iShares U.S. ETF Trust N-CSRS/A Certified semi-annual shareholder report (management investment company) (amended)

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, 2017

Date of reporting period: April 30, 2017

Explanatory Note:

The Registrant is filing this amendment to its Form N-CSRS for the period ended April 30, 2017, filed with the Securities and Exchange Commission on July 7, 2017 (Accession Number 0001193125-17-224134). The sole purpose of this amendment is to correct the fund market total returns presented in the Fund Performance Overview for the iShares Edge U.S. Fixed Income Balanced Risk ETF, iShares Short Maturity Bond ETF, iShares Short Maturity Municipal Bond ETF, and iShares Ultra Short-Term Bond ETF within Item 1, Reports to Stockholders. Except as set forth above, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSRS filing.

Item 1. Reports to Stockholders.

APRIL 30, 2017

2017 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	9
Financial Highlights	12
Notes to Financial Statements	13
Supplemental Information	19
Additional Financial Information – iShares 10+ Year Credit Bond ETF	20
Schedule of Investments (Unaudited) as of April 30, 2017	21
Statement of Assets and Liabilities (Unaudited) as of April 30, 2017	52
Audited Financial Statements as of February  28, 2017	53

Fund Performance Overview

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

Performance as of April 30, 2017

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, 2017, the total return for the Fund was 5.09%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		6.66%		2.38%		6.66%		4.27%
Fund Market		7.04%		2.57%		7.04%		4.61%
Bloomberg Barclays U.S. Long Credit Interest Rate Swaps Hedged Index		8.35%		3.23%		8.35%		5.80%

The inception date of the Fund was 7/22/15. The first day of secondary market trading was 7/23/15.

The Bloomberg Barclays U.S. Long Credit Interest Rate Swaps Hedged Index is an unmanaged index that consists of the Bloomberg Barclays U.S. Long Credit Index plus interest rate swaps that intend to hedge the interest rate exposure of the existing Bloomberg Barclays U.S. Long Credit Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a,b		Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,050.90	$	0.51	$	1,000.00	$	1,024.30	$	0.50		0.10%

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

^b  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 6 for more information.

ALLOCATION BY INVESTMENT TYPE ¹

As of 4/30/17

Investment Type Percentage of
Total Investments  ²

Corporate Bonds & Notes	88.16	%
Municipal Debt Obligations	6.16
Foreign Government Obligations	5.68
TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY ¹

As of 4/30/17

Moody’s Credit Rating ³ Percentage of
Total Investments  ²

Aaa	3.89	%
Aa	11.71
A	36.26
Baa	43.82
Ba	3.31
B	0.01
Not Rated	1.00
TOTAL	100.00	%

¹  Table shown is for the iShares 10+ Year Credit Bond ETF, the underlying fund in which the Fund invests.

²  Excludes money market funds.

³  Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

FUND PERFORMANCE OVERVIEW 5

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on November 1, 2016 and held through April 30, 2017, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

6 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security	Shares		Value
INVESTMENT COMPANIES — 93.60%
EXCHANGE-TRADED FUNDS — 93.60%
iShares 10+ Year Credit Bond ETFa		174,856	$	10,480,869
				10,480,869
TOTAL INVESTMENT COMPANIES
(Cost: $10,161,299)				10,480,869
SHORT-TERM INVESTMENTS — 1.74%
MONEY MARKET FUNDS — 1.74%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%b,c		194,584		194,584
				194,584
TOTAL SHORT-TERM INVESTMENTS
(Cost: $194,584)				194,584

	Value
TOTAL INVESTMENTS IN SECURITIES — 95.34%
(Cost: $10,355,883)d	$	10,675,453
Other Assets, Less Liabilities — 4.66%		521,250
NET ASSETS — 100.00%	$	11,196,703

^a  Affiliated issuer. See Schedule 1.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $10,356,442. Net unrealized appreciation was $319,011, of which $331,535 represented gross unrealized appreciation on securities and $12,524 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the six months ended April 30, 2017, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

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		124,896		55,460		(5,500	)		174,856	$	10,480,869	$	179,625	$	(20,589	)

Schedule 2 — Swaps Contracts (Note 5)

Centrally cleared short interest rate swaps outstanding as of April 30, 2017 were as follows:

Fixed rate a	Floating rate a		Clearinghouse		Expiration date		Notional amount			Value		Premiums paid (received)		Unrealized appreciation (depreciation)
1.01%		3-month LIBOR		Chicago Mercantile		12/08/2018	$	(300,000	)	$	2,380	$	29	$	2,351
1.17%		3-month LIBOR		Chicago Mercantile		12/08/2021		(1,100,000	)		36,104		4,097		32,007
1.44%		3-month LIBOR		Chicago Mercantile		12/08/2026		(2,900,000	)		209,967		73,726		136,240
1.70%		3-month LIBOR		Chicago Mercantile		12/08/2036		(3,060,000	)		403,083		104,234		298,849
2.34%		3-month LIBOR		Chicago Mercantile		12/08/2036		(1,100,000	)		31,883		43,848		(11,965	)
1.77%		3-month LIBOR		Chicago Mercantile		12/08/2046		(2,450,000	)		423,327		161,906		261,421
								Net unrealized appreciation						$	718,903

^a  Fund pays the fixed rate and receives the floating rate.

SCHEDULEOF INVESTMENTS 7

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

April 30, 2017

Schedule 3 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	10,480,869	$	—		$	—	$	10,480,869
Money market funds		194,584		—			—		194,584
Total	$	10,675,453	$	—		$	—	$	10,675,453
Derivative financial instrumentsa:
Assets:
Centrally cleared interest rate swaps	$	—	$	730,868		$	—	$	730,868
Liabilities:
Centrally cleared interest rate swaps		—		(11,965	)		—		(11,965	)
Total	$	—	$	718,903		$	—	$	718,903

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

See notes to financial statements.

8 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Assets and Liabilities (Unaudited)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

April 30, 2017

ASSETS
Investments, at cost:
Affiliated (Note 2)	$	10,355,883
Total cost of investments	$	10,355,883
Investments in securities, at fair value (Note 1):
Affiliated (Note 2)	$	10,675,453
Total fair value of investments		10,675,453
Cash pledged for centrally cleared swaps		545,000
Receivables:
Dividends		63
Total Assets		11,220,516
LIABILITIES
Payables:
Investment advisory fees (Note 2)		920
Variation margin on centrally cleared swaps		22,893
Total Liabilities		23,813
NET ASSETS	$	11,196,703
Net assets consist of:
Paid-in capital	$	10,987,994
Undistributed net investment income		20,431
Accumulated net realized loss		(850,195	)
Net unrealized appreciation		1,038,473
NET ASSETS	$	11,196,703
Shares outstandinga		450,000
Net asset value per share	$	24.88

^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 10+ YEAR CREDIT BOND ETF

Six months ended April 30, 2017

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	180,270
Total investment income		180,270
EXPENSES
Investment advisory fees (Note 2)		16,762
Total expenses		16,762
Less investment advisory fees waived (Note 2)		(11,973	)
Net expenses		4,789
Net investment income		175,481
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated (Note 2)		(20,589	)
Swap agreements		8,408
Realized gain distributions from affiliated funds		29
Net realized loss		(12,152	)
Net change in unrealized appreciation/depreciation on:
Investments		(94,154	)
Swap agreements		369,351
Net change in unrealized appreciation/depreciation		275,197
Net realized and unrealized gain		263,045
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	438,526

See notes to financial statements.

10 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

	Six months ended April 30, 2017 (Unaudited)			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	175,481		$	293,342
Net realized loss		(12,152	)		(936,636	)
Net change in unrealized appreciation/depreciation		275,197			789,028
Net increase in net assets resulting from operations		438,526			145,734
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(155,050	)		(200,730	)
Return of capital		—			(6,500	)
Total distributions to shareholders		(155,050	)		(207,230	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,490,021			1,201,441
Cost of shares redeemed		—			(1,146,020	)
Net increase in net assets from capital share transactions		2,490,021			55,421
INCREASE (DECREASE) IN NET ASSETS		2,773,497			(6,075	)
NET ASSETS
Beginning of period		8,423,206			8,429,281
End of period	$	11,196,703		$	8,423,206
Undistributed net investment income included in net assets at end of period	$	20,431		$	—
SHARES ISSUED AND REDEEMED
Shares sold		100,000			50,000
Shares redeemed		—			(50,000	)
Net increase in shares outstanding		100,000			—

See notes to financial statements.

FINANCIAL STATEMENTS 11

Financial Highlights

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

(For a share outstanding throughout each period)

	Six months ended Apr. 30, 2017 (Unaudited)			Year ended Oct. 31,2016			Period from Jul. 22, 2015a to Oct. 31,2015
Net asset value, beginning of period	$	24.07		$	24.08		$	25.10
Income from investment operations:
Net investment incomeb		0.45			0.89			0.26
Net realized and unrealized gain (loss)c		0.77			(0.28	)		(1.09	)
Total from investment operations		1.22			0.61			(0.83	)
Less distributions from:
Net investment income		(0.41	)		(0.60	)		(0.13	)
Return of capital		—			(0.02	)		(0.06	)
Total distributions		(0.41	)		(0.62	)		(0.19	)
Net asset value, end of period	$	24.88		$	24.07		$	24.08
Total return		5.09	%d		2.49	%e		(3.19	)%d,e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	11,197		$	8,423		$	8,429
Ratio of expenses to average net assetsf,g		0.10	%		0.10	%		0.12	%
Ratio of expenses to average net assets prior to waived feesf,g		0.35	%		0.35	%		0.35	%
Ratio of net investment income to average net assetsf		3.66	%		3.78	%		3.80	%
Portfolio turnover rateh,i		4	%d		9	%		4	%d

^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  The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total returns for the year ended October 31, 2016 and the period ended October 31, 2015 were 2.62% 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.

12 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

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

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
Interest Rate Hedged 10+ Year Credit 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.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

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

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

NOTESTO FINANCIAL STATEMENTS 13

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other 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 as follows:

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

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

• Level 3 — Unobservable inputs for the asset or liability based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

14 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on the ex-dividend date. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

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.

RECENT ACCOUNTING STANDARD

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued a new rule, Investment Company Reporting Modernization, that modernizes and enhances the reporting and disclosure of information by registered investment companies. As part of these changes, the new rule amends Regulation S-X to require standardized, enhanced disclosures related to derivatives and updates to other disclosures in investment company financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is evaluating the impact, if any, of these changes on the Funds’ financial statements.

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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.35%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur 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 reduce its investment advisory fee for the Fund through February 28, 2022 so that the investment advisory fee is equal to the acquired fund fees and expenses that would be been experienced by the Fund related to its investment in the iShares 10+ Year Credit Bond ETF (“CLY”), after taking into account any fee waivers by CLY, plus 0.10%.

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 statement of operations.

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

Certain trustees and officers of the Trust are also officers of BlackRock Institutional Trust Company, N.A. and/or BFA.

NOTESTO FINANCIAL STATEMENTS 15

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended April 30, 2017, were $923,190 and $327,562, respectively.

In-kind purchases and sales (see Note 4) for the six months ended April 30, 2017, were $2,333,866 and $ -, respectively.

4. CAPITAL SHARE TRANSACTIONS

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

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

5. INTEREST RATE SWAPS

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

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the schedule of investments and cash deposited is recorded on the statement of assets and liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the statement of assets and liabilities. Payments received from (paid to) the CCP, including at termination, are recorded as realized gain (loss) in the statement of operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks 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.

16 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

The following table shows the value of interest rate swaps held by the Fund as of April 30, 2017 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Assets
Centrally cleared interest rate swaps:
Variation margin/Net assets consist of – net unrealized appreciationa	$	730,868

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

Liabilities
Centrally cleared interest rate swaps:
Variation margin/Net assets consist of – net unrealized appreciationb	$	11,965

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

The following table shows the realized and unrealized gains (losses) on interest rate swaps held by the Fund during the six months ended April 30, 2017 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	$	8,408	$	369,351

For the six months ended April 30, 2017, the average quarter-end notional amount of open interest rate swaps for the Fund (where the Fund pays the fixed rate), was $9,253,333.

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 a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

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

NOTESTO FINANCIAL STATEMENTS 17

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND ETF

CREDIT RISK

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

7. INCOME TAX INFORMATION

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.

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, 2016, the Fund’s fiscal year-end, the Fund had non-expiring capital loss carryforwards in the amount of $837,484 available to offset future realized capital gains.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2017, 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.

8. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”). The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. The Defendants believe the claims are without merit and intend to vigorously defend themselves against the allegations in the lawsuit.

9. 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.

18 2017 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
$	0.407075	$	—	$	—	$	0.407075		100	%		—	%		—	%		100	%

NOTESTO FINANCIAL STATEMENTS 19

Additional Financial Information

Schedule of Investments (Unaudited)

April 30, 2017

Statement of Assets and Liabilities (Unaudited)

April 30, 2017

Audited Financial Statements

February 28, 2017

iShares Trust

iShares 10+ Year Credit Bond ETF  |  CLY  |  NYSE Arca

20

Schedule of Investments (Unaudited)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
CORPORATE BONDS & NOTES — 86.24%
ADVERTISING — 0.04%
WPP Finance 2010
5.13%, 09/07/42		$	55	$	55,236
5.63%, 11/15/43			229		249,001
					304,237
AEROSPACE & DEFENSE — 1.80%
Boeing Co. (The)
3.38%, 06/15/46	(Call 12/15/45)a		375		345,232
3.65%, 03/01/47	(Call 09/01/46)		605		585,791
6.63%, 02/15/38			16		21,922
6.88%, 03/15/39a			182		258,789
General Dynamics Corp.
3.60%, 11/15/42	(Call 05/15/42)		300		289,425
Harris Corp.
4.85%, 04/27/35	(Call 10/27/34)		425		456,807
5.05%, 04/27/45	(Call 10/27/44)		450		494,923
6.15%, 12/15/40			105		128,364
Lockheed Martin Corp.
3.60%, 03/01/35	(Call 09/01/34)		350		337,340
3.80%, 03/01/45	(Call 09/01/44)		274		262,487
4.07%, 12/15/42			800		799,616
4.50%, 05/15/36	(Call 11/15/35)		675		724,457
4.70%, 05/15/46	(Call 11/15/45)		909		998,318
4.85%, 09/15/41			400		442,524
Series B
6.15%, 09/01/36a			389		494,940
Northrop Grumman Corp.
3.85%, 04/15/45	(Call 10/15/44)		100		97,312
4.75%, 06/01/43			300		330,681
5.05%, 11/15/40			311		351,222
Northrop Grumman Systems Corp.
7.75%, 02/15/31			555		793,062
Raytheon Co.
4.20%, 12/15/44	(Call 06/15/44)		218		228,813
4.70%, 12/15/41			300		335,397
4.88%, 10/15/40			137		156,124
7.20%, 08/15/27a			155		209,224
Rockwell Collins Inc.
4.80%, 12/15/43	(Call 06/15/43)		261		281,742
United Technologies Corp.
3.75%, 11/01/46	(Call 05/01/46)		500		480,115
4.15%, 05/15/45	(Call 11/16/44)		670		684,304

Security		Principal (000s)		Value
4.50%, 06/01/42		$	2,300	$	2,479,239
5.40%, 05/01/35			11		12,926
5.70%, 04/15/40			252		311,301
6.05%, 06/01/36			100		126,762
6.13%, 07/15/38			303		389,925
6.70%, 08/01/28			700		916,972
7.50%, 09/15/29			114		160,682
					14,986,738
AGRICULTURE — 1.10%
Altria Group Inc.
3.88%, 09/16/46	(Call 03/16/46)		700		659,869
4.25%, 08/09/42			400		398,608
4.50%, 05/02/43			350		362,600
5.38%, 01/31/44			875		1,020,215
Archer-Daniels-Midland Co.
4.02%, 04/16/43			799		812,407
4.54%, 03/26/42a			378		404,898
Philip Morris International Inc.
3.88%, 08/21/42			26		24,481
4.13%, 03/04/43			225		219,800
4.25%, 11/10/44			1,250		1,253,900
4.38%, 11/15/41			86		87,438
4.50%, 03/20/42			171		176,734
4.88%, 11/15/43			455		495,368
6.38%, 05/16/38			850		1,096,721
Reynolds American Inc.
5.70%, 08/15/35	(Call 02/15/35)		100		114,748
5.85%, 08/15/45	(Call 02/15/45)		1,050		1,245,457
6.15%, 09/15/43			381		463,563
7.25%, 06/15/37a			253		337,226
					9,174,033
AIRLINES — 0.39%
American Airlines Pass Through Trust
Series 2015-1, Class A
3.38%, 11/01/28			929		917,937
Series 2016-1, Class AA
3.58%, 07/15/29			18		17,738
Series 2016-2, Class AA
3.20%, 12/15/29			84		82,888
Series 2016-3, Class AA
3.00%, 04/15/30			1,000		961,790
Latam Airlines Pass Through Trust Series 2015-1, Class A
4.20%, 08/15/29a			470		465,378

