, 01/08/21		8,990		8,929,025
State Street Corp.
2.55%, 08/18/20^a		6,430		6,514,069
3.10%, 05/15/23^a		22,013		22,105,835
3.30%, 12/16/24		11,615		11,973,467
3.55%, 08/18/25		8,461		8,993,642
3.70%, 11/20/23		9,565		10,126,256
4.38%, 03/07/21		12,465		13,622,228
Sumitomo Mitsui Banking Corp.
2.25%, 07/11/19		11,000		11,005,567


Security	Principal (000s)		Value
2.45%, 01/10/19^a	$	8,085	$	8,160,225
2.45%, 01/16/20^a		24,900		24,944,150
2.65%, 07/23/20		10,500		10,588,172
3.20%, 07/18/22		7,449		7,589,551
Svenska Handelsbanken AB
2.25%, 06/17/19^a		10,102		10,159,993
2.40%, 10/01/20^a		21,750		21,833,479
2.50%, 01/25/19^a		2,875		2,918,338
Toronto-Dominion Bank (The)
2.13%, 07/02/19^a		10,955		11,059,794
2.25%, 11/05/19		25,530		25,754,084
2.50%, 12/14/20^a		20,525		20,735,589
U.S. Bancorp.
2.20%, 04/25/19 (Call 03/25/19)		16,654		16,873,357
2.95%, 07/15/22 (Call 06/15/22)		17,547		17,742,972
3.00%, 03/15/22 (Call 02/15/22)		11,114		11,513,207
3.70%, 01/30/24 (Call 12/29/23)		16,950		18,236,274
4.13%, 05/24/21 (Call 04/23/21)		12,719		13,901,223
Series F
3.60%, 09/11/24 (Call 08/11/24)^a		15,010		15,542,962
U.S. Bank N.A./Cincinnati OH
2.13%, 10/28/19 (Call 09/28/19)		19,085		19,232,869
2.80%, 01/27/25 (Call 12/27/24)		6,950		6,983,184
UBS AG/Stamford CT
2.35%, 03/26/20^a		19,930		19,917,516
2.38%, 08/14/19^a		32,706		32,754,631
4.88%, 08/04/20^a		9,225		10,177,891
Wachovia Corp.
5.50%, 08/01/35		9,017		9,931,804
Wells Fargo & Co.
2.13%, 04/22/19		21,925		22,089,716
2.55%, 12/07/20^a		22,250		22,418,206
2.60%, 07/22/20^a		37,860		38,338,486
3.00%, 01/22/21		13,339		13,716,128
3.00%, 02/19/25^a		25,135		25,112,042
3.30%, 09/09/24^a		27,761		28,313,921


SCHEDULESOF INVESTMENTS			121

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)			Value
3.50%, 03/08/22^a	$	32,677		$	34,222,312
3.55%, 09/29/25^a		31,250			32,492,241
3.90%, 05/01/45^a		31,955			30,865,124
4.10%, 06/03/26^a		30,674			31,492,527
4.13%, 08/15/23		23,044			24,389,502
4.30%, 07/22/27		32,540			33,744,214
4.60%, 04/01/21^a		28,240			31,075,474
4.65%, 11/04/44		15,210			14,907,797
4.90%, 11/17/45^a		17,815			18,050,812
5.38%, 02/07/35		4,074			4,708,363
5.38%, 11/02/43		26,200			27,995,939
5.61%, 01/15/44		29,835			32,934,257
Series M
3.45%, 02/13/23		24,666			25,018,117
Series N
2.15%, 01/30/20		19,679			19,601,410
Wells Fargo Bank N.A.
5.85%, 02/01/37		10,850			13,067,012
6.60%, 01/15/38		18,684			24,417,998
Westpac Banking Corp.
2.25%, 01/17/19^a		2,243	��		2,260,943
2.30%, 05/26/20^a		12,325			12,386,626
2.60%, 11/23/20^a		21,500			21,741,525
4.88%, 11/19/19^a		20,507			22,375,951

					6,429,687,664
BEVERAGES — 4.14%
Anheuser-Busch InBev Finance Inc.
2.15%, 02/01/19^a		13,121			13,303,440
2.63%, 01/17/23^a		13,248			13,101,347
2.65%, 02/01/21 (Call 01/01/21)		65,825			66,941,642
3.30%, 02/01/23 (Call 12/01/22)		59,350			60,999,633
3.65%, 02/01/26 (Call 11/01/25)		121,500			125,318,696
3.70%, 02/01/24^a		26,146			27,664,212
4.00%, 01/17/43^a		10,767			10,102,690
4.63%, 02/01/44^a		12,725			13,150,177
4.70%, 02/01/36 (Call 08/01/35)		70,848			74,313,714
4.90%, 02/01/46 (Call 08/01/45)^a		111,365			119,405,553


Security	Principal (000s)		Value
Anheuser-Busch InBev Worldwide Inc.
2.50%, 07/15/22^a	$	51,268	$	50,748,137
3.75%, 07/15/42		7,141		6,459,931
5.00%, 04/15/20		12,712		13,992,664
5.38%, 01/15/20^a		23,947		26,682,813
6.88%, 11/15/19		20,277		23,703,835
7.75%, 01/15/19^a		11,803		13,683,347
8.20%, 01/15/39		15,162		22,231,552
Bottling Group LLC
5.13%, 01/15/19		1,332		1,463,965
Coca-Cola Co. (The)
1.88%, 10/27/20		20,670		20,872,275
2.45%, 11/01/20^a		17,009		17,554,395
2.50%, 04/01/23^a		5,971		6,067,822
2.88%, 10/27/25^a		19,560		19,999,292
3.15%, 11/15/20^a		15,006		15,952,775
3.20%, 11/01/23^a		21,075		22,438,529
3.30%, 09/01/21^a		13,238		14,139,649
Diageo Capital PLC
2.63%, 04/29/23 (Call 01/29/23)		15,314		15,372,221
Diageo Investment Corp.
2.88%, 05/11/22		14,584		14,838,656
Pepsi Bottling Group Inc. (The) Series B
7.00%, 03/01/29		11,865		16,272,424
PepsiCo Inc.
1.85%, 04/30/20 (Call 03/30/20)^a		16,350		16,426,876
2.15%, 10/14/20 (Call 09/14/20)		12,285		12,468,726
2.75%, 03/05/22		15,188		15,687,517
2.75%, 03/01/23		13,713		14,044,966
2.75%, 04/30/25 (Call 01/30/25)		11,909		12,076,789
2.85%, 02/24/26 (Call 11/24/25)		8,735		8,868,139
3.00%, 08/25/21		8,446		8,847,306
3.10%, 07/17/22 (Call 05/17/22)		13,000		13,639,723
3.13%, 11/01/20		16,579		17,449,834
3.50%, 07/17/25 (Call 04/17/25)^a		550		587,626


122		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
3.60%, 03/01/24 (Call 12/01/23)^a	$	10,380	$	11,216,160
4.00%, 03/05/42		5,814		5,728,631
4.45%, 04/14/46 (Call 10/14/45)		17,320		18,632,574
4.50%, 01/15/20		13,950		15,375,460
4.88%, 11/01/40		7,786		8,671,845
5.50%, 01/15/40		9,496		11,267,261

				1,037,764,819
BIOTECHNOLOGY — 2.56%
Amgen Inc.
2.13%, 05/01/20 (Call 04/01/20)^a		10,678		10,626,931
2.20%, 05/22/19 (Call 04/22/19)		14,815		15,003,971
3.13%, 05/01/25 (Call 02/01/25)^a		16,050		15,906,032
3.45%, 10/01/20^a		10,810		11,262,326
3.63%, 05/15/22 (Call 02/15/22)		2,486		2,571,490
3.63%, 05/22/24 (Call 02/22/24)		16,950		17,482,983
3.88%, 11/15/21 (Call 08/15/21)^a		31,023		33,009,620
4.10%, 06/15/21 (Call 03/15/21)		12,491		13,375,929
4.40%, 05/01/45 (Call 11/01/44)^a		17,324		16,560,190
5.15%, 11/15/41 (Call 05/15/41)		26,932		27,683,430
5.38%, 05/15/43 (Call 11/15/42)^a		14,507		15,495,640
5.65%, 06/15/42 (Call 12/15/41)		11,708		12,903,768
5.70%, 02/01/19		3,374		3,738,495
6.38%, 06/01/37^a		3,834		4,489,044
6.40%, 02/01/39^a		12,062		14,254,439
Biogen Inc.
2.90%, 09/15/20		7,525		7,607,810
3.63%, 09/15/22^a		20,500		21,160,836
4.05%, 09/15/25 (Call 06/15/25)^a		22,200		22,905,474
5.20%, 09/15/45 (Call 03/15/45)		22,340		22,834,677


Security	Principal (000s)		Value
Celgene Corp.
2.88%, 08/15/20	$	22,400	$	22,733,708
3.25%, 08/15/22		4,976		4,995,135
3.55%, 08/15/22		13,650		14,051,419
3.63%, 05/15/24 (Call 02/15/24)		14,376		14,557,071
3.88%, 08/15/25 (Call 05/15/25)^a		24,450		25,228,828
4.63%, 05/15/44 (Call 11/15/43)		15,020		14,416,103
5.00%, 08/15/45 (Call 02/15/45)^a		23,450		24,010,931
Gilead Sciences Inc.
2.55%, 09/01/20		21,359		21,709,089
3.25%, 09/01/22 (Call 07/01/22)		11,700		12,141,075
3.50%, 02/01/25 (Call 11/01/24)		25,772		26,843,814
3.65%, 03/01/26 (Call 12/01/25)^a		32,262		33,677,695
3.70%, 04/01/24 (Call 01/01/24)		18,550		19,535,591
4.40%, 12/01/21 (Call 09/01/21)		13,014		14,323,543
4.50%, 04/01/21 (Call 01/01/21)^a		11,054		12,228,127
4.50%, 02/01/45 (Call 08/01/44)		18,343		18,564,380
4.60%, 09/01/35 (Call 03/01/35)		13,528		14,014,487
4.75%, 03/01/46 (Call 09/01/45)^a		25,100		26,466,695
4.80%, 04/01/44 (Call 10/01/43)		17,345		18,051,852
5.65%, 12/01/41 (Call 06/01/41)		13,145		15,277,302

				641,699,930
CHEMICALS — 1.72%
CF Industries Inc.
3.45%, 06/01/23^a		7,819		7,161,271
4.95%, 06/01/43		4,996		3,954,340
5.15%, 03/15/34		20,455		17,464,479
5.38%, 03/15/44^a		9,913		8,417,426
7.13%, 05/01/20		4,810		5,419,191


SCHEDULESOF INVESTMENTS			123

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)	$	20,922	$	20,926,235
3.50%, 10/01/24 (Call 07/01/24)^a		11,114		11,122,315
4.13%, 11/15/21 (Call 08/15/21)		15,548		16,427,163
4.25%, 11/15/20 (Call 08/15/20)		16,470		17,440,291
4.38%, 11/15/42 (Call 05/15/42)		11,965		10,642,401
5.25%, 11/15/41 (Call 05/15/41)		8,015		7,914,951
7.38%, 11/01/29		10,977		13,842,573
8.55%, 05/15/19^a		17,112		20,110,440
9.40%, 05/15/39		11,976		16,990,178
Eastman Chemical Co.
2.70%, 01/15/20 (Call 12/15/19)		8,203		8,134,115
3.60%, 08/15/22 (Call 05/15/22)		14,376		14,330,179
3.80%, 03/15/25 (Call 12/15/24)^a		10,520		10,222,311
4.65%, 10/15/44 (Call 04/15/44)^a		7,245		6,211,182
Ecolab Inc.
4.35%, 12/08/21		10,800		11,731,999
5.50%, 12/08/41^a		10,708		11,958,181
EI du Pont de Nemours & Co.
2.80%, 02/15/23^a		9,029		8,916,443
3.63%, 01/15/21^a		15,313		16,077,845
4.15%, 02/15/43^a		7,774		6,804,322
4.63%, 01/15/20^a		13,623		14,799,921
LYB International Finance BV
4.00%, 07/15/23^a		8,411		8,465,918
4.88%, 03/15/44 (Call 09/15/43)^a		13,210		11,890,929
5.25%, 07/15/43		10,128		9,501,026
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)^a		11,985		9,843,772
5.00%, 04/15/19 (Call 01/15/19)		18,350		19,357,973


Security	Principal (000s)		Value
5.75%, 04/15/24 (Call 01/15/24)	$	12,870	$	14,406,763
6.00%, 11/15/21 (Call 08/17/21)		12,653		14,078,243
Monsanto Co.
3.38%, 07/15/24 (Call 04/15/24)^a		12,309		12,158,068
4.40%, 07/15/44 (Call 01/15/44)^a		11,000		9,536,730
4.70%, 07/15/64 (Call 01/15/64)		4,235		3,382,833
Mosaic Co. (The)
4.25%, 11/15/23 (Call 08/15/23)^a		9,990		9,795,608
Potash Corp. of Saskatchewan Inc.
3.63%, 03/15/24 (Call 12/15/23)		12,792		12,566,481
Rohm & Haas Co.
7.85%, 07/15/29		7,306		9,439,032

				431,443,128
COMMERCIAL SERVICES — 0.32%
Automatic Data Processing Inc.
2.25%, 09/15/20 (Call 08/15/20)^a		9,557		9,764,149
3.38%, 09/15/25 (Call 06/15/25)		15,368		16,310,716
McGraw Hill Financial Inc.
4.40%, 02/15/26 (Call 11/15/25)		7,250		7,615,849
Synchrony Financial
3.00%, 08/15/19 (Call 07/15/19)		17,346		17,314,845
3.75%, 08/15/21 (Call 06/15/21)		8,990		9,032,028
4.25%, 08/15/24 (Call 05/15/24)^a		20,845		20,840,752

				80,878,339
COMPUTERS — 3.24%
Apple Inc.
1.55%, 02/07/20^a		18,038		17,931,709
2.00%, 05/06/20^a		11,824		11,966,819
2.10%, 05/06/19		20,995		21,412,754


124		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
2.15%, 02/09/22	$	16,641	$	16,571,719
2.25%, 02/23/21 (Call 01/23/21)		19,710		20,048,787
2.40%, 05/03/23^a		67,620		66,957,892
2.50%, 02/09/25		32,013		31,378,112
2.70%, 05/13/22^a		15,044		15,375,656
2.85%, 05/06/21^a		42,121		43,886,219
2.85%, 02/23/23 (Call 12/23/22)		19,095		19,509,379
3.20%, 05/13/25^a		29,807		30,760,368
3.25%, 02/23/26 (Call 11/23/25)		18,755		19,373,669
3.45%, 05/06/24		28,364		29,901,031
3.45%, 02/09/45		26,372		22,764,002
3.85%, 05/04/43		29,500		27,484,787
4.38%, 05/13/45^a		16,615		16,767,929
4.45%, 05/06/44		12,412		12,656,516
4.50%, 02/23/36 (Call 08/23/35)		18,300		19,085,361
4.65%, 02/23/46 (Call 08/23/45)		30,225		31,638,732
EMC Corp./MA
2.65%, 06/01/20^a		23,235		21,073,058
3.38%, 06/01/23 (Call 03/01/23)^a		8,264		6,775,552
Hewlett Packard Enterprise Co.
3.60%, 10/15/20 (Call 09/15/20)^a,b		31,855		31,692,600
4.40%, 10/15/22 (Call 08/15/22)^a,b		8,900		8,689,654
4.90%, 10/15/25 (Call 07/15/25)^b		29,200		27,720,083
6.20%, 10/15/35 (Call 04/15/35)^b		12,200		10,528,036
6.35%, 10/15/45 (Call 04/15/45)^b		23,400		19,901,546
HP Inc.
3.75%, 12/01/20^a		2,297		2,338,262
4.30%, 06/01/21		14,447		14,599,566
4.38%, 09/15/21^a		15,055		15,202,673
4.65%, 12/09/21^a		18,068		18,414,302
6.00%, 09/15/41^a		7,027		5,808,277
International Business Machines Corp.
1.63%, 05/15/20^a		13,005		12,933,774


Security	Principal (000s)		Value
1.88%, 08/01/22^a	$	16,651	$	16,006,380
1.95%, 02/12/19^a		856		863,935
2.25%, 02/19/21		10,000		10,083,941
2.88%, 11/09/22		15,675		16,029,735
3.38%, 08/01/23		21,075		21,870,958
3.45%, 02/19/26		10,550		10,754,249
3.63%, 02/12/24^a		15,795		16,593,602
4.00%, 06/20/42^a		13,679		13,090,081
4.70%, 02/19/46		5,000		5,231,454
8.38%, 11/01/19^a		6,537		8,052,065
Seagate HDD Cayman
4.75%, 06/01/23^a		11,310		9,132,825
4.75%, 01/01/25		16,325		12,447,812

				811,305,861
COSMETICS & PERSONAL CARE — 0.24%
Procter & Gamble Co. (The)
2.30%, 02/06/22		19,463		19,765,973
3.10%, 08/15/23^a		5,004		5,289,644
4.70%, 02/15/19		16,216		17,699,782
5.55%, 03/05/37		13,348		16,732,346

				59,487,745
DIVERSIFIED FINANCIAL SERVICES — 4.51%
American Express Co.
2.65%, 12/02/22		21,978		21,343,831
4.05%, 12/03/42^a		15,894		15,167,806
American Express Credit Corp.
2.13%, 03/18/19		14,491		14,489,180
2.25%, 08/15/19^a		13,115		13,118,577
2.38%, 05/26/20 (Call 04/25/20)		21,245		21,190,490
Series F
2.60%, 09/14/20 (Call 08/14/20)		10,529		10,573,715
Ameriprise Financial Inc.
4.00%, 10/15/23		17,473		18,562,726
5.30%, 03/15/20		3,270		3,641,575
BP Capital Markets PLC
2.52%, 01/15/20		11,380		11,197,238
Capital One Bank USA N.A.
2.25%, 02/13/19 (Call 01/13/19)		520		515,209
3.38%, 02/15/23^a		30,240		29,574,599


SCHEDULESOF INVESTMENTS			125

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
CME Group Inc./IL
3.00%, 09/15/22	$	5,098	$	5,277,888
3.00%, 03/15/25 (Call 12/15/24)		14,769		14,798,067
5.30%, 09/15/43 (Call 03/15/43)		9,081		10,515,914
Ford Motor Credit Co. LLC
2.38%, 03/12/19^a		19,400		19,082,038
2.60%, 11/04/19^a		9,541		9,375,769
3.66%, 09/08/24^a		16,300		15,826,086
4.25%, 09/20/22		16,695		17,070,796
4.38%, 08/06/23		13,287		13,601,959
5.75%, 02/01/21		12,070		13,197,561
5.88%, 08/02/21^a		30,129		33,239,762
8.13%, 01/15/20		9,121		10,604,615
GE Capital International Funding Co.
2.34%, 11/15/20^a,b		42,414		42,856,849
3.37%, 11/15/25^b		25,481		26,636,419
4.42%, 11/15/35^b		68,347		71,161,222
General Electric Co.
2.20%, 01/09/20 (Call 12/09/19)		10,089		10,277,248
2.30%, 01/14/19		550		565,244
3.10%, 01/09/23^a		14,660		15,360,276
3.15%, 09/07/22^a		11,735		12,305,693
3.45%, 05/15/24 (Call 02/13/24)^a		1,140		1,214,144
4.38%, 09/16/20		10,736		11,865,835
4.63%, 01/07/21		16,486		18,344,948
4.65%, 10/17/21		31,035		35,160,582
5.30%, 02/11/21		23,553		26,955,224
5.50%, 01/08/20^a		10,848		12,346,051
5.88%, 01/14/38		52,359		65,868,957
6.00%, 08/07/19		5,966		6,834,032
6.15%, 08/07/37		16,797		21,678,171
6.88%, 01/10/39		37,981		52,856,779
Series A
5.55%, 05/04/20^a		938		1,073,905
6.75%, 03/15/32		46,346		61,396,020
HSBC Finance Corp.
6.68%, 01/15/21		42,418		47,196,426


Security	Principal (000s)		Value
Intercontinental Exchange Inc.
2.75%, 12/01/20 (Call 11/01/20)^a	$	8,730	$	8,866,492
3.75%, 12/01/25 (Call 09/01/25)		19,075		19,734,240
4.00%, 10/15/23		6,725		7,062,703
Jefferies Group LLC
6.88%, 04/15/21		7,752		8,658,215
8.50%, 07/15/19^a		8,391		9,483,836
Nomura Holdings Inc.
2.75%, 03/19/19^a		8,930		8,983,428
6.70%, 03/04/20		17,383		19,940,264
Synchrony Financial
2.70%, 02/03/20 (Call 01/03/20)		4,985		4,887,539
4.50%, 07/23/25 (Call 04/24/25)		7,550		7,641,721
Visa Inc.
2.20%, 12/14/20 (Call 11/14/20)		36,515		37,220,945
2.80%, 12/14/22 (Call 10/14/22)		23,320		24,016,475
3.15%, 12/14/25 (Call 09/14/25)^a		46,600		48,445,602
4.15%, 12/14/35 (Call 06/14/35)^a		13,450		14,282,790
4.30%, 12/14/45 (Call 06/14/45)		44,040		47,283,665

				1,130,427,341
ELECTRIC — 1.08%
Berkshire Hathaway Energy Co.
4.50%, 02/01/45 (Call 08/01/44)		12,796		12,796,981
5.15%, 11/15/43 (Call 05/15/43)^a		8,819		9,704,641
6.13%, 04/01/36		18,280		21,774,436
6.50%, 09/15/37		11,286		14,037,290
Consolidated Edison Co. of New York Inc.
4.45%, 03/15/44 (Call 09/15/43)		9,379		9,853,922
4.63%, 12/01/54 (Call 06/01/54)		8,165		8,374,129


126		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Duke Energy Carolinas LLC
5.30%, 02/15/40	$	7,767	$	9,168,942
Duke Energy Corp.
3.75%, 04/15/24 (Call 01/15/24)^a		6,426		6,614,394
Duke Energy Florida LLC
6.40%, 06/15/38		14,536		19,094,430
Exelon Corp.
2.85%, 06/15/20 (Call 05/15/20)		7,932		7,984,904
3.95%, 06/15/25 (Call 03/15/25)^a,b		15,700		15,892,776
5.10%, 06/15/45 (Call 12/15/44)^b		1,724		1,760,733
Exelon Generation Co. LLC
2.95%, 01/15/20 (Call 12/15/19)^a		3,550		3,553,733
5.60%, 06/15/42 (Call 12/15/41)^a		4,608		4,166,759
6.25%, 10/01/39^a		11,895		11,820,436
Georgia Power Co.
4.30%, 03/15/42		10,277		10,083,509
NiSource Finance Corp.
4.80%, 02/15/44 (Call 08/15/43)		6,791		6,998,635
Oncor Electric Delivery Co. LLC
7.00%, 09/01/22		10,623		12,934,542
Pacific Gas & Electric Co.
3.50%, 10/01/20 (Call 07/01/20)		3,087		3,258,813
5.40%, 01/15/40		10,531		12,286,388
5.80%, 03/01/37		10,093		12,125,764
6.05%, 03/01/34		34,965		42,912,142
Southern California Edison Co.
4.65%, 10/01/43 (Call 04/01/43)		9,396		10,382,292
Virginia Electric & Power Co. Series A
3.15%, 01/15/26 (Call 10/15/25)		2,000		2,049,535

				269,630,126


Security	Principal (000s)		Value
ELECTRONICS — 0.46%
Honeywell International Inc.
4.25%, 03/01/21	$	5,849	$	6,480,548
5.00%, 02/15/19		11,524		12,698,411
Koninklijke Philips NV
3.75%, 03/15/22		9,781		10,115,953
6.88%, 03/11/38		13,444		15,715,729
Thermo Fisher Scientific Inc.
2.40%, 02/01/19^a		3,397		3,408,998
3.15%, 01/15/23 (Call 10/15/22)		6,398		6,268,631
3.30%, 02/15/22		9,592		9,587,498
3.60%, 08/15/21 (Call 05/15/21)		18,306		18,728,684
4.15%, 02/01/24 (Call 11/01/23)		21,901		22,829,173
4.50%, 03/01/21		8,706		9,357,524

				115,191,149
ENGINEERING & CONSTRUCTION — 0.09%
ABB Finance USA Inc.
2.88%, 05/08/22		18,088		18,357,336
4.38%, 05/08/42^a		4,367		4,561,459

				22,918,795
ENVIRONMENTAL CONTROL — 0.14%
Republic Services Inc.
3.55%, 06/01/22 (Call 03/01/22)		12,795		13,403,969
5.00%, 03/01/20^a		9,032		9,864,505
Waste Management Inc.
4.10%, 03/01/45 (Call 09/01/44)		11,874		11,539,713

				34,808,187
FOOD — 1.64%
ConAgra Foods Inc.
3.20%, 01/25/23 (Call 10/25/22)		821		814,841
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)		17,474		18,201,416
5.65%, 02/15/19		8,850		9,781,973
JM Smucker Co. (The)
3.50%, 10/15/21		25		26,112
3.50%, 03/15/25^a		21,365		22,025,836


SCHEDULESOF INVESTMENTS			127

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Kellogg Co.
4.00%, 12/15/20^a	$	8,252	$	8,801,282
Series B
7.45%, 04/01/31		10,256		13,152,369
Kraft Foods Group Inc.
3.50%, 06/06/22		19,031		19,606,170
5.00%, 06/04/42		26,003		26,912,822
5.38%, 02/10/20		22,280		24,667,661
6.50%, 02/09/40		13,169		15,681,096
6.88%, 01/26/39		13,990		17,172,490
Kraft Heinz Foods Co.
2.80%, 07/02/20 (Call 06/02/20)^a,b		20,900		21,146,217
3.50%, 07/15/22 (Call 05/15/22)^b		17,245		17,775,879
3.95%, 07/15/25 (Call 04/15/25)^a,b		10,515		11,018,861
5.00%, 07/15/35 (Call 01/15/35)^b		9,095		9,496,379
5.20%, 07/15/45 (Call 01/15/45)^b		17,550		18,893,191
Kroger Co. (The)
6.15%, 01/15/20		7,777		8,921,219
Mondelez International Inc.
2.25%, 02/01/19 (Call 01/01/19)		9,384		9,445,015
4.00%, 02/01/24 (Call 11/01/23)		20,874		21,749,547
6.50%, 02/09/40^a		1,961		2,451,922
Sysco Corp.
2.60%, 10/01/20 (Call 09/01/20)		8,845		8,853,590
3.75%, 10/01/25 (Call 07/01/25)^a		13,520		13,995,853
Tyson Foods Inc.
2.65%, 08/15/19 (Call 07/15/19)		13,270		13,448,962
3.95%, 08/15/24 (Call 05/15/24)		15,500		16,352,257
4.50%, 06/15/22 (Call 03/15/22)		10,520		11,339,829
Unilever Capital Corp.
2.20%, 03/06/19		14,061		14,412,071


Security	Principal (000s)		Value
4.25%, 02/10/21	$	11,963	$	13,287,257
4.80%, 02/15/19		7,814		8,564,076
5.90%, 11/15/32		9,709		12,653,150

				410,649,343
FOREST PRODUCTS & PAPER — 0.07%
International Paper Co.
3.65%, 06/15/24 (Call 03/15/24)^a		10,325		10,067,559
4.80%, 06/15/44 (Call 12/15/43)		8,600		7,229,791
7.30%, 11/15/39		1,050		1,136,034

				18,433,384
GAS — 0.04%
Sempra Energy
6.00%, 10/15/39		10,045		11,071,396

				11,071,396
HEALTH CARE – PRODUCTS — 1.62%
Becton Dickinson and Co.
2.68%, 12/15/19^a		19,641		20,051,359
3.13%, 11/08/21		11,291		11,572,136
3.73%, 12/15/24 (Call 09/15/24)		12,770		13,161,383
4.69%, 12/15/44 (Call 06/15/44)		13,625		14,046,771
Boston Scientific Corp.
3.85%, 05/15/25		11,305		11,331,017
6.00%, 01/15/20^a		8,806		9,852,002
Covidien International Finance SA
2.95%, 06/15/23 (Call 03/15/23)		6,069		6,123,575
6.55%, 10/15/37		12,486		16,077,602
Medtronic Inc.
2.50%, 03/15/20^a		21,518		21,994,421
2.75%, 04/01/23 (Call 01/01/23)		22,564		22,631,507
3.15%, 03/15/22		24,330		25,375,241
3.50%, 03/15/25^a		45,894		48,182,348
3.63%, 03/15/24 (Call 12/15/23)		10,994		11,650,569
4.00%, 04/01/43 (Call 10/01/42)		8,486		8,168,474
4.38%, 03/15/35		28,388		29,362,994


128		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
4.45%, 03/15/20	$	17,143	$	18,738,605
4.63%, 03/15/45		43,123		45,843,712
St. Jude Medical Inc.
3.25%, 04/15/23 (Call 01/15/23)		4,542		4,561,392
Stryker Corp.
3.38%, 11/01/25 (Call 08/01/25)		6,535		6,482,261
Zimmer Biomet Holdings Inc.
2.70%, 04/01/20 (Call 03/01/20)		20,695		20,718,061
3.15%, 04/01/22 (Call 02/01/22)^a		8,300		8,262,793
3.55%, 04/01/25 (Call 01/01/25)^a		24,520		24,240,568
4.45%, 08/15/45 (Call 02/15/45)		9,340		8,597,546

				407,026,337
HEALTH CARE – SERVICES — 1.53%
Aetna Inc.
2.75%, 11/15/22 (Call 08/15/22)		15,510		15,162,492
3.50%, 11/15/24 (Call 08/15/24)		5,400		5,429,096
3.95%, 09/01/20		11,115		11,789,937
6.63%, 06/15/36		11,323		13,688,556
Anthem Inc.
2.25%, 08/15/19		10,295		10,177,796
3.13%, 05/15/22		15,185		14,919,053
3.30%, 01/15/23		8,275		8,171,867
3.50%, 08/15/24 (Call 05/15/24)^a		9,375		9,325,811
4.63%, 05/15/42		12,134		11,377,971
4.65%, 01/15/43		12,975		12,174,427
4.65%, 08/15/44 (Call 02/15/44)		12,394		11,682,547
5.85%, 01/15/36^a		9,582		10,323,643
6.38%, 06/15/37		5,790		6,719,855
Cigna Corp.
3.25%, 04/15/25 (Call 01/15/25)^a		13,690		13,458,892
4.00%, 02/15/22 (Call 11/15/21)		8,289		8,749,044


Security	Principal (000s)		Value
5.38%, 02/15/42 (Call 08/15/41)	$	10,385	$	11,474,402
Humana Inc.
4.95%, 10/01/44 (Call 04/01/44)^a		8,785		8,656,280
Laboratory Corp. of America Holdings
3.60%, 02/01/25 (Call 11/01/24)^a		8,821		8,730,697
4.70%, 02/01/45 (Call 08/01/44)^a		14,155		13,341,894
UnitedHealth Group Inc.
2.13%, 03/15/21		3,850		3,845,936
2.70%, 07/15/20		24,579		25,196,764
2.88%, 12/15/21^a		5,150		5,318,966
2.88%, 03/15/22 (Call 12/15/21)		10,180		10,384,277
2.88%, 03/15/23^a		13,227		13,401,456
3.10%, 03/15/26		7,500		7,557,160
3.35%, 07/15/22		5,700		5,959,364
3.75%, 07/15/25		27,623		29,398,217
4.25%, 03/15/43 (Call 09/15/42)^a		8,139		8,164,179
4.63%, 07/15/35		14,660		15,762,910
4.75%, 07/15/45		28,116		30,624,493
5.80%, 03/15/36^a		4,000		4,780,593
6.88%, 02/15/38		14,009		18,801,875

				384,550,450
HOLDING COMPANIES – DIVERSIFIED — 0.05%
MUFG Americas Holdings Corp.
2.25%, 02/10/20 (Call 01/10/20)		12,771		12,604,844

				12,604,844
INSURANCE — 1.79%
ACE INA Holdings Inc.
2.30%, 11/03/20 (Call 10/03/20)^a		10,720		10,836,935
2.88%, 11/03/22 (Call 09/03/22)		14,000		14,250,496
3.15%, 03/15/25		12,425		12,516,708
3.35%, 05/03/26 (Call 02/03/26)		18,875		19,339,676
4.35%, 11/03/45 (Call 05/03/45)^a		18,085		18,841,803


SCHEDULESOF INVESTMENTS			129

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Aflac Inc.
3.63%, 11/15/24	$	13,043	$	13,520,130
American International Group Inc.
2.30%, 07/16/19 (Call 06/16/19)		9,381		9,297,745
3.30%, 03/01/21 (Call 02/01/21)		2,655		2,683,022
3.38%, 08/15/20		455		460,332
3.75%, 07/10/25 (Call 04/10/25)		3,457		3,376,673
3.88%, 01/15/35 (Call 07/15/34)^a		13,023		10,880,989
4.13%, 02/15/24		17,895		18,121,966
4.38%, 01/15/55 (Call 07/15/54)		9,889		7,942,530
4.50%, 07/16/44 (Call 01/16/44)		31,634		27,465,838
4.80%, 07/10/45 (Call 01/10/45)		8,500		7,824,604
4.88%, 06/01/22		19,914		21,646,064
6.25%, 05/01/36		12,807		14,000,117
6.40%, 12/15/20		1,357		1,550,170
Berkshire Hathaway Finance Corp.
3.00%, 05/15/22		14,795		15,268,544
4.25%, 01/15/21^a		9,871		10,812,755
5.75%, 01/15/40^a		8,388		9,951,443
Berkshire Hathaway Inc.
2.10%, 08/14/19^a		10,680		10,895,156
4.50%, 02/11/43^a		6,943		6,986,771
Chubb Corp. (The)
6.00%, 05/11/37		4,851		6,040,056
MetLife Inc.
3.60%, 04/10/24		8,175		8,210,690
4.05%, 03/01/45^a		13,685		12,148,032
4.13%, 08/13/42		7,128		6,450,817
4.60%, 05/13/46 (Call 12/13/45)^a		8,100		7,897,912
4.75%, 02/08/21		16,361		17,923,829
4.88%, 11/13/43		17,765		18,190,303
5.70%, 06/15/35^a		4,725		5,301,653
5.88%, 02/06/41^a		8,300		9,475,081


Security	Principal (000s)		Value
6.38%, 06/15/34	$	8,149	$	9,711,093
7.72%, 02/15/19		1,805		2,088,297
Series D
4.37%, 09/15/23		14,360		15,400,452
Prudential Financial Inc.
4.60%, 05/15/44^a		15,320		14,744,334
5.70%, 12/14/36		170		183,466
7.38%, 06/15/19		9,607		11,069,543
Series D
6.63%, 12/01/37		11,845		14,018,555
Travelers Companies Inc. (The)
5.35%, 11/01/40		7,925		9,396,428
6.25%, 06/15/37		9,055		11,651,744

				448,372,752
INTERNET — 0.67%
Amazon.com Inc.
2.50%, 11/29/22 (Call 08/29/22)^a		19,569		19,451,195
2.60%, 12/05/19 (Call 11/05/19)		13,170		13,497,110
3.30%, 12/05/21 (Call 10/05/21)		5,348		5,640,551
3.80%, 12/05/24 (Call 09/05/24)^a		16,582		17,771,589
4.80%, 12/05/34 (Call 06/05/34)		11,370		12,281,935
4.95%, 12/05/44 (Call 06/05/44)^a		19,828		21,915,153
eBay Inc.
2.20%, 08/01/19 (Call 07/01/19)^a		18,400		18,265,976
2.60%, 07/15/22 (Call 04/15/22)^a		7,234		6,766,388
2.88%, 08/01/21 (Call 06/01/21)^a		5,418		5,354,855
3.45%, 08/01/24 (Call 05/01/24)^a		15,030		14,256,788
4.00%, 07/15/42 (Call 01/15/42)^a		6,647		5,069,156
Expedia Inc.
5.00%, 02/15/26 (Call 11/15/25)^a,b		4,000		3,812,765


130		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Google Inc.
3.38%, 02/25/24^a	$	10,865	$	11,733,192
3.63%, 05/19/21^a		12,310		13,372,304

				169,188,957
MACHINERY — 0.46%
Caterpillar Financial Services Corp.
2.10%, 06/09/19		12,478		12,584,762
7.15%, 02/15/19		11,015		12,653,952
Caterpillar Inc.
3.40%, 05/15/24 (Call 02/15/24)^a		12,620		12,875,635
3.80%, 08/15/42^a		20,048		18,313,804
3.90%, 05/27/21^a		11,872		12,681,791
5.20%, 05/27/41		8,798		9,535,654
7.90%, 12/15/18		892		1,036,363
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)		11,809		11,837,477
3.90%, 06/09/42 (Call 12/09/41)^a		15,296		14,485,736
4.38%, 10/16/19		8,171		8,859,285
John Deere Capital Corp.
1.95%, 12/13/18		259		260,670

				115,125,129
MANUFACTURING — 0.64%
3M Co.
5.70%, 03/15/37		5,651		7,191,077
Eaton Corp.
2.75%, 11/02/22		19,448		19,048,939
4.15%, 11/02/42^a		12,640		12,008,191
General Electric Co.
2.70%, 10/09/22^a		48,952		50,363,908
3.38%, 03/11/24^a		8,293		8,838,092
4.13%, 10/09/42		22,758		22,838,939
4.50%, 03/11/44		28,250		30,043,479
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)^a		9,680		9,507,450

				159,840,075
MEDIA — 6.12%
21st Century Fox America Inc.
3.00%, 09/15/22		15,152		15,176,943


Security	Principal (000s)		Value
4.50%, 02/15/21	$	9,121	$	9,934,716
6.15%, 03/01/37		5,690		6,152,552
6.15%, 02/15/41		20,231		21,823,766
6.20%, 12/15/34		12,114		13,494,933
6.40%, 12/15/35		14,805		16,677,738
6.65%, 11/15/37		13,696		15,536,527
CBS Corp.
3.50%, 01/15/25 (Call 10/15/24)^a		2,065		2,006,316
4.00%, 01/15/26 (Call 10/15/25)^a		12,270		12,302,884
7.88%, 07/30/30		7,295		9,411,989
CCO Safari II LLC
3.58%, 07/23/20 (Call 06/23/20)^b		22,160		22,196,801
4.46%, 07/23/22 (Call 05/23/22)^b		39,050		39,635,145
4.91%, 07/23/25 (Call 04/23/25)^b		53,470		54,684,138
6.38%, 10/23/35 (Call 04/23/35)^a,b		19,400		20,157,892
6.48%, 10/23/45 (Call 04/23/45)^a,b		35,210		37,096,615
Comcast Cable Communications Holdings Inc.
9.46%, 11/15/22		13,268		18,544,613
Comcast Corp.
2.75%, 03/01/23 (Call 02/01/23)		6,000		6,113,286
2.85%, 01/15/23		9,820		10,092,474
3.13%, 07/15/22^a		15,205		15,914,563
3.15%, 03/01/26 (Call 12/01/25)		10,620		10,890,232
3.38%, 02/15/25 (Call 11/15/24)		8,048		8,425,532
3.38%, 08/15/25 (Call 05/15/25)^a		15,760		16,553,347
3.60%, 03/01/24		14,671		15,623,422
4.20%, 08/15/34 (Call 02/15/34)		14,640		14,780,405
4.25%, 01/15/33		22,926		23,478,583
4.40%, 08/15/35 (Call 02/15/35)^a		11,690		12,147,160


SCHEDULESOF INVESTMENTS			131

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
4.60%, 08/15/45 (Call 02/15/45)^a	$	15,709	$	16,535,364
4.65%, 07/15/42		5,811		6,162,972
4.75%, 03/01/44		12,148		12,929,423
5.15%, 03/01/20^a		20,368		22,842,956
5.65%, 06/15/35^a		12,002		14,081,583
6.40%, 05/15/38		4,200		5,313,617
6.40%, 03/01/40^a		11,979		15,053,901
6.45%, 03/15/37		23,361		29,513,734
6.50%, 11/15/35		12,069		15,324,411
6.55%, 07/01/39		16,503		21,311,519
6.95%, 08/15/37		16,321		21,695,099
7.05%, 03/15/33		8,910		11,667,407
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
3.80%, 03/15/22		15,522		15,938,831
3.95%, 01/15/25 (Call 10/15/24)^a		8,135		8,257,481
4.45%, 04/01/24 (Call 01/01/24)		22,571		23,888,016
4.60%, 02/15/21 (Call 11/15/20)		9,130		9,789,414
5.00%, 03/01/21		26,079		28,446,736
5.15%, 03/15/42		16,388		15,423,737
5.20%, 03/15/20		16,405		17,982,131
5.88%, 10/01/19		4,574		5,110,858
6.00%, 08/15/40 (Call 05/15/40)		13,495		13,980,001
6.38%, 03/01/41		10,827		11,619,759
Discovery Communications LLC
4.88%, 04/01/43^a		9,384		7,532,573
5.05%, 06/01/20		14,315		15,083,180
6.35%, 06/01/40^a		10,810		10,406,366
Historic TW Inc.
6.63%, 05/15/29		12,271		14,164,644
NBCUniversal Media LLC
2.88%, 01/15/23		16,030		16,400,323
4.38%, 04/01/21		27,652		30,553,519
4.45%, 01/15/43		19,213		19,369,803
5.15%, 04/30/20		10,537		11,847,160
5.95%, 04/01/41		18,024		21,730,511
6.40%, 04/30/40		7,743		9,818,166


Security	Principal (000s)		Value
Time Warner Cable Inc.
4.00%, 09/01/21 (Call 06/01/21)	$	19,118	$	19,490,893
4.50%, 09/15/42 (Call 03/15/42)^a		15,880		12,986,905
5.00%, 02/01/20		18,186		19,532,093
5.50%, 09/01/41 (Call 03/01/41)		16,373		14,566,718
5.88%, 11/15/40 (Call 05/15/40)		16,391		15,260,827
6.55%, 05/01/37^a		25,897		26,106,714
6.75%, 06/15/39^a		14,453		14,698,766
7.30%, 07/01/38^a		16,270		17,392,207
8.25%, 04/01/19		8,564		9,811,196
8.75%, 02/14/19^a		15,724		18,029,583
Time Warner Entertainment Co. LP
8.38%, 03/15/23		12,104		14,755,024
8.38%, 07/15/33		6,340		7,506,918
Time Warner Inc.
3.55%, 06/01/24 (Call 03/01/24)		12,575		12,439,035
3.60%, 07/15/25 (Call 04/15/25)^a		27,550		26,966,403
4.70%, 01/15/21^a		11,103		11,953,339
4.75%, 03/29/21		13,510		14,585,722
4.85%, 07/15/45 (Call 01/15/45)		13,500		12,577,176
4.88%, 03/15/20		8,301		8,962,231
6.10%, 07/15/40^a		7,870		8,290,626
6.25%, 03/29/41^a		15,870		17,052,620
6.50%, 11/15/36		13,748		14,806,647
7.63%, 04/15/31		8,804		10,690,867
7.70%, 05/01/32		23,691		28,601,540
Verizon Communications Inc.
4.52%, 09/15/48^a		48,750		44,320,156
4.67%, 03/15/55		53,675		46,998,490
Viacom Inc.
4.25%, 09/01/23 (Call 06/01/23)^a		19,275		18,933,929
4.38%, 03/15/43		16,920		11,483,020
5.85%, 09/01/43 (Call 03/01/43)		20,517		17,387,926
6.88%, 04/30/36^a		7,644		7,192,694


132		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Walt Disney Co. (The)
1.85%, 05/30/19^a	$	13,113	$	13,380,723
2.15%, 09/17/20		4,400		4,484,706
2.30%, 02/12/21		10,605		10,838,560
2.35%, 12/01/22^a		20,627		20,764,359
2.75%, 08/16/21		7,358		7,642,607
3.00%, 02/13/26^a		8,500		8,899,807
3.15%, 09/17/25		6,350		6,720,119
4.13%, 06/01/44		9,500		9,834,677

				1,534,573,590
METAL FABRICATE & HARDWARE — 0.11%
Precision Castparts Corp.
2.50%, 01/15/23 (Call 10/15/22)		16,437		16,268,818
3.25%, 06/15/25 (Call 03/15/25)		10,669		10,921,386

				27,190,204
MINING — 1.36%
Barrick Gold Corp.
5.25%, 04/01/42^a		6,150		4,755,957
Barrick North America Finance LLC
4.40%, 05/30/21		15,477		15,169,947
5.70%, 05/30/41		12,345		9,727,464
5.75%, 05/01/43^a		10,161		8,445,691
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39		11,480		9,217,795
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22^a		7,918		7,639,861
3.25%, 11/21/21^a		13,586		13,574,747
3.85%, 09/30/23^a		21,817		21,767,619
4.13%, 02/24/42^a		7,465		6,571,497
5.00%, 09/30/43		34,465		33,558,226
6.50%, 04/01/19^a		21,397		23,490,127
Goldcorp Inc.
3.70%, 03/15/23 (Call 12/15/22)^a		11,545		11,099,304
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)^a		14,694		13,999,585
4.88%, 03/15/42 (Call 09/15/41)		18,946		14,567,619


Security	Principal (000s)		Value
5.13%, 10/01/19^a	$	10,079	$	10,567,037
6.25%, 10/01/39		5,749		5,106,676
Rio Tinto Alcan Inc.
6.13%, 12/15/33		3,100		3,157,358
Rio Tinto Finance USA Ltd.
3.50%, 11/02/20^a		5,902		5,883,807
3.75%, 09/20/21^a		15,480		15,310,141
3.75%, 06/15/25 (Call 03/15/25)^a		6,616		6,320,685
4.13%, 05/20/21^a		9,438		9,557,335
5.20%, 11/02/40^a		13,755		12,988,976
7.13%, 07/15/28		8,298		9,440,519
9.00%, 05/01/19		19,707		22,776,324
Rio Tinto Finance USA PLC
2.25%, 12/14/18 (Call 11/14/18)^a		114		110,713
2.88%, 08/21/22 (Call 05/21/22)^a		14,797		13,788,910
3.50%, 03/22/22 (Call 12/22/21)^a		21,030		20,464,880
4.13%, 08/21/42 (Call 02/21/42)^a		14,994		12,616,626

				341,675,426
OFFICE & BUSINESS EQUIPMENT — 0.05%
Xerox Corp.
4.50%, 05/15/21^a		12,662		12,137,131

				12,137,131
OIL & GAS — 6.23%
Anadarko Finance Co.
7.50%, 05/01/31		6,685		6,083,350
Anadarko Petroleum Corp.
6.20%, 03/15/40		6,121		4,802,771
6.45%, 09/15/36		25,689		21,493,904
Apache Corp.
3.25%, 04/15/22 (Call 01/15/22)		13,017		11,328,767
4.25%, 01/15/44 (Call 07/15/43)		11,224		8,022,146
4.75%, 04/15/43 (Call 10/15/42)		8,219		6,238,632
5.10%, 09/01/40 (Call 03/01/40)		15,015		11,008,081
6.00%, 01/15/37		11,884		9,846,134


SCHEDULESOF INVESTMENTS			133

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
BP Capital Markets PLC
2.24%, 05/10/19	$	2,871	$	2,835,020
2.32%, 02/13/20^a		21,012		20,434,430
2.50%, 11/06/22		15,163		14,143,070
2.75%, 05/10/23^a		13,626		12,884,386
3.06%, 03/17/22^a		10,230		9,962,649
3.25%, 05/06/22		17,103		16,846,534
3.51%, 03/17/25^a		12,995		12,657,368
3.54%, 11/04/24		11,338		10,971,588
3.56%, 11/01/21^a		15,629		15,797,054
3.81%, 02/10/24^a		18,828		18,792,381
3.99%, 09/26/23^a		3,440		3,486,535
4.50%, 10/01/20^a		17,587		18,539,950
4.74%, 03/11/21		18,583		19,817,123
4.75%, 03/10/19		10,957		11,535,234
Canadian Natural Resources Ltd.
6.25%, 03/15/38		14,048		10,321,347
Cenovus Energy Inc.
4.45%, 09/15/42 (Call 03/15/42)		1,353		791,505
Chevron Corp.
1.96%, 03/03/20 (Call 02/03/20)^a		19,009		18,678,631
2.19%, 11/15/19 (Call 10/15/19)		6,000		5,986,268
2.36%, 12/05/22 (Call 09/05/22)		15,208		14,723,243
2.42%, 11/17/20 (Call 10/17/20)^a		12,270		12,304,585
2.43%, 06/24/20 (Call 05/24/20)^a		12,739		12,738,097
3.19%, 06/24/23 (Call 03/24/23)^a		23,255		23,392,549
3.33%, 11/17/25 (Call 08/17/25)^a		15,790		15,839,870
4.95%, 03/03/19		23,109		25,064,021
ConocoPhillips
5.75%, 02/01/19^a		17,343		18,046,132
6.00%, 01/15/20^a		11,428		11,981,245
6.50%, 02/01/39^a		33,959		33,568,244
ConocoPhillips Co.
2.20%, 05/15/20 (Call 04/15/20)^a		1,740		1,602,555


Security	Principal (000s)		Value
2.40%, 12/15/22 (Call 09/15/22)	$	9,125	$	7,934,644
2.88%, 11/15/21 (Call 09/15/21)		8,900		8,084,174
3.35%, 11/15/24 (Call 08/15/24)^a		15,861		13,977,643
4.30%, 11/15/44 (Call 05/15/44)^a		9,555		7,618,877
ConocoPhillips Holding Co.
6.95%, 04/15/29		12,856		13,755,920
Devon Energy Corp.
3.25%, 05/15/22 (Call 02/15/22)^a		12,702		9,781,225
4.75%, 05/15/42 (Call 11/15/41)		6,383		4,093,826
5.00%, 06/15/45 (Call 12/15/44)^a		14,200		9,339,696
5.60%, 07/15/41 (Call 01/15/41)		18,418		12,561,584
5.85%, 12/15/25 (Call 09/15/25)^a		5,000		4,347,250
7.95%, 04/15/32		10,414		8,314,121
Devon Financing Co. LLC
7.88%, 09/30/31		12,813		10,266,416
Ensco PLC
4.70%, 03/15/21^a		24,110		12,922,237
5.75%, 10/01/44 (Call 04/01/44)		4,121		1,955,002
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)^a		15,222		13,738,164
4.10%, 02/01/21		9,146		9,315,397
4.15%, 01/15/26 (Call 10/15/25)		2,300		2,269,274
5.63%, 06/01/19		11,769		12,411,091
Exxon Mobil Corp.
1.82%, 03/15/19 (Call 02/15/19)^a		18,420		18,566,058
1.91%, 03/06/20 (Call 02/06/20)		16,275		16,244,790
2.22%, 03/01/21		3,190		3,190,000
2.40%, 03/06/22 (Call 01/06/22)		15,650		15,582,705


134		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
2.71%, 03/06/25 (Call 12/06/24)^a	$	19,200	$	18,876,900
3.04%, 03/01/26		2,335		2,335,000
3.18%, 03/15/24 (Call 12/15/23)		11,535		11,861,843
3.57%, 03/06/45 (Call 09/06/44)^a		14,380		13,119,635
4.11%, 03/01/46		1,440		1,440,000
Hess Corp.
5.60%, 02/15/41		14,948		10,777,215
6.00%, 01/15/40		7,733		5,789,306
7.30%, 08/15/31		11,263		9,786,602
8.13%, 02/15/19		4,573		4,816,895
Husky Energy Inc.
4.00%, 04/15/24 (Call 01/15/24)^a		17,413		14,221,197
Marathon Oil Corp.
2.80%, 11/01/22 (Call 08/01/22)^a		9,240		6,052,200
3.85%, 06/01/25 (Call 03/01/25)^a		11,834		8,138,242
6.60%, 10/01/37		9,256		6,254,221
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 06/15/24)		11,400		9,291,000
4.75%, 09/15/44 (Call 03/15/44)		6,892		4,455,885
5.13%, 03/01/21		15,330		15,320,198
6.50%, 03/01/41 (Call 09/01/40)		6,075		4,733,640
Nexen Energy ULC
5.88%, 03/10/35		9,023		9,677,326
6.40%, 05/15/37		16,830		19,029,604
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)		11,810		10,300,546
5.05%, 11/15/44 (Call 05/15/44)		10,560		7,806,586
5.25%, 11/15/43 (Call 05/15/43)		14,295		10,565,625
6.00%, 03/01/41 (Call 09/01/40)		9,075		6,824,218
8.25%, 03/01/19		5,502		5,612,040


Security	Principal (000s)		Value
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)	$	11,256	$	10,658,973
3.13%, 02/15/22 (Call 11/15/21)		10,238		10,134,335
3.50%, 06/15/25 (Call 03/15/25)^a		13,900		13,483,623
4.63%, 06/15/45 (Call 12/15/44)^a		11,155		10,670,128
Series 1
4.10%, 02/01/21 (Call 11/01/20)		10,370		10,932,528
Petro-Canada
6.80%, 05/15/38		11,872		10,962,737
Phillips 66
4.30%, 04/01/22^a		15,094		15,448,256
4.65%, 11/15/34 (Call 05/15/34)		15,300		13,728,919
4.88%, 11/15/44 (Call 05/15/44)^a		20,445		18,755,630
5.88%, 05/01/42		17,650		16,967,651
Pride International Inc.
6.88%, 08/15/20^a		5,300		3,107,125
Shell International Finance BV
2.13%, 05/11/20		20,842		20,348,707
2.25%, 11/10/20^a		8,410		8,244,057
2.25%, 01/06/23		21,592		20,181,364
2.38%, 08/21/22^a		13,651		13,191,169
3.25%, 05/11/25^a		38,859		37,858,913
3.40%, 08/12/23^a		8,958		8,922,483
4.13%, 05/11/35^a		22,778		21,162,425
4.30%, 09/22/19		19,646		20,710,039
4.38%, 03/25/20		11,474		12,165,104
4.38%, 05/11/45		31,555		29,160,427
4.55%, 08/12/43^a		15,852		15,014,081
5.50%, 03/25/40^a		11,416		12,062,545
6.38%, 12/15/38		25,327		29,020,720
Southwestern Energy Co.
4.05%, 01/23/20 (Call 12/23/19)		7,413		4,818,450
Statoil ASA
2.25%, 11/08/19		8,470		8,373,743
2.45%, 01/17/23^a		15,303		14,396,825
2.65%, 01/15/24		9,849		9,172,418


SCHEDULESOF INVESTMENTS			135

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
2.75%, 11/10/21	$	1,880	$	1,818,423
2.90%, 11/08/20		9,377		9,305,303
3.15%, 01/23/22		9,792		9,717,575
3.70%, 03/01/24^a		9,170		9,230,602
3.95%, 05/15/43		9,867		8,582,696
4.80%, 11/08/43^a		9,331		9,217,019
5.10%, 08/17/40		7,752		7,891,146
5.25%, 04/15/19		14,518		15,679,228
Suncor Energy Inc.
3.60%, 12/01/24 (Call 09/01/24)^a		9,109		8,330,706
6.50%, 06/15/38^a		11,135		10,157,792
6.85%, 06/01/39		6,470		5,998,633
Total Capital Canada Ltd.
2.75%, 07/15/23^a		9,962		9,531,149
Total Capital International SA
2.10%, 06/19/19^a		16,250		16,038,292
2.13%, 01/10/19^a		2,150		2,133,006
2.70%, 01/25/23^a		7,891		7,555,909
2.75%, 06/19/21^a		14,300		14,280,406
2.88%, 02/17/22^a		15,812		15,640,527
3.70%, 01/15/24^a		16,300		16,587,027
3.75%, 04/10/24^a		10,406		10,577,617
Total Capital SA
4.45%, 06/24/20		3,356		3,590,305
Valero Energy Corp.
6.13%, 02/01/20^a		12,629		13,508,736
6.63%, 06/15/37		18,893		18,769,062
7.50%, 04/15/32		8,826		9,368,299
9.38%, 03/15/19^a		2,604		3,023,969

				1,562,108,219
OIL & GAS SERVICES — 0.80%
Baker Hughes Inc.
3.20%, 08/15/21 (Call 05/15/21)		8,663		8,644,675
5.13%, 09/15/40^a		19,997		17,973,366
Halliburton Co.
2.70%, 11/15/20 (Call 10/15/20)^a		8,805		8,643,634
3.38%, 11/15/22 (Call 09/15/22)		16,405		16,168,230
3.50%, 08/01/23 (Call 05/01/23)		13,851		13,159,474


Security	Principal (000s)		Value
3.80%, 11/15/25 (Call 08/15/25)^a	$	25,765	$	24,398,705
4.75%, 08/01/43 (Call 02/01/43)		3,274		2,712,308
4.85%, 11/15/35 (Call 05/15/35)^a		14,900		13,317,332
5.00%, 11/15/45 (Call 05/15/45)^a		20,100		17,878,673
6.15%, 09/15/19		13,716		14,927,308
6.70%, 09/15/38^a		9,165		9,562,587
7.45%, 09/15/39		11,616		13,389,532
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)^a		18,651		15,196,122
3.95%, 12/01/42 (Call 06/01/42)^a		10,574		7,031,710
Schlumberger Investment SA
3.65%, 12/01/23 (Call 09/01/23)		17,802		18,282,981

				201,286,637
PHARMACEUTICALS — 6.12%
Abbott Laboratories
2.00%, 03/15/20^a		14,639		14,548,306
2.55%, 03/15/22		4,883		4,857,162
2.95%, 03/15/25 (Call 12/15/24)^a		17,870		17,679,225
5.13%, 04/01/19		6,835		7,506,686
AbbVie Inc.
2.50%, 05/14/20 (Call 04/14/20)		47,147		47,281,190
2.90%, 11/06/22		41,439		41,133,495
3.20%, 11/06/22 (Call 09/06/22)^a		9,915		10,056,457
3.60%, 05/14/25 (Call 02/14/25)^a		41,945		42,805,590
4.40%, 11/06/42		27,347		26,188,685
4.50%, 05/14/35 (Call 11/14/34)		33,240		32,965,800
4.70%, 05/14/45 (Call 11/14/44)		31,620		31,735,739
Actavis Funding SCS
3.00%, 03/12/20 (Call 02/12/20)		35,145		35,729,862


136		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
3.45%, 03/15/22 (Call 01/15/22)	$	45,264	$	46,188,264
3.80%, 03/15/25 (Call 12/15/24)		57,584		59,303,239
3.85%, 06/15/24 (Call 03/15/24)		14,700		15,180,887
4.55%, 03/15/35 (Call 09/15/34)		16,160		16,311,431
4.75%, 03/15/45 (Call 09/15/44)^a		34,065		34,895,730
4.85%, 06/15/44 (Call 12/15/43)		19,815		20,219,161
Actavis Inc.
3.25%, 10/01/22 (Call 07/01/22)		25,608		25,686,086
4.63%, 10/01/42 (Call 04/01/42)		5,464		5,410,119
AstraZeneca PLC
1.95%, 09/18/19^a		12,427		12,364,650
2.38%, 11/16/20		21,240		21,360,497
3.38%, 11/16/25^a		25,100		25,535,658
4.00%, 09/18/42^a		12,712		12,189,094
4.38%, 11/16/45		11,510		11,646,644
6.45%, 09/15/37^a		31,550		40,130,966
Baxalta Inc.
2.88%, 06/23/20 (Call 05/23/20)^b		14,130		13,839,986
3.60%, 06/23/22 (Call 04/23/22)^a,b		815		811,726
4.00%, 06/23/25 (Call 03/23/25)^b		22,225		21,966,561
5.25%, 06/23/45 (Call 12/23/44)^b		9,040		8,649,401
Bristol-Myers Squibb Co.
2.00%, 08/01/22^a		12,238		12,108,184
Eli Lilly & Co.
2.75%, 06/01/25 (Call 03/01/25)		12,300		12,557,028
3.70%, 03/01/45 (Call 09/01/44)^a		10,813		10,732,277
Express Scripts Holding Co.
2.25%, 06/15/19		13,131		13,060,255
3.50%, 06/15/24 (Call 03/15/24)		13,162		12,606,157


Security	Principal (000s)		Value
3.90%, 02/15/22	$	13,302	$	13,606,430
4.50%, 02/25/26 (Call 11/25/25)		9,000		9,077,133
4.75%, 11/15/21		18,036		19,300,015
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23^a		15,224		15,617,973
6.38%, 05/15/38		30,434		39,217,493
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		31,120		32,015,011
Johnson & Johnson
1.65%, 03/01/21 (Call 02/01/21)		4,585		4,587,844
2.45%, 03/01/26 (Call 12/01/25)		1,465		1,469,927
3.38%, 12/05/23^a		4,161		4,568,651
4.38%, 12/05/33 (Call 06/05/33)		11,400		12,751,397
5.95%, 08/15/37^a		9,474		12,629,009
McKesson Corp.
2.28%, 03/15/19		16,782		16,836,798
3.80%, 03/15/24 (Call 12/15/23)		4,116		4,198,113
4.88%, 03/15/44 (Call 09/15/43)^a		14,654		14,599,997
Mead Johnson Nutrition Co.
3.00%, 11/15/20		14,720		14,938,710
4.13%, 11/15/25 (Call 08/15/25)^a		8,620		8,924,210
Merck & Co. Inc.
1.85%, 02/10/20^a		20,885		21,116,038
2.35%, 02/10/22		12,045		12,165,516
2.40%, 09/15/22 (Call 06/15/22)		11,146		11,204,866
2.75%, 02/10/25 (Call 11/10/24)^a		32,818		33,044,513
2.80%, 05/18/23		26,487		27,034,950
3.70%, 02/10/45 (Call 08/10/44)		18,862		17,999,458
3.88%, 01/15/21 (Call 10/15/20)^a		10,379		11,212,414
4.15%, 05/18/43		18,721		19,254,148
Merck Sharp & Dohme Corp.
5.00%, 06/30/19		11,607		12,912,951