SCHEDULEOF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
United Airlines Pass Through Trust
Series 2015-1, Class AA
3.45%, 06/01/29		$	77	$	77,824
Series 2016-2, Class AA
2.88%, 04/07/30			750		724,005
					3,247,560
APPAREL — 0.13%
NIKE Inc.
3.38%, 11/01/46	(Call 05/01/46)		250		224,833
3.63%, 05/01/43	(Call 11/01/42)		200		188,892
3.88%, 11/01/45	(Call 05/01/45)		450		445,027
VF Corp.
6.45%, 11/01/37			150		193,968
					1,052,720
AUTO MANUFACTURERS — 0.95%
Daimler Finance North America LLC
8.50%, 01/18/31			800		1,210,120
Ford Motor Co.
4.75%, 01/15/43a			1,460		1,382,153
5.29%, 12/08/46	(Call 06/08/46)a		640		646,925
6.63%, 10/01/28			16		18,866
7.40%, 11/01/46			114		144,842
7.45%, 07/16/31			1,005		1,269,988
General Motors Co.
5.00%, 04/01/35a			145		143,576
5.20%, 04/01/45a			850		825,307
6.25%, 10/02/43			850		934,788
6.60%, 04/01/36	(Call 10/01/35)		795		914,011
6.75%, 04/01/46	(Call 10/01/45)		390		456,928
					7,947,504
AUTO PARTS & EQUIPMENT — 0.04%
BorgWarner Inc.
4.38%, 03/15/45	(Call 09/15/44)		185		181,653
Delphi Automotive PLC
4.40%, 10/01/46	(Call 04/01/46)		150		143,442
					325,095
BANKS — 8.40%
Bank of America Corp.
3.25%, 10/21/27	(Call 10/21/26)		2,050		1,969,722
4.18%, 11/25/27	(Call 11/25/26)		1,350		1,362,920
4.88%, 04/01/44			950		1,031,909
5.00%, 01/21/44			1,103		1,212,671

Security		Principal (000s)		Value
5.88%, 02/07/42		$	645	$	791,073
6.11%, 01/29/37			1,200		1,416,024
7.75%, 05/14/38			950		1,311,494
VRN, (3 mo. LIBOR US + 1.990%)
4.44%, 01/20/48	(Call 01/20/47)		1,060		1,074,628
Series L
4.75%, 04/21/45a			8		8,198
Bank of America N.A.
6.00%, 10/15/36			250		309,430
Bank of New York Mellon Corp. (The)
3.00%, 10/30/28	(Call 07/30/28)		85		82,069
Bank One Corp.
8.00%, 04/29/27			229		301,996
Barclays PLC
4.34%, 01/10/28	(Call 01/10/27)		300		306,618
4.95%, 01/10/47			1,000		1,027,390
5.25%, 08/17/45			600		646,674
Citigroup Inc.
4.13%, 07/25/28			400		400,056
4.45%, 09/29/27			1,900		1,947,823
4.65%, 07/30/45			600		627,546
4.75%, 05/18/46			600		597,066
5.30%, 05/06/44			515		556,622
5.88%, 01/30/42			945		1,157,918
6.00%, 10/31/33			266		306,533
6.13%, 08/25/36			282		331,688
6.63%, 01/15/28			11		13,256
6.63%, 06/15/32			575		706,974
6.68%, 09/13/43a			296		378,643
8.13%, 07/15/39			850		1,256,691
VRN, (3 mo. LIBOR US + 1.839%)
4.28%, 04/24/48	(Call 04/24/47)		500		493,220
Cooperatieve Rabobank UA
5.25%, 05/24/41a			755		895,996
5.25%, 08/04/45a			291		324,354
5.75%, 12/01/43			850		1,003,213
Credit Suisse Group Funding Guernsey Ltd.
4.88%, 05/15/45			786		821,519
Fifth Third Bancorp.
8.25%, 03/01/38			444		635,435
First Republic Bank/CA
4.38%, 08/01/46	(Call 02/01/46)		250		240,985

22 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
Goldman Sachs Capital I
6.35%, 02/15/34a		$	480	$	574,781
Goldman Sachs Group Inc. (The)
4.75%, 10/21/45	(Call 04/21/45)		1,030		1,103,552
4.80%, 07/08/44	(Call 01/08/44)		1,100		1,183,820
5.15%, 05/22/45			900		953,793
6.13%, 02/15/33			1,200		1,465,368
6.25%, 02/01/41			1,240		1,560,565
6.45%, 05/01/36			800		961,064
6.75%, 10/01/37			2,700		3,366,819
HSBC Bank USA N.A./New York NY
5.63%, 08/15/35			950		1,117,542
HSBC Holdings PLC
5.25%, 03/14/44a			1,000		1,081,200
6.10%, 01/14/42			416		528,765
6.50%, 05/02/36			900		1,113,471
6.50%, 09/15/37			1,007		1,249,466
6.80%, 06/01/38			600		769,296
7.63%, 05/17/32			371		493,074
JPMorgan Chase & Co.
4.25%, 10/01/27			1,243		1,287,860
4.85%, 02/01/44			1,100		1,226,819
4.95%, 06/01/45			773		823,670
5.40%, 01/06/42			750		878,948
5.50%, 10/15/40			787		929,841
5.60%, 07/15/41			746		897,222
5.63%, 08/16/43			375		434,258
6.40%, 05/15/38			1,245		1,619,807
VRN, (3 mo. LIBOR US + 1.580%)
4.26%, 02/22/48	(Call 02/22/47)		750		755,910
KfW
0.01%, 04/18/36			900		498,078
0.01%, 06/29/37			800		424,872
Lloyds Banking Group PLC
5.30%, 12/01/45			200		214,906
Morgan Stanley
4.30%, 01/27/45			1,200		1,197,036
4.38%, 01/22/47			1,000		1,010,690
6.38%, 07/24/42			1,025		1,328,000
7.25%, 04/01/32			700		959,161
Regions Financial Corp.
7.38%, 12/10/37			325		415,006

Security		Principal (000s)		Value
Wachovia Corp.
5.50%, 08/01/35		$	481	$	545,242
Wells Fargo & Co.
3.90%, 05/01/45a			1,500		1,449,420
4.30%, 07/22/27			2,035		2,128,427
4.40%, 06/14/46			550		535,469
4.65%, 11/04/44			1,800		1,819,188
4.75%, 12/07/46			1,250		1,290,325
4.90%, 11/17/45			940		987,799
5.38%, 02/07/35			341		398,697
5.38%, 11/02/43			475		527,193
5.61%, 01/15/44			1,750		2,007,530
Wells Fargo Capital X
5.95%, 12/01/86			200		216,510
					69,878,814
BEVERAGES — 2.64%
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43			200		190,990
4.63%, 02/01/44a			245		256,030
4.70%, 02/01/36	(Call 08/01/35)		3,625		3,885,202
4.90%, 02/01/46	(Call 08/01/45)		5,375		5,864,448
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42			700		647,570
4.44%, 10/06/48	(Call 04/06/48)b		683		696,271
4.95%, 01/15/42			750		818,640
8.00%, 11/15/39			136		204,106
8.20%, 01/15/39			700		1,069,180
Brown-Forman Corp.
4.50%, 07/15/45	(Call 01/15/45)		118		125,275
Coca-Cola FEMSA SAB de CV
5.25%, 11/26/43			271		305,604
Diageo Capital PLC
3.88%, 04/29/43	(Call 10/29/42)		136		131,432
5.88%, 09/30/36			350		441,325
Diageo Investment Corp.
4.25%, 05/11/42			607		624,688
7.45%, 04/15/35			11		15,608
Dr Pepper Snapple Group Inc.
3.43%, 06/15/27	(Call 03/15/27)a		250		251,673
Fomento Economico Mexicano SAB de CV
4.38%, 05/10/43			364		364,084

SCHEDULEOF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
Molson Coors Brewing Co.
4.20%, 07/15/46	(Call 01/15/46)	$	850	$	806,191
5.00%, 05/01/42			595		635,317
Pepsi-Cola Metropolitan Bottling Co. Inc. Series B
7.00%, 03/01/29			801		1,092,973
PepsiCo Inc.
3.45%, 10/06/46	(Call 04/06/46)		525		478,879
3.60%, 08/13/42			500		472,060
4.00%, 03/05/42			207		207,911
4.00%, 05/02/47			250		249,567
4.25%, 10/22/44	(Call 04/22/44)		409		424,194
4.45%, 04/14/46	(Call 10/14/45)		800		861,488
4.60%, 07/17/45	(Call 01/17/45)		280		305,379
4.88%, 11/01/40			236		266,871
5.50%, 01/15/40			246		301,229
					21,994,185
BIOTECHNOLOGY — 1.60%
Amgen Inc.
4.40%, 05/01/45	(Call 11/01/44)		922		909,313
4.56%, 06/15/48	(Call 12/15/47)b		1,100		1,104,840
4.66%, 06/15/51	(Call 12/15/50)		2,872		2,887,480
4.95%, 10/01/41			150		158,846
5.15%, 11/15/41	(Call 05/15/41)		175		190,125
Baxalta Inc.
5.25%, 06/23/45	(Call 12/23/44)		550		609,868
Biogen Inc.
5.20%, 09/15/45	(Call 03/15/45)		900		978,579
Celgene Corp.
4.63%, 05/15/44	(Call 11/15/43)		400		402,360
5.00%, 08/15/45	(Call 02/15/45)a		700		747,789
5.25%, 08/15/43			500		539,685
Gilead Sciences Inc.
4.00%, 09/01/36	(Call 03/01/36)		50		48,136
4.15%, 03/01/47	(Call 09/01/46)		1,000		945,550
4.50%, 02/01/45	(Call 08/01/44)		1,000		997,470
4.60%, 09/01/35	(Call 03/01/35)		600		625,686
4.75%, 03/01/46	(Call 09/01/45)		1,044		1,078,149
4.80%, 04/01/44	(Call 10/01/43)		593		615,540
5.65%, 12/01/41	(Call 06/01/41)		450		517,622
					13,357,038

Security		Principal (000s)		Value
BUILDING MATERIALS — 0.23%
Johnson Controls International PLC
4.50%, 02/15/47	(Call 08/15/46)	$	280	$	287,154
4.63%, 07/02/44	(Call 01/02/44)c		300		312,339
4.95%, 07/02/64	(Call 01/02/64)c		107		110,786
5.13%, 09/14/45	(Call 03/14/45)a		371		415,023
6.00%, 01/15/36			350		418,796
Owens Corning
7.00%, 12/01/36			299		373,579
					1,917,677
CHEMICALS — 1.35%
Agrium Inc.
4.13%, 03/15/35	(Call 09/15/34)		87		84,302
4.90%, 06/01/43	(Call 12/01/42)		350		368,452
5.25%, 01/15/45	(Call 07/15/44)		254		277,569
6.13%, 01/15/41	(Call 07/15/40)		268		318,714
7.13%, 05/23/36a			100		129,213
Albemarle Corp.
5.45%, 12/01/44	(Call 06/01/44)		150		166,758
Dow Chemical Co. (The)
4.25%, 10/01/34	(Call 04/01/34)a		575		577,220
4.38%, 11/15/42	(Call 05/15/42)		86		86,496
4.63%, 10/01/44	(Call 04/01/44)		725		749,962
5.25%, 11/15/41	(Call 05/15/41)a		400		446,084
7.38%, 11/01/29			285		387,244
9.40%, 05/15/39			435		699,693
Eastman Chemical Co.
4.65%, 10/15/44	(Call 04/15/44)		400		408,804
4.80%, 09/01/42	(Call 03/01/42)a		280		290,102
EI du Pont de Nemours & Co.
4.15%, 02/15/43			423		417,903
4.90%, 01/15/41			445		486,220
5.60%, 12/15/36a			11		12,856
6.50%, 01/15/28			25		31,161
Lubrizol Corp. (The)
6.50%, 10/01/34			120		155,731
LYB International Finance BV
4.88%, 03/15/44	(Call 09/15/43)a		500		517,205
5.25%, 07/15/43			200		215,792
LyondellBasell Industries NV
4.63%, 02/26/55	(Call 08/26/54)a		675		635,377
Methanex Corp.
5.65%, 12/01/44	(Call 06/01/44)		200		193,054

24 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
Monsanto Co.
3.95%, 04/15/45	(Call 10/15/44)	$	215	$	196,164
4.20%, 07/15/34	(Call 01/15/34)		330		327,667
4.40%, 07/15/44	(Call 01/15/44)		550		539,055
4.65%, 11/15/43	(Call 05/15/43)		24		24,392
4.70%, 07/15/64	(Call 01/15/64)		275		261,830
Mosaic Co. (The)
5.45%, 11/15/33	(Call 05/15/33)a		208		216,499
5.63%, 11/15/43	(Call 05/15/43)a		400		413,484
Potash Corp. of Saskatchewan Inc.
5.63%, 12/01/40a			350		399,819
5.88%, 12/01/36			101		117,116
Praxair Inc.
3.55%, 11/07/42	(Call 05/07/42)		300		288,630
Rohm & Haas Co.
7.85%, 07/15/29			100		140,106
Sherwin-Williams Co. (The)
4.00%, 12/15/42	(Call 06/15/42)		350		325,398
Westlake Chemical Corp.
5.00%, 08/15/46	(Call 02/15/46)		325		336,996
					11,243,068
COMMERCIAL SERVICES — 0.58%
California Institute of Technology
4.32%, 08/01/45			12		12,949
4.70%, 11/01/11			100		95,090
Cleveland Clinic Foundation (The)
4.86%, 01/01/14			247		244,246
Ecolab Inc.
5.50%, 12/08/41			538		642,829
George Washington University (The)
4.87%, 09/15/45			16		17,500
Johns Hopkins University Series 2013
4.08%, 07/01/53			11		11,310
Massachusetts Institute of Technology
3.96%, 07/01/38			9		9,513
4.68%, 07/01/14			450		475,254
5.60%, 07/01/11			475		586,065
Moody’s Corp.
5.25%, 07/15/44			250		283,588
President and Fellows of Harvard College
3.15%, 07/15/46	(Call 01/15/46)		275		252,557
3.30%, 07/15/56	(Call 01/15/56)		250		230,975

Security		Principal (000s)		Value
Princeton University
5.70%, 03/01/39		$	350	$	461,601
S&P Global Inc.
6.55%, 11/15/37			161		194,651
University of Notre Dame du Lac Series 2015
3.44%, 02/15/45			9		8,762
University of Southern California
3.03%, 10/01/39			275		252,895
5.25%, 10/01/11			250		288,845
Verisk Analytics Inc.
5.50%, 06/15/45	(Call 12/15/44)		111		121,175
Western Union Co. (The)
6.20%, 11/17/36			175		182,348
William Marsh Rice University
3.57%, 05/15/45a			421		415,396
					4,787,549
COMPUTERS — 1.87%
Apple Inc.
3.45%, 02/09/45			1,400		1,275,736
3.85%, 05/04/43a			975		948,743
3.85%, 08/04/46	(Call 02/04/46)		745		721,168
4.25%, 02/09/47	(Call 08/09/46)		75		77,323
4.38%, 05/13/45a			1,300		1,356,706
4.45%, 05/06/44a			600		632,004
4.50%, 02/23/36	(Call 08/23/35)a		925		1,012,209
4.65%, 02/23/46	(Call 08/23/45)a		1,850		2,015,187
Dell International LLC/EMC Corp.
8.35%, 07/15/46	(Call 01/15/46)b		1,095		1,416,689
Diamond 1 Finance Corp./Diamond 2 Finance Corp.
8.10%, 07/15/36	(Call 01/15/36)b		650		815,087
Hewlett Packard Enterprise Co.
6.20%, 10/15/35	(Call 04/15/35)a		200		212,344
6.35%, 10/15/45	(Call 04/15/45)		850		883,541
HP Inc.
6.00%, 09/15/41			785		818,598
International Business Machines Corp.
4.00%, 06/20/42			500		498,675
4.70%, 02/19/46a			550		606,507
5.60%, 11/30/39			374		459,818
5.88%, 11/29/32			316		405,415

SCHEDULEOF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
6.22%, 08/01/27		$	400	$	501,152
6.50%, 01/15/28			155		198,913
Seagate HDD Cayman
4.88%, 06/01/27	(Call 03/01/27)a		400		385,904
5.75%, 12/01/34	(Call 06/01/34)		325		302,757
					15,544,476
COSMETICS & PERSONAL CARE — 0.28%
Colgate-Palmolive Co.
4.00%, 08/15/45a			417		436,899
Estee Lauder Companies Inc. (The)
4.15%, 03/15/47	(Call 09/15/46)		125		126,420
4.38%, 06/15/45	(Call 12/15/44)		250		261,378
6.00%, 05/15/37			150		183,382
Procter & Gamble Co. (The)
5.55%, 03/05/37			1,000		1,314,200
					2,322,279
DISTRIBUTION & WHOLESALE — 0.08%
WW Grainger Inc.
3.75%, 05/15/46	(Call 11/15/45)		250		235,213
4.60%, 06/15/45	(Call 12/15/44)		400		427,852
					663,065
DIVERSIFIED FINANCIAL SERVICES — 1.48%
American Express Co.
4.05%, 12/03/42			525		521,041
AXA Financial Inc.
7.00%, 04/01/28			14		17,416
CME Group Inc.
5.30%, 09/15/43	(Call 03/15/43)a		400		484,644
Credit Suisse USA Inc.
7.13%, 07/15/32			468		637,028
GE Capital International Funding Co. Unlimited Co.
4.42%, 11/15/35			5,500		5,877,135
Invesco Finance PLC
5.38%, 11/30/43			41		47,510
Jefferies Group LLC
6.25%, 01/15/36			200		212,680
6.45%, 06/08/27			300		341,799
6.50%, 01/20/43a			150		164,548
Legg Mason Inc.
5.63%, 01/15/44			250		256,522
MasterCard Inc.
3.80%, 11/21/46	(Call 05/21/46)		215		214,553

Security		Principal (000s)		Value
National Rural Utilities Cooperative Finance Corp.
4.02%, 11/01/32	(Call 05/01/32)	$	150	$	157,848
Series C
8.00%, 03/01/32			271		391,468
Visa Inc.
4.15%, 12/14/35	(Call 06/14/35)		1,065		1,127,942
4.30%, 12/14/45	(Call 06/14/45)		1,755		1,882,711
					12,334,845
ELECTRIC — 8.91%
AEP Transmission Co. LLC
4.00%, 12/01/46	(Call 06/01/46)b		240		241,176
Alabama Power Co.
3.75%, 03/01/45	(Call 09/01/44)		384		366,113
3.85%, 12/01/42a			50		48,133
4.15%, 08/15/44	(Call 02/15/44)		462		463,104
4.30%, 01/02/46	(Call 07/02/45)		450		464,544
6.00%, 03/01/39			126		156,297
6.13%, 05/15/38			273		334,002
Ameren Illinois Co.
4.15%, 03/15/46	(Call 09/15/45)a		400		415,744
Appalachian Power Co.
4.40%, 05/15/44	(Call 11/15/43)		11		11,298
4.45%, 06/01/45	(Call 12/01/44)		200		208,316
7.00%, 04/01/38			231		312,340
Arizona Public Service Co.
3.75%, 05/15/46	(Call 11/15/45)		275		260,604
4.50%, 04/01/42	(Call 10/01/41)		251		264,215
5.05%, 09/01/41	(Call 03/01/41)		100		112,838
Berkshire Hathaway Energy Co.
4.50%, 02/01/45	(Call 08/01/44)		875		921,847
5.15%, 11/15/43	(Call 05/15/43)		400		458,772
5.95%, 05/15/37			350		434,500
6.13%, 04/01/36			2,490		3,121,962
6.50%, 09/15/37			225		295,733
8.48%, 09/15/28			374		543,979
Black Hills Corp.
4.20%, 09/15/46	(Call 03/15/46)		150		142,026
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42	(Call 02/01/42)		425		405,493
4.50%, 04/01/44	(Call 10/01/43)		300		331,122

26 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
CMS Energy Corp.
3.45%, 08/15/27	(Call 05/15/27)	$	250	$	250,525
4.88%, 03/01/44	(Call 09/01/43)		200		214,666
Commonwealth Edison Co.
3.70%, 03/01/45	(Call 09/01/44)		400		384,196
3.80%, 10/01/42	(Call 04/01/42)		311		299,546
4.35%, 11/15/45	(Call 05/15/45)		100		104,940
4.60%, 08/15/43	(Call 02/15/43)		233		253,565
4.70%, 01/15/44	(Call 07/15/43)		261		287,549
5.90%, 03/15/36			564		698,508
Consolidated Edison Co. of New York Inc.
3.85%, 06/15/46	(Call 12/15/45)		955		926,875
3.95%, 03/01/43	(Call 09/01/42)		477		469,754
4.30%, 12/01/56	(Call 06/01/56)		130		131,264
4.45%, 03/15/44	(Call 09/15/43)		450		480,006
4.50%, 12/01/45	(Call 06/01/45)		207		222,277
5.50%, 12/01/39			200		239,724
5.70%, 06/15/40			315		386,417
6.30%, 08/15/37			8		10,390
Series 05-A
5.30%, 03/01/35			100		115,209
Series 06-A
5.85%, 03/15/36			325		397,852
Series 06-B
6.20%, 06/15/36			461		586,341
Series 08-B
6.75%, 04/01/38			200		271,686
Series 12-A
4.20%, 03/15/42			8		8,152
Consumers Energy Co.
3.25%, 08/15/46	(Call 02/15/46)		200		179,862
3.95%, 05/15/43	(Call 11/15/42)a		75		75,763
3.95%, 07/15/47	(Call 01/15/47)		250		254,968
Delmarva Power & Light Co.
4.15%, 05/15/45	(Call 11/15/44)		250		247,355
Dominion Resources Inc./VA
4.70%, 12/01/44	(Call 06/01/44)		500		520,690
6.30%, 03/15/33			275		331,155
7.00%, 06/15/38			380		486,864
Series B
5.95%, 06/15/35			290		344,717

Security		Principal (000s)		Value
Series C
4.05%, 09/15/42	(Call 03/15/42)	$	155	$	146,334
4.90%, 08/01/41	(Call 02/01/41)		37		39,304
Series F
5.25%, 08/01/33			600		660,378
DTE Electric Co.
3.70%, 03/15/45	(Call 09/15/44)		216		209,360
3.70%, 06/01/46	(Call 12/01/45)		135		131,180
4.30%, 07/01/44	(Call 01/01/44)		103		109,596
Series A
4.00%, 04/01/43	(Call 10/01/42)a		208		211,291
DTE Energy Co.
6.38%, 04/15/33			135		166,478
Duke Energy Carolinas LLC
3.75%, 06/01/45	(Call 12/01/44)		315		304,271
3.88%, 03/15/46	(Call 09/15/45)		500		491,515
4.00%, 09/30/42	(Call 03/30/42)		443		444,967
4.25%, 12/15/41	(Call 06/15/41)		369		383,967
5.30%, 02/15/40a			500		599,525
6.00%, 01/15/38			57		72,730
6.05%, 04/15/38			800		1,022,560
6.10%, 06/01/37			500		628,580
6.45%, 10/15/32			86		112,440
Series A
6.00%, 12/01/28			16		19,687
Duke Energy Corp.
3.75%, 09/01/46	(Call 03/01/46)		1,130		1,034,515
4.80%, 12/15/45	(Call 06/15/45)		100		106,896
Duke Energy Florida LLC
3.40%, 10/01/46	(Call 04/01/46)		230		207,232
3.85%, 11/15/42	(Call 05/15/42)		280		273,470
5.65%, 04/01/40			100		123,383
6.35%, 09/15/37			100		131,255
6.40%, 06/15/38			200		266,380
Duke Energy Florida Project Finance LLC Series 2026
2.54%, 09/01/31			400		386,064
Duke Energy Indiana LLC
3.75%, 05/15/46	(Call 11/15/45)		450		428,319
6.12%, 10/15/35			301		367,364
6.35%, 08/15/38			46		60,405
6.45%, 04/01/39			300		397,995

SCHEDULEOF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
Duke Energy Progress LLC
3.70%, 10/15/46	(Call 04/15/46)	$	535	$	512,380
4.10%, 05/15/42	(Call 11/15/41)		300		304,761
4.10%, 03/15/43	(Call 09/15/42)		186		188,349
4.15%, 12/01/44	(Call 06/01/44)		300		308,172
4.20%, 08/15/45	(Call 02/15/45)		225		231,635
4.38%, 03/30/44	(Call 09/30/43)		359		380,001
6.30%, 04/01/38			250		326,405
El Paso Electric Co.
5.00%, 12/01/44	(Call 06/01/44)		250		253,362
6.00%, 05/15/35			304		351,099
Emera U.S. Finance LP
4.75%, 06/15/46	(Call 12/15/45)		600		610,452
Entergy Louisiana LLC
3.05%, 06/01/31	(Call 03/01/31)		150		143,149
3.25%, 04/01/28	(Call 01/01/28)		475		473,618
4.95%, 01/15/45	(Call 01/15/25)		100		102,536
Entergy Mississippi Inc.
2.85%, 06/01/28	(Call 03/01/28)		300		287,883
Exelon Corp.
4.45%, 04/15/46	(Call 10/15/45)		580		583,474
4.95%, 06/15/35	(Call 12/15/34)		350		372,656
5.10%, 06/15/45	(Call 12/15/44)		15		16,356
5.63%, 06/15/35			371		423,905
Exelon Generation Co. LLC
5.60%, 06/15/42	(Call 12/15/41)		600		579,276
5.75%, 10/01/41	(Call 04/01/41)		20		19,712
6.25%, 10/01/39			525		547,234
FirstEnergy Corp. Series C
7.38%, 11/15/31			500		659,040
Florida Power & Light Co.
3.80%, 12/15/42	(Call 06/15/42)a		200		197,498
4.05%, 06/01/42	(Call 12/01/41)		275		283,415
4.05%, 10/01/44	(Call 04/01/44)		630		650,128
4.13%, 02/01/42	(Call 08/01/41)		356		369,186
4.95%, 06/01/35			200		229,302
5.25%, 02/01/41	(Call 08/01/40)		271		322,051
5.65%, 02/01/37			96		118,687
5.69%, 03/01/40			124		155,280
5.95%, 02/01/38			213		274,378
Georgia Power Co.
4.30%, 03/15/42			439		437,231
4.30%, 03/15/43			21		20,747

Security		Principal (000s)		Value
5.40%, 06/01/40		$	200	$	224,454
5.95%, 02/01/39			114		135,842
Series 10-C
4.75%, 09/01/40			200		207,306
Great Plains Energy Inc.
4.85%, 04/01/47	(Call 10/01/46)		500		507,080
Hydro-Quebec
9.50%, 11/15/30a			200		319,408
Iberdrola International BV
6.75%, 07/15/36			250		313,978
Indiana Michigan Power Co.
6.05%, 03/15/37			105		127,894
Series K
4.55%, 03/15/46	(Call 09/15/45)a		500		535,945
Interstate Power & Light Co.
3.70%, 09/15/46	(Call 03/15/46)		550		508,607
6.25%, 07/15/39			5		6,366
John Sevier Combined Cycle Generation LLC
4.63%, 01/15/42			233		249,671
Kansas City Power & Light Co.
5.30%, 10/01/41	(Call 04/01/41)		332		356,133
Kentucky Utilities Co.
5.13%, 11/01/40	(Call 05/01/40)		314		367,524
MidAmerican Energy Co.
3.10%, 05/01/27	(Call 02/01/27)		500		501,280
4.25%, 05/01/46	(Call 11/01/45)		111		116,416
4.40%, 10/15/44	(Call 04/15/44)		225		238,669
4.80%, 09/15/43	(Call 03/15/43)		200		223,946
5.75%, 11/01/35			11		13,523
6.75%, 12/30/31			11		15,002
Mississippi Power Co. Series 12-A
4.25%, 03/15/42			406		349,400
Nevada Power Co.
6.65%, 04/01/36			100		132,548
Northern States Power Co./MN
3.40%, 08/15/42	(Call 02/15/42)		600		554,082
3.60%, 05/15/46	(Call 11/15/45)		50		47,363
4.00%, 08/15/45	(Call 02/15/45)		90		90,815
4.13%, 05/15/44	(Call 11/15/43)		7		7,208
5.35%, 11/01/39			5		6,012
6.25%, 06/01/36			106		137,571
NorthWestern Corp.
4.18%, 11/15/44	(Call 05/15/44)		161		161,908

28 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
NSTAR Electric Co.
4.40%, 03/01/44	(Call 09/01/43)	$	100	$	107,085
5.50%, 03/15/40			241		290,458
Oglethorpe Power Corp.
5.25%, 09/01/50a			25		26,634
5.38%, 11/01/40			175		192,923
5.95%, 11/01/39			5		5,879
Ohio Edison Co.
6.88%, 07/15/36			200		258,752
Oklahoma Gas & Electric Co.
4.15%, 04/01/47	(Call 10/01/46)		500		506,315
Oncor Electric Delivery Co. LLC
4.55%, 12/01/41	(Call 06/01/41)		150		160,743
5.25%, 09/30/40			305		355,935
5.30%, 06/01/42	(Call 12/01/41)		350		415,030
7.25%, 01/15/33			411		563,584
7.50%, 09/01/38			50		71,921
Pacific Gas & Electric Co.
4.00%, 12/01/46	(Call 06/01/46)		350		349,825
4.25%, 03/15/46	(Call 09/15/45)		11		11,281
4.30%, 03/15/45	(Call 09/15/44)		107		111,649
4.45%, 04/15/42	(Call 10/15/41)		800		850,568
4.60%, 06/15/43	(Call 12/15/42)		13		13,989
4.75%, 02/15/44	(Call 08/15/43)		232		258,200
5.13%, 11/15/43	(Call 05/15/43)		300		345,453
5.40%, 01/15/40a			271		325,379
5.80%, 03/01/37			16		19,825
6.05%, 03/01/34			2,250		2,832,053
6.25%, 03/01/39			461		598,604
6.35%, 02/15/38			71		92,539
PacifiCorp
4.10%, 02/01/42	(Call 08/01/41)		245		248,734
6.00%, 01/15/39			300		383,448
6.10%, 08/01/36			105		133,717
6.25%, 10/15/37a			121		157,376
PECO Energy Co.
4.15%, 10/01/44	(Call 04/01/44)		255		261,459
5.95%, 10/01/36			111		137,905
Potomac Electric Power Co.
4.15%, 03/15/43	(Call 09/15/42)		66		67,612
6.50%, 11/15/37			175		234,400
PPL Capital Funding Inc.
4.70%, 06/01/43	(Call 12/01/42)		400		412,004
5.00%, 03/15/44	(Call 09/15/43)		300		322,371

Security		Principal (000s)		Value
PPL Electric Utilities Corp.
6.25%, 05/15/39		$	61	$	79,155
Progress Energy Inc.
7.75%, 03/01/31			34		47,700
PSEG Power LLC
8.63%, 04/15/31a			500		624,210
Public Service Co. of Colorado
3.60%, 09/15/42	(Call 03/15/42)		246		233,806
4.30%, 03/15/44	(Call 09/15/43)		411		434,267
6.25%, 09/01/37			60		78,338
6.50%, 08/01/38			100		134,225
Public Service Electric & Gas Co.
3.65%, 09/01/42	(Call 03/01/42)		75		72,431
3.80%, 03/01/46	(Call 09/01/45)		200		199,162
3.95%, 05/01/42	(Call 11/01/41)		270		273,143
5.50%, 03/01/40			107		128,942
5.80%, 05/01/37			216		268,853
Puget Sound Energy Inc.
4.30%, 05/20/45	(Call 11/20/44)a		111		116,673
5.64%, 04/15/41	(Call 10/15/40)		235		289,132
5.76%, 10/01/39			200		241,746
5.80%, 03/15/40			56		69,015
6.27%, 03/15/37			5		6,374
San Diego Gas & Electric Co.
4.50%, 08/15/40			120		130,235
6.00%, 06/01/39			150		192,622
South Carolina Electric & Gas Co.
4.10%, 06/15/46	(Call 12/15/45)		300		281,028
4.35%, 02/01/42	(Call 08/01/41)a		144		140,545
4.50%, 06/01/64	(Call 12/01/63)		286		277,022
4.60%, 06/15/43	(Call 12/15/42)		116		116,486
5.10%, 06/01/65	(Call 12/01/64)		150		158,274
5.30%, 05/15/33			5		5,580
5.45%, 02/01/41	(Call 08/01/40)a		420		473,689
6.05%, 01/15/38			248		295,497
Southern California Edison Co.
4.00%, 04/01/47	(Call 10/01/46)		250		252,782
4.05%, 03/15/42	(Call 09/15/41)a		50		51,098
4.50%, 09/01/40	(Call 03/01/40)a		48		51,513
4.65%, 10/01/43	(Call 04/01/43)		311		344,709
5.50%, 03/15/40			217		265,478
5.63%, 02/01/36			75		90,601
5.75%, 04/01/35			105		127,869

SCHEDULEOF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
6.00%, 01/15/34		$	266	$	333,011
6.05%, 03/15/39			150		193,723
6.65%, 04/01/29			321		405,680
Series 05-E
5.35%, 07/15/35			584		689,406
Series 06-E
5.55%, 01/15/37			130		156,660
Series 08-A
5.95%, 02/01/38			400		508,324
Series 13-A
3.90%, 03/15/43	(Call 09/15/42)		205		204,410
Series C
3.60%, 02/01/45	(Call 08/01/44)		200		190,308
Southern Co. (The)
4.25%, 07/01/36	(Call 01/01/36)		625		615,619
4.40%, 07/01/46	(Call 01/01/46)		875		869,365
Southern Power Co.
5.15%, 09/15/41			250		259,007
Southwestern Electric Power Co.
3.90%, 04/01/45	(Call 10/01/44)		450		428,162
6.20%, 03/15/40			140		174,343
Southwestern Public Service Co.
3.40%, 08/15/46	(Call 02/15/46)		500		451,310
4.50%, 08/15/41	(Call 02/15/41)		100		107,586
Tampa Electric Co.
4.10%, 06/15/42	(Call 12/15/41)		300		292,071
4.35%, 05/15/44	(Call 11/15/43)		410		411,496
Toledo Edison Co. (The)
6.15%, 05/15/37			200		245,098
TransAlta Corp.
6.50%, 03/15/40			100		94,836
Union Electric Co.
3.90%, 09/15/42	(Call 03/15/42)		400		402,616
8.45%, 03/15/39			111		177,720
Virginia Electric & Power Co.
4.00%, 01/15/43	(Call 07/15/42)		116		115,671
4.20%, 05/15/45	(Call 11/15/44)a		7		7,196
4.45%, 02/15/44	(Call 08/15/43)		120		128,166
8.88%, 11/15/38			550		908,325
Series A
6.00%, 05/15/37			284		356,403
Series B
6.00%, 01/15/36			250		311,852

Security		Principal (000s)		Value
Series D
4.65%, 08/15/43	(Call 02/15/43)	$	21	$	23,065
Westar Energy Inc.
4.10%, 04/01/43	(Call 10/01/42)		105		105,351
4.13%, 03/01/42	(Call 09/01/41)		347		349,960
4.25%, 12/01/45	(Call 06/01/45)		300		300,888
Wisconsin Power & Light Co.
6.38%, 08/15/37			140		183,418
Wisconsin Public Service Corp.
4.75%, 11/01/44	(Call 05/01/44)a		205		230,742
Xcel Energy Inc.
6.50%, 07/01/36			50		63,806
					74,193,168
ELECTRONICS — 0.31%
Corning Inc.
4.75%, 03/15/42			272		278,280
5.75%, 08/15/40			200		229,566
Fortive Corp.
4.30%, 06/15/46	(Call 12/15/45)a,b		225		226,976
Honeywell International Inc.
5.38%, 03/01/41			200		246,506
5.70%, 03/15/36			11		13,887
5.70%, 03/15/37			600		754,698
Koninklijke Philips NV
5.00%, 03/15/42			519		552,221
Tyco Electronics Group SA
7.13%, 10/01/37			236		316,054
					2,618,188
ENGINEERING & CONSTRUCTION — 0.03%
ABB Finance USA Inc.
4.38%, 05/08/42			257		270,564
					270,564
ENVIRONMENTAL CONTROL — 0.09%
Waste Management Inc.
3.90%, 03/01/35	(Call 09/01/34)		575		578,956
4.10%, 03/01/45	(Call 09/01/44)		183		185,844
7.00%, 07/15/28			18		23,266
					788,066
FOOD — 1.71%
Ahold Finance USA LLC
6.88%, 05/01/29a			11		13,858
Campbell Soup Co.
3.80%, 08/02/42			6		5,598