SCHEDULESOF INVESTMENTS			137

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Novartis Capital Corp.
2.40%, 09/21/22	$	5,045	$	5,110,814
3.00%, 11/20/25 (Call 08/20/25)^a		26,650		27,449,439
3.40%, 05/06/24		26,325		28,064,151
4.00%, 11/20/45 (Call 05/20/45)^a		19,120		19,491,142
4.40%, 04/24/20		8,387		9,272,151
4.40%, 05/06/44		20,883		22,532,318
Novartis Securities Investment Ltd.
5.13%, 02/10/19		24,036		26,517,104
Perrigo Co. PLC
4.00%, 11/15/23 (Call 08/15/23)		6,290		6,228,703
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)^a		3,721		3,615,149
Pfizer Inc.
2.10%, 05/15/19^a		19,470		19,859,729
3.00%, 06/15/23^a		11,233		11,594,671
3.40%, 05/15/24^a		14,525		15,267,386
4.30%, 06/15/43^a		12,075		12,438,878
6.20%, 03/15/19		33,823		38,127,531
7.20%, 03/15/39		27,103		37,638,646
Sanofi
4.00%, 03/29/21^a		21,651		23,496,639
Wyeth LLC
5.95%, 04/01/37		20,120		24,643,676
6.50%, 02/01/34		8,495		10,874,450
Zoetis Inc.
3.25%, 02/01/23 (Call 11/01/22)		21,105		20,377,635
4.50%, 11/13/25 (Call 08/13/25)		5,600		5,773,518
4.70%, 02/01/43 (Call 08/01/42)		13,080		11,425,145

				1,535,324,638
PIPELINES — 2.35%
Columbia Pipeline Group Inc.
3.30%, 06/01/20 (Call 05/01/20)^b		11,850		11,055,316
4.50%, 06/01/25 (Call 03/01/25)^b		10,111		9,171,258


Security	Principal (000s)		Value
Energy Transfer Partners LP
3.60%, 02/01/23 (Call 11/01/22)	$	3,844	$	3,139,933
4.05%, 03/15/25 (Call 12/15/24)^a		13,505		11,185,921
4.15%, 10/01/20 (Call 08/01/20)^a		7,820		7,097,432
4.65%, 06/01/21 (Call 03/01/21)		10,483		8,989,173
4.75%, 01/15/26 (Call 10/15/25)		15,545		13,329,837
5.15%, 03/15/45 (Call 09/15/44)^a		11,145		8,050,535
5.20%, 02/01/22 (Call 11/01/21)		8,505		7,271,775
6.13%, 12/15/45 (Call 06/15/45)^a		17,300		14,186,519
6.50%, 02/01/42 (Call 08/01/41)		5,610		4,542,417
Enterprise Products Operating LLC
2.55%, 10/15/19 (Call 09/15/19)^a		12,800		12,426,671
3.35%, 03/15/23 (Call 12/15/22)		17,077		15,970,547
3.70%, 02/15/26 (Call 11/15/25)^a		10,570		9,865,827
3.75%, 02/15/25 (Call 11/15/24)^a		3,852		3,630,763
3.90%, 02/15/24 (Call 11/15/23)		6,495		6,177,721
4.45%, 02/15/43 (Call 08/15/42)		8,488		6,827,550
4.85%, 08/15/42 (Call 02/15/42)		9,497		8,085,817
4.85%, 03/15/44 (Call 09/15/43)		17,860		15,178,948
4.90%, 05/15/46 (Call 11/15/45)		11,720		10,317,468
5.10%, 02/15/45 (Call 08/15/44)^a		15,891		13,987,648
5.20%, 09/01/20		9,643		10,153,974
5.95%, 02/01/41^a		10,985		10,333,431


138		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Kinder Morgan Energy Partners LP
2.65%, 02/01/19	$	10,792	$	10,090,520
3.50%, 03/01/21 (Call 01/01/21)		12,361		11,155,802
3.95%, 09/01/22 (Call 06/01/22)^a		15,351		13,870,243
5.50%, 03/01/44 (Call 09/01/43)		11,160		9,082,120
6.95%, 01/15/38		14,269		12,873,349
Kinder Morgan Inc./DE
3.05%, 12/01/19 (Call 11/01/19)^a		10,290		9,497,717
4.30%, 06/01/25 (Call 03/01/25)^a		12,200		11,156,900
5.05%, 02/15/46 (Call 08/15/45)^a		9,050		6,980,537
5.30%, 12/01/34 (Call 06/01/34)		11,754		9,266,736
5.55%, 06/01/45 (Call 12/01/44)^a		20,425		16,945,193
7.75%, 01/15/32		9,569		9,092,688
ONEOK Partners LP
3.38%, 10/01/22 (Call 07/01/22)		13,601		10,744,532
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24 (Call 08/01/24)		11,230		8,749,242
3.65%, 06/01/22 (Call 03/01/22)^a		13,811		11,359,547
4.65%, 10/15/25 (Call 07/15/25)^a		5,190		4,364,933
Regency Energy Partners LP/Regency Energy Finance Corp.
5.88%, 03/01/22 (Call 12/01/21)		13,800		12,119,160
Spectra Energy Partners LP
4.75%, 03/15/24 (Call 12/15/23)		14,645		14,626,351
Sunoco Logistics Partners Operations LP
5.35%, 05/15/45 (Call 11/15/44)^a		13,060		9,670,669


Security	Principal (000s)		Value
TransCanada PipeLines Ltd.
2.50%, 08/01/22^a	$	15,719	$	14,538,773
3.80%, 10/01/20^a		7,538		7,615,231
4.63%, 03/01/34 (Call 12/01/33)		14,214		12,952,458
4.88%, 01/15/26 (Call 10/15/25)		9,305		9,605,337
6.10%, 06/01/40		7,217		7,327,103
6.20%, 10/15/37		12,810		12,938,195
7.13%, 01/15/19		197		216,272
7.63%, 01/15/39		10,271		11,811,650
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26 (Call 11/01/25)^b		2,000		2,104,107
Williams Partners LP
3.35%, 08/15/22 (Call 05/15/22)^a		11,806		8,972,560
3.60%, 03/15/22 (Call 01/15/22)		20,300		15,935,500
3.90%, 01/15/25 (Call 10/15/24)		9,950		7,460,486
4.00%, 09/15/25 (Call 06/15/25)^a		2,615		1,989,780
4.30%, 03/04/24 (Call 12/04/23)		10,620		8,294,857
5.10%, 09/15/45 (Call 03/15/45)		5,845		3,977,464
5.25%, 03/15/20		22,868		20,391,167
6.30%, 04/15/40		13,428		10,154,925
Williams Partners LP/ACMP Finance Corp.
4.88%, 05/15/23 (Call 12/15/17)		11,500		9,372,500
4.88%, 03/15/24 (Call 03/15/19)		11,975		9,588,981
6.13%, 07/15/22 (Call 01/15/17)^a		2,300		2,024,000

				589,894,066
REAL ESTATE — 0.03%
Prologis LP
3.75%, 11/01/25 (Call 08/01/25)^a		8,100		8,243,202

				8,243,202


SCHEDULESOF INVESTMENTS			139

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
REAL ESTATE INVESTMENT TRUSTS — 1.04%
American Tower Corp.
2.80%, 06/01/20 (Call 05/01/20)^a	$	5,925	$	5,882,536
3.30%, 02/15/21 (Call 01/15/21)		4,700		4,704,585
3.40%, 02/15/19		5,909		6,003,899
3.50%, 01/31/23		11,246		11,032,543
4.00%, 06/01/25 (Call 03/01/25)		15,551		15,489,566
4.70%, 03/15/22		2,100		2,221,868
5.00%, 02/15/24		14,210		15,174,008
Boston Properties LP
3.65%, 02/01/26 (Call 11/01/25)		3,000		3,031,953
3.85%, 02/01/23 (Call 11/01/22)^a		11,183		11,565,266
4.13%, 05/15/21 (Call 02/15/21)		7,021		7,445,172
Crown Castle International Corp.
5.25%, 01/15/23^a		19,950		21,143,409
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		11,775		12,164,136
4.63%, 12/15/21 (Call 09/15/21)		10,487		11,727,408
HCP Inc.
2.63%, 02/01/20 (Call 11/01/19)		15,326		15,020,617
3.88%, 08/15/24 (Call 05/17/24)		11,070		10,397,382
4.00%, 06/01/25 (Call 03/01/25)^a		1,000		946,752
4.25%, 11/15/23 (Call 08/15/23)		5,975		5,827,284
5.38%, 02/01/21 (Call 11/03/20)^a		25,420		27,270,190
Prologis LP
4.25%, 08/15/23 (Call 05/15/23)		3,600		3,828,590
Simon Property Group LP
3.30%, 01/15/26 (Call 10/15/25)^a		2,800		2,822,145


Security	Principal (000s)		Value
3.38%, 10/01/24 (Call 07/01/24)^a	$	15,184	$	15,449,334
4.38%, 03/01/21 (Call 12/01/20)		10,759		11,725,544
5.65%, 02/01/20 (Call 11/01/19)		12,171		13,637,746
Welltower Inc.
4.00%, 06/01/25 (Call 03/01/25)		8,000		7,855,170
Weyerhaeuser Co.
7.38%, 03/15/32^a		16,014		18,784,838

				261,151,941
RETAIL — 4.35%
Costco Wholesale Corp.
1.70%, 12/15/19^a		12,883		12,968,007
CVS Health Corp.
2.25%, 08/12/19 (Call 07/12/19)^a		12,014		12,122,649
2.75%, 12/01/22 (Call 09/01/22)		18,358		18,291,287
2.80%, 07/20/20 (Call 06/20/20)		32,865		33,654,769
3.50%, 07/20/22 (Call 05/20/22)		13,045		13,655,573
3.88%, 07/20/25 (Call 04/20/25)^a		27,021		28,797,977
4.00%, 12/05/23 (Call 09/05/23)^a		9,793		10,581,564
4.88%, 07/20/35 (Call 01/20/35)		26,975		28,846,342
5.13%, 07/20/45 (Call 01/20/45)		42,810		48,030,311
5.30%, 12/05/43 (Call 06/05/43)		11,500		12,956,759
Home Depot Inc. (The)
2.00%, 06/15/19 (Call 05/15/19)		9,548		9,734,982
2.00%, 04/01/21 (Call 03/01/21)		8,000		8,048,849
2.63%, 06/01/22 (Call 05/01/22)^a		21,354		21,735,972
2.70%, 04/01/23 (Call 01/01/23)^a		12,843		13,171,457


140		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
3.00%, 04/01/26 (Call 01/01/26)	$	10,000	$	10,326,196
3.35%, 09/15/25 (Call 06/15/25)		5,050		5,353,483
3.75%, 02/15/24 (Call 11/15/23)^a		17,791		19,457,141
4.20%, 04/01/43 (Call 10/01/42)^a		15,728		16,292,546
4.25%, 04/01/46 (Call 10/01/45)		23,330		24,377,844
4.40%, 04/01/21 (Call 01/01/21)		10,618		11,841,348
4.40%, 03/15/45 (Call 09/15/44)		12,415		13,168,977
4.88%, 02/15/44 (Call 08/15/43)		12,820		14,588,801
5.88%, 12/16/36		38,602		48,214,438
5.95%, 04/01/41 (Call 10/01/40)		2,552		3,228,693
Lowe’s Companies Inc.
3.12%, 04/15/22 (Call 01/15/22)		6,844		7,132,064
3.38%, 09/15/25 (Call 06/15/25)^a		7,985		8,384,628
4.38%, 09/15/45 (Call 03/15/45)		14,750		15,460,158
4.65%, 04/15/42 (Call 10/15/41)		5,106		5,481,533
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)		8,790		7,925,012
McDonald’s Corp.
2.63%, 01/15/22		10,123		10,248,600
2.75%, 12/09/20 (Call 11/09/20)^a		6,225		6,405,696
3.70%, 01/30/26 (Call 10/30/25)^a		12,930		13,460,868
4.70%, 12/09/35 (Call 06/09/35)		8,777		9,072,151
4.88%, 12/09/45 (Call 06/09/45)^a		10,680		11,189,400
6.30%, 10/15/37		11,276		13,438,968
6.30%, 03/01/38		22,400		26,728,726


Security	Principal (000s)		Value
Target Corp.
2.30%, 06/26/19^a	$	10,264	$	10,538,860
2.90%, 01/15/22		12,014		12,462,742
3.50%, 07/01/24^a		11,500		12,341,525
3.88%, 07/15/20		16,231		17,731,366
4.00%, 07/01/42^a		17,993		18,322,841
6.50%, 10/15/37		15,714		20,816,347
7.00%, 01/15/38		4,393		6,127,426
Wal-Mart Stores Inc.
1.95%, 12/15/18		217		220,781
2.55%, 04/11/23 (Call 01/11/23)^a		21,302		21,821,811
3.25%, 10/25/20		14,638		15,610,260
3.30%, 04/22/24 (Call 01/22/24)^a		20,461		21,731,200
3.63%, 07/08/20^a		14,679		15,807,686
4.00%, 04/11/43 (Call 10/11/42)		16,465		16,464,705
4.25%, 04/15/21		19,069		21,298,650
4.30%, 04/22/44 (Call 10/22/43)^a		5,943		6,245,459
4.75%, 10/02/43 (Call 04/02/43)		8,112		8,993,736
4.88%, 07/08/40		8,244		9,136,852
5.00%, 10/25/40		12,188		13,730,907
5.25%, 09/01/35^a		31,086		36,856,805
5.63%, 04/01/40		21,075		25,489,808
5.63%, 04/15/41		19,533		23,963,168
5.88%, 04/05/27^a		5,929		7,487,218
6.20%, 04/15/38		20,287		25,956,298
6.50%, 08/15/37		32,583		42,784,770
7.55%, 02/15/30		14,752		21,165,385
Walgreen Co.
3.10%, 09/15/22^a		18,159		17,885,903
5.25%, 01/15/19^a		1,748		1,885,806
Walgreens Boots Alliance Inc.
2.70%, 11/18/19 (Call 10/18/19)^a		10,325		10,412,187
3.30%, 11/18/21 (Call 09/18/21)		15,550		15,657,370
3.80%, 11/18/24 (Call 08/18/24)		23,025		23,085,480
4.80%, 11/18/44 (Call 05/18/44)		16,315		14,843,137

				1,091,250,258


SCHEDULESOF INVESTMENTS			141

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
SEMICONDUCTORS — 1.09%
Applied Materials Inc.
4.30%, 06/15/21	$	2,089	$	2,275,844
Intel Corp.
2.45%, 07/29/20^a		26,135		26,690,902
2.70%, 12/15/22^a		15,947		16,191,823
3.10%, 07/29/22		5,715		5,986,212
3.30%, 10/01/21^a		25,728		27,268,384
3.70%, 07/29/25 (Call 04/29/25)^a		21,020		22,699,710
4.00%, 12/15/32^a		14,754		14,894,828
4.25%, 12/15/42^a		10,033		9,942,636
4.80%, 10/01/41		14,209		15,122,438
4.90%, 07/29/45 (Call 01/29/45)		24,784		26,855,469
QUALCOMM Inc.
2.25%, 05/20/20^a		19,989		20,180,659
3.00%, 05/20/22		16,159		16,379,407
3.45%, 05/20/25 (Call 02/20/25)^a		24,783		24,971,517
4.65%, 05/20/35 (Call 11/20/34)		13,670		13,136,766
4.80%, 05/20/45 (Call 11/20/44)		23,435		21,673,253
Texas Instruments Inc.
1.65%, 08/03/19		7,770		7,783,148

				272,052,996
SOFTWARE — 3.20%
Fidelity National Information Services Inc.
3.50%, 04/15/23 (Call 01/15/23)		10,080		9,729,371
3.63%, 10/15/20 (Call 09/15/20)		27,750		28,333,868
5.00%, 10/15/25 (Call 07/15/25)		12,600		13,079,125
Fiserv Inc.
2.70%, 06/01/20 (Call 05/01/20)		5,100		5,138,603
3.85%, 06/01/25 (Call 03/01/25)		13,500		13,926,655
Microsoft Corp.
1.63%, 12/06/18^a		241		244,160


Security	Principal (000s)		Value
1.85%, 02/12/20 (Call 01/12/20)^a	$	21,128	$	21,442,249
2.00%, 11/03/20 (Call 10/03/20)		20,540		20,875,574
2.13%, 11/15/22^a		11,777		11,717,461
2.38%, 02/12/22 (Call 01/12/22)		16,570		16,926,583
2.38%, 05/01/23 (Call 02/01/23)		13,390		13,494,786
2.65%, 11/03/22 (Call 09/03/22)		17,050		17,573,911
2.70%, 02/12/25 (Call 11/12/24)^a		33,430		34,066,029
3.00%, 10/01/20^a		14,063		14,885,265
3.13%, 11/03/25 (Call 08/03/25)^a		21,170		22,196,853
3.50%, 02/12/35 (Call 08/12/34)^a		25,132		24,243,596
3.50%, 11/15/42		7,882		7,227,825
3.63%, 12/15/23 (Call 09/15/23)^a		16,622		18,126,318
3.75%, 02/12/45 (Call 08/12/44)		24,635		23,805,298
4.00%, 02/12/55 (Call 08/12/54)		15,825		14,614,759
4.20%, 06/01/19		7,933		8,650,131
4.20%, 11/03/35 (Call 05/03/35)		14,575		15,267,343
4.45%, 11/03/45 (Call 05/03/45)		40,380		43,495,503
4.50%, 10/01/40		11,450		12,205,086
4.75%, 11/03/55 (Call 05/03/55)^a		5,930		6,257,756
5.20%, 06/01/39		11,719		13,609,001
5.30%, 02/08/41^a		14,044		16,732,039
Oracle Corp.
2.25%, 10/08/19^a		18,561		19,027,828
2.50%, 05/15/22 (Call 03/15/22)		30,738		30,980,744
2.50%, 10/15/22		25,195		25,263,037
2.80%, 07/08/21^a		27,927		28,974,486
2.95%, 05/15/25 (Call 02/15/25)		33,390		33,694,126


142		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
3.40%, 07/08/24 (Call 04/08/24)^a	$	18,258	$	19,138,436
3.63%, 07/15/23		13,243		14,146,784
3.88%, 07/15/20		5,974		6,470,675
3.90%, 05/15/35 (Call 11/15/34)^a		13,230		12,793,673
4.13%, 05/15/45 (Call 11/15/44)		15,831		15,591,127
4.30%, 07/08/34 (Call 01/08/34)		26,041		26,633,842
4.38%, 05/15/55 (Call 11/15/54)		19,639		18,803,936
4.50%, 07/08/44 (Call 01/08/44)^a		8,887		9,140,334
5.00%, 07/08/19		23,804		26,425,575
5.38%, 07/15/40^a		31,610		35,931,722
6.13%, 07/08/39		16,860		20,959,614
6.50%, 04/15/38		7,764		9,970,780

				801,811,867
TELECOMMUNICATIONS — 7.38%
AT&T Corp.
8.25%, 11/15/31		17,919		24,150,065
AT&T Inc.
2.30%, 03/11/19		11,865		11,970,421
2.45%, 06/30/20 (Call 05/30/20)		18,910		18,821,808
2.63%, 12/01/22 (Call 09/01/22)		21,087		20,549,661
2.80%, 02/17/21 (Call 01/17/21)		15,000		15,120,923
3.00%, 02/15/22		27,983		27,859,648
3.00%, 06/30/22 (Call 04/30/22)		26,106		25,885,057
3.40%, 05/15/25 (Call 02/15/25)		60,488		59,432,001
3.88%, 08/15/21		20,453		21,489,268
3.90%, 03/11/24 (Call 12/11/23)^a		20,045		20,713,591
4.13%, 02/17/26 (Call 11/17/25)		15,500		15,992,495
4.30%, 12/15/42 (Call 06/15/42)		23,705		20,135,705
4.35%, 06/15/45 (Call 12/15/44)		42,519		36,217,348


Security	Principal (000s)		Value
4.45%, 05/15/21	$	17,635	$	18,870,684
4.50%, 05/15/35 (Call 11/15/34)		37,494		34,530,287
4.75%, 05/15/46 (Call 11/15/45)^a		44,244		40,399,657
4.80%, 06/15/44 (Call 12/15/43)^a		18,230		16,601,658
5.35%, 09/01/40		48,808		47,378,716
5.55%, 08/15/41^a		13,217		13,192,497
5.65%, 02/15/47 (Call 08/15/46)		8,000		8,278,324
5.80%, 02/15/19		3,775		4,155,584
6.30%, 01/15/38		19,390		20,842,623
6.50%, 09/01/37		8,750		9,679,643
6.55%, 02/15/39^a		19,925		21,753,372
British Telecommunications PLC
2.35%, 02/14/19		1,370		1,382,489
9.63%, 12/15/30		31,156		44,776,515
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23		20,119		20,294,564
Cisco Systems Inc.
2.13%, 03/01/19^a		6,065		6,186,019
2.20%, 02/28/21		16,210		16,363,366
2.45%, 06/15/20^a		13,810		14,142,577
2.95%, 02/28/26		6,385		6,478,957
3.50%, 06/15/25^a		940		998,905
3.63%, 03/04/24^a		13,131		14,124,740
4.45%, 01/15/20		30,510		33,501,924
4.95%, 02/15/19		141		154,859
5.50%, 01/15/40		22,083		26,222,935
5.90%, 02/15/39^a		28,295		34,966,531
Deutsche Telekom International Finance BV
6.00%, 07/08/19		4,761		5,352,139
8.75%, 06/15/30		43,296		60,520,682
GTE Corp.
6.94%, 04/15/28		2,424		2,904,589
New Cingular Wireless Services Inc.
8.75%, 03/01/31^a		14,643		20,380,578
Orange SA
2.75%, 02/06/19		3,319		3,390,282
4.13%, 09/14/21^a		14,724		15,773,497


SCHEDULESOF INVESTMENTS			143

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal (000s)		Value
5.38%, 07/08/19	$	7,051	$	7,775,797
5.38%, 01/13/42^a		14,527		15,411,731
5.50%, 02/06/44 (Call 08/06/43)^a		8,044		8,859,506
9.00%, 03/01/31^a		33,093		46,085,054
Qwest Corp.
6.75%, 12/01/21^a		8,271		8,808,615
6.88%, 09/15/33 (Call 03/31/16)		16,409		15,200,272
Rogers Communications Inc.
4.10%, 10/01/23 (Call 07/01/23)^a		15,039		16,078,772
5.00%, 03/15/44 (Call 09/15/43)^a		10,925		11,192,065
Telefonica Emisiones SAU
4.57%, 04/27/23^a		15,500		16,393,398
5.13%, 04/27/20		13,064		14,018,815
5.46%, 02/16/21		14,138		15,490,216
5.88%, 07/15/19^a		12,061		13,211,268
7.05%, 06/20/36^a		24,025		28,541,820
Telefonica Europe BV
8.25%, 09/15/30		14,628		19,171,862
Verizon Communications Inc.
2.45%, 11/01/22 (Call 08/01/22)^a		19,056		18,442,174
2.63%, 02/21/20		37,328		37,873,765
3.00%, 11/01/21 (Call 09/01/21)		14,719		14,981,160
3.45%, 03/15/21^a		12,550		13,060,569
3.50%, 11/01/21^a		18,952		19,919,200
3.50%, 11/01/24 (Call 08/01/24)^a		23,400		23,912,338
3.85%, 11/01/42 (Call 05/01/42)		11,600		9,682,434
4.15%, 03/15/24 (Call 12/15/23)^a		18,134		19,312,015
4.27%, 01/15/36^a		31,950		28,684,272
4.40%, 11/01/34 (Call 05/01/34)		22,044		20,576,970
4.50%, 09/15/20		39,146		42,645,512
4.60%, 04/01/21^a		9,349		10,220,498
4.75%, 11/01/41		7,450		7,115,646
4.86%, 08/21/46		44,222		43,175,800
5.01%, 08/21/54		54,690		50,598,176


Security	Principal (000s)		Value
5.05%, 03/15/34 (Call 12/15/33)	$	7,852	$	7,860,180
5.15%, 09/15/23		87,020		98,471,197
5.85%, 09/15/35		17,675		19,148,704
6.00%, 04/01/41		6,743		7,400,824
6.25%, 04/01/37		9,082		10,190,960
6.35%, 04/01/19		12,385		13,981,460
6.40%, 09/15/33		23,351		27,068,762
6.40%, 02/15/38		6,262		7,007,585
6.55%, 09/15/43		65,193		79,469,387
6.90%, 04/15/38		2,045		2,483,400
7.75%, 12/01/30^a		12,872		17,145,565
Vodafone Group PLC
2.50%, 09/26/22		15,448		14,718,076
2.95%, 02/19/23^a		18,610		17,901,212
4.38%, 02/19/43^a		14,313		11,925,456
5.45%, 06/10/19		16,400		17,985,304
6.15%, 02/27/37^a		18,388		18,949,378

				1,850,084,354
TRANSPORTATION — 0.78%
Burlington Northern Santa Fe LLC
3.00%, 04/01/25 (Call 01/01/25)^a		2,400		2,394,045
3.85%, 09/01/23 (Call 06/01/23)^a		6,824		7,316,661
4.15%, 04/01/45 (Call 10/01/44)		15,616		15,085,960
4.45%, 03/15/43 (Call 09/15/42)		6,746		6,796,706
4.55%, 09/01/44 (Call 03/01/44)^a		9,679		9,979,338
4.70%, 10/01/19		6,497		7,096,240
4.90%, 04/01/44 (Call 10/01/43)		12,340		13,281,675
5.75%, 05/01/40 (Call 11/01/39)		10,117		11,890,047
Canadian Pacific Railway Co.
6.13%, 09/15/15 (Call 03/15/15)		6,988		7,227,904
CSX Corp.
4.10%, 03/15/44 (Call 09/15/43)^a		7,450		6,868,795


144		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 29, 2016


Security	Principal or Shares (000s)		Value
FedEx Corp.
4.00%, 01/15/24^a	$	12,589	$	13,311,551
4.75%, 11/15/45 (Call 05/15/45)^a		17,130		17,081,296
5.10%, 01/15/44		4,780		4,920,395
8.00%, 01/15/19		1,835		2,121,676
Union Pacific Corp.
4.16%, 07/15/22 (Call 04/15/22)		7,218		7,938,570
United Parcel Service Inc.
2.45%, 10/01/22^a		5,296		5,388,342
3.13%, 01/15/21		22,211		23,527,271
5.13%, 04/01/19		11,821		13,106,269
6.20%, 01/15/38		15,950		21,188,548

				196,521,289
WATER — 0.02%
American Water Capital Corp.
6.59%, 10/15/37		3,085		4,115,793

				4,115,793

TOTAL CORPORATE BONDS & NOTES
(Cost: $25,097,060,245)				24,674,590,818

U.S. GOVERNMENT OBLIGATIONS — 0.15%
U.S. Treasury Note/Bond
2.50%, 02/15/46		40,000		39,040,799

				39,040,799

TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost: $39,050,080)				39,040,799

SHORT-TERM INVESTMENTS — 10.30%

MONEY MARKET FUNDS — 10.30%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.50%^c,d,e		2,156,532		2,156,531,783
BlackRock Cash Funds: Prime, SL Agency Shares
0.49%^c,d,e		190,998		190,998,405
BlackRock Cash Funds: Treasury, SL Agency Shares
0.27%^c,d		234,943		234,942,632

				2,582,472,820

TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,582,472,820)				2,582,472,820


	Value
TOTAL INVESTMENTS IN SECURITIES — 108.87%
(Cost: $27,718,583,145)	$	27,296,104,437
Other Assets, Less Liabilities — (8.87)%		(2,224,806,584	)

NET ASSETS — 100.00%	$	25,071,297,853

^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	Affiliated issuer. See Note 2.

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

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

See notes to financial statements.


SCHEDULESOF INVESTMENTS			145

Statements of Assets and Liabilities

iSHARES^® TRUST

February 29, 2016


	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF

ASSETS
Investments, at cost:
Unaffiliated	$	16,754,317,237		$	25,007,557,416
Affiliated (Note 2)		4,260,533,150			2,711,025,729

Total cost of investments	$	21,014,850,387		$	27,718,583,145

Investments in securities, at fair value (including securities on loan^a) (Note 1):
Unaffiliated	$	15,102,511,620		$	24,583,768,432
Affiliated (Note 2)		4,260,533,150			2,712,336,005

Total fair value of investments		19,363,044,770			27,296,104,437
Cash		11,160,154			—
Receivables:
Investment securities sold		5,560,527			132,061,922
Due from custodian (Note 4)		25,001,157			8,815,583
Interest		300,763,992			263,685,439
Capital shares sold		59,465,163			80,374,217

Total Assets		19,764,995,763			27,781,041,598


LIABILITIES
Payables:
Investment securities purchased		79,578,674			359,082,803
Collateral for securities on loan (Note 1)		4,136,112,005			2,347,530,188
Due to custodian		—			320,943
Investment advisory fees (Note 2)		5,382,687			2,809,811

Total Liabilities		4,221,073,366			2,709,743,745


NET ASSETS	$	15,543,922,397		$	25,071,297,853


Net assets consist of:
Paid-in capital	$	17,600,331,698		$	25,565,142,074
Undistributed net investment income		62,175,544			67,846,436
Accumulated net realized loss		(466,779,228	)		(139,211,949	)
Net unrealized depreciation		(1,651,805,617	)		(422,478,708	)

NET ASSETS	$	15,543,922,397		$	25,071,297,853


Shares outstanding^b		196,500,000			218,400,000


Net asset value per share	$	79.10		$	114.80

^a	Securities on loan with values of $3,993,687,354 and $2,278,227,168, respectively. See Note 1.

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

See notes to financial statements.


146		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations

iSHARES^® TRUST

Year ended February 29, 2016


	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF

NET INVESTMENT INCOME
Interest — unaffiliated	$	875,263,829		$	802,130,623
Interest — affiliated (Note 2)		86,964			3,599,626
Securities lending income — affiliated — net (Note 2)		14,457,750			4,013,102
Other income		79,572			—

Total investment income		889,888,115			809,743,351


EXPENSES
Investment advisory fees (Note 2)		72,764,253			33,482,363

Total expenses		72,764,253			33,482,363

Net investment income		817,123,862			776,260,988


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(338,936,075	)		(121,676,354	)
Investments — affiliated (Note 2)		—			(121,254	)
In-kind redemptions — unaffiliated		(211,608,352	)		97,565,737
In-kind redemptions — affiliated (Note 2)		—			298,212

Net realized loss		(550,544,427	)		(23,933,659	)

Net change in unrealized appreciation/depreciation		(1,614,136,767	)		(1,243,443,520	)

Net realized and unrealized loss		(2,164,681,194	)		(1,267,377,179	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,347,557,332	)	$	(491,116,191	)

See notes to financial statements.


FINANCIAL STATEMENTS			147

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 29, 2016			Year ended February 28, 2015			Year ended February 29, 2016			Year ended February 28, 2015

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	817,123,862		$	732,892,833		$	776,260,988		$	618,202,082
Net realized gain (loss)		(550,544,427	)		89,571,496			(23,933,659	)		243,946,253
Net change in unrealized appreciation/depreciation		(1,614,136,767	)		(443,808,309	)		(1,243,443,520	)		422,605,288

Net increase (decrease) in net assets resulting from operations		(1,347,557,332	)		378,656,020			(491,116,191	)		1,284,753,623


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(826,678,362	)		(728,101,752	)		(766,535,606	)		(608,603,942	)

Total distributions to shareholders		(826,678,362	)		(728,101,752	)		(766,535,606	)		(608,603,942	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		15,759,326,271			10,814,656,864			21,273,520,436			9,047,865,314
Cost of shares redeemed		(16,062,347,566	)		(6,024,890,999	)		(16,988,727,472	)		(4,578,159,032	)

Net increase (decrease) in net assets from capital share transactions		(303,021,295	)		4,789,765,865			4,284,792,964			4,469,706,282

INCREASE (DECREASE) IN NET ASSETS		(2,477,256,989	)		4,440,320,133			3,027,141,167			5,145,855,963

NET ASSETS
Beginning of year		18,021,179,386			13,580,859,253			22,044,156,686			16,898,300,723

End of year	$	15,543,922,397		$	18,021,179,386		$	25,071,297,853		$	22,044,156,686

Undistributed net investment income included in net assets at end of year	$	62,175,544		$	71,730,044		$	67,846,436		$	58,121,054


SHARES ISSUED AND REDEEMED
Shares sold		188,200,000			117,800,000			183,000,000			75,600,000
Shares redeemed		(188,200,000	)		(64,800,000	)		(146,100,000	)		(38,500,000	)

Net increase in shares outstanding		—			53,000,000			36,900,000			37,100,000

See notes to financial statements.


148		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares iBoxx $ High Yield Corporate Bond ETF
	Year ended Feb. 29, 2016			Year ended Feb. 28, 2015			Year ended Feb. 28, 2014			Year ended Feb. 28, 2013			Year ended Feb. 29, 2012
Net asset value, beginning of year	$	91.71		$	94.64		$	93.71		$	91.40		$	91.75

Income from investment operations:
Net investment income^a		4.79			4.96			5.58			6.15			6.74
Net realized and unrealized gain (loss)^b		(12.62	)		(2.89	)		0.98			2.31			(0.45	)

Total from investment operations		(7.83	)		2.07			6.56			8.46			6.29

Less distributions from:
Net investment income		(4.78	)		(5.00	)		(5.63	)		(6.15	)		(6.64	)

Total distributions		(4.78	)		(5.00	)		(5.63	)		(6.15	)		(6.64	)

Net asset value, end of year	$	79.10		$	91.71		$	94.64		$	93.71		$	91.40


Total return		(8.76	)%		2.22	%		7.31	%		9.68	%		7.35	%


Ratios/Supplemental data:
Net assets, end of year (000s)	$	15,543,922		$	18,021,179		$	13,580,859		$	15,077,490		$	14,258,718
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		5.60	%		5.37	%		6.01	%		6.73	%		7.60	%
Portfolio turnover rate^c		11	%		11	%		11	%		19	%		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.


FINANCIAL HIGHLIGHTS			149

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)


	iShares iBoxx $ Investment Grade Corporate Bond ETF
	Year ended Feb. 29, 2016			Year ended Feb. 28, 2015			Year ended Feb. 28, 2014			Year ended Feb. 28, 2013			Year ended Feb. 29, 2012
Net asset value, beginning of year	$	121.46		$	117.02		$	120.06		$	116.86		$	108.74

Income from investment operations:
Net investment income^a		4.00			4.06			4.25			4.60			5.00
Net realized and unrealized gain (loss)^b		(6.70	)		4.42			(2.94	)		3.22			8.08

Total from investment operations		(2.70	)		8.48			1.31			7.82			13.08

Less distributions from:
Net investment income		(3.96	)		(4.04	)		(4.35	)		(4.61	)		(4.96	)
Net realized gain		—			—			—			(0.01	)		—

Total distributions		(3.96	)		(4.04	)		(4.35	)		(4.62	)		(4.96	)

Net asset value, end of year	$	114.80		$	121.46		$	117.02		$	120.06		$	116.86


Total return		(2.19	)%		7.35	%		1.19	%		6.81	%		12.37	%


Ratios/Supplemental data:
Net assets, end of year (000s)	$	25,071,298		$	22,044,157		$	16,898,301		$	24,037,003		$	19,563,089
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		3.44	%		3.42	%		3.66	%		3.87	%		4.48	%
Portfolio turnover rate^c		13	%		9	%		6	%		5	%		4	%

^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.


150		2016 iSHARES SEMI-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.

1.	*SIGNIFICANT ACCOUNTING POLICIES*

SECURITY VALUATION

•


NOTESTO FINANCIAL STATEMENTS			151

Notes to Financial Statements (Continued)

iSHARES^® TRUST

generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller odd lot sizes.

•

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

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

•

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

•

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


152		2016 iSHARES SEMI-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 29, 2016. 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
iBoxx $ High Yield Corporate Bond
Investments:
Assets:
Corporate Bonds & Notes	$	—	$	15,102,511,620	$	—	$	15,102,511,620
Money Market Funds		4,260,533,150		—		—		4,260,533,150

Total	$	4,260,533,150	$	15,102,511,620	$	—	$	19,363,044,770


iBoxx $ Investment Grade Corporate Bond
Investments:
Assets:
Corporate Bonds & Notes	$	—	$	24,674,590,818	$	—	$	24,674,590,818
U.S. Government Obligations		—		39,040,799		—		39,040,799
Money Market Funds		2,582,472,820		—		—		2,582,472,820

Total	$	2,582,472,820	$	24,713,631,617	$	—	$	27,296,104,437

SECURITY TRANSACTIONS AND INCOME RECOGNITION

DISTRIBUTIONS TO SHAREHOLDERS

LOANS OF PORTFOLIO SECURITIES


NOTESTO FINANCIAL STATEMENTS			153

Notes to Financial Statements (Continued)

iSHARES^® TRUST

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 29, 2016, 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 February 29, 2016 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 following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 29, 2016:


iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^a		Net Amount
iBoxx $ High Yield Corporate Bond
Barclays Capital Inc.	$	296,417,330	$	296,417,330	$	—
BNP Paribas Prime Brokerage Inc.		72,772,181		72,772,181		—
Citigroup Global Markets Inc.		485,805,448		485,805,448		—
Credit Suisse Securities (USA) LLC		271,989,843		271,989,843		—
Deutsche Bank Securities Inc.		294,828,347		294,828,347		—
Goldman Sachs & Co.		286,014,330		286,014,330		—
HSBC Securities (USA) Inc.		8,316,690		8,316,690		—
Jefferies LLC		76,387,638		76,387,638		—
JPMorgan Clearing Corp.		971,899,231		971,899,231		—
JPMorgan Securities LLC		357,497,235		357,497,235		—
Merrill Lynch, Pierce, Fenner & Smith		190,153,020		190,153,020		—
Morgan Stanley & Co. LLC		228,861,166		228,861,166		—
National Financial Services LLC		92,061		92,061		—
RBC Capital Markets LLC		300,277,712		300,277,712		—
SG Americas Securities LLC		95,580,875		95,580,875		—
UBS Securities LLC		22,143,887		22,143,887		—
Wells Fargo Securities LLC		34,650,360		34,650,360		—

	$	3,993,687,354	$	3,993,687,354	$	—


154		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST


iShares ETF and Counterparty	Market Value of Securities on Loan			Cash Collateral Received^a		Net Amount
iBoxx $ Investment Grade Corporate Bond
Barclays Capital Inc.	$	207,388,148		$	207,388,148	$	—
BNP Paribas Prime Brokerage Inc.		26,281,887			26,281,887		—
Citigroup Global Markets Inc.		151,176,634			151,176,634		—
Credit Suisse Securities (USA) LLC		47,598,754			47,598,754		—
Deutsche Bank Securities Inc.		88,999,057			88,999,057		—
Goldman Sachs & Co.		492,213,605			492,213,605		—
HSBC Securities (USA) Inc.		129,228,878			129,228,878		—
Jefferies LLC		51,276,550			51,276,550		—
JPMorgan Clearing Corp.		141,557,798			141,557,798		—
JPMorgan Securities LLC		260,366,516			260,366,516		—
Merrill Lynch, Pierce, Fenner & Smith		79,318,064			79,318,064		—
Morgan Stanley & Co. LLC		67,036,945			67,036,945		—
RBC Capital Markets LLC		356,760,596			356,760,596		—
Scotia Capital (USA) Inc.		6,992,109			6,992,109		—
SG Americas Securities LLC		77,475,092			77,475,092		—
UBS Securities LLC		2,580,055			2,580,055		—
Wells Fargo Securities LLC		91,976,480			91,976,480		—

	$	2,278,227,168	��	$	2,278,227,168	$	—

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received was in excess of the market value of securities loaned at year end and is disclosed in each Fund’s statement of assets and liabilities.

2.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

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

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.


NOTESTO FINANCIAL STATEMENTS			155

Notes to Financial Statements (Continued)

iSHARES^® TRUST

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 $181 billion
	0.1354	^a	Over $181 billion, up to and including $231 billion
	0.1287	^a	Over $231 billion, up to and including $281 billion
	0.1222	^a	Over $281 billion

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.

Prior to July 1, 2015, for its investment advisory services to the iShares iBoxx $ Investment Grade Corporate Bond ETF, BFA was 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

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 the remaining portion to BTC as compensation for its services as securities lending agent.


156		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

For the year ended February 29, 2016, the total of securities lending agent services and collateral investment fees paid were as follows:


iShares ETF	Fees Paid to BTC
iBoxx $ High Yield Corporate Bond	$	4,577,634
iBoxx $ Investment Grade Corporate Bond		1,631,385

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended February 29, 2016, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales
iBoxx $ High Yield Corporate Bond	$	—	$	25,783,754
iBoxx $ Investment Grade Corporate Bond		60,471,393		1,047,265,433

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.


NOTESTO FINANCIAL STATEMENTS			157

Notes to Financial Statements (Continued)

iSHARES^® TRUST

Investments in issuers considered to be affiliates of the Funds (excluding money market funds) during the year ended February 29, 2016, 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	$	17,525	$	—	$	(11,250	)	$	6,275	$	6,315,815	$	327,445	$	50,451
2.25%, 07/02/19		5,250		2,500		—			7,750		7,808,335		131,849		—
2.40%, 10/18/19		2,250		10,500		—			12,750		12,900,191		150,093		—
2.45%, 11/05/20		—		2,400		—			2,400		2,424,218		—		—
2.60%, 07/21/20		—		11,000		—			11,000		11,174,466		153,135		—
2.70%, 11/01/22		25,550		19,287		(35,250	)		9,587		9,419,403		619,444		(40,252	)
2.95%, 01/30/23		5,800		1,500		—			7,300		7,301,418		177,735		—
2.95%, 02/23/25		—		17,300		—			17,300		17,177,729		286,878		—
3.80%, 07/25/23		19,928		1,225		(5,500	)		15,653		16,476,149		630,157		166,759
PNC Financial Services Group Inc. (The)
3.90%, 04/29/24		10,470		2,070		—			12,540		12,946,641		431,415		—
PNC Funding Corp.
3.30%, 03/08/22		8,069		1,500		—			9,569		9,922,566		238,355		—
4.38%, 08/11/20		3,773		6,951		—			10,724		11,629,478		241,583		—
5.13%, 02/08/20		3,965		—		—			3,965		4,366,776		122,210		—

										$	129,863,185	$	3,510,299	$	176,958

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 29, 2016 were as follows:


	U.S. Government Obligations				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
iBoxx $ High Yield Corporate Bond	$	—	$	—	$	2,190,025,940	$	1,565,472,187
iBoxx $ Investment Grade Corporate Bond		103,148,598		84,873,565		4,556,107,390		2,758,811,257


158		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

In-kind transactions (see Note 4) for the year ended February 29, 2016 were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
iBoxx $ High Yield Corporate Bond	$	14,673,838,874	$	15,561,804,233
iBoxx $ Investment Grade Corporate Bond		19,211,417,256		16,674,166,978

4.	*CAPITAL SHARE TRANSACTIONS*

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.	*PRINCIPAL RISKS*

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.


NOTESTO FINANCIAL STATEMENTS			159

Notes to Financial Statements (Continued)

iSHARES^® TRUST

CREDIT RISK

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 “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*


160		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

February 29, 2016, 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	$	(211,898,459	)	$	—	$	211,898,459
iBoxx $ Investment Grade Corporate Bond		88,030,167			—		(88,030,167	)

The tax character of distributions paid during the years ended February 29, 2016 and February 28, 2015 was as follows:


iShares ETF	2016		2015
iBoxx $ High Yield Corporate Bond
Ordinary income	$	826,678,362	$	728,101,752


iBoxx $ Investment Grade Corporate Bond
Ordinary income	$	766,535,606	$	608,603,942

As of February 29, 2016, 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	$	62,175,544	$	(280,131,210	)	$	(1,653,404,289	)	$	(185,049,346	)	$	(2,056,409,301	)
iBoxx $ Investment Grade Corporate Bond		67,846,436		(29,965,426	)		(430,379,582	)		(101,345,649	)		(493,844,221	)

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

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of February 29, 2016, the following 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	$	273,456,668	$	6,496,723	$	177,819	$	280,131,210
iBoxx $ Investment Grade Corporate Bond		29,965,426		—		—		29,965,426

Must be utilized prior to losses subject to expiration.


NOTESTO FINANCIAL STATEMENTS			161

Notes to Financial Statements (Continued)

iSHARES^® TRUST

As of February 29, 2016, 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	$	21,016,449,059	$	56,792,719	$	(1,710,197,008	)	$	(1,653,404,289	)
iBoxx $ Investment Grade Corporate Bond		27,726,484,019		233,621,968		(664,001,550	)		(430,379,582	)

Management has analyzed tax laws and regulations and their application to the Funds as of February 29, 2016, 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*


162		2016 iSHARES SEMI-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 29, 2016, 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 29, 2016 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

April 20, 2016


REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			163

Notes:


164		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:


NOTES			165

Notes:


166		2016 iSHARES SEMI-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”).

iS-SAR-1010-0416

APRIL 30, 2016


2016 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

^Ø

iShares Commodities Select Strategy ETF | COMT | NASDAQ

Table of Contents


Fund Performance Overview			5
About Fund Performance			6
Shareholder Expenses			6
Consolidated Schedule of Investments			7
Consolidated Financial Statements			11
Consolidated Financial Highlights			14
Notes to Consolidated Financial Statements			15
Supplemental Information			25

Fund Performance Overview

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Performance as of April 30, 2016

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 six-month reporting period ended April 30, 2016, the total return for the Fund was -2.08%, net of fees.


	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		(21.16)%		(23.94)%		(21.16)%		(34.43)%
Fund Market		(21.06)%		(23.94)%		(21.06)%		(34.43)%
S&P GSCI Commodity Total Return Index		(29.26)%		(31.26)%		(29.26)%		(43.90)%

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.


Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a		Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a		Annualized Expense Ratio
$	1,000.00	$	979.20	$	2.36	$	1,000.00	$	1,022.50	$	2.41		0.48%

ALLOCATION BY SECTOR

As of 4/30/16

Sector/Investment Type

% of

Net Assets


Base Metal Equities	11.16	%
Agriculture Equities	6.82
Precious Metals Equities	6.58
Timber Equities	4.66
Energy Equities	1.97
Short-term	70.63
Cash	4.37
Other Assets, Less Liabilities	(6.19	)

TOTAL	100.00	%

COMMODITY-LINKED FUTURES

As of 4/30/16

Sector Exposure¹

% of

Net Assets


Energy Futures	42.82	%
Agriculture Futures	14.66
Base Metals Futures	6.45
Livestock Futures	3.80
Precious Metals Futures	1.00

TOTAL	68.73	%

Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.


FUND PERFORMANCE OVERVIEW			5

About Fund Performance

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 November 1, 2015 and held through April 30, 2016, 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.


6		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2016


Security	Shares		Value
COMMON STOCKS — 31.18%

AGRICULTURAL & FARM MACHINERY — 1.29%
AGCO Corp.		7,362	$	393,646
CNH Industrial NV		103,166		798,505
Deere & Co.		31,103		2,616,073

				3,808,224
AGRICULTURAL PRODUCTS — 1.14%
Archer-Daniels-Midland Co.		59,043		2,358,177
Bunge Ltd.		14,129		883,063
Fresh Del Monte Produce Inc.		3,317		143,493

				3,384,733
ALUMINUM — 1.10%
Alcoa Inc.		259,178		2,895,018
Aluminum Corp. of China Ltd.^a		31,097		262,459
Constellium NV^a		16,783		97,845

				3,255,322
COAL & CONSUMABLE FUELS — 0.00%
Cameco Corp.		971		12,147
Yanzhou Coal Mining Co. Ltd.		459		2,580

				14,727
DIVERSIFIED METALS & MINING — 10.06%
BHP Billiton Ltd. ADR^b		319,059		9,999,309
BHP Billiton PLC		209,983		5,789,231
Freeport-McMoRan Inc.		248,919		3,484,866
HudBay Minerals Inc.		46,774		232,935
Nevsun Resources Ltd.		31,792		118,902
Rio Tinto PLC ADR^b		241,228		8,119,735
Teck Resources Ltd. Class B		92,433		1,132,304
Turquoise Hill Resources Ltd.^a		196,064		584,271
Vedanta Ltd. ADR		54,529		342,442

				29,803,995
FERTILIZERS & AGRICULTURAL CHEMICALS — 4.39%
Agrium Inc.		13,469		1,159,950
CF Industries Holdings Inc.		22,722		751,416
FMC Corp.		13,029		563,635
Israel Chemicals Ltd.^a		49,721		244,130
Monsanto Co.		42,913		4,020,090
Mosaic Co. (The)		34,364		961,848
Potash Corp. of Saskatchewan Inc.		81,526		1,444,641
Sociedad Quimica y Minera de Chile SA ADR		9,036		188,220
Syngenta AG ADR		45,391		3,657,153

				12,991,083


Security	Shares		Value
FOREST PRODUCTS — 0.04%
Deltic Timber Corp.^b		2,007	$	125,437

				125,437
GOLD — 5.93%
Agnico Eagle Mines Ltd.		28,763		1,357,901
Alamos Gold Inc. Class A^a		34,558		248,818
AngloGold Ashanti Ltd.^a		52,805		868,642
B2Gold Corp.^a,b		121,754		270,294
Barrick Gold Corp.		153,012		2,963,842
Cia. de Minas Buenaventura SA ADR^a		24,254		246,178
Eldorado Gold Corp.		94,111		396,207
Franco-Nevada Corp.		23,283		1,633,535
Gold Fields Ltd.		91,074		428,048
Goldcorp Inc.		109,050		2,197,358
IAMGOLD Corp.^a		51,723		175,858
Kinross Gold Corp.^a		161,531		920,727
New Gold Inc.^a		66,910		314,477
Newmont Mining Corp.		69,496		2,430,275
NovaGold Resources Inc.^a		30,614		198,685
Pretium Resources Inc.^a,b		17,085		140,610
Randgold Resources Ltd. ADR		12,067		1,212,734
Sibanye Gold Ltd.		21,627		333,056
Tahoe Resources Inc.		42,764		604,255
Yamana Gold Inc.		124,377		615,666

				17,557,166
INTEGRATED OIL & GAS — 1.12%
BP PLC ADR		8,014		269,110
Cenovus Energy Inc.		2,201		34,864
Chevron Corp.		4,974		508,243
China Petroleum & Chemical Corp.		674		47,699
Ecopetrol SA ADR		706		7,018
Eni SpA		3,551		116,366
Exxon Mobil Corp.		10,968		969,571
Imperial Oil Ltd.		672		22,163
InterOil Corp.^a		109		3,648
Occidental Petroleum Corp.		2,033		155,829
Petrobras Argentina SA ADR		188		1,211
PetroChina Co. Ltd.		573		41,863
Petroleo Brasileiro SA ADR^a,b		3,931		30,308
Royal Dutch Shell PLC Class A ADR		5,559		294,016
Royal Dutch Shell PLC Class B ADR		4,946		263,869


CONSOLIDATED SCHEDULEOF INVESTMENTS			7

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2016


Security	Shares		Value
Sasol Ltd.		1,370	$	44,922
Statoil ASA		2,779		48,883
Suncor Energy Inc.		4,213		123,736
Total SA ADR		6,441		326,881
YPF SA ADR		447		9,007

				3,319,207
OIL & GAS DRILLING — 0.03%
Ensco PLC Class A		732		8,755
Helmerich & Payne Inc.		324		21,423
Nabors Industries Ltd.		870		8,526
Noble Corp. PLC		757		8,501
Precision Drilling Corp.		997		5,184
Rowan Companies PLC Class A		399		7,505
Seadrill Ltd.^a,b		1,258		6,013
Transocean Ltd.^b		1,049		11,623

				77,530
OIL & GAS EQUIPMENT & SERVICES — 0.18%
Amec Foster Wheeler PLC ADR		1,014		7,453
Baker Hughes Inc.		1,089		52,664
C&J Energy Services Ltd.^a,b		112		162
Core Laboratories NV		117		15,638
FMC Technologies Inc.^a		564		17,196
Frank’s International NV		89		1,482
Halliburton Co.		2,135		88,197
McDermott International Inc.^a		622		2,824
National Oilwell Varco Inc.		935		33,698
Oceaneering International Inc.		257		9,419
Schlumberger Ltd.		3,458		277,816
Tenaris SA ADR		587		15,890
Weatherford International PLC^a		2,194		17,837

				540,276
OIL & GAS EXPLORATION & PRODUCTION — 0.37%
Advantage Oil & Gas Ltd.^a		663		3,792
Anadarko Petroleum Corp.		1,379		72,756
Antero Resources Corp.^a,b		249		7,047
Apache Corp.		1,026		55,814
Baytex Energy Corp.		577		2,943
Cabot Oil & Gas Corp.		1,263		29,554
Canadian Natural Resources Ltd.		2,968		89,099
Chesapeake Energy Corp.		1,446		9,934
Cimarex Energy Co.		257		27,982
CNOOC Ltd.		436		53,815
Concho Resources Inc.^a,b		362		42,054
ConocoPhillips		3,352		160,192


Security	Shares		Value
Continental Resources Inc./OK^a,b		254	$	9,464
Crescent Point Energy Corp.		1,372		23,077
Devon Energy Corp.		1,384		47,997
Encana Corp.		2,359		18,070
Energen Corp.		263		11,175
Enerplus Corp.		569		3,130
EOG Resources Inc.		1,491		123,186
EQT Corp.		433		30,353
Hess Corp.		723		43,105
Kosmos Energy Ltd.^a,b		392		2,540
Marathon Oil Corp.		2,288		32,238
Murphy Oil Corp.		452		16,154
Noble Energy Inc.		1,163		41,996
Pioneer Natural Resources Co.		445		73,915
Range Resources Corp.		460		20,291
Southwestern Energy Co.^a		1,076		14,451
Vermilion Energy Inc.		304		10,464
Whiting Petroleum Corp.^a,b		564		6,768

				1,083,356
OIL & GAS REFINING & MARKETING — 0.10%
Cosan Ltd.		612		3,293
HollyFrontier Corp.		516		18,370
Marathon Petroleum Corp.		1,539		60,144
Phillips 66		1,365		112,080
Tesoro Corp.		347		27,652
Valero Energy Corp.		1,368		80,534

				302,073
OIL & GAS STORAGE & TRANSPORTATION — 0.16%
Cheniere Energy Inc.^a		578		22,473
Columbia Pipeline Group Inc.		981		25,133
DHT Holdings Inc.		212		1,217
Dorian LPG Ltd.^a,b		70		711
Enbridge Inc.		2,268		94,213
Euronav SA^a		302		3,283
Frontline Ltd./Bermuda		163		1,343
GasLog Ltd.		106		1,358
Gener8 Maritime Inc.^a		188		1,359
Golar LNG Ltd.		219		3,631
Kinder Morgan Inc./DE		4,490		79,742
Navigator Holdings Ltd.^a		81		1,235
Nordic American Tankers Ltd.^b		243		3,745
ONEOK Inc.		515		18,617
Pembina Pipeline Corp.		919		27,561
Scorpio Tankers Inc.		443		2,773


8		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2016


Security	Shares		Value
Ship Finance International Ltd.^b		161	$	2,442
Spectra Energy Corp.		1,648		51,533
Teekay Corp.		117		1,310
Teekay Tankers Ltd. Class A		293		1,155
TransCanada Corp.		1,723		71,487
Tsakos Energy Navigation Ltd.		189		1,202
Ultrapar Participacoes SA ADR		1,065		22,344
Williams Companies Inc. (The)		1,675		32,478

				472,345
PAPER PACKAGING — 2.49%
International Paper Co.		77,179		3,339,535
Packaging Corp. of America		17,692		1,147,857
Sonoco Products Co.		18,973		889,644
WestRock Co.		47,650		1,994,153

				7,371,189
PAPER PRODUCTS — 0.24%
Fibria Celulose SA ADR		41,614		368,700
KapStone Paper and Packaging Corp.		16,124		256,210
Resolute Forest Products Inc.^a		17,226		100,083

				724,993
PRECIOUS METALS & MINERALS — 0.05%
Dominion Diamond Corp.^a		12,347		141,744

				141,744
SILVER — 0.60%
First Majestic Silver Corp.^a,b		22,228		236,506
Pan American Silver Corp.		21,711		340,211
Silver Wheaton Corp.		57,648		1,207,726

				1,784,443
SPECIALIZED REITS — 1.89%
Potlatch Corp.		7,647		269,327
Rayonier Inc.^b		23,039		568,603
Weyerhaeuser Co.		148,177		4,759,445

				5,597,375

TOTAL COMMON STOCKS
(Cost: $93,795,943)				92,355,217

PREFERRED STOCKS — 0.01%

INTEGRATED OIL & GAS — 0.01%
Petroleo Brasileiro SA ADR^a		5,400		31,860

				31,860

TOTAL PREFERRED STOCKS
(Cost: $36,561)				31,860


Security	Shares or Principal		Value
SHORT-TERM INVESTMENTS — 70.63%

MONEY MARKET FUNDS — 13.92%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.50%^c,d,e		18,396,297	$	18,396,297
BlackRock Cash Funds: Prime, SL Agency Shares
0.49%^c,d,e		1,003,748		1,003,748
BlackRock Cash Funds: Treasury, SL Agency Shares
0.28%^c,d,f		21,840,604		21,840,604

				41,240,649
U.S. GOVERNMENT OBLIGATIONS — 56.71%
U.S. Treasury Bill^g
0.35%, 05/05/16	$	4,000,000		3,999,960
0.18%, 05/19/16		5,000,000		4,999,635
0.19%, 05/26/16		5,000,000		4,999,450
0.30% - 0.31%, 06/09/16		41,000,000		40,993,973
0.29%, 06/16/16		5,000,000		4,999,115
0.30%, 06/30/16		7,000,000		6,998,208
0.21% - 0.24%, 07/07/16		53,000,000		52,985,637
0.23%, 07/14/16		43,000,000		42,985,165
0.23%, 07/21/16		5,000,000		4,997,915

				167,959,058

TOTAL SHORT-TERM INVESTMENTS
(Cost: $209,154,509)				209,199,707

TOTAL INVESTMENTS IN SECURITIES — 101.82%
(Cost: $302,987,013)				301,586,784
Other Assets, Less Liabilities — (1.82)%				(5,394,656	)

NET ASSETS — 100.00%			$	296,192,128

ADR — American Depositary Receipts

^a	Non-income earning security.

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

^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 $13,674,652.

^g	Rates shown are the discount rate or range of discount rates at time of purchase.


CONSOLIDATED SCHEDULEOF INVESTMENTS			9

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2016

Open futures contracts as of April 30, 2016 were as follows:^h


Issue	Number of Contracts Purchased (Sold)		Expiration		Exchange		Current Notional Value		Unrealized Appreciation (Depreciation)
Aluminum		156		Dec. 2016		London Metal	$	6,553,950	$	540,560
Brent Crude Oil		804		Jul. 2016		New York Mercantile		38,085,480		3,737,555
Cattle Feeder		25		Nov. 2016		Chicago Mercantile Exchange		1,695,625		(188,491)
Cocoa		41		Dec. 2016		ICE Futures U.S.		1,313,640		130,807
Coffee		46		Dec. 2016		ICE Futures U.S.		2,169,188		(36,367)
Copper		63		Jun. 2016		London Metal		7,965,169		538,337
Corn		605		Jul. 2016		Chicago Board of Trade		11,850,438		804,531
Cotton		102		Jul. 2016		ICE Futures U.S.		3,252,270		186,268
Gasoline RBOB		219		Oct. 2016		NYMEX		13,089,674		2,401,974
Gold		20		Dec. 2016		COMEX		2,592,600		83,979
KC Red Wheat		87		Jul. 2016		Chicago Board of Trade		2,081,475		(49,480)
Lead		31		Jul. 2016		London Metal		1,399,456		(22,590)
Lean Hogs		137		Oct. 2016		Chicago Mercantile		3,820,930		63,391
Live Cattle		125		Jun. 2016		Chicago Mercantile		5,746,250		(706,860)
Low Sulphur Gasoil		258		Dec. 2016		ICE Futures U.S.		11,248,800		1,079,776
Natural Gas		268		Sep. 2016		New York Mercantile		6,584,760		90,795
Nickel		20		Dec. 2016		London Metal		1,140,480		92,974
NY Harbor ULSD		175		Jan. 2017		NYSE		10,950,030		953,170
Silver		4		Dec. 2016		COMEX		358,480		37,645
Soybean		163		Nov. 2016		Chicago Board of Trade		8,213,163		897,168
Sugar		293		Oct. 2016		ICE Futures U.S.		5,444,174		606,922
Wheat		373		Jul. 2016		Chicago Board of Trade		9,110,525		292,152
WTI Crude Oil		969		Jan. 2017		ICE Futures Europe		46,880,220		3,980,440
Zinc		42		Dec. 2016		London Metal		2,045,400		145,690

Net Unrealized Appreciation									$	15,660,346

^h	Represents positions held in the Subsidiary.

See notes to consolidated financial statements.


10		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statement of Assets and Liabilities (Unaudited)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2016



ASSETS
Investments, at cost:
Unaffiliated	$	261,746,364
Affiliated (Note 2)		41,240,649

Total cost of investments	$	302,987,013

Investments in securities, at fair value (including securities on loan^a) (Note 1):
Unaffiliated	$	260,346,135
Affiliated (Note 2)		41,240,649

Total fair value of investments		301,586,784
Cash^b		842
Cash pledged to broker^b		12,946,636
Receivables:
Dividends and interest		149,051
Futures variation margin^b		1,296,156
Tax reclaims		36,883

Total Assets		316,016,352


LIABILITIES
Payables:
Collateral for securities on loan (Note 1)		19,400,045
Futures variation margin^b		316,227
Foreign taxes (Note 1)		22
Investment advisory fees (Note 2)		107,930

Total Liabilities		19,824,224


NET ASSETS	$	296,192,128


Net assets consist of:
Paid-in capital	$	327,479,158
Distributions in excess of net investment income		(1,448,018	)
Accumulated net realized loss		(44,100,295	)
Net unrealized appreciation		14,261,283

NET ASSETS	$	296,192,128


Shares outstanding^c		9,200,000


Net asset value per share	$	32.19

^a	Securities on loan with values of $18,914,525. See Note 1.

^b	Represents assets or liabilities held in the Subsidiary.

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

See notes to consolidated financial statements.


CONSOLIDATED FINANCIAL STATEMENTS			11

Consolidated Statement of Operations (Unaudited)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Six months ended April 30, 2016



NET INVESTMENT INCOME
Dividends — unaffiliated^a	$	1,117,250
Dividends — affiliated (Note 2)		17,289
Interest — unaffiliated		91,870
Miscellaneous income		57,792
Securities lending income — affiliated — net (Note 2)		40,552

Total investment income		1,324,753


EXPENSES
Investment advisory fees (Note 2)		555,493

Total expenses		555,493
Less investment advisory fees waived (Note 2)		(2,243	)

Net expenses		553,250

Net investment income		771,503


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(14,530,563	)
In-kind redemptions — unaffiliated		(725,128	)
Futures contracts		(25,665,542	)
Foreign currency transactions		(382	)

Net realized loss		(40,921,615	)

Net change in unrealized appreciation/depreciation on:
Investments		22,509,299
Futures contracts		21,312,427
Translation of assets and liabilities in foreign currencies		2

Net change in unrealized appreciation/depreciation		43,821,728

Net realized and unrealized gain		2,900,113

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,671,616

^a	Net of foreign withholding tax of $49,915.

See notes to consolidated financial statements.


12		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets

iSHARES^® COMMODITIES SELECT STRATEGY ETF


	Six months ended April 30, 2016 (Unaudited)			Year ended October 31, 2015

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	771,503		$	1,440,157
Net realized loss		(40,921,615	)		(40,320,094	)
Net change in unrealized appreciation/depreciation		43,821,728			(29,819,254	)

Net increase (decrease) in net assets resulting from operations		3,671,616			(68,699,191	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(671,007	)		(3,140,724	)
Return of capital		—			(31,122	)

Total distributions to shareholders		(671,007	)		(3,171,846	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		64,602,944			323,459,573
Cost of shares redeemed		(25,268,246	)		(18,004,803	)

Net increase in net assets from capital share transactions		39,334,698			305,454,770

INCREASE IN NET ASSETS		42,335,307			233,583,733

NET ASSETS
Beginning of period		253,856,821			20,273,088

End of period	$	296,192,128		$	253,856,821

Distributions in excess of net investment income included in net assets at end of period	$	(1,448,018	)	$	(1,548,514	)


SHARES ISSUED AND REDEEMED
Shares sold		2,400,000			7,800,000
Shares redeemed		(900,000	)		(500,000	)

Net increase in shares outstanding		1,500,000			7,300,000

See notes to consolidated financial statements.


CONSOLIDATED FINANCIAL STATEMENTS			13

Consolidated Financial Highlights

iSHARES^® COMMODITIES SELECT STRATEGY ETF

(For a share outstanding throughout each period)


	Six months ended Apr. 30, 2016 (Unaudited)			Year ended Oct. 31, 2015			Period from Oct. 15, 2014^a to Oct. 31, 2014
Net asset value, beginning of period	$	32.97		$	50.68		$	50.04

Income from investment operations:
Net investment income (loss)^b		0.10			0.26			(0.01	)
Net realized and unrealized gain (loss)^c		(0.80	)		(17.35	)		0.65

Total from investment operations		(0.70	)		(17.09	)		0.64

Less distributions from:
Net investment income		(0.08	)		(0.61	)		—
Return of capital		—			(0.01	)		—

Total distributions		(0.08	)		(0.62	)		—

Net asset value, end of period	$	32.19		$	32.97		$	50.68


Total return		(2.08	)%^d		(33.88	)%		1.28	%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	296,192		$	253,857		$	20,273
Ratio of expenses to average net assets^e		0.48	%		0.48	%		0.48	%
Ratio of expenses to average net assets prior to waived fees^e		0.48	%		0.48	%		n/a
Ratio of net investment income to average net assets^e		0.67	%		0.68	%		(0.23	)%
Portfolio turnover rate^f		35	%		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.


14		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

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 six months ended April 30, 2016:


Consolidated Statement of Assets and Liabilities
Total Assets		$27,920,799
Total Liabilities		316,227

Net Assets		$27,604,572


Consolidated Statement of Operations
Net investment income	$	68,436
Net realized gain (loss) from:
Futures contracts		(25,665,542	)
Net change in unrealized appreciation/depreciation on:
Futures contracts		21,312,427

Net increase in net assets resulting from operations	$	(4,284,679	)

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*


NOTESTO CONSOLIDATED FINANCIAL STATEMENTS			15

Notes to Consolidated Financial Statements (Unaudited) (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.

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.

•

Open-end U.S. mutual funds (including money market 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.


16		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

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

The following table summarizes the value of each of the Fund’s investments according to the fair value hierarchy as of April 30, 2016. 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	$	92,355,217		$	—	$	—	$	92,355,217
Preferred Stocks		31,860			—		—		31,860
Money Market Funds		41,240,649			—		—		41,240,649
U.S. Government Obligations		—			167,959,058		—		167,959,058

Total	$	133,627,726		$	167,959,058	$	—	$	301,586,784

Derivative Financial Instruments:^a
Assets:
Futures Contracts	$	16,664,134		$	—	$	—	$	16,664,134
Liabilities:
Futures Contracts		(1,003,788	)		—		—		(1,003,788	)

Total	$	15,660,346		$	—	$	—	$	15,660,346

Shown at the unrealized appreciation (depreciation) on the 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 April 30, 2016 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 capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to


NOTESTO CONSOLIDATED FINANCIAL STATEMENTS			17

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

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 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 April 30, 2016, 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.


18		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

(“BFA”), the Fund’s investment adviser, or its affiliates. As of April 30, 2016, 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 April 30, 2016 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.

On July 23, 2014, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. When implemented in October 2016, the change may affect the Fund with regard to the reinvestment of cash collateral received for securities on loan. The Fund continues to evaluate its reinvestment strategy in light of the new regulations.

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, 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 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 April 30, 2016:


Counterparty	Market Value of Securities on Loan		Cash Collateral Received^a		Net Amount
Citigroup Global Markets Inc.	$	8,080,751	$	8,080,751	$	—
Credit Suisse Securities (USA) LLC		10,499		10,499		—
Deutsche Bank Securities Inc.		16,824		16,824		—
Jefferies LLC		32,698		32,698		—
JPMorgan Clearing Corp.		10,195,978		10,195,978		—
Merrill Lynch, Pierce, Fenner & Smith		577,762		577,762		—
State Street Bank & Trust Company		13		13		—

	$	18,914,525	$	18,914,525	$	—

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s consolidated statement of assets and liabilities.

2.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*


NOTESTO CONSOLIDATED FINANCIAL STATEMENTS			19

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

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.

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”). 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 SEC 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.

For the six months ended April 30, 2016, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $10,825.

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 “Dividends – 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.


20		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

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 six months ended April 30, 2016, were $26,078,555 and $30,045,847, respectively.

In-kind purchases and sales (see Note 4) for the six months ended April 30, 2016, were $19,798,182 and $7,708,285, 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.

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 or 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 as of April 30, 2016 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 appreciation^a	$	16,664,134

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.


NOTESTO CONSOLIDATED FINANCIAL STATEMENTS			21

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF


Liabilities
Commodity contracts:
Variation margin / Net assets consist of – net unrealized appreciation^b	$	1,003,788

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 six months ended April 30, 2016 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	$	(25,665,542	)	$	21,312,427

The following table shows the average quarter-end balances of open futures contracts for the six months ended April 30, 2016:


Average value of contracts purchased	$	171,855,935

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.

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;


22		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

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.

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

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

As of October 31, 2015, the Fund’s fiscal year-end, 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.


NOTESTO CONSOLIDATED FINANCIAL STATEMENTS			23

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

As of April 30, 2016, the cost of investments for federal income tax purposes was $305,091,282. Net unrealized depreciation was $3,504,498, of which $9,091,574 represented gross unrealized appreciation on securities and $12,596,072 represented gross unrealized depreciation on securities.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2016, 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.


24		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Section 19(a) Notices

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts 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 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
$	0.075484	$	—	$	—	$	0.075484		100	%		—	%		—	%		100	%


SUPPLEMENTAL INFORMATION			25

Notes:


26		2016 iSHARES SEMI-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 Forms N-Q are available on the SEC’s website or may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund also discloses its complete schedule of portfolio holdings on a daily basis on the Fund’s website.

iS-SAR-1011-0416

APRIL 30, 2016


2016 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

^Ø

iShares Edge U.S. Fixed Income Balanced Risk ETF | FIBR | BATS

Table of Contents


Fund Performance Overview			5
About Fund Performance			6
Shareholder Expenses			6
Schedule of Investments			7
Financial Statements			19
Financial Highlights			22
Notes to Financial Statements			23
Supplemental Information			32

Fund Performance Overview

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

Performance as of April 30, 2016

The iShares Edge U.S. Fixed Income Balanced Risk ETF (the “Fund”) (formerly the iShares U.S. Fixed Income Balanced Risk ETF) 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 six-month reporting period ended April 30, 2016, the total return for the Fund was 2.70%, net of fees.


	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		2.58%		2.68%		2.58%		3.17%
Fund Market		2.26%		2.45%		2.26%		2.90%
Barclays U.S. Aggregate Bond Index		2.72%		2.36%		2.72%		2.80%

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.


Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a		Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a		Annualized Expense Ratio
$	1,000.00	$	1,027.00	$	1.26	$	1,000.00	$	1,023.60	$	1.26		0.25%

ALLOCATION BY SECTOR

As of 4/30/16


Sector/Investment Type		Percentage of Total Investments¹


Mortgage-Backed Securities	33.46	%
Financial	24.60
Consumer Non-Cyclical	12.50
Communications	8.83
Consumer Cyclical	5.19
Energy	4.66
Industrial	3.31
Utilities	2.91
Technology	2.60
Basic Materials	1.81
Diversified	0.13

TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY

As of 4/30/16


Moody’s Credit Rating²		Percentage of Total Investments¹


Aaa	33.70	%
Aa	3.11
A	18.90
Baa	27.27
Ba	9.06
B	5.60
Caa	1.64
Not Rated	0.72

TOTAL	100.00	%

Excludes money market funds.


FUND PERFORMANCE OVERVIEW			5

About Fund Performance

Shareholder Expenses

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.”


6		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2016


Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 85.32%

ADVERTISING — 0.17%
Omnicom Group Inc.
3.60%, 04/15/26 (Call 01/15/26)	$	100	$	104,190

				104,190
AEROSPACE & DEFENSE — 1.37%
L-3 Communications Corp.
4.95%, 02/15/21 (Call 11/15/20)		200		215,119
Lockheed Martin Corp.
2.50%, 11/23/20 (Call 10/23/20)		40		41,148
Northrop Grumman Corp.
1.75%, 06/01/18		200		201,427
StandardAero Aviation Holdings Inc.
10.00%, 07/15/23 (Call 07/15/18)^a		35		34,300
TransDigm Inc.
7.50%, 07/15/21 (Call 07/15/16)		100		104,550
United Technologies Corp.
4.50%, 04/15/20		200		220,935

				817,479
AGRICULTURE — 1.93%
Altria Group Inc.
2.63%, 01/14/20 (Call 12/14/19)		150		155,227
2.85%, 08/09/22		150		155,329
9.25%, 08/06/19		150		186,224
Philip Morris International Inc.
2.13%, 05/10/23		70		69,498
2.75%, 02/25/26 (Call 11/25/25)		70		70,657
Reynolds American Inc.
2.30%, 06/12/18		140		142,611
4.45%, 06/12/25 (Call 03/12/25)		135		149,161
8.13%, 06/23/19		100		118,836
Vector Group Ltd.
7.75%, 02/15/21 (Call 05/31/16)		100		105,250

				1,152,793
AIRLINES — 0.05%
American Airlines Group Inc.
4.63%, 03/01/20^a		30		29,475

				29,475
APPAREL — 0.18%
Levi Strauss & Co.
6.88%, 05/01/22 (Call 05/01/17)		100		107,250

				107,250


Security	Principal (000s)		Value
AUTO MANUFACTURERS — 1.60%
Ford Motor Credit Co. LLC
2.46%, 03/27/20	$	200	$	200,217
General Motors Co.
4.00%, 04/01/25		100		100,234
General Motors Financial Co. Inc.
3.45%, 04/10/22 (Call 02/10/22)		100		100,369
3.50%, 07/10/19		100		103,289
4.00%, 01/15/25 (Call 10/15/24)		100		100,227
4.20%, 03/01/21 (Call 02/01/21)		100		105,141
5.25%, 03/01/26 (Call 12/01/25)		60		65,232
Toyota Motor Credit Corp.
2.15%, 03/12/20		180		183,155

				957,864
AUTO PARTS & EQUIPMENT — 0.35%
Delphi Corp.
5.00%, 02/15/23 (Call 02/15/18)		56		59,220
ZF North America Capital Inc.
4.75%, 04/29/25^a		150		152,062

				211,282
BANKS — 18.94%
American Express Credit Corp.
1.80%, 07/31/18 (Call 06/30/18)		85		85,539
Bank of America Corp.
1.70%, 08/25/17		100		99,972
5.65%, 05/01/18		250		268,052
5.88%, 01/05/21		250		286,076
7.63%, 06/01/19		400		463,790
Bank of New York Mellon Corp. (The)
2.30%, 09/11/19 (Call 08/11/19)		250		255,791
2.60%, 08/17/20 (Call 07/17/20)		120		123,731
Bank of Nova Scotia (The)
1.45%, 04/25/18		250		249,654
2.45%, 03/22/21		100		100,969
Barclays PLC
2.00%, 03/16/18		200		198,826
BB&T Corp.
2.05%, 06/19/18 (Call 05/15/18)		200		202,317
BNP Paribas SA
2.40%, 12/12/18		100		101,727
Capital One N.A./Mclean VA
1.50%, 09/05/17 (Call 08/05/17)		250		249,102


SCHEDULEOF INVESTMENTS			7

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2016


Security	Principal (000s)		Value
CIT Group Inc.
3.88%, 02/19/19^b	$	100	$	100,500
Citigroup Inc.
1.70%, 04/27/18		100		99,901
2.05%, 12/07/18		100		100,502
2.50%, 09/26/18		250		254,088
4.50%, 01/14/22		100		109,289
Credit Suisse AG/New York NY
2.30%, 05/28/19		250		252,433
Credit Suisse Group Funding Guernsey Ltd.
3.45%, 04/16/21^a		250		252,735
3.75%, 03/26/25		250		242,644
Deutsche Bank AG/London
1.40%, 02/13/17		100		99,940
2.50%, 02/13/19		50		50,103
Discover Bank/Greenwood DE
2.00%, 02/21/18		250		249,772
Fifth Third Bancorp.
5.45%, 01/15/17		200		204,960
Fifth Third Bank/Cincinnati OH
2.15%, 08/20/18 (Call 07/20/18)		200		201,859
Goldman Sachs Group Inc. (The)
2.55%, 10/23/19		250		253,652
2.75%, 09/15/20 (Call 08/15/20)		30		30,438
3.50%, 01/23/25 (Call 10/23/24)		450		454,337
5.25%, 07/27/21		200		224,965
5.95%, 01/18/18		250		267,552
HSBC Holdings PLC
3.40%, 03/08/21		200		206,974
4.25%, 08/18/25		200		200,474
HSBC USA Inc.
1.50%, 11/13/17		200		200,087
1.70%, 03/05/18		180		179,767
JPMorgan Chase & Co.
1.63%, 05/15/18		350		350,586
2.55%, 03/01/21 (Call 02/01/21)		100		101,346
3.13%, 01/23/25 (Call 10/23/24)		350		350,691
3.88%, 09/10/24		100		102,926
4.63%, 05/10/21		100		110,476
6.30%, 04/23/19		350		394,139
JPMorgan Chase Bank N.A.
6.00%, 10/01/17		250		265,448


Security	Principal (000s)		Value
Lloyds Bank PLC
1.75%, 05/14/18	$	200	$	199,915
Morgan Stanley
2.20%, 12/07/18		50		50,440
2.38%, 07/23/19		300		303,100
3.75%, 02/25/23		200		208,323
4.88%, 11/01/22		150		162,538
5.75%, 10/18/16		250		255,332
Series F
5.55%, 04/27/17		300		311,969
Royal Bank of Scotland Group PLC
6.13%, 12/15/22^b		200		213,835
State Street Corp.
4.96%, 03/15/18		100		104,798
Sumitomo Mitsui Banking Corp.
2.45%, 01/16/20		250		252,393
U.S. Bancorp.
3.00%, 03/15/22 (Call 02/15/22)		100		104,218
Wells Fargo & Co.
2.15%, 01/15/19		250		254,143
2.50%, 03/04/21		100		101,464
3.00%, 01/22/21		100		103,436
4.48%, 01/16/24		100		108,194

				11,332,228
BEVERAGES — 0.70%
Anheuser-Busch InBev Finance Inc.
2.63%, 01/17/23		125		125,586
2.65%, 02/01/21 (Call 01/01/21)		65		66,787
3.30%, 02/01/23 (Call 12/01/22)		100		104,294
3.65%, 02/01/26 (Call 11/01/25)		50		52,718
Constellation Brands Inc.
4.75%, 12/01/25^b		35		37,144
PepsiCo Inc.
2.85%, 02/24/26 (Call 11/24/25)		30		30,841

				417,370
BIOTECHNOLOGY — 0.98%
Amgen Inc.
2.20%, 05/22/19 (Call 04/22/19)		100		101,965
Biogen Inc.
2.90%, 09/15/20		30		31,023
Celgene Corp.
2.88%, 08/15/20		200		206,493


8		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2016


Security	Principal (000s)		Value
Gilead Sciences Inc.
2.35%, 02/01/20	$	100	$	102,426
2.55%, 09/01/20		75		77,399
3.65%, 03/01/26 (Call 12/01/25)		60		64,062

				583,368
BUILDING MATERIALS — 0.55%
Masco Corp.
3.50%, 04/01/21 (Call 03/01/21)		40		40,600
Standard Industries Inc./NJ
5.38%, 11/15/24 (Call 11/15/19)^a,b		100		104,250
Summit Materials LLC/Summit Materials Finance Corp.
6.13%, 07/15/23 (Call 07/15/18)		15		15,112
Vulcan Materials Co.
4.50%, 04/01/25 (Call 01/01/25)		100		106,500
7.50%, 06/15/21		50		60,250

				326,712
CHEMICALS — 1.08%
LyondellBasell Industries NV
5.75%, 04/15/24 (Call 01/15/24)		200		232,835
Monsanto Co.
2.75%, 07/15/21		200		203,310
PolyOne Corp.
5.25%, 03/15/23^b		100		100,250
RPM International Inc.
6.13%, 10/15/19		100		110,975

				647,370
COMMERCIAL SERVICES — 1.93%
ADT Corp. (The)
5.25%, 03/15/20		100		104,000
Ahern Rentals Inc.
7.38%, 05/15/23 (Call 05/15/18)^a,b		40		30,500
Block Financial LLC
4.13%, 10/01/20 (Call 09/01/20)		75		77,084
Live Nation Entertainment Inc.
7.00%, 09/01/20 (Call 09/01/16)^a		100		104,750
RR Donnelley & Sons Co.
6.00%, 04/01/24		100		90,000
Service Corp. International/U.S.
5.38%, 05/15/24 (Call 05/15/19)		35		37,275
Synchrony Financial
1.88%, 08/15/17 (Call 07/15/17)		200		199,501
3.75%, 08/15/21 (Call 06/15/21)		200		207,270


Security	Principal (000s)		Value
Team Health Inc.
7.25%, 12/15/23 (Call 12/15/18)^a,b	$	80	$	84,950
Total System Services Inc.
3.80%, 04/01/21 (Call 03/01/21)		25		25,837
4.80%, 04/01/26 (Call 01/01/26)		40		41,831
Verisk Analytics Inc.
4.00%, 06/15/25 (Call 03/15/25)		150		153,169

				1,156,167
COMPUTERS — 1.43%
Apple Inc.
2.25%, 02/23/21 (Call 01/23/21)		95		97,061
2.85%, 02/23/23 (Call 12/23/22)		75		77,312
Everi Payments Inc.
10.00%, 01/15/22 (Call 01/15/18)		65		55,250
Hewlett Packard Enterprise Co.
2.85%, 10/05/18^a		150		153,002
4.90%, 10/15/25 (Call 07/15/25)^a		100		103,690
International Business Machines Corp.
7.63%, 10/15/18		250		286,968
Seagate HDD Cayman Islands
4.75%, 01/01/25		50		37,846
Western Digital Corp.
10.50%, 04/01/24 (Call 04/01/19)^a		45		43,763

				854,892
DISTRIBUTION & WHOLESALE — 0.18%
HD Supply Inc.
5.25%, 12/15/21 (Call 12/15/17)^a,b		100		105,000

				105,000
DIVERSIFIED FINANCIAL SERVICES — 5.28%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust
5.00%, 10/01/21^b		150		158,250
Ally Financial Inc.
5.13%, 09/30/24		150		157,125
American Express Credit Corp.
2.25%, 08/15/19		200		203,038
BP Capital Markets PLC
2.52%, 01/15/20		150		153,427
Capital One Bank USA N.A.
2.25%, 02/13/19 (Call 01/13/19)		250		250,507
Ford Motor Credit Co. LLC
1.72%, 12/06/17		250		249,814
5.00%, 05/15/18		250		264,542


SCHEDULEOF INVESTMENTS			9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2016


Security	Principal (000s)		Value
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/20^a	$	200	$	204,620
General Electric Co.
4.38%, 09/16/20		200		221,309
Intercontinental Exchange Inc.
3.75%, 12/01/25 (Call 09/01/25)		35		36,262
4.00%, 10/15/23		150		157,209
Nasdaq Inc.
4.25%, 06/01/24 (Call 03/01/24)		100		102,560
National Financial Partners Corp.
9.00%, 07/15/21 (Call 07/15/16)^a		100		99,500
National Rural Utilities Cooperative Finance Corp.
10.38%, 11/01/18		200		243,001
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 06/01/22 (Call 12/01/17)		50		42,875
Navient Corp.
5.00%, 10/26/20		100		95,500
Quicken Loans Inc.
5.75%, 05/01/25 (Call 05/01/20)^a,b		40		37,600
Springleaf Finance Corp.
5.25%, 12/15/19		100		94,875
Synchrony Financial
2.70%, 02/03/20 (Call 01/03/20)		150		149,840
TD Ameritrade Holding Corp.
2.95%, 04/01/22 (Call 02/01/22)		100		102,508
Visa Inc.
2.80%, 12/14/22 (Call 10/14/22)		75		78,017
3.15%, 12/14/25 (Call 09/14/25)		55		57,696

				3,160,075
ELECTRIC — 3.74%
AES Corp./VA
7.38%, 07/01/21 (Call 06/01/21)^b		200		229,500
Baltimore Gas & Electric Co.
2.80%, 08/15/22 (Call 05/15/22)		100		102,353
Berkshire Hathaway Energy Co.
3.75%, 11/15/23 (Call 08/15/23)		50		53,734
Black Hills Corp.
2.50%, 01/11/19		45		45,730
3.95%, 01/15/26 (Call 07/15/25)		50		52,486


Security	Principal (000s)		Value
Dominion Resources Inc./VA
5.20%, 08/15/19	$	100	$	109,391
Series A
1.40%, 09/15/17		100		99,700
Duke Energy Corp.
2.10%, 06/15/18 (Call 05/15/18)		200		200,831
3.55%, 09/15/21 (Call 06/15/21)		100		104,875
Dynegy Inc.
7.38%, 11/01/22 (Call 11/01/18)^b		100		98,778
Exelon Corp.
1.55%, 06/09/17		30		29,944
Exelon Generation Co. LLC
2.95%, 01/15/20 (Call 12/15/19)		100		101,100
MidAmerican Energy Co.
2.40%, 03/15/19 (Call 02/15/19)		100		102,664
Ohio Power Co. Series M
5.38%, 10/01/21		100		114,046
Pacific Gas & Electric Co.
2.45%, 08/15/22 (Call 05/15/22)		100		98,907
PPL Electric Utilities Corp.
2.50%, 09/01/22 (Call 06/01/22)		100		101,246
Public Service Electric & Gas Co.
2.00%, 08/15/19 (Call 07/15/19)		150		152,706
Southern Co. (The)
2.45%, 09/01/18		150		152,316
Southern Power Co.
1.85%, 12/01/17		100		100,606
4.15%, 12/01/25 (Call 09/01/25)		50		51,095
Talen Energy Supply LLC
4.63%, 07/15/19 (Call 07/15/16)^a		100		93,000
6.50%, 06/01/25 (Call 06/01/20)		45		39,941

				2,234,949
ELECTRICAL COMPONENTS & EQUIPMENT — 0.15%
General Cable Corp.
5.75%, 10/01/22 (Call 10/01/17)^b		100		89,750

				89,750
ELECTRONICS — 0.32%
Amphenol Corp.
2.55%, 01/30/19 (Call 12/30/18)		100		101,102
Flextronics International Ltd.
4.75%, 06/15/25 (Call 03/15/25)		90		89,775

				190,877


10		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2016


Security	Principal (000s)		Value
ENTERTAINMENT — 0.58%
GLP Capital LP/GLP Financing II Inc.
4.88%, 11/01/20 (Call 08/01/20)^b	$	100	$	105,500
International Game Technology PLC
6.50%, 02/15/25 (Call 08/15/24)^a,b		200		202,500
Scientific Games International Inc.
10.00%, 12/01/22 (Call 12/01/18)		50		41,325

				349,325
ENVIRONMENTAL CONTROL — 0.27%
Waste Management Inc.
6.10%, 03/15/18		150		162,918

				162,918
FOOD — 2.73%
B&G Foods Inc.
4.63%, 06/01/21 (Call 06/01/16)^b		100		101,625
ConAgra Foods Inc.
3.20%, 01/25/23 (Call 10/25/22)		79		79,886
JBS USA LLC/JBS USA Finance Inc.
5.88%, 07/15/24 (Call 07/15/19)^a		100		93,000
JM Smucker Co. (The)
1.75%, 03/15/18		125		125,571
Kellogg Co.
3.25%, 04/01/26		50		51,417
Kraft Heinz Foods Co.
2.00%, 07/02/18^a		250		252,436
2.25%, 06/05/17		100		100,842
3.95%, 07/15/25 (Call 04/15/25)^a		100		106,858
Kroger Co. (The)
2.30%, 01/15/19 (Call 12/15/18)		150		152,794
Mondelez International Inc.
2.25%, 02/01/19 (Call 01/01/19)		150		152,645
Pilgrim’s Pride Corp.
5.75%, 03/15/25 (Call 03/15/20)^a,b		100		101,750
Post Holdings Inc.
7.75%, 03/15/24 (Call 09/15/18)^a		25		27,187
8.00%, 07/15/25 (Call 07/15/20)^a,b		25		27,719
Sysco Corp.
2.60%, 10/01/20 (Call 09/01/20)		90		92,120
3.30%, 07/15/26 (Call 04/15/26)		55		56,231
3.75%, 10/01/25 (Call 07/01/25)		55		58,384
U.S. Foods Inc.
8.50%, 06/30/19 (Call 05/31/16)^b		50		51,312

				1,631,777


Security	Principal (000s)		Value
FOREST PRODUCTS & PAPER — 0.17%
Clearwater Paper Corp.
5.38%, 02/01/25^a,b	$	100	$	99,500

				99,500
HEALTH CARE — PRODUCTS — 2.35%
Becton Dickinson and Co.
1.80%, 12/15/17		150		150,667
Boston Scientific Corp.
2.85%, 05/15/20		25		25,547
3.38%, 05/15/22		150		154,934
Crimson Merger Sub Inc.
6.63%, 05/15/22 (Call 05/15/17)^a		50		41,875
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp.
8.13%, 06/15/21 (Call 06/15/18)^a		50		43,750
Greatbatch Ltd.
9.13%, 11/01/23 (Call 11/01/18)^a		45		44,775
Hill-Rom Holdings Inc.
5.75%, 09/01/23 (Call 09/01/18)^a,b		85		88,081
Kinetic Concepts Inc./KCI USA Inc.
10.50%, 11/01/18 (Call 05/31/16)		100		101,065
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
4.88%, 04/15/20 (Call 04/15/17)^a,b		25		24,000
St. Jude Medical Inc.
2.00%, 09/15/18		35		35,348
Stryker Corp.
1.30%, 04/01/18		150		149,798
2.00%, 03/08/19		25		25,262
3.38%, 11/01/25 (Call 08/01/25)		65		67,661
Thermo Fisher Scientific Inc.
3.00%, 04/15/23 (Call 02/15/23)		165		167,887
Universal Hospital Services Inc.
7.63%, 08/15/20 (Call 05/31/16)		50		46,690
Zimmer Biomet Holdings Inc.
1.45%, 04/01/17		55		54,915
2.70%, 04/01/20 (Call 03/01/20)		180		183,158

				1,405,413
HEALTH CARE — SERVICES — 1.42%
Anthem Inc.
2.30%, 07/15/18		100		101,355
Centene Corp.
5.63%, 02/15/21 (Call 02/15/18)^a		30		31,575


SCHEDULEOF INVESTMENTS			11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2016


Security	Principal (000s)		Value
Fresenius Medical Care U.S. Finance II Inc.
5.63%, 07/31/19^a	$	100	$	108,875
HCA Inc.
3.75%, 03/15/19		100		102,750
5.38%, 02/01/25		100		102,250
Humana Inc.
2.63%, 10/01/19		50		50,907
Quest Diagnostics Inc.
2.50%, 03/30/20 (Call 02/29/20)		145		146,166
UnitedHealth Group Inc.
2.13%, 03/15/21		75		75,678
2.88%, 03/15/22 (Call 12/15/21)		100		103,662
3.10%, 03/15/26		25		25,755

				848,973
HOLDING COMPANIES — DIVERSIFIED — 0.17%
Argos Merger Sub Inc.
7.13%, 03/15/23 (Call 03/15/18)^a		100		102,250

				102,250
HOME BUILDERS — 0.44%
Brookfield Residential Properties Inc.
6.38%, 05/15/25 (Call 05/15/20)^a		100		90,000
Lennar Corp.
4.50%, 06/15/19 (Call 04/16/19)		100		103,437
Shea Homes LP/Shea Homes Funding Corp.
5.88%, 04/01/23 (Call 04/01/18)^a,b		45		45,337
6.13%, 04/01/25 (Call 04/01/20)^a,b		25		25,188

				263,962
HOME FURNISHINGS — 0.05%
Tempur Sealy International Inc.
5.63%, 10/15/23 (Call 10/15/18)^b		30		31,200

				31,200
HOUSEHOLD PRODUCTS & WARES — 0.44%
ACCO Brands Corp.
6.75%, 04/30/20 (Call 04/30/17)^b		100		106,000
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
6.88%, 02/15/21 (Call 05/31/16)		150		155,812

				261,812


Security	Principal (000s)		Value
HOUSEWARES — 0.17%
Newell Brands Inc.
2.15%, 10/15/18	$	50	$	49,856
RSI Home Products Inc.
6.50%, 03/15/23 (Call 03/15/18)^a		50		52,125

				101,981
INSURANCE — 3.66%
Aflac Inc.
2.40%, 03/16/20^b		300		307,506
Allstate Corp. (The) VRN, (3 mo. LIBOR US + 2.938%)
5.75%, 08/15/53 (Call 08/15/23)		25		25,687
American International Group Inc.
3.30%, 03/01/21 (Call 02/01/21)		30		30,919
5.85%, 01/16/18		250		268,175
Aon PLC
2.80%, 03/15/21 (Call 02/15/21)		100		100,987
3.88%, 12/15/25 (Call 09/15/25)		40		41,132
Berkshire Hathaway Finance Corp.
4.25%, 01/15/21		150		166,296
Berkshire Hathaway Inc.
2.20%, 03/15/21 (Call 02/15/21)		25		25,655
3.13%, 03/15/26 (Call 12/15/25)		60		62,468
Chubb INA Holdings Inc.
3.35%, 05/15/24		100		105,125
CNO Financial Group Inc.
4.50%, 05/30/20		25		25,750
First American Financial Corp.
4.60%, 11/15/24		50		50,996
Genworth Holdings Inc.
7.63%, 09/24/21		100		84,000
Markel Corp.
3.63%, 03/30/23^b		50		50,477
Marsh & McLennan Companies Inc.
2.35%, 09/10/19 (Call 08/10/19)		150		151,313
3.75%, 03/14/26 (Call 12/14/25)		100		103,531
MetLife Inc.
4.75%, 02/08/21		150		167,012
Prudential Financial Inc.
6.10%, 06/15/17		100		105,074
Radian Group Inc.
5.25%, 06/15/20^b		100		100,750


12		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2016


Security	Principal (000s)		Value
Trinity Acquisition PLC
4.40%, 03/15/26 (Call 12/15/25)	$	100	$	101,822
XLIT Ltd.
5.75%, 10/01/21		100		113,655

				2,188,330
INTERNET — 2.16%
Alibaba Group Holding Ltd.
1.63%, 11/28/17		200		199,842
3.60%, 11/28/24 (Call 08/28/24)		200		202,471
Baidu Inc.
2.75%, 06/09/19		250		253,232
eBay Inc.
1.35%, 07/15/17		100		99,855
2.20%, 08/01/19 (Call 07/01/19)		100		100,726
2.50%, 03/09/18		100		101,599
Expedia Inc.
4.50%, 08/15/24 (Call 05/15/24)		100		101,222
VeriSign Inc.
4.63%, 05/01/23 (Call 05/01/18)		100		102,750
Zayo Group LLC/Zayo Capital Inc.
6.00%, 04/01/23 (Call 04/01/18)		45		46,238
6.38%, 05/15/25 (Call 05/15/20)		50		52,000
6.38%, 05/15/25 (Call 05/15/20)^a		30		31,200

				1,291,135
IRON & STEEL — 0.44%
ArcelorMittal
10.85%, 06/01/19		150		171,750
U.S. Steel Corp.
7.38%, 04/01/20^b		100		94,250

				266,000
LODGING — 0.17%
Wyndham Worldwide Corp.
3.90%, 03/01/23 (Call 12/01/22)		100		100,471

				100,471
MACHINERY — 0.40%
Case New Holland Industrial Inc.
7.88%, 12/01/17		50		53,250
Caterpillar Financial Services Corp.
2.00%, 03/05/20		150		152,512
Roper Technologies Inc.
3.85%, 12/15/25 (Call 09/15/25)		35		36,517

				242,279


Security	Principal (000s)		Value
MANUFACTURING — 0.98%
Bombardier Inc.
6.00%, 10/15/22 (Call 04/15/17)^a	$	50	$	42,525
Ingersoll-Rand Global Holding Co. Ltd.
6.88%, 08/15/18		300		333,541
Textron Inc.
3.65%, 03/01/21		100		103,132
Tyco Electronics Group SA
6.55%, 10/01/17		100		106,947

				586,145
MEDIA — 2.15%
CCO Safari II LLC
3.58%, 07/23/20 (Call 06/23/20)^a		145		150,371
4.91%, 07/23/25 (Call 04/23/25)^a		100		107,743
CSC Holdings LLC
5.25%, 06/01/24^b		300		273,000
Nielsen Finance LLC/Nielsen Finance Co.
5.00%, 04/15/22 (Call 04/15/17)^a		100		102,000
Numericable-SFR SA
6.00%, 05/15/22 (Call 05/15/17)^a,b		200		200,260
Starz LLC/Starz Finance Corp.
5.00%, 09/15/19 (Call 05/31/16)		100		101,875
Time Warner Cable Inc.
4.00%, 09/01/21 (Call 06/01/21)		50		52,874
Time Warner Inc.
2.10%, 06/01/19		150		151,244
Univision Communications Inc.
5.13%, 02/15/25 (Call 02/15/20)^a,b		50		49,437
WideOpenWest Finance LLC/WideOpenWest Capital Corp.
10.25%, 07/15/19 (Call 05/31/16)		100		100,250

				1,289,054
MINING — 0.63%
Alcoa Inc.
5.13%, 10/01/24 (Call 07/01/24)^b		100		97,375
Aleris International Inc.
7.88%, 11/01/20 (Call 05/31/16)		42		37,275
Barrick Gold Corp.
4.10%, 05/01/23		30		30,980
Freeport-McMoRan Inc.
3.88%, 03/15/23 (Call 12/15/22)		150		125,625


SCHEDULEOF INVESTMENTS			13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2016


Security	Principal (000s)		Value
Teck Resources Ltd.
4.75%, 01/15/22 (Call 10/15/21)	$	100	$	83,000

				374,255
OIL & GAS — 3.95%
Antero Resources Corp.
5.13%, 12/01/22 (Call 06/01/17)		100		96,000
BP Capital Markets PLC
1.85%, 05/05/17		200		200,649
California Resources Corp.
6.00%, 11/15/24 (Call 08/15/24)		12		4,995
Chevron Corp.
1.96%, 03/03/20 (Call 02/03/20)		150		151,257
ConocoPhillips
5.75%, 02/01/19		150		164,880
Ensco PLC
4.50%, 10/01/24 (Call 07/01/24)		100		71,750
Exxon Mobil Corp.
2.22%, 03/01/21 (Call 02/01/21)		55		56,053
2.73%, 03/01/23 (Call 01/01/23)		70		71,632
3.04%, 03/01/26 (Call 12/01/25)		50		51,661
Marathon Petroleum Corp.
2.70%, 12/14/18		100		100,449
3.40%, 12/15/20 (Call 11/15/20)		95		96,079
Newfield Exploration Co.
5.63%, 07/01/24		50		50,875
Occidental Petroleum Corp.
2.60%, 04/15/22 (Call 03/15/22)		85		86,021
3.40%, 04/15/26 (Call 01/15/26)		155		159,946
3.50%, 06/15/25 (Call 03/15/25)^b		60		62,951
Parsley Energy LLC/Parsley Finance Corp.
7.50%, 02/15/22 (Call 02/15/17)^a,b		35		37,013
PBF Holding Co. LLC/PBF Finance Corp.
7.00%, 11/15/23 (Call 11/15/18)^a		85		82,875
Phillips 66
4.30%, 04/01/22		100		108,811
Shell International Finance BV
2.13%, 05/11/20		40		40,457
4.30%, 09/22/19		250		272,003
Total Capital SA
2.13%, 08/10/18		250		253,923


Security	Principal (000s)		Value
Transocean Inc.
5.05%, 10/15/22 (Call 07/15/22)	$	50	$	34,500
Valero Energy Corp.
3.65%, 03/15/25^b		75		75,177
WPX Energy Inc.
7.50%, 08/01/20 (Call 07/01/20)		35		33,338

				2,363,295
OIL & GAS SERVICES — 0.15%
Halliburton Co.
3.38%, 11/15/22 (Call 09/15/22)		40		40,680
3.80%, 11/15/25 (Call 08/15/25)		50		51,229

				91,909
PACKAGING & CONTAINERS — 0.13%
Ball Corp.
4.00%, 11/15/23		50		49,487
PaperWorks Industries Inc.
9.50%, 08/15/19 (Call 08/15/16)^a		30		27,450

				76,937
PHARMACEUTICALS — 3.31%
Abbott Laboratories
2.00%, 03/15/20		175		173,838
2.55%, 03/15/22		90		89,612
AbbVie Inc.
1.75%, 11/06/17		150		150,512
1.80%, 05/14/18		50		50,228
2.50%, 05/14/20 (Call 04/14/20)		30		30,477
Actavis Funding SCS
3.00%, 03/12/20 (Call 02/12/20)		185		188,790
AmerisourceBergen Corp.
3.50%, 11/15/21 (Call 08/15/21)		100		105,031
4.88%, 11/15/19		100		109,516
Baxalta Inc.
2.88%, 06/23/20 (Call 05/23/20)^a		45		45,164
Cardinal Health Inc.
1.95%, 06/15/18		75		75,669
Express Scripts Holding Co.
3.30%, 02/25/21 (Call 01/25/21)^b		25		25,798
JLL/Delta Dutch Pledgeco BV
8.75% (9.50% PIK), 05/01/20 (Call 05/30/16)^a,b,c		50		49,500
McKesson Corp.
1.40%, 03/15/18		150		149,941


14		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2016


Security	Principal (000s)		Value
Mead Johnson Nutrition Co.
3.00%, 11/15/20	$	55	$	56,699
Novartis Capital Corp.
3.40%, 05/06/24		150		161,805
Pfizer Inc.
3.40%, 05/15/24^b		100		107,511
6.20%, 03/15/19		250		283,874
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/21		46		48,278
Valeant Pharmaceuticals International Inc.
5.38%, 03/15/20 (Call 03/15/17)^a		50		44,281
Zoetis Inc.
3.45%, 11/13/20 (Call 10/13/20)		30		30,837

				1,977,361
PIPELINES — 1.61%
Buckeye Partners LP
4.15%, 07/01/23 (Call 04/01/23)		50		46,412
Energy Transfer Partners LP
4.15%, 10/01/20 (Call 08/01/20)		100		98,000
9.00%, 04/15/19		100		111,500
Kinder Morgan Inc./DE
3.05%, 12/01/19 (Call 11/01/19)		100		99,435
ONEOK Partners LP
3.20%, 09/15/18 (Call 08/15/18)		100		99,385
PBF Logistics LP/PBF Logistics Finance Corp.
6.88%, 05/15/23 (Call 05/15/18)^b		35		33,862
Phillips 66 Partners LP
2.65%, 02/15/20 (Call 01/15/20)		100		97,409
Sabine Pass Liquefaction LLC
5.63%, 03/01/25 (Call 12/01/24)		100		97,500
TransCanada PipeLines Ltd.
3.13%, 01/15/19		60		61,335
4.88%, 01/15/26 (Call 10/15/25)		80		87,655
Williams Partners LP
4.00%, 09/15/25 (Call 06/15/25)		150		130,500

				962,993
REAL ESTATE INVESTMENT TRUSTS — 3.81%
American Tower Corp.
2.80%, 06/01/20 (Call 05/01/20)		100		101,290
3.40%, 02/15/19		100		103,441
3.50%, 01/31/23		100		102,610


Security	Principal (000s)		Value
5.90%, 11/01/21	$	100	$	114,715
Boston Properties LP
5.88%, 10/15/19 (Call 07/17/19)		100		111,923
Communications Sales & Leasing Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 04/15/18)^a,b		45		44,775
Crown Castle International Corp.
3.40%, 02/15/21 (Call 01/15/21)		100		103,523
4.88%, 04/15/22		100		109,416
Digital Realty Trust LP
3.40%, 10/01/20 (Call 09/01/20)		200		205,034
DuPont Fabros Technology LP
5.63%, 06/15/23 (Call 06/15/18)		30		30,975
HCP Inc.
2.63%, 02/01/20 (Call 11/01/19)		200		197,848
3.88%, 08/15/24 (Call 05/17/24)		100		97,958
Hospitality Properties Trust
5.00%, 08/15/22 (Call 02/15/22)		200		209,922
Simon Property Group LP
2.50%, 09/01/20 (Call 06/01/20)		100		102,230
4.38%, 03/01/21 (Call 12/01/20)		150		165,809
Ventas Realty LP/Ventas Capital Corp.
4.00%, 04/30/19 (Call 01/30/19)		200		209,431
Vereit Operating Partnership LP
2.00%, 02/06/17		50		49,925
Welltower Inc.
4.00%, 06/01/25 (Call 03/01/25)		50		50,864
5.25%, 01/15/22 (Call 10/15/21)		150		165,049

				2,276,738
RETAIL — 3.22%
1011778 BC ULC/New Red Finance Inc.
4.63%, 01/15/22 (Call 10/01/17)^a,b		100		102,500
Advance Auto Parts Inc.
5.75%, 05/01/20		200		220,353
AmeriGas Finance LLC/AmeriGas Finance Corp.
7.00%, 05/20/22 (Call 05/20/17)^b		100		105,625
AutoZone Inc.
2.50%, 04/15/21 (Call 03/15/21)		130		131,316
2.88%, 01/15/23 (Call 10/15/22)		150		150,499
3.13%, 04/21/26 (Call 01/21/26)		30		30,294


SCHEDULEOF INVESTMENTS			15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2016


Security	Principal (000s)		Value
CVS Health Corp.
4.13%, 05/15/21 (Call 02/15/21)	$	200	$	218,560
Home Depot Inc. (The)
3.35%, 09/15/25 (Call 06/15/25)		35		37,804
L Brands Inc.
6.63%, 04/01/21^b		150		170,625
McDonald’s Corp.
3.63%, 05/20/21		100		107,277
3.70%, 01/30/26 (Call 10/30/25)		30		32,060
Michaels Stores Inc.
5.88%, 12/15/20 (Call 12/15/16)^a		100		104,750
O’Reilly Automotive Inc.
3.55%, 03/15/26 (Call 12/15/25)^b		60		62,291
Party City Holdings Inc.
6.13%, 08/15/23 (Call 08/15/18)^a		45		47,038
QVC Inc.
3.13%, 04/01/19		250		252,802
Rite Aid Corp.
6.75%, 06/15/21 (Call 06/15/16)		100		105,500
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)		50		49,400

				1,928,694
SEMICONDUCTORS — 0.62%
Applied Materials Inc.
2.63%, 10/01/20 (Call 09/01/20)		50		51,376
3.90%, 10/01/25 (Call 07/01/25)^b		65		70,101
NXP Semiconductors NV
6.00%, 01/15/22 (Call 11/15/16)^a		100		106,000
QUALCOMM Inc.
3.00%, 05/20/22		85		88,689
Sensata Technologies BV
5.63%, 11/01/24^a,b		50		52,250

				368,416
SOFTWARE — 1.29%
Autodesk Inc.
3.13%, 06/15/20 (Call 05/15/20)		30		30,393
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 07/15/16)^a		50		37,000
Electronic Arts Inc.
3.70%, 03/01/21 (Call 02/01/21)		30		31,425


Security	Principal (000s)		Value
Fidelity National Information Services Inc.
2.00%, 04/15/18	$	200	$	200,300
First Data Corp.
5.00%, 01/15/24 (Call 01/15/19)^a		95		95,950
6.75%, 11/01/20 (Call 05/31/16)^a		100		105,000
7.00%, 12/01/23 (Call 12/01/18)^a		80		82,200
Fiserv Inc.
3.85%, 06/01/25 (Call 03/01/25)		100		105,613
Infor U.S. Inc.
6.50%, 05/15/22 (Call 05/15/18)		90		83,071

				770,952
TELECOMMUNICATIONS — 6.84%
Altice Luxembourg SA
7.75%, 05/15/22 (Call 05/15/17)^a,b		200		199,500
AT&T Inc.
1.70%, 06/01/17		350		351,232
2.80%, 02/17/21 (Call 01/17/21)		100		102,177
3.00%, 06/30/22 (Call 04/30/22)		50		50,855
3.40%, 05/15/25 (Call 02/15/25)		200		203,227
3.90%, 03/11/24 (Call 12/11/23)		150		158,620
5.80%, 02/15/19		100		110,968
5.88%, 10/01/19		300		339,561
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23		100		104,856
CenturyLink Inc.
6.45%, 06/15/21		150		153,000
Cincinnati Bell Inc.
8.38%, 10/15/20 (Call 05/31/16)^b		50		51,250
Frontier Communications Corp.
6.88%, 01/15/25 (Call 10/15/24)		100		83,250
8.50%, 04/15/20		100		105,750
Harris Corp.
2.00%, 04/27/18		45		44,876
Intelsat Jackson Holdings SA
7.25%, 10/15/20 (Call 05/31/16)^b		100		73,000
Juniper Networks Inc.
3.30%, 06/15/20 (Call 05/15/20)		30		30,593
4.35%, 06/15/25 (Call 03/15/25)		150		150,125
Motorola Solutions Inc.
3.50%, 03/01/23		150		141,522


16		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2016


Security	Principal (000s)		Value
Plantronics Inc.
5.50%, 05/31/23 (Call 05/15/18)^a,b	$	50	$	50,125
Qwest Corp.
6.75%, 12/01/21		50		54,000
Sprint Communications Inc.
9.00%, 11/15/18^a		100		105,750
Sprint Corp.
7.88%, 09/15/23		200		156,000
T-Mobile USA Inc.
6.50%, 01/15/26 (Call 01/15/21)^b		45		47,700
6.63%, 04/01/23 (Call 04/01/18)^b		150		160,312
6.73%, 04/28/22 (Call 04/28/17)^b		100		105,250
UPCB Finance IV Ltd.
5.38%, 01/15/25 (Call 01/15/20)^a		200		203,500
Verizon Communications Inc.
3.50%, 11/01/21		100		106,329
3.50%, 11/01/24 (Call 08/01/24)		100		104,390
4.50%, 09/15/20		100		110,594
5.15%, 09/15/23		100		114,847
Vodafone Group PLC
1.63%, 03/20/17		150		150,567
West Corp.
5.38%, 07/15/22 (Call 07/15/17)^a,b		100		90,500
Windstream Services LLC
6.38%, 08/01/23 (Call 02/01/18)		100		76,250

				4,090,476
TRANSPORTATION — 0.08%
OPE KAG Finance Sub Inc.
7.88%, 07/31/23 (Call 07/31/18)^a		35		35,787
XPO Logistics Inc.
6.50%, 06/15/22 (Call 06/15/18)^a,b		15		14,607

				50,394

TOTAL CORPORATE BONDS & NOTES
(Cost: $50,885,795)				51,034,036

U.S. GOVERNMENT & AGENCY OBLIGATIONS — 42.91%

MORTGAGE-BACKED SECURITIES — 42.91%
Federal Home Loan Mortgage Corp.
2.50%, 05/01/31^d		650		668,281
3.00%, 05/01/31^d		650		679,758
3.00%, 05/01/46^d		1,125		1,152,598
3.50%, 05/01/31^d		350		369,742


Security	Principal (000s)		Value
3.50%, 01/01/46	$	1,138	$	1,193,812
3.50%, 02/01/46		32		33,334
3.50%, 03/01/46		711		745,553
3.50%, 05/12/46^d		276		289,110
4.00%, 05/01/31^d		25		25,891
4.00%, 11/01/45		465		496,762
4.00%, 04/01/46		350		376,352
4.00%, 05/01/46^d		361		385,480
4.50%, 05/01/46^d		575		625,402
Federal National Mortgage Association
2.50%, 05/01/31^d		495		508,690
2.50%, 05/01/46^d		75		74,414
3.00%, 02/01/31		1,078		1,125,890
3.00%, 05/01/31^d		9		9,401
3.00%, 05/01/46^d		1,600		1,640,250
3.50%, 05/01/31^d		479		506,393
3.50%, 11/01/45		200		209,942
3.50%, 02/01/46		796		834,683
3.50%, 05/01/46^d		1,214		1,272,424
4.00%, 05/01/31^d		325		337,594
4.00%, 01/01/46		1,277		1,365,368
4.00%, 02/01/46		102		109,164
4.00%, 03/01/46		381		408,012
4.00%, 05/01/46^d		63		67,302
4.50%, 05/01/31^d		125		128,281
4.50%, 05/01/46^d		200		217,781
4.50%, 06/01/46^d		600		652,781
5.00%, 05/18/31		25		25,738
5.00%, 05/01/46^d		275		304,047
5.00%, 06/01/46^d		700		773,391
5.50%, 05/01/46^d		1,025		1,147,840
Government National Mortgage Association
3.00%, 05/01/46^d		1,425		1,474,883
3.50%, 03/20/46		286		301,984
3.50%, 05/01/46^d		2,293		2,421,872
4.00%, 01/20/46		138		147,689
4.00%, 03/20/46		289		309,879
4.00%, 05/01/46^d		919		981,726
4.50%, 11/20/45		54		57,940
4.50%, 05/01/46^d		620		668,431


SCHEDULEOF INVESTMENTS			17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2016


Security	Principal or Shares (000s)		Value
5.00%, 05/23/46	$	500	$	541,504

				25,667,369

TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost: $25,618,675)				25,667,369

SHORT-TERM INVESTMENTS — 10.20%

MONEY MARKET FUNDS — 10.20%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.50%^e,f,g		5,103		5,102,984
BlackRock Cash Funds: Prime, SL Agency Shares
0.49%^e,f,g		383		382,776
BlackRock Cash Funds: Treasury, SL Agency Shares
0.28%^e,f		614		613,759

				6,099,519


TOTAL SHORT-TERM INVESTMENTS
(Cost: $6,099,519)				6,099,519

TOTAL INVESTMENTS IN SECURITIES — 138.43%
(Cost: $82,603,989)				82,800,924
Other Assets, Less Liabilities — (38.43)%				(22,984,869	)

NET ASSETS — 100.00%			$	59,816,055

VRN — Variable Rate Note

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

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

^c	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.

^d	To-be-announced (TBA). See Note 1.

^e	Affiliated issuer. See Note 2.

^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. See Note 1.

Open futures contracts as of April 30, 2016 were as follows:


Issue	Number of Contracts Purchased (Sold)			Expiration		Exchange		Notional Value			Unrealized Appreciation (Depreciation)
5-Year U.S. Treasury Note		(10	)		Jun. 2016		Chicago Board of Trade	$	(1,209,141	)	$	2,557
10-Year U.S. Treasury Note		3			Jun. 2016		Chicago Board of Trade		390,188			559
30-Year U.S. Treasury Bond		(2	)		Jun. 2016		Chicago Board of Trade		(326,625	)		4,028
Ultra Long U.S. Treasury Bond		(15	)		Jun. 2016		Chicago Board of Trade		(2,570,156	)		38,647

Net unrealized appreciation											$	45,791

See notes to financial statements.


18		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Assets and Liabilities (Unaudited)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2016



ASSETS
Investments, at cost:
Unaffiliated	$	76,504,470
Affiliated (Note 2)		6,099,519

Total cost of investments	$	82,603,989

Investments in securities, at fair value (including securities on loan^a) (Note 1):
Unaffiliated	$	76,701,405
Affiliated (Note 2)		6,099,519

Total fair value of investments		82,800,924
Cash		252,230
Cash pledged to broker		101,980
Receivables:
Investment securities sold		4,809,912
Interest		570,336

Total Assets		88,535,382


LIABILITIES
Payables:
Investment securities purchased		23,200,896
Collateral for securities on loan (Note 1)		5,485,760
Futures variation margin		18,426
Investment advisory fees (Note 2)		14,245

Total Liabilities		28,719,327


NET ASSETS	$	59,816,055


Net assets consist of:
Paid-in capital	$	60,004,168
Undistributed net investment income		116,408
Accumulated net realized loss		(547,247	)
Net unrealized appreciation		242,726

NET ASSETS	$	59,816,055


Shares outstanding^b		600,000


Net asset value per share	$	99.69

^a	Securities on loan with a value of $5,359,240. See Note 1.

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

See notes to financial statements.


FINANCIAL STATEMENTS			19

Statement of Operations (Unaudited)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

Six months ended April 30, 2016



NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	1,613
Interest — unaffiliated		1,124,024
Securities lending income — affiliated — net (Note 2)		9,381

Total investment income		1,135,018


EXPENSES
Investment advisory fees (Note 2)		89,954

Total expenses		89,954
Less investment advisory fees waived (Note 2)		(411	)

Net expenses		89,543

Net investment income		1,045,475


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(235,395	)
Futures contracts		(341,572	)

Net realized loss		(576,967	)

Net change in unrealized appreciation/depreciation on:
Investments		1,392,293
Futures contracts		31,451

Net change in unrealized appreciation/depreciation		1,423,744

Net realized and unrealized gain		846,777

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,892,252

See notes to financial statements.


20		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF


	Six months ended April 30, 2016 (Unaudited)			Period from February 24, 2015^a to October 31, 2015

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	1,045,475		$	1,302,726
Net realized gain (loss)		(576,967	)		29,720
Net change in unrealized appreciation/depreciation		1,423,744			(1,181,018	)

Net increase in net assets resulting from operations		1,892,252			151,428


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(943,961	)		(1,287,832	)

Total distributions to shareholders		(943,961	)		(1,287,832	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			74,886,750
Cost of shares redeemed		(14,882,582	)		—

Net increase (decrease) in net assets from capital share transactions		(14,882,582	)		74,886,750

INCREASE (DECREASE) IN NET ASSETS		(13,934,291	)		73,750,346

NET ASSETS
Beginning of period		73,750,346			—

End of period	$	59,816,055		$	73,750,346

Undistributed net investment income included in net assets at end of period	$	116,408		$	14,894


SHARES ISSUED AND REDEEMED
Shares sold		—			750,000
Shares redeemed		(150,000	)		—

Net increase (decrease) in shares outstanding		(150,000	)		750,000

^a	Commencement of operations.

See notes to financial statements.


FINANCIAL STATEMENTS			21

Financial Highlights

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

(For a share outstanding throughout each period)


	Six months ended Apr. 30, 2016 (Unaudited)			Period from Feb. 24, 2015^a to Oct. 31, 2015
Net asset value, beginning of period	$	98.33		$	99.60

Income from investment operations:
Net investment income^b		1.41			1.74
Net realized and unrealized gain (loss)^c		1.21			(1.29	)

Total from investment operations		2.62			0.45

Less distributions from:
Net investment income		(1.26	)		(1.72	)

Total distributions		(1.26	)		(1.72	)

Net asset value, end of period	$	99.69		$	98.33


Total return		2.70	%^d		0.46	%^d


Ratios/Supplemental data:
Net assets, end of period (000s)	$	59,816		$	73,750
Ratio of expenses to average net assets^e		0.25	%		0.25	%
Ratio of expenses to average net assets prior to waived fees^e		0.25	%		0.26	%
Ratio of net investment income to average net assets^e		2.91	%		2.58	%
Portfolio turnover rate^f,g		268	%		362	%

^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.

^g	Portfolio turnover rates include to-be-announced (TBA) transactions. See Note 1.

See notes to financial statements.


22		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

These financial statements relate only to the following fund (the “Fund”):

iShares ETF

Diversification

Classification

Edge U.S. Fixed Income Balanced Risk^a

Non-diversified

Formerly the iShares U.S. Fixed Income Balanced Risk ETF.

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

•

Open-end U.S. mutual funds (including money market 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.


NOTESTO FINANCIAL STATEMENTS			23

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

•

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

•

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


24		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF


	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Corporate Bonds & Notes	$	—	$	51,034,036	$	—	$	51,034,036
U.S. Government & Agency Obligations		—		25,667,369		—		25,667,369
Money Market Funds		6,099,519		—		—		6,099,519

Total	$	6,099,519	$	76,701,405	$	—	$	82,800,924

Derivative Financial Instruments:^a
Assets:
Futures Contracts	$	45,791	$	—	$	—	$	45,791

Total	$	45,791	$	—	$	—	$	45,791

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

SECURITY TRANSACTIONS AND INCOME RECOGNITION

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.

DISTRIBUTIONS TO SHAREHOLDERS


NOTESTO FINANCIAL STATEMENTS			25

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

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 April 30, 2016, 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 April 30, 2016 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.

On July 23, 2014, the U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. When implemented in October 2016, the change may affect the Fund with regard to the reinvestment of cash collateral received for securities on loan. The Fund continues to evaluate its reinvestment strategy in light of the new regulations.

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.


26		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE 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 April 30, 2016:


Counterparty	Market Value of Securities on Loan		Cash Collateral Received^a		Net Amount
BNP Paribas Prime Brokerage Inc.	$	259,725	$	259,725	$	—
Citigroup Global Markets Inc.		591,596		591,596		—
Credit Suisse Securities (USA) LLC		261,765		261,765		—
Deutsche Bank Securities Inc.		714,469		714,469		—
HSBC Securities (USA) Inc.		217,424		217,424		—
Jefferies LLC		306,429		306,429		—
JPMorgan Clearing Corp.		1,417,274		1,417,274		—
JPMorgan Securities LLC		969,138		969,138		—
Merrill Lynch, Pierce, Fenner & Smith		469,739		469,739		—
Wells Fargo Securities LLC		151,681		151,681		—

	$	5,359,240	$	5,359,240	$	—

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 0.25% 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.


NOTESTO FINANCIAL STATEMENTS			27

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

For the six months ended April 30, 2016, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $3,581.

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 six months ended April 30, 2016 were as follows:


U.S. Government Obligations				Other Securities
Purchases		Sales		Purchases		Sales
$	233,570,728	$	236,269,495	$	11,918,343	$	29,351,570

There were no in-kind transactions for the six months ended April 30, 2016.