30 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
Conagra Brands Inc.
7.00%, 10/01/28a		$	350	$	439,334
8.25%, 09/15/30			200		272,146
General Mills Inc.
4.15%, 02/15/43	(Call 08/15/42)		5		4,874
5.40%, 06/15/40			506		578,520
Hershey Co. (The)
3.38%, 08/15/46	(Call 02/15/46)		250		225,552
JM Smucker Co. (The)
4.25%, 03/15/35			850		862,691
4.38%, 03/15/45a			75		75,803
Kellogg Co.
4.50%, 04/01/46			300		299,505
Series B
7.45%, 04/01/31			400		525,480
Koninklijke Ahold Delhaize NV
5.70%, 10/01/40			500		575,115
Kraft Heinz Foods Co.
4.38%, 06/01/46	(Call 12/01/45)		2,150		2,041,511
5.00%, 07/15/35	(Call 01/15/35)		350		369,278
5.00%, 06/04/42			1,240		1,277,597
5.20%, 07/15/45	(Call 01/15/45)		600		636,936
6.50%, 02/09/40			456		554,756
6.88%, 01/26/39			300		377,781
Kroger Co. (The)
3.88%, 10/15/46	(Call 04/15/46)a		300		271,491
4.45%, 02/01/47	(Call 08/01/46)a		500		493,445
5.00%, 04/15/42	(Call 10/15/41)a		100		105,717
5.15%, 08/01/43	(Call 02/01/43)		250		269,975
5.40%, 07/15/40	(Call 01/15/40)		270		299,354
6.90%, 04/15/38			200		260,642
7.50%, 04/01/31a			250		336,763
Mondelez International Inc.
6.50%, 02/09/40a			222		276,075
Sysco Corp.
4.50%, 04/01/46	(Call 10/01/45)		500		506,455
4.85%, 10/01/45	(Call 04/01/45)		100		106,637
5.38%, 09/21/35			400		451,424
Tyson Foods Inc.
4.88%, 08/15/34	(Call 02/15/34)		300		312,018
5.15%, 08/15/44	(Call 02/15/44)		480		510,979
Unilever Capital Corp.
5.90%, 11/15/32			675		884,493
					14,221,803

Security		Principal (000s)		Value
FOREST PRODUCTS & PAPER — 0.40%
Georgia-Pacific LLC
7.75%, 11/15/29		$	700	$	973,077
8.88%, 05/15/31			14		21,578
International Paper Co.
4.40%, 08/15/47	(Call 02/15/47)		650		633,217
4.80%, 06/15/44	(Call 12/15/43)		400		406,088
5.00%, 09/15/35	(Call 03/15/35)		50		53,623
5.15%, 05/15/46	(Call 11/15/45)a		190		203,725
6.00%, 11/15/41	(Call 05/15/41)		600		715,692
7.30%, 11/15/39			240		315,814
					3,322,814
GAS — 0.70%
Atmos Energy Corp.
4.13%, 10/15/44	(Call 04/15/44)		613		616,531
4.15%, 01/15/43	(Call 07/15/42)		100		101,756
5.50%, 06/15/41	(Call 12/15/40)		5		5,946
CenterPoint Energy Resources Corp.
5.85%, 01/15/41	(Call 07/15/40)		100		120,172
Dominion Gas Holdings LLC
4.60%, 12/15/44	(Call 06/15/44)		350		353,171
4.80%, 11/01/43	(Call 05/01/43)		115		118,916
KeySpan Corp.
5.80%, 04/01/35			180		203,287
NiSource Finance Corp.
4.80%, 02/15/44	(Call 08/15/43)		615		652,417
5.25%, 02/15/43	(Call 08/15/42)		225		250,436
5.65%, 02/01/45	(Call 08/01/44)		156		185,843
5.95%, 06/15/41	(Call 12/15/40)		256		307,369
ONE Gas Inc.
4.66%, 02/01/44	(Call 08/01/43)		354		376,744
Piedmont Natural Gas Co. Inc.
4.65%, 08/01/43	(Call 02/01/43)		153		158,229
Sempra Energy
6.00%, 10/15/39			825		1,000,420
Southern California Gas Co.
3.75%, 09/15/42	(Call 03/15/42)		5		4,890
Southern Co. Gas Capital Corp.
3.95%, 10/01/46	(Call 04/01/46)		450		418,081
4.40%, 06/01/43	(Call 12/01/42)		6		5,941
5.88%, 03/15/41	(Call 09/15/40)		493		583,101
Southwest Gas Corp.
3.80%, 09/29/46	(Call 03/29/46)		365		344,943
					5,808,193

SCHEDULEOF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
HAND & MACHINE TOOLS — 0.03%
Stanley Black & Decker Inc.
5.20%, 09/01/40		$	200	$	222,636
					222,636
HEALTH CARE – PRODUCTS — 1.48%
Abbott Laboratories
4.75%, 11/30/36	(Call 05/30/36)		1,110		1,149,294
4.75%, 04/15/43	(Call 10/15/42)		420		425,389
4.90%, 11/30/46	(Call 05/30/46)		1,275		1,329,851
5.30%, 05/27/40			500		539,955
6.00%, 04/01/39			450		525,645
Baxter International Inc.
3.50%, 08/15/46	(Call 02/15/46)		635		551,580
Becton Dickinson and Co.
4.69%, 12/15/44	(Call 06/15/44)		450		437,107
5.00%, 11/12/40			200		198,772
Boston Scientific Corp.
7.00%, 11/15/35			150		183,222
7.38%, 01/15/40			200		255,626
Danaher Corp.
4.38%, 09/15/45	(Call 03/15/45)		350		374,391
Medtronic Inc.
4.38%, 03/15/35			1,750		1,851,325
4.50%, 03/15/42	(Call 09/15/41)		86		90,756
4.63%, 03/15/44	(Call 09/15/43)		450		485,334
4.63%, 03/15/45			1,975		2,145,897
5.55%, 03/15/40			291		342,495
6.50%, 03/15/39			100		130,627
Stryker Corp.
4.10%, 04/01/43	(Call 10/01/42)		250		239,645
4.38%, 05/15/44	(Call 11/15/43)		135		134,546
4.63%, 03/15/46	(Call 09/15/45)		500		524,475
Thermo Fisher Scientific Inc.
5.30%, 02/01/44	(Call 08/01/43)		208		236,230
Zimmer Biomet Holdings Inc.
5.75%, 11/30/39			150		169,884
					12,322,046
HEALTH CARE – SERVICES — 2.03%
Aetna Inc.
4.13%, 11/15/42	(Call 05/15/42)		200		199,442
4.50%, 05/15/42	(Call 11/15/41)		250		262,830
4.75%, 03/15/44	(Call 09/15/43)		225		245,171
6.63%, 06/15/36			200		263,752
6.75%, 12/15/37			185		249,478

Security		Principal (000s)		Value
Anthem Inc.
4.63%, 05/15/42		$	460	$	471,463
4.65%, 01/15/43			1,050		1,085,070
4.65%, 08/15/44	(Call 02/15/44)a		200		206,732
5.10%, 01/15/44			225		245,536
5.85%, 01/15/36			21		24,431
5.95%, 12/15/34			382		446,420
6.38%, 06/15/37			300		371,139
Ascension Health
3.95%, 11/15/46			508		496,865
4.85%, 11/15/53			11		12,150
Baylor Scott & White Holdings
3.97%, 11/15/46	(Call 05/15/46)		250		239,557
4.19%, 11/15/45	(Call 05/15/45)		16		15,971
Catholic Health Initiatives
4.35%, 11/01/42			250		216,107
Cigna Corp.
5.38%, 02/15/42	(Call 08/15/41)		247		289,812
5.88%, 03/15/41	(Call 09/15/40)		403		492,680
6.15%, 11/15/36			100		123,444
7.88%, 05/15/27			11		14,685
Dignity Health
4.50%, 11/01/42			100		93,950
5.27%, 11/01/64			196		193,503
Humana Inc.
4.63%, 12/01/42	(Call 06/01/42)		400		411,740
4.80%, 03/15/47	(Call 09/15/46)a		250		265,305
4.95%, 10/01/44	(Call 04/01/44)		100		107,033
Johns Hopkins Health System Corp. (The)
3.84%, 05/15/46			60		58,655
Kaiser Foundation Hospitals
4.15%, 05/01/47	(Call 11/01/46)		750		754,890
4.88%, 04/01/42			334		374,604
Laboratory Corp. of America Holdings
4.70%, 02/01/45	(Call 08/01/44)		398		393,407
Mayo Clinic Series 2013
4.00%, 11/15/47			11		10,896
Memorial Sloan-Kettering Cancer Center
4.13%, 07/01/52			25		24,751
Series 2015
4.20%, 07/01/55			722		727,444

32 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
New York-Presbyterian Hospital (The)
4.02%, 08/01/45		$	21	$	20,636
4.06%, 08/01/56			350		332,532
Northwell Healthcare Inc.
3.98%, 11/01/46	(Call 11/01/45)a		500		468,965
Providence St Joseph Health Obligated Group Series I
3.74%, 10/01/47			250		233,620
Quest Diagnostics Inc.
4.70%, 03/30/45	(Call 09/30/44)a		22		22,448
Texas Health Resources
4.33%, 11/15/55			9		9,153
UnitedHealth Group Inc.
3.95%, 10/15/42	(Call 04/15/42)		7		6,909
4.20%, 01/15/47	(Call 07/15/46)		250		255,805
4.25%, 03/15/43	(Call 09/15/42)		300		309,108
4.25%, 04/15/47	(Call 10/15/46)		250		258,120
4.38%, 03/15/42	(Call 09/15/41)		500		520,710
4.63%, 07/15/35			255		280,401
4.63%, 11/15/41	(Call 05/15/41)		180		193,491
4.75%, 07/15/45			1,150		1,281,882
5.70%, 10/15/40	(Call 04/15/40)		350		432,607
5.80%, 03/15/36			625		772,425
5.95%, 02/15/41	(Call 08/15/40)		386		488,715
6.50%, 06/15/37			100		131,882
6.63%, 11/15/37a			111		149,816
6.88%, 02/15/38			950		1,306,098
					16,864,236
HOME FURNISHINGS — 0.04%
Whirlpool Corp.
4.50%, 06/01/46	(Call 12/01/45)		300		302,526
					302,526
HOUSEHOLD PRODUCTS & WARES — 0.11%
Kimberly-Clark Corp.
3.20%, 07/30/46	(Call 01/30/46)a		400		353,360
5.30%, 03/01/41			6		7,222
6.63%, 08/01/37			375		519,277
					879,859
HOUSEWARES — 0.16%
Newell Brands Inc.
5.38%, 04/01/36	(Call 10/01/35)		350		396,896

Security		Principal (000s)		Value
5.50%, 04/01/46	(Call 10/01/45)a	$	825	$	958,452
					1,355,348
INSURANCE — 3.32%
ACE Capital Trust II
9.70%, 04/01/30			100		149,701
Aflac Inc.
4.00%, 10/15/46	(Call 04/15/46)		250		239,965
Alleghany Corp.
4.90%, 09/15/44	(Call 03/15/44)		200		205,842
Allstate Corp. (The)
4.20%, 12/15/46	(Call 06/15/46)		45		46,421
4.50%, 06/15/43			900		965,484
5.35%, 06/01/33			68		78,237
5.55%, 05/09/35			326		392,752
5.95%, 04/01/36			50		61,912
American International Group Inc.
3.88%, 01/15/35	(Call 07/15/34)		1,200		1,117,596
4.38%, 01/15/55	(Call 07/15/54)		250		229,373
4.50%, 07/16/44	(Call 01/16/44)		1,055		1,038,173
4.70%, 07/10/35	(Call 01/10/35)		600		614,346
4.80%, 07/10/45	(Call 01/10/45)		186		191,446
6.25%, 05/01/36			532		636,570
Aon PLC
4.60%, 06/14/44	(Call 03/14/44)		200		198,208
4.75%, 05/15/45	(Call 11/15/44)		246		250,890
Arch Capital Group U.S. Inc.
5.14%, 11/01/43			625		684,887
Assurant Inc.
6.75%, 02/15/34			200		241,882
AXA SA
8.60%, 12/15/30			750		1,045,440
Berkshire Hathaway Finance Corp.
4.30%, 05/15/43a			118		122,932
4.40%, 05/15/42			564		596,125
5.75%, 01/15/40			280		351,425
Berkshire Hathaway Inc.
4.50%, 02/11/43a			500		540,970
Chubb Corp. (The)
6.00%, 05/11/37			485		618,812
Chubb INA Holdings Inc.
4.15%, 03/13/43			400		412,060
4.35%, 11/03/45	(Call 05/03/45)		500		535,530
Cincinnati Financial Corp.
6.92%, 05/15/28			11		14,182

SCHEDULEOF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
Endurance Specialty Holdings Ltd.
7.00%, 07/15/34		$	200	$	246,398
Everest Reinsurance Holdings Inc.
4.87%, 06/01/44			200		202,336
Hartford Financial Services Group Inc. (The)
4.30%, 04/15/43			14		13,764
5.95%, 10/15/36			200		235,732
6.10%, 10/01/41			300		366,111
Lincoln National Corp.
6.15%, 04/07/36			175		206,549
6.30%, 10/09/37			16		19,311
7.00%, 06/15/40			300		391,071
Loews Corp.
4.13%, 05/15/43	(Call 11/15/42)		250		243,860
6.00%, 02/01/35			150		179,412
Manulife Financial Corp.
5.38%, 03/04/46			400		471,620
Markel Corp.
5.00%, 04/05/46a			250		263,713
Marsh & McLennan Companies Inc.
4.35%, 01/30/47	(Call 07/30/46)a		250		258,120
5.88%, 08/01/33			205		250,366
MetLife Inc.
4.05%, 03/01/45			755		742,633
4.13%, 08/13/42			348		344,047
4.60%, 05/13/46	(Call 11/13/45)a		800		858,272
4.72%, 12/15/44			500		542,180
4.88%, 11/13/43			489		538,575
5.70%, 06/15/35a			461		560,120
6.40%, 12/15/66	(Call 12/15/31)		720		809,143
6.50%, 12/15/32			458		595,231
10.75%, 08/01/69	(Call 08/01/34)a		16		25,626
Principal Financial Group Inc.
4.35%, 05/15/43			500		509,850
4.63%, 09/15/42a			5		5,351
6.05%, 10/15/36			166		207,239
Progressive Corp. (The)
3.70%, 01/26/45			100		95,248
4.13%, 04/15/47	(Call 10/15/46)		500		511,665
4.35%, 04/25/44			136		143,277
6.25%, 12/01/32			100		129,992

Security		Principal (000s)		Value
Prudential Financial Inc.
4.60%, 05/15/44a		$	450	$	481,873
5.10%, 08/15/43			11		12,458
5.40%, 06/13/35			445		514,442
5.63%, 05/12/41			13		15,446
5.70%, 12/14/36			300		359,811
5.80%, 11/16/41			150		182,852
6.20%, 11/15/40			275		347,270
6.63%, 06/21/40			5		6,610
Series B
5.75%, 07/15/33a			8		9,476
Series D
6.63%, 12/01/37			500		654,335
Transatlantic Holdings Inc.
8.00%, 11/30/39			150		196,061
Travelers Companies Inc. (The)
3.75%, 05/15/46	(Call 11/15/45)		780		756,982
4.30%, 08/25/45	(Call 02/25/45)		175		183,596
4.60%, 08/01/43			66		72,309
5.35%, 11/01/40			200		242,990
6.25%, 06/15/37			500		657,145
6.75%, 06/20/36			50		67,680
Travelers Property Casualty Corp.
6.38%, 03/15/33			110		141,609
Unum Group
5.75%, 08/15/42			250		280,770
Voya Financial Inc.
4.80%, 06/15/46			100		100,912
5.70%, 07/15/43			200		224,380
WR Berkley Corp.
4.75%, 08/01/44			50		50,353
XLIT Ltd.
5.50%, 03/31/45			400		405,044
6.25%, 05/15/27			86		101,526
					27,613,903
INTERNET — 0.26%
Alibaba Group Holding Ltd.
4.50%, 11/28/34	(Call 05/28/34)a		400		420,196
Amazon.com Inc.
4.80%, 12/05/34	(Call 06/05/34)		600		672,258
4.95%, 12/05/44	(Call 06/05/44)		650		747,084
eBay Inc.
4.00%, 07/15/42	(Call 01/15/42)		335		287,983
					2,127,521

34 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
IRON & STEEL — 0.48%
Nucor Corp.
5.20%, 08/01/43	(Call 02/01/43)	$	314	$	360,827
6.40%, 12/01/37			286		364,719
Vale Overseas Ltd.
6.88%, 11/21/36a			950		1,028,432
6.88%, 11/10/39			1,250		1,347,225
8.25%, 01/17/34			255		307,563
Vale SA
5.63%, 09/11/42			605		578,126
					3,986,892
LEISURE TIME — 0.02%
Harley-Davidson Inc.
4.63%, 07/28/45	(Call 01/28/45)a		150		154,368
					154,368
MACHINERY — 0.48%
Caterpillar Inc.
3.80%, 08/15/42a			950		923,865
4.30%, 05/15/44	(Call 11/15/43)a		236		248,263
4.75%, 05/15/64	(Call 11/15/63)		203		218,322
5.20%, 05/27/41			425		498,053
5.30%, 09/15/35			11		12,654
6.05%, 08/15/36			111		139,830
Cummins Inc.
4.88%, 10/01/43	(Call 04/01/43)a		150		168,378
Deere & Co.
3.90%, 06/09/42	(Call 12/09/41)		650		653,244
5.38%, 10/16/29			405		492,196
7.13%, 03/03/31			111		153,297
Xylem Inc./NY
4.38%, 11/01/46	(Call 05/01/46)		450		452,457
					3,960,559
MANUFACTURING — 1.53%
3M Co.
3.13%, 09/19/46	(Call 03/19/46)		350		308,231
3.88%, 06/15/44			150		150,392
5.70%, 03/15/37			201		250,864
6.38%, 02/15/28			165		213,706
Dover Corp.
5.38%, 03/01/41	(Call 12/01/40)		390		460,738
Eaton Corp.
4.00%, 11/02/32			850		875,398
4.15%, 11/02/42			100		99,231