4.	*CAPITAL SHARE TRANSACTIONS*

5.	*FUTURES CONTRACTS*


28		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

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 April 30, 2016 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 appreciation^a	$	45,791

Represents cumulative appreciation of futures contracts 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 futures contracts held by the Fund during the six months ended April 30, 2016 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	$	(341,572	)	$	31,451

The following table shows the average quarter-end balances of open futures contracts for the Fund for the six months ended April 30, 2016:


Average value of contracts purchased	$	555,688
Average value of contracts sold		(6,107,068	)

6.	*PRINCIPAL RISKS*

MARKET RISK


NOTESTO FINANCIAL STATEMENTS			29

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

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

As of April 30, 2016, the cost of investments for federal income tax purposes was $82,604,024. Net unrealized appreciation was $196,900, of which $658,396 represented gross unrealized appreciation on securities and $461,496 represented gross unrealized depreciation on securities.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2016, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.


30		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

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			31

Supplemental Information (Unaudited)

iSHARES^® EDGE 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-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
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
$	1.191216	$	—	$	0.067398	$	1.258614		95	%		—	%		5	%		100	%


32		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:


NOTES			33

Notes:


34		2016 iSHARES SEMI-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”).

iS-SAR-1013-0416

APRIL 30, 2016


2016 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

^Ø

iShares Interest Rate Hedged 10+ Year Credit Bond ETF | CLYH | NYSE Arca

Table of Contents


Fund Performance Overview			5
About Fund Performance			6
Shareholder Expenses			6
Schedule of Investments			7
Financial Statements			8
Financial Highlights			11
Notes to Financial Statements			12
Supplemental Information			19
Additional Financial Information as of April 30, 2016 – iShares 10+ Year Credit Bond ETF			20
Schedule of Investments			21
Statement of Assets and Liabilities			53
Selected Audited Financial Statements as of February 29, 2016			54

Fund Performance Overview

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

Performance as of April 30, 2016

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. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps. For the six-month reporting period ended April 30, 2016, the total return for the Fund was 0.99%, net of fees.


		Cumulative Total Returns
		Since Inception
Fund NAV		(2.23)%
Fund Market		(2.27)%
Barclays US Long Credit Interest Rate Swaps Hedged Index		(2.35)%

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.


Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a,b		Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a,b		Annualized Expense Ratio^a
$	1,000.00	$	1,009.90	$	0.60	$	1,000.00	$	1,024.30	$	0.60		0.12%

^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.

ALLOCATION BY INVESTMENT TYPE¹ As of 4/30/16


Investment Type	Percentage of Total Investments²
Corporate Bonds & Notes		84.54	%
Municipal Debt Obligations		8.48
Foreign Government Obligations		6.87
U.S. Government Obligations		0.11

TOTAL		100.00	%

ALLOCATION BY CREDIT QUALITY¹ As of 4/30/16


Moody’s Credit Rating³	Percentage of Total Investments²
Aaa		3.24	%
Aa		13.11
A		36.42
Baa		43.26
Ba		2.61
Not Rated		1.36

TOTAL		100.00	%

Table shown is for the iShares 10+ Year Credit Bond ETF, the underlying fund in which the Fund invests.

Excludes money market funds.


FUND PERFORMANCE OVERVIEW			5

About Fund Performance

Shareholder Expenses

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.”


6		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Shares		Value
INVESTMENT COMPANIES — 92.41%

EXCHANGE-TRADED FUNDS — 92.41%
iShares 10+ Year Credit Bond ETF^a		110,304	$	6,660,156

				6,660,156

TOTAL INVESTMENT COMPANIES
(Cost: $6,315,636)				6,660,156

SHORT-TERM INVESTMENTS — 3.20%

MONEY MARKET FUNDS — 3.20%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.28%^a,b		230,606		230,606

				230,606

TOTAL SHORT-TERM INVESTMENTS
(Cost: $230,606)				230,606

TOTAL INVESTMENTS IN SECURITIES — 95.61%
(Cost: $6,546,242)				6,890,762
Other Assets, Less Liabilities — 4.39%				316,341

NET ASSETS — 100.00%			$	7,207,103

^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 April 30, 2016 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	$	(85,000)	$	(146)	$	(16)
1.81%*		3-month LIBOR		07/24/2020		Chicago Mercantile		(300,000)		(3,700)		(4,176)
2.43%*		3-month LIBOR		07/24/2025		Chicago Mercantile		(1,600,000)		(72,040)		(34,198)
2.44%*		3-month LIBOR		10/02/2035		Chicago Mercantile		(2,000,000)		53		(110,262)
2.87%*		3-month LIBOR		07/24/2045		Chicago Mercantile		(1,400,000)		(58,185)		(148,309)

Net unrealized depreciation											$	(296,961)

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

See notes to financial statements.


SCHEDULEOF INVESTMENTS			7

Statement of Assets and Liabilities (Unaudited)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

April 30, 2016



ASSETS
Investments, at cost:
Affiliated (Note 2)	$	6,546,242

Total cost of investments	$	6,546,242

Investments in securities, at fair value (Note 1):
Affiliated (Note 2)	$	6,890,762

Total fair value of investments		6,890,762
Cash pledged for centrally cleared swaps		330,000
Receivables:
Interest		38

Total Assets		7,220,800


LIABILITIES
Payables:
Investment advisory fees (Note 2)		668
Variation margin on centrally cleared swaps		13,029

Total Liabilities		13,697


NET ASSETS	$	7,207,103


Net assets consist of:
Paid-in capital	$	7,325,954
Undistributed net investment income		47,610
Accumulated net realized loss		(214,020	)
Net unrealized appreciation		47,559

NET ASSETS	$	7,207,103


Shares outstanding^a		300,000


Net asset value per share	$	24.02

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

See notes to financial statements.


8		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Operations (Unaudited)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

Six months ended April 30, 2016



NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	157,187

Total investment income		157,187


EXPENSES
Investment advisory fees (Note 2)		13,178

Total expenses		13,178
Less investment advisory fees waived (Note 2)		(8,841	)

Net expenses		4,337

Net investment income		152,850


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated (Note 2)		(14,430	)
In-kind redemptions — affiliated (Note 2)		(22,122	)
Swap agreements		(160,527	)

Net realized loss		(197,079	)

Net change in unrealized appreciation/depreciation on:
Investments		312,110
Swap agreements		(238,799	)

Net change in unrealized appreciation/depreciation		73,311

Net realized and unrealized loss		(123,768	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	29,082

See notes to financial statements.


FINANCIAL STATEMENTS			9

Statements of Changes in Net Assets

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF


	Six months ended April 30, 2016 (Unaudited)			Period from July 22, 2015^a to October 31, 2015

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	152,850		$	40,904
Net realized loss		(197,079	)		(35,744	)
Net change in unrealized appreciation/depreciation		73,311			(25,752	)

Net increase (decrease) in net assets resulting from operations		29,082			(20,592	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(105,240	)		(22,101	)
Return of capital		—			(11,253	)

Total distributions to shareholders		(105,240	)		(33,354	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			8,483,227
Cost of shares redeemed		(1,146,020	)		—

Net increase (decrease) in net assets from capital share transactions		(1,146,020	)		8,483,227

INCREASE (DECREASE) IN NET ASSETS		(1,222,178	)		8,429,281

NET ASSETS
Beginning of period		8,429,281			—

End of period	$	7,207,103		$	8,429,281

Undistributed net investment income included in net assets at end of period	$	47,610		$	—


SHARES ISSUED AND REDEEMED
Shares sold		—			350,000
Shares redeemed		(50,000	)		—

Net increase (decrease) in shares outstanding		(50,000	)		350,000

^a	Commencement of operations.

See notes to financial statements.


10		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

(For a share outstanding throughout each period)


	Six months ended Apr. 30, 2016 (Unaudited)			Period from Jul. 22, 2015^a to Oct. 31, 2015
Net asset value, beginning of period	$	24.08		$	25.10

Income from investment operations:
Net investment income^b		0.47			0.26
Net realized and unrealized loss^c		(0.21	)		(1.09	)

Total from investment operations		0.26			(0.83	)

Less distributions from:
Net investment income		(0.32	)		(0.13	)
Return of capital		—			(0.06	)

Total distributions		(0.32	)		(0.19	)

Net asset value, end of period	$	24.02		$	24.08


Total return		0.99	%^d,e		(3.19	)%^d,e


Ratios/Supplemental data:
Net assets, end of period (000s)	$	7,207		$	8,429
Ratio of expenses to average net assets^f,g		0.12	%		0.12	%
Ratio of expenses to average net assets prior to waived fees^f,g		0.35	%		0.35	%
Ratio of net investment income to average net assets^f		4.06	%		3.80	%
Portfolio turnover rate^h,i		1	%		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.

The total return disclosed is based on the 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 returns for the six months ended April 30, 2016 and the period ended October 31, 2015 were 1.11% and -3.31%, respectively.

^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. These ratios do not include these indirect fees and expenses.

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

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS			11

Notes to Financial Statements (Unaudited)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

These financial statements relate only to the following fund (the “Fund”):

iShares ETF

Diversification

Classification

Interest Rate Hedged 10+ Year Credit Bond

Diversified

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 statements and schedules 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.

1.	*SIGNIFICANT ACCOUNTING POLICIES*

SECURITY VALUATION

•

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

•


12		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

•

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

•

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


NOTESTO FINANCIAL STATEMENTS			13

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF


	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Exchange-Traded Funds	$	6,650,156	$	—		$	—	$	6,660,156
Money Market Funds		230,606		—			—		230,606

Total	$	6,890,762	$	—		$	—	$	6,890,762

Derivative Financial Instruments:^a
Liabilities:
Centrally Cleared Interest Rate Swaps	$	—	$	(296,961	)	$	—	$	(296,961	)

Total	$	—	$	(296,961	)	$	—	$	(296,961	)

Shown at the unrealized appreciation (depreciation) on contracts.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

DISTRIBUTIONS TO SHAREHOLDERS

2.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Pursuant to an Investment Advisory Agreement with the Trust, BFA, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, 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) 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%.


14		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

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 six months ended April 30, 2016, 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		134,996		1,350		(26,042	)		110,304	$	6,660,156	$	156,989	$	(36,552	)

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 six months ended April 30, 2016, were $76,941 and $379,562, respectively.

In-kind purchases and sales (see Note 4) for the six months ended April 30, 2016, were $ — and $1,075,051, respectively.

4.	*CAPITAL SHARE TRANSACTIONS*

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


NOTESTO FINANCIAL STATEMENTS			15

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

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 April 30, 2016 and the related locations in the statement of assets and liabilities, presented by risk exposure category:


Liabilities
Centrally cleared swaps:
Variation margin / Net assets consist of – net unrealized appreciation^a	$	296,961

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 six months ended April 30, 2016 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:
Swap agreements	$	(160,527	)	$	(238,799	)

For the six months ended April 30, 2016, the average quarter-end notional amount of open interest rate swaps for the Fund (where the Fund pays the fixed rate), was $6,056,667.

6.	*PRINCIPAL RISKS*


16		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

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.

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*


NOTESTO FINANCIAL STATEMENTS			17

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

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

As of October 31, 2015, the Fund’s fiscal year-end, the Fund had non-expiring capital loss carryforwards in the amount of $16,141 available to offset future realized capital gains.

As of April 30, 2016, the cost of investments for federal income tax purposes was $6,547,042. Net unrealized appreciation was $343,720, of which $344,520 represented gross unrealized appreciation on securities and $800 represented gross unrealized depreciation on securities.

8.	*SUBSEQUENT EVENTS*


18		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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-to-Date							% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
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
$0.313759	$	—	$	0.004751	$	0.318510		99	%		—	%		1	%		100	%


SUPPLEMENTAL INFORMATION			19

iShares Trust

iShares 10+ Year Credit Bond ETF | CLY | NYSE Arca

Additional Financial Information

April 30, 2016

Selected Audited Financial Statements

February 29, 2016

Schedule of Investments (Unaudited)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 82.80%

ADVERTISING — 0.03%
WPP Finance 2010
5.13%, 09/07/42	$	55	$	53,844
5.63%, 11/15/43		229		244,101

				297,945
AEROSPACE & DEFENSE — 1.59%
Boeing Co. (The)
3.30%, 03/01/35 (Call 09/01/34)		275		269,201
3.50%, 03/01/45 (Call 09/01/44)		403		397,003
6.63%, 02/15/38		16		22,498
6.88%, 03/15/39		282		409,661
General Dynamics Corp.
3.60%, 11/15/42 (Call 05/15/42)^a		406		403,725
Lockheed Martin Corp.
3.60%, 03/01/35 (Call 09/01/34)		411		405,281
3.80%, 03/01/45 (Call 09/01/44)^a		624		626,892
4.07%, 12/15/42		1,006		1,048,962
4.50%, 05/15/36 (Call 11/15/35)		891		982,568
4.70%, 05/15/46 (Call 11/15/45)		509		585,628
4.85%, 09/15/41		529		609,192
Series B
6.15%, 09/01/36		189		241,992
Northrop Grumman Corp.
3.85%, 04/15/45 (Call 10/15/44)^a		100		100,120
4.75%, 06/01/43		451		520,296
5.05%, 11/15/40		311		364,273
Northrop Grumman Systems Corp.
7.75%, 02/15/31		505		736,433
Raytheon Co.
4.20%, 12/15/44 (Call 06/15/44)^a		218		238,436
4.70%, 12/15/41		378		437,944
4.88%, 10/15/40		100		117,852
7.20%, 08/15/27		155		215,705
Rockwell Collins Inc.
4.80%, 12/15/43 (Call 06/15/43)		261		299,470
United Technologies Corp.
4.15%, 05/15/45 (Call 11/16/44)		300		319,113
4.50%, 06/01/42		2,884		3,214,626
5.40%, 05/01/35		11		13,311
5.70%, 04/15/40		572		725,806
6.05%, 06/01/36		196		253,237
6.13%, 07/15/38		18		23,678


Security	Principal (000s)		Value
6.70%, 08/01/28	$	775	$	1,037,004
7.50%, 09/15/29		14		20,092

				14,639,999
AGRICULTURE — 1.31%
Altria Group Inc.
4.25%, 08/09/42		456		481,060
4.50%, 05/02/43		11		11,993
5.38%, 01/31/44		1,902		2,362,575
9.95%, 11/10/38		121		216,282
10.20%, 02/06/39		138		252,256
Archer-Daniels-Midland Co.
4.02%, 04/16/43^a		799		816,650
4.54%, 03/26/42		378		414,098
Lowe’s Companies Inc.
4.25%, 09/15/44 (Call 03/15/44)		407		438,815
Philip Morris International Inc.
3.88%, 08/21/42		26		26,308
4.13%, 03/04/43		217		225,697
4.25%, 11/10/44^a		1,915		2,035,547
4.38%, 11/15/41		86		92,523
4.50%, 03/20/42		21		23,030
4.88%, 11/15/43		380		440,574
6.38%, 05/16/38		907		1,220,073
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		336		397,482
5.85%, 08/15/45 (Call 02/15/45)		1,310		1,607,668
6.15%, 09/15/43		381		479,142
7.25%, 06/15/37		403		532,943

				12,074,716
AIRLINES — 0.31%
American Airlines 2014-1 Pass Through Trust Class A
3.70%, 04/01/28		208		210,857
American Airlines 2015-1 Pass Through Trust Class A
3.38%, 11/01/28		1,239		1,239,422
American Airlines 2016-1 Pass Through Trust Series AA, Class AA
3.58%, 07/15/29		18		18,540


SCHEDULEOF INVESTMENTS			21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
United Airlines 2014-1 Pass Through Trust Class A
4.00%, 10/11/27^a	$	343	$	359,024
United Airlines 2014-2 Pass Through Trust Class A
3.75%, 03/03/28		948		980,768
United Airlines 2015-1 Pass Through Trust Class AA
3.45%, 06/01/29		4		4,040

				2,812,651
APPAREL — 0.13%
NIKE Inc.
3.63%, 05/01/43 (Call 11/01/42)		255		258,135
3.88%, 11/01/45 (Call 05/01/45)		475		499,889
VF Corp.
6.00%, 10/15/33		150		186,931
6.45%, 11/01/37		201		268,657

				1,213,612
AUTO MANUFACTURERS — 0.90%
Daimler Finance North America LLC
8.50%, 01/18/31		810		1,276,535
Ford Holdings LLC
9.30%, 03/01/30		300		412,295
Ford Motor Co.
4.75%, 01/15/43^a		900		927,180
6.38%, 02/01/29		350		429,672
6.63%, 10/01/28		16		19,956
7.40%, 11/01/46		114		151,011
7.45%, 07/16/31		1,181		1,566,539
General Motors Co.
5.00%, 04/01/35^a		102		101,342
5.20%, 04/01/45		790		787,267
6.25%, 10/02/43		831		937,489
6.60%, 04/01/36 (Call 10/01/35)		1,410		1,639,155

				8,248,441
AUTO PARTS & EQUIPMENT — 0.15%
BorgWarner Inc.
4.38%, 03/15/45 (Call 09/15/44)^a		185		181,186
Johnson Controls Inc.
4.63%, 07/02/44 (Call 01/02/44)		375		367,567
4.95%, 07/02/64 (Call 01/02/64)		100		92,251


Security	Principal (000s)		Value
5.25%, 12/01/41 (Call 06/01/41)	$	5	$	5,249
5.70%, 03/01/41		5		5,568
6.00%, 01/15/36		641		737,996

				1,389,817
BANKS — 8.11%
Bank of America Corp.
4.25%, 10/22/26		1,853		1,881,474
4.88%, 04/01/44^a		1,464		1,599,264
5.00%, 01/21/44^a		1,103		1,226,704
5.88%, 02/07/42		570		703,545
6.11%, 01/29/37		1,100		1,271,552
6.75%, 06/01/28		14		17,104
7.75%, 05/14/38		931		1,277,843
Series L
4.75%, 04/21/45		8		8,059
Bank of America N.A.
6.00%, 10/15/36		250		309,267
Bank One Corp.
7.63%, 10/15/26		231		301,551
8.00%, 04/29/27		229		308,177
Barclays PLC
5.25%, 08/17/45		810		856,001
Branch Banking & Trust Co.
3.80%, 10/30/26 (Call 09/30/26)		528		559,807
Citigroup Inc.
4.30%, 11/20/26^a		1,000		1,015,409
4.45%, 09/29/27		1,750		1,786,375
4.65%, 07/30/45		1,250		1,321,703
4.95%, 11/07/43		401		439,176
5.30%, 05/06/44		565		606,170
5.88%, 02/22/33		266		292,135
5.88%, 01/30/42		606		747,920
6.00%, 10/31/33		266		296,680
6.13%, 08/25/36		622		714,657
6.63%, 01/15/28		11		13,892
6.63%, 06/15/32		575		695,231
6.68%, 09/13/43		296		366,742
6.88%, 02/15/98		100		132,886
8.13%, 07/15/39		660		1,008,314
Comerica Inc.
3.80%, 07/22/26		125		124,280
Cooperatieve Rabobank UA
5.25%, 05/24/41		850		1,019,739
5.25%, 08/04/45^a		541		596,921
5.75%, 12/01/43		850		1,001,403


22		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Credit Suisse Group Funding Guernsey Ltd.
4.88%, 05/15/45	$	786	$	782,594
Fifth Third Bancorp.
8.25%, 03/01/38		464		666,682
Goldman Sachs Group Inc. (The)
4.75%, 10/21/45 (Call 04/21/45)		936		988,866
4.80%, 07/08/44 (Call 01/08/44)		1,811		1,916,283
5.15%, 05/22/45^a		550		562,297
5.95%, 01/15/27		800		910,899
6.13%, 02/15/33^a		1,401		1,703,840
6.25%, 02/01/41^a		1,400		1,762,612
6.45%, 05/01/36		450		525,424
6.75%, 10/01/37		2,565		3,092,410
HSBC Bank PLC
7.65%, 05/01/25		100		124,629
HSBC Bank USA N.A./New York NY
5.63%, 08/15/35		1,750		2,013,497
HSBC Holdings PLC
5.25%, 03/14/44		612		648,870
6.10%, 01/14/42		416		531,533
6.50%, 05/02/36		1,056		1,254,379
6.50%, 09/15/37		1,007		1,203,437
6.80%, 06/01/38		600		743,106
7.63%, 05/17/32		421		539,050
JPMorgan Chase & Co.
4.13%, 12/15/26		2,321		2,413,489
4.25%, 10/01/27		1,143		1,189,366
4.85%, 02/01/44^a		1,543		1,766,351
4.95%, 06/01/45		718		769,726
5.40%, 01/06/42		1,362		1,640,735
5.50%, 10/15/40		517		627,822
5.60%, 07/15/41		646		796,976
5.63%, 08/16/43		319		369,347
6.40%, 05/15/38		895		1,199,205
KfW
0.01%, 04/18/36		1,150		632,042
0.01%, 06/29/37		1,050		550,957
Lloyds Banking Group PLC
5.30%, 12/01/45^b		500		513,383
Morgan Stanley
3.95%, 04/23/27		1,300		1,300,191
4.30%, 01/27/45		1,250		1,259,621
4.35%, 09/08/26^a		581		599,655


Security	Principal (000s)		Value
6.38%, 07/24/42	$	1,105	$	1,452,307
7.25%, 04/01/32		1,141		1,533,478
Regions Bank/Birmingham AL
6.45%, 06/26/37		271		323,787
Regions Financial Corp.
7.38%, 12/10/37		200		254,426
Travelers Companies Inc. (The)
4.30%, 08/25/45 (Call 02/25/45)		200		215,467
Wachovia Corp.
5.50%, 08/01/35		356		398,892
6.55%, 10/15/35		150		185,059
7.50%, 04/15/35		57		77,290
Wells Fargo & Co.
3.90%, 05/01/45		1,963		1,945,137
4.10%, 06/03/26^a		958		1,003,303
4.30%, 07/22/27		1,585		1,682,382
4.65%, 11/04/44		2,180		2,248,953
4.90%, 11/17/45		590		633,090
5.38%, 02/07/35		341		407,322
5.38%, 11/02/43		350		394,869
5.61%, 01/15/44		2,456		2,860,644
Wells Fargo Bank N.A.
5.95%, 08/26/36		476		585,131
Wells Fargo Capital X
5.95%, 12/01/86^a		311		316,808

				74,617,600
BEVERAGES — 2.56%
Anheuser-Busch Companies LLC
5.95%, 01/15/33		21		25,089
6.45%, 09/01/37		200		254,624
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43		50		50,383
4.63%, 02/01/44^a		245		269,508
4.70%, 02/01/36 (Call 08/01/35)^a		3,564		3,905,053
4.90%, 02/01/46 (Call 08/01/45)		6,170		6,968,526
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42		1,400		1,360,504
6.38%, 01/15/40		300		383,877
8.00%, 11/15/39		136		204,586
8.20%, 01/15/39		935		1,426,831
Brown-Forman Corp.
3.75%, 01/15/43 (Call 07/15/42)		309		303,707
4.50%, 07/15/45 (Call 01/15/45)^a		118		129,875


SCHEDULEOF INVESTMENTS			23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Coca-Cola FEMSA SAB de CV
5.25%, 11/26/43	$	271	$	311,710
Diageo Capital PLC
3.88%, 04/29/43 (Call 10/29/42)		136		137,625
5.88%, 09/30/36		753		954,430
Diageo Investment Corp.
4.25%, 05/11/42		182		193,806
7.45%, 04/15/35		11		15,726
Dr Pepper Snapple Group Inc.
4.50%, 11/15/45 (Call 05/15/45)		343		364,166
7.45%, 05/01/38		90		124,744
Fomento Economico Mexicano SAB de CV
4.38%, 05/10/43		514		510,928
Molson Coors Brewing Co.
5.00%, 05/01/42		556		602,565
Pepsi Bottling Group Inc. (The) Series B
7.00%, 03/01/29		1,428		1,986,505
PepsiAmericas Inc.
5.50%, 05/15/35		11		13,262
PepsiCo Inc.
3.60%, 08/13/42		482		472,095
4.00%, 03/05/42		207		212,630
4.25%, 10/22/44 (Call 04/22/44)		509		547,968
4.45%, 04/14/46 (Call 10/14/45)		850		950,154
4.60%, 07/17/45 (Call 01/17/45)		280		319,303
4.88%, 11/01/40		196		224,194
5.50%, 01/15/40^a		246		303,324

				23,527,698
BIOTECHNOLOGY — 1.54%
Amgen Inc.
4.40%, 05/01/45 (Call 11/01/44)^a		696		721,009
4.95%, 10/01/41		205		223,697
5.15%, 11/15/41 (Call 05/15/41)		1,200		1,344,942
5.38%, 05/15/43 (Call 11/15/42)		1,598		1,839,686
5.65%, 06/15/42 (Call 12/15/41)		21		24,998
5.75%, 03/15/40		400		475,767
6.38%, 06/01/37		568		716,262
6.40%, 02/01/39		291		369,052
6.90%, 06/01/38		41		54,659
Biogen Inc.
5.20%, 09/15/45 (Call 03/15/45)		943		1,065,102


Security	Principal (000s)		Value
Celgene Corp.
4.63%, 05/15/44 (Call 11/15/43)	$	525	$	541,780
5.00%, 08/15/45 (Call 02/15/45)		1,150		1,255,384
5.25%, 08/15/43		405		452,225
Gilead Sciences Inc.
4.50%, 02/01/45 (Call 08/01/44)		1,376		1,478,828
4.60%, 09/01/35 (Call 03/01/35)		764		832,376
4.75%, 03/01/46 (Call 09/01/45)		1,544		1,721,911
4.80%, 04/01/44 (Call 10/01/43)		593		658,545
5.65%, 12/01/41 (Call 06/01/41)		286		352,314

				14,128,537
BUILDING MATERIALS — 0.04%
Owens Corning
7.00%, 12/01/36		299		347,608

				347,608
CHEMICALS — 1.58%
Agrium Inc.
4.13%, 03/15/35 (Call 09/15/34)		87		80,238
4.90%, 06/01/43 (Call 12/01/42)		286		283,741
5.25%, 01/15/45 (Call 07/15/44)		254		263,408
6.13%, 01/15/41 (Call 07/15/40)		268		303,773
7.13%, 05/23/36		100		123,038
Albemarle Corp.
5.45%, 12/01/44 (Call 06/01/44)		261		253,518
CF Industries Inc.
4.95%, 06/01/43		300		278,759
5.15%, 03/15/34		740		726,980
5.38%, 03/15/44^a		200		194,968
Dow Chemical Co. (The)
4.25%, 10/01/34 (Call 04/01/34)		900		896,214
4.38%, 11/15/42 (Call 05/15/42)		16		15,733
4.63%, 10/01/44 (Call 04/01/44)		666		676,686
5.25%, 11/15/41 (Call 05/15/41)		385		415,788
7.38%, 11/01/29		336		436,209
9.40%, 05/15/39		469		714,345
Eastman Chemical Co.
4.65%, 10/15/44 (Call 04/15/44)^a		475		474,766
4.80%, 09/01/42 (Call 03/01/42)		280		278,614
Ecolab Inc.
5.50%, 12/08/41		388		458,280
EI du Pont de Nemours & Co.
4.15%, 02/15/43		423		419,394
4.90%, 01/15/41		496		528,984
5.60%, 12/15/36		11		12,690


24		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Lubrizol Corp.
6.50%, 10/01/34	$	120	$	155,090
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		345		359,502
5.25%, 07/15/43		237		258,691
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)		913		855,568
Methanex Corp.
5.65%, 12/01/44 (Call 06/01/44)		200		151,903
Monsanto Co.
3.60%, 07/15/42 (Call 01/15/42)		240		203,560
3.95%, 04/15/45 (Call 10/15/44)		215		190,463
4.20%, 07/15/34 (Call 01/15/34)		573		551,551
4.40%, 07/15/44 (Call 01/15/44)		800		774,444
4.65%, 11/15/43 (Call 05/15/43)		16		15,748
4.70%, 07/15/64 (Call 01/15/64)		25		21,994
5.88%, 04/15/38		11		12,589
Series 1
5.50%, 07/30/35		100		110,012
Mosaic Co. (The)
5.45%, 11/15/33 (Call 05/15/33)		208		223,282
5.63%, 11/15/43 (Call 05/15/43)		486		520,738
Potash Corp. of Saskatchewan Inc.
5.63%, 12/01/40		594		692,451
5.88%, 12/01/36		101		120,984
PPG Industries Inc.
5.50%, 11/15/40		14		15,947
Praxair Inc.
3.20%, 01/30/26 (Call 10/30/25)		250		263,883
3.55%, 11/07/42 (Call 05/07/42)		400		381,256
Rohm & Haas Co.
7.85%, 07/15/29		221		294,922
RPM International Inc.
5.25%, 06/01/45 (Call 12/01/44)		11		10,754
Sherwin-Williams Co. (The)
4.00%, 12/15/42 (Call 06/15/42)		350		330,622
Valspar Corp. (The)
4.40%, 02/01/45 (Call 08/01/44)		211		196,252

				14,548,332
COMMERCIAL SERVICES — 0.60%
Board of Trustees of The Leland Stanford Junior University (The)
3.46%, 05/01/47		16		16,174


Security	Principal (000s)		Value
California Institute of Technology
4.32%, 08/01/45	$	12	$	13,549
Catholic Health Initiatives
4.35%, 11/01/42		546		533,412
Cleveland Clinic Foundation (The)
4.86%, 01/01/14		247		266,206
Equifax Inc.
7.00%, 07/01/37		11		13,517
George Washington University (The)
4.87%, 09/15/45		16		18,227
Johns Hopkins University Series 2013
4.08%, 07/01/53		11		11,705
Massachusetts Institute of Technology
3.96%, 07/01/38		9		9,822
4.68%, 07/01/14		511		561,215
5.60%, 07/01/11		428		558,511
Metropolitan Museum of Art (The) Series 2015
3.40%, 07/01/45		13		12,756
Moody’s Corp.
5.25%, 07/15/44		250		281,807
Northwestern University
3.69%, 12/01/38		586		615,057
3.87%, 12/01/48		11		11,825
President and Fellows of Harvard College
3.62%, 10/01/37		230		239,290
Princeton University
5.70%, 03/01/39		380		517,772
S&P Global Inc.
4.40%, 02/15/26 (Call 11/15/25)		500		546,049
6.55%, 11/15/37		61		71,130
Tufts University Series 2012
5.02%, 04/15/12		250		278,133
University of Notre Dame du Lac Series 2015
3.44%, 02/15/45		9		8,975
University of Southern California
5.25%, 10/01/11		250		304,063
Verisk Analytics Inc.
5.50%, 06/15/45 (Call 12/15/44)^a		111		110,944


SCHEDULEOF INVESTMENTS			25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Western Union Co. (The)
6.20%, 11/17/36	$	116	$	119,366
6.20%, 06/21/40^a		350		352,021
William Marsh Rice University
3.57%, 05/15/45		21		21,444

				5,492,970
COMPUTERS — 1.55%
Apple Inc.
3.45%, 02/09/45		1,870		1,703,123
3.85%, 05/04/43		675		660,226
4.38%, 05/13/45		883		932,814
4.45%, 05/06/44		573		610,884
4.50%, 02/23/36 (Call 08/23/35)		1,500		1,629,124
4.65%, 02/23/46 (Call 08/23/45)		1,905		2,091,992
Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)^b		287		286,260
6.35%, 10/15/45 (Call 04/15/45)^b		928		922,729
HP Enterprise Services LLC
7.45%, 10/15/29		410		478,111
HP Inc.
6.00%, 09/15/41		653		612,390
International Business Machines Corp.
4.00%, 06/20/42^a		406		419,159
4.70%, 02/19/46^a		1,000		1,116,874
5.60%, 11/30/39		324		400,776
5.88%, 11/29/32		561		709,326
6.22%, 08/01/27		555		723,409
6.50%, 01/15/28^a		355		471,961
Seagate HDD Cayman
4.88%, 06/01/27 (Call 03/01/27)^b		390		273,000
5.75%, 12/01/34 (Call 06/01/34)		275		180,125

				14,222,283
COSMETICS & PERSONAL CARE — 0.29%
Colgate-Palmolive Co.
4.00%, 08/15/45		361		395,781
Estee Lauder Companies Inc. (The)
3.70%, 08/15/42		200		197,242
4.38%, 06/15/45 (Call 12/15/44)		11		12,030
6.00%, 05/15/37		280		350,714
Procter & Gamble Co. (The)
5.50%, 02/01/34		61		78,695
5.55%, 03/05/37		1,110		1,444,069


Security	Principal (000s)		Value
5.80%, 08/15/34^a	$	131	$	173,698

				2,652,229
DISTRIBUTION & WHOLESALE — 0.08%
WW Grainger Inc.
4.60%, 06/15/45 (Call 12/15/44)		635		722,782

				722,782
DIVERSIFIED FINANCIAL SERVICES — 2.25%
American Express Co.
4.05%, 12/03/42^a		687		686,645
AXA Financial Inc.
7.00%, 04/01/28		14		17,922
Charles Schwab Corp. (The)
3.45%, 02/13/26 (Call 11/13/25)		90		93,957
CME Group Inc./IL
5.30%, 09/15/43 (Call 03/15/43)		341		407,064
Credit Suisse USA Inc.
7.13%, 07/15/32^a		468		598,600
GE Capital International Funding Co. Unlimited Co.
4.42%, 11/15/35^b		6,150		6,694,749
General Electric Co.
5.88%, 01/14/38		808		1,063,816
6.15%, 08/07/37		222		301,457
6.88%, 01/10/39		1,271		1,855,908
Series A
6.75%, 03/15/32		2,569		3,547,268
Goldman Sachs Capital I
6.35%, 02/15/34		576		658,930
Invesco Finance PLC
5.38%, 11/30/43		16		17,784
Jefferies Group LLC
6.25%, 01/15/36		391		373,789
6.45%, 06/08/27		271		290,572
6.50%, 01/20/43		100		95,100
Legg Mason Inc.
5.63%, 01/15/44		368		363,991
National Rural Utilities Cooperative Finance Corp. Series C
8.00%, 03/01/32		271		389,080
Visa Inc.
4.15%, 12/14/35 (Call 06/14/35)		1,028		1,118,587
4.30%, 12/14/45 (Call 06/14/45)		1,915		2,106,723

				20,681,942


26		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
ELECTRIC — 9.57%
Alabama Power Co.
3.75%, 03/01/45 (Call 09/01/44)	$	551	$	533,679
3.85%, 12/01/42		50		49,563
4.10%, 01/15/42		11		11,259
4.15%, 08/15/44 (Call 02/15/44)		412		427,720
4.30%, 01/02/46 (Call 07/02/45)		557		600,370
6.00%, 03/01/39		126		160,107
6.13%, 05/15/38		273		347,918
Series 11-C
5.20%, 06/01/41		911		1,058,726
Ameren Corp.
3.65%, 02/15/26 (Call 11/15/25)		210		216,871
Ameren Illinois Co.
4.15%, 03/15/46 (Call 09/15/45)		257		272,685
4.80%, 12/15/43 (Call 06/15/43)		11		12,702
Appalachian Power Co.
4.40%, 05/15/44 (Call 11/15/43)^a		11		11,082
4.45%, 06/01/45 (Call 12/01/44)		200		204,802
6.38%, 04/01/36		761		918,762
7.00%, 04/01/38		231		301,186
Series L
5.80%, 10/01/35		5		5,833
Series P
6.70%, 08/15/37		11		13,677
Arizona Public Service Co.
4.50%, 04/01/42 (Call 10/01/41)		201		220,228
4.70%, 01/15/44 (Call 07/15/43)		250		280,942
5.50%, 09/01/35		150		178,890
Berkshire Hathaway Energy Co.
4.50%, 02/01/45 (Call 08/01/44)		1,250		1,379,251
5.15%, 11/15/43 (Call 05/15/43)		790		931,552
5.95%, 05/15/37		450		561,246
6.13%, 04/01/36		1,540		1,985,566
6.50%, 09/15/37		194		258,080
8.48%, 09/15/28		224		326,188
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		550		526,998
4.50%, 04/01/44 (Call 10/01/43)		335		373,309
Cleco Power LLC
6.00%, 12/01/40		441		509,653
CMS Energy Corp.
4.70%, 03/31/43 (Call 09/30/42)		3		3,262


Security	Principal (000s)		Value
4.88%, 03/01/44 (Call 09/01/43)	$	336	$	372,468
Commonwealth Edison Co.
3.70%, 03/01/45 (Call 09/01/44)		1,255		1,243,294
3.80%, 10/01/42 (Call 04/01/42)		111		111,857
4.60%, 08/15/43 (Call 02/15/43)		8		8,993
4.70%, 01/15/44 (Call 07/15/43)		461		526,434
5.88%, 02/01/33		100		125,489
5.90%, 03/15/36		514		659,134
Connecticut Light & Power Co. (The)
4.30%, 04/15/44 (Call 10/15/43)		311		334,421
6.35%, 06/01/36		155		206,679
Consolidated Edison Co. of New York Inc.
3.95%, 03/01/43 (Call 09/01/42)		327		326,824
4.45%, 03/15/44 (Call 09/15/43)		500		545,728
4.50%, 12/01/45 (Call 06/01/45)		257		283,528
5.50%, 12/01/39		308		372,616
5.70%, 06/15/40		295		369,323
Series 05-A
5.30%, 03/01/35		50		59,252
Series 06-A
5.85%, 03/15/36		325		407,749
Series 06-B
6.20%, 06/15/36		461		588,830
Series 06-E
5.70%, 12/01/36		544		659,666
Series 08-B
6.75%, 04/01/38		340		463,220
Series 12-A
4.20%, 03/15/42		8		8,371
Consumers Energy Co.
3.95%, 05/15/43 (Call 11/15/42)^a		75		77,213
4.10%, 11/15/45 (Call 05/15/45)^a		255		266,861
4.35%, 08/31/64 (Call 02/28/64)		11		11,332
Delmarva Power & Light Co.
4.00%, 06/01/42 (Call 12/01/41)		605		614,426
Dominion Gas Holdings LLC
4.80%, 11/01/43 (Call 05/01/43)		165		169,995
Dominion Resources Inc./VA
4.70%, 12/01/44 (Call 06/01/44)^a		325		343,165
6.30%, 03/15/33		275		325,740
7.00%, 06/15/38		330		425,427
Series B
5.95%, 06/15/35		290		333,269


SCHEDULEOF INVESTMENTS			27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Series C
4.05%, 09/15/42 (Call 03/15/42)^a	$	5	$	4,801
4.90%, 08/01/41 (Call 02/01/41)		7		7,305
Series F
5.25%, 08/01/33		819		884,603
DTE Electric Co.
3.70%, 03/15/45 (Call 09/15/44)^a		216		215,879
3.95%, 06/15/42 (Call 12/15/41)		158		160,476
4.30%, 07/01/44 (Call 01/01/44)		53		58,446
5.70%, 10/01/37		231		288,934
Series A
4.00%, 04/01/43 (Call 10/01/42)		200		206,525
6.63%, 06/01/36		200		273,588
DTE Energy Co.
6.38%, 04/15/33		135		170,298
Duke Energy Carolinas LLC
3.75%, 06/01/45 (Call 12/01/44)		540		549,231
3.88%, 03/15/46 (Call 09/15/45)		1,000		1,021,560
4.00%, 09/30/42 (Call 03/30/42)		718		747,205
4.25%, 12/15/41 (Call 06/15/41)		344		374,587
5.30%, 02/15/40		545		682,817
6.00%, 01/15/38		7		9,160
6.05%, 04/15/38		646		849,255
6.10%, 06/01/37		400		513,974
6.45%, 10/15/32		86		113,030
Series A
6.00%, 12/01/28		16		19,972
Duke Energy Corp.
4.80%, 12/15/45 (Call 06/15/45)		100		109,079
Duke Energy Florida LLC
3.85%, 11/15/42 (Call 05/15/42)		280		284,485
6.35%, 09/15/37		211		282,771
6.40%, 06/15/38		251		347,903
Duke Energy Indiana LLC
6.12%, 10/15/35		76		97,001
6.35%, 08/15/38		21		28,146
6.45%, 04/01/39		418		572,797
Duke Energy Progress LLC
4.10%, 05/15/42 (Call 11/15/41)		396		417,103
4.10%, 03/15/43 (Call 09/15/42)		136		143,853
4.15%, 12/01/44 (Call 06/01/44)		972		1,029,873
4.20%, 08/15/45 (Call 02/15/45)		405		432,966
4.38%, 03/30/44 (Call 09/30/43)		359		397,018
6.30%, 04/01/38		250		333,263


Security	Principal (000s)		Value
El Paso Electric Co.
5.00%, 12/01/44 (Call 06/01/44)	$	250	$	263,510
6.00%, 05/15/35		154		183,263
Entergy Arkansas Inc.
3.50%, 04/01/26 (Call 01/01/26)		500		533,036
Entergy Louisiana LLC
3.25%, 04/01/28 (Call 01/01/28)		500		523,875
4.95%, 01/15/45 (Call 01/15/25)		205		211,299
Entergy Texas Inc.
5.15%, 06/01/45 (Call 06/01/25)		11		11,319
Exelon Corp.
4.45%, 04/15/46 (Call 10/15/45)		555		568,528
4.95%, 06/15/35 (Call 12/15/34)^b		350		385,910
5.10%, 06/15/45 (Call 12/15/44)^b		15		16,691
5.63%, 06/15/35		371		426,560
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)		671		666,127
6.25%, 10/01/39		355		382,306
FirstEnergy Solutions Corp.
6.80%, 08/15/39^a		261		253,463
Florida Power & Light Co.
3.80%, 12/15/42 (Call 06/15/42)		100		101,612
4.05%, 06/01/42 (Call 12/01/41)		930		999,077
4.05%, 10/01/44 (Call 04/01/44)		788		828,253
4.13%, 02/01/42 (Call 08/01/41)		306		332,324
4.95%, 06/01/35		200		232,407
5.25%, 02/01/41 (Call 08/01/40)		421		515,389
5.65%, 02/01/37		96		121,602
5.69%, 03/01/40		99		129,027
5.95%, 02/01/38		113		149,274
Georgia Power Co.
4.30%, 03/15/42		439		467,210
4.30%, 03/15/43		21		22,020
5.40%, 06/01/40		315		358,783
5.95%, 02/01/39		14		17,092
Series 07-A
5.65%, 03/01/37		100		116,135
Series 10-C
4.75%, 09/01/40		269		291,270
Hydro-Quebec
9.50%, 11/15/30		200		338,120
Iberdrola International BV
6.75%, 07/15/36		326		414,887


28		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Idaho Power Co.
3.65%, 03/01/45 (Call 09/01/44)	$	11	$	10,411
Indiana Michigan Power Co.
6.05%, 03/15/37		5		5,780
Series K
4.55%, 03/15/46 (Call 09/15/45)		500		516,205
Interstate Power & Light Co.
6.25%, 07/15/39		5		6,642
Jersey Central Power & Light Co.
6.15%, 06/01/37		186		210,962
John Sevier Combined Cycle Generation LLC
4.63%, 01/15/42		236		263,696
Kansas City Power & Light Co.
5.30%, 10/01/41 (Call 04/01/41)		262		299,495
Series B
6.05%, 11/15/35		5		6,184
Kentucky Utilities Co.
4.38%, 10/01/45 (Call 04/01/45)		100		109,978
5.13%, 11/01/40 (Call 05/01/40)		184		218,827
Louisville Gas & Electric Co.
4.38%, 10/01/45 (Call 04/01/45)		109		120,897
4.65%, 11/15/43 (Call 05/15/43)		11		12,266
5.13%, 11/15/40 (Call 05/15/40)		100		118,076
MidAmerican Energy Co.
4.25%, 05/01/46 (Call 11/01/45)		111		122,905
4.40%, 10/15/44 (Call 04/15/44)		225		245,948
4.80%, 09/15/43 (Call 03/15/43)		378		430,687
5.75%, 11/01/35		11		13,670
6.75%, 12/30/31		11		14,853
Mississippi Power Co. Series 12-A
4.25%, 03/15/42		350		283,649
Nevada Power Co.
5.38%, 09/15/40 (Call 03/15/40)		8		9,539
5.45%, 05/15/41 (Call 11/15/40)		606		731,500
6.65%, 04/01/36		100		134,426
NiSource Finance Corp.
4.80%, 02/15/44 (Call 08/15/43)		455		487,267
5.25%, 02/15/43 (Call 08/15/42)		325		366,505
5.65%, 02/01/45 (Call 08/01/44)		6		7,148
5.80%, 02/01/42 (Call 08/01/41)		250		302,024
5.95%, 06/15/41 (Call 12/15/40)		256		307,749


Security	Principal (000s)		Value
Northern States Power Co./MN
3.40%, 08/15/42 (Call 02/15/42)	$	724	$	687,310
4.00%, 08/15/45 (Call 02/15/45)		90		93,403
4.13%, 05/15/44 (Call 11/15/43)		7		7,507
4.85%, 08/15/40 (Call 02/15/40)		370		430,271
5.25%, 07/15/35		50		60,176
5.35%, 11/01/39		5		6,195
6.25%, 06/01/36		106		141,298
NSTAR Electric Co.
4.40%, 03/01/44 (Call 09/01/43)		100		108,833
5.50%, 03/15/40		211		261,129
Oglethorpe Power Corp.
4.25%, 04/01/46 (Call 10/01/45)		500		490,615
4.55%, 06/01/44^a		668		678,303
5.25%, 09/01/50		25		27,407
5.38%, 11/01/40		150		170,500
5.95%, 11/01/39		5		6,002
Ohio Edison Co.
6.88%, 07/15/36		355		431,157
8.25%, 10/15/38		11		16,476
Ohio Power Co. Series G
6.60%, 02/15/33		10		12,250
Oklahoma Gas & Electric Co.
4.00%, 12/15/44 (Call 06/15/44)		366		354,870
4.55%, 03/15/44 (Call 09/15/43)		186		204,461
5.25%, 05/15/41 (Call 11/15/40)		200		235,269
Oncor Electric Delivery Co. LLC
4.55%, 12/01/41 (Call 06/01/41)		250		263,360
5.25%, 09/30/40		305		348,372
5.30%, 06/01/42 (Call 12/01/41)		386		448,631
7.25%, 01/15/33		411		542,527
7.50%, 09/01/38		148		204,071
Pacific Gas & Electric Co.
4.25%, 03/15/46 (Call 09/15/45)		11		11,865
4.30%, 03/15/45 (Call 09/15/44)		107		116,177
4.45%, 04/15/42 (Call 10/15/41)		966		1,050,756
4.50%, 12/15/41 (Call 06/15/41)		270		295,649
4.60%, 06/15/43 (Call 12/15/42)		13		14,491
4.75%, 02/15/44 (Call 08/15/43)		382		439,522
5.13%, 11/15/43 (Call 05/15/43)		346		412,980
5.40%, 01/15/40		421		515,630
5.80%, 03/01/37		16		20,167
6.05%, 03/01/34		2,325		3,068,627


SCHEDULEOF INVESTMENTS			29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
6.25%, 03/01/39	$	261	$	341,215
6.35%, 02/15/38		21		27,752
PacifiCorp
4.10%, 02/01/42 (Call 08/01/41)		270		285,188
6.00%, 01/15/39		400		518,384
6.10%, 08/01/36		105		136,208
6.25%, 10/15/37		121		158,857
PECO Energy Co.
4.15%, 10/01/44 (Call 04/01/44)		255		274,723
5.95%, 10/01/36		111		144,622
Pennsylvania Electric Co.
6.15%, 10/01/38		225		251,392
Potomac Electric Power Co.
4.15%, 03/15/43 (Call 09/15/42)		66		68,115
6.50%, 11/15/37		175		236,132
7.90%, 12/15/38		11		16,791
PPL Capital Funding Inc.
4.70%, 06/01/43 (Call 12/01/42)		676		691,205
5.00%, 03/15/44 (Call 09/15/43)		365		402,541
PPL Electric Utilities Corp.
5.20%, 07/15/41 (Call 01/15/41)		391		463,978
6.25%, 05/15/39		5		6,726
Progress Energy Inc.
7.75%, 03/01/31		9		12,237
PSEG Power LLC
8.63%, 04/15/31		720		867,378
Public Service Co. of Colorado
3.60%, 09/15/42 (Call 03/15/42)		246		240,532
4.30%, 03/15/44 (Call 09/15/43)		411		445,543
6.25%, 09/01/37		60		80,786
6.50%, 08/01/38		100		138,375
Public Service Electric & Gas Co.
3.80%, 03/01/46 (Call 09/01/45)		500		508,614
3.95%, 05/01/42 (Call 11/01/41)		220		227,809
4.05%, 05/01/45 (Call 11/01/44)		125		129,237
4.15%, 11/01/45 (Call 05/01/45)		16		16,941
5.38%, 11/01/39		100		123,391
5.50%, 03/01/40		107		133,349
5.80%, 05/01/37		216		276,175
Series I
4.00%, 06/01/44 (Call 12/01/43)		220		228,125
Puget Sound Energy Inc.
4.30%, 05/20/45 (Call 11/20/44)		111		119,544
4.43%, 11/15/41 (Call 05/15/41)		125		135,125


Security	Principal (000s)		Value
5.48%, 06/01/35	$	308	$	365,217
5.64%, 04/15/41 (Call 10/15/40)		360		446,716
5.76%, 10/01/39		131		165,009
5.76%, 07/15/40		150		191,242
5.80%, 03/15/40		56		71,334
6.27%, 03/15/37		5		6,554
6.72%, 06/15/36		150		206,025
7.02%, 12/01/27		351		472,289
San Diego Gas & Electric Co.
3.95%, 11/15/41		261		266,370
4.30%, 04/01/42 (Call 10/01/41)		158		170,718
4.50%, 08/15/40		191		211,976
5.35%, 05/15/35		125		150,647
5.35%, 05/15/40		75		93,173
6.13%, 09/15/37		100		132,352
Sierra Pacific Power Co.
2.60%, 05/01/26 (Call 02/01/26)^b		250		248,073
South Carolina Electric & Gas Co.
4.35%, 02/01/42 (Call 08/01/41)^a		244		253,408
4.50%, 06/01/64 (Call 12/01/63)		261		258,301
4.60%, 06/15/43 (Call 12/15/42)		116		122,372
5.10%, 06/01/65 (Call 12/01/64)		150		164,415
5.30%, 05/15/33		5		5,728
5.45%, 02/01/41 (Call 08/01/40)		420		492,051
6.05%, 01/15/38		248		308,705
Southaven Combined Cycle Generation LLC
3.85%, 08/15/33		2		1,930
Southern California Edison Co.
3.90%, 12/01/41 (Call 06/01/41)		106		106,794
4.05%, 03/15/42 (Call 09/15/41)		50		51,997
4.50%, 09/01/40 (Call 03/01/40)		23		25,308
4.65%, 10/01/43 (Call 04/01/43)		391		446,481
5.50%, 03/15/40		242		299,493
5.63%, 02/01/36		75		94,698
5.75%, 04/01/35		5		6,266
6.00%, 01/15/34		266		340,782
6.05%, 03/15/39		150		195,713
6.65%, 04/01/29		321		412,993
Series 05-B
5.55%, 01/15/36		55		67,804
Series 05-E
5.35%, 07/15/35		289		349,521


30		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Series 06-E
5.55%, 01/15/37	$	180	$	221,839
Series 08-A
5.95%, 02/01/38		614		786,481
Series 13-A
3.90%, 03/15/43 (Call 09/15/42)		155		157,225
Series C
3.60%, 02/01/45 (Call 08/01/44)^a		661		660,620
Southern Power Co.
5.15%, 09/15/41		200		204,187
Southwestern Electric Power Co.
3.90%, 04/01/45 (Call 10/01/44)		611		560,992
6.20%, 03/15/40		140		169,863
Southwestern Public Service Co.
4.50%, 08/15/41 (Call 02/15/41)		50		54,712
6.00%, 10/01/36		561		683,399
Tampa Electric Co.
4.10%, 06/15/42 (Call 12/15/41)		315		317,334
4.20%, 05/15/45 (Call 11/15/44)		11		11,310
4.35%, 05/15/44 (Call 11/15/43)		385		403,862
6.55%, 05/15/36		5		6,660
Toledo Edison Co. (The)
6.15%, 05/15/37		351		417,847
TransAlta Corp.
6.50%, 03/15/40		136		91,120
Union Electric Co.
3.90%, 09/15/42 (Call 03/15/42)		920		942,232
8.45%, 03/15/39		111		180,983
Virginia Electric & Power Co.
4.00%, 01/15/43 (Call 07/15/42)		266		270,197
4.20%, 05/15/45 (Call 11/15/44)		7		7,481
4.45%, 02/15/44 (Call 08/15/43)		170		186,426
8.88%, 11/15/38		774		1,257,740
Series A
6.00%, 05/15/37		284		361,771
Series B
6.00%, 01/15/36		250		315,610
Series D
4.65%, 08/15/43 (Call 02/15/43)		21		23,219
Westar Energy Inc.
4.10%, 04/01/43 (Call 10/01/42)		55		56,775
4.13%, 03/01/42 (Call 09/01/41)		335		351,309
4.25%, 12/01/45 (Call 06/01/45)		350		378,667


Security	Principal (000s)		Value
Wisconsin Electric Power Co.
3.65%, 12/15/42 (Call 06/15/42)	$	265	$	256,084
4.25%, 06/01/44 (Call 12/01/43)		247		265,755
4.30%, 12/15/45 (Call 06/15/45)		395		431,575
Wisconsin Power & Light Co.
4.10%, 10/15/44 (Call 04/15/44)		663		694,362
6.38%, 08/15/37		140		187,268
Wisconsin Public Service Corp.
4.75%, 11/01/44 (Call 05/01/44)		155		181,097
Xcel Energy Inc.
4.80%, 09/15/41 (Call 03/15/41)		5		5,458
6.50%, 07/01/36		50		63,915

				88,020,050
ELECTRICAL COMPONENTS & EQUIPMENT — 0.02%
Emerson Electric Co.
6.00%, 08/15/32		135		169,066
6.13%, 04/15/39		12		15,735

				184,801
ELECTRONICS — 0.25%
Honeywell International Inc.
5.38%, 03/01/41		561		705,018
5.70%, 03/15/36		11		13,873
5.70%, 03/15/37		291		369,531
Koninklijke Philips NV
5.00%, 03/15/42		513		541,184
6.88%, 03/11/38		354		441,457
Thermo Fisher Scientific Inc.
5.30%, 02/01/44 (Call 08/01/43)		208		233,859

				2,304,922
ENGINEERING & CONSTRUCTION — 0.03%
ABB Finance USA Inc.
4.38%, 05/08/42		257		276,710

				276,710
ENVIRONMENTAL CONTROL — 0.22%
Republic Services Inc.
5.70%, 05/15/41 (Call 11/15/40)		691		821,137
6.09%, 03/15/35		50		58,585
6.20%, 03/01/40		41		51,241
Waste Management Inc.
3.90%, 03/01/35 (Call 09/01/34)		613		617,542
4.10%, 03/01/45 (Call 09/01/44)		183		187,552
6.13%, 11/30/39		207		268,365

				2,004,422


SCHEDULEOF INVESTMENTS			31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
FOOD — 1.56%
Ahold Finance USA LLC
6.88%, 05/01/29	$	11	$	14,158
Campbell Soup Co.
3.80%, 08/02/42		6		5,700
ConAgra Foods Inc.
7.00%, 10/01/28		230		282,544
7.13%, 10/01/26		307		374,325
8.25%, 09/15/30		284		382,432
Delhaize America LLC
9.00%, 04/15/31		5		6,788
Delhaize Group
5.70%, 10/01/40		607		666,230
General Mills Inc.
4.15%, 02/15/43 (Call 08/15/42)		5		5,143
5.40%, 06/15/40		456		546,794
Hershey Co. (The)
7.20%, 08/15/27		11		14,987
JM Smucker Co. (The)
4.25%, 03/15/35		600		622,709
4.38%, 03/15/45^a		118		123,396
Kellogg Co.
3.25%, 04/01/26		500		514,173
4.50%, 04/01/46		335		353,001
Series B
7.45%, 04/01/31		400		528,830
Kraft Heinz Foods Co.
5.00%, 07/15/35 (Call 01/15/35)^b		603		673,122
5.00%, 06/04/42		1,500		1,670,463
5.20%, 07/15/45 (Call 01/15/45)^b		600		690,361
6.50%, 02/09/40		456		576,317
6.88%, 01/26/39		571		745,874
Kroger Co. (The)
5.00%, 04/15/42 (Call 10/15/41)		100		114,257
5.15%, 08/01/43 (Call 02/01/43)^a		250		292,704
5.40%, 07/15/40 (Call 01/15/40)		346		407,755
6.90%, 04/15/38		253		338,724
7.50%, 04/01/31		397		529,599
Mondelez International Inc.
6.50%, 02/09/40		72		91,608
6.88%, 01/26/39		450		575,636
Sysco Corp.
4.50%, 04/01/46 (Call 10/01/45)^a		590		614,309
4.85%, 10/01/45 (Call 04/01/45)		249		270,967


Security	Principal (000s)		Value
5.38%, 09/21/35	$	400	$	460,569
6.63%, 03/17/39		11		14,349
Tyson Foods Inc.
4.88%, 08/15/34 (Call 02/15/34)		529		576,668
5.15%, 08/15/44 (Call 02/15/44)		255		290,251
Unilever Capital Corp.
5.90%, 11/15/32		760		1,015,739

				14,390,482
FOREST PRODUCTS & PAPER — 0.43%
Domtar Corp.
6.75%, 02/15/44 (Call 08/15/43)^a		205		214,093
Georgia-Pacific LLC
7.75%, 11/15/29		791		1,101,983
8.88%, 05/15/31		14		21,308
International Paper Co.
4.80%, 06/15/44 (Call 12/15/43)		275		276,962
5.00%, 09/15/35 (Call 03/15/35)		50		52,807
5.15%, 05/15/46 (Call 11/15/45)		190		202,847
6.00%, 11/15/41 (Call 05/15/41)		786		891,060
7.30%, 11/15/39		240		298,371
8.70%, 06/15/38		246		341,901
WestRock MWV LLC
7.95%, 02/15/31		11		14,243
8.20%, 01/15/30		430		564,363

				3,979,938
GAS — 0.50%
AGL Capital Corp.
4.40%, 06/01/43 (Call 12/01/42)		6		5,636
5.88%, 03/15/41 (Call 09/15/40)		643		748,490
6.00%, 10/01/34		95		112,669
Atmos Energy Corp.
4.13%, 10/15/44 (Call 04/15/44)		713		727,542
5.50%, 06/15/41 (Call 12/15/40)		5		6,032
Dominion Gas Holdings LLC
4.60%, 12/15/44 (Call 06/15/44)		397		398,667
KeySpan Corp.
5.80%, 04/01/35		208		241,596
8.00%, 11/15/30		130		177,013
ONE Gas Inc.
4.66%, 02/01/44 (Call 08/01/43)		354		395,386
Piedmont Natural Gas Co. Inc.
4.10%, 09/18/34 (Call 03/18/34)		207		210,867
4.65%, 08/01/43 (Call 02/01/43)		153		167,823


32		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Sempra Energy
6.00%, 10/15/39	$	901	$	1,087,715
Southern California Gas Co.
3.75%, 09/15/42 (Call 03/15/42)^a		5		4,931
Series KK
5.75%, 11/15/35		225		281,439

				4,565,806
HAND & MACHINE TOOLS — 0.03%
Stanley Black & Decker Inc.
5.20%, 09/01/40		255		285,147

				285,147
HEALTH CARE — PRODUCTS — 1.18%
Becton Dickinson and Co.
4.69%, 12/15/44 (Call 06/15/44)		496		539,516
4.88%, 05/15/44 (Call 11/15/43)		490		543,415
5.00%, 11/12/40		150		163,348
6.00%, 05/15/39		186		226,272
Boston Scientific Corp.
7.00%, 11/15/35		250		315,417
7.38%, 01/15/40		211		271,277
Danaher Corp.
4.38%, 09/15/45 (Call 03/15/45)		109		121,092
Medtronic Inc.
4.38%, 03/15/35		1,651		1,824,379
4.50%, 03/15/42 (Call 09/15/41)		11		12,145
4.63%, 03/15/44 (Call 09/15/43)		550		621,405
4.63%, 03/15/45		2,648		3,017,250
5.55%, 03/15/40		291		354,690
St. Jude Medical Inc.
4.75%, 04/15/43 (Call 10/15/42)		420		446,036
Stryker Corp.
4.10%, 04/01/43 (Call 10/01/42)		354		356,673
4.38%, 05/15/44 (Call 11/15/43)		135		142,171
4.63%, 03/15/46 (Call 09/15/45)		500		548,823
Zimmer Biomet Holdings Inc.
4.25%, 08/15/35 (Call 02/15/35)		387		385,342
4.45%, 08/15/45 (Call 02/15/45)		504		503,723
5.75%, 11/30/39		381		432,741

				10,825,715
HEALTH CARE — SERVICES — 1.52%
Aetna Inc.
4.13%, 11/15/42 (Call 05/15/42)		261		255,712
4.50%, 05/15/42 (Call 11/15/41)^a		309		318,372
4.75%, 03/15/44 (Call 09/15/43)		225		241,074


Security	Principal (000s)		Value
6.63%, 06/15/36	$	311	$	400,142
6.75%, 12/15/37		285		372,897
Anthem Inc.
4.63%, 05/15/42		756		775,911
4.65%, 01/15/43		1,021		1,052,172
4.65%, 08/15/44 (Call 02/15/44)		241		248,511
4.85%, 08/15/54 (Call 02/15/54)		175		179,513
5.10%, 01/15/44		175		191,433
5.85%, 01/15/36		21		24,367
5.95%, 12/15/34		2		2,321
6.38%, 06/15/37		488		600,211
Ascension Health
4.85%, 11/15/53		11		12,864
Baylor Scott & White Holdings
4.19%, 11/15/45 (Call 05/15/45)		16		16,386
Cigna Corp.
5.38%, 02/15/42 (Call 08/15/41)		241		270,556
5.88%, 03/15/41 (Call 09/15/40)		403		471,056
6.15%, 11/15/36		100		118,189
7.88%, 05/15/27		11		14,870
Dignity Health
4.50%, 11/01/42		100		101,508
5.27%, 11/01/64		196		211,086
Humana Inc.
4.63%, 12/01/42 (Call 06/01/42)		306		304,689
4.95%, 10/01/44 (Call 04/01/44)		241		252,114
8.15%, 06/15/38		340		476,392
Kaiser Foundation Hospitals
4.88%, 04/01/42		334		377,783
Laboratory Corp. of America Holdings
4.70%, 02/01/45 (Call 08/01/44)^a		398		397,785
Mayo Clinic Series 2013
4.00%, 11/15/47		11		11,388
Memorial Sloan-Kettering Cancer Center Series 2015
4.20%, 07/01/55		272		285,314
New York and Presbyterian Hospital (The)
4.02%, 08/01/45		21		21,256
Ochsner Clinic Foundation
5.90%, 05/15/45 (Call 11/15/44)		11		13,248
Quest Diagnostics Inc.
4.70%, 03/30/45 (Call 09/30/44)		16		15,992


SCHEDULEOF INVESTMENTS			33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
5.75%, 01/30/40	$	63	$	70,910
Texas Health Resources
4.33%, 11/15/55		9		9,575
UnitedHealth Group Inc.
3.95%, 10/15/42 (Call 04/15/42)		7		7,088
4.25%, 03/15/43 (Call 09/15/42)		391		410,101
4.38%, 03/15/42 (Call 09/15/41)		571		606,513
4.63%, 07/15/35		255		287,850
4.63%, 11/15/41 (Call 05/15/41)		180		196,996
4.75%, 07/15/45		991		1,140,249
5.70%, 10/15/40 (Call 04/15/40)		561		704,776
5.80%, 03/15/36		695		873,840
5.95%, 02/15/41 (Call 08/15/40)		536		690,204
6.50%, 06/15/37		21		28,354
6.63%, 11/15/37		111		152,346
6.88%, 02/15/38		535		754,992

				13,968,906
HOLDING COMPANIES — DIVERSIFIED — 0.03%
Hutchison Whampoa International Ltd.
7.45%, 11/24/33^b		50		70,510
Leucadia National Corp.
6.63%, 10/23/43 (Call 07/23/43)		200		166,682

				237,192
HOME FURNISHINGS — 0.02%
Whirlpool Corp.
5.15%, 03/01/43		155		162,333

				162,333
HOUSEHOLD PRODUCTS & WARES — 0.08%
Kimberly-Clark Corp.
3.70%, 06/01/43		18		18,300
6.63%, 08/01/37		518		734,478

				752,778
HOUSEWARES — 0.19%
Newell Brands Inc.
5.38%, 04/01/36 (Call 10/01/35)^a		590		645,634
5.50%, 04/01/46 (Call 10/01/45)		970		1,084,119

				1,729,753
INSURANCE — 3.38%
Aflac Inc.
6.45%, 08/15/40		431		542,952
Alleghany Corp.
4.90%, 09/15/44 (Call 03/15/44)		263		253,120


Security	Principal (000s)		Value
Allstate Corp. (The)
4.50%, 06/15/43	$	875	$	961,892
5.35%, 06/01/33		5		5,896
5.55%, 05/09/35		201		245,157
American International Group Inc.
3.88%, 01/15/35 (Call 07/15/34)^a		1,465		1,340,746
4.38%, 01/15/55 (Call 07/15/54)		250		223,237
4.50%, 07/16/44 (Call 01/16/44)		861		833,795
4.70%, 07/10/35 (Call 01/10/35)		764		773,174
4.80%, 07/10/45 (Call 01/10/45)		261		264,123
6.25%, 05/01/36		532		622,682
Aon Corp.
8.21%, 01/01/27		314		397,210
Aon PLC
4.45%, 05/24/43 (Call 02/24/43)		361		344,430
4.60%, 06/14/44 (Call 03/14/44)		300		295,193
4.75%, 05/15/45 (Call 11/15/44)		246		251,707
Arch Capital Group U.S. Inc.
5.14%, 11/01/43		475		495,863
Assurant Inc.
6.75%, 02/15/34		235		282,966
AXA SA
8.60%, 12/15/30		767		1,020,110
AXIS Specialty Finance PLC
5.15%, 04/01/45		5		5,013
Berkshire Hathaway Finance Corp.
4.30%, 05/15/43^a		68		72,839
4.40%, 05/15/42		304		331,176
5.75%, 01/15/40		430		548,160
Berkshire Hathaway Inc.
4.50%, 02/11/43^a		853		941,607
Chubb Corp. (The)
6.00%, 05/11/37		460		595,942
Chubb INA Holdings Inc.
4.15%, 03/13/43		485		507,292
4.35%, 11/03/45 (Call 05/03/45)		1,335		1,457,670
Cincinnati Financial Corp.
6.92%, 05/15/28		11		13,962
Endurance Specialty Holdings Ltd.
7.00%, 07/15/34		480		568,071
Everest Reinsurance Holdings Inc.
4.87%, 06/01/44		261		259,604


34		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Hartford Financial Services Group Inc. (The)
4.30%, 04/15/43	$	14	$	13,143
5.95%, 10/15/36		306		351,389
6.10%, 10/01/41		365		432,842
6.63%, 03/30/40		105		129,438
Lincoln National Corp.
6.15%, 04/07/36^a		225		251,232
6.30%, 10/09/37		16		18,139
7.00%, 06/15/40		481		587,568
Loews Corp.
4.13%, 05/15/43 (Call 11/15/42)		308		294,538
6.00%, 02/01/35^a		150		178,217
Manulife Financial Corp.
5.38%, 03/04/46		250		269,615
Markel Corp.
5.00%, 03/30/43		3		3,057
Marsh & McLennan Companies Inc.
3.75%, 03/14/26 (Call 12/14/25)		80		82,825
5.88%, 08/01/33		205		241,186
MetLife Inc.
4.05%, 03/01/45		1,155		1,112,479
4.13%, 08/13/42		348		335,631
4.60%, 05/13/46 (Call 11/13/45)^a		824		861,855
4.72%, 12/15/44		518		546,814
4.88%, 11/13/43		489		528,067
5.70%, 06/15/35		431		510,783
6.40%, 12/15/66 (Call 12/15/31)		840		890,400
6.50%, 12/15/32		458		578,466
10.75%, 08/01/69 (Call 08/01/34)		16		24,400
Principal Financial Group Inc.
4.35%, 05/15/43^a		500		476,818
4.63%, 09/15/42		5		4,979
6.05%, 10/15/36		166		195,169
Progressive Corp. (The)
3.70%, 01/26/45		250		241,268
4.35%, 04/25/44		261		279,828
6.25%, 12/01/32		173		217,359
Protective Life Corp.
8.45%, 10/15/39		249		330,918
Prudential Financial Inc.
4.60%, 05/15/44		346		351,308
5.10%, 08/15/43		11		11,408
5.40%, 06/13/35		470		510,986


Security	Principal (000s)		Value
5.63%, 05/12/41	$	13	$	14,445
5.70%, 12/14/36		389		442,603
5.80%, 11/16/41		100		113,777
5.90%, 03/17/36		210		239,278
6.20%, 11/15/40		100		118,392
6.63%, 06/21/40		5		6,210
Series B
5.75%, 07/15/33		8		9,010
Series D
6.63%, 12/01/37		906		1,130,483
Transatlantic Holdings Inc.
8.00%, 11/30/39		200		263,896
Travelers Companies Inc. (The)
4.60%, 08/01/43		66		74,269
5.35%, 11/01/40		310		382,032
6.25%, 06/15/37		772		1,037,740
6.75%, 06/20/36		50		69,118
Travelers Property Casualty Corp.
6.38%, 03/15/33		110		143,372
Trinity Acquisition PLC
6.13%, 08/15/43		100		107,980
Unum Group
5.75%, 08/15/42		255		265,488
Validus Holdings Ltd.
8.88%, 01/26/40		134		175,117
Voya Financial Inc.
5.70%, 07/15/43^a		290		326,858
WR Berkley Corp.
4.75%, 08/01/44		16		15,869
6.25%, 02/15/37		300		354,461
XLIT Ltd.
5.50%, 03/31/45		429		416,710
6.25%, 05/15/27		86		101,292

				31,126,114
INTERNET — 0.30%
Alibaba Group Holding Ltd.
4.50%, 11/28/34 (Call 05/28/34)^a		614		629,848
Amazon.com Inc.
4.80%, 12/05/34 (Call 06/05/34)		688		780,025
4.95%, 12/05/44 (Call 06/05/44)^a		925		1,082,326
eBay Inc.
4.00%, 07/15/42 (Call 01/15/42)		380		305,704

				2,797,903


SCHEDULEOF INVESTMENTS			35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
IRON & STEEL — 0.38%
Nucor Corp.
5.20%, 08/01/43 (Call 02/01/43)	$	214	$	231,791
6.40%, 12/01/37		286		338,356
Reliance Steel & Aluminum Co.
6.85%, 11/15/36		100		102,298
Vale Overseas Ltd.
6.88%, 11/21/36		1,830		1,614,975
6.88%, 11/10/39		855		745,987
8.25%, 01/17/34		230		236,038
Vale SA
5.63%, 09/11/42^a		285		224,794

				3,494,239
LEISURE TIME — 0.02%
Harley-Davidson Inc.
4.63%, 07/28/45 (Call 01/28/45)		216		227,396

				227,396
LODGING — 0.02%
Starwood Hotels & Resorts Worldwide Inc.
4.50%, 10/01/34 (Call 04/01/34)		186		182,499

				182,499
MACHINERY — 0.48%
Caterpillar Inc.
3.80%, 08/15/42		1,009		999,014
4.30%, 05/15/44 (Call 11/15/43)^a		286		304,552
4.75%, 05/15/64 (Call 11/15/63)^a		203		214,867
5.20%, 05/27/41		614		727,442
5.30%, 09/15/35		11		12,910
6.05%, 08/15/36		111		142,354
Cummins Inc.
4.88%, 10/01/43 (Call 04/01/43)		330		365,528
Deere & Co.
3.90%, 06/09/42 (Call 12/09/41)		996		1,013,330
5.38%, 10/16/29		255		314,685
7.13%, 03/03/31		11		15,367
8.10%, 05/15/30		50		75,208
Rockwell Automation Inc.
6.70%, 01/15/28		200		266,302

				4,451,559
MANUFACTURING — 0.82%
3M Co.
3.88%, 06/15/44		291		304,911


Security	Principal (000s)		Value
5.70%, 03/15/37	$	286	$	368,511
6.38%, 02/15/28		40		53,945
Dover Corp.
5.38%, 03/01/41 (Call 12/01/40)		365		444,170
Eaton Corp.
4.00%, 11/02/32		673		689,139
4.15%, 11/02/42		116		119,153
General Electric Co.
4.13%, 10/09/42		571		603,444
4.50%, 03/11/44		1,359		1,520,820
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)		914		934,536
4.88%, 09/15/41 (Call 03/15/41)		163		189,494
Ingersoll-Rand Global Holding Co. Ltd.
5.75%, 06/15/43		236		279,732
Ingersoll-Rand Luxembourg Finance SA
4.65%, 11/01/44 (Call 05/01/44)		200		206,270
Parker-Hannifin Corp.
4.20%, 11/21/34 (Call 05/21/34)		336		357,839
4.45%, 11/21/44 (Call 05/21/44)		428		475,501
Series A
6.25%, 05/15/38		100		133,761
Tyco Electronics Group SA
7.13%, 10/01/37		236		312,614
Tyco International Finance SA
3.90%, 02/14/26 (Call 11/14/25)		285		298,694
5.13%, 09/14/45 (Call 03/14/45)		264		284,990

				7,577,524
MEDIA — 5.73%
21st Century Fox America Inc.
4.75%, 09/15/44 (Call 03/15/44)		859		913,710
4.95%, 10/15/45 (Call 04/15/45)		456		501,354
5.40%, 10/01/43		406		463,002
6.15%, 02/15/41		426		526,437
6.20%, 12/15/34		690		851,431
6.40%, 12/15/35		202		253,090
6.55%, 03/15/33		656		809,065
6.65%, 11/15/37		780		1,015,773
6.90%, 08/15/39		11		14,211
7.75%, 12/01/45		308		419,886
7.85%, 03/01/39		375		529,060
8.15%, 10/17/36		100		141,641


36		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
CBS Corp.
4.60%, 01/15/45 (Call 07/15/44)	$	200	$	195,527
4.85%, 07/01/42 (Call 01/01/42)		130		129,935
4.90%, 08/15/44 (Call 02/15/44)		100		101,011
5.50%, 05/15/33		604		652,594
5.90%, 10/15/40 (Call 04/15/40)		211		234,093
7.88%, 07/30/30		438		596,775
CCO Safari II LLC
6.38%, 10/23/35 (Call 04/23/35)^b		1,051		1,213,418
6.48%, 10/23/45 (Call 04/23/45)^b		1,720		2,024,690
6.83%, 10/23/55 (Call 04/23/55)^b		321		366,377
Comcast Corp.
4.20%, 08/15/34 (Call 02/15/34)		1,510		1,611,150
4.25%, 01/15/33		942		1,005,720
4.40%, 08/15/35 (Call 02/15/35)^a		100		109,513
4.50%, 01/15/43		711		780,978
4.60%, 08/15/45 (Call 02/15/45)		1,400		1,575,619
4.65%, 07/15/42		827		927,756
4.75%, 03/01/44		1,316		1,506,576
5.65%, 06/15/35		11		13,640
6.40%, 05/15/38		136		182,226
6.40%, 03/01/40		16		21,854
6.45%, 03/15/37		278		371,713
6.50%, 11/15/35		511		693,787
6.55%, 07/01/39		14		19,168
6.95%, 08/15/37		633		891,692
7.05%, 03/15/33		161		221,718
Discovery Communications LLC
4.88%, 04/01/43		181		161,179
6.35%, 06/01/40		950		991,637
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)		1,086		1,023,718
6.13%, 01/31/46 (Call 06/30/45)		200		217,301
6.63%, 01/15/40		271		307,450
Historic TW Inc.
6.63%, 05/15/29		1,280		1,579,241
NBCUniversal Media LLC
4.45%, 01/15/43		816		889,583
5.95%, 04/01/41		699		908,370
6.40%, 04/30/40		832		1,129,846
TCI Communications Inc.
7.13%, 02/15/28		200		271,424
7.88%, 02/15/26		370		519,376


Security	Principal (000s)		Value
Thomson Reuters Corp.
5.50%, 08/15/35	$	150	$	157,620
5.65%, 11/23/43 (Call 05/23/43)		186		202,274
5.85%, 04/15/40		616		674,673
Time Warner Cable Inc.
4.50%, 09/15/42 (Call 03/15/42)		325		303,438
5.50%, 09/01/41 (Call 03/01/41)		742		767,203
5.88%, 11/15/40 (Call 05/15/40)		720		770,471
6.55%, 05/01/37		397		453,768
6.75%, 06/15/39		811		954,181
7.30%, 07/01/38		800		982,730
Time Warner Companies Inc.
6.95%, 01/15/28		21		26,255
Time Warner Entertainment Co. LP
8.38%, 07/15/33		1,073		1,419,978
Time Warner Inc.
4.65%, 06/01/44 (Call 12/01/43)		1,366		1,408,448
4.85%, 07/15/45 (Call 01/15/45)		857		919,026
4.90%, 06/15/42		243		255,794
5.35%, 12/15/43		466		520,083
5.38%, 10/15/41		200		223,006
6.10%, 07/15/40		175		210,095
6.20%, 03/15/40		14		16,872
6.25%, 03/29/41		286		350,511
6.50%, 11/15/36		413		497,768
7.63%, 04/15/31		508		661,914
7.70%, 05/01/32		764		994,034
Verizon Communications Inc.
4.52%, 09/15/48		2,550		2,588,691
4.67%, 03/15/55		2,874		2,807,846
Viacom Inc.
4.38%, 03/15/43		850		680,852
4.50%, 02/27/42		125		99,796
4.85%, 12/15/34 (Call 06/15/34)		290		260,905
4.88%, 06/15/43 (Call 12/15/42)		100		84,981
5.25%, 04/01/44 (Call 10/01/43)		325		299,024
5.85%, 09/01/43 (Call 03/01/43)		625		616,302
6.88%, 04/30/36		620		667,367
Walt Disney Co. (The)
4.13%, 06/01/44^a		250		271,070
4.38%, 08/16/41		585		649,162
7.00%, 03/01/32		391		553,112
Series E
4.13%, 12/01/41		412		443,422

				52,677,987


SCHEDULEOF INVESTMENTS			37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
METAL FABRICATE & HARDWARE — 0.12%
Precision Castparts Corp.
3.90%, 01/15/43 (Call 07/15/42)	$	166	$	170,601
4.20%, 06/15/35 (Call 12/15/34)		500		538,105
4.38%, 06/15/45 (Call 12/15/44)^a		11		12,194
Valmont Industries Inc.
5.00%, 10/01/44 (Call 04/01/44)		205		184,832
5.25%, 10/01/54 (Call 04/01/54)		230		199,523

				1,105,255
MINING — 1.16%
Barrick Gold Corp.
5.25%, 04/01/42		340		330,465
Barrick North America Finance LLC
5.70%, 05/30/41		555		547,464
5.75%, 05/01/43		475		488,011
7.50%, 09/15/38		27		29,144
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39		605		608,565
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42		880		869,205
5.00%, 09/30/43		1,073		1,192,664
Goldcorp Inc.
5.45%, 06/09/44 (Call 12/09/43)		161		155,318
Newmont Mining Corp.
4.88%, 03/15/42 (Call 09/15/41)		215		205,022
5.88%, 04/01/35		176		178,446
6.25%, 10/01/39		904		967,414
Rio Tinto Alcan Inc.
5.75%, 06/01/35		11		11,518
6.13%, 12/15/33		11		12,026
7.25%, 03/15/31		225		265,427
Rio Tinto Finance USA Ltd.
5.20%, 11/02/40^a		950		1,032,810
7.13%, 07/15/28		292		369,094
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)^a		731		705,007
4.75%, 03/22/42 (Call 09/22/41)		155		161,952
Southern Copper Corp.
5.25%, 11/08/42		590		508,137
5.88%, 04/23/45		625		572,656
6.75%, 04/16/40^a		800		801,000
7.50%, 07/27/35^a		538		579,022
Vale Canada Ltd.
7.20%, 09/15/32		50		41,000

				10,631,367


Security	Principal (000s)		Value
OFFICE & BUSINESS EQUIPMENT — 0.03%
Xerox Corp.
4.80%, 03/01/35^a	$	161	$	154,190
6.75%, 12/15/39		175		160,500

				314,690
OIL & GAS — 6.11%
Anadarko Finance Co.
7.50%, 05/01/31		400		455,879
Anadarko Petroleum Corp.
4.50%, 07/15/44 (Call 01/15/44)		325		280,631
6.20%, 03/15/40		805		845,948
6.45%, 09/15/36		960		1,039,598
6.60%, 03/15/46 (Call 09/15/45)		750		851,145
Apache Corp.
4.25%, 01/15/44 (Call 07/15/43)		225		206,036
4.75%, 04/15/43 (Call 10/15/42)		1,275		1,227,511
5.10%, 09/01/40 (Call 03/01/40)		530		526,132
6.00%, 01/15/37		861		935,795
Burlington Resources Finance Co.
7.20%, 08/15/31		384		450,067
7.40%, 12/01/31		591		695,949
Canadian Natural Resources Ltd.
5.85%, 02/01/35		225		210,340
6.25%, 03/15/38		880		869,283
6.45%, 06/30/33		200		198,891
7.20%, 01/15/32		250		254,609
CNOOC Nexen Finance 2014 ULC
4.88%, 04/30/44		1,200		1,260,802
Conoco Funding Co.
7.25%, 10/15/31		497		585,705
ConocoPhillips
5.90%, 10/15/32		13		14,609
6.50%, 02/01/39		806		993,967
ConocoPhillips Canada Funding Co. I
5.95%, 10/15/36		200		229,666
ConocoPhillips Co.
4.15%, 11/15/34 (Call 05/15/34)		415		396,709
4.30%, 11/15/44 (Call 05/15/44)		725		701,474
5.95%, 03/15/46 (Call 09/15/45)^a		250		299,344
ConocoPhillips Holding Co.
6.95%, 04/15/29		1,441		1,719,026
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		1,525		1,257,538
5.00%, 06/15/45 (Call 12/15/44)		350		295,618


38		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
5.60%, 07/15/41 (Call 01/15/41)	$	125	$	109,691
7.95%, 04/15/32		80		86,005
Devon Financing Co. LLC
7.88%, 09/30/31		550		588,524
Ecopetrol SA
5.38%, 06/26/26 (Call 03/26/26)		300		275,250
5.88%, 05/28/45		800		651,000
7.38%, 09/18/43		1,300		1,209,000
Encana Corp.
6.50%, 08/15/34		1,500		1,365,000
Eni USA Inc.
7.30%, 11/15/27		205		247,598
EOG Resources Inc.
3.90%, 04/01/35 (Call 10/01/34)		396		375,476
5.10%, 01/15/36 (Call 07/15/35)		275		297,788
Exxon Mobil Corp.
3.57%, 03/06/45 (Call 09/06/44)^a		34		33,242
4.11%, 03/01/46 (Call 09/01/45)^a		1,595		1,696,810
Hess Corp.
5.60%, 02/15/41		551		536,339
6.00%, 01/15/40		200		198,653
7.13%, 03/15/33		225		240,382
7.30%, 08/15/31		962		1,058,584
7.88%, 10/01/29		174		198,248
Kerr-McGee Corp.
7.88%, 09/15/31		14		15,608
Marathon Oil Corp.
5.20%, 06/01/45 (Call 12/01/44)		250		208,750
6.60%, 10/01/37		630		598,500
6.80%, 03/15/32		26		25,285
Marathon Petroleum Corp.
4.75%, 09/15/44 (Call 03/15/44)		650		539,616
5.00%, 09/15/54 (Call 03/15/54)		200		157,726
5.85%, 12/15/45 (Call 06/15/45)		125		116,644
6.50%, 03/01/41 (Call 09/01/40)		365		371,560
Nexen Energy ULC
6.40%, 05/15/37		654		763,519
7.50%, 07/30/39		375		480,686
7.88%, 03/15/32		160		211,568
Noble Energy Inc.
5.25%, 11/15/43 (Call 05/15/43)		570		534,332
6.00%, 03/01/41 (Call 09/01/40)		735		729,999
Occidental Petroleum Corp.
4.40%, 04/15/46 (Call 10/15/45)		850		903,453
4.63%, 06/15/45 (Call 12/15/44)		214		232,703


Security	Principal (000s)		Value
Petro-Canada
5.35%, 07/15/33	$	125	$	127,777
5.95%, 05/15/35		11		11,915
6.80%, 05/15/38		812		968,869
Petroleos Mexicanos
5.50%, 06/27/44		2,575		2,253,125
5.63%, 01/23/46		1,350		1,194,750
6.38%, 01/23/45		1,050		1,026,375
6.50%, 06/02/41		1,750		1,732,500
6.63%, 06/15/35		1,655		1,671,550
6.63%, 06/15/38		300		297,969
Phillips 66
4.65%, 11/15/34 (Call 05/15/34)^a		379		400,267
4.88%, 11/15/44 (Call 05/15/44)		1,368		1,471,377
5.88%, 05/01/42		365		416,822
Shell International Finance BV
4.13%, 05/11/35		565		593,394
4.38%, 05/11/45		1,650		1,748,919
4.55%, 08/12/43		1,831		1,970,792
5.50%, 03/25/40		346		410,328
6.38%, 12/15/38		913		1,176,940
Statoil ASA
3.95%, 05/15/43		800		793,023
4.25%, 11/23/41		250		257,788
4.80%, 11/08/43		400		445,724
5.10%, 08/17/40		380		434,705
6.50%, 12/01/28^b		100		132,482
6.80%, 01/15/28		75		95,131
7.15%, 01/15/29		100		130,916
Suncor Energy Inc.
5.95%, 12/01/34		150		162,301
6.50%, 06/15/38		706		825,442
6.85%, 06/01/39		670		801,977
Tosco Corp.
7.80%, 01/01/27		364		436,780
8.13%, 02/15/30		61		76,204
Valero Energy Corp.
4.90%, 03/15/45^a		320		298,792
6.63%, 06/15/37		1,002		1,121,127
7.50%, 04/15/32		258		306,140
10.50%, 03/15/39		11		15,599
XTO Energy Inc.
6.75%, 08/01/37		411		578,909

				56,246,520


SCHEDULEOF INVESTMENTS			39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
OIL & GAS SERVICES — 0.59%
Baker Hughes Inc.
5.13%, 09/15/40	$	490	$	505,344
6.88%, 01/15/29		644		768,711
Halliburton Co.
4.50%, 11/15/41 (Call 05/15/41)		422		397,372
4.75%, 08/01/43 (Call 02/01/43)		825		806,073
4.85%, 11/15/35 (Call 05/15/35)		1,025		1,056,855
5.00%, 11/15/45 (Call 05/15/45)^a		265		268,952
6.70%, 09/15/38		21		25,126
7.45%, 09/15/39		851		1,107,802
National Oilwell Varco Inc.
3.95%, 12/01/42 (Call 06/01/42)^a		680		499,280

				5,435,515
PACKAGING & CONTAINERS — 0.03%
Sonoco Products Co.
5.75%, 11/01/40 (Call 05/01/40)		253		284,968

				284,968
PHARMACEUTICALS — 4.56%
Abbott Laboratories
5.30%, 05/27/40		503		594,525
6.00%, 04/01/39		433		550,478
AbbVie Inc.
4.40%, 11/06/42		1,540		1,558,593
4.50%, 05/14/35 (Call 11/14/34)		1,370		1,425,602
4.70%, 05/14/45 (Call 11/14/44)		1,441		1,529,558
Actavis Funding SCS
4.55%, 03/15/35 (Call 09/15/34)		1,208		1,204,453
4.75%, 03/15/45 (Call 09/15/44)^a		1,903		1,922,804
4.85%, 06/15/44 (Call 12/15/43)		499		507,920
Actavis Inc.
4.63%, 10/01/42 (Call 04/01/42)		381		377,656
AmerisourceBergen Corp.
4.25%, 03/01/45 (Call 09/01/44)		336		330,329
AstraZeneca PLC
4.00%, 09/18/42		605		616,598
4.38%, 11/16/45		810		872,210
6.45%, 09/15/37^a		1,330		1,771,341
Baxalta Inc.
5.25%, 06/23/45 (Call 12/23/44)^b		635		678,881
Bristol-Myers Squibb Co.
3.25%, 08/01/42		7		6,583
4.50%, 03/01/44 (Call 09/01/43)^a		368		421,587
5.88%, 11/15/36		820		1,060,665


Security	Principal (000s)		Value
Cardinal Health Inc.
4.50%, 11/15/44 (Call 05/15/44)	$	136	$	140,337
4.60%, 03/15/43		600		623,314
Eli Lilly & Co.
3.70%, 03/01/45 (Call 09/01/44)^a		732		751,093
5.50%, 03/15/27		459		571,128
5.55%, 03/15/37		166		207,512
Express Scripts Holding Co.
6.13%, 11/15/41^a		458		513,791
GlaxoSmithKline Capital Inc.
4.20%, 03/18/43		5		5,421
5.38%, 04/15/34		200		236,316
6.38%, 05/15/38		1,658		2,275,206
Johnson & Johnson
3.55%, 03/01/36 (Call 09/01/35)^a		1,270		1,338,754
3.70%, 03/01/46 (Call 09/01/45)		575		609,827
4.38%, 12/05/33 (Call 06/05/33)		1,704		1,965,272
4.50%, 09/01/40^a		208		245,543
4.50%, 12/05/43 (Call 06/05/43)^a		379		452,195
4.85%, 05/15/41^a		11		13,668
4.95%, 05/15/33		261		320,513
5.85%, 07/15/38		63		86,884
5.95%, 08/15/37		218		301,600
6.95%, 09/01/29		14		20,391
McKesson Corp.
4.88%, 03/15/44 (Call 09/15/43)		634		709,236
6.00%, 03/01/41 (Call 09/01/40)		80		98,269
Mead Johnson Nutrition Co.
4.60%, 06/01/44 (Call 12/01/43)		203		207,705
5.90%, 11/01/39		340		405,668
Merck & Co. Inc.
3.60%, 09/15/42 (Call 03/15/42)		11		11,050
3.70%, 02/10/45 (Call 08/10/44)		1,609		1,642,225
4.15%, 05/18/43		240		262,562
6.50%, 12/01/33		344		463,222
6.55%, 09/15/37		107		146,269
Merck Sharp & Dohme Corp.
5.75%, 11/15/36		700		878,061
5.85%, 06/30/39		11		14,087
5.95%, 12/01/28		486		628,321
Mylan Inc.
5.40%, 11/29/43 (Call 05/29/43)		247		250,411
Novartis Capital Corp.
3.70%, 09/21/42		363		373,971


40		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
4.00%, 11/20/45 (Call 05/20/45)	$	371	$	402,305
4.40%, 05/06/44		1,450		1,666,777
Perrigo Co. PLC
5.30%, 11/15/43 (Call 05/15/43)		250		251,680
Perrigo Finance Unlimited Co.
4.90%, 12/15/44 (Call 06/15/44)		221		209,502
Pfizer Inc.
4.30%, 06/15/43		346		382,409
4.40%, 05/15/44^a		281		316,039
5.60%, 09/15/40		100		125,611
7.20%, 03/15/39^a		1,802		2,659,733
Pharmacia LLC
6.60%, 12/01/28		650		879,985
Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36^a		406		478,105
Wyeth LLC
5.95%, 04/01/37		1,330		1,716,720
6.00%, 02/15/36		21		26,760
6.50%, 02/01/34		18		23,917
Zoetis Inc.
4.70%, 02/01/43 (Call 08/01/42)		590		572,215

				41,911,363
PIPELINES — 3.08%
Buckeye Partners LP
5.60%, 10/15/44 (Call 04/15/44)		100		88,358
5.85%, 11/15/43 (Call 05/15/43)		445		405,331
CenterPoint Energy Resources Corp.
5.85%, 01/15/41 (Call 07/15/40)		269		294,742
6.63%, 11/01/37		11		13,090
Colonial Pipeline Co.
4.20%, 04/15/43 (Call 10/15/42)^b		25		22,722
Columbia Pipeline Group Inc.
5.80%, 06/01/45 (Call 12/01/44)^b		25		26,625
El Paso Natural Gas Co. LLC
8.38%, 06/15/32		11		12,161
Enable Midstream Partners LP
5.00%, 05/15/44 (Call 11/15/43)		125		91,875
Enbridge Energy Partners LP Series B
7.50%, 04/15/38		461		494,586
Enbridge Inc.
4.50%, 06/10/44 (Call 12/10/43)		200		159,411


Security	Principal (000s)		Value
Energy Transfer Partners LP
4.90%, 03/15/35 (Call 09/15/34)	$	220	$	184,061
5.15%, 02/01/43 (Call 08/01/42)		355		296,391
5.15%, 03/15/45 (Call 09/15/44)^a		500		417,974
6.05%, 06/01/41 (Call 12/01/40)		136		123,748
6.13%, 12/15/45 (Call 06/15/45)		700		656,658
6.50%, 02/01/42 (Call 08/01/41)		1,080		1,040,341
6.63%, 10/15/36		135		132,361
7.50%, 07/01/38		211		221,465
8.25%, 11/15/29 (Call 08/15/29)		50		58,255
EnLink Midstream Partners LP
5.05%, 04/01/45 (Call 10/01/44)		250		186,250
5.60%, 04/01/44 (Call 10/01/43)		180		137,700
Enterprise Products Operating LLC
3.70%, 02/15/26 (Call 11/15/25)^a		600		611,205
3.95%, 02/15/27 (Call 11/15/26)		115		119,862
4.45%, 02/15/43 (Call 08/15/42)		675		634,417
4.85%, 08/15/42 (Call 02/15/42)		125		124,018
4.85%, 03/15/44 (Call 09/15/43)		700		694,355
4.90%, 05/15/46 (Call 11/15/45)		545		548,986
4.95%, 10/15/54 (Call 04/15/54)		950		887,833
5.10%, 02/15/45 (Call 08/15/44)		325		334,716
5.70%, 02/15/42		470		513,522
5.95%, 02/01/41		198		218,435
6.13%, 10/15/39		145		160,886
7.55%, 04/15/38		212		259,149
Series D
6.88%, 03/01/33		264		311,436
Series H
6.65%, 10/15/34		111		129,178
Kinder Morgan Energy Partners LP
4.70%, 11/01/42 (Call 05/01/42)		215		175,622
5.00%, 08/15/42 (Call 02/15/42)		250		214,097
5.00%, 03/01/43 (Call 09/01/42)		100		84,938
5.40%, 09/01/44 (Call 03/01/44)		360		321,619
5.50%, 03/01/44 (Call 09/01/43)		250		228,356
5.80%, 03/15/35		775		724,163
6.38%, 03/01/41		230		223,614
6.55%, 09/15/40		100		97,579
6.95%, 01/15/38		1,022		1,056,460
7.30%, 08/15/33		11		11,379
7.40%, 03/15/31		118		124,907
7.50%, 11/15/40		416		440,051
7.75%, 03/15/32		100		106,581


SCHEDULEOF INVESTMENTS			41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Kinder Morgan Inc./DE
5.05%, 02/15/46 (Call 08/15/45)	$	425	$	371,725
5.30%, 12/01/34 (Call 06/01/34)		1,900		1,721,904
5.55%, 06/01/45 (Call 12/01/44)		1,550		1,424,075
7.75%, 01/15/32		25		26,882
Magellan Midstream Partners LP
4.20%, 12/01/42 (Call 06/01/42)		200		173,873
4.20%, 03/15/45 (Call 09/15/44)		200		178,396
5.15%, 10/15/43 (Call 04/15/43)		250		249,884
ONEOK Partners LP
6.13%, 02/01/41 (Call 08/01/40)		545		504,042
6.20%, 09/15/43 (Call 03/15/43)		25		23,283
6.65%, 10/01/36		50		47,317
6.85%, 10/15/37		400		384,672
Plains All American Pipeline LP/PAA Finance Corp.
4.70%, 06/15/44 (Call 12/15/43)		250		198,883
4.90%, 02/15/45 (Call 08/15/44)		425		348,624
5.15%, 06/01/42 (Call 12/01/41)		430		350,453
6.65%, 01/15/37		350		334,713
Southern Natural Gas Co. LLC
8.00%, 03/01/32		12		12,834
Spectra Energy Capital LLC
7.50%, 09/15/38		251		269,419
Spectra Energy Partners LP
4.50%, 03/15/45 (Call 09/15/44)		250		238,222
5.95%, 09/25/43 (Call 03/25/43)		241		266,896
Sunoco Logistics Partners Operations LP
4.95%, 01/15/43 (Call 07/15/42)		750		623,831
5.30%, 04/01/44 (Call 10/01/43)		303		265,082
6.10%, 02/15/42		175		163,122
6.85%, 02/15/40		16		15,626
Texas Eastern Transmission LP
7.00%, 07/15/32		276		319,909
TransCanada PipeLines Ltd.
4.63%, 03/01/34 (Call 12/01/33)		655		652,755
5.00%, 10/16/43 (Call 04/16/43)		310		319,171
5.60%, 03/31/34		100		109,498
5.85%, 03/15/36		100		111,932
6.10%, 06/01/40		74		85,286
6.20%, 10/15/37		384		438,535
7.25%, 08/15/38		516		638,577
7.63%, 01/15/39		1,025		1,312,796


Security	Principal (000s)		Value
Transcontinental Gas Pipe Line Co. LLC
4.45%, 08/01/42 (Call 02/01/42)	$	635	$	531,412
5.40%, 08/15/41 (Call 02/15/41)		26		23,826
Western Gas Partners LP
5.45%, 04/01/44 (Call 10/01/43)		130		113,750
Williams Partners LP
4.90%, 01/15/45 (Call 07/15/44)		475		371,687
5.40%, 03/04/44 (Call 09/04/43)		600		495,000
5.80%, 11/15/43 (Call 05/15/43)		50		44,000
6.30%, 04/15/40		200		183,000

				28,366,361
REAL ESTATE INVESTMENT TRUSTS — 0.56%
Brandywine Operating Partnership LP
4.55%, 10/01/29 (Call 07/01/29)		5		4,991
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		640		681,761
Federal Realty Investment Trust
4.50%, 12/01/44 (Call 06/01/44)		111		117,347
HCP Inc.
6.75%, 02/01/41 (Call 08/01/40)		280		330,613
Kilroy Realty LP
4.25%, 08/15/29 (Call 05/15/29)		14		14,398
Kimco Realty Corp.
4.25%, 04/01/45 (Call 10/01/44)		316		303,134
Omega Healthcare Investors Inc.
4.50%, 04/01/27 (Call 01/01/27)		302		288,956
Realty Income Corp.
4.13%, 10/15/26 (Call 07/15/26)^a		5		5,258
5.88%, 03/15/35		250		295,047
Simon Property Group LP
4.25%, 10/01/44 (Call 04/01/44)		14		14,821
4.75%, 03/15/42 (Call 09/15/41)		280		310,742
6.75%, 02/01/40 (Call 11/01/39)		550		762,995
Ventas Realty LP
4.38%, 02/01/45 (Call 08/01/44)		447		410,792
5.70%, 09/30/43 (Call 03/30/43)		11		12,302
Welltower Inc.
5.13%, 03/15/43 (Call 09/15/42)		205		211,683
6.50%, 03/15/41 (Call 09/15/40)		187		224,666
Weyerhaeuser Co.
6.88%, 12/15/33		150		175,824
6.95%, 10/01/27		278		339,161
7.38%, 03/15/32		541		673,570

				5,178,061


42		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
RETAIL — 4.14%
Bed Bath & Beyond Inc.
4.92%, 08/01/34 (Call 02/01/34)	$	572	$	542,998
5.17%, 08/01/44 (Call 02/01/44)^a		175		154,073
CVS Health Corp.
4.88%, 07/20/35 (Call 01/20/35)		879		985,438
5.13%, 07/20/45 (Call 01/20/45)		1,931		2,262,044
5.30%, 12/05/43 (Call 06/05/43)		18		21,175
5.75%, 05/15/41 (Call 11/15/40)		11		13,590
6.13%, 09/15/39		746		951,519
6.25%, 06/01/27		471		571,320
Darden Restaurants Inc.
6.80%, 10/15/37		185		211,179
Home Depot Inc. (The)
3.00%, 04/01/26 (Call 01/01/26)		500		524,041
4.20%, 04/01/43 (Call 10/01/42)		71		77,164
4.25%, 04/01/46 (Call 10/01/45)		1,050		1,154,366
4.40%, 03/15/45 (Call 09/15/44)		776		870,458
4.88%, 02/15/44 (Call 08/15/43)		411		490,094
5.40%, 09/15/40 (Call 03/15/40)		21		26,116
5.88%, 12/16/36		1,375		1,781,952
5.95%, 04/01/41 (Call 10/01/40)		963		1,278,818
Kohl’s Corp.
5.55%, 07/17/45 (Call 01/17/45)		305		272,620
Lowe’s Companies Inc.
3.70%, 04/15/46 (Call 10/15/45)		750		745,555
4.38%, 09/15/45 (Call 03/15/45)		350		385,541
4.65%, 04/15/42 (Call 10/15/41)		439		497,740
5.00%, 09/15/43 (Call 03/15/43)		670		796,640
5.50%, 10/15/35		11		13,211
5.80%, 10/15/36		16		19,964
5.80%, 04/15/40 (Call 10/15/39)		391		500,741
6.65%, 09/15/37		161		220,675
6.88%, 02/15/28		675		915,520
Macy’s Retail Holdings Inc.
4.30%, 02/15/43 (Call 08/15/42)		76		60,128
4.50%, 12/15/34 (Call 06/15/34)		107		96,319
5.13%, 01/15/42 (Call 07/15/41)		316		281,748
6.38%, 03/15/37^a		213		219,767
6.70%, 07/15/34		255		281,999
6.90%, 04/01/29		600		669,928
6.90%, 01/15/32		37		40,940
McDonald’s Corp.
3.63%, 05/01/43		11		10,232


Security	Principal (000s)		Value
3.70%, 02/15/42	$	518	$	488,890
4.60%, 05/26/45 (Call 11/26/44)		311		336,857
4.70%, 12/09/35 (Call 06/09/35)^a		225		245,796
4.88%, 12/09/45 (Call 06/09/45)		1,471		1,657,435
5.70%, 02/01/39		200		240,266
6.30%, 10/15/37		360		463,021
6.30%, 03/01/38		365		467,500
Nordstrom Inc.
5.00%, 01/15/44 (Call 07/15/43)^a		257		266,616
6.95%, 03/15/28		180		219,495
QVC Inc.
5.45%, 08/15/34 (Call 02/15/34)		418		367,212
Starbucks Corp.
4.30%, 06/15/45 (Call 12/15/44)^a		197		219,504
Target Corp.
3.63%, 04/15/46		930		930,319
4.00%, 07/01/42^a		1,021		1,080,331
6.35%, 11/01/32		9		11,988
7.00%, 01/15/38		100		146,947
Tiffany & Co.
4.90%, 10/01/44 (Call 04/01/44)		83		79,881
Wal-Mart Stores Inc.
4.00%, 04/11/43 (Call 10/11/42)		1,261		1,352,603
4.30%, 04/22/44 (Call 10/22/43)^a		922		1,036,950
4.75%, 10/02/43 (Call 04/02/43)		16		19,022
4.88%, 07/08/40		168		198,376
5.00%, 10/25/40		348		418,354
5.25%, 09/01/35		1,265		1,583,646
5.63%, 04/01/40		116		149,645
5.63%, 04/15/41		289		375,037
5.88%, 04/05/27		21		27,231
6.20%, 04/15/38		2,164		2,955,179
6.50%, 08/15/37		1,764		2,473,190
7.55%, 02/15/30		683		1,026,989
Walgreen Co.
4.40%, 09/15/42		125		121,141
Walgreens Boots Alliance Inc.
4.50%, 11/18/34 (Call 05/18/34)		226		225,066
4.80%, 11/18/44 (Call 05/18/44)		969		994,238

				38,124,338
SEMICONDUCTORS — 0.65%
Analog Devices Inc.
5.30%, 12/15/45 (Call 06/15/45)		187		217,433


SCHEDULEOF INVESTMENTS			43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Applied Materials Inc.
5.10%, 10/01/35 (Call 04/01/35)	$	420	$	460,143
5.85%, 06/15/41		311		368,376
Intel Corp.
4.00%, 12/15/32		386		407,009
4.25%, 12/15/42		21		22,127
4.80%, 10/01/41		1,080		1,223,933
4.90%, 07/29/45 (Call 01/29/45)		1,351		1,544,152
KLA-Tencor Corp.
5.65%, 11/01/34 (Call 07/01/34)^a		215		219,851
QUALCOMM Inc.
4.65%, 05/20/35 (Call 11/20/34)		476		496,951
4.80%, 05/20/45 (Call 11/20/44)		1,010		1,018,927

				5,978,902
SOFTWARE — 1.78%
Microsoft Corp.
3.50%, 02/12/35 (Call 08/12/34)		1,258		1,262,610
3.50%, 11/15/42		350		333,497
3.75%, 05/01/43 (Call 11/01/42)		373		372,811
3.75%, 02/12/45 (Call 08/12/44)		278		276,871
4.00%, 02/12/55 (Call 08/12/54)		1,523		1,510,155
4.20%, 11/03/35 (Call 05/03/35)^a		521		568,805
4.45%, 11/03/45 (Call 05/03/45)		1,201		1,332,298
4.50%, 10/01/40		404		448,519
4.75%, 11/03/55 (Call 05/03/55)		471		530,036
4.88%, 12/15/43 (Call 06/15/43)		504		591,120
5.20%, 06/01/39		322		389,023
5.30%, 02/08/41		623		770,591
Oracle Corp.
3.25%, 05/15/30 (Call 02/15/30)		1,336		1,352,623
3.90%, 05/15/35 (Call 11/15/34)		750		765,630
4.13%, 05/15/45 (Call 11/15/44)		1,100		1,136,013
4.30%, 07/08/34 (Call 01/08/34)		1,332		1,425,495
4.38%, 05/15/55 (Call 11/15/54)		264		271,089
4.50%, 07/08/44 (Call 01/08/44)^a		717		781,337
5.38%, 07/15/40		819		986,370
6.13%, 07/08/39		946		1,228,643

				16,333,536
TELECOMMUNICATIONS — 7.11%
America Movil SAB de CV
4.38%, 07/16/42^a		643		636,232
6.13%, 11/15/37		125		147,764
6.13%, 03/30/40		1,321		1,576,122
6.38%, 03/01/35		145		175,264


Security	Principal (000s)		Value
AT&T Corp.
8.25%, 11/15/31^a	$	945	$	1,316,063
AT&T Inc.
4.30%, 12/15/42 (Call 06/15/42)		501		473,408
4.35%, 06/15/45 (Call 12/15/44)		729		686,177
4.50%, 05/15/35 (Call 11/15/34)		1,135		1,140,237
4.75%, 05/15/46 (Call 11/15/45)		1,195		1,201,987
4.80%, 06/15/44 (Call 12/15/43)		2,070		2,084,767
5.15%, 03/15/42		1,066		1,120,395
5.35%, 09/01/40		975		1,050,984
5.55%, 08/15/41		307		339,865
5.65%, 02/15/47 (Call 08/15/46)		750		850,777
6.00%, 08/15/40 (Call 05/15/40)		251		288,450
6.15%, 09/15/34		647		739,672
6.30%, 01/15/38		2,328		2,741,983
6.35%, 03/15/40		325		384,565
6.38%, 03/01/41		633		752,609
6.40%, 05/15/38		350		409,646
6.45%, 06/15/34		540		628,817
6.50%, 09/01/37		376		454,861
6.55%, 02/15/39		586		707,474
AT&T Mobility LLC
7.13%, 12/15/31^a		400		508,105
BellSouth Capital Funding Corp.
7.88%, 02/15/30^a		36		44,112
BellSouth LLC
6.55%, 06/15/34		261		295,301
6.88%, 10/15/31		311		374,443
BellSouth Telecommunications LLC
6.38%, 06/01/28^a		200		228,258
British Telecommunications PLC
9.63%, 12/15/30		1,391		2,230,211
Cisco Systems Inc.
5.50%, 01/15/40		1,541		1,955,462
5.90%, 02/15/39		549		721,391
Corning Inc.
4.70%, 03/15/37^a		75		74,966
4.75%, 03/15/42		341		343,366
5.75%, 08/15/40		148		169,113
7.25%, 08/15/36 (Call 08/15/26)		205		245,049
Deutsche Telekom International Finance BV
8.75%, 06/15/30		1,580		2,379,616
9.25%, 06/01/32		219		344,494


44		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Harris Corp.
4.85%, 04/27/35 (Call 10/27/34)	$	442	$	469,923
5.05%, 04/27/45 (Call 10/27/44)		150		163,702
6.15%, 12/15/40		105		127,014
Juniper Networks Inc.
5.95%, 03/15/41		280		255,565
Koninklijke KPN NV
8.38%, 10/01/30		501		672,072
Motorola Solutions Inc.
5.50%, 09/01/44		246		205,937
New Cingular Wireless Services Inc.
8.75%, 03/01/31		556		808,276
Orange SA
5.38%, 01/13/42		271		327,857
5.50%, 02/06/44 (Call 08/06/43)^a		716		888,707
9.00%, 03/01/31		1,105		1,735,394
Pacific Bell Telephone Co.
7.13%, 03/15/26		625		781,914
Qwest Corp.
6.88%, 09/15/33 (Call 05/31/16)		660		645,150
7.13%, 11/15/43 (Call 05/31/16)		323		313,310
7.25%, 10/15/35 (Call 05/31/16)		11		10,670
Rogers Communications Inc.
4.50%, 03/15/43 (Call 09/15/42)		150		152,957
5.00%, 03/15/44 (Call 09/15/43)		620		689,081
5.45%, 10/01/43 (Call 04/01/43)		21		24,192
7.50%, 08/15/38		685		930,233
Telefonica Emisiones SAU
7.05%, 06/20/36		1,025		1,324,094
Telefonica Europe BV
8.25%, 09/15/30^a		587		832,178
Verizon Communications Inc.
3.85%, 11/01/42 (Call 05/01/42)		926		853,179
4.27%, 01/15/36		1,500		1,509,684
4.40%, 11/01/34 (Call 05/01/34)		2,539		2,592,039
4.75%, 11/01/41		265		275,276
4.86%, 08/21/46^a		2,962		3,172,551
5.01%, 08/21/54		3,177		3,269,905
5.05%, 03/15/34 (Call 12/15/33)		1,101		1,201,848
5.85%, 09/15/35		580		686,071
6.00%, 04/01/41		373		449,761
6.25%, 04/01/37		16		19,033
6.40%, 09/15/33		800		1,000,350
6.40%, 02/15/38		401		489,365


Security	Principal (000s)		Value
6.55%, 09/15/43	$	3,996	$	5,306,116
6.90%, 04/15/38		800		1,037,708
Vodafone Group PLC
4.38%, 02/19/43		320		300,374
6.15%, 02/27/37		991		1,161,059
6.25%, 11/30/32		461		533,757
7.88%, 02/15/30^a		302		394,187

				65,432,495
TEXTILES — 0.04%
Cintas Corp. No. 2
6.15%, 08/15/36		332		406,722

				406,722
TOYS, GAMES & HOBBIES — 0.11%
Hasbro Inc.
5.10%, 05/15/44 (Call 11/15/43)		151		155,465
6.35%, 03/15/40		295		349,989
Mattel Inc.
5.45%, 11/01/41 (Call 05/01/41)		425		431,822
6.20%, 10/01/40		61		67,282

				1,004,558
TRANSPORTATION — 2.75%
Burlington Northern Santa Fe LLC
4.15%, 04/01/45 (Call 10/01/44)		523		550,601
4.38%, 09/01/42 (Call 03/01/42)		337		364,449
4.40%, 03/15/42 (Call 09/15/41)		313		339,485
4.45%, 03/15/43 (Call 09/15/42)		11		12,023
4.55%, 09/01/44 (Call 03/01/44)		457		507,731
4.70%, 09/01/45 (Call 03/01/45)^a		461		525,971
4.90%, 04/01/44 (Call 10/01/43)		1,281		1,490,021
4.95%, 09/15/41 (Call 03/15/41)		114		131,689
5.05%, 03/01/41 (Call 09/01/40)		26		30,385
5.15%, 09/01/43 (Call 03/01/43)		173		207,374
5.40%, 06/01/41 (Call 12/01/40)		270		328,652
5.75%, 05/01/40 (Call 11/01/39)		466		582,665
6.15%, 05/01/37		161		208,433
6.20%, 08/15/36		350		453,236
Canadian National Railway Co.
3.50%, 11/15/42 (Call 05/15/42)		170		162,810
4.50%, 11/07/43 (Call 05/07/43)		255		285,306
6.20%, 06/01/36		170		226,001
6.25%, 08/01/34		111		145,980
6.38%, 11/15/37		181		247,069
6.90%, 07/15/28		470		653,332


SCHEDULEOF INVESTMENTS			45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Canadian Pacific Railway Co.
3.70%, 02/01/26 (Call 11/01/25)	$	525	$	548,621
4.80%, 09/15/35 (Call 03/15/35)		114		122,801
4.80%, 08/01/45 (Call 02/01/45)^a		100		109,020
5.75%, 03/15/33		7		7,979
5.75%, 01/15/42		261		313,399
5.95%, 05/15/37		16		19,298
6.13%, 09/15/15 (Call 03/15/15)		6		7,003
7.13%, 10/15/31		590		775,323
CSX Corp.
3.95%, 05/01/50 (Call 11/01/49)		300		287,905
4.10%, 03/15/44 (Call 09/15/43)		902		914,929
4.40%, 03/01/43 (Call 09/01/42)		137		145,104
4.50%, 08/01/54 (Call 02/01/54)		389		398,066
4.75%, 05/30/42 (Call 11/30/41)		352		389,638
5.50%, 04/15/41 (Call 10/15/40)		70		84,151
6.00%, 10/01/36		496		613,436
6.15%, 05/01/37		25		31,543
6.22%, 04/30/40		105		135,311
FedEx Corp.
3.88%, 08/01/42		209		200,725
3.90%, 02/01/35		886		874,002
4.10%, 04/15/43		2		1,993
4.10%, 02/01/45		261		259,981
4.50%, 02/01/65		86		83,628
4.55%, 04/01/46 (Call 10/01/45)		775		825,568
4.75%, 11/15/45 (Call 05/15/45)		725		792,430
4.90%, 01/15/34		338		373,903
5.10%, 01/15/44		166		189,336
Kansas City Southern
4.30%, 05/15/43 (Call 11/15/42)^b		100		96,087
4.95%, 08/15/45 (Call 02/15/45)^b		476		500,603
Norfolk Southern Corp.
4.45%, 06/15/45 (Call 12/15/44)		441		473,604
4.65%, 01/15/46 (Call 07/15/45)		585		647,608
4.80%, 08/15/43 (Call 02/15/43)		849		952,016
4.84%, 10/01/41		479		537,405
6.00%, 03/15/05		11		12,317
6.00%, 05/23/11		436		488,331
NorthWestern Corp.
4.18%, 11/15/44 (Call 05/15/44)		161		171,297
Union Pacific Corp.
3.38%, 02/01/35 (Call 08/01/34)		516		495,951
3.88%, 02/01/55 (Call 08/01/54)		675		660,634


Security	Principal (000s)		Value
4.05%, 11/15/45 (Call 05/15/45)^a	$	381	$	397,452
4.05%, 03/01/46 (Call 09/01/45)		170		177,377
4.15%, 01/15/45 (Call 07/15/44)		75		79,073
4.30%, 06/15/42 (Call 12/15/41)		509		546,686
4.38%, 11/15/65 (Call 05/15/65)		6		6,125
4.75%, 09/15/41 (Call 03/15/41)		8		9,044
4.75%, 12/15/43 (Call 06/15/43)		100		113,727
4.82%, 02/01/44 (Call 08/01/43)		570		655,178
4.85%, 06/15/44 (Call 12/15/43)		14		16,176
6.63%, 02/01/29		307		420,699
United Parcel Service Inc.
3.63%, 10/01/42		5		5,010
4.88%, 11/15/40 (Call 05/15/40)		530		631,128
6.20%, 01/15/38		788		1,075,366
United Parcel Service of America Inc.
8.38%, 04/01/30^c		114		162,788

				25,289,988
TRUCKING & LEASING — 0.03%
GATX Corp.
5.20%, 03/15/44 (Call 09/15/43)		300		295,508

				295,508
WATER — 0.17%
American Water Capital Corp.
4.30%, 12/01/42 (Call 06/01/42)		16		17,170
4.30%, 09/01/45 (Call 03/01/45)		500		534,150
6.59%, 10/15/37		239		325,449
United Utilities PLC
6.88%, 08/15/28		300		347,605
Veolia Environnement SA
6.75%, 06/01/38		250		319,818

				1,544,192

TOTAL CORPORATE BONDS & NOTES
(Cost: $755,267,849)				761,727,677

FOREIGN GOVERNMENT OBLIGATIONS^d — 6.72%
CANADA — 0.19%
Province of Quebec Canada
7.50%, 09/15/29		1,170		1,718,916

				1,718,916
CHILE — 0.05%
Chile Government International Bond
3.63%, 10/30/42^a		450		438,167

				438,167


46		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
COLOMBIA — 0.62%
Colombia Government International Bond
5.00%, 06/15/45 (Call 12/15/44)	$	400	$	377,574
5.63%, 02/26/44 (Call 08/26/43)		2,400		2,444,338
6.13%, 01/18/41		1,450		1,558,590
7.38%, 09/18/37^a		900		1,083,221
10.38%, 01/28/33		200		291,752

				5,755,475
ISRAEL — 0.07%
Israel Government International Bond
4.50%, 01/30/43		600		642,000

				642,000
ITALY — 0.14%
Italy Government International Bond
5.38%, 06/15/33		1,092		1,297,450

				1,297,450
MEXICO — 1.33%
Mexico Government International Bond
4.60%, 01/23/46		1,850		1,834,173
4.75%, 03/08/44		1,890		1,912,432
5.55%, 01/21/45^a		1,050		1,180,302
5.75%, 10/12/49		2,030		2,094,037
6.05%, 01/11/40		1,470		1,748,600
6.75%, 09/27/34		1,025		1,332,331
7.50%, 04/08/33		477		666,888
8.30%, 08/15/31^a		955		1,455,161

				12,223,924
PANAMA — 0.43%
Panama Government International Bond
6.70%, 01/26/36		1,330		1,700,192
7.13%, 01/29/26^a		500		643,822
8.88%, 09/30/27		150		215,817
9.38%, 04/01/29		930		1,388,247

				3,948,078
PERU — 0.53%
Peruvian Government International Bond
4.13%, 08/25/27^a		950		1,013,456
5.63%, 11/18/50		1,225		1,423,929
6.55%, 03/14/37^a		495		632,373
8.75%, 11/21/33^a		1,200		1,815,738

				4,885,496


Security	Principal (000s)		Value
PHILIPPINES — 1.09%
Philippine Government International Bond
3.95%, 01/20/40	$	1,200	$	1,326,000
5.00%, 01/13/37^a		1,600		2,022,000
5.50%, 03/30/26^a		1,400		1,753,500
6.38%, 01/15/32		1,400		1,953,000
6.38%, 10/23/34		800		1,138,000
7.75%, 01/14/31		700		1,078,875
9.50%, 02/02/30		450		769,500

				10,040,875
SOUTH AFRICA — 0.13%
South Africa Government International Bond
5.38%, 07/24/44^a		1,000		981,250
6.25%, 03/08/41^a		200		218,872

				1,200,122
SOUTH KOREA — 0.15%
Export-Import Bank of Korea
3.25%, 08/12/26		450		474,220
Korea International Bond
4.13%, 06/10/44^a		700		871,317

				1,345,537
SUPRANATIONAL — 0.35%
Asian Development Bank
5.82%, 06/16/28		310		407,707
European Investment Bank
4.88%, 02/15/36		695		910,118
Inter-American Development Bank
3.20%, 08/07/42		465		481,627
3.88%, 10/28/41		395		459,195
4.38%, 01/24/44		350		439,981
International Bank for Reconstruction & Development
4.75%, 02/15/35		440		565,979

				3,264,607
TURKEY — 1.23%
Turkey Government International Bond
4.88%, 04/16/43		700		656,712
6.63%, 02/17/45^a		2,600		3,079,128
6.75%, 05/30/40		800		949,512
6.88%, 03/17/36		2,150		2,560,564


SCHEDULEOF INVESTMENTS			47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
7.25%, 03/05/38	$	800	$	995,496
8.00%, 02/14/34^a		1,400		1,845,858
11.88%, 01/15/30		720		1,241,698

				11,328,968
URUGUAY — 0.41%
Uruguay Government International Bond
4.13%, 11/20/45		300		256,500
4.38%, 10/27/27		1,000		1,031,500
5.10%, 06/18/50^a		1,450		1,363,000
7.63%, 03/21/36		865		1,124,500

				3,775,500

TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $61,653,093)				61,865,115

MUNICIPAL DEBT OBLIGATIONS — 8.31%

CALIFORNIA — 2.68%
Alameda County Joint Powers Authority RB BAB
7.05%, 12/01/44		135		187,152
Bay Area Toll Authority RB BAB
6.26%, 04/01/49		700		1,020,075
Series S1
6.79%, 04/01/30		250		318,335
7.04%, 04/01/50		750		1,108,515
California State Public Works Board RB BAB
Series G-2
8.36%, 10/01/34		360		531,922
City of Los Angeles Department of Airports RB BAB
6.58%, 05/15/39		280		367,290
City of San Francisco CA Public Utilities Commission Water Revenue RB BAB
6.95%, 11/01/50		320		451,331
County of Sonoma CA RB
Series A
6.00%, 12/01/29(GTD)		550		671,049
East Bay Municipal Utility District Water System Revenue RB BAB
Series B
5.87%, 06/01/40		290		375,791