Security		Principal (000s)		Value
General Electric Co.
4.13%, 10/09/42		$	500	$	516,855
4.50%, 03/11/44			1,225		1,336,977
5.88%, 01/14/38a			1,300		1,659,021
6.15%, 08/07/37			900		1,179,459
6.88%, 01/10/39a			870		1,241,220
Series A
6.75%, 03/15/32			1,500		2,050,335
Illinois Tool Works Inc.
3.90%, 09/01/42	(Call 03/01/42)		450		456,170
4.88%, 09/15/41	(Call 03/15/41)		350		400,386
Ingersoll-Rand Global Holding Co. Ltd.
5.75%, 06/15/43			236		284,288
Ingersoll-Rand Luxembourg Finance SA
4.65%, 11/01/44	(Call 05/01/44)		150		156,710
Parker-Hannifin Corp.
4.10%, 03/01/47	(Call 09/01/46)a,b		350		356,517
4.20%, 11/21/34	(Call 05/21/34)		250		260,807
4.45%, 11/21/44	(Call 05/21/44)		328		350,757
Series A
6.25%, 05/15/38			100		127,992
					12,736,054
MEDIA — 5.09%
21st Century Fox America Inc.
4.75%, 09/15/44	(Call 03/15/44)		600		611,724
4.95%, 10/15/45	(Call 04/15/45)		400		420,436
5.40%, 10/01/43			456		508,217
6.15%, 03/01/37			400		480,164
6.15%, 02/15/41			300		362,751
6.20%, 12/15/34			600		722,982
6.40%, 12/15/35			302		372,620
6.55%, 03/15/33			490		603,293
6.65%, 11/15/37			705		895,294
6.90%, 08/15/39			11		14,247
7.75%, 12/01/45			350		493,927
7.85%, 03/01/39			350		487,508
8.15%, 10/17/36			100		139,138
CBS Corp.
4.60%, 01/15/45	(Call 07/15/44)		200		199,434
4.85%, 07/01/42	(Call 01/01/42)		250		255,987
4.90%, 08/15/44	(Call 02/15/44)		275		282,169
5.50%, 05/15/33			404		442,909

SCHEDULEOF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
5.90%, 10/15/40	(Call 04/15/40)	$	211	$	243,773
7.88%, 07/30/30			350		480,046
Charter Communications Operating LLC/Charter Communications Operating Capital
5.38%, 05/01/47	(Call 11/01/46)b		350		357,095
6.38%, 10/23/35	(Call 04/23/35)		975		1,118,520
6.48%, 10/23/45	(Call 04/23/45)		1,825		2,136,600
6.83%, 10/23/55	(Call 04/23/55)		250		296,538
Comcast Corp.
3.20%, 07/15/36	(Call 01/15/36)a		665		597,782
3.40%, 07/15/46	(Call 01/15/46)a		935		811,412
4.20%, 08/15/34	(Call 02/15/34)		900		921,294
4.25%, 01/15/33			942		978,795
4.40%, 08/15/35	(Call 02/15/35)		850		888,505
4.50%, 01/15/43			400		407,880
4.60%, 08/15/45	(Call 02/15/45)		800		834,552
4.65%, 07/15/42			800		837,488
4.75%, 03/01/44			800		848,808
5.65%, 06/15/35			111		131,679
6.40%, 05/15/38			206		264,654
6.40%, 03/01/40a			216		279,273
6.45%, 03/15/37			200		257,260
6.50%, 11/15/35			511		656,052
6.55%, 07/01/39a			264		346,907
6.95%, 08/15/37			500		672,520
7.05%, 03/15/33			161		214,930
Discovery Communications LLC
4.88%, 04/01/43			150		136,836
4.95%, 05/15/42			175		162,433
6.35%, 06/01/40			600		644,400
Grupo Televisa SAB
5.00%, 05/13/45	(Call 11/13/44)a		650		611,123
6.13%, 01/31/46	(Call 07/31/45)		400		433,560
6.63%, 01/15/40			350		392,178
Historic TW Inc.
6.63%, 05/15/29			1,100		1,368,202
NBCUniversal Media LLC
4.45%, 01/15/43			840		852,466
5.95%, 04/01/41			525		644,569
6.40%, 04/30/40			750		965,377
TCI Communications Inc.
7.13%, 02/15/28			400		521,764

Security		Principal (000s)		Value
Thomson Reuters Corp.
5.50%, 08/15/35		$	150	$	164,499
5.65%, 11/23/43	(Call 05/23/43)a		186		210,842
5.85%, 04/15/40			350		395,238
Time Warner Cable LLC
4.50%, 09/15/42	(Call 03/15/42)		750		691,530
5.50%, 09/01/41	(Call 03/01/41)		425		439,403
5.88%, 11/15/40	(Call 05/15/40)		790		854,630
6.55%, 05/01/37			300		348,360
6.75%, 06/15/39			750		893,318
7.30%, 07/01/38			900		1,123,794
Time Warner Companies Inc.
6.95%, 01/15/28			51		63,541
Time Warner Entertainment Co. LP
8.38%, 07/15/33			600		808,854
Time Warner Inc.
4.65%, 06/01/44	(Call 12/01/43)		750		708,262
4.85%, 07/15/45	(Call 01/15/45)a		700		681,590
4.90%, 06/15/42			268		263,476
5.35%, 12/15/43			400		414,680
5.38%, 10/15/41a			250		261,405
6.10%, 07/15/40			175		198,468
6.20%, 03/15/40			164		187,534
6.25%, 03/29/41			200		231,424
6.50%, 11/15/36			300		360,768
7.63%, 04/15/31			250		340,905
Viacom Inc.
4.38%, 03/15/43			600		532,410
4.85%, 12/15/34	(Call 06/15/34)		290		284,539
5.25%, 04/01/44	(Call 10/01/43)		275		273,812
5.85%, 09/01/43	(Call 03/01/43)		500		538,460
6.88%, 04/30/36			600		697,098
Walt Disney Co. (The)
3.00%, 07/30/46			125		105,935
3.70%, 12/01/42			275		263,964
4.13%, 06/01/44			400		410,340
4.38%, 08/16/41			250		265,217
7.00%, 03/01/32			300		418,701
Series E
4.13%, 12/01/41			340		347,259
					42,388,327
METAL FABRICATE & HARDWARE — 0.02%
Precision Castparts Corp.
3.90%, 01/15/43	(Call 07/15/42)		166		163,621

36 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
4.38%, 06/15/45	(Call 12/15/44)	$	11	$	11,675
					175,296
MINING — 1.26%
Barrick Gold Corp.
5.25%, 04/01/42			350		386,085
Barrick North America Finance LLC
5.70%, 05/30/41			400		462,620
5.75%, 05/01/43			230		270,404
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39			550		645,238
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42			600		605,664
5.00%, 09/30/43			1,203		1,366,801
Goldcorp Inc.
5.45%, 06/09/44	(Call 12/09/43)		161		174,559
Newmont Mining Corp.
4.88%, 03/15/42	(Call 09/15/41)		315		322,002
5.88%, 04/01/35a			251		281,431
6.25%, 10/01/39			600		715,362
Rio Tinto Alcan Inc.
5.75%, 06/01/35			11		12,574
6.13%, 12/15/33			11		12,656
7.25%, 03/15/31			275		338,657
Rio Tinto Finance USA Ltd.
5.20%, 11/02/40			1,000		1,140,070
7.13%, 07/15/28			292		384,006
Rio Tinto Finance USA PLC
4.13%, 08/21/42	(Call 02/21/42)		556		550,257
4.75%, 03/22/42	(Call 09/22/41)a		255		276,621
Southern Copper Corp.
5.25%, 11/08/42a			700		689,199
5.88%, 04/23/45			800		841,640
6.75%, 04/16/40			500		569,945
7.50%, 07/27/35			300		365,505
Vale Canada Ltd.
7.20%, 09/15/32			100		105,195
					10,516,491
OFFICE & BUSINESS EQUIPMENT — 0.03%
Xerox Corp.
6.75%, 12/15/39			200		212,946
					212,946
OIL & GAS — 6.94%
Anadarko Finance Co.
7.50%, 05/01/31			475		609,496

Security		Principal (000s)		Value
Anadarko Petroleum Corp.
4.50%, 07/15/44	(Call 01/15/44)	$	325	$	314,090
6.20%, 03/15/40			525		604,732
6.45%, 09/15/36			875		1,034,189
6.60%, 03/15/46	(Call 09/15/45)		550		680,372
Apache Corp.
4.25%, 01/15/44	(Call 07/15/43)		225		213,244
4.75%, 04/15/43	(Call 10/15/42)		930		941,448
5.10%, 09/01/40	(Call 03/01/40)		935		980,815
6.00%, 01/15/37			600		694,962
BP Capital Markets PLC
3.72%, 11/28/28	(Call 08/28/28)a		900		928,314
Burlington Resources Finance Co.
7.20%, 08/15/31			350		465,080
7.40%, 12/01/31			300		404,844
Canadian Natural Resources Ltd.
5.85%, 02/01/35			150		163,740
6.25%, 03/15/38a			750		851,760
6.45%, 06/30/33			200		227,790
7.20%, 01/15/32			300		367,788
Cenovus Energy Inc.
5.25%, 06/15/37	(Call 12/15/36)b		250		243,548
5.40%, 06/15/47	(Call 12/15/46)b		1,500		1,469,160
CNOOC Nexen Finance 2014 ULC
4.88%, 04/30/44			800		862,648
Conoco Funding Co.
7.25%, 10/15/31			300		401,214
ConocoPhillips
5.90%, 10/15/32			13		15,822
6.50%, 02/01/39			950		1,222,488
ConocoPhillips Canada Funding Co. I
5.95%, 10/15/36			350		420,350
ConocoPhillips Co.
4.15%, 11/15/34	(Call 05/15/34)		415		417,585
4.30%, 11/15/44	(Call 05/15/44)		725		730,046
5.95%, 03/15/46	(Call 09/15/45)		175		220,379
ConocoPhillips Holding Co.
6.95%, 04/15/29			1,150		1,500,911
Devon Energy Corp.
4.75%, 05/15/42	(Call 11/15/41)		1,225		1,199,728
5.00%, 06/15/45	(Call 12/15/44)		350		355,698
5.60%, 07/15/41	(Call 01/15/41)		375		400,474
7.95%, 04/15/32			80		105,087

SCHEDULEOF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
Devon Financing Co. LLC
7.88%, 09/30/31		$	50	$	65,574
Ecopetrol SA
5.88%, 05/28/45			800		736,256
7.38%, 09/18/43			550		596,948
Encana Corp.
6.50%, 08/15/34			850		961,919
6.50%, 02/01/38			550		619,476
Eni USA Inc.
7.30%, 11/15/27			205		258,624
EOG Resources Inc.
3.90%, 04/01/35	(Call 10/01/34)		300		290,172
Exxon Mobil Corp.
3.57%, 03/06/45	(Call 09/06/44)		250		239,273
4.11%, 03/01/46	(Call 09/01/45)		1,850		1,935,599
Hess Corp.
5.60%, 02/15/41			500		502,990
5.80%, 04/01/47	(Call 10/01/46)a		550		569,014
6.00%, 01/15/40			200		208,074
7.13%, 03/15/33			225		262,865
7.30%, 08/15/31			500		594,945
Kerr-McGee Corp.
7.88%, 09/15/31			14		18,197
Marathon Oil Corp.
5.20%, 06/01/45	(Call 12/01/44)		350		350,735
6.60%, 10/01/37			530		607,210
6.80%, 03/15/32			26		30,037
Marathon Petroleum Corp.
4.75%, 09/15/44	(Call 03/15/44)		450		414,589
5.00%, 09/15/54	(Call 03/15/54)		200		179,246
6.50%, 03/01/41	(Call 09/01/40)a		525		592,825
Nexen Energy ULC
6.40%, 05/15/37			600		751,062
7.50%, 07/30/39			400		565,208
7.88%, 03/15/32			160		219,291
Noble Energy Inc.
5.25%, 11/15/43	(Call 05/15/43)		500		526,640
6.00%, 03/01/41	(Call 09/01/40)		700		790,286
Occidental Petroleum Corp.
4.10%, 02/15/47	(Call 08/15/46)a		500		489,440
4.40%, 04/15/46	(Call 10/15/45)		975		998,595
4.63%, 06/15/45	(Call 12/15/44)		200		210,286

Security		Principal (000s)		Value
Petro-Canada
5.35%, 07/15/33		$	125	$	139,153
5.95%, 05/15/35			11		12,957
6.80%, 05/15/38			800		1,042,688
Petroleos Mexicanos
5.50%, 06/27/44			1,150		1,016,059
5.63%, 01/23/46			900		803,772
6.38%, 01/23/45			1,450		1,421,537
6.50%, 06/02/41			1,000		1,005,150
6.63%, 06/15/35			1,755		1,830,360
6.63%, 06/15/38			300		307,440
6.75%, 09/21/47			1,892		1,922,291
Phillips 66
4.65%, 11/15/34	(Call 05/15/34)		550		563,673
4.88%, 11/15/44	(Call 05/15/44)a		1,200		1,235,748
5.88%, 05/01/42			215		251,391
Shell International Finance BV
3.75%, 09/12/46			500		466,555
4.00%, 05/10/46a			1,400		1,359,288
4.13%, 05/11/35			565		579,995
4.38%, 05/11/45			1,625		1,667,250
4.55%, 08/12/43			1,350		1,420,389
5.50%, 03/25/40			346		411,532
6.38%, 12/15/38a			981		1,280,931
Statoil ASA
3.95%, 05/15/43			700		687,043
4.25%, 11/23/41			150		153,038
4.80%, 11/08/43			450		495,130
5.10%, 08/17/40			230		261,087
6.50%, 12/01/28b			100		129,313
Suncor Energy Inc.
5.95%, 12/01/34			150		178,796
6.50%, 06/15/38			550		696,899
6.85%, 06/01/39			600		789,144
Tosco Corp.
8.13%, 02/15/30			61		84,943
Valero Energy Corp.
4.90%, 03/15/45a			450		452,732
6.63%, 06/15/37a			1,000		1,189,110
7.50%, 04/15/32			200		257,282
					57,745,854
OIL & GAS SERVICES — 0.51%
Baker Hughes Inc.
5.13%, 09/15/40			490		549,780

38 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
Halliburton Co.
4.50%, 11/15/41	(Call 05/15/41)	$	350	$	346,612
4.75%, 08/01/43	(Call 02/01/43)		735		757,006
4.85%, 11/15/35	(Call 05/15/35)		600		636,612
5.00%, 11/15/45	(Call 05/15/45)		615		657,189
6.70%, 09/15/38			21		26,595
7.45%, 09/15/39			550		750,437
National Oilwell Varco Inc.
3.95%, 12/01/42	(Call 06/01/42)		600		495,588
					4,219,819
PACKAGING & CONTAINERS — 0.10%
Sonoco Products Co.
5.75%, 11/01/40	(Call 05/01/40)		278		321,868
WestRock MWV LLC
7.95%, 02/15/31			11		14,801
8.20%, 01/15/30			355		488,363
					825,032
PHARMACEUTICALS — 4.58%
AbbVie Inc.
4.30%, 05/14/36	(Call 11/14/35)		1,025		1,008,139
4.40%, 11/06/42			1,175		1,140,138
4.45%, 05/14/46	(Call 11/14/45)		850		826,378
4.50%, 05/14/35	(Call 11/14/34)		1,300		1,310,673
4.70%, 05/14/45	(Call 11/14/44)		1,000		1,007,440
Actavis Funding SCS
4.55%, 03/15/35	(Call 09/15/34)		1,930		1,950,921
4.75%, 03/15/45	(Call 09/15/44)		1,030		1,049,786
4.85%, 06/15/44	(Call 12/15/43)		525		537,490
Actavis Inc.
4.63%, 10/01/42	(Call 04/01/42)		300		297,315
AmerisourceBergen Corp.
4.25%, 03/01/45	(Call 09/01/44)a		336		331,934
AstraZeneca PLC
4.00%, 09/18/42			450		441,419
4.38%, 11/16/45			550		569,850
6.45%, 09/15/37			1,200		1,578,528
Bristol-Myers Squibb Co.
3.25%, 08/01/42			49		43,407
4.50%, 03/01/44	(Call 09/01/43)a		330		354,288
5.88%, 11/15/36			450		565,569
Cardinal Health Inc.
4.50%, 11/15/44	(Call 05/15/44)		200		194,674
4.60%, 03/15/43			475		467,989