Security	Principal (000s)			Value
Los Angeles Community College District/CA GO BAB
6.75%, 08/01/49	$	600		$	909,222
Los Angeles County Metropolitan Transportation Authority RB BAB
Series A
5.74%, 06/01/39		400			511,740
Los Angeles County Public Works Financing Authority RB BAB
7.62%, 08/01/40		350			507,906
Los Angeles Department of Water & Power RB BAB
6.57%, 07/01/45		550			797,940
6.60%, 07/01/50		400			592,112
Los Angeles Unified School District/CA GO BAB
5.75%, 07/01/34		800			1,012,216
6.76%, 07/01/34		550			760,925
Regents of the University of California Medical Center Pooled Revenue RB BAB
6.55%, 05/15/48		450			621,959
Sacramento Municipal Utility District RB BAB
6.16%, 05/15/36		100			126,019
San Diego County Regional Transportation Commission RB BAB
5.91%, 04/01/48		300			399,300
San Diego County Water Authority Financing Corp. RB BAB
6.14%, 05/01/49		400			542,632
State of California GO BAB
7.30%, 10/01/39		770			1,145,467
7.35%, 11/01/39		700			1,047,249
7.50%, 04/01/34		2,450			3,650,745
7.55%, 04/01/39		1,550			2,403,693
7.60%, 11/01/40		700			1,105,223
7.63%, 03/01/40		100			154,503
7.95%, 03/01/36 (Call 03/01/20)		600	��		723,174
University of California RB
Series AD
4.86%, 05/15/12		780			819,936
Series AN
4.77%, 05/15/44 (Call 05/15/24)		650			676,858


48		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
University of California RB BAB
5.77%, 05/15/43	$	200	$	256,050
5.95%, 05/15/45		650		840,645

				24,636,974
COLORADO — 0.11%
Colorado Bridge Enterprise RB BAB
Series A
6.08%, 12/01/40		300		387,621
Denver City & County School District No. 1 COP
Series B
7.02%, 12/15/37		435		606,064

				993,685
CONNECTICUT — 0.14%
State of Connecticut GO
Series A
5.85%, 03/15/32		200		245,546
State of Connecticut GO BAB
5.09%, 10/01/30		200		230,816
5.63%, 12/01/29		720		855,079

				1,331,441
DISTRICT OF COLUMBIA — 0.02%
District of Columbia Water & Sewer Authority RB
4.81%, 10/01/14		200		216,798

				216,798
GEORGIA — 0.17%
Municipal Electric Authority of Georgia RB BAB
Project J, Series 2010A
6.64%, 04/01/57		350		448,840
Project P, Series 2010A
7.06%, 04/01/57		975		1,142,554

				1,591,394
ILLINOIS — 0.92%
Chicago Transit Authority RB
Series A
6.90%, 12/01/40		600		736,878
Series B
6.90%, 12/01/40		225		276,329
Chicago Transit Authority RB BAB
Series B
6.20%, 12/01/40		120		139,019


Security	Principal (000s)		Value
City of Chicago IL GO
Series C
7.78%, 01/01/35	$	960	$	1,020,605
County of Cook IL GO BAB
6.23%, 11/15/34		100		110,217
Illinois State Toll Highway Authority RB BAB
6.18%, 01/01/34		580		763,031
Metropolitan Water Reclamation District of Greater Chicago GOL BAB
5.72%, 12/01/38		500		607,450
State of Illinois GO
5.10%, 06/01/33		3,865		3,738,537
5.65%, 12/01/38		725		720,802
State of Illinois GO BAB
Series 3
6.73%, 04/01/35		300		325,566

				8,438,434
KANSAS — 0.04%
State of Kansas Department of Transportation RB BAB
4.60%, 09/01/35		300		335,577

				335,577
KENTUCKY — 0.02%
Louisville & Jefferson County Metropolitan Sewer District RB BAB
6.25%, 05/15/43		145		190,772

				190,772
MARYLAND — 0.03%
Maryland State Transportation Authority RB BAB
5.89%, 07/01/43		200		253,814

				253,814
MASSACHUSETTS — 0.36%
Commonwealth of Massachusetts GOL BAB
4.91%, 05/01/29		240		287,033
Series E
5.46%, 12/01/39		695		892,971


SCHEDULEOF INVESTMENTS			49

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Commonwealth of Massachusetts Transportation Fund Revenue RB BAB
Series A
5.73%, 06/01/40	$	300	$	386,298
Massachusetts Clean Water Trust (The) RB BAB
Series B
5.19%, 08/01/40		550		661,969
Massachusetts School Building Authority RB BAB
5.72%, 08/15/39		450		562,801
University of Massachusetts Building Authority RB BAB
5.45%, 11/01/40		425		524,340

				3,315,412
MISSOURI — 0.15%
Health & Educational Facilities Authority of the State of Missouri RB
Series A
3.65%, 01/15/46		250		261,080
Missouri Highway & Transportation Commission RB BAB
5.45%, 05/01/33		500		608,110
University of Missouri RB BAB
5.79%, 11/01/41		400		546,400

				1,415,590
NEVADA — 0.02%
County of Clark Department of Aviation RB BAB
Series C
6.82%, 07/01/45		120		178,130

				178,130
NEW JERSEY — 0.53%
New Jersey Economic Development Authority RB
Series A
7.43%, 02/15/29 (NPFGC)		675		824,958
New Jersey State Turnpike Authority RB BAB
7.10%, 01/01/41		1,225		1,810,587
Series F
7.41%, 01/01/40		500		757,730


Security	Principal (000s)		Value
New Jersey Transportation Trust Fund Authority RB BAB
Series C
5.75%, 12/15/28	$	1,020	$	1,068,583
Rutgers The State University of New Jersey RB BAB
5.67%, 05/01/40		350		424,329

				4,886,187
NEW YORK — 1.44%
City of New York NY GO BAB
5.85%, 06/01/40		290		376,994
5.99%, 12/01/36		145		185,612
6.27%, 12/01/37		625		832,750
Series C-1
5.52%, 10/01/37		185		229,246
Housing Development Corp./NY RB
3.71%, 02/15/48		500		526,980
Metropolitan Transportation Authority RB BAB
6.09%, 11/15/40		250		332,920
6.67%, 11/15/39		385		518,429
Series A
5.87%, 11/15/39		100		122,929
Series B
6.65%, 11/15/39		200		272,384
Series C-1
6.69%, 11/15/40		475		648,822
Series E
6.81%, 11/15/40		400		561,804
New York City Transitional Finance Authority Future Tax Secured Revenue RB
5.27%, 05/01/27		450		531,689
New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB
5.51%, 08/01/37		200		250,870
5.57%, 11/01/38		250		315,210
New York City Water & Sewer System RB BAB
5.44%, 06/15/43		425		537,663
5.75%, 06/15/41		275		362,288
5.88%, 06/15/44		550		750,915
6.01%, 06/15/42		350		485,142


50		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
New York State Dormitory Authority RB BAB
5.39%, 03/15/40	$	625	$	790,187
5.50%, 03/15/30		200		246,610
5.63%, 03/15/39		200		255,288
New York State Urban Development Corp. RB BAB
5.84%, 03/15/40		350		437,479
Port Authority of New York & New Jersey RB
4.46%, 10/01/62		835		911,144
4.82%, 06/01/45 (Call 06/01/25)		100		105,338
4.93%, 10/01/51		1,000		1,166,970
Series 182
5.31%, 08/01/46 (Call 08/01/24)		1,250		1,349,912
Series 192
4.81%, 10/15/65		100		114,469

				13,220,044
OHIO — 0.37%
American Municipal Power Inc. RB BAB
7.50%, 02/15/50		570		785,962
8.08%, 02/15/50		500		751,295
Ohio State University (The) RB
Series A
3.80%, 12/01/46		500		516,335
4.80%, 06/01/11		200		211,684
Ohio State University (The) RB BAB
4.91%, 06/01/40		550		646,239
Ohio Water Development Authority Water Pollution Control Loan Fund RB BAB
4.88%, 12/01/34		400		467,944

				3,379,459
OREGON — 0.12%
Oregon School Boards Association GOL
Series B
5.55%, 06/30/28 (NPFGC)		250		296,528
5.68%, 06/30/28 (NPFGC)		500		614,035
State of Oregon Department of Transportation RB BAB
Series 2010A
5.83%, 11/15/34		175		228,849

				1,139,412


Security	Principal (000s)		Value
PENNSYLVANIA — 0.12%
Commonwealth of Pennsylvania GO BAB
5.45%, 02/15/30	$	300	$	353,616
Series B
4.65%, 02/15/26		100		109,878
Pennsylvania Turnpike Commission RB BAB
Series B
5.56%, 12/01/49		480		605,107

				1,068,601
TEXAS — 0.86%
City of Houston TX Combined Utility System Revenue RB
Series B
3.83%, 05/15/28		300		330,012
City of Houston TX GOL
Series A
6.29%, 03/01/32		395		492,008
City Public Service Board of San Antonio TX RB
4.43%, 02/01/42		250		284,445
City Public Service Board of San Antonio TX RB BAB
5.81%, 02/01/41		550		699,941
Dallas Area Rapid Transit RB BAB
6.00%, 12/01/44		425		575,646
Dallas Convention Center Hotel Development Corp. RB BAB
7.09%, 01/01/42		340		457,341
Dallas County Hospital District GOL BAB
Series C
5.62%, 08/15/44		250		321,803
Dallas Independent School District GO BAB
6.45%, 02/15/35 (Call 02/15/21) (PSF)		550		658,542
North Texas Tollway Authority RB BAB
8.91%, 02/01/30 (Call 02/01/20)		550		662,568
State of Texas GO BAB
5.52%, 04/01/39		625		820,550


SCHEDULEOF INVESTMENTS			51

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016


Security	Principal (000s)		Value
Series A
4.63%, 04/01/33	$	500	$	572,835
4.68%, 04/01/40		300		353,067
Texas Transportation Commission State Highway Fund RB BAB
Series B
5.18%, 04/01/30		825		1,008,414
University of Texas System (The) RB BAB
Series B
6.28%, 08/15/41 (Call 08/15/19)		370		417,578
Series D
5.13%, 08/15/42		250		306,140

				7,960,890
UTAH — 0.04%
Utah Transit Authority RB BAB
Series B
5.94%, 06/15/39		250		327,550

				327,550
VIRGINIA — 0.05%
University of Virginia RB BAB
6.20%, 09/01/39		300		421,545

				421,545
WASHINGTON — 0.12%
Central Puget Sound Regional Transit Authority RB BAB
5.49%, 11/01/39		150		192,409
State of Washington GO BAB
5.14%, 08/01/40		750		954,945

				1,147,354

TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $75,296,260)				76,449,063

U.S. GOVERNMENT OBLIGATIONS — 0.11%
U.S. Treasury Note/Bond
2.50%, 02/15/46^a		1,000		966,600

TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost: $960,331)				966,600


Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 8.89%

MONEY MARKET FUNDS — 8.89%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.50%^e,f,g		63,877	$	63,876,968
BlackRock Cash Funds: Prime, SL Agency Shares
0.49%^e,f,g		4,791		4,791,422
BlackRock Cash Funds: Treasury, SL Agency Shares
0.28%^e,f		13,117		13,117,162

				81,785,552

TOTAL SHORT-TERM INVESTMENTS
(Cost: $81,785,552)				81,785,552

TOTAL INVESTMENTS IN SECURITIES — 106.83%
(Cost: $974,963,085)				982,794,007
Other Assets, Less Liabilities — (6.83)%				(62,828,415	)

NET ASSETS — 100.00%			$	919,965,592

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	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	Investments are denominated in U.S. dollars.

^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.


52		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Assets and Liabilities (Unaudited)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2016



ASSETS
Investments, at cost:
Unaffiliated	$	893,177,533
Affiliated		81,785,552

Total cost of investments	$	974,963,085

Investments in securities, at fair value (including securities on loan^a):
Unaffiliated	$	901,008,455
Affiliated		81,785,552

Total fair value of investments		982,794,007
Receivables:
Due from custodian		157,720
Interest		11,483,772

Total Assets		994,435,499


LIABILITIES
Payables:
Investment securities purchased		5,654,264
Collateral for securities on loan		68,668,390
Investment advisory fees		147,253

Total Liabilities		74,469,907


NET ASSETS	$	919,965,592


Net assets consist of:
Paid-in capital	$	921,719,222
Undistributed net investment income		2,897,662
Accumulated net realized loss		(12,482,214	)
Net unrealized appreciation		7,830,922

NET ASSETS	$	919,965,592


Shares outstanding^b		15,300,000


Net asset value per share	$	60.13

^a	Securities on loan with a value of $66,984,171.

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


STATEMENTOF ASSETSAND LIABILITIES			53

Schedule of Investments

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 82.24%

ADVERTISING — 0.04%
WPP Finance 2010
5.13%, 09/07/42	$	55	$	51,703
5.63%, 11/15/43		229		232,708

				284,411
AEROSPACE & DEFENSE — 1.66%
Boeing Co. (The)
3.30%, 03/01/35 (Call 09/01/34)		295		278,624
3.50%, 03/01/45 (Call 09/01/44)		403		378,506
6.63%, 02/15/38		16		21,898
6.88%, 03/15/39		282		399,545
General Dynamics Corp.
3.60%, 11/15/42 (Call 05/15/42)^a		406		398,476
Lockheed Martin Corp.
3.60%, 03/01/35 (Call 09/01/34)		411		383,558
3.80%, 03/01/45 (Call 09/01/44)		374		349,069
4.07%, 12/15/42		1,006		980,340
4.50%, 05/15/36 (Call 11/15/35)		941		988,927
4.70%, 05/15/46 (Call 11/15/45)		509		546,543
4.85%, 09/15/41		529		569,560
Series B
6.15%, 09/01/36		189		233,086
Northrop Grumman Corp.
3.85%, 04/15/45 (Call 10/15/44)^a		100		95,610
4.75%, 06/01/43		451		489,485
5.05%, 11/15/40		311		346,784
Northrop Grumman Systems Corp.
7.75%, 02/15/31		505		708,055
Raytheon Co.
4.20%, 12/15/44 (Call 06/15/44)^a		218		233,037
4.70%, 12/15/41		398		452,297
4.88%, 10/15/40		100		115,864
7.20%, 08/15/27		155		212,429
Rockwell Collins Inc.
4.80%, 12/15/43 (Call 06/15/43)		261		287,643
United Technologies Corp.
4.15%, 05/15/45 (Call 11/16/44)		75		72,774
4.50%, 06/01/42		2,884		2,951,269
5.40%, 05/01/35		11		12,678
5.70%, 04/15/40		222		262,422
6.05%, 06/01/36		196		237,265
6.13%, 07/15/38		18		22,185


Security	Principal (000s)		Value
6.70%, 08/01/28	$	775	$	1,005,547
7.50%, 09/15/29		14		19,368

				13,052,844
AGRICULTURE — 1.30%
Altria Group Inc.
4.25%, 08/09/42		476		453,473
4.50%, 05/02/43		11		10,881
5.38%, 01/31/44		1,902		2,145,608
9.95%, 11/10/38		121		197,961
10.20%, 02/06/39		138		230,878
Archer-Daniels-Midland Co.
4.02%, 04/16/43^a		649		626,719
4.54%, 03/26/42		378		393,668
Lowe’s Companies Inc.
4.25%, 09/15/44 (Call 03/15/44)		307		313,610
Philip Morris International Inc.
3.88%, 08/21/42		26		24,899
4.13%, 03/04/43		217		217,185
4.25%, 11/10/44^a		1,800		1,842,229
4.38%, 11/15/41		86		88,352
4.50%, 03/20/42		21		21,993
4.88%, 11/15/43		230		255,276
6.38%, 05/16/38		657		844,106
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		311		350,584
5.85%, 08/15/45 (Call 02/15/45)		1,060		1,244,318
6.15%, 09/15/43		381		451,928
7.25%, 06/15/37		403		507,976

				10,221,644
AIRLINES — 0.37%
American Airlines 2014-1 Pass Through Trust Class A
3.70%, 04/01/28		215		213,931
American Airlines 2015-1 Pass Through Trust Class A
3.38%, 11/01/28		1,337		1,290,592
American Airlines 2016-1 Pass Through Trust Class AA
3.58%, 07/15/29		18		18,135
United Airlines 2014-1 Pass Through Trust Class A
4.00%, 10/11/27^a		353		361,128


54		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
United Airlines 2014-2 Pass Through Trust Class A
3.75%, 03/03/28	$	1,026	$	1,028,565
United Airlines 2015-1 Pass Through Trust Class AA
3.45%, 06/01/29		4		4,010

				2,916,361
APPAREL — 0.16%
NIKE Inc.
3.63%, 05/01/43 (Call 11/01/42)		255		248,327
3.88%, 11/01/45 (Call 05/01/45)		525		532,841
VF Corp.
6.00%, 10/15/33		150		184,869
6.45%, 11/01/37		221		290,150

				1,256,187
AUTO MANUFACTURERS — 0.77%
Daimler Finance North America LLC
8.50%, 01/18/31		560		837,149
Ford Holdings LLC
9.30%, 03/01/30^a		100		133,343
Ford Motor Co.
4.75%, 01/15/43^a		900		816,341
6.38%, 02/01/29		350		390,372
6.63%, 10/01/28		16		18,179
7.40%, 11/01/46		114		137,916
7.45%, 07/16/31		1,231		1,486,260
General Motors Co.
5.00%, 04/01/35		102		88,310
5.20%, 04/01/45		710		605,593
6.25%, 10/02/43		831		798,318
6.60%, 04/01/36 (Call 10/01/35)		710		733,693

				6,045,474
AUTO PARTS & EQUIPMENT — 0.17%
BorgWarner Inc.
4.38%, 03/15/45 (Call 09/15/44)^a		185		164,542
Johnson Controls Inc.
4.63%, 07/02/44 (Call 01/02/44)		375		340,115
4.95%, 07/02/64 (Call 01/02/64)		100		86,838
5.25%, 12/01/41 (Call 06/01/41)		5		4,958
5.70%, 03/01/41		5		5,268
6.00%, 01/15/36		641		699,018

				1,300,739


Security	Principal (000s)		Value
BANKS — 8.11%
Bank of America Corp.
4.25%, 10/22/26	$	1,953	$	1,937,849
4.88%, 04/01/44		1,314		1,368,542
5.00%, 01/21/44		1,153		1,217,563
5.88%, 02/07/42		570		659,418
6.11%, 01/29/37		600		648,259
6.75%, 06/01/28		14		16,235
7.75%, 05/14/38		931		1,189,108
Series L
4.75%, 04/21/45		8		7,339
Bank One Corp.
7.63%, 10/15/26		231		291,604
8.00%, 04/29/27		229		296,557
Barclays PLC
5.25%, 08/17/45^a		810		773,826
Branch Banking & Trust Co.
3.80%, 10/30/26 (Call 09/30/26)		528		551,827
Citigroup Inc.
4.30%, 11/20/26		1,000		975,499
4.45%, 09/29/27		1,750		1,712,554
4.65%, 07/30/45		1,050		1,056,736
4.95%, 11/07/43		421		438,531
5.30%, 05/06/44		565		564,157
5.88%, 02/22/33		16		16,911
5.88%, 01/30/42		626		709,036
6.00%, 10/31/33		16		17,159
6.13%, 08/25/36		422		461,857
6.63%, 01/15/28		11		13,718
6.63%, 06/15/32		625		710,140
6.68%, 09/13/43		296		344,577
6.88%, 02/15/98		100		129,074
8.13%, 07/15/39		510		727,322
Comerica Inc.
3.80%, 07/22/26		125		120,399
Cooperatieve Rabobank UA/NY
5.25%, 05/24/41		350		403,251
5.25%, 08/04/45^a		541		548,329
5.75%, 12/01/43		850		943,710
Credit Suisse Group Funding Guernsey Ltd.
4.88%, 05/15/45^a		786		716,022
Discover Bank/Greenwood DE
4.25%, 03/13/26		500		492,318


SCHEDULEOF INVESTMENTS			55

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Fifth Third Bancorp.
8.25%, 03/01/38	$	464	$	655,186
Goldman Sachs Group Inc. (The)
4.75%, 10/21/45 (Call 04/21/45)		986		1,000,059
4.80%, 07/08/44 (Call 01/08/44)		1,861		1,886,813
5.15%, 05/22/45		550		525,217
5.95%, 01/15/27		800		884,947
6.13%, 02/15/33^a		951		1,110,625
6.25%, 02/01/41		1,220		1,463,457
6.45%, 05/01/36		450		495,274
6.75%, 10/01/37		2,465		2,797,327
HSBC Bank PLC
7.65%, 05/01/25		100		125,225
HSBC Bank USA N.A./New York NY
5.63%, 08/15/35		1,750		1,849,187
HSBC Holdings PLC
5.25%, 03/14/44		612		581,062
6.10%, 01/14/42		416		516,391
6.50%, 05/02/36		1,056		1,155,097
6.50%, 09/15/37		1,007		1,104,891
6.80%, 06/01/38		600		681,761
7.63%, 05/17/32		421		502,979
JPMorgan Chase & Co.
4.13%, 12/15/26		1,821		1,842,091
4.25%, 10/01/27		968		980,247
4.85%, 02/01/44^a		1,543		1,704,284
4.95%, 06/01/45^a		718		724,644
5.40%, 01/06/42		362		413,893
5.50%, 10/15/40		517		596,860
5.60%, 07/15/41		666		780,637
5.63%, 08/16/43		319		348,101
6.40%, 05/15/38		945		1,201,666
KfW
0.00%, 04/18/36		1,200		669,865
0.00%, 06/29/37		800		426,846
Morgan Stanley
3.95%, 04/23/27		800		770,484
4.30%, 01/27/45		1,300		1,242,001
4.35%, 09/08/26		331		329,856
6.38%, 07/24/42		1,055		1,309,536
7.25%, 04/01/32		941		1,233,653
Regions Bank/Birmingham AL
6.45%, 06/26/37		271		317,814


Security	Principal (000s)		Value
Regions Financial Corp.
7.38%, 12/10/37	$	200	$	246,952
Travelers Companies Inc. (The)
4.30%, 08/25/45 (Call 02/25/45)		200		207,448
Wachovia Corp.
5.50%, 08/01/35		376		408,502
6.55%, 10/15/35		150		178,641
7.50%, 04/15/35		57		74,329
Wells Fargo & Co.
3.90%, 05/01/45		1,513		1,451,840
4.10%, 06/03/26		1,008		1,034,192
4.30%, 07/22/27		1,185		1,229,188
4.65%, 11/04/44^a		2,180		2,126,000
4.90%, 11/17/45		590		600,215
5.38%, 02/07/35		341		392,489
5.38%, 11/02/43		350		371,725
5.61%, 01/15/44		2,006		2,200,545
Wells Fargo Bank N.A.
5.95%, 08/26/36		476		574,226
Wells Fargo Capital X
5.95%, 12/01/86		311		308,779

				63,692,474
BEVERAGES — 2.46%
Anheuser-Busch Companies LLC
5.95%, 01/15/33		21		24,140
6.45%, 09/01/37		200		246,738
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43		50		46,866
4.63%, 02/01/44		245		253,413
4.70%, 02/01/36 (Call 08/01/35)		2,814		2,942,206
4.90%, 02/01/46 (Call 08/01/45)		4,820		5,165,593
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42		1,400		1,264,899
6.38%, 01/15/40		300		371,141
8.00%, 11/15/39		136		195,710
8.20%, 01/15/39		935		1,363,276
Brown-Forman Corp.
3.75%, 01/15/43 (Call 07/15/42)		309		292,936
4.50%, 07/15/45 (Call 01/15/45)^a		118		125,118
Coca-Cola FEMSA SAB de CV
5.25%, 11/26/43		271		290,450


56		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Diageo Capital PLC
3.88%, 04/29/43 (Call 10/29/42)^a	$	136	$	131,883
5.88%, 09/30/36		773		942,975
Diageo Investment Corp.
4.25%, 05/11/42		202		207,165
7.45%, 04/15/35		11		15,202
Dr Pepper Snapple Group Inc.
4.50%, 11/15/45 (Call 05/15/45)		363		370,737
7.45%, 05/01/38		100		140,045
Fomento Economico Mexicano SAB de CV
4.38%, 05/10/43		514		471,516
Molson Coors Brewing Co.
5.00%, 05/01/42		456		450,738
Pepsi Bottling Group Inc. (The) Series B
7.00%, 03/01/29		1,428		1,957,048
PepsiAmericas Inc.
5.50%, 05/15/35		11		12,856
PepsiCo Inc.
3.60%, 08/13/42		502		468,646
4.00%, 03/05/42		207		205,025
4.25%, 10/22/44 (Call 04/22/44)^a		509		518,258
4.60%, 07/17/45 (Call 01/17/45)		300		327,945
4.88%, 11/01/40		216		236,156
5.50%, 01/15/40		246		290,195

				19,328,876
BIOTECHNOLOGY — 1.56%
Amgen Inc.
4.40%, 05/01/45 (Call 11/01/44)		546		521,801
4.95%, 10/01/41		225		223,065
5.15%, 11/15/41 (Call 05/15/41)		1,100		1,121,869
5.38%, 05/15/43 (Call 11/15/42)		1,598		1,695,515
5.65%, 06/15/42 (Call 12/15/41)		21		23,095
5.75%, 03/15/40		300		328,608
6.38%, 06/01/37		618		723,032
6.40%, 02/01/39		291		343,540
6.90%, 06/01/38		41		51,002
Biogen Inc.
5.20%, 09/15/45 (Call 03/15/45)		863		881,301
Celgene Corp.
4.63%, 05/15/44 (Call 11/15/43)		275		259,093
5.00%, 08/15/45 (Call 02/15/45)		1,050		1,072,738
5.25%, 08/15/43		405		413,326


Security	Principal (000s)		Value
Gilead Sciences Inc.
4.50%, 02/01/45 (Call 08/01/44)	$	1,376	$	1,395,970
4.60%, 09/01/35 (Call 03/01/35)		514		533,222
4.75%, 03/01/46 (Call 09/01/45)		1,594		1,674,902
4.80%, 04/01/44 (Call 10/01/43)		613		642,894
5.65%, 12/01/41 (Call 06/01/41)		286		331,039

				12,236,012
BUILDING MATERIALS — 0.04%
Owens Corning
7.00%, 12/01/36		319		345,793

				345,793
CHEMICALS — 1.63%
Agrium Inc.
4.13%, 03/15/35 (Call 09/15/34)		87		70,682
4.90%, 06/01/43 (Call 12/01/42)		286		247,104
5.25%, 01/15/45 (Call 07/15/44)		254		229,284
6.13%, 01/15/41 (Call 07/15/40)		268		265,119
7.13%, 05/23/36		100		109,836
Albemarle Corp.
5.45%, 12/01/44 (Call 06/01/44)		261		251,456
CF Industries Inc.
4.95%, 06/01/43		300		239,032
5.15%, 03/15/34		510		437,001
5.38%, 03/15/44^a		200		169,786
Dow Chemical Co. (The)
4.25%, 10/01/34 (Call 04/01/34)		950		865,488
4.38%, 11/15/42 (Call 05/15/42)		16		14,361
4.63%, 10/01/44 (Call 04/01/44)^a		416		385,850
5.25%, 11/15/41 (Call 05/15/41)		385		382,853
7.38%, 11/01/29		336		426,193
9.40%, 05/15/39		469		666,540
Eastman Chemical Co.
4.65%, 10/15/44 (Call 04/15/44)		475		407,981
4.80%, 09/01/42 (Call 03/01/42)		275		239,354
Ecolab Inc.
5.50%, 12/08/41		338		379,233
EI du Pont de Nemours & Co.
4.15%, 02/15/43^a		443		389,976
4.90%, 01/15/41		496		484,833
5.60%, 12/15/36		11		11,398
Lubrizol Corp.
6.50%, 10/01/34		120		156,094


SCHEDULEOF INVESTMENTS			57

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)	$	345	$	311,634
5.25%, 07/15/43		237		221,988
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)		763		626,086
Methanex Corp.
5.65%, 12/01/44 (Call 06/01/44)		200		154,485
Monsanto Co.
3.60%, 07/15/42 (Call 01/15/42)^a		260		195,783
3.95%, 04/15/45 (Call 10/15/44)		235		187,891
4.20%, 07/15/34 (Call 01/15/34)		573		511,329
4.40%, 07/15/44 (Call 01/15/44)		800		693,881
4.65%, 11/15/43 (Call 05/15/43)		16		14,056
4.70%, 07/15/64 (Call 01/15/64)		25		19,544
5.88%, 04/15/38		11		11,366
Series 1
5.50%, 07/30/35		100		100,473
Mosaic Co. (The)
5.45%, 11/15/33 (Call 05/15/33)		208		197,569
5.63%, 11/15/43 (Call 05/15/43)		486		451,618
Potash Corp. of Saskatchewan Inc.
5.63%, 12/01/40^a		614		649,184
5.88%, 12/01/36		101		109,452
PPG Industries Inc.
5.50%, 11/15/40		14		15,715
Praxair Inc.
3.20%, 01/30/26 (Call 10/30/25)^a		250		261,195
3.55%, 11/07/42 (Call 05/07/42)		400		370,023
Rohm & Haas Co.
7.85%, 07/15/29		221		288,449
RPM International Inc.
5.25%, 06/01/45 (Call 12/01/44)		11		10,822
Sherwin-Williams Co. (The)
4.00%, 12/15/42 (Call 06/15/42)		350		349,434
Valspar Corp. (The)
4.40%, 02/01/45 (Call 08/01/44)		211		197,566

				12,778,997
COMMERCIAL SERVICES — 0.62%
Board of Trustees of The Leland Stanford Junior University (The)
3.46%, 05/01/47		16		15,849
California Institute of Technology
4.32%, 08/01/45		12		13,192


Security	Principal (000s)		Value
Catholic Health Initiatives
4.35%, 11/01/42	$	546	$	536,872
Cleveland Clinic Foundation (The)
4.86%, 01/01/14		267		278,220
Equifax Inc.
7.00%, 07/01/37		11		12,737
George Washington University (The)
4.87%, 09/15/45		16		18,213
Johns Hopkins University Series 2013
4.08%, 07/01/53		11		11,580
Massachusetts Institute of Technology
3.96%, 07/01/38		9		9,745
4.68%, 07/01/14		511		559,069
5.60%, 07/01/11		428		558,945
McGraw Hill Financial Inc.
4.40%, 02/15/26 (Call 11/15/25)		500		524,533
6.55%, 11/15/37		11		12,667
Metropolitan Museum of Art (The) Series 2015
3.40%, 07/01/45		13		12,509
Northwestern University
3.69%, 12/01/38		286		293,472
3.87%, 12/01/48		11		11,531
President and Fellows of Harvard College
3.62%, 10/01/37		5		5,120
6.30%, 10/01/37 (Call 04/01/16)		291		292,746
Princeton University
5.70%, 03/01/39		380		510,614
Tufts University Series 2012
5.02%, 04/15/12		250		274,730
University of Notre Dame du Lac Series 2015
3.44%, 02/15/45		9		8,805
University of Southern California
5.25%, 10/01/11		250		300,215
Verisk Analytics Inc.
5.50%, 06/15/45 (Call 12/15/44)^a		111		102,521
Western Union Co. (The)
6.20%, 11/17/36^a		116		112,572
6.20%, 06/21/40^a		350		334,764


58		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
William Marsh Rice University
3.57%, 05/15/45	$	21	$	20,870

				4,832,091
COMPUTERS — 1.30%
Apple Inc.
3.45%, 02/09/45		1,920		1,662,771
3.85%, 05/04/43		425		395,163
4.38%, 05/13/45		933		941,461
4.45%, 05/06/44		573		583,188
4.50%, 02/23/36 (Call 08/23/35)		1,250		1,306,385
4.65%, 02/23/46 (Call 08/23/45)		205		215,170
Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)^b		287		250,550
6.35%, 10/15/45 (Call 04/15/45)^b		778		664,013
HP Enterprise Services LLC
7.45%, 10/15/29		430		489,967
HP Inc.
6.00%, 09/15/41		553		450,726
International Business Machines Corp.
4.00%, 06/20/42^a		406		386,923
4.70%, 02/19/46		500		523,145
5.60%, 11/30/39^a		324		376,183
5.88%, 11/29/32		311		376,966
6.22%, 08/01/27		555		702,573
6.50%, 01/15/28		355		452,098
Seagate HDD Cayman
4.88%, 06/01/27 (Call 03/01/27)^b		410		287,000
5.75%, 12/01/34 (Call 06/01/34)		250		149,375

				10,213,657
COSMETICS & PERSONAL CARE — 0.29%
Colgate-Palmolive Co.
4.00%, 08/15/45		261		277,414
Estee Lauder Companies Inc. (The)
3.70%, 08/15/42		200		190,896
4.38%, 06/15/45 (Call 12/15/44)		11		11,527
6.00%, 05/15/37		280		348,928
Procter & Gamble Co. (The)
5.50%, 02/01/34		61		74,747
5.55%, 03/05/37		960		1,208,123
5.80%, 08/15/34^a		131		165,330

				2,276,965


Security	Principal (000s)		Value
DISTRIBUTION & WHOLESALE — 0.09%
WW Grainger Inc.
4.60%, 06/15/45 (Call 12/15/44)	$	635	$	688,363

				688,363
DIVERSIFIED FINANCIAL SERVICES — 2.30%
American Express Co.
4.05%, 12/03/42		687		658,792
AXA Financial Inc.
7.00%, 04/01/28		14		17,622
Charles Schwab Corp. (The)
3.45%, 02/13/26 (Call 11/13/25)		90		93,455
CME Group Inc./IL
5.30%, 09/15/43 (Call 03/15/43)		341		391,625
Credit Suisse USA Inc.
7.13%, 07/15/32^a		468		583,684
GE Capital International Funding Co.
4.42%, 11/15/35^b		5,500		5,719,523
General Electric Co.
5.88%, 01/14/38		808		1,012,448
6.15%, 08/07/37		222		287,996
6.88%, 01/10/39		1,271		1,765,111
Series A
6.75%, 03/15/32		2,469		3,281,122
Goldman Sachs Capital I
6.35%, 02/15/34		326		366,774
Invesco Finance PLC
5.38%, 11/30/43		16		17,638
Jefferies Group LLC
6.25%, 01/15/36		411		354,164
6.45%, 06/08/27		271		264,802
Legg Mason Inc.
5.63%, 01/15/44		218		209,552
National Rural Utilities Cooperative Finance Corp. Series C
8.00%, 03/01/32		271		385,751
Visa Inc.
4.15%, 12/14/35 (Call 06/14/35)		878		929,630
4.30%, 12/14/45 (Call 06/14/45)		1,640		1,753,936

				18,093,625
ELECTRIC — 9.73%
Alabama Power Co.
3.75%, 03/01/45 (Call 09/01/44)		471		450,920


SCHEDULEOF INVESTMENTS			59

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
3.85%, 12/01/42	$	50	$	49,098
4.10%, 01/15/42		11		11,070
4.15%, 08/15/44 (Call 02/15/44)		412		423,060
4.30%, 01/02/46 (Call 07/02/45)		257		270,249
6.00%, 03/01/39		126		157,952
6.13%, 05/15/38		273		345,637
Series 11-C
5.20%, 06/01/41		911		1,058,205
Ameren Corp.
3.65%, 02/15/26 (Call 11/15/25)		210		215,340
Ameren Illinois Co.
4.15%, 03/15/46 (Call 09/15/45)^a		257		270,081
4.80%, 12/15/43 (Call 06/15/43)		11		12,533
Appalachian Power Co.
4.40%, 05/15/44 (Call 11/15/43)		11		10,756
4.45%, 06/01/45 (Call 12/01/44)		200		199,997
6.38%, 04/01/36		761		886,262
7.00%, 04/01/38		231		293,804
Series L
5.80%, 10/01/35		5		5,727
Series P
6.70%, 08/15/37		11		12,789
Arizona Public Service Co.
4.50%, 04/01/42 (Call 10/01/41)		151		162,772
4.70%, 01/15/44 (Call 07/15/43)		250		280,748
5.50%, 09/01/35		150		177,789
Berkshire Hathaway Energy Co.
4.50%, 02/01/45 (Call 08/01/44)		1,250		1,248,006
5.15%, 11/15/43 (Call 05/15/43)		810		877,403
5.95%, 05/15/37		450		531,025
6.13%, 04/01/36		1,040		1,237,318
6.50%, 09/15/37		194		242,204
8.48%, 09/15/28		224		321,049
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		450		423,474
4.50%, 04/01/44 (Call 10/01/43)		335		365,201
Cleco Power LLC
6.00%, 12/01/40		361		417,000
CMS Energy Corp.
4.70%, 03/31/43 (Call 09/30/42)		3		3,064
4.88%, 03/01/44 (Call 09/01/43)		336		349,815
Commonwealth Edison Co.
3.70%, 03/01/45 (Call 09/01/44)		1,355		1,283,435


Security	Principal (000s)		Value
3.80%, 10/01/42 (Call 04/01/42)	$	111	$	107,212
4.60%, 08/15/43 (Call 02/15/43)		8		8,663
4.70%, 01/15/44 (Call 07/15/43)		461		505,449
5.88%, 02/01/33		100		121,366
5.90%, 03/15/36		514		634,792
Connecticut Light & Power Co. (The)
4.30%, 04/15/44 (Call 10/15/43)		311		328,666
6.35%, 06/01/36		155		203,681
Consolidated Edison Co. of New York Inc.
3.95%, 03/01/43 (Call 09/01/42)		327		320,097
4.45%, 03/15/44 (Call 09/15/43)		500		527,888
4.50%, 12/01/45 (Call 06/01/45)		257		275,332
5.50%, 12/01/39		208		246,292
5.70%, 06/15/40		315		391,491
Series 05-A
5.30%, 03/01/35		50		57,796
Series 06-A
5.85%, 03/15/36		325		399,182
Series 06-B
6.20%, 06/15/36		461		574,440
Series 06-E
5.70%, 12/01/36		544		647,005
Series 08-B
6.75%, 04/01/38		340		457,420
Series 12-A
4.20%, 03/15/42		8		8,076
Consumers Energy Co.
3.95%, 05/15/43 (Call 11/15/42)^a		75		76,750
4.10%, 11/15/45 (Call 05/15/45)^a		255		267,501
4.35%, 08/31/64 (Call 02/28/64)		11		11,090
Delmarva Power & Light Co.
4.00%, 06/01/42 (Call 12/01/41)		605		604,032
Dominion Gas Holdings LLC
4.80%, 11/01/43 (Call 05/01/43)		15		14,864
Dominion Resources Inc./VA
4.70%, 12/01/44 (Call 06/01/44)^a		325		314,537
6.30%, 03/15/33		275		322,289
7.00%, 06/15/38		350		432,013
Series B
5.95%, 06/15/35		310		349,885
Series C
4.05%, 09/15/42 (Call 03/15/42)^a		5		4,400
4.90%, 08/01/41 (Call 02/01/41)		7		6,841


60		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Series F
5.25%, 08/01/33	$	319	$	339,314
DTE Electric Co.
3.70%, 03/15/45 (Call 09/15/44)		216		210,005
3.95%, 06/15/42 (Call 12/15/41)		158		157,743
4.30%, 07/01/44 (Call 01/01/44)		53		56,957
5.70%, 10/01/37		231		283,984
Series A
4.00%, 04/01/43 (Call 10/01/42)		200		205,306
6.63%, 06/01/36		200		268,682
DTE Energy Co.
6.38%, 04/15/33		135		165,725
Duke Energy Carolinas LLC
3.75%, 06/01/45 (Call 12/01/44)^a		590		550,235
4.00%, 09/30/42 (Call 03/30/42)		718		724,997
4.25%, 12/15/41 (Call 06/15/41)		344		359,283
5.30%, 02/15/40		545		645,122
6.00%, 01/15/38		7		8,956
6.05%, 04/15/38		646		826,948
6.10%, 06/01/37		400		495,782
6.45%, 10/15/32		86		111,280
Series A
6.00%, 12/01/28		16		19,989
Duke Energy Florida LLC
3.85%, 11/15/42 (Call 05/15/42)		280		274,952
6.35%, 09/15/37		211		277,043
6.40%, 06/15/38		251		334,370
Duke Energy Indiana LLC
6.12%, 10/15/35		76		91,265
6.35%, 08/15/38		21		27,855
6.45%, 04/01/39		418		559,151
Duke Energy Progress LLC
4.10%, 05/15/42 (Call 11/15/41)		396		399,776
4.10%, 03/15/43 (Call 09/15/42)		136		137,547
4.15%, 12/01/44 (Call 06/01/44)		972		978,458
4.20%, 08/15/45 (Call 02/15/45)		405		419,539
4.38%, 03/30/44 (Call 09/30/43)		359		377,668
6.30%, 04/01/38		250		328,968
El Paso Electric Co.
6.00%, 05/15/35		154		179,995
Entergy Arkansas Inc.
3.50%, 04/01/26 (Call 01/01/26)		500		525,904
Entergy Louisiana LLC
4.95%, 01/15/45 (Call 01/15/25)		205		211,052


Security	Principal (000s)		Value
Entergy Texas Inc.
5.15%, 06/01/45 (Call 06/01/25)	$	11	$	11,317
Exelon Corp.
4.95%, 06/15/35 (Call 12/15/34)^b		350		353,839
5.10%, 06/15/45 (Call 12/15/44)^b		15		15,320
5.63%, 06/15/35		21		22,995
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)		721		651,404
6.25%, 10/01/39^a		355		348,128
FirstEnergy Solutions Corp.
6.80%, 08/15/39		281		259,142
Florida Power & Light Co.
3.80%, 12/15/42 (Call 06/15/42)		100		101,504
4.05%, 06/01/42 (Call 12/01/41)		930		974,244
4.05%, 10/01/44 (Call 04/01/44)		808		844,138
4.13%, 02/01/42 (Call 08/01/41)		306		320,080
4.95%, 06/01/35		200		231,795
5.25%, 02/01/41 (Call 08/01/40)		171		206,839
5.65%, 02/01/37		96		120,989
5.69%, 03/01/40		99		125,559
5.95%, 02/01/38		113		146,923
Georgia Power Co.
4.30%, 03/15/42		439		431,578
4.30%, 03/15/43		21		20,605
5.40%, 06/01/40		315		355,071
5.95%, 02/01/39		14		16,862
Series 07-A
5.65%, 03/01/37		100		113,174
Series 10-C
4.75%, 09/01/40		169		178,345
Hydro-Quebec
9.50%, 11/15/30		200		340,533
Iberdrola International BV
6.75%, 07/15/36		346		417,306
Idaho Power Co.
3.65%, 03/01/45 (Call 09/01/44)		11		10,379
Indiana Michigan Power Co.
6.05%, 03/15/37		5		5,963
Series K
4.55%, 03/15/46		250		249,143
Interstate Power & Light Co.
6.25%, 07/15/39		5		6,588
Jersey Central Power & Light Co.
6.15%, 06/01/37		186		208,298


SCHEDULEOF INVESTMENTS			61

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
John Sevier Combined Cycle Generation LLC
4.63%, 01/15/42	$	236	$	259,765
Kansas City Power & Light Co.
5.30%, 10/01/41 (Call 04/01/41)		262		295,883
Series B
6.05%, 11/15/35		5		6,132
Kentucky Utilities Co.
4.38%, 10/01/45 (Call 04/01/45)		100		108,404
5.13%, 11/01/40 (Call 05/01/40)		184		215,877
Louisville Gas & Electric Co.
4.38%, 10/01/45 (Call 04/01/45)^a		109		117,762
4.65%, 11/15/43 (Call 05/15/43)		11		12,316
5.13%, 11/15/40 (Call 05/15/40)		100		117,341
MidAmerican Energy Co.
4.25%, 05/01/46 (Call 11/01/45)		111		115,992
4.40%, 10/15/44 (Call 04/15/44)		225		241,704
4.80%, 09/15/43 (Call 03/15/43)		28		31,482
5.75%, 11/01/35		11		13,485
6.75%, 12/30/31		11		14,768
Mississippi Power Co. Series 12-A
4.25%, 03/15/42		350		265,686
Nevada Power Co.
5.38%, 09/15/40 (Call 03/15/40)		8		9,307
5.45%, 05/15/41 (Call 11/15/40)		606		713,458
NiSource Finance Corp.
4.80%, 02/15/44 (Call 08/15/43)		455		479,366
5.25%, 02/15/43 (Call 08/15/42)		325		359,267
5.65%, 02/01/45 (Call 08/01/44)		6		6,910
5.80%, 02/01/42 (Call 08/01/41)		250		296,371
5.95%, 06/15/41 (Call 12/15/40)		276		316,883
Northern States Power Co./MN
3.40%, 08/15/42 (Call 02/15/42)		724		678,267
4.00%, 08/15/45 (Call 02/15/45)		90		92,987
4.13%, 05/15/44 (Call 11/15/43)		7		7,400
4.85%, 08/15/40 (Call 02/15/40)		390		452,019
5.25%, 07/15/35		50		59,801
5.35%, 11/01/39		5		6,070
6.25%, 06/01/36		106		139,236
NSTAR Electric Co.
4.40%, 03/01/44 (Call 09/01/43)		100		106,814
5.50%, 03/15/40		211		257,366


Security	Principal (000s)		Value
Oglethorpe Power Corp.
4.55%, 06/01/44^a	$	668	$	661,692
5.25%, 09/01/50		25		26,844
5.38%, 11/01/40		150		169,191
5.95%, 11/01/39		5		5,879
Ohio Edison Co.
6.88%, 07/15/36		355		444,173
8.25%, 10/15/38		11		16,383
Ohio Power Co. Series G
6.60%, 02/15/33		10		12,059
Oklahoma Gas & Electric Co.
4.00%, 12/15/44 (Call 06/15/44)		366		356,225
4.55%, 03/15/44 (Call 09/15/43)		186		201,033
5.25%, 05/15/41 (Call 11/15/40)		100		116,726
Oncor Electric Delivery Co. LLC
4.55%, 12/01/41 (Call 06/01/41)		250		255,294
5.25%, 09/30/40		305		335,917
5.30%, 06/01/42 (Call 12/01/41)		406		460,600
7.25%, 01/15/33		411		537,262
7.50%, 09/01/38		168		229,431
Pacific Gas & Electric Co.
4.25%, 03/15/46 (Call 09/15/45)		11		11,206
4.30%, 03/15/45 (Call 09/15/44)		107		110,767
4.45%, 04/15/42 (Call 10/15/41)		466		490,959
4.50%, 12/15/41 (Call 06/15/41)		290		305,332
4.60%, 06/15/43 (Call 12/15/42)		13		13,919
4.75%, 02/15/44 (Call 08/15/43)		382		417,373
5.13%, 11/15/43 (Call 05/15/43)		346		392,117
5.40%, 01/15/40		421		492,473
5.80%, 03/01/37		16		19,273
6.05%, 03/01/34		2,075		2,523,972
6.25%, 03/01/39		261		331,753
6.35%, 02/15/38		21		26,763
PacifiCorp
4.10%, 02/01/42 (Call 08/01/41)		290		294,141
6.00%, 01/15/39		400		506,547
6.10%, 08/01/36		105		134,366
6.25%, 10/15/37		121		156,832
PECO Energy Co.
4.15%, 10/01/44 (Call 04/01/44)		255		263,173
5.95%, 10/01/36		111		138,297
Pennsylvania Electric Co.
6.15%, 10/01/38		225		251,281


62		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Potomac Electric Power Co.
4.15%, 03/15/43 (Call 09/15/42)	$	66	$	67,940
6.50%, 11/15/37		175		233,764
7.90%, 12/15/38		11		16,673
PPL Capital Funding Inc.
4.70%, 06/01/43 (Call 12/01/42)		676		688,423
5.00%, 03/15/44 (Call 09/15/43)		385		405,200
PPL Electric Utilities Corp.
5.20%, 07/15/41 (Call 01/15/41)		391		460,388
6.25%, 05/15/39		5		6,618
Progress Energy Inc.
7.75%, 03/01/31		9		12,117
PSEG Power LLC
8.63%, 04/15/31		720		866,505
Public Service Co. of Colorado
3.60%, 09/15/42 (Call 03/15/42)		246		237,430
4.30%, 03/15/44 (Call 09/15/43)		411		436,460
6.25%, 09/01/37		60		80,082
6.50%, 08/01/38		100		138,065
Public Service Electric & Gas Co.
3.80%, 03/01/46		250		248,890
3.95%, 05/01/42 (Call 11/01/41)		220		226,845
4.05%, 05/01/45 (Call 11/01/44)^a		125		130,654
4.15%, 11/01/45 (Call 05/01/45)		16		16,895
5.38%, 11/01/39		100		122,306
5.50%, 03/01/40		7		8,723
5.80%, 05/01/37		216		274,767
Series I
4.00%, 06/01/44 (Call 12/01/43)		240		247,352
Puget Sound Energy Inc.
4.30%, 05/20/45 (Call 11/20/44)		111		117,440
4.43%, 11/15/41 (Call 05/15/41)		125		133,770
5.48%, 06/01/35		308		362,506
5.64%, 04/15/41 (Call 10/15/40)		360		453,139
5.76%, 10/01/39		131		163,615
5.80%, 03/15/40		56		71,129
6.27%, 03/15/37		5		6,472
6.72%, 06/15/36		150		203,606
7.02%, 12/01/27		271		368,184
San Diego Gas & Electric Co.
3.95%, 11/15/41		11		11,161
4.30%, 04/01/42 (Call 10/01/41)		158		168,441
4.50%, 08/15/40		211		230,495


Security	Principal (000s)		Value
5.35%, 05/15/35	$	125	$	150,095
5.35%, 05/15/40		75		91,135
6.13%, 09/15/37		100		132,050
South Carolina Electric & Gas Co.
4.35%, 02/01/42 (Call 08/01/41)		244		243,630
4.50%, 06/01/64 (Call 12/01/63)		261		260,488
4.60%, 06/15/43 (Call 12/15/42)		116		121,313
5.10%, 06/01/65 (Call 12/01/64)		150		164,213
5.30%, 05/15/33		5		5,629
5.45%, 02/01/41 (Call 08/01/40)		420		484,908
6.05%, 01/15/38		248		302,717
Southaven Combined Cycle Generation LLC
3.85%, 08/15/33		2		1,923
Southern California Edison Co.
3.90%, 12/01/41 (Call 06/01/41)		106		106,169
4.05%, 03/15/42 (Call 09/15/41)		50		50,963
4.50%, 09/01/40 (Call 03/01/40)		23		24,839
4.65%, 10/01/43 (Call 04/01/43)		341		376,861
5.50%, 03/15/40		242		297,733
5.63%, 02/01/36		75		91,859
5.75%, 04/01/35		5		6,229
6.00%, 01/15/34^a		266		337,012
6.05%, 03/15/39		150		193,075
6.65%, 04/01/29		121		156,415
Series 05-B
5.55%, 01/15/36		55		65,768
Series 05-E
5.35%, 07/15/35		289		345,164
Series 06-E
5.55%, 01/15/37		180		216,086
Series 08-A
5.95%, 02/01/38		664		845,014
Series 13-A
3.90%, 03/15/43 (Call 09/15/42)		155		155,772
Series C
3.60%, 02/01/45 (Call 08/01/44)		661		632,343
Southern Power Co.
5.15%, 09/15/41		200		183,788
Southwestern Electric Power Co.
3.90%, 04/01/45 (Call 10/01/44)		661		599,024
6.20%, 03/15/40		140		167,555


SCHEDULEOF INVESTMENTS			63

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Southwestern Public Service Co.
4.50%, 08/15/41 (Call 02/15/41)	$	50	$	54,091
6.00%, 10/01/36		561		685,171
Tampa Electric Co.
4.10%, 06/15/42 (Call 12/15/41)		315		314,500
4.20%, 05/15/45 (Call 11/15/44)		11		11,260
4.35%, 05/15/44 (Call 11/15/43)		385		401,501
6.55%, 05/15/36		5		6,581
Toledo Edison Co. (The)
6.15%, 05/15/37		1		1,170
TransAlta Corp.
6.50%, 03/15/40		136		70,720
Union Electric Co.
3.90%, 09/15/42 (Call 03/15/42)		940		953,927
8.45%, 03/15/39		11		17,723
Virginia Electric & Power Co.
4.00%, 01/15/43 (Call 07/15/42)		266		263,406
4.20%, 05/15/45 (Call 11/15/44)		7		7,201
4.45%, 02/15/44 (Call 08/15/43)		120		128,744
8.88%, 11/15/38		774		1,240,187
Series A
6.00%, 05/15/37		284		354,832
Series B
6.00%, 01/15/36		250		311,784
Series D
4.65%, 08/15/43 (Call 02/15/43)		21		22,659
Westar Energy Inc.
4.10%, 04/01/43 (Call 10/01/42)		5		5,140
4.13%, 03/01/42 (Call 09/01/41)		335		348,784
4.25%, 12/01/45 (Call 06/01/45)		350		375,722
Wisconsin Electric Power Co.
3.65%, 12/15/42 (Call 06/15/42)		265		253,624
4.25%, 06/01/44 (Call 12/01/43)^a		247		263,318
4.30%, 12/15/45 (Call 06/15/45)		195		211,770
Wisconsin Power & Light Co.
4.10%, 10/15/44 (Call 04/15/44)		663		684,383
6.38%, 08/15/37		140		187,346
Wisconsin Public Service Corp.
4.75%, 11/01/44 (Call 05/01/44)		155		180,087
Xcel Energy Inc.
4.80%, 09/15/41 (Call 03/15/41)		5		5,216
6.50%, 07/01/36		50		62,003

				76,410,792


Security	Principal (000s)			Value
ELECTRICAL COMPONENTS & EQUIPMENT — 0.02%
Emerson Electric Co.
6.00%, 08/15/32	$	135		$	164,933
6.13%, 04/15/39		12			15,334

					180,267
ELECTRONICS — 0.27%
Honeywell International Inc.
5.38%, 03/01/41		611			728,933
5.70%, 03/15/36		11			13,339
5.70%, 03/15/37		191			232,889
Koninklijke Philips NV
5.00%, 03/15/42		533			517,155
6.88%, 03/11/38		354			414,214
Thermo Fisher Scientific Inc.
5.30%, 02/01/44 (Call 08/01/43)		208			220,152

					2,126,682
ENGINEERING & CONSTRUCTION — 0.03%
ABB Finance USA Inc.
4.38%, 05/08/42		257			269,979
			��
					269,979
ENVIRONMENTAL CONTROL — 0.25%
Republic Services Inc.
5.70%, 05/15/41 (Call 11/15/40)		691			779,318
6.09%, 03/15/35		50			58,241
6.20%, 03/01/40		41			49,064
Waste Management Inc.
3.90%, 03/01/35 (Call 09/01/34)		613			595,372
4.10%, 03/01/45 (Call 09/01/44)		203			198,957
6.13%, 11/30/39		207			259,632

					1,940,584
FOOD — 1.56%
Ahold Finance USA LLC
6.88%, 05/01/29		11			13,646
Campbell Soup Co.
3.80%, 08/02/42		6			5,450
ConAgra Foods Inc.
7.00%, 10/01/28		230			278,799
7.13%, 10/01/26		57			68,730
8.25%, 09/15/30		284			393,332
Delhaize America LLC
9.00%, 04/15/31		5			6,662
Delhaize Group
5.70%, 10/01/40		627			662,125


64		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
General Mills Inc.
4.15%, 02/15/43 (Call 08/15/42)	$	5	$	5,000
5.40%, 06/15/40		476		552,060
Hershey Co. (The)
7.20%, 08/15/27		11		15,061
JM Smucker Co. (The)
4.25%, 03/15/35		650		653,396
4.38%, 03/15/45		118		118,294
Kellogg Co.
4.50%, 04/01/46		85		85,561
Series B
7.45%, 04/01/31		726		915,350
Kraft Foods Group Inc.
5.00%, 06/04/42		1,375		1,434,688
6.50%, 02/09/40		306		363,889
6.88%, 01/26/39		571		696,403
Kraft Heinz Foods Co.
5.00%, 07/15/35 (Call 01/15/35)^b		623		652,591
5.20%, 07/15/45 (Call 01/15/45)^b		650		697,833
Kroger Co. (The)
5.00%, 04/15/42 (Call 10/15/41)		100		107,399
5.15%, 08/01/43 (Call 02/01/43)		250		274,384
5.40%, 07/15/40 (Call 01/15/40)		366		407,586
6.90%, 04/15/38		253		326,561
7.50%, 04/01/31		397		526,832
Mondelez International Inc.
6.50%, 02/09/40		72		90,025
6.88%, 01/26/39		450		567,440
Sysco Corp.
4.85%, 10/01/45 (Call 04/01/45)		269		274,932
5.38%, 09/21/35		400		445,205
6.63%, 03/17/39		11		13,763
Tyson Foods Inc.
4.88%, 08/15/34 (Call 02/15/34)		549		565,965
5.15%, 08/15/44 (Call 02/15/44)		255		272,345
Unilever Capital Corp.
5.90%, 11/15/32		610		797,634

				12,288,941
FOREST PRODUCTS & PAPER — 0.45%
Domtar Corp.
6.75%, 02/15/44 (Call 08/15/43)		205		202,209
Georgia-Pacific LLC
7.75%, 11/15/29		791		1,033,492
8.88%, 05/15/31		14		20,027


Security	Principal (000s)		Value
International Paper Co.
4.80%, 06/15/44 (Call 12/15/43)	$	125	$	106,036
5.00%, 09/15/35 (Call 03/15/35)		50		48,425
5.15%, 05/15/46 (Call 11/15/45)		210		187,633
6.00%, 11/15/41 (Call 05/15/41)		786		769,818
7.30%, 11/15/39		260		281,304
8.70%, 06/15/38		246		314,059
WestRock MWV LLC
7.95%, 02/15/31		11		13,606
8.20%, 01/15/30		450		572,314

				3,548,923
GAS — 0.55%
AGL Capital Corp.
4.40%, 06/01/43 (Call 12/01/42)		6		5,805
5.88%, 03/15/41 (Call 09/15/40)		643		735,969
6.00%, 10/01/34		95		110,711
Atmos Energy Corp.
4.13%, 10/15/44 (Call 04/15/44)^a		713		714,780
5.50%, 06/15/41 (Call 12/15/40)		5		5,943
Dominion Gas Holdings LLC
4.60%, 12/15/44 (Call 06/15/44)^a		417		394,108
KeySpan Corp.
5.80%, 04/01/35		228		257,599
8.00%, 11/15/30		130		177,841
ONE Gas Inc.
4.66%, 02/01/44 (Call 08/01/43)		374		410,793
Piedmont Natural Gas Co. Inc.
4.10%, 09/18/34 (Call 03/18/34)		207		209,386
4.65%, 08/01/43 (Call 02/01/43)		3		3,237
Sempra Energy
6.00%, 10/15/39		901		991,845
Southern California Gas Co.
3.75%, 09/15/42 (Call 03/15/42)		5		4,942
Series KK
5.75%, 11/15/35		225		281,511

				4,304,470
HAND & MACHINE TOOLS — 0.00%
Stanley Black & Decker Inc.
5.20%, 09/01/40		5		5,653

				5,653
HEALTH CARE – PRODUCTS — 1.18%
Becton Dickinson and Co.
4.69%, 12/15/44 (Call 06/15/44)		496		509,788


SCHEDULEOF INVESTMENTS			65

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
4.88%, 05/15/44 (Call 11/15/43)	$	360	$	371,966
5.00%, 11/12/40		150		156,981
6.00%, 05/15/39		186		217,602
Boston Scientific Corp.
7.00%, 11/15/35		100		121,181
7.38%, 01/15/40		211		267,873
Covidien International Finance SA
6.55%, 10/15/37		396		510,063
Danaher Corp.
4.38%, 09/15/45 (Call 03/15/45)		9		9,641
Medtronic Inc.
4.00%, 04/01/43 (Call 10/01/42)		291		278,915
4.38%, 03/15/35		1,565		1,615,244
4.50%, 03/15/42 (Call 09/15/41)		11		11,322
4.63%, 03/15/44 (Call 09/15/43)		420		441,223
4.63%, 03/15/45		2,098		2,232,238
5.55%, 03/15/40		291		342,270
St. Jude Medical Inc.
4.75%, 04/15/43 (Call 10/15/42)		440		438,020
Stryker Corp.
4.10%, 04/01/43 (Call 10/01/42)		374		347,402
4.38%, 05/15/44 (Call 11/15/43)		135		131,056
Zimmer Biomet Holdings Inc.
4.25%, 08/15/35 (Call 02/15/35)		407		375,992
4.45%, 08/15/45 (Call 02/15/45)		524		479,075
5.75%, 11/30/39		381		419,880

				9,277,732
HEALTH CARE – SERVICES — 1.64%
Aetna Inc.
4.13%, 11/15/42 (Call 05/15/42)		261		239,788
4.50%, 05/15/42 (Call 11/15/41)		359		347,712
4.75%, 03/15/44 (Call 09/15/43)		225		228,129
6.63%, 06/15/36		311		376,745
6.75%, 12/15/37		285		348,129
Anthem Inc.
4.63%, 05/15/42		776		727,274
4.65%, 01/15/43		771		724,828
4.65%, 08/15/44 (Call 02/15/44)		241		226,188
4.85%, 08/15/54 (Call 02/15/54)		175		163,215
5.10%, 01/15/44		175		174,738
5.85%, 01/15/36		21		23,063
5.95%, 12/15/34		2		2,227
6.38%, 06/15/37		458		529,361


Security	Principal (000s)		Value
Ascension Health
4.85%, 11/15/53	$	11	$	12,395
Baylor Scott & White Holdings
4.19%, 11/15/45 (Call 05/15/45)		16		16,067
Cigna Corp.
5.38%, 02/15/42 (Call 08/15/41)		241		262,740
5.88%, 03/15/41 (Call 09/15/40)		403		455,010
6.15%, 11/15/36		100		115,288
7.88%, 05/15/27		11		14,593
Dignity Health
4.50%, 11/01/42		100		100,619
5.27%, 11/01/64		216		232,338
Humana Inc.
4.63%, 12/01/42 (Call 06/01/42)		306		284,478
4.95%, 10/01/44 (Call 04/01/44)		141		137,629
8.15%, 06/15/38		360		501,561
Kaiser Foundation Hospitals
4.88%, 04/01/42		354		391,060
Laboratory Corp. of America Holdings
4.70%, 02/01/45 (Call 08/01/44)^a		398		376,360
Mayo Clinic Series 2013
4.00%, 11/15/47		11		10,981
Memorial Sloan-Kettering Cancer Center Series 2015
4.20%, 07/01/55		272		271,481
New York and Presbyterian Hospital (The)
4.02%, 08/01/45		21		20,800
Ochsner Clinic Foundation
5.90%, 05/15/45 (Call 11/15/44)		11		12,477
Quest Diagnostics Inc.
4.70%, 03/30/45 (Call 09/30/44)		16		15,012
5.75%, 01/30/40		250		266,557
Texas Health Resources
4.33%, 11/15/55		9		9,205
UnitedHealth Group Inc.
3.95%, 10/15/42 (Call 04/15/42)		7		6,657
4.25%, 03/15/43 (Call 09/15/42)		291		290,544
4.38%, 03/15/42 (Call 09/15/41)		571		581,178
4.63%, 07/15/35		255		273,130
4.63%, 11/15/41 (Call 05/15/41)		180		190,090


66		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
4.75%, 07/15/45	$	891	$	971,675
5.70%, 10/15/40 (Call 04/15/40)		561		677,241
5.80%, 03/15/36		695		833,049
5.95%, 02/15/41 (Call 08/15/40)		536		668,083
6.50%, 06/15/37		21		27,020
6.63%, 11/15/37		11		14,381
6.88%, 02/15/38		535		719,290

				12,870,386
HOLDING COMPANIES – DIVERSIFIED — 0.02%
Hutchison Whampoa International Ltd.
7.45%, 11/24/33^b		50		69,781
Leucadia National Corp.
6.63%, 10/23/43 (Call 07/23/43)		100		75,994

				145,775
HOME FURNISHINGS — 0.02%
Whirlpool Corp.
5.15%, 03/01/43		155		158,199

				158,199
HOUSEHOLD PRODUCTS & WARES — 0.09%
Kimberly-Clark Corp.
3.70%, 06/01/43		18		17,370
6.63%, 08/01/37		518		698,752

				716,122
INSURANCE — 3.54%
ACE INA Holdings Inc.
4.15%, 03/13/43		485		478,801
4.35%, 11/03/45 (Call 05/03/45)		835		868,879
Aflac Inc.
6.45%, 08/15/40		431		528,439
Alleghany Corp.
4.90%, 09/15/44 (Call 03/15/44)		263		249,095
Allstate Corp. (The)
4.50%, 06/15/43		875		915,930
5.35%, 06/01/33		5		5,727
5.55%, 05/09/35		201		236,209
American International Group Inc.
3.88%, 01/15/35 (Call 07/15/34)		1,465		1,236,492
4.38%, 01/15/55 (Call 07/15/54)		250		201,366
4.50%, 07/16/44 (Call 01/16/44)		911		797,402
4.70%, 07/10/35 (Call 01/10/35)		514		482,261
4.80%, 07/10/45 (Call 01/10/45)		11		10,094
6.25%, 05/01/36		532		576,144


Security	Principal (000s)		Value
6.25%, 03/15/87	$	300	$	309,000
8.18%, 05/15/68 (Call 05/15/38)^a,c		21		26,197
Aon Corp.
8.21%, 01/01/27		314		383,080
Aon PLC
4.45%, 05/24/43 (Call 02/24/43)		361		332,636
4.60%, 06/14/44 (Call 03/14/44)^a		300		284,975
4.75%, 05/15/45 (Call 11/15/44)		246		239,921
Arch Capital Group U.S. Inc.
5.14%, 11/01/43		495		504,859
Assurant Inc.
6.75%, 02/15/34		235		272,367
AXA SA
8.60%, 12/15/30		767		997,100
AXIS Specialty Finance PLC
5.15%, 04/01/45		5		4,955
Berkshire Hathaway Finance Corp.
4.30%, 05/15/43^a		68		66,294
4.40%, 05/15/42^a		324		320,021
5.75%, 01/15/40		400		472,048
Berkshire Hathaway Inc.
4.50%, 02/11/43^a		853		858,337
Chubb Corp. (The)
6.00%, 05/11/37		460		567,300
Cincinnati Financial Corp.
6.92%, 05/15/28		11		14,088
Endurance Specialty Holdings Ltd.
7.00%, 07/15/34		230		267,807
Everest Reinsurance Holdings Inc.
4.87%, 06/01/44		261		251,602
Hartford Financial Services Group Inc. (The)
4.30%, 04/15/43		14		12,924
5.95%, 10/15/36		306		353,497
6.10%, 10/01/41		365		436,911
6.63%, 03/30/40		105		129,414
Lincoln National Corp.
6.15%, 04/07/36		225		244,664
6.30%, 10/09/37		16		17,692
7.00%, 06/15/40		481		565,485
Loews Corp.
4.13%, 05/15/43 (Call 11/15/42)		308		280,521
6.00%, 02/01/35^a		150		170,997


SCHEDULEOF INVESTMENTS			67

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Markel Corp.
5.00%, 03/30/43	$	3	$	3,018
Marsh & McLennan Companies Inc.
3.75%, 03/14/26 (Call 12/14/25)^a		80		81,042
5.88%, 08/01/33		205		235,818
MetLife Inc.
4.05%, 03/01/45		1,155		1,035,156
4.13%, 08/13/42		368		333,060
4.60%, 05/13/46 (Call 12/13/45)^a		274		268,299
4.72%, 12/15/44		518		513,138
4.88%, 11/13/43		489		497,592
5.70%, 06/15/35		451		507,158
6.40%, 12/15/66 (Call 12/15/31)		740		725,200
6.50%, 12/15/32		458		552,371
10.75%, 08/01/69 (Call 08/01/34)		16		23,360
Principal Financial Group Inc.
4.35%, 05/15/43^a		500		454,711
4.63%, 09/15/42		5		4,754
6.05%, 10/15/36		166		184,613
Progressive Corp. (The)
3.70%, 01/26/45		250		231,961
4.35%, 04/25/44		261		269,181
6.25%, 12/01/32		173		216,299
Protective Life Corp.
8.45%, 10/15/39		249		328,963
Prudential Financial Inc.
4.60%, 05/15/44^a		346		331,235
5.10%, 08/15/43		11		10,793
5.40%, 06/13/35		470		495,464
5.63%, 05/12/41		13		13,714
5.70%, 12/14/36		289		314,559
5.80%, 11/16/41		100		108,004
5.90%, 03/17/36		210		230,660
6.20%, 11/15/40		100		112,163
6.63%, 06/21/40		5		5,892
Series B
5.75%, 07/15/33		8		8,730
Series D
6.63%, 12/01/37		906		1,065,048
Transatlantic Holdings Inc.
8.00%, 11/30/39		200		265,503
Travelers Companies Inc. (The)
4.60%, 08/01/43		66		71,291


Security	Principal (000s)		Value
5.35%, 11/01/40	$	310	$	366,557
6.25%, 06/15/37		772		991,970
6.75%, 06/20/36		50		67,467
Travelers Property Casualty Corp.
6.38%, 03/15/33		110		140,786
Trinity Acquisition PLC
6.13%, 08/15/43		100		108,653
Unum Group
5.75%, 08/15/42		255		263,473
Validus Holdings Ltd.
8.88%, 01/26/40		134		172,144
Voya Financial Inc.
5.70%, 07/15/43		290		315,063
WR Berkley Corp.
4.75%, 08/01/44		16		15,491
6.25%, 02/15/37		300		345,797
XLIT Ltd.
5.50%, 03/31/45		449		423,570
6.25%, 05/15/27		86		101,697

				27,782,949
INTERNET — 0.30%
Alibaba Group Holding Ltd.
4.50%, 11/28/34 (Call 05/28/34)^a		414		408,411
Amazon.com Inc.
4.80%, 12/05/34 (Call 06/05/34)		608		659,050
4.95%, 12/05/44 (Call 06/05/44)		900		993,582
eBay Inc.
4.00%, 07/15/42 (Call 01/15/42)		400		305,107

				2,366,150
IRON & STEEL — 0.36%
Nucor Corp.
5.20%, 08/01/43 (Call 02/01/43)		214		200,370
6.40%, 12/01/37		286		304,829
Reliance Steel & Aluminum Co.
6.85%, 11/15/36		100		99,333
Vale Overseas Ltd.
6.88%, 11/21/36^a		1,830		1,264,988
6.88%, 11/10/39		875		596,094
8.25%, 01/17/34^a		250		193,750
Vale SA
5.63%, 09/11/42^a		285		177,056

				2,836,420


68		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
LEISURE TIME — 0.03%
Harley-Davidson Inc.
4.63%, 07/28/45 (Call 01/28/45)	$	211	$	208,162

				208,162
LODGING — 0.02%
Starwood Hotels & Resorts Worldwide Inc.
4.50%, 10/01/34 (Call 04/01/34)		206		188,720

				188,720
MACHINERY — 0.44%
Caterpillar Inc.
3.80%, 08/15/42		809		725,787
4.30%, 05/15/44 (Call 11/15/43)^a		286		276,908
4.75%, 05/15/64 (Call 11/15/63)^a		203		193,431
5.20%, 05/27/41		614		664,802
5.30%, 09/15/35		11		12,045
6.05%, 08/15/36		111		131,044
Cummins Inc.
4.88%, 10/01/43 (Call 04/01/43)^a		230		243,054
Deere & Co.
3.90%, 06/09/42 (Call 12/09/41)		746		709,448
5.38%, 10/16/29		255		301,843
7.13%, 03/03/31		11		14,984
8.10%, 05/15/30		50		72,864
Rockwell Automation Inc.
6.70%, 01/15/28^a		100		131,996

				3,478,206
MANUFACTURING — 0.89%
3M Co.
3.88%, 06/15/44		291		296,800
5.70%, 03/15/37		286		361,828
6.38%, 02/15/28		40		53,568
Dover Corp.
5.38%, 03/01/41 (Call 12/01/40)		365		428,766
Eaton Corp.
4.00%, 11/02/32		723		710,891
4.15%, 11/02/42^a		116		110,597
General Electric Co.
4.13%, 10/09/42		571		574,229
4.50%, 03/11/44		1,359		1,439,751
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)^a		714		697,863
4.88%, 09/15/41 (Call 03/15/41)		163		182,116


Security	Principal (000s)		Value
Ingersoll-Rand Global Holding Co. Ltd.
5.75%, 06/15/43	$	236	$	267,553
Ingersoll-Rand Luxembourg Finance SA
4.65%, 11/01/44 (Call 05/01/44)		200		196,575
Parker-Hannifin Corp.
4.20%, 11/21/34 (Call 05/21/34)		336		346,835
4.45%, 11/21/44 (Call 05/21/44)^a		278		293,221
Series A
6.25%, 05/15/38		100		129,756
Tyco Electronics Group SA
7.13%, 10/01/37		236		306,969
Tyco International Finance SA
3.90%, 02/14/26 (Call 11/14/25)		305		308,914
5.13%, 09/14/45 (Call 03/14/45)		264		270,671

				6,976,903
MEDIA — 5.54%
21st Century Fox America Inc.
4.75%, 09/15/44 (Call 03/15/44)		859		803,066
4.95%, 10/15/45 (Call 04/15/45)		476		463,018
5.40%, 10/01/43		426		422,374
6.15%, 02/15/41		446		487,671
6.20%, 12/15/34		690		771,188
6.40%, 12/15/35		202		230,097
6.55%, 03/15/33		656		758,539
6.65%, 11/15/37		475		556,407
6.90%, 08/15/39		11		12,525
7.75%, 12/01/45		308		400,091
7.85%, 03/01/39		225		294,969
8.15%, 10/17/36		100		133,801
CBS Corp.
4.60%, 01/15/45 (Call 07/15/44)		200		172,040
4.85%, 07/01/42 (Call 01/01/42)		130		114,861
4.90%, 08/15/44 (Call 02/15/44)		100		88,930
5.50%, 05/15/33		624		623,275
5.90%, 10/15/40 (Call 04/15/40)		211		212,074
7.88%, 07/30/30^a		438		561,427
CCO Safari II LLC
6.38%, 10/23/35 (Call 04/23/35)^b		801		837,549
6.48%, 10/23/45 (Call 04/23/45)^b		1,790		1,880,498
6.83%, 10/23/55 (Call 04/23/55)^b		321		329,628


SCHEDULEOF INVESTMENTS			69

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Comcast Corp.
4.20%, 08/15/34 (Call 02/15/34)	$	1,060	$	1,074,749
4.25%, 01/15/33		992		1,009,988
4.50%, 01/15/43		711		732,379
4.60%, 08/15/45 (Call 02/15/45)		1,150		1,214,736
4.65%, 07/15/42		877		923,713
4.75%, 03/01/44		1,316		1,414,181
5.65%, 06/15/35		11		12,965
6.40%, 05/15/38		136		172,041
6.40%, 03/01/40		16		20,407
6.45%, 03/15/37		298		376,035
6.50%, 11/15/35		511		650,631
6.55%, 07/01/39		14		18,289
6.95%, 08/15/37		633		842,886
7.05%, 03/15/33		161		213,164
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc.
5.15%, 03/15/42		1,066		999,300
6.00%, 08/15/40 (Call 05/15/40)		226		233,042
6.35%, 03/15/40		325		356,535
6.38%, 03/01/41		536		586,957
Discovery Communications LLC
4.88%, 04/01/43		181		144,718
6.35%, 06/01/40^a		750		717,808
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)		586		499,984
6.63%, 01/15/40		271		280,760
Historic TW Inc.
6.63%, 05/15/29		1,280		1,473,630
NBCUniversal Media LLC
4.45%, 01/15/43		816		827,653
5.95%, 04/01/41		549		673,656
6.40%, 04/30/40		832		1,057,635
TCI Communications Inc.
7.13%, 02/15/28		200		263,613
7.88%, 02/15/26		370		507,284
Thomson Reuters Corp.
5.50%, 08/15/35		150		152,519
5.65%, 11/23/43 (Call 05/23/43)		186		188,324
5.85%, 04/15/40		616		643,746
Time Warner Cable Inc.
4.50%, 09/15/42 (Call 03/15/42)		300		243,000
5.50%, 09/01/41 (Call 03/01/41)		492		430,586


Security	Principal (000s)		Value
5.88%, 11/15/40 (Call 05/15/40)	$	720	$	651,893
6.55%, 05/01/37		317		314,822
6.75%, 06/15/39		811		805,272
7.30%, 07/01/38		850		892,344
Time Warner Companies Inc.
6.95%, 01/15/28		21		25,279
Time Warner Entertainment Co. LP
8.38%, 07/15/33		973		1,148,767
Time Warner Inc.
4.65%, 06/01/44 (Call 12/01/43)		1,366		1,207,540
4.85%, 07/15/45 (Call 01/15/45)		357		332,701
4.90%, 06/15/42		243		219,416
5.35%, 12/15/43		466		452,210
5.38%, 10/15/41		200		193,646
6.10%, 07/15/40		175		180,405
6.20%, 03/15/40		14		14,518
6.25%, 03/29/41^a		286		302,503
6.50%, 11/15/36		413		441,853
7.63%, 04/15/31		508		615,395
7.70%, 05/01/32		764		918,505
Verizon Communications Inc.
4.52%, 09/15/48		1,100		1,001,192
4.67%, 03/15/55		1,174		1,028,672
Viacom Inc.
4.38%, 03/15/43		900		602,176
4.50%, 02/27/42		125		86,583
4.85%, 12/15/34 (Call 06/15/34)		310		241,171
4.88%, 06/15/43 (Call 12/15/42)		100		72,759
5.25%, 04/01/44 (Call 10/01/43)		325		253,214
5.85%, 09/01/43 (Call 03/01/43)		625		521,999
6.88%, 04/30/36		290		276,769
Walt Disney Co. (The)
4.13%, 06/01/44		250		259,580
4.38%, 08/16/41		505		542,664
7.00%, 03/01/32		266		378,925
Series E
4.13%, 12/01/41		412		427,659

				43,521,374
METAL FABRICATE & HARDWARE — 0.12%
Precision Castparts Corp.
3.90%, 01/15/43 (Call 07/15/42)		166		165,189
4.20%, 06/15/35 (Call 12/15/34)		500		523,931
4.38%, 06/15/45 (Call 12/15/44)		11		11,780


70		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Valmont Industries Inc.
5.00%, 10/01/44 (Call 04/01/44)	$	80	$	71,526
5.25%, 10/01/54 (Call 04/01/54)		230		197,799

				970,225
MINING — 1.07%
Barrick Gold Corp.
5.25%, 04/01/42		360		276,516
Barrick North America Finance LLC
5.70%, 05/30/41		575		452,519
5.75%, 05/01/43		200		164,379
7.50%, 09/15/38		27		23,678
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39		605		487,201
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42		930		793,137
5.00%, 09/30/43		1,023		991,745
Goldcorp Inc.
5.45%, 06/09/44 (Call 12/09/43)		161		138,138
Newmont Mining Corp.
4.88%, 03/15/42 (Call 09/15/41)		235		183,454
5.88%, 04/01/35		176		149,421
6.25%, 10/01/39		904		801,590
Rio Tinto Alcan Inc.
5.75%, 06/01/35		11		10,798
6.13%, 12/15/33		11		11,257
7.25%, 03/15/31		225		242,353
Rio Tinto Finance USA Ltd.
5.20%, 11/02/40^a		900		850,985
7.13%, 07/15/28		292		330,186
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)		731		613,185
4.75%, 03/22/42 (Call 09/22/41)		55		49,605
Southern Copper Corp.
5.25%, 11/08/42		610		458,263
5.88%, 04/23/45		375		298,125
6.75%, 04/16/40		800		707,000
7.50%, 07/27/35^a		388		368,115
Vale Canada Ltd.
7.20%, 09/15/32		50		27,000

				8,428,650
OFFICE & BUSINESS EQUIPMENT — 0.04%
Xerox Corp.
4.80%, 03/01/35^a		161		151,255


Security	Principal (000s)		Value
6.75%, 12/15/39	$	175	$	146,859

				298,114
OIL & GAS — 5.12%
Anadarko Finance Co.
7.50%, 05/01/31		400		358,646
Anadarko Petroleum Corp.
4.50%, 07/15/44 (Call 01/15/44)		325		222,116
6.20%, 03/15/40		805		636,389
6.45%, 09/15/36		730		609,758
Apache Corp.
4.25%, 01/15/44 (Call 07/15/43)		225		159,980
4.75%, 04/15/43 (Call 10/15/42)		1,025		775,538
5.10%, 09/01/40 (Call 03/01/40)		280		204,914
6.00%, 01/15/37		911		750,534
Burlington Resources Finance Co.
7.20%, 08/15/31		284		299,176
7.40%, 12/01/31		591		640,346
Canadian Natural Resources Ltd.
5.85%, 02/01/35		225		162,000
6.25%, 03/15/38		900		666,000
6.45%, 06/30/33		200		151,000
Cenovus Energy Inc.
4.45%, 09/15/42 (Call 03/15/42)		65		36,887
CNOOC Nexen Finance 2014 ULC
4.88%, 04/30/44		1,200		1,240,218
Conoco Funding Co.
7.25%, 10/15/31		297		314,381
ConocoPhillips
5.90%, 10/15/32		13		12,201
6.50%, 02/01/39		656		649,808
ConocoPhillips Canada Funding Co. I
5.95%, 10/15/36		200		187,375
ConocoPhillips Co.
4.15%, 11/15/34 (Call 05/15/34)		415		339,083
4.30%, 11/15/44 (Call 05/15/44)^a		725		581,511
ConocoPhillips Holding Co.
6.95%, 04/15/29		1,491		1,570,892
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		1,575		1,028,053
5.00%, 06/15/45 (Call 12/15/44)		350		228,828
5.60%, 07/15/41 (Call 01/15/41)		125		84,554
7.95%, 04/15/32		80		63,204
Devon Financing Co. LLC
7.88%, 09/30/31		200		157,686


SCHEDULEOF INVESTMENTS			71

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Diamond Offshore Drilling Inc.
4.88%, 11/01/43 (Call 05/01/43)^a	$	260	$	150,800
5.70%, 10/15/39^a		150		94,500
Ecopetrol SA
5.38%, 06/26/26 (Call 03/26/26)		300		243,750
5.88%, 05/28/45		300		211,125
7.38%, 09/18/43		1,100		874,500
Eni USA Inc.
7.30%, 11/15/27		205		235,726
Ensco PLC
5.75%, 10/01/44 (Call 04/01/44)		625		293,750
EOG Resources Inc.
3.90%, 04/01/35 (Call 10/01/34)		396		323,329
5.10%, 01/15/36 (Call 07/15/35)		275		259,889
Exxon Mobil Corp.
3.57%, 03/06/45 (Call 09/06/44)		34		31,432
4.11%, 03/01/46		145		145,000
Hess Corp.
5.60%, 02/15/41		301		215,701
6.00%, 01/15/40		200		149,059
7.13%, 03/15/33		225		186,711
7.30%, 08/15/31		1,012		865,938
7.88%, 10/01/29		174		155,794
Kerr-McGee Corp.
7.88%, 09/15/31		14		12,758
Marathon Oil Corp.
5.20%, 06/01/45 (Call 12/01/44)		250		148,750
6.60%, 10/01/37		630		415,800
6.80%, 03/15/32		26		17,940
Marathon Petroleum Corp.
4.75%, 09/15/44 (Call 03/15/44)		650		416,122
5.00%, 09/15/54 (Call 03/15/54)		200		122,293
5.85%, 12/15/45 (Call 06/15/45)		125		90,726
6.50%, 03/01/41 (Call 09/01/40)		365		284,903
Murphy Oil Corp.
7.05%, 05/01/29		200		110,000
Nexen Energy ULC
6.40%, 05/15/37		324		372,811
7.50%, 07/30/39		375		472,095
7.88%, 03/15/32		160		206,443
Noble Energy Inc.
5.25%, 11/15/43 (Call 05/15/43)		570		423,283
6.00%, 03/01/41 (Call 09/01/40)		785		612,215


Security	Principal (000s)		Value
Noble Holding International Ltd.
5.25%, 03/15/42	$	460	$	179,400
6.05%, 03/01/41		125		52,500
6.20%, 08/01/40		30		12,600
6.95%, 04/01/45 (Call 10/01/44)		200		90,000
Occidental Petroleum Corp.
4.63%, 06/15/45 (Call 12/15/44)		214		204,573
Petro-Canada
5.35%, 07/15/33		125		101,105
5.95%, 05/15/35		11		9,367
6.80%, 05/15/38		812		750,068
Petroleos Mexicanos
5.50%, 06/27/44		825		636,192
5.50%, 06/27/44^b		1,750		1,346,157
5.63%, 01/23/46^b		1,100		859,657
6.38%, 01/23/45		1,050		911,194
6.50%, 06/02/41		750		657,859
6.63%, 06/15/35		1,755		1,591,250
6.63%, 06/15/38		300		257,193
Phillips 66
4.65%, 11/15/34 (Call 05/15/34)		379		347,446
4.88%, 11/15/44 (Call 05/15/44)		1,168		1,061,623
5.88%, 05/01/42		365		351,542
Rowan Companies Inc.
5.40%, 12/01/42 (Call 06/01/42)		25		12,375
5.85%, 01/15/44 (Call 07/15/43)		350		178,500
Shell International Finance BV
4.13%, 05/11/35		585		545,566
4.38%, 05/11/45		1,225		1,132,817
4.55%, 08/12/43		1,731		1,637,631
5.50%, 03/25/40		346		367,049
6.38%, 12/15/38		913		1,053,872
Statoil ASA
3.95%, 05/15/43		850		728,203
4.25%, 11/23/41		250		226,036
4.80%, 11/08/43		150		147,513
5.10%, 08/17/40		380		387,497
6.50%, 12/01/28^b		100		125,463
6.80%, 01/15/28		75		90,794
7.15%, 01/15/29		100		124,654
Suncor Energy Inc.
5.95%, 12/01/34		150		127,982
6.50%, 06/15/38^a		456		413,305
6.85%, 06/01/39		670		621,639


72		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Tosco Corp.
7.80%, 01/01/27	$	364	$	399,117
8.13%, 02/15/30		61		68,613
Valero Energy Corp.
4.90%, 03/15/45^a		340		272,728
6.63%, 06/15/37		1,002		986,747
7.50%, 04/15/32		278		295,169
10.50%, 03/15/39		11		13,859
XTO Energy Inc.
6.75%, 08/01/37		411		563,098

				40,214,174
OIL & GAS SERVICES — 0.59%
Baker Hughes Inc.
5.13%, 09/15/40		390		343,734
6.88%, 01/15/29		664		734,981
Cameron International Corp.
5.13%, 12/15/43 (Call 06/15/43)		350		326,228
5.95%, 06/01/41 (Call 12/01/40)		16		16,186
Halliburton Co.
4.50%, 11/15/41 (Call 05/15/41)		422		339,092
4.75%, 08/01/43 (Call 02/01/43)		725		602,968
4.85%, 11/15/35 (Call 05/15/35)		1,025		915,897
5.00%, 11/15/45 (Call 05/15/45)		15		13,194
6.70%, 09/15/38		21		22,108
7.45%, 09/15/39		851		969,122
National Oilwell Varco Inc.
3.95%, 12/01/42 (Call 06/01/42)^a		530		361,637

				4,645,147
PACKAGING & CONTAINERS — 0.04%
Sonoco Products Co.
5.75%, 11/01/40 (Call 05/01/40)		253		279,058

				279,058
PHARMACEUTICALS — 4.49%
Abbott Laboratories
5.30%, 05/27/40		523		596,107
6.00%, 04/01/39		433		543,020
AbbVie Inc.
4.40%, 11/06/42		1,540		1,472,393
4.50%, 05/14/35 (Call 11/14/34)		1,370		1,362,993
4.70%, 05/14/45 (Call 11/14/44)		866		867,341
Actavis Funding SCS
4.55%, 03/15/35 (Call 09/15/34)		1,258		1,264,299
4.75%, 03/15/45 (Call 09/15/44)^a		1,803		1,834,248


Security	Principal (000s)		Value
4.85%, 06/15/44 (Call 12/15/43)	$	399	$	408,849
Actavis Inc.
4.63%, 10/01/42 (Call 04/01/42)		281		278,243
AmerisourceBergen Corp.
4.25%, 03/01/45 (Call 09/01/44)		336		314,225
AstraZeneca PLC
4.00%, 09/18/42		455		436,312
4.38%, 11/16/45		460		462,670
6.45%, 09/15/37^a		1,230		1,566,607
Baxalta Inc.
5.25%, 06/23/45 (Call 12/23/44)^b		655		616,763
Bristol-Myers Squibb Co.
3.25%, 08/01/42		7		6,351
4.50%, 03/01/44 (Call 09/01/43)^a		368		409,047
5.88%, 11/15/36		820		1,020,457
Cardinal Health Inc.
4.50%, 11/15/44 (Call 05/15/44)		136		130,494
4.60%, 03/15/43		600		589,981
Eli Lilly & Co.
3.70%, 03/01/45 (Call 09/01/44)^a		482		475,267
5.50%, 03/15/27		459		566,575
5.55%, 03/15/37		166		200,773
Express Scripts Holding Co.
6.13%, 11/15/41^a		208		216,676
GlaxoSmithKline Capital Inc.
4.20%, 03/18/43		5		5,073
5.38%, 04/15/34		200		232,946
6.38%, 05/15/38		1,708		2,194,384
Johnson & Johnson
3.55%, 03/01/36 (Call 09/01/35)		170		170,961
3.70%, 03/01/46 (Call 09/01/45)		75		75,407
4.38%, 12/05/33 (Call 06/05/33)		1,704		1,893,596
4.50%, 09/01/40^a		208		232,512
4.50%, 12/05/43 (Call 06/05/43)^a		179		203,124
4.85%, 05/15/41		11		12,942
4.95%, 05/15/33		261		309,231
5.85%, 07/15/38		63		82,800
5.95%, 08/15/37		218		287,883
6.95%, 09/01/29		14		20,119
McKesson Corp.
4.88%, 03/15/44 (Call 09/15/43)		684		681,243
6.00%, 03/01/41 (Call 09/01/40)		80		90,496
Mead Johnson Nutrition Co.
4.60%, 06/01/44 (Call 12/01/43)		203		193,732


SCHEDULEOF INVESTMENTS			73

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
5.90%, 11/01/39	$	360	$	395,107
Merck & Co. Inc.
3.60%, 09/15/42 (Call 03/15/42)		11		10,319
3.70%, 02/10/45 (Call 08/10/44)		1,424		1,353,531
4.15%, 05/18/43		240		245,534
6.50%, 12/01/33		364		478,301
6.55%, 09/15/37		107		143,152
Merck Sharp & Dohme Corp.
5.75%, 11/15/36		700		859,002
5.85%, 06/30/39		11		13,758
5.95%, 12/01/28		506		645,137
Mylan Inc.
5.40%, 11/29/43 (Call 05/29/43)		247		219,186
Novartis Capital Corp.
3.70%, 09/21/42		363		353,415
4.00%, 11/20/45 (Call 05/20/45)^a		21		21,401
4.40%, 05/06/44		1,350		1,457,537
Perrigo Co. PLC
5.30%, 11/15/43 (Call 05/15/43)		250		239,156
Perrigo Finance Unlimited Co.
4.90%, 12/15/44 (Call 06/15/44)		221		198,708
Pfizer Inc.
4.30%, 06/15/43		196		202,074
4.40%, 05/15/44^a		281		294,532
5.60%, 09/15/40		100		119,422
7.20%, 03/15/39		1,802		2,508,400
Pharmacia Corp.
6.60%, 12/01/28		650		860,420
Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36^a		426		464,138
Wyeth LLC
5.95%, 04/01/37		1,030		1,262,429
6.00%, 02/15/36		21		25,879
6.50%, 02/01/34		18		23,283
Zoetis Inc.
4.70%, 02/01/43 (Call 08/01/42)		590		515,876

				35,235,837
PIPELINES — 2.97%
Buckeye Partners LP
5.60%, 10/15/44 (Call 04/15/44)		100		75,035
5.85%, 11/15/43 (Call 05/15/43)		445		330,796
CenterPoint Energy Resources Corp.
5.85%, 01/15/41 (Call 07/15/40)		269		292,602


Security	Principal (000s)		Value
6.63%, 11/01/37	$	11	$	12,770
Colonial Pipeline Co.
4.20%, 04/15/43 (Call 10/15/42)^b		25		21,968
Columbia Pipeline Group Inc.
5.80%, 06/01/45 (Call 12/01/44)^b		25		21,122
El Paso Natural Gas Co. LLC
8.38%, 06/15/32		11		10,680
Enable Midstream Partners LP
5.00%, 05/15/44 (Call 11/15/43)		125		71,250
Enbridge Energy Partners LP Series B
7.50%, 04/15/38		481		411,255
Enbridge Inc.
4.50%, 06/10/44 (Call 12/10/43)		200		143,328
Energy Transfer Partners LP
4.90%, 03/15/35 (Call 09/15/34)		230		166,935
5.15%, 02/01/43 (Call 08/01/42)^a		355		257,174
5.15%, 03/15/45 (Call 09/15/44)^a		500		363,627
6.05%, 06/01/41 (Call 12/01/40)		136		105,484
6.13%, 12/15/45 (Call 06/15/45)		450		369,381
6.50%, 02/01/42 (Call 08/01/41)		1,130		923,818
6.63%, 10/15/36		145		121,692
7.50%, 07/01/38		11		9,997
8.25%, 11/15/29 (Call 08/15/29)		50		50,025
EnLink Midstream Partners LP
5.60%, 04/01/44 (Call 10/01/43)		200		122,000
Enterprise Products Operating LLC
3.70%, 02/15/26 (Call 11/15/25)^a		600		562,214
4.45%, 02/15/43 (Call 08/15/42)		725		587,331
4.85%, 08/15/42 (Call 02/15/42)		125		106,643
4.85%, 03/15/44 (Call 09/15/43)		750		637,240
4.90%, 05/15/46 (Call 11/15/45)		495		434,368
4.95%, 10/15/54 (Call 04/15/54)		950		741,486
5.10%, 02/15/45 (Call 08/15/44)		200		176,411
5.70%, 02/15/42		470		436,445
5.95%, 02/01/41		198		187,912
6.13%, 10/15/39		145		139,147
7.55%, 04/15/38		212		233,664
Series D
6.88%, 03/01/33		264		276,608
Series H
6.65%, 10/15/34		111		113,865
Kinder Morgan Energy Partners LP
4.70%, 11/01/42 (Call 05/01/42)		115		84,223


74		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
5.00%, 08/15/42 (Call 02/15/42)	$	250	$	192,350
5.40%, 09/01/44 (Call 03/01/44)		360		288,933
5.50%, 03/01/44 (Call 09/01/43)		250		203,979
5.80%, 03/15/35		825		669,018
6.38%, 03/01/41		230		192,876
6.55%, 09/15/40		100		83,958
6.95%, 01/15/38		522		465,265
7.30%, 08/15/33		11		9,986
7.40%, 03/15/31		118		110,971
7.50%, 11/15/40		416		372,859
7.75%, 03/15/32		100		93,826
Kinder Morgan Inc./DE
5.05%, 02/15/46 (Call 08/15/45)		325		252,304
5.30%, 12/01/34 (Call 06/01/34)		1,950		1,544,781
5.55%, 06/01/45 (Call 12/01/44)		1,450		1,195,831
7.75%, 01/15/32		25		23,987
Magellan Midstream Partners LP
4.20%, 12/01/42 (Call 06/01/42)		200		153,205
4.20%, 03/15/45 (Call 09/15/44)		200		153,935
5.15%, 10/15/43 (Call 04/15/43)		250		213,158
ONEOK Partners LP
6.13%, 02/01/41 (Call 08/01/40)		565		415,081
6.20%, 09/15/43 (Call 03/15/43)		25		18,383
6.65%, 10/01/36		50		38,843
6.85%, 10/15/37		400		315,178
Plains All American Pipeline LP/PAA Finance Corp.
4.70%, 06/15/44 (Call 12/15/43)		250		164,894
4.90%, 02/15/45 (Call 08/15/44)		325		221,177
5.15%, 06/01/42 (Call 12/01/41)		470		323,491
6.65%, 01/15/37		350		284,002
Southern Natural Gas Co. LLC
8.00%, 03/01/32		12		11,272
Spectra Energy Capital LLC
7.50%, 09/15/38		251		248,041
Spectra Energy Partners LP
4.50%, 03/15/45 (Call 09/15/44)		250		201,349
5.95%, 09/25/43 (Call 03/25/43)		241		226,738
Sunoco Logistics Partners Operations LP
4.95%, 01/15/43 (Call 07/15/42)		750		523,028
5.30%, 04/01/44 (Call 10/01/43)		303		222,303
6.10%, 02/15/42		175		134,832
6.85%, 02/15/40		16		13,444


Security	Principal (000s)		Value
Texas Eastern Transmission LP
7.00%, 07/15/32	$	296	$	326,246
TransCanada PipeLines Ltd.
4.63%, 03/01/34 (Call 12/01/33)		655		596,338
5.00%, 10/16/43 (Call 04/16/43)^a		330		306,252
5.60%, 03/31/34		100		99,324
5.85%, 03/15/36		100		95,905
6.10%, 06/01/40		74		73,901
6.20%, 10/15/37		384		384,434
7.25%, 08/15/38		536		600,922
7.63%, 01/15/39		1,025		1,186,950
Transcontinental Gas Pipe Line Co. LLC
4.45%, 08/01/42 (Call 02/01/42)		635		463,550
5.40%, 08/15/41 (Call 02/15/41)		26		20,930
Western Gas Partners LP
5.45%, 04/01/44 (Call 10/01/43)		150		99,000
Williams Partners LP
4.90%, 01/15/45 (Call 07/15/44)		495		329,175
5.40%, 03/04/44 (Call 09/04/43)		600		414,000
5.80%, 11/15/43 (Call 05/15/43)		50		35,500
6.30%, 04/15/40		200		150,000

				23,364,201
REAL ESTATE INVESTMENT TRUSTS — 0.61%
Brandywine Operating Partnership LP
4.55%, 10/01/29 (Call 07/01/29)		5		4,954
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		660		678,043
Federal Realty Investment Trust
4.50%, 12/01/44 (Call 06/01/44)		111		113,509
HCP Inc.
6.75%, 02/01/41 (Call 08/01/40)		230		250,085
Kilroy Realty LP
4.25%, 08/15/29 (Call 05/15/29)		14		14,225
Kimco Realty Corp.
4.25%, 04/01/45 (Call 10/01/44)		316		297,882
Omega Healthcare Investors Inc.
4.50%, 04/01/27 (Call 01/01/27)		302		288,237
Realty Income Corp.
4.13%, 10/15/26 (Call 07/15/26)		5		5,120
5.88%, 03/15/35		250		282,963
Simon Property Group LP
4.25%, 10/01/44 (Call 04/01/44)^a		14		13,863


SCHEDULEOF INVESTMENTS			75

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
4.75%, 03/15/42 (Call 09/15/41)	$	300	$	316,970
6.75%, 02/01/40 (Call 11/01/39)		550		726,184
Ventas Realty LP
4.38%, 02/01/45 (Call 08/01/44)		467		421,963
5.70%, 09/30/43 (Call 03/30/43)		11		12,206
Welltower Inc.
5.13%, 03/15/43 (Call 09/15/42)		225		222,247
6.50%, 03/15/41 (Call 09/15/40)		187		217,328
Weyerhaeuser Co.
6.95%, 10/01/27		278		321,463
7.38%, 03/15/32		541		631,675

				4,818,917
RETAIL — 4.14%
Bed Bath & Beyond Inc.
4.92%, 08/01/34 (Call 02/01/34)		342		288,817
5.17%, 08/01/44 (Call 02/01/44)		175		139,026
CVS Health Corp.
4.88%, 07/20/35 (Call 01/20/35)		679		730,051
5.13%, 07/20/45 (Call 01/20/45)		1,981		2,204,135
5.30%, 12/05/43 (Call 06/05/43)		18		20,218
5.75%, 05/15/41 (Call 11/15/40)		11		12,660
6.13%, 09/15/39		746		907,322
6.25%, 06/01/27		471		564,264
Darden Restaurants Inc.
7.05%, 10/15/37		205		225,326
Home Depot Inc. (The)
4.20%, 04/01/43 (Call 10/01/42)		21		21,649
4.25%, 04/01/46 (Call 10/01/45)		1,050		1,093,450
4.40%, 03/15/45 (Call 09/15/44)		776		827,194
4.88%, 02/15/44 (Call 08/15/43)		411		463,209
5.40%, 09/15/40 (Call 03/15/40)		21		25,077
5.88%, 12/16/36		1,075		1,333,311
5.95%, 04/01/41 (Call 10/01/40)		1,013		1,290,481
Kohl’s Corp.
5.55%, 07/17/45 (Call 01/17/45)		105		90,649
Lowe’s Companies Inc.
4.38%, 09/15/45 (Call 03/15/45)		250		261,182
4.65%, 04/15/42 (Call 10/15/41)		439		472,705
5.00%, 09/15/43 (Call 03/15/43)		440		493,518
5.50%, 10/15/35		11		12,786
5.80%, 10/15/36		16		19,235
5.80%, 04/15/40 (Call 10/15/39)		411		498,424
6.65%, 09/15/37		161		211,898
6.88%, 02/15/28		650		857,466


Security	Principal (000s)		Value
Macy’s Retail Holdings Inc.
4.30%, 02/15/43 (Call 08/15/42)	$	76	$	54,042
4.50%, 12/15/34 (Call 06/15/34)		107		83,871
5.13%, 01/15/42 (Call 07/15/41)		236		187,920
6.38%, 03/15/37^a		213		200,456
6.70%, 07/15/34^a		255		249,455
6.90%, 04/01/29		600		657,508
6.90%, 01/15/32		12		13,147
McDonald’s Corp.
3.63%, 05/01/43		11		9,438
3.70%, 02/15/42		518		452,060
4.60%, 05/26/45 (Call 11/26/44)		311		311,488
4.70%, 12/09/35 (Call 06/09/35)		100		103,473
4.88%, 12/09/45 (Call 06/09/45)^a		1,521		1,592,911
5.70%, 02/01/39		50		56,138
6.30%, 10/15/37		360		428,890
6.30%, 03/01/38		365		435,561
Nordstrom Inc.
5.00%, 01/15/44 (Call 07/15/43)		277		260,742
6.95%, 03/15/28		180		216,148
QVC Inc.
5.45%, 08/15/34 (Call 02/15/34)		418		344,305
Starbucks Corp.
4.30%, 06/15/45 (Call 12/15/44)		217		233,508
Target Corp.
4.00%, 07/01/42		1,071		1,081,477
6.35%, 11/01/32		9		11,555
6.50%, 10/15/37		911		1,206,781
Tiffany & Co.
4.90%, 10/01/44 (Call 04/01/44)		83		76,876
Wal-Mart Stores Inc.
4.00%, 04/11/43 (Call 10/11/42)^a		1,061		1,064,477
4.30%, 04/22/44 (Call 10/22/43)^a		942		992,264
4.75%, 10/02/43 (Call 04/02/43)		16		17,748
4.88%, 07/08/40		168		187,106
5.00%, 10/25/40		348		393,961
5.25%, 09/01/35		1,265		1,487,214
5.63%, 04/01/40		16		19,379
5.63%, 04/15/41		289		354,082
5.88%, 04/05/27		21		26,454
6.20%, 04/15/38		1,914		2,449,025
6.50%, 08/15/37		1,764		2,322,087
7.55%, 02/15/30		533		765,197


76		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Walgreen Co.
4.40%, 09/15/42	$	125	$	107,325
Walgreens Boots Alliance Inc.
4.50%, 11/18/34 (Call 05/18/34)		226		204,445
4.80%, 11/18/44 (Call 05/18/44)		919		831,530

				32,554,097
SEMICONDUCTORS — 0.65%
Analog Devices Inc.
5.30%, 12/15/45 (Call 06/15/45)		87		92,098
Applied Materials Inc.
5.10%, 10/01/35 (Call 04/01/35)		420		436,698
5.85%, 06/15/41		311		349,175
Intel Corp.
4.00%, 12/15/32		386		393,587
4.25%, 12/15/42		21		20,834
4.80%, 10/01/41		1,030		1,097,824
4.90%, 07/29/45 (Call 01/29/45)		1,201		1,300,781
KLA-Tencor Corp.
5.65%, 11/01/34 (Call 07/01/34)		215		206,372
QUALCOMM Inc.
4.65%, 05/20/35 (Call 11/20/34)		526		493,519
4.80%, 05/20/45 (Call 11/20/44)		760		687,138

				5,078,026
SOFTWARE — 1.81%
Microsoft Corp.
3.50%, 02/12/35 (Call 08/12/34)		758		729,487
3.50%, 11/15/42		350		320,905
3.75%, 05/01/43 (Call 11/01/42)		373		357,042
3.75%, 02/12/45 (Call 08/12/44)		178		171,006
4.00%, 02/12/55 (Call 08/12/54)		1,523		1,420,735
4.20%, 11/03/35 (Call 05/03/35)		521		541,963
4.45%, 11/03/45 (Call 05/03/45)		1,201		1,278,518
4.50%, 10/01/40		404		432,143
4.75%, 11/03/55 (Call 05/03/55)		371		392,265
4.88%, 12/15/43 (Call 06/15/43)^a		504		566,896
5.20%, 06/01/39		322		375,292
5.30%, 02/08/41		623		735,822
Oracle Corp.
3.25%, 05/15/30 (Call 02/15/30)^a		1,336		1,303,026
3.90%, 05/15/35 (Call 11/15/34)		750		726,305
4.13%, 05/15/45 (Call 11/15/44)		350		341,573
4.30%, 07/08/34 (Call 01/08/34)		1,382		1,407,946
4.38%, 05/15/55 (Call 11/15/54)		264		252,794


Security	Principal (000s)		Value
4.50%, 07/08/44 (Call 01/08/44)	$	717	$	736,611
5.38%, 07/15/40		819		929,673
6.13%, 07/08/39		996		1,226,765

				14,246,767
TELECOMMUNICATIONS — 7.58%
Alltel Corp.
7.88%, 07/01/32^a		190		235,621
America Movil SAB de CV
4.38%, 07/16/42^a		643		595,110
6.13%, 11/15/37		125		137,913
6.13%, 03/30/40		1,321		1,472,124
6.38%, 03/01/35		145		164,281
AT&T Corp.
8.25%, 11/15/31		945		1,322,228
AT&T Inc.
4.30%, 12/15/42 (Call 06/15/42)		501		427,191
4.35%, 06/15/45 (Call 12/15/44)		729		622,698
4.50%, 05/15/35 (Call 11/15/34)		1,185		1,091,720
4.75%, 05/15/46 (Call 11/15/45)		1,195		1,084,824
4.80%, 06/15/44 (Call 12/15/43)		2,070		1,882,511
5.35%, 09/01/40		1,025		1,000,442
5.55%, 08/15/41		307		306,587
5.65%, 02/15/47 (Call 08/15/46)		250		258,145
6.15%, 09/15/34		667		740,969
6.30%, 01/15/38		2,328		2,513,476
6.40%, 05/15/38		350		380,154
6.45%, 06/15/34		560		620,142
6.50%, 09/01/37^a		376		417,008
6.55%, 02/15/39		606		673,995
AT&T Mobility LLC
7.13%, 12/15/31		400		494,941
BellSouth Capital Funding Corp.
7.88%, 02/15/30		36		42,729
BellSouth LLC
6.55%, 06/15/34		261		284,105
6.88%, 10/15/31		311		366,550
BellSouth Telecommunications LLC
6.38%, 06/01/28^a		200		218,393
British Telecommunications PLC
9.63%, 12/15/30		1,441		2,075,830
Cisco Systems Inc.
5.50%, 01/15/40		1,591		1,895,492
5.90%, 02/15/39		549		679,130


SCHEDULEOF INVESTMENTS			77

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Corning Inc.
4.70%, 03/15/37^a	$	75	$	72,472
4.75%, 03/15/42		341		325,802
5.75%, 08/15/40		148		157,916
7.25%, 08/15/36 (Call 08/15/26)		205		238,717
Deutsche Telekom International Finance BV
8.75%, 06/15/30		1,580		2,211,461
9.25%, 06/01/32		219		324,546
Embarq Corp.
8.00%, 06/01/36		556		533,760
GTE Corp.
6.94%, 04/15/28		214		256,992
Harris Corp.
4.85%, 04/27/35 (Call 10/27/34)		242		245,385
5.05%, 04/27/45 (Call 10/27/44)		150		153,768
6.15%, 12/15/40		105		119,924
Juniper Networks Inc.
5.95%, 03/15/41		275		243,766
Koninklijke KPN NV
8.38%, 10/01/30		426		555,753
Motorola Solutions Inc.
5.50%, 09/01/44		266		196,194
New Cingular Wireless Services Inc.
8.75%, 03/01/31		576		814,129
Orange SA
5.38%, 01/13/42		271		289,341
5.50%, 02/06/44 (Call 08/06/43)^a		716		782,733
9.00%, 03/01/31		1,155		1,609,557
Pacific Bell Telephone Co.
7.13%, 03/15/26		675		835,903
Qwest Corp.
6.88%, 09/15/33 (Call 03/31/16)		680		625,600
7.13%, 11/15/43 (Call 03/31/16)^a		343		325,850
7.25%, 10/15/35 (Call 03/31/16)		11		10,684
Rogers Communications Inc.
4.50%, 03/15/43 (Call 09/15/42)		150		141,925
5.00%, 03/15/44 (Call 09/15/43)		620		631,219
5.45%, 10/01/43 (Call 04/01/43)		21		22,855
7.50%, 08/15/38		455		591,982
Telefonica Emisiones SAU
7.05%, 06/20/36		1,075		1,276,536
Telefonica Europe BV
8.25%, 09/15/30		587		761,599


Security	Principal (000s)		Value
Verizon Communications Inc.
3.85%, 11/01/42 (Call 05/01/42)	$	476	$	398,930
4.27%, 01/15/36^a		500		458,018
4.40%, 11/01/34 (Call 05/01/34)		2,089		1,957,272
4.75%, 11/01/41		265		251,437
4.86%, 08/21/46		2,512		2,435,214
5.01%, 08/21/54		3,277		3,027,279
5.05%, 03/15/34 (Call 12/15/33)		1,101		1,107,485
5.85%, 09/15/35		580		628,901
6.00%, 04/01/41		373		415,109
6.25%, 04/01/37		16		18,315
6.40%, 09/15/33		800		928,776
6.40%, 02/15/38		401		461,834
6.55%, 09/15/43		3,996		4,841,551
6.90%, 04/15/38		800		971,501
7.35%, 04/01/39		211		265,244
7.75%, 12/01/30		990		1,319,772
7.75%, 06/15/32		461		568,216
Verizon Florida LLC Series E
6.86%, 02/01/28^a		550		514,691
Verizon Maryland LLC Series B
5.13%, 06/15/33^a		426		434,078
Verizon New York Inc. Series B
7.38%, 04/01/32		11		12,534
Vodafone Group PLC
4.38%, 02/19/43		320		265,404
6.15%, 02/27/37		1,041		1,070,851
6.25%, 11/30/32		461		465,256
7.88%, 02/15/30		302		356,861

				59,535,207
TEXTILES — 0.05%
Cintas Corp. No. 2
6.15%, 08/15/36		332		401,740

				401,740
TOYS, GAMES & HOBBIES — 0.09%
Hasbro Inc.
5.10%, 05/15/44 (Call 11/15/43)		151		144,261
6.35%, 03/15/40		315		350,024
Mattel Inc.
5.45%, 11/01/41 (Call 05/01/41)		175		172,377
6.20%, 10/01/40		11		11,783

				678,445


78		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
TRANSPORTATION — 2.83%
Burlington Northern Santa Fe LLC
4.15%, 04/01/45 (Call 10/01/44)	$	523	$	508,365
4.38%, 09/01/42 (Call 03/01/42)		357		357,844
4.40%, 03/15/42 (Call 09/15/41)		313		314,926
4.45%, 03/15/43 (Call 09/15/42)		11		11,155
4.55%, 09/01/44 (Call 03/01/44)		357		367,339
4.70%, 09/01/45 (Call 03/01/45)		461		486,681
4.90%, 04/01/44 (Call 10/01/43)		1,281		1,380,615
4.95%, 09/15/41 (Call 03/15/41)		14		15,029
5.05%, 03/01/41 (Call 09/01/40)		26		28,273
5.15%, 09/01/43 (Call 03/01/43)		173		191,929
5.40%, 06/01/41 (Call 12/01/40)		270		306,480
5.75%, 05/01/40 (Call 11/01/39)		466		549,524
6.15%, 05/01/37		161		196,263
6.20%, 08/15/36		350		427,423
Canadian National Railway Co.
3.50%, 11/15/42 (Call 05/15/42)		170		159,049
4.50%, 11/07/43 (Call 05/07/43)		255		278,694
6.20%, 06/01/36		170		221,287
6.25%, 08/01/34		111		142,991
6.38%, 11/15/37		181		240,752
6.90%, 07/15/28		490		673,930
Canadian Pacific Railway Co.
3.70%, 02/01/26 (Call 11/01/25)		575		579,604
4.80%, 09/15/35 (Call 03/15/35)		114		114,853
4.80%, 08/01/45 (Call 02/01/45)^a		100		99,845
5.75%, 03/15/33		7		7,751
5.75%, 01/15/42		261		290,863
5.95%, 05/15/37		16		18,063
6.13%, 09/15/15 (Call 03/15/15)		6		6,218
7.13%, 10/15/31		440		558,744
CSX Corp.
3.95%, 05/01/50 (Call 11/01/49)		300		255,597
4.10%, 03/15/44 (Call 09/15/43)		922		848,443
4.40%, 03/01/43 (Call 09/01/42)		137		131,160
4.50%, 08/01/54 (Call 02/01/54)		389		355,937
4.75%, 05/30/42 (Call 11/30/41)		352		353,555
5.50%, 04/15/41 (Call 10/15/40)		70		76,925
6.00%, 10/01/36		246		283,276
6.15%, 05/01/37		25		29,343
6.22%, 04/30/40		105		124,334
FedEx Corp.
3.88%, 08/01/42		209		182,496


Security	Principal (000s)		Value
3.90%, 02/01/35	$	936	$	851,613
4.10%, 04/15/43		2		1,811
4.10%, 02/01/45		261		235,615
4.50%, 02/01/65		86		76,326
4.75%, 11/15/45 (Call 05/15/45)		645		644,968
4.90%, 01/15/34		338		347,760
5.10%, 01/15/44		166		171,787
Kansas City Southern
4.30%, 05/15/43 (Call 11/15/42)^b		100		91,598
4.95%, 08/15/45 (Call 02/15/45)^b		496		499,059
Norfolk Southern Corp.
4.45%, 06/15/45 (Call 12/15/44)		441		424,230
4.65%, 01/15/46 (Call 07/15/45)		605		599,111
4.80%, 08/15/43 (Call 02/15/43)		899		908,550
4.84%, 10/01/41		479		486,561
6.00%, 03/15/05		11		11,801
6.00%, 05/23/11		436		467,790
NorthWestern Corp.
4.18%, 11/15/44 (Call 05/15/44)		161		169,697
Union Pacific Corp.
3.38%, 02/01/35 (Call 08/01/34)		516		477,384
3.88%, 02/01/55 (Call 08/01/54)		725		650,692
4.05%, 11/15/45 (Call 05/15/45)^a		381		377,093
4.05%, 03/01/46 (Call 09/01/45)		170		169,422
4.15%, 01/15/45 (Call 07/15/44)		75		75,375
4.30%, 06/15/42 (Call 12/15/41)		259		263,875
4.38%, 11/15/65 (Call 05/15/65)		6		5,670
4.75%, 09/15/41 (Call 03/15/41)		8		8,665
4.75%, 12/15/43 (Call 06/15/43)		100		108,711
4.82%, 02/01/44 (Call 08/01/43)		570		626,336
4.85%, 06/15/44 (Call 12/15/43)		14		15,459
6.63%, 02/01/29		307		411,277
United Parcel Service Inc.
3.63%, 10/01/42		5		4,904
4.88%, 11/15/40 (Call 05/15/40)		530		610,475
6.20%, 01/15/38		838		1,103,609
United Parcel Service of America Inc.
8.38%, 04/01/30^d		114		166,546

				22,239,326
TRUCKING & LEASING — 0.04%
GATX Corp.
5.20%, 03/15/44 (Call 09/15/43)		300		293,082

				293,082


SCHEDULEOF INVESTMENTS			79

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
WATER — 0.20%
American Water Capital Corp.
4.30%, 12/01/42 (Call 06/01/42)	$	16	$	16,964
4.30%, 09/01/45 (Call 03/01/45)^a		500		531,873
6.59%, 10/15/37		239		326,851
United Utilities PLC
6.88%, 08/15/28		300		341,456
Veolia Environnement SA
6.75%, 06/01/38		250		321,880

				1,539,024

TOTAL CORPORATE BONDS & NOTES (Cost: $689,319,216)				645,987,939

FOREIGN GOVERNMENT OBLIGATIONS^e — 6.65%

CANADA — 0.15%
Province of Quebec Canada
7.50%, 09/15/29		800		1,206,260

				1,206,260
CHILE — 0.05%
Chile Government International Bond
3.63%, 10/30/42^a		450		411,434

				411,434
COLOMBIA — 0.56%
Colombia Government International Bond
5.00%, 06/15/45 (Call 12/15/44)		400		337,393
5.63%, 02/26/44 (Call 08/26/43)		2,400		2,179,483
6.13%, 01/18/41		950		911,946
7.38%, 09/18/37^a		900		979,585

				4,408,407
ISRAEL — 0.06%
Israel Government International Bond
4.50%, 01/30/43		400		430,520

				430,520
ITALY — 0.15%
Italy Government International Bond
5.38%, 06/15/33^a		967		1,142,942

				1,142,942
MEXICO — 1.32%
Mexico Government International Bond
4.60%, 01/23/46		1,350		1,247,008


Security	Principal (000s)		Value
4.75%, 03/08/44	$	1,890	$	1,781,245
5.55%, 01/21/45		550		576,914
5.75%, 10/12/49		2,030		1,958,693
6.05%, 01/11/40		1,570		1,753,493
6.75%, 09/27/34		1,075		1,330,736
7.50%, 04/08/33		477		634,794
8.30%, 08/15/31		755		1,113,160

				10,396,043
PANAMA — 0.41%
Panama Government International Bond
6.70%, 01/26/36		1,230		1,526,148
7.13%, 01/29/26^a		500		638,056
9.38%, 04/01/29		730		1,080,716

				3,244,920
PERU — 0.51%
Peruvian Government International Bond
4.13%, 08/25/27^a		700		716,337
5.63%, 11/18/50		1,275		1,370,249
6.55%, 03/14/37^a		495		592,065
8.75%, 11/21/33^a		900		1,296,304

				3,974,955
PHILIPPINES — 1.11%
Philippine Government International Bond
3.95%, 01/20/40		1,000		1,070,000
5.00%, 01/13/37^a		1,600		1,950,000
5.50%, 03/30/26		1,400		1,704,500
6.38%, 01/15/32		1,400		1,870,750
6.38%, 10/23/34		800		1,102,000
7.75%, 01/14/31		200		296,250
9.50%, 02/02/30		450		741,938

				8,735,438
SOUTH AFRICA — 0.12%
South Africa Government International Bond
5.38%, 07/24/44^a		800		740,000
6.25%, 03/08/41		200		205,676

				945,676
SOUTH KOREA — 0.17%
Export-Import Bank of Korea
3.25%, 08/12/26		450		468,591


80		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Korea International Bond
4.13%, 06/10/44^a	$	700	$	853,963

				1,322,554
SUPRANATIONAL — 0.38%
Asian Development Bank
5.82%, 06/16/28		310		411,796
European Investment Bank
4.88%, 02/15/36		715		939,199
Inter-American Development Bank
3.20%, 08/07/42		335		348,049
3.88%, 10/28/41		395		460,742
4.38%, 01/24/44		200		252,778
International Bank for Reconstruction & Development
4.75%, 02/15/35		460		593,119

				3,005,683
TURKEY — 1.20%
Turkey Government International Bond
4.88%, 04/16/43		500		439,735
6.63%, 02/17/45		2,600		2,924,792
6.75%, 05/30/40		600		669,186
6.88%, 03/17/36		1,150		1,292,646
7.25%, 03/05/38		800		939,544
8.00%, 02/14/34^a		1,500		1,881,540
11.88%, 01/15/30		780		1,289,699

				9,437,142
URUGUAY — 0.46%
Uruguay Government International Bond
4.13%, 11/20/45		300		245,550
4.38%, 10/27/27		900		902,250
5.10%, 06/18/50^a		1,500		1,350,000
7.63%, 03/21/36^a		865		1,078,223

				3,576,023

TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $54,642,503)				52,237,997

MUNICIPAL DEBT OBLIGATIONS — 8.58%

CALIFORNIA — 2.76%
Alameda County Joint Powers Authority RB BAB
7.05%, 12/01/44		135		189,529


Security	Principal (000s)		Value
Bay Area Toll Authority RB BAB
6.26%, 04/01/49	$	550	$	768,377
Series S1
6.79%, 04/01/30		250		321,648
7.04%, 04/01/50		750		1,089,435
California State Public Works Board RB BAB Series G-2
8.36%, 10/01/34		360		538,726
City of Los Angeles Department of Airports RB BAB
6.58%, 05/15/39		280		373,727
City of San Francisco CA Public Utilities Commission Water Revenue RB BAB
6.95%, 11/01/50		360		514,847
County of Sonoma CA RB Series A
6.00%, 12/01/29 (GTD)		300		368,973
East Bay Municipal Utility District Water System Revenue RB BAB Series B
5.87%, 06/01/40		330		432,175
Los Angeles Community College District/CA GO BAB
6.75%, 08/01/49		500		727,855
Los Angeles County Metropolitan Transportation Authority RB BAB Series A
5.74%, 06/01/39		400		511,768
Los Angeles County Public Works Financing Authority RB BAB
7.62%, 08/01/40		350		514,419
Los Angeles Department of Water & Power RB BAB
6.57%, 07/01/45		500		704,330
6.60%, 07/01/50		300		428,631
Los Angeles Unified School District/CA GO BAB
5.75%, 07/01/34		800		997,872
6.76%, 07/01/34		550		754,688


SCHEDULEOF INVESTMENTS			81

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
Regents of the University of California Medical Center Pooled Revenue RB BAB
6.55%, 05/15/48	$	450	$	611,604
San Diego County Regional Transportation Commission RB BAB
5.91%, 04/01/48		300		403,599
San Diego County Water Authority Financing Corp. RB BAB
6.14%, 05/01/49		400		538,384
State of California GO BAB
7.30%, 10/01/39		820		1,167,377
7.35%, 11/01/39		700		1,003,884
7.50%, 04/01/34		2,450		3,515,529
7.55%, 04/01/39		900		1,335,888
7.60%, 11/01/40		600		905,502
7.95%, 03/01/36 (Call 03/01/20)		600		723,546
University of California RB
Series AD
4.86%, 05/15/12		380		389,846
Series AN
4.77%, 05/15/44 (Call 05/15/24)		650		680,543
University of California RB BAB
5.77%, 05/15/43		200		255,526
5.95%, 05/15/45		700		889,378

				21,657,606
COLORADO — 0.13%
Colorado Bridge Enterprise RB BAB Series A
6.08%, 12/01/40		300		392,493
Denver City & County School District No. 1 COP Series B
7.02%, 12/15/37		435		599,043

				991,536
CONNECTICUT — 0.17%
State of Connecticut GO Series A
5.85%, 03/15/32		200		247,988


Security	Principal (000s)		Value
State of Connecticut GO BAB
5.09%, 10/01/30	$	200	$	231,622
5.63%, 12/01/29		720		862,870

				1,342,480
DISTRICT OF COLUMBIA — 0.03%
District of Columbia Water & Sewer Authority RB
4.81%, 10/01/14		200		212,662

				212,662
GEORGIA — 0.19%
Municipal Electric Authority of Georgia RB BAB
Project J, Series 2010A
6.64%, 04/01/57		250		303,585
Project P, Series 2010A
7.06%, 04/01/57		1,025		1,205,687

				1,509,272
ILLINOIS — 0.96%
Chicago Transit Authority RB
Series A
6.90%, 12/01/40		650		769,249
Series B
6.90%, 12/01/40		225		266,681
Chicago Transit Authority RB BAB Series B
6.20%, 12/01/40		120		133,621
City of Chicago IL GO Series C
7.78%, 01/01/35		810		878,623
County of Cook IL GO BAB
6.23%, 11/15/34		100		109,769
Illinois State Toll Highway Authority RB BAB
6.18%, 01/01/34		580		752,324
Metropolitan Water Reclamation District of Greater Chicago GOL BAB
5.72%, 12/01/38		500		605,575
State of Illinois GO
5.10%, 06/01/33^a		3,265		3,035,503
5.65%, 12/01/38		725		703,504


82		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
State of Illinois GO BAB Series 3
6.73%, 04/01/35	$	300	$	328,692

				7,583,541
KANSAS — 0.04%
State of Kansas Department of Transportation RB BAB
4.60%, 09/01/35		300		340,014

				340,014
KENTUCKY — 0.02%
Louisville & Jefferson County Metropolitan Sewer District RB BAB
6.25%, 05/15/43		145		190,732

				190,732
MARYLAND — 0.03%
Maryland State Transportation Authority RB BAB
5.89%, 07/01/43		200		257,154

				257,154
MASSACHUSETTS — 0.37%
Commonwealth of Massachusetts GOL BAB
4.91%, 05/01/29		240		289,814
Series E
5.46%, 12/01/39		745		950,747
Commonwealth of Massachusetts Transportation Fund Revenue RB BAB Series A
5.73%, 06/01/40		300		386,178
Massachusetts Clean Water Trust (The) RB BAB Series B
5.19%, 08/01/40		550		668,844
Massachusetts School Building Authority RB BAB
5.72%, 08/15/39		450		577,287

				2,872,870
MISSOURI — 0.15%
Missouri Highway & Transportation Commission RB BAB
5.45%, 05/01/33		500		615,170


Security	Principal (000s)		Value
University of Missouri RB BAB
5.79%, 11/01/41	$	400	$	542,100

				1,157,270
NEW JERSEY — 0.57%
New Jersey Economic Development Authority RB Series A
7.43%, 02/15/29 (NPFGC)		675		808,684
New Jersey State Turnpike Authority RB BAB
7.10%, 01/01/41		1,275		1,815,524
Series F
7.41%, 01/01/40		250		368,180
New Jersey Transportation Trust Fund Authority RB BAB Series C
5.75%, 12/15/28		1,020		1,065,971
Rutgers The State University of New Jersey RB BAB
5.67%, 05/01/40		350		430,339

				4,488,698
NEW YORK — 1.45%
City of New York NY GO BAB
5.85%, 06/01/40		330		429,172
5.99%, 12/01/36		145		185,425
6.27%, 12/01/37		625		844,325
Housing Development Corp./NY RB
3.71%, 02/15/48		500		532,945
Metropolitan Transportation Authority RB BAB
6.09%, 11/15/40		250		330,080
6.67%, 11/15/39		385		519,192
Series A
5.87%, 11/15/39		100		122,540
Series B
6.65%, 11/15/39		100		133,374
Series C-1
6.69%, 11/15/40		275		378,158
Series E
6.81%, 11/15/40		450		627,349
New York City Transitional Finance Authority Future Tax Secured Revenue RB
5.27%, 05/01/27		500		596,875


SCHEDULEOF INVESTMENTS			83

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal (000s)		Value
New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB
5.51%, 08/01/37	$	200	$	248,716
5.57%, 11/01/38		250		311,865
New York City Water & Sewer System RB BAB
5.44%, 06/15/43		475		596,956
5.75%, 06/15/41		275		360,220
5.88%, 06/15/44		350		468,157
6.01%, 06/15/42		200		270,410
New York State Dormitory Authority RB BAB
5.39%, 03/15/40		625		785,462
5.50%, 03/15/30		200		244,988
5.63%, 03/15/39		200		248,538
Port Authority of New York & New Jersey RB
4.46%, 10/01/62		835		845,638
4.82%, 06/01/45 (Call 06/01/25)		100		105,017
4.93%, 10/01/51		750		837,862
Series 182
5.31%, 08/01/46 (Call 08/01/24)		1,250		1,345,287

				11,368,551
OHIO — 0.31%
American Municipal Power Inc. RB BAB
7.50%, 02/15/50		570		799,453
8.08%, 02/15/50		500		761,705
Ohio State University (The) RB Series A
4.80%, 06/01/11		200		208,112
Ohio State University (The) RB BAB
4.91%, 06/01/40		550		648,483

				2,417,753
OREGON — 0.15%
Oregon School Boards Association GOL
Series B
5.55%, 06/30/28 (NPFGC)		250		299,342
5.68%, 06/30/28 (NPFGC)		500		619,995


Security	Principal (000s)		Value
State of Oregon Department of Transportation RB BAB Series 2010A
5.83%, 11/15/34	$	175	$	230,764

				1,150,101
PENNSYLVANIA — 0.14%
Commonwealth of Pennsylvania GO BAB
5.45%, 02/15/30		300		357,219
Series B
4.65%, 02/15/26		100		112,730
Pennsylvania Turnpike Commission RB BAB Series B
5.56%, 12/01/49		480		601,550

				1,071,499
TEXAS — 0.90%
City of Houston TX Combined Utility System Revenue RB Series B
3.83%, 05/15/28		300		327,144
City of Houston TX GOL Series A
6.29%, 03/01/32		400		496,152
City Public Service Board of San Antonio TX RB BAB
5.81%, 02/01/41		550		710,562
Dallas Area Rapid Transit RB BAB
6.00%, 12/01/44		425		589,207
Dallas Convention Center Hotel Development Corp. RB BAB
7.09%, 01/01/42		340		455,233
Dallas County Hospital District GOL BAB Series C
5.62%, 08/15/44		150		185,898
Dallas Independent School District GO BAB
6.45%, 02/15/35 (Call 02/15/21) (PSF)		550		655,710
North Texas Tollway Authority RB BAB
8.91%, 02/01/30 (Call 02/01/20)		550		665,561


84		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016


Security	Principal or Shares (000s)		Value
State of Texas GO BAB
5.52%, 04/01/39	$	425	$	557,281
Series A
4.63%, 04/01/33		500		568,880
4.68%, 04/01/40		100		117,073
Texas Transportation Commission State Highway Fund RB BAB Series B
5.18%, 04/01/30		825		1,008,232
University of Texas System (The) RB BAB
Series B
6.28%, 08/15/41 (Call 08/15/19)		370		421,278
Series D
5.13%, 08/15/42		250		310,678

				7,068,889
UTAH — 0.05%
Utah Transit Authority RB BAB Series B
5.94%, 06/15/39		300		397,155

				397,155
VIRGINIA — 0.05%
University of Virginia RB BAB
6.20%, 09/01/39		300		430,296

				430,296
WASHINGTON — 0.11%
Central Puget Sound Regional Transit Authority RB BAB
5.49%, 11/01/39		150		194,003
State of Washington GO BAB
5.14%, 08/01/40		550		685,267

				879,270

TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost: $67,093,989)				67,387,349

SHORT-TERM INVESTMENTS — 8.25%

MONEY MARKET FUNDS — 8.25%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.50%^f,g,h		45,983		45,982,563
BlackRock Cash Funds: Prime, SL Agency Shares
0.49%^f,g,h		4,073		4,072,556


Security	Shares (000s)		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.27%^f,g		14,782	$	14,782,171

				64,837,290

TOTAL SHORT-TERM INVESTMENTS
(Cost: $64,837,290)				64,837,290

TOTAL INVESTMENTS IN SECURITIES — 105.72% (Cost: $875,892,998)				830,450,575
Other Assets, Less Liabilities — (5.72)%				(44,902,658	)

NET ASSETS — 100.00%			$	785,547,917

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. 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	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	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.