Security		Principal (000s)		Value
Eli Lilly & Co.
3.70%, 03/01/45	(Call 09/01/44)	$	400	$	387,740
5.55%, 03/15/37			166		202,879
Express Scripts Holding Co.
4.80%, 07/15/46	(Call 01/15/46)a		400		388,224
6.13%, 11/15/41			350		398,002
GlaxoSmithKline Capital Inc.
4.20%, 03/18/43			405		420,001
5.38%, 04/15/34			200		234,402
6.38%, 05/15/38			1,400		1,857,982
Johnson & Johnson
3.55%, 03/01/36	(Call 09/01/35)		800		799,472
3.70%, 03/01/46	(Call 09/01/45)		1,330		1,321,089
3.75%, 03/03/47	(Call 09/03/46)		500		502,820
4.38%, 12/05/33	(Call 06/05/33)		500		553,485
4.50%, 09/01/40			450		498,825
4.50%, 12/05/43	(Call 06/05/43)		300		333,669
4.85%, 05/15/41			11		12,801
4.95%, 05/15/33			261		306,685
5.85%, 07/15/38			213		278,659
5.95%, 08/15/37			200		263,806
McKesson Corp.
4.88%, 03/15/44	(Call 09/15/43)		550		573,353
6.00%, 03/01/41	(Call 09/01/40)		105		122,613
Mead Johnson Nutrition Co.
4.60%, 06/01/44	(Call 12/01/43)		153		160,656
5.90%, 11/01/39			300		361,080
Merck & Co. Inc.
3.60%, 09/15/42	(Call 03/15/42)		11		10,398
3.70%, 02/10/45	(Call 08/10/44)		1,170		1,128,383
4.15%, 05/18/43			700		722,722
6.50%, 12/01/33			200		264,360
6.55%, 09/15/37			150		200,844
Merck Sharp & Dohme Corp.
5.75%, 11/15/36			500		617,235
5.85%, 06/30/39a			11		13,936
5.95%, 12/01/28a			350		435,253
Mylan Inc.
5.40%, 11/29/43	(Call 05/29/43)		200		208,504
Mylan NV
5.25%, 06/15/46	(Call 12/15/45)a		400		411,916
Novartis Capital Corp.
3.70%, 09/21/42			125		120,776

SCHEDULEOF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
4.00%, 11/20/45	(Call 05/20/45)	$	900	$	914,481
4.40%, 05/06/44			800		860,416
Perrigo Co. PLC
5.30%, 11/15/43	(Call 05/15/43)		250		259,398
Perrigo Finance Unlimited Co.
4.90%, 12/15/44	(Call 06/15/44)a		221		217,504
Pfizer Inc.
4.00%, 12/15/36			60		61,015
4.13%, 12/15/46			530		537,420
4.30%, 06/15/43			371		384,734
4.40%, 05/15/44			806		847,114
5.60%, 09/15/40			100		121,376
7.20%, 03/15/39			1,500		2,153,550
Pharmacia LLC
6.60%, 12/01/28			900		1,173,195
Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36a			400		446,840
Teva Pharmaceutical Finance Netherlands III BV
4.10%, 10/01/46a			810		701,177
Wyeth LLC
5.95%, 04/01/37			850		1,069,691
6.00%, 02/15/36			21		26,066
6.50%, 02/01/34			43		55,787
Zoetis Inc.
4.70%, 02/01/43	(Call 08/01/42)		490		510,026
					38,128,298
PIPELINES — 3.79%
Boardwalk Pipelines LP
4.45%, 07/15/27	(Call 04/15/27)		380		388,330
Buckeye Partners LP
5.60%, 10/15/44	(Call 04/15/44)		100		104,201
5.85%, 11/15/43	(Call 05/15/43)		250		265,600
Columbia Pipeline Group Inc.
5.80%, 06/01/45	(Call 12/01/44)a		175		205,462
Enable Midstream Partners LP
5.00%, 05/15/44	(Call 11/15/43)		125		115,040
Enbridge Energy Partners LP
5.50%, 09/15/40	(Call 03/15/40)		200		204,960
Series B
7.50%, 04/15/38			300		374,511

Security		Principal (000s)		Value
Enbridge Inc.
4.50%, 06/10/44	(Call 12/10/43)	$	200	$	191,468
5.50%, 12/01/46	(Call 05/29/46)		250		274,700
Energy Transfer Partners LP
4.90%, 03/15/35	(Call 09/15/34)		220		213,169
5.15%, 02/01/43	(Call 08/01/42)		255		244,963
5.15%, 03/15/45	(Call 09/15/44)		550		529,892
5.30%, 04/15/47	(Call 10/15/46)		500		494,355
6.05%, 06/01/41	(Call 12/01/40)		50		53,080
6.13%, 12/15/45	(Call 06/15/45)		350		380,121
6.50%, 02/01/42	(Call 08/01/41)		775		854,003
6.63%, 10/15/36			135		152,794
7.50%, 07/01/38			511		619,358
EnLink Midstream Partners LP
5.05%, 04/01/45	(Call 10/01/44)		250		235,865
5.60%, 04/01/44	(Call 10/01/43)		100		101,163
Enterprise Products Operating LLC
4.45%, 02/15/43	(Call 08/15/42)		625		610,344
4.85%, 08/15/42	(Call 02/15/42)		225		230,233
4.85%, 03/15/44	(Call 09/15/43)		900		928,593
4.90%, 05/15/46	(Call 11/15/45)		350		365,662
4.95%, 10/15/54	(Call 04/15/54)		400		404,536
5.10%, 02/15/45	(Call 08/15/44)		500		534,015
5.70%, 02/15/42			470		540,415
5.95%, 02/01/41			298		346,577
6.13%, 10/15/39			145		170,980
7.55%, 04/15/38			212		281,235
Series D
6.88%, 03/01/33			200		247,900
Series H
6.65%, 10/15/34			111		136,471
Kinder Morgan Energy Partners LP
4.70%, 11/01/42	(Call 05/01/42)		215		202,577
5.00%, 08/15/42	(Call 02/15/42)		250		242,480
5.00%, 03/01/43	(Call 09/01/42)		100		97,418
5.40%, 09/01/44	(Call 03/01/44)		210		212,514
5.50%, 03/01/44	(Call 09/01/43)		300		308,583
5.80%, 03/15/35			775		824,809
6.38%, 03/01/41			230		256,144
6.55%, 09/15/40			100		113,566
6.95%, 01/15/38			800		949,152
7.30%, 08/15/33			11		13,090
7.40%, 03/15/31			118		142,006

40 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
7.50%, 11/15/40		$	350	$	432,806
7.75%, 03/15/32			100		127,600
Kinder Morgan Inc./DE
5.05%, 02/15/46	(Call 08/15/45)		425		423,066
5.30%, 12/01/34	(Call 06/01/34)		1,450		1,485,699
5.55%, 06/01/45	(Call 12/01/44)		1,425		1,508,277
7.75%, 01/15/32			75		94,946
Magellan Midstream Partners LP
4.25%, 09/15/46	(Call 03/15/46)a		250		239,443
5.15%, 10/15/43	(Call 04/15/43)		250		268,783
MPLX LP
5.20%, 03/01/47	(Call 09/01/46)		500		511,920
ONEOK Partners LP
6.13%, 02/01/41	(Call 08/01/40)		350		394,054
6.20%, 09/15/43	(Call 03/15/43)		25		28,567
6.65%, 10/01/36			400		471,712
6.85%, 10/15/37			300		359,256
Phillips 66 Partners LP
4.90%, 10/01/46	(Call 04/01/46)		450		439,808
Plains All American Pipeline LP/PAA Finance Corp.
4.70%, 06/15/44	(Call 12/15/43)		400		371,560
4.90%, 02/15/45	(Call 08/15/44)		300		288,342
5.15%, 06/01/42	(Call 12/01/41)		400		391,388
6.65%, 01/15/37			350		396,249
Sabine Pass Liquefaction LLC
4.20%, 03/15/28	(Call 09/15/27)a,b		605		605,799
Spectra Energy Partners LP
4.50%, 03/15/45	(Call 09/15/44)		285		275,279
5.95%, 09/25/43	(Call 03/25/43)		241		277,198
Sunoco Logistics Partners Operations LP
4.95%, 01/15/43	(Call 07/15/42)		750		700,508
5.30%, 04/01/44	(Call 10/01/43)		250		247,482
6.10%, 02/15/42			175		185,782
Tennessee Gas Pipeline Co. LLC
7.00%, 10/15/28			275		328,743
Texas Eastern Transmission LP
7.00%, 07/15/32			250		317,720
TransCanada PipeLines Ltd.
4.63%, 03/01/34	(Call 12/01/33)a		740		788,914
5.00%, 10/16/43	(Call 04/16/43)a		310		345,188
5.60%, 03/31/34			300		346,032

Security		Principal (000s)		Value
5.85%, 03/15/36		$	100	$	119,591
6.10%, 06/01/40			174		215,830
6.20%, 10/15/37			425		527,599
7.25%, 08/15/38			400		546,740
7.63%, 01/15/39			600		855,852
Transcontinental Gas Pipe Line Co. LLC
4.45%, 08/01/42	(Call 02/01/42)		400		375,400
5.40%, 08/15/41	(Call 02/15/41)		26		27,741
Western Gas Partners LP
5.45%, 04/01/44	(Call 10/01/43)		300		309,750
Williams Partners LP
4.90%, 01/15/45	(Call 07/15/44)		525		518,049
5.10%, 09/15/45	(Call 03/15/45)		200		204,132
5.40%, 03/04/44	(Call 09/04/43)		600		626,466
5.80%, 11/15/43	(Call 05/15/43)		50		54,426
6.30%, 04/15/40			335		383,977
					31,580,009
REAL ESTATE INVESTMENT TRUSTS — 0.62%
Alexandria Real Estate Equities Inc.
3.95%, 01/15/28	(Call 10/15/27)		500		504,675
AvalonBay Communities Inc.
3.90%, 10/15/46	(Call 04/15/46)		200		189,204
ERP Operating LP
4.50%, 07/01/44	(Call 01/01/44)		540		556,130
Federal Realty Investment Trust
4.50%, 12/01/44	(Call 06/01/44)		267		273,787
HCP Inc.
6.75%, 02/01/41	(Call 08/01/40)		155		192,198
Kilroy Realty LP
4.25%, 08/15/29	(Call 05/15/29)		14		14,223
Kimco Realty Corp.
4.25%, 04/01/45	(Call 10/01/44)		200		188,058
Realty Income Corp.
4.65%, 03/15/47	(Call 09/15/46)		250		256,645
Regency Centers LP
4.40%, 02/01/47	(Call 08/01/46)		250		249,263
Simon Property Group LP
4.25%, 10/01/44	(Call 04/01/44)		14		13,648
4.25%, 11/30/46	(Call 05/30/46)		30		29,191
4.75%, 03/15/42	(Call 09/15/41)a		280		291,399
6.75%, 02/01/40	(Call 11/01/39)		750		978,727

SCHEDULEOF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
Ventas Realty LP
4.38%, 02/01/45	(Call 08/01/44)	$	297	$	284,719
5.70%, 09/30/43	(Call 03/30/43)		11		12,540
Welltower Inc.
6.50%, 03/15/41	(Call 09/15/40)		225		276,817
Weyerhaeuser Co.
6.95%, 10/01/27			200		245,144
7.38%, 03/15/32			450		602,420
					5,158,788
RETAIL — 4.00%
Bed Bath & Beyond Inc.
4.92%, 08/01/34	(Call 02/01/34)		200		188,784
5.17%, 08/01/44	(Call 02/01/44)		400		356,936
CVS Health Corp.
4.88%, 07/20/35	(Call 01/20/35)		700		762,426
5.13%, 07/20/45	(Call 01/20/45)		2,055		2,303,449
5.30%, 12/05/43	(Call 06/05/43)		18		20,340
Darden Restaurants Inc.
6.80%, 10/15/37			149		185,813
Home Depot Inc. (The)
3.50%, 09/15/56	(Call 03/15/56)		640		569,395
4.20%, 04/01/43	(Call 10/01/42)		146		151,796
4.25%, 04/01/46	(Call 10/01/45)		825		868,931
4.40%, 03/15/45	(Call 09/15/44)		550		589,248
4.88%, 02/15/44	(Call 08/15/43)		525		600,469
5.40%, 09/15/40	(Call 03/15/40)		21		25,429
5.88%, 12/16/36			1,350		1,722,722
5.95%, 04/01/41	(Call 10/01/40)		700		898,065
Kohl’s Corp.
5.55%, 07/17/45	(Call 01/17/45)		200		179,904
Lowe’s Companies Inc.
3.70%, 04/15/46	(Call 10/15/45)		750		707,512
4.05%, 05/03/47	(Call 11/03/46)		1,000		997,120
4.25%, 09/15/44	(Call 03/15/44)		300		307,272
4.38%, 09/15/45	(Call 03/15/45)		500		521,810
4.65%, 04/15/42	(Call 10/15/41)		300		324,822
5.00%, 09/15/43	(Call 03/15/43)		500		592,635
5.50%, 10/15/35			11		13,487
5.80%, 10/15/36			16		20,343
5.80%, 04/15/40	(Call 10/15/39)		300		384,486
6.65%, 09/15/37a			100		139,657
6.88%, 02/15/28			450		605,551

Security		Principal (000s)		Value
Macy’s Retail Holdings Inc.
4.50%, 12/15/34	(Call 06/15/34)	$	107	$	92,793
6.38%, 03/15/37			150		154,290
6.70%, 07/15/34			200		208,152
6.90%, 04/01/29			500		539,215
McDonald’s Corp.
3.63%, 05/01/43			11		9,841
3.70%, 02/15/42			350		317,695
4.45%, 03/01/47	(Call 09/01/46)		25		25,440
4.60%, 05/26/45	(Call 11/26/44)a		300		310,392
4.70%, 12/09/35	(Call 06/09/35)		1,025		1,094,044
4.88%, 07/15/40			6		6,409
4.88%, 12/09/45	(Call 06/09/45)		800		861,904
5.70%, 02/01/39			275		321,978
6.30%, 10/15/37			300		377,493
6.30%, 03/01/38			225		283,059
Nordstrom Inc.
5.00%, 01/15/44	(Call 07/15/43)		332		316,559
6.95%, 03/15/28			175		213,479
QVC Inc.
5.45%, 08/15/34	(Call 02/15/34)a		250		231,038
Starbucks Corp.
4.30%, 06/15/45	(Call 12/15/44)		197		210,345
Target Corp.
3.63%, 04/15/46a			930		849,694
4.00%, 07/01/42			900		881,505
6.35%, 11/01/32			282		362,029
Wal-Mart Stores Inc.
4.00%, 04/11/43	(Call 10/11/42)		900		909,576
4.30%, 04/22/44	(Call 10/22/43)a		600		637,620
4.75%, 10/02/43	(Call 04/02/43)a		566		638,307
4.88%, 07/08/40			168		190,534
5.00%, 10/25/40a			348		402,288
5.25%, 09/01/35			1,350		1,621,472
5.63%, 04/01/40			216		267,898
5.63%, 04/15/41			300		373,275
6.20%, 04/15/38			1,970		2,585,763
6.50%, 08/15/37			1,300		1,754,311
7.55%, 02/15/30			533		774,545
Walgreen Co.
4.40%, 09/15/42			125		121,294
Walgreens Boots Alliance Inc.
4.50%, 11/18/34	(Call 05/18/34)		150		151,561
4.65%, 06/01/46	(Call 12/01/45)		350		353,689

42 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
4.80%, 11/18/44	(Call 05/18/44)	$	800	$	822,928
					33,310,817
SEMICONDUCTORS — 0.73%
Analog Devices Inc.
5.30%, 12/15/45	(Call 06/15/45)a		250		279,875
Applied Materials Inc.
4.35%, 04/01/47	(Call 10/01/46)		95		97,712
5.10%, 10/01/35	(Call 04/01/35)		350		399,297
5.85%, 06/15/41			250		305,393
Intel Corp.
4.00%, 12/15/32a			386		409,944
4.10%, 05/19/46	(Call 11/19/45)		450		453,037
4.25%, 12/15/42			371		383,540
4.80%, 10/01/41			885		990,545
4.90%, 07/29/45	(Call 01/29/45)		1,250		1,415,300
QUALCOMM Inc.
4.65%, 05/20/35	(Call 11/20/34)		350		369,043
4.80%, 05/20/45	(Call 11/20/44)		950		997,548
					6,101,234
SOFTWARE — 2.91%
Fidelity National Information Services Inc.
4.50%, 08/15/46	(Call 02/15/46)		250		245,125
Microsoft Corp.
3.45%, 08/08/36	(Call 02/08/36)		1,550		1,493,595
3.50%, 02/12/35	(Call 08/12/34)		950		924,597
3.50%, 11/15/42			350		327,744
3.70%, 08/08/46	(Call 02/08/46)		2,305		2,196,089
3.75%, 05/01/43	(Call 11/01/42)		400		385,856
3.75%, 02/12/45	(Call 08/12/44)		428		411,055
3.95%, 08/08/56	(Call 02/08/56)		500		473,980
4.00%, 02/12/55	(Call 08/12/54)		1,175		1,130,362
4.10%, 02/06/37	(Call 08/06/36)		280		291,822
4.20%, 11/03/35	(Call 05/03/35)		400		422,704
4.45%, 11/03/45	(Call 05/03/45)a		1,350		1,441,003
4.50%, 10/01/40			404		438,926
4.50%, 02/06/57	(Call 08/06/56)		1,500		1,562,625
4.75%, 11/03/55	(Call 05/03/55)		1,000		1,084,410
4.88%, 12/15/43	(Call 06/15/43)a		354		401,323
5.20%, 06/01/39			322		381,840
5.30%, 02/08/41a			919		1,107,873
Series 30Y
4.25%, 02/06/47	(Call 08/06/46)		550		571,499