SCHEDULEOF INVESTMENTS			85

Statement of Assets and Liabilities

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 29, 2016



ASSETS
Investments, at cost:
Unaffiliated	$	811,055,708
Affiliated (Note 2)		64,837,290

Total cost of investments	$	875,892,998

Investments in securities, at fair value (including securities on loan^a) (Note 1):
Unaffiliated	$	765,613,285
Affiliated (Note 2)		64,837,290

Total fair value of investments		830,450,575
Receivables:
Investment securities sold		2,866,416
Due from custodian (Note 4)		598,991
Interest		10,551,259

Total Assets		844,467,241


LIABILITIES
Payables:
Investment securities purchased		8,743,621
Collateral for securities on loan (Note 1)		50,055,119
Investment advisory fees (Note 2)		120,584

Total Liabilities		58,919,324


NET ASSETS	$	785,547,917


Net assets consist of:
Paid-in capital	$	839,498,015
Undistributed net investment income		2,730,710
Accumulated net realized loss		(11,238,385	)
Net unrealized depreciation		(45,442,423	)

NET ASSETS	$	785,547,917


Shares outstanding^b		13,900,000


Net asset value per share	$	56.51

^a	Securities on loan with a value of $48,524,688. See Note 1.

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

See notes to financial statements.


86		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Operations

iSHARES^® 10+ YEAR CREDIT BOND ETF

Year ended February 29, 2016



NET INVESTMENT INCOME
Interest — unaffiliated	$	36,162,288
Interest — affiliated (Note 2)		10,248
Securities lending income — affiliated — net (Note 2)		106,050

Total investment income		36,278,586


EXPENSES
Investment advisory fees (Note 2)		1,577,656

Total expenses		1,577,656

Net investment income		34,700,930


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(10,263,816	)
Investments — affiliated (Note 2)		6,566
In-kind redemptions — unaffiliated		(3,001,580	)

Net realized loss		(13,258,830	)

Net change in unrealized appreciation/depreciation		(71,068,547	)

Net realized and unrealized loss		(84,327,377	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(49,626,447	)

See notes to financial statements.


FINANCIAL STATEMENTS			87

Statements of Changes in Net Assets

iSHARES^® 10+ YEAR CREDIT BOND ETF


	Year ended February 29, 2016			Year ended February 28, 2015

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	34,700,930		$	22,474,702
Net realized gain (loss)		(13,258,830	)		6,029,769
Net change in unrealized appreciation/depreciation		(71,068,547	)		32,857,194

Net increase (decrease) in net assets resulting from operations		(49,626,447	)		61,361,665


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(34,627,351	)		(20,884,615	)

Total distributions to shareholders		(34,627,351	)		(20,884,615	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		256,417,622			637,059,987
Cost of shares redeemed		(236,992,062	)		(110,709,066	)

Net increase in net assets from capital share transactions		19,425,560			526,350,921

INCREASE (DECREASE) IN NET ASSETS		(64,828,238	)		566,827,971

NET ASSETS
Beginning of year		850,376,155			283,548,184

End of year	$	785,547,917		$	850,376,155

Undistributed net investment income included in net assets at end of year	$	2,730,710		$	2,657,131


SHARES ISSUED AND REDEEMED
Shares sold		4,400,000			10,500,000
Shares redeemed		(4,100,000	)		(1,800,000	)

Net increase in shares outstanding		300,000			8,700,000

See notes to financial statements.


88		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® 10+ YEAR CREDIT BOND ETF

(For a share outstanding throughout each period)


	Year ended Feb. 29, 2016			Year ended Feb. 28, 2015			Year ended Feb. 28, 2014			Year ended Feb. 28, 2013			Year ended Feb. 29, 2012
Net asset value, beginning of year	$	62.53		$	57.87		$	61.05		$	59.51		$	52.53

Income from investment operations:
Net investment income^a		2.55			2.59			2.68			2.65			2.72
Net realized and unrealized gain (loss)^b		(6.02	)		4.59			(3.03	)		1.59			6.88

Total from investment operations		(3.47	)		7.18			(0.35	)		4.24			9.60

Less distributions from:
Net investment income		(2.55	)		(2.52	)		(2.74	)		(2.70	)		(2.62	)
Net realized gain		—			—			(0.09	)		—			—

Total distributions		(2.55	)		(2.52	)		(2.83	)		(2.70	)		(2.62	)

Net asset value, end of year	$	56.51		$	62.53		$	57.87		$	61.05		$	59.51


Total return		(5.53	)%		12.64	%		(0.41	)%^c		7.22	%		18.81	%


Ratios/Supplemental data:
Net assets, end of year (000s)	$	785,548		$	850,376		$	283,548		$	421,254		$	196,391
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		4.40	%		4.28	%		4.67	%		4.33	%		4.79	%
Portfolio turnover rate^d		11	%		23	%		12	%		10	%		6	%

^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			89

Notes to Financial Statements

iSHARES^® 10+ YEAR CREDIT BOND ETF

These financial statements relate only to the following fund (the “Fund”):


iShares ETF		Diversification Classification
10+ Year Credit Bond		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.

1.	*SIGNIFICANT ACCOUNTING POLICIES*

SECURITY VALUATION

•

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


90		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

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.

•

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

•

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


NOTESTO FINANCIAL STATEMENTS			91

Notes to Financial Statements (Continued)

iSHARES^® 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 February 29, 2016. 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	$	—	$	645,987,939	$	—	$	645,987,939
Foreign Government Obligations		—		52,237,997		—		52,237,997
Municipal Debt Obligations		—		67,387,349		—		67,387,349
Money Market Funds		64,837,290		—		—		64,837,290

Total	$	64,837,290	$	765,613,285	$	—	$	830,450,575

SECURITY TRANSACTIONS AND INCOME RECOGNITION

DISTRIBUTIONS TO SHAREHOLDERS

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 February 29, 2016, 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 February 29, 2016 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.


92		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

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 February 29, 2016:


Counterparty	Market Value of Securities on Loan		Cash Collateral Received^a		Net Amount
BNP Paribas Prime Brokerage Inc.	$	680,662	$	680,662	$	—
Citigroup Global Markets Inc.		10,247,423		10,247,423		—
Credit Suisse Securities (USA) LLC		2,877,981		2,877,981		—
Deutsche Bank Securities Inc.		3,177,766		3,177,766		—
Goldman Sachs & Co.		11,975,533		11,975,533		—
HSBC Securities (USA) Inc.		1,084,520		1,084,520		—
JPMorgan Clearing Corp.		4,169,192		4,169,192		—
Merrill Lynch, Pierce, Fenner & Smith		4,139,725		4,139,725		—
Morgan Stanley & Co. LLC		4,187,080		4,187,080		—
SG Americas Securities LLC		451,483		451,483		—
Wells Fargo Securities LLC		5,533,323		5,533,323		—

	$	48,524,688	$	48,524,688	$	—

2.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.20% based on the average daily net assets of the Fund.


NOTESTO FINANCIAL STATEMENTS			93

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

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.

For the year ended February 29, 2016, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $43,685.

For the year ended February 29, 2016, the purchase and sales transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were $320,710 and $1,283,829, respectively.

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 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 year ended February 29, 2016 , for purposes of Section 2(a)(3) of the 1940 Act, were as follows:


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)
PNC Bank N.A.
4.20%, 11/01/25	$	—	$	600	$	(600	)	$	—	$	—	$	2,971	$	6,566

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


94		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

3.	*INVESTMENT PORTFOLIO TRANSACTIONS*

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the year ended February 29, 2016 were as follows:


U.S. Government Obligations				Other Securities
Purchases		Sales		Purchases		Sales
$	1,518,108	$	3,083,197	$	106,882,756	$	85,226,923

In-kind transactions (see Note 4) for the year ended February 29, 2016 were as follows:


In-kind Purchases		In-kind Sales
	$231,002,510	$	230,005,442

4.	*CAPITAL SHARE TRANSACTIONS*

5.	*PRINCIPAL RISKS*

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.


NOTESTO FINANCIAL STATEMENTS			95

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

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.

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.

6.	*INCOME TAX INFORMATION*


96		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT 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 February 29, 2016, 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

$(3,125,136)

$—

$3,125,136

The tax character of distributions paid during the years ended February 29, 2016 and February 28, 2015 was as follows:


	2016		2015
Ordinary income	$	34,627,351	$	20,884,615

As of February 29, 2016, the tax components of accumulated net earnings (losses) were as follows:

Undistributed
Ordinary
Income

Capital

Loss
Carryforwards

Net
Unrealized
Gains (Losses)^a

Qualified
Late-Year
Losses^b

Total

2,730,710

(5,025,605

)

(45,682,458

)

(5,972,745

)

(53,950,098

)

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

The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of February 29, 2016, the Fund had non-expiring capital loss carryforwards in the amount of $5,025,605 available to offset future realized capital gains.

As of February 29, 2016, the cost of investments for federal income tax purposes was $876,133,033. Net unrealized depreciation was $45,682,458, of which $6,463,875 represented gross unrealized appreciation on securities and $52,146,333 represented gross unrealized depreciation on securities.

Management has analyzed tax laws and regulations and their application to the Fund as of February 29, 2016, 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*


NOTESTO FINANCIAL STATEMENTS			97

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 10+ Year Credit Bond ETF (the “Fund”) at February 29, 2016, 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 February 29, 2016 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

April 20, 2016


98		2016 iSHARES SEMI-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”).

iS-SAR-1018-0416

APRIL 30, 2016


2016 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

^Ø

iShares Interest Rate Hedged Emerging Markets Bond ETF | EMBH | NYSE Arca

Table of Contents


Fund Performance Overview			5
About Fund Performance			7
Shareholder Expenses			7
Schedule of Investments			8
Financial Statements			9
Financial Highlights			12
Notes to Financial Statements			13
Supplemental Information			22
Additional Financial Information as of April 30, 2016 – iShares J.P. Morgan USD Emerging Markets Bond ETF			23
Schedule of Investments			24
Financial Statements			32
Financial Highlights			35
Notes to Financial Statements			36

Fund Performance Overview

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Performance as of April 30, 2016

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. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps. For the six-month reporting period ended April 30, 2016, the total return for the Fund was 2.32%, net of fees.


	Cumulative Total Returns
	Since Inception
Fund NAV		(0.17)%
Fund Market		(0.17)%
J.P. Morgan EMBI Global Core Swap Hedged Index		(0.20)%

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^SMGlobal Core Index plus interest rate swaps that intend to hedge the interest rate exposure of the J.P. Morgan EMBI^SMGlobal Core Index.


Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a,b		Beginning Account Value (11/1/15)		Ending Account Value (4/30/16)		Expenses Paid During Period^a,b		Annualized Expense Ratio^a
$	1,000.00	$	1,023.20	$	0.55	$	1,000.00	$	1,024.30	$	0.55		0.11%

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


FUND PERFORMANCE OVERVIEW			5

Fund Performance Overview (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

ALLOCATION BY CREDIT QUALITY¹

As of 4/30/16


Moody’s Credit Rating²	Percentage of Total Investments³
Aa		3.97	%
A		16.69
Baa		35.12
Ba		19.54
B		10.82
Caa		7.56
Not Rated		6.30

TOTAL		100.00	%

TEN LARGEST COUNTRIES¹

As of 4/30/16


Country	Percentage of Total Investments³
Mexico		6.83	%
Russia		5.39
Indonesia		5.27
Turkey		5.18
Philippines		5.14
Brazil		4.27
Colombia		3.91
Hungary		3.83
Poland		3.74
South Africa		3.53

TOTAL		47.09	%

Table shown is for the iShares J.P. Morgan USD Emerging Markets Bond ETF, the underlying fund in which the Fund invests.

Excludes money market funds.


6		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

About Fund Performance

Shareholder Expenses

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.”


ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES			7

Schedule of Investments (Unaudited)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

April 30, 2016


Security	Shares		Value
INVESTMENT COMPANIES — 95.52%

EXCHANGE-TRADED FUNDS — 95.52%
iShares J.P. Morgan USD Emerging Markets Bond ETF^a		20,802	$	2,322,127

				2,322,127

TOTAL INVESTMENT COMPANIES
(Cost: $2,281,355)				2,322,127

SHORT-TERM INVESTMENTS — 2.50%

MONEY MARKET FUNDS — 2.50%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.28%^a,b		60,638		60,638

				60,638

TOTAL SHORT-TERM INVESTMENTS
(Cost: $60,638)				60,638

TOTAL INVESTMENTS IN SECURITIES — 98.02%
(Cost: $2,341,993)				2,382,765
Other Assets, Less Liabilities — 1.98%				48,179

NET ASSETS — 100.00%			$	2,430,944

^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 April 30, 2016 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	$	(500,000)	$	(588)	$	(367)
1.81%*		3-month LIBOR		07/24/2020		Chicago Mercantile		(1,200,000)		(4,359)		(27,147)
2.43%*		3-month LIBOR		07/24/2025		Chicago Mercantile		(800,000)		(13,328)		(39,791)
2.87%*		3-month LIBOR		07/24/2045		Chicago Mercantile		(90,000)		(1,863)		(11,412)

						Net unrealized depreciation					$	(78,717)

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

See notes to financial statements.


8		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Assets and Liabilities (Unaudited)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

April 30, 2016



ASSETS
Investments, at cost:
Affiliated (Note 2)	$	2,341,993

Total cost of investments	$	2,341,993

Investments in securities, at fair value (Note 1):
Affiliated (Note 2)	$	2,382,765

Total fair value of investments		2,382,765
Cash pledged for centrally cleared swaps		50,000
Receivables:
Interest		14

Total Assets		2,432,779


LIABILITIES
Payables:
Investment advisory fees (Note 2)		232
Variation margin on centrally cleared swaps		1,603

Total Liabilities		1,835


NET ASSETS	$	2,430,944


Net assets consist of:
Paid-in capital	$	2,504,974
Undistributed net investment income		14,358
Accumulated net realized loss		(50,443	)
Net unrealized depreciation		(37,945	)

NET ASSETS	$	2,430,944


Shares outstanding^a		100,000


Net asset value per share	$	24.31

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

See notes to financial statements.


FINANCIAL STATEMENTS			9

Statement of Operations (Unaudited)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Six months ended April 30, 2016



NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	56,936
Securities lending income — affiliated — net (Note 2)		3,482

Total investment income		60,418


EXPENSES
Investment advisory fees (Note 2)		8,857

Total expenses		8,857
Less investment advisory fees waived (Note 2)		(7,589	)

Net expenses		1,268

Net investment income		59,150


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated (Note 2)		(3,284	)
Swap agreements		(26,425	)

Net realized loss		(29,709	)

Net change in unrealized appreciation/depreciation on:
Investments — affiliated (Note 2)		65,695
Swap agreements		(39,047	)

Net change in unrealized appreciation/depreciation		26,648

Net realized and unrealized loss		(3,061	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	56,089

See notes to financial statements.


10		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF


	Six months ended April 30, 2016 (Unaudited)			Period from July 22, 2015^a to October 31, 2015

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	59,150		$	32,665
Net realized loss		(29,709	)		(30,617	)
Net change in unrealized appreciation/depreciation		26,648			(64,593	)

Net increase (decrease) in net assets resulting from operations		56,089			(62,545	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(44,792	)		(22,782	)
Return of capital		—			(84	)

Total distributions to shareholders		(44,792	)		(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		11,297			2,419,647

NET ASSETS
Beginning of period		2,419,647			—

End of period	$	2,430,944		$	2,419,647

Undistributed net investment income included in net assets at end of period	$	14,358		$	—


SHARES ISSUED
Shares sold		—			100,000

Net increase in shares outstanding		—			100,000

^a	Commencement of operations.

See notes to financial statements.


FINANCIAL STATEMENTS			11

Financial Highlights

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

(For a share outstanding throughout each period)


	Six months ended Apr. 30, 2016 (Unaudited)			Period from Jul. 22, 2015^a to Oct. 31, 2015
Net asset value, beginning of period	$	24.20		$	25.05

Income from investment operations:
Net investment income^b		0.59			0.33
Net realized and unrealized loss^c		(0.03	)		(0.95	)

Total from investment operations		0.56			(0.62	)

Less distributions from:
Net investment income		(0.45	)		(0.23	)
Return of capital		—			(0.00	)^d

Total distributions		(0.45	)		(0.23	)

Net asset value, end of period	$	24.31		$	24.20


Total return		2.32	%^e		(2.43	)%^e


Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,431		$	2,420
Ratio of expenses to average net assets^f,g		0.11	%		0.12	%
Ratio of expenses to average net assets prior to waived fees^f,g		0.75	%		0.75	%
Ratio of net investment income to average net assets^f		5.01	%		4.86	%
Portfolio turnover rate^h,i		0	%		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	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 rates exclude portfolio securities received or delivered as a result of processing capital share transactions in Creation Units.

ⁱ	Portfolio turnover rates exclude the portfolio activity of the underlying fund in which the Fund is invested. See page 35 for the portfolio turnover rates of the underlying fund.

See notes to financial statements.


12		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

These financial statements relate only to the following fund (the “Fund”):

iShares ETF

Diversification

Classification

Interest Rate Hedged Emerging Markets Bond

Non-diversified

1.	*SIGNIFICANT ACCOUNTING POLICIES*

SECURITY VALUATION

•

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


NOTESTO FINANCIAL STATEMENTS			13

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

•

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

•

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


14		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2016. 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	$	2,322,127	$	—		$	—	$	2,322,127
Money Market Funds		60,638		—			—		60,638

Total	$	2,382,765	$	—		$	—	$	2,382,765

Derivative Financial Instruments:^a
Liabilities:
Centrally Cleared Interest Rate Swaps	$	—	$	(78,717	)	$	—	$	(78,717	)

Total	$	—	$	(78,717	)	$	—	$	(78,717	)

Shown at the unrealized depreciation on contracts.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

DISTRIBUTIONS TO SHAREHOLDERS

LOANS OF PORTFOLIO SECURITIES

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 April 30, 2016, 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


NOTESTO FINANCIAL STATEMENTS			15

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

securities on loan as of April 30, 2016 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.

2.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

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 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 J.P. Morgan USD Emerging Markets Bond ETF (“EMB”) (and those assets used by the Fund to hedge the securities in EMB) 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 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.


16		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

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 six months ended April 30, 2016, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $654.

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.


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		21,302		—		(500	)		20,802	$	2,322,127	$	56,872	$	(3,284	)

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 six months ended April 30, 2016 were $ — and $51,551, respectively.

There were no in-kind transactions (see Note 4) for the six months ended April 30, 2016.

4.	*CAPITAL SHARE TRANSACTIONS*


NOTESTO FINANCIAL STATEMENTS			17

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

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 risks 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.


Liabilities
Centrally cleared interest rate swaps:
Variation margin/Net assets consist of – net unrealized depreciation^a	$	78,717


	Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/Depreciation
Centrally cleared interest rate swaps:
Swap agreements	$	(26,425	)	$	(39,047	)


18		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

For the six months ended April 30, 2016, the average quarter-end notional amount of open interest rate swaps for the Fund (where the Fund pays the fixed rate) was $2,535,000.

6.	*PRINCIPAL RISKS*

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 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.


NOTESTO FINANCIAL STATEMENTS			19

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

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

As of October 31, 2015, the Fund’s fiscal year-end, the Fund had non-expiring capital loss carryforwards in the amount of $20,734 available to offset future realized capital gains.

As of April 30, 2016, the cost of investments for federal income tax purposes was $2,341,993. Net unrealized appreciation was $40,772, of which $40,772 represented gross unrealized appreciation on securities and $ — represented gross unrealized depreciation on securities.


20		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

8.	*SUBSEQUENT EVENTS*


NOTESTO FINANCIAL STATEMENTS			21

Supplemental Information (Unaudited)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS 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-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
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
$	0.430862	$	—	$	0.017062	$	0.447924		96	%		—	%		4	%		100	%


22		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

iShares Trust

iShares J.P. Morgan USD Emerging Markets Bond ETF | EMB | NYSE Arca

Additional Financial Information

April 30, 2016

Schedule of Investments (Unaudited)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2016


Security	Principal (000s)		Value
CORPORATE BONDS & NOTES^a — 18.52%

AZERBAIJAN — 0.48%
Southern Gas Corridor
6.88%, 03/24/26^b	$	14,000	$	14,490,000
State Oil Co. of the Azerbaijan Republic
4.75%, 03/13/23^c		17,545		15,834,363

				30,324,363
BRAZIL — 0.32%
Caixa Economica Federal
4.25%, 05/13/19^c		10,560		10,054,176
4.50%, 10/03/18^c		10,250		10,020,400

				20,074,576
CHILE — 1.55%
Corp. Nacional del Cobre de Chile
3.00%, 07/17/22^c		28,925		28,337,099
3.75%, 11/04/20^c		14,594		15,328,808
3.88%, 11/03/21^c		18,581		19,446,875
4.50%, 09/16/25^c		32,680		33,959,749

				97,072,531
CHINA — 3.94%
Amber Circle Funding Ltd.
3.25%, 12/04/22^c		9,430		9,725,949
Charming Light Investments Ltd.
3.75%, 09/03/19^c		12,100		12,474,593
China Development Bank Corp.
2.50%, 10/09/20^c		20,200		20,621,184
CNOOC Curtis Funding No. 1 Pty Ltd.
4.50%, 10/03/23^c		14,854		15,756,264
Export-Import Bank of China (The)
2.50%, 07/31/19^c		19,440		19,809,360
3.63%, 07/31/24^c		13,829		14,579,147
Sinochem Overseas Capital Co. Ltd.
4.50%, 11/12/20^c		12,846		13,670,906
Sinopec Group Overseas Development 2012 Ltd.
3.90%, 05/17/22^c		18,949		19,801,459
4.88%, 05/17/42^c		10,109		10,988,483
Sinopec Group Overseas Development 2013 Ltd.
4.38%, 10/17/23^c		19,050		20,269,053


Security	Principal (000s)		Value
Sinopec Group Overseas Development 2014 Ltd.
4.38%, 04/10/24^c	$	17,246	$	18,288,414
Sinopec Group Overseas Development 2015 Ltd.
2.50%, 04/28/20^c		22,989		22,955,303
3.25%, 04/28/25^c		8,290		8,168,808
State Grid Overseas Investment 2013 Ltd.
3.13%, 05/22/23^c		6,510		6,587,241
State Grid Overseas Investment 2014 Ltd.
2.75%, 05/07/19^c		10,537		10,769,585
4.13%, 05/07/24^c		20,982		22,658,034

				247,123,783
INDONESIA — 1.34%
Majapahit Holding BV
7.75%, 01/20/20^c		9,993		11,417,002
Pelabuhan Indonesia II PT
4.25%, 05/05/25^c		8,700		8,449,875
Pertamina Persero PT
4.30%, 05/20/23^c		11,844		11,750,737
4.88%, 05/03/22^c		5,696		5,874,000
5.25%, 05/23/21^c		6,802		7,150,603
5.63%, 05/20/43^c		11,420		10,540,489
6.00%, 05/03/42^c		8,573		8,251,512
6.45%, 05/30/44^c		9,460		9,596,574
Perusahaan Listrik Negara PT
5.25%, 10/24/42^c		7,660		7,066,350
5.50%, 11/22/21^c		3,960		4,266,900

				84,364,042
KAZAKHSTAN — 1.56%
Development Bank of Kazakhstan JSC
4.13%, 12/10/22^c		20,776		18,776,310
Kazakhstan Temir Zholy Finance BV
6.95%, 07/10/42^c		16,075		14,989,937
KazMunaiGaz Finance Sub BV
9.13%, 07/02/18^c		24,438		26,820,705
KazMunayGas National Co. JSC
6.38%, 04/09/21^c		16,472		17,254,420
7.00%, 05/05/20^c		18,724		19,987,870

				97,829,242


24		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2016


Security	Principal (000s)		Value
MALAYSIA — 2.86%
1MDB Global Investments Ltd.
4.40%, 03/09/23^c	$	51,500	$	45,191,250
Petronas Capital Ltd.
3.50%, 03/18/25^c		31,793		32,584,016
4.50%, 03/18/45^c		24,256		25,297,824
5.25%, 08/12/19^c		48,967		53,930,976
7.88%, 05/22/22^c		17,356		22,219,771

				179,223,837
MEXICO — 3.31%
Banco Nacional de Comercio Exterior SNC
4.38%, 10/14/25^c		4,300		4,386,000
Comision Federal de Electricidad
4.88%, 05/26/21^c		5,086		5,289,440
4.88%, 01/15/24^c		6,900		7,176,000
Petroleos Mexicanos
3.50%, 07/18/18		1,195		1,205,755
3.50%, 07/23/20^c		7,730		7,552,210
3.50%, 01/30/23		12,753		11,844,349
4.25%, 01/15/25^c		7,122		6,723,168
4.50%, 01/23/26^c		6,690		6,364,866
4.88%, 01/24/22		12,155		12,221,853
4.88%, 01/18/24		8,860		8,815,700
5.50%, 01/21/21		17,851		18,698,922
5.50%, 06/27/44		16,432		14,460,160
5.63%, 01/23/46^c		15,699		13,972,110
6.00%, 03/05/20		2,990		3,167,905
6.38%, 01/23/45		15,835		15,637,062
6.50%, 06/02/41		13,867		13,839,266
6.63%, 06/15/35		13,729		13,866,290
6.88%, 08/04/26^c		26,490		29,231,715
8.00%, 05/03/19		12,177		13,553,001

				208,005,772
PHILIPPINES — 0.46%
Power Sector Assets & Liabilities Management Corp.
7.25%, 05/27/19^c		11,048		12,843,300
7.39%, 12/02/24^c		11,916		16,027,020

				28,870,320
RUSSIA — 0.86%
Russian Agricultural Bank OJSC Via RSHB Capital SA
5.10%, 07/25/18^c		5,400		5,535,000


Security	Principal (000s)		Value
Russian Railways via RZD Capital PLC
5.70%, 04/05/22^c	$	13,149	$	13,635,513
Vnesheconombank Via VEB Finance PLC
5.94%, 11/21/23^c		7,800		7,800,000
6.03%, 07/05/22^c		6,200		6,223,250
6.80%, 11/22/25^c		8,100		8,484,750
6.90%, 07/09/20^c		11,578		12,185,845

				53,864,358
SOUTH AFRICA — 1.02%
Eskom Holdings SOC Ltd.
5.75%, 01/26/21^c		23,947		22,629,915
6.75%, 08/06/23^c		13,338		12,644,424
7.13%, 02/11/25^c		17,089		16,149,105
Transnet SOC Ltd.
4.00%, 07/26/22^c		13,706		12,554,696

				63,978,140
VENEZUELA — 0.82%
Petroleos de Venezuela SA
5.38%, 04/12/27^c		18,477		6,494,736
5.50%, 04/12/37^c		10,873		3,818,054
6.00%, 05/16/24^c		27,231		9,255,817
6.00%, 11/15/26^c		31,233		10,534,891
9.00%, 11/17/21^c		14,567		5,719,004
9.75%, 05/17/35^c		18,989		7,546,321
12.75%, 02/17/22^c		18,014		8,376,510

				51,745,333

TOTAL CORPORATE BONDS & NOTES
(Cost: $1,180,586,833)				1,162,476,297

FOREIGN GOVERNMENT OBLIGATIONS^a — 79.45%

ANGOLA — 0.40%
Angolan Government International Bond
9.50%, 11/12/25^c		25,500		25,021,876

				25,021,876
ARGENTINA — 3.42%
Argentine Republic Government International Bond
2.50%, 12/31/38^d		92,372		58,887,150
7.50%, 04/22/26^b		49,910		51,032,975


SCHEDULEOF INVESTMENTS			25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2016


Security	Principal (000s)		Value
8.28%, 12/31/33	$	100,598	$	104,958,835

				214,878,960
AZERBAIJAN — 0.34%
Republic of Azerbaijan International Bond
4.75%, 03/18/24^c		21,930		21,272,100

				21,272,100
BRAZIL — 3.87%
Banco Nacional de Desenvolvimento Economico e Social
5.75%, 09/26/23^c		11,723		11,435,787
6.37%, 06/16/18^c		8,000		8,271,840
6.50%, 06/10/19^c		7,785		8,038,013
Brazil Minas SPE via State of Minas Gerais
5.33%, 02/15/28^c		10,681		9,225,714
Brazilian Government International Bond
2.63%, 01/05/23		20,014		17,362,145
4.25%, 01/07/25		37,689		34,994,236
4.88%, 01/22/21		30,025		30,550,437
5.00%, 01/27/45		30,954		24,995,355
5.63%, 01/07/41		20,806		18,335,287
5.88%, 01/15/19		15,922		17,315,175
6.00%, 04/07/26		8,600		8,870,900
7.13%, 01/20/37		19,177		19,872,166
8.25%, 01/20/34		12,545		14,442,431
8.88%, 04/15/24		7,531		9,206,648
10.13%, 05/15/27		7,054		9,769,790

				242,685,924
CHILE — 0.36%
Chile Government International Bond
3.13%, 01/21/26		22,220		22,864,380

				22,864,380
COLOMBIA — 3.83%
Colombia Government International Bond
2.63%, 03/15/23 (Call 12/15/22)		13,795		12,877,633
4.00%, 02/26/24 (Call 11/26/23)		24,783		24,906,915


Security	Principal (000s)		Value
4.38%, 07/12/21	$	24,930	$	26,051,850
4.50%, 01/28/26 (Call 10/28/25)		23,101		23,678,525
5.00%, 06/15/45 (Call 12/15/44)		35,116		33,447,990
5.63%, 02/26/44 (Call 08/26/43)		27,786		28,480,650
6.13%, 01/18/41		27,705		29,782,875
7.38%, 03/18/19		20,619		23,376,791
7.38%, 09/18/37		17,958		21,774,075
8.13%, 05/21/24		12,518		15,803,975

				240,181,279
COSTA RICA — 0.75%
Costa Rica Government International Bond
4.25%, 01/26/23^c		16,384		15,073,280
7.00%, 04/04/44^c		17,300		16,045,750
7.16%, 03/12/45^c		17,235		16,200,900

				47,319,930
CROATIA — 2.24%
Croatia Government International Bond
5.50%, 04/04/23^c		21,046		22,308,760
6.00%, 01/26/24^c		26,760		29,268,750
6.38%, 03/24/21^c		30,720		33,600,000
6.63%, 07/14/20^c		23,219		25,482,853
6.75%, 11/05/19^c		27,187		29,837,732

				140,498,095
DOMINICAN REPUBLIC — 2.42%
Dominican Republic International Bond
5.50%, 01/27/25^c		31,504		31,504,000
5.88%, 04/18/24^c		19,225		19,777,719
6.85%, 01/27/45^c		34,307		34,349,884
6.88%, 01/29/26^c		14,600		15,658,500
7.45%, 04/30/44^c		26,703		28,305,180
7.50%, 05/06/21^c		20,330		22,286,762

				151,882,045
ECUADOR — 0.86%
Ecuador Government International Bond
7.95%, 06/20/24^c		33,072		28,938,000
10.50%, 03/24/20^c		26,286		24,840,270

				53,778,270


26		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2016


Security	Principal (000s)		Value
EGYPT — 0.65%
Egypt Government International Bond
5.75%, 04/29/20^c	$	17,174	$	17,431,610
5.88%, 06/11/25^c		25,940		23,410,850

				40,842,460
EL SALVADOR — 0.23%
El Salvador Government International Bond
7.65%, 06/15/35^c		16,168		14,470,360

				14,470,360
ETHIOPIA — 0.25%
Ethiopia International Bond
6.63%, 12/11/24^c		17,090		15,530,538

				15,530,538
GABON — 0.35%
Gabon Government International Bond
6.38%, 12/12/24^c		25,019		21,860,351

				21,860,351
GHANA — 0.43%
Ghana Government International Bond
7.88%, 08/07/23^c		15,843		12,674,400
8.13%, 01/18/26^c		17,912		14,195,260

				26,869,660
HUNGARY — 3.75%
Hungary Government International Bond
5.38%, 02/21/23		32,774		36,133,335
5.38%, 03/25/24		37,588		41,722,680
5.75%, 11/22/23		29,432		33,258,160
6.25%, 01/29/20		31,454		34,992,575
6.38%, 03/29/21		52,952		60,299,090
7.63%, 03/29/41		20,750		29,283,438

				235,689,278
INDONESIA — 3.82%
Indonesia Government International Bond
3.38%, 04/15/23^c		9,620		9,535,825
3.75%, 04/25/22^c		11,651		11,938,721
4.13%, 01/15/25^c		13,477		13,780,233
4.63%, 04/15/43^c		9,670		9,391,359


Security	Principal (000s)		Value
4.75%, 01/08/26^c	$	21,970	$	23,343,125
4.88%, 05/05/21^c		12,832		13,906,680
5.13%, 01/15/45^c		16,979		17,254,909
5.25%, 01/17/42^c		10,832		11,089,260
5.38%, 10/17/23^c		7,284		8,076,135
5.88%, 03/13/20^c		16,892		18,792,350
5.88%, 01/15/24^c		12,166		13,854,033
5.95%, 01/08/46^c		11,077		12,447,779
6.63%, 02/17/37^c		10,792		12,775,030
6.75%, 01/15/44^c		9,566		11,705,101
7.75%, 01/17/38^c		12,461		16,339,486
8.50%, 10/12/35^c		13,793		19,206,752
11.63%, 03/04/19^c		13,128		16,426,410

				239,863,188
IRAQ — 0.54%
Iraq International Bond
5.80%, 01/15/28^c (Call 06/13/16)		47,505		33,609,788

				33,609,788
IVORY COAST — 0.87%
Ivory Coast Government International Bond
5.75%, 12/31/32 (Call 06/30/16)^c,d		43,583		39,660,530
6.38%, 03/03/28^c		15,850		15,017,875

				54,678,405
JAMAICA — 0.38%
Jamaica Government International Bond
6.75%, 04/28/28		23,199		23,981,966

				23,981,966
KAZAKHSTAN — 1.74%
KazAgro National Management Holding JSC
4.63%, 05/24/23^c		15,065		12,451,976
Kazakhstan Government International Bond
3.88%, 10/14/24^c		23,819		23,253,299
4.88%, 10/14/44^c		16,240		14,717,500
5.13%, 07/21/25^c		33,900		35,764,500
6.50%, 07/21/45^c		21,219		23,181,757

				109,369,032


SCHEDULEOF INVESTMENTS			27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2016


Security	Principal (000s)		Value
KENYA — 0.51%
Kenya Government International Bond
6.88%, 06/24/24^c	$	33,875	$	31,884,844

				31,884,844
LEBANON — 2.91%
Lebanese Republic
6.65%, 02/26/30^c		25,785		25,204,837
Lebanon Government International Bond
5.15%, 11/12/18^c		16,569		16,486,155
6.00%, 01/27/23^c		19,234		18,921,448
6.10%, 10/04/22^c		27,578		27,336,692
6.38%, 03/09/20		22,750		23,062,813
6.60%, 11/27/26^c		26,764		26,362,540
6.75%, 11/29/27^c		15,327		15,288,683
8.25%, 04/12/21^c		27,261		29,782,642

				182,445,810
LITHUANIA — 1.57%
Lithuania Government International Bond
6.13%, 03/09/21^c		23,893		27,686,014
6.63%, 02/01/22^c		32,074		38,689,262
7.38%, 02/11/20^c		27,401		32,401,683

				98,776,959
MEXICO — 3.38%
Mexico Government International Bond
3.50%, 01/21/21		10,308		10,668,780
3.60%, 01/30/25		23,201		23,578,016
3.63%, 03/15/22		19,160		19,811,440
4.00%, 10/02/23		27,902		29,227,345
4.13%, 01/21/26		3,000		3,150,000
4.60%, 01/23/46		18,770		18,535,375
4.75%, 03/08/44		21,714		21,931,140
5.13%, 01/15/20		10,014		11,025,414
5.55%, 01/21/45		12,062		13,569,750
5.75%, 10/12/49		15,432		15,894,960
5.95%, 03/19/19		5,250		5,866,875
6.05%, 01/11/40		17,316		20,584,395
6.75%, 09/27/34		8,705		11,316,500
8.30%, 08/15/31		4,378		6,720,230

				211,880,220


Security	Principal (000s)		Value
MONGOLIA — 0.21%
Mongolia Government International Bond
5.13%, 12/05/22^c	$	16,715	$	13,167,325

				13,167,325
MOROCCO — 0.41%
Morocco Government International Bond
4.25%, 12/11/22^c		25,071		25,948,485

				25,948,485
PAKISTAN — 0.57%
Pakistan Government International Bond
7.25%, 04/15/19^c		16,555		17,363,960
8.25%, 04/15/24^c		17,726		18,676,202

				36,040,162
PANAMA — 2.13%
Panama Government International Bond
3.75%, 03/16/25 (Call 12/16/24)		20,090		20,692,700
3.88%, 03/17/28 (Call 12/17/27)		13,582		13,819,685
4.00%, 09/22/24 (Call 06/22/24)		24,997		26,246,850
5.20%, 01/30/20		24,661		27,151,761
6.70%, 01/26/36		35,761		45,774,080

				133,685,076
PARAGUAY — 0.26%
Paraguay Government International Bond
6.10%, 08/11/44^c		16,086		16,407,720

				16,407,720
PERU — 3.31%
Peruvian Government International Bond
4.13%, 08/25/27		21,493		22,965,271
5.63%, 11/18/50		45,475		52,864,687
6.55%, 03/14/37		21,224		27,352,430
7.35%, 07/21/25		34,833		46,623,971
8.75%, 11/21/33		37,987		57,645,272

				207,451,631


28		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2016


Security	Principal (000s)		Value
PHILIPPINES — 4.58%
Philippine Government International Bond
3.70%, 03/01/41	$	23,162	$	24,667,530
3.95%, 01/20/40		25,023		27,619,136
4.00%, 01/15/21		14,415		15,820,463
4.20%, 01/21/24		15,325		17,393,875
5.00%, 01/13/37		16,530		20,869,125
5.50%, 03/30/26		12,816		16,052,040
6.38%, 01/15/32		14,178		19,831,478
6.38%, 10/23/34		28,355		40,370,431
7.75%, 01/14/31		23,106		35,641,005
8.38%, 06/17/19		12,843		15,540,030
9.50%, 02/02/30		16,462		28,129,442
10.63%, 03/16/25		15,466		25,267,577

				287,202,132
POLAND — 3.67%
Poland Government International Bond
3.00%, 03/17/23		32,113		32,393,989
3.25%, 04/06/26		12,200		12,169,500
4.00%, 01/22/24		37,556		40,091,030
5.00%, 03/23/22		44,465		49,800,800
5.13%, 04/21/21		31,341		35,101,920
6.38%, 07/15/19		53,117		60,486,984

				230,044,223
ROMANIA — 1.86%
Romanian Government International Bond
4.38%, 08/22/23^c		25,972		27,595,250
4.88%, 01/22/24^c		22,264		24,351,250
6.13%, 01/22/44^c		14,456		17,723,056
6.75%, 02/07/22^c		39,595		46,870,581

				116,540,137
RUSSIA — 4.42%
Russian Foreign Bond — Eurobond
3.50%, 01/16/19^c		10,800		10,908,000
4.50%, 04/04/22^c		16,200		16,888,500
4.88%, 09/16/23^c		27,600		29,338,800
5.00%, 04/29/20^c		26,900		28,446,750
5.63%, 04/04/42^c		22,600		23,673,500
5.88%, 09/16/43^c		9,400		10,137,900
7.50%, 03/31/30^c,d		89,293		108,602,125


Security	Principal (000s)		Value
11.00%, 07/24/18^c	$	17,967	$	21,111,225
12.75%, 06/24/28^c		16,439		28,254,531

				277,361,331
SERBIA — 1.31%
Serbia International Bond
4.88%, 02/25/20^c		24,608		25,192,440
5.88%, 12/03/18^c		16,021		16,882,129
7.25%, 09/28/21^c		35,597		40,313,602

				82,388,171
SLOVAKIA — 0.46%
Slovakia Government International Bond
4.38%, 05/21/22^c		25,329		28,653,431

				28,653,431
SOUTH AFRICA — 2.44%
South Africa Government International Bond
4.67%, 01/17/24		22,089		22,166,312
4.88%, 04/14/26		11,200		11,172,000
5.38%, 07/24/44		14,996		14,793,554
5.50%, 03/09/20		27,397		29,109,312
5.88%, 05/30/22		15,005		16,415,470
5.88%, 09/16/25		27,032		29,160,770
6.88%, 05/27/19		27,285		30,047,606

				152,865,024
SRI LANKA — 1.45%
Sri Lanka Government International Bond
5.88%, 07/25/22^c		16,869		16,236,413
6.00%, 01/14/19^c		16,894		17,222,166
6.25%, 10/04/20^c		16,200		16,463,250
6.25%, 07/27/21^c		14,978		14,940,555
6.85%, 11/03/25^c		27,025		26,416,937

				91,279,321
TUNISIA — 0.22%
Banque Centrale de Tunisie International Bond
5.75%, 01/30/25^c		15,535		13,962,081

				13,962,081
TURKEY — 5.07%
Turkey Government International Bond
3.25%, 03/23/23		14,197		13,543,938


SCHEDULEOF INVESTMENTS			29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2016


Security	Principal (000s)		Value
4.25%, 04/14/26	$	7,711	$	7,643,529
4.88%, 10/09/26		9,700		10,015,250
4.88%, 04/16/43		22,369		20,915,015
5.13%, 03/25/22		12,568		13,337,790
5.63%, 03/30/21		17,698		19,193,481
5.75%, 03/22/24		18,701		20,533,698
6.00%, 01/14/41		24,005		26,087,434
6.25%, 09/26/22		20,662		23,141,440
6.63%, 02/17/45		11,447		13,513,183
6.75%, 05/30/40		13,342		15,810,270
6.88%, 03/17/36		23,963		28,456,062
7.00%, 03/11/19		7,922		8,803,323
7.00%, 06/05/20		15,312		17,417,400
7.25%, 03/05/38		7,470		9,300,150
7.38%, 02/05/25		19,775		23,952,469
7.50%, 11/07/19		10,784		12,361,160
8.00%, 02/14/34		11,820		15,572,850
11.88%, 01/15/30		10,904		18,809,400

				318,407,842
UKRAINE — 3.08%
Ukraine Government International Bond
7.75%, 09/01/19^c		25,320		24,434,071
7.75%, 09/01/20^b		700		671,300
7.75%, 09/01/20^c		27,221		26,104,939
7.75%, 09/01/21^c		21,653		20,700,268
7.75%, 09/01/22^c		23,863		22,741,439
7.75%, 09/01/23^c		18,988		18,019,612
7.75%, 09/01/24^c		20,003		18,952,843
7.75%, 09/01/25^c		20,978		19,719,320
7.75%, 09/01/26^c		23,109		21,618,469
7.75%, 09/01/27^c		21,814		20,341,555

				193,303,816
URUGUAY — 2.13%
Uruguay Government International Bond
4.38%, 10/27/27		28,768		29,630,992
4.50%, 08/14/24		26,432		28,017,920
5.10%, 06/18/50		57,126		53,555,850
7.63%, 03/21/36		17,563		22,787,992

				133,992,754


Security	Principal (000s)		Value
VENEZUELA — 1.22%
Venezuela Government International Bond
6.00%, 12/09/20^c	$	9,275	$	3,385,375
7.00%, 12/01/18^c		6,636		2,986,200
7.00%, 03/31/38^c		10,689		3,821,318
7.65%, 04/21/25^c		11,695		4,254,056
7.75%, 10/13/19^c		15,364		6,164,805
8.25%, 10/13/24^c		13,329		4,981,714
9.00%, 05/07/23^c		10,326		3,936,788
9.25%, 09/15/27		23,141		9,863,851
9.25%, 05/07/28^c		12,407		4,776,695
9.38%, 01/13/34		12,430		4,785,550
11.75%, 10/21/26^c		18,014		7,633,432
11.95%, 08/05/31^c		27,766		11,800,635
12.75%, 08/23/22^c		17,036		7,900,445

				76,290,864
VIETNAM — 0.26%
Vietnam Government International Bond
4.80%, 11/19/24^c		16,085		16,394,837

				16,394,837
ZAMBIA — 0.52%
Zambia Government International Bond
8.50%, 04/14/24^c		15,391		12,755,291
8.97%, 07/30/27^c		23,939		19,629,980

				32,385,271
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $5,007,882,500)				4,985,907,352

SHORT-TERM INVESTMENTS — 0.07%

MONEY MARKET FUNDS — 0.07%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.28%^e,f		4,316		4,316,088

				4,316,088

TOTAL SHORT-TERM INVESTMENTS
(Cost: $4,316,088)				4,316,088


30		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2016


	Value
TOTAL INVESTMENTS IN SECURITIES — 98.04% (Cost: $6,192,785,421)	$	6,152,699,737
Other Assets, Less Liabilities — 1.96%		123,393,840

NET ASSETS — 100.00%	$	6,276,093,577

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

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

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

^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	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.


SCHEDULEOF INVESTMENTS			31

Statement of Assets and Liabilities (Unaudited)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2016



ASSETS
Investments, at cost:
Unaffiliated	$	6,188,469,333
Affiliated (Note 2)		4,316,088

Total cost of investments	$	6,192,785,421

Investments in securities, at fair value (Note 1):
Unaffiliated	$	6,148,383,649
Affiliated (Note 2)		4,316,088

Total fair value of investments		6,152,699,737

Cash		623,531
Receivables:
Investment securities sold		50,904,341
Due from custodian (Note 4)		22,484,065
Interest		110,094,012
Capital shares sold		8,134,723

Total Assets		6,344,940,409


LIABILITIES
Payables:
Investment securities purchased		66,867,571
Investment advisory fees (Note 2)		1,979,261

Total Liabilities		68,846,832


NET ASSETS	$	6,276,093,577


Net assets consist of:
Paid-in capital	$	6,448,784,720
Undistributed net investment income		19,443,522
Accumulated net realized loss		(152,048,981	)
Net unrealized depreciation		(40,085,684	)

NET ASSETS	$	6,276,093,577


Shares outstanding^a		56,300,000


Net asset value per share	$	111.48

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

See notes to financial statements.


32		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Operations (Unaudited)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

Six months ended April 30, 2016



NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	9,120
Interest — unaffiliated		133,497,074

Total investment income		133,506,194


EXPENSES
Investment advisory fees (Note 2)		14,385,500

Total expenses		14,385,500
Less investment advisory fees waived (Note 2)		(4,761,068	)

Net expenses		9,624,432

Net investment income		123,881,762


NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(32,153,599	)
In-kind redemptions — unaffiliated		(1,212,548	)

Net realized loss		(33,366,147	)

Net change in unrealized appreciation/depreciation		177,385,790

Net realized and unrealized gain		144,019,643

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	267,901,405

See notes to financial statements.


FINANCIAL STATEMENTS			33

Statement of Changes in Net Assets

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF


	Six months ended April 30, 2016 (Unaudited)			Year ended October 31, 2015

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS:
Net investment income	$	123,881,762		$	217,885,277
Net realized loss		(33,366,147	)		(60,077,612	)
Net change in unrealized appreciation/depreciation		177,385,790			(222,657,001	)

Net increase (decrease) in net assets resulting from operations		267,901,405			(64,849,336	)


DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(118,758,233	)		(220,652,648	)

Total distributions to shareholders		(118,758,233	)		(220,652,648	)


CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		3,686,216,734			2,970,814,249
Cost of shares redeemed		(2,023,709,733	)		(3,368,836,785	)

Net increase (decrease) in net assets from capital share transactions		1,662,507,001			(398,022,536	)

INCREASE (DECREASE) IN NET ASSETS		1,811,650,173			(683,524,520	)

NET ASSETS
Beginning of period		4,464,443,404			5,147,967,924

End of period	$	6,276,093,577		$	4,464,443,404

Undistributed net investment income included in net assets at end of period	$	19,443,522		$	14,319,993


SHARES ISSUED AND REDEEMED
Shares sold		34,200,000			26,900,000
Shares redeemed		(19,100,000	)		(30,800,000	)

Net increase (decrease) in shares outstanding		15,100,000			(3,900,000	)

See notes to financial statements.


34		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

(For a share outstanding throughout each period)


	Six months ended Apr. 30, 2016 (Unaudited)			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, 2011^a			Year ended Feb. 28, 2011
Net asset value, beginning of period	$	108.36		$	114.15		$	110.96		$	120.81		$	109.56		$	105.20		$	101.51

Income from investment operations:
Net investment income^b		2.75			5.08			4.86			5.00			5.25			3.56			5.55
Net realized and unrealized gain (loss)^c		3.07			(5.75	)		3.17			(9.77	)		11.23			4.35			3.63

Total from investment operations		5.82			(0.67	)		8.03			(4.77	)		16.48			7.91			9.18

Less distributions from:
Net investment income		(2.70	)		(5.12	)		(4.84	)		(5.08	)		(5.23	)		(3.55	)		(5.49	)

Total distributions		(2.70	)		(5.12	)		(4.84	)		(5.08	)		(5.23	)		(3.55	)		(5.49	)

Net asset value, end of period	$	111.48		$	108.36		$	114.15		$	110.96		$	120.81		$	109.56		$	105.20

Total return		5.47	%^d		(0.55	)%		7.45	%		(4.01	)%		15.50	%		7.63	%^d		9.21	%


Ratios/Supplemental data:
Net assets, end of period (000s)	$	6,276,094		$	4,464,443		$	5,147,968		$	3,850,273		$	6,185,433		$	3,144,253		$	2,240,859
Ratio of expenses to average net assets^e		0.40	%		0.40	%		0.59	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of expenses to average net assets prior to waived fees^e		0.60	%		0.60	%		0.60	%		n/a			n/a			n/a			n/a
Ratio of net investment income to average net assets^e		5.15	%		4.61	%		4.35	%		4.30	%		4.61	%		4.92	%		5.21	%
Portfolio turnover rate^f		17	%		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.


FINANCIAL HIGHLIGHTS			35

Notes to Financial Statements (Unaudited)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

These financial statements relate only to the following fund (the “Fund”):


iShares ETF		Diversification Classification
J.P. Morgan USD Emerging Markets Bond		Non-diversified

1.	*SIGNIFICANT ACCOUNTING POLICIES*

SECURITY VALUATION

•


36		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

•

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

•

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

•

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


NOTESTO FINANCIAL STATEMENTS			37

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF


	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Corporate Bonds & Notes	$	—	$	1,162,476,297	$	—	$	1,162,476,297
Foreign Government Obligations		—		4,985,907,352		—		4,985,907,352
Money Market Funds		4,316,088		—		—		4,316,088

Total	$	4,316,088	$	6,148,383,649	$	—	$	6,152,699,737

SECURITY TRANSACTIONS AND INCOME RECOGNITION

FOREIGN CURRENCY TRANSLATION

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 April 30, 2016, if any, are disclosed in the Fund’s statement of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS


38		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (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

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 are a fund’s total annual operating expenses. 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.

For the six months ended April 30, 2016, the purchases and sales transactions executed by the pursuant to Rule 17a-7 under the 1940 Act were $14,626,416 and $12,139,283, respectively.

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 six months ended April 30, 2016, were $906,483,392 and $811,231,234, respectively.

In-kind purchases and sales (see Note 4) for the six months ended April 30, 2016, were $3,514,203,651 and $1,971,986,597, respectively.


NOTESTO FINANCIAL STATEMENTS			39

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

4.	*CAPITAL SHARE TRANSACTIONS*

5.	*PRINCIPAL RISKS*

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.


40		2016 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

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.

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.


NOTESTO FINANCIAL STATEMENTS			41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

6.	*INCOME TAX INFORMATION*

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

As of October 31, 2015, the Fund’s fiscal year-end, the Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:


Non- Expiring^a		Expiring 2018		Total
$	97,928,583	$	96,030	$	98,024,613

Must be utilized prior to losses subject to expiration.

As of April 30, 2016, the cost of investments for federal income tax purposes was $6,213,443,642. Net unrealized depreciation was $60,743,905, of which $102,077,177 represented gross unrealized appreciation on securities and $162,821,082 represented gross unrealized depreciation on securities.

7.	*SUBSEQUENT EVENTS*


42		2016 iSHARES SEMI-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”).

iS-SAR-1019-0416

Item 2.

Code of Ethics.

Not applicable to this semi-annual filing.

Item 3.

Audit Committee Financial Expert.

Not applicable to this semi-annual filing.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this semi-annual filing.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to this semi-annual filing.

Item 6.

Investments.

(a)

Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)

Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10.

Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of 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) Not applicable to this semi-annual filing.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable to the Registrant.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


iShares U.S. ETF Trust

By:		/s/ Manish Mehta
		Manish Mehta, President (Principal Executive Officer)

Date:		June 29, 2016

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:		June 29, 2016

By:		/s/ Jack Gee
		Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date:		June 29, 2016

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