Security		Principal (000s)		Value
Oracle Corp.
3.25%, 05/15/30	(Call 02/15/30)a	$	300	$	302,214
3.85%, 07/15/36	(Call 01/15/36)		850		845,665
3.90%, 05/15/35	(Call 11/15/34)		1,072		1,078,003
4.00%, 07/15/46	(Call 01/15/46)a		1,475		1,441,606
4.13%, 05/15/45	(Call 11/15/44)		1,050		1,045,296
4.30%, 07/08/34	(Call 01/08/34)		900		947,385
4.38%, 05/15/55	(Call 11/15/54)		354		354,998
4.50%, 07/08/44	(Call 01/08/44)		650		684,483
5.38%, 07/15/40			994		1,172,652
6.13%, 07/08/39			725		930,305
6.50%, 04/15/38			65		86,737
					24,181,772
TELECOMMUNICATIONS — 7.44%
America Movil SAB de CV
4.38%, 07/16/42a			643		626,436
6.13%, 11/15/37a			125		146,839
6.13%, 03/30/40			1,450		1,725,413
6.38%, 03/01/35			265		318,607
AT&T Corp.
8.25%, 11/15/31			501		698,599
AT&T Inc.
4.30%, 12/15/42	(Call 06/15/42)		1,300		1,163,695
4.35%, 06/15/45	(Call 12/15/44)		829		734,685
4.50%, 05/15/35	(Call 11/15/34)		1,675		1,582,389
4.50%, 03/09/48	(Call 09/09/47)		2,486		2,240,607
4.55%, 03/09/49	(Call 09/09/48)		1,131		1,020,580
4.75%, 05/15/46	(Call 11/15/45)		1,775		1,660,850
4.80%, 06/15/44	(Call 12/15/43)		1,700		1,613,198
5.15%, 03/15/42			866		860,536
5.25%, 03/01/37	(Call 09/01/36)		500		512,235
5.35%, 09/01/40			657		676,309
5.45%, 03/01/47	(Call 09/01/46)a		1,250		1,290,225
5.65%, 02/15/47	(Call 08/15/46)		1,000		1,055,480
5.70%, 03/01/57	(Call 09/01/56)a		500		528,700
6.00%, 08/15/40	(Call 05/15/40)		319		351,669
6.30%, 01/15/38a			658		755,022
6.35%, 03/15/40			325		372,252
6.38%, 03/01/41			500		576,075
6.50%, 09/01/37			376		440,958
AT&T Mobility LLC
7.13%, 12/15/31a			650		821,574
BellSouth Telecommunications LLC
6.38%, 06/01/28a			200		230,222

SCHEDULEOF INVESTMENTS 43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
British Telecommunications PLC
9.13%, 12/15/30		$	1,116	$	1,681,221
Cisco Systems Inc.
5.50%, 01/15/40			1,075		1,331,302
5.90%, 02/15/39			700		900,977
Deutsche Telekom International Finance BV
8.75%, 06/15/30			1,579		2,329,262
9.25%, 06/01/32			219		344,415
Juniper Networks Inc.
5.95%, 03/15/41			200		217,678
Koninklijke KPN NV
8.38%, 10/01/30			501		687,507
Motorola Solutions Inc.
5.50%, 09/01/44			400		391,028
New Cingular Wireless Services Inc.
8.75%, 03/01/31			500		710,150
Orange SA
5.38%, 01/13/42			350		397,621
5.50%, 02/06/44	(Call 08/06/43)a		520		604,963
9.00%, 03/01/31			1,280		1,911,718
Qwest Corp.
6.88%, 09/15/33	(Call 05/30/17)a		510		508,531
Rogers Communications Inc.
4.50%, 03/15/43	(Call 09/15/42)a		150		150,986
5.00%, 03/15/44	(Call 09/15/43)		550		598,664
5.45%, 10/01/43	(Call 04/01/43)		21		24,045
7.50%, 08/15/38			400		535,716
Telefonica Emisiones SAU
5.21%, 03/08/47			1,250		1,292,850
7.05%, 06/20/36			1,175		1,473,920
Telefonica Europe BV
8.25%, 09/15/30			250		345,462
Verizon Communications Inc.
3.85%, 11/01/42	(Call 05/01/42)		725		608,514
4.13%, 08/15/46			195		169,289
4.27%, 01/15/36			1,250		1,169,413
4.40%, 11/01/34	(Call 05/01/34)		1,850		1,768,304
4.52%, 09/15/48			2,500		2,298,050
4.67%, 03/15/55			2,400		2,198,016
4.75%, 11/01/41			515		494,163
4.81%, 03/15/39b			1,078		1,058,639
4.86%, 08/21/46			2,590		2,512,714

Security		Principal (000s)		Value
5.01%, 04/15/49b		$	2,650	$	2,597,928
5.01%, 08/21/54			2,600		2,522,338
5.05%, 03/15/34	(Call 12/15/33)		901		922,038
5.50%, 03/16/47a			600		635,268
6.55%, 09/15/43			1,800		2,213,730
Vodafone Group PLC
4.38%, 02/19/43			650		603,668
6.15%, 02/27/37			800		924,664
6.25%, 11/30/32			325		384,543
7.88%, 02/15/30a			302		405,559
					61,928,009
TOYS, GAMES & HOBBIES — 0.09%
Hasbro Inc.
5.10%, 05/15/44	(Call 11/15/43)		151		154,995
6.35%, 03/15/40			295		349,758
Mattel Inc.
5.45%, 11/01/41	(Call 05/01/41)		250		257,408
					762,161
TRANSPORTATION — 2.88%
Burlington Northern Santa Fe LLC
3.90%, 08/01/46	(Call 02/01/46)		415		408,323
4.15%, 04/01/45	(Call 10/01/44)		700		711,886
4.38%, 09/01/42	(Call 03/01/42)		287		299,691
4.40%, 03/15/42	(Call 09/15/41)		523		548,203
4.45%, 03/15/43	(Call 09/15/42)		11		11,681
4.55%, 09/01/44	(Call 03/01/44)		635		678,745
4.70%, 09/01/45	(Call 03/01/45)		275		302,649
4.90%, 04/01/44	(Call 10/01/43)		600		674,196
4.95%, 09/15/41	(Call 03/15/41)		114		127,908
5.05%, 03/01/41	(Call 09/01/40)		56		63,862
5.15%, 09/01/43	(Call 03/01/43)		173		200,910
5.40%, 06/01/41	(Call 12/01/40)		450		534,038
5.75%, 05/01/40	(Call 11/01/39)		366		449,997
6.15%, 05/01/37			261		336,027
6.20%, 08/15/36			350		445,918
Canadian National Railway Co.
3.20%, 08/02/46	(Call 02/02/46)a		275		245,569
6.20%, 06/01/36			250		324,782
6.25%, 08/01/34			111		143,845
6.38%, 11/15/37			200		267,840
6.90%, 07/15/28			350		468,160
Canadian Pacific Railway Co.
4.80%, 09/15/35	(Call 03/15/35)		197		215,228

44 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
4.80%, 08/01/45	(Call 02/01/45)	$	100	$	110,189
5.95%, 05/15/37			16		19,401
6.13%, 09/15/15	(Call 03/15/15)		200		243,812
7.13%, 10/15/31			700		957,453
CSX Corp.
3.95%, 05/01/50	(Call 11/01/49)		330		307,854
4.10%, 03/15/44	(Call 09/15/43)		525		515,471
4.25%, 11/01/66	(Call 05/01/66)		550		518,227
4.40%, 03/01/43	(Call 09/01/42)		200		205,246
4.50%, 08/01/54	(Call 02/01/54)		400		401,836
4.75%, 05/30/42	(Call 11/30/41)		400		428,640
5.50%, 04/15/41	(Call 10/15/40)		70		81,439
6.00%, 10/01/36			450		552,866
6.15%, 05/01/37a			105		130,404
6.22%, 04/30/40			105		132,822
FedEx Corp.
3.88%, 08/01/42a			309		283,538
3.90%, 02/01/35a			800		776,264
4.10%, 04/15/43			152		144,251
4.10%, 02/01/45			200		188,380
4.55%, 04/01/46	(Call 10/01/45)		1,200		1,212,828
4.75%, 11/15/45	(Call 05/15/45)		510		530,359
4.90%, 01/15/34			338		368,200
5.10%, 01/15/44			275		298,031
Kansas City Southern
4.30%, 05/15/43	(Call 11/15/42)		100		96,350
4.95%, 08/15/45	(Call 02/15/45)		350		360,290
Norfolk Southern Corp.
3.95%, 10/01/42	(Call 04/01/42)		40		38,916
4.45%, 06/15/45	(Call 12/15/44)		441		462,988
4.65%, 01/15/46	(Call 07/15/45)		400		431,836
4.80%, 08/15/43	(Call 02/15/43)		700		767,298
4.84%, 10/01/41			479		526,411
6.00%, 03/15/05			11		12,788
6.00%, 05/23/11			350		407,190
Union Pacific Corp.
3.35%, 08/15/46	(Call 02/15/46)a		150		135,309
3.38%, 02/01/35	(Call 08/01/34)		450		436,865
3.88%, 02/01/55	(Call 08/01/54)		450		425,858
4.00%, 04/15/47	(Call 10/15/46)		350		350,231
4.05%, 11/15/45	(Call 05/15/45)		300		301,341
4.05%, 03/01/46	(Call 09/01/45)		350		352,097
4.15%, 01/15/45	(Call 07/15/44)a		75		76,471

Security		Principal (000s)		Value
4.30%, 06/15/42	(Call 12/15/41)	$	550	$	572,841
4.38%, 11/15/65	(Call 05/15/65)a		6		6,115
4.75%, 09/15/41	(Call 03/15/41)		8		8,788
4.82%, 02/01/44	(Call 08/01/43)		370		412,539
6.63%, 02/01/29a			307		402,658
United Parcel Service Inc.
3.40%, 11/15/46	(Call 05/15/46)a		110		101,659
3.63%, 10/01/42			105		100,464
4.88%, 11/15/40	(Call 05/15/40)		330		375,946
6.20%, 01/15/38			700		920,451
					23,950,669
TRUCKING & LEASING — 0.02%
GATX Corp.
5.20%, 03/15/44	(Call 09/15/43)		200		207,500
					207,500
WATER — 0.18%
American Water Capital Corp.
4.00%, 12/01/46	(Call 06/01/46)		95		96,710
4.30%, 12/01/42	(Call 06/01/42)a		16		16,810
4.30%, 09/01/45	(Call 03/01/45)a		500		523,785
6.59%, 10/15/37			239		322,220
United Utilities PLC
6.88%, 08/15/28			200		236,080
Veolia Environnement SA
6.75%, 06/01/38			225		279,562
					1,475,167
TOTAL CORPORATE BONDS & NOTES
(Cost: $725,479,548)					717,697,816
FOREIGN GOVERNMENT OBLIGATIONSd — 5.55%
CANADA — 0.15%
Province of Quebec Canada
7.50%, 09/15/29			850		1,221,101
					1,221,101
CHILE — 0.08%
Chile Government International Bond
3.63%, 10/30/42a			700		692,076
					692,076
COLOMBIA — 0.75%
Colombia Government International Bond
5.00%, 06/15/45	(Call 12/15/44)a		1,400		1,421,812

SCHEDULEOF INVESTMENTS 45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
5.63%, 02/26/44	(Call 08/26/43)	$	2,000	$	2,193,040
6.13%, 01/18/41a			1,000		1,153,760
7.38%, 09/18/37			800		1,028,408
10.38%, 01/28/33			300		452,034
					6,249,054
HUNGARY — 0.12%
Hungary Government International Bond
7.63%, 03/29/41a			700		1,036,896
					1,036,896
ISRAEL — 0.10%
Israel Government International Bond
4.50%, 01/30/43			800		838,488
					838,488
ITALY — 0.14%
Republic of Italy Government International Bond
5.38%, 06/15/33			1,021		1,131,789
					1,131,789
MEXICO — 1.42%
Mexico Government International Bond
4.35%, 01/15/47			900		835,317
4.60%, 01/23/46			1,400		1,352,890
4.75%, 03/08/44			2,150		2,116,632
5.55%, 01/21/45			1,200		1,319,160
5.75%, 10/12/49			1,730		1,759,514
6.05%, 01/11/40			1,300		1,504,919
6.75%, 09/27/34			875		1,096,847
7.50%, 04/08/33			477		633,413
8.30%, 08/15/31			800		1,171,808
					11,790,500
PANAMA — 0.41%
Panama Government International Bond
6.70%, 01/26/36a			1,430		1,845,572
8.88%, 09/30/27			500		712,010
9.38%, 04/01/29			600		891,126
					3,448,708
PERU — 0.55%
Peruvian Government International Bond
4.13%, 08/25/27a			900		975,825

Security	Principal (000s)		Value
5.63%, 11/18/50a	$	1,175	$	1,422,079
6.55%, 03/14/37		400		524,448
8.75%, 11/21/33a		1,100		1,682,296
				4,604,648
PHILIPPINES — 1.03%
Philippine Government International Bond
3.70%, 02/02/42		1,000		997,660
3.95%, 01/20/40a		1,400		1,444,660
5.00%, 01/13/37		1,000		1,174,890
6.38%, 01/15/32		700		909,041
6.38%, 10/23/34		1,200		1,603,272
7.75%, 01/14/31		1,200		1,717,920
9.50%, 02/02/30a		450		715,734
				8,563,177
SOUTH KOREA — 0.07%
Korea International Bond
4.13%, 06/10/44a		500		579,280
				579,280
SUPRANATIONAL — 0.25%
Asian Development Bank
5.82%, 06/16/28		310		387,007
European Investment Bank
4.88%, 02/15/36		500		630,840
Inter-American Development Bank
3.20%, 08/07/42		200		196,334
3.88%, 10/28/41		250		274,565
4.38%, 01/24/44		300		353,943
International Bank for Reconstruction & Development
4.75%, 02/15/35		220		272,184
				2,114,873
URUGUAY — 0.48%
Uruguay Government International Bond
4.13%, 11/20/45		300		270,807
4.38%, 10/27/27a		1,100		1,155,308
5.10%, 06/18/50a		1,750		1,735,108
7.63%, 03/21/36a		600		792,342
				3,953,565
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $47,339,609)				46,224,155

46 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security	Principal (000s)		Value
MUNICIPAL DEBT OBLIGATIONS — 6.03%
CALIFORNIA — 2.11%
Alameda County Joint Powers Authority RB BAB
7.05%, 12/01/44	$	135	$	189,545
Bay Area Toll Authority RB BAB
6.26%, 04/01/49		450		622,625
Series S-1
7.04%, 04/01/50		700		1,014,951
Series S-3
6.91%, 10/01/50		100		144,781
City of San Francisco CA Public Utilities Commission Water Revenue RB BAB
6.95%, 11/01/50		320		460,381
East Bay Municipal Utility District Water System Revenue RB BAB Series B
5.87%, 06/01/40		250		316,445
Los Angeles Community College District/CA GO BAB
6.75%, 08/01/49		300		440,706
Los Angeles County Metropolitan Transportation Authority RB BAB Series A
5.74%, 06/01/39		300		373,734
Los Angeles County Public Works Financing Authority RB BAB
7.62%, 08/01/40		250		363,905
Los Angeles Department of Water & Power System Revenue RB
Series A
6.60%, 07/01/50		450		643,325
Series D
6.57%, 07/01/45		200		281,834
Los Angeles Unified School District/CA GO BAB
5.75%, 07/01/34		800		992,992
6.76%, 07/01/34		450		608,252
Regents of the University of California Medical Center Pooled Revenue RB BAB
6.55%, 05/15/48		550		725,967

Security		Principal (000s)		Value
San Diego County Regional Transportation Commission RB BAB
5.91%, 04/01/48		$	200	$	259,886
San Diego County Water Authority Financing Corp. RB BAB
6.14%, 05/01/49			300		399,270
State of California GO BAB
7.30%, 10/01/39			845		1,193,030
7.35%, 11/01/39			550		780,554
7.50%, 04/01/34			1,400		1,975,624
7.55%, 04/01/39			1,550		2,284,762
7.60%, 11/01/40			550		822,822
7.63%, 03/01/40			300		442,800
7.95%, 03/01/36	(Call 03/01/20)		750		865,012
University of California RB Series AD
4.86%, 05/15/12			600		597,792
University of California RB BAB
5.77%, 05/15/43			200		248,836
5.95%, 05/15/45			400		501,336
					17,551,167
CONNECTICUT — 0.03%
State of Connecticut GO Series A
5.85%, 03/15/32			200		243,110
					243,110
DISTRICT OF COLUMBIA — 0.02%
District of Columbia Water & Sewer Authority RB
4.81%, 10/01/14			200		201,420
					201,420
GEORGIA — 0.14%
Municipal Electric Authority of Georgia RB BAB
Project J, Series 2010-A
6.64%, 04/01/57			350		410,354
Project P, Series 2010A
7.06%, 04/01/57			700		759,892
					1,170,246

SCHEDULEOF INVESTMENTS 47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security	Principal (000s)		Value
ILLINOIS — 0.71%
Chicago Transit Authority RB
Series A
6.90%, 12/01/40	$	600	$	748,770
Series B
6.90%, 12/01/40		225		282,830
Chicago Transit Authority RB BAB Series B
6.20%, 12/01/40		120		141,301
County of Cook IL GO BAB
6.23%, 11/15/34		200		234,762
Illinois State Toll Highway Authority RB BAB
6.18%, 01/01/34		400		507,340
Metropolitan Water Reclamation District of Greater Chicago GOL BAB
5.72%, 12/01/38		500		606,245
State of Illinois GO
5.10%, 06/01/33		3,400		3,055,376
State of Illinois GO BAB Series 3
6.73%, 04/01/35		300		308,019
				5,884,643
KANSAS — 0.04%
State of Kansas Department of Transportation RB BAB
4.60%, 09/01/35		300		337,137
				337,137
KENTUCKY — 0.02%
Louisville & Jefferson County Metropolitan Sewer District RB BAB
6.25%, 05/15/43		145		187,774
				187,774
MARYLAND — 0.03%
Maryland State Transportation Authority RB BAB
5.89%, 07/01/43		200		251,798
				251,798
MASSACHUSETTS — 0.24%
Commonwealth of Massachusetts GOL BAB
4.91%, 05/01/29		240		280,670

Security		Principal (000s)		Value
Series E
5.46%, 12/01/39		$	695	$	857,644
Commonwealth of Massachusetts Transportation Fund Revenue RB BAB Series A
5.73%, 06/01/40			350		439,009
Massachusetts School Building Authority RB BAB Series B
5.72%, 08/15/39			300		382,509
					1,959,832
NEVADA — 0.02%
County of Clark Department of Aviation RB BAB Series C
6.82%, 07/01/45			120		171,233
					171,233
NEW JERSEY — 0.49%
New Jersey Economic Development Authority RB Series A
7.43%, 02/15/29	(NPFGC)		675		815,197
New Jersey State Turnpike Authority RB BAB
7.10%, 01/01/41			875		1,224,974
Series F
7.41%, 01/01/40			750		1,083,690
New Jersey Transportation Trust Fund Authority RB BAB Series C
5.75%, 12/15/28			700		736,932
Rutgers The State University of New Jersey RB BAB
5.67%, 05/01/40			200		238,542
					4,099,335
NEW YORK — 0.93%
City of New York NY GO BAB
6.27%, 12/01/37			325		426,549
Series C-1
5.52%, 10/01/37			185		226,475
Metropolitan Transportation Authority RB BAB
6.09%, 11/15/40			250		318,455

48 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal (000s)		Value
Series 2010-A
6.67%, 11/15/39		$	225	$	301,577
Series A
5.87%, 11/15/39			350		429,744
Series B
6.65%, 11/15/39			250		332,112
Series E
6.81%, 11/15/40			200		271,062
New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB
5.51%, 08/01/37			200		246,642
5.57%, 11/01/38			250		307,068
New York City Water & Sewer System RB BAB
5.44%, 06/15/43			350		438,662
5.75%, 06/15/41			275		352,767
5.88%, 06/15/44			300		397,755
6.01%, 06/15/42			200		265,244
New York State Dormitory Authority RB BAB
5.63%, 03/15/39			350		424,676
Port Authority of New York & New Jersey RB
4.46%, 10/01/62			835		862,839
4.93%, 10/01/51			900		1,011,852
Series 182
5.31%, 08/01/46	(Call 08/01/24)		700		761,901
Series 192
4.81%, 10/15/65			300		331,872
					7,707,252
OHIO — 0.28%
American Municipal Power Inc. RB BAB
8.08%, 02/15/50			600		928,770
Ohio State University (The) RB
Series A
3.80%, 12/01/46			500		491,000
4.80%, 06/01/11			200		199,336
Ohio State University (The) RB BAB
4.91%, 06/01/40			200		234,678

Security		Principal (000s)		Value
Ohio Water Development Authority Water Pollution Control Loan Fund RB BAB
4.88%, 12/01/34		$	400	$	456,028
					2,309,812
OREGON — 0.13%
Oregon School Boards Association GOL
Series B
5.55%, 06/30/28	(NPFGC)		250		294,475
5.68%, 06/30/28	(NPFGC)		500		596,610
State of Oregon Department of Transportation RB BAB Series 2010-A
5.83%, 11/15/34			175		225,836
					1,116,921
PENNSYLVANIA — 0.06%
Commonwealth Financing Authority RB Series A
4.14%, 06/01/38			500		490,510
					490,510
TEXAS — 0.68%
City of Houston TX GOL Series A
6.29%, 03/01/32			390		464,080
City of San Antonio TX Electric & Gas Systems Revenue RB
4.43%, 02/01/42			250		275,098
5.81%, 02/01/41			400		505,772
Dallas Area Rapid Transit RB BAB
6.00%, 12/01/44			425		553,890
Dallas Convention Center Hotel Development Corp. RB BAB
7.09%, 01/01/42			250		330,237
Dallas County Hospital District GOL BAB Series C
5.62%, 08/15/44			250		307,135
Dallas Independent School District GO BAB
6.45%, 02/15/35	(Call 02/15/21) (PSF)		550		627,891

SCHEDULEOF INVESTMENTS 49

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Security		Principal or Shares (000s)		Value
North Texas Tollway Authority RB BAB
6.72%, 01/01/49		$	200	$	286,468
State of Texas GO BAB
5.52%, 04/01/39			575		716,812
Series A
4.68%, 04/01/40			200		227,526
Texas Transportation Commission State Highway Fund RB BAB Series B
5.18%, 04/01/30			825		975,612
University of Texas System (The) RB BAB Series B
6.28%, 08/15/41	(Call 08/15/19)		370		404,906
					5,675,427
WASHINGTON — 0.10%
Central Puget Sound Regional Transit Authority RB BAB
5.49%, 11/01/39			150		189,304
State of Washington GO BAB Series F
5.14%, 08/01/40			500		605,805
					795,109
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $50,992,355)					50,152,726
SHORT-TERM INVESTMENTS — 9.22%
MONEY MARKET FUNDS — 9.22%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.13%e,f,g			68,156		68,183,755
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%e,f			8,548		8,548,204
					76,731,959
TOTAL SHORT-TERM INVESTMENTS
(Cost: $76,708,541)					76,731,959

	Value
TOTAL INVESTMENTS IN SECURITIES — 107.04%
(Cost: $900,520,053)	$	890,806,656
Other Assets, Less Liabilities — (7.04)%		(58,559,938	)
NET ASSETS — 100.00%	$	832,246,718

BAB  —  Build America Bond

GO  —  General Obligation

GOL  —  General Obligation Limited

PSF  —  Permanent School Fund

RB  —  Revenue Bond

VRN  —  Variable Rate Note

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 money market fund.

^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.

50 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Corporate bonds & notes	$	—	$	717,697,816	$	—	$	717,697,816
Foreign government obligations		—		46,224,155		—		46,224,155
Municipal debt obligations		—		50,152,726		—		50,152,726
Money market funds		76,731,959		—		—		76,731,959
Total	$	76,731,959	$	814,074,697	$	—	$	890,806,656

SCHEDULEOF INVESTMENTS 51

Statement of Assets and Liabilities (Unaudited)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2017

ASSETS
Investments, at cost:
Unaffiliated	$	823,811,512
Affiliated		76,708,541
Total cost of investments	$	900,520,053
Investments in securities, at fair value (including securities on loana):
Unaffiliated	$	814,074,697
Affiliated		76,731,959
Total fair value of investments		890,806,656
Receivables:
Investment securities sold		5,008,464
Due from custodian		598,902
Dividends and interest		10,111,561
Total Assets		906,525,583
LIABILITIES
Payables:
Investment securities purchased		5,994,217
Collateral for securities on loan		68,150,030
Investment advisory fees		134,618
Total Liabilities		74,278,865
NET ASSETS	$	832,246,718
Net assets consist of:
Paid-in capital	$	852,782,915
Undistributed net investment income		2,666,301
Accumulated net realized loss		(13,489,101	)
Net unrealized depreciation		(9,713,397	)
NET ASSETS	$	832,246,718
Shares outstandingb		13,900,000
Net asset value per share	$	59.87

^a Securities on loan with a value of $65,796,267.

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

52 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 84.44%
ADVERTISING — 0.04%
WPP Finance 2010
5.13%, 09/07/42	$	55	$	55,147
5.63%, 11/15/43		229		247,215
				302,362
AEROSPACE & DEFENSE — 1.67%
Boeing Co. (The)
3.30%, 03/01/35 (Call 09/01/34)		100		94,944
3.38%, 06/15/46 (Call 12/15/45)a		375		345,053
3.50%, 03/01/45 (Call 09/01/44)a		100		92,913
3.65%, 03/01/47 (Call 09/01/46)		105		102,088
6.63%, 02/15/38		16		21,864
6.88%, 03/15/39a		182		258,997
General Dynamics Corp.
3.60%, 11/15/42 (Call 05/15/42)		300		289,395
Harris Corp.
4.85%, 04/27/35 (Call 10/27/34)		225		242,041
5.05%, 04/27/45 (Call 10/27/44)		300		331,524
6.15%, 12/15/40		105		127,506
Lockheed Martin Corp.
3.60%, 03/01/35 (Call 09/01/34)		350		338,268
3.80%, 03/01/45 (Call 09/01/44)		274		261,021
4.07%, 12/15/42		800		794,816
4.50%, 05/15/36 (Call 11/15/35)		675		724,363
4.70%, 05/15/46 (Call 11/15/45)		859		941,919
4.85%, 09/15/41		400		441,428
Series B
6.15%, 09/01/36		189		241,742
Northrop Grumman Corp.
3.85%, 04/15/45 (Call 10/15/44)		100		95,839
4.75%, 06/01/43		300		329,982
5.05%, 11/15/40		311		346,914
Northrop Grumman Systems Corp.
7.75%, 02/15/31		555		785,436
Raytheon Co.
4.20%, 12/15/44 (Call 06/15/44)		218		228,497
4.70%, 12/15/41		300		334,503
4.88%, 10/15/40		112		128,020
7.20%, 08/15/27a		155		207,819
Rockwell Collins Inc.
4.80%, 12/15/43 (Call 06/15/43)		261		280,606

Security	Principal (000s)		Value
United Technologies Corp.
3.75%, 11/01/46 (Call 05/01/46)	$	500	$	479,340
4.15%, 05/15/45 (Call 11/16/44)		625		637,750
4.50%, 06/01/42		2,300		2,470,844
5.40%, 05/01/35		11		13,021
5.70%, 04/15/40		222		274,006
6.05%, 06/01/36		100		126,080
6.13%, 07/15/38		303		388,928
6.70%, 08/01/28		700		916,804
7.50%, 09/15/29		114		160,087
				13,854,358
AGRICULTURE — 1.09%
Altria Group Inc.
3.88%, 09/16/46 (Call 03/16/46)		650		612,722
4.25%, 08/09/42		400		396,256
4.50%, 05/02/43		350		359,635
5.38%, 01/31/44		875		1,017,205
Archer-Daniels-Midland Co.
4.02%, 04/16/43		799		794,270
4.54%, 03/26/42a		378		403,689
Philip Morris International Inc.
3.88%, 08/21/42		26		24,533
4.13%, 03/04/43		175		171,367
4.25%, 11/10/44		1,250		1,252,625
4.38%, 11/15/41		86		87,189
4.50%, 03/20/42		171		176,103
4.88%, 11/15/43		455		497,042
6.38%, 05/16/38		850		1,093,363
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		100		115,738
5.85%, 08/15/45 (Call 02/15/45)		1,050		1,247,873
6.15%, 09/15/43		381		461,921
7.25%, 06/15/37a		253		337,449
				9,048,980
AIRLINES — 0.39%
American Airlines Pass Through Trust
Series 2015-1, Class A
3.38%, 11/01/28		929		914,461
Series 2016-1, Class AA
3.58%, 07/15/29		18		17,630
Series 2016-2, Class AA
3.20%, 12/15/29		84		82,308

SCHEDULEOF INVESTMENTS 53

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Series 2016-3, Class AA
3.00%, 04/15/30	$	1,000	$	960,750
Latam Airlines Pass Through Trust Series 2015-1, Class A
4.20%, 08/15/29a		470		468,874
United Airlines Pass Through Trust
Series 2015-1, Class AA
3.45%, 06/01/29		77		76,863
Series 2016-2, Class AA
2.88%, 04/07/30		750		720,158
				3,241,044
APPAREL — 0.14%
NIKE Inc.
3.38%, 11/01/46 (Call 05/01/46)		250		226,140
3.63%, 05/01/43 (Call 11/01/42)		200		189,236
3.88%, 11/01/45 (Call 05/01/45)		450		444,271
VF Corp.
6.00%, 10/15/33		75		89,806
6.45%, 11/01/37		150		194,378
				1,143,831
AUTO MANUFACTURERS — 0.88%
Daimler Finance North America LLC
8.50%, 01/18/31		750		1,143,855
Ford Holdings LLC
9.30%, 03/01/30		50		70,272
Ford Motor Co.
4.75%, 01/15/43		1,400		1,349,474
5.29%, 12/08/46 (Call 06/08/46)		400		414,236
6.38%, 02/01/29		150		172,235
6.63%, 10/01/28		16		19,044
7.40%, 11/01/46		114		148,509
7.45%, 07/16/31		980		1,240,474
General Motors Co.
5.00%, 04/01/35		25		25,318
5.20%, 04/01/45		850		857,352
6.25%, 10/02/43		700		797,566
6.60%, 04/01/36 (Call 10/01/35)		750		881,092
6.75%, 04/01/46 (Call 10/01/45)		190		230,470
				7,349,897
AUTO PARTS & EQUIPMENT — 0.04%
BorgWarner Inc.
4.38%, 03/15/45 (Call 09/15/44)		185		182,921
Delphi Automotive PLC
4.40%, 10/01/46 (Call 04/01/46)		150		143,247
				326,168

Security	Principal (000s)		Value
BANKS — 8.10%
Bank of America Corp.
3.25%, 10/21/27 (Call 10/21/26)	$	2,050	$	1,963,019
4.18%, 11/25/27 (Call 11/25/26)		250		251,423
4.88%, 04/01/44		950		1,036,754
5.00%, 01/21/44		1,103		1,217,017
5.88%, 02/07/42		645		793,595
6.11%, 01/29/37		1,200		1,423,368
7.75%, 05/14/38		800		1,120,264
VRN, (3 mo. LIBOR US + 1.990%)
4.44%, 01/20/48 (Call 01/20/47)		1,000		1,017,390
Series L
4.75%, 04/21/45a		8		8,139
Bank of America N.A.
6.00%, 10/15/36		250		309,153
Bank of New York Mellon Corp. (The)
3.00%, 10/30/28 (Call 07/30/28)		85		81,291
Bank One Corp.
8.00%, 04/29/27		229		297,544
Barclays PLC
4.34%, 01/10/28 (Call 01/10/27)		300		303,840
4.95%, 01/10/47		1,000		1,023,440
5.25%, 08/17/45		600		642,246
Citigroup Inc.
4.13%, 07/25/28		350		347,952
4.45%, 09/29/27		1,900		1,944,422
4.65%, 07/30/45		600		630,900
4.75%, 05/18/46		600		602,622
5.30%, 05/06/44		515		560,619
5.88%, 01/30/42		900		1,093,536
6.00%, 10/31/33		266		305,344
6.13%, 08/25/36		282		328,609
6.63%, 01/15/28		11		13,169
6.63%, 06/15/32		575		705,910
6.68%, 09/13/43		296		381,417
8.13%, 07/15/39		850		1,268,642
Cooperatieve Rabobank UA
5.25%, 05/24/41a		700		819,966
5.25%, 08/04/45		291		316,233
5.75%, 12/01/43		850		983,850
Credit Suisse Group Funding Guernsey Ltd.
4.88%, 05/15/45		786		805,996

54 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Fifth Third Bancorp.
8.25%, 03/01/38	$	444	$	626,653
First Republic Bank/CA
4.38%, 08/01/46 (Call 02/01/46)		250		240,765
Goldman Sachs Capital I
6.35%, 02/15/34a		480		577,762
Goldman Sachs Group Inc. (The)
4.75%, 10/21/45 (Call 04/21/45)		900		960,174
4.80%, 07/08/44 (Call 01/08/44)a		1,000		1,073,520
5.15%, 05/22/45a		900		957,834
6.13%, 02/15/33		1,050		1,279,152
6.25%, 02/01/41		1,200		1,511,580
6.45%, 05/01/36		700		845,502
6.75%, 10/01/37		2,650		3,313,799
HSBC Bank PLC
7.65%, 05/01/25		100		120,393
HSBC Bank USA N.A./New York NY
5.63%, 08/15/35		950		1,098,494
HSBC Holdings PLC
5.25%, 03/14/44		1,000		1,090,320
6.10%, 01/14/42		416		523,365
6.50%, 05/02/36		900		1,110,141
6.50%, 09/15/37		1,007		1,251,439
6.80%, 06/01/38		600		772,428
7.63%, 05/17/32		371		488,154
JPMorgan Chase & Co.
4.25%, 10/01/27		1,243		1,283,882
4.85%, 02/01/44		1,050		1,169,941
4.95%, 06/01/45		718		772,970
5.40%, 01/06/42		750		885,202
5.50%, 10/15/40		517		614,656
5.60%, 07/15/41		746		900,444
5.63%, 08/16/43		375		440,096
6.40%, 05/15/38		1,245		1,624,115
KfW
0.00%, 04/18/36		900		492,813
0.00%, 06/29/37		800		420,752
Lloyds Banking Group PLC
5.30%, 12/01/45		200		213,360
Morgan Stanley
3.95%, 04/23/27		1,400		1,394,092
4.30%, 01/27/45		1,200		1,208,040
4.38%, 01/22/47		1,000		1,015,040

Security	Principal (000s)		Value
6.38%, 07/24/42	$	1,025	$	1,321,102
7.25%, 04/01/32		700		953,911
Regions Financial Corp.
7.38%, 12/10/37		325		402,421
Wachovia Corp.
5.50%, 08/01/35		481		543,544
Wells Fargo & Co.
3.90%, 05/01/45		1,500		1,449,645
4.30%, 07/22/27		2,035		2,117,194
4.40%, 06/14/46		500		492,135
4.65%, 11/04/44		1,700		1,736,023
4.75%, 12/07/46		1,250		1,301,688
4.90%, 11/17/45		940		998,393
5.38%, 02/07/35		341		394,943
5.38%, 11/02/43		425		480,743
5.61%, 01/15/44		1,750		2,044,245
Wells Fargo Capital X
5.95%, 12/01/86		200		213,176
				67,323,711
BEVERAGES — 2.59%
Anheuser-Busch Companies LLC
5.95%, 01/15/33		21		25,066
6.45%, 09/01/37		200		259,078
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43		200		192,638
4.63%, 02/01/44a		245		259,570
4.70%, 02/01/36 (Call 08/01/35)		3,625		3,893,939
4.90%, 02/01/46 (Call 08/01/45)		5,325		5,835,241
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42		700		649,558
4.95%, 01/15/42		750		826,635
6.38%, 01/15/40		300		382,818
8.00%, 11/15/39		136		203,668
8.20%, 01/15/39		700		1,069,712
Brown-Forman Corp.
4.50%, 07/15/45 (Call 01/15/45)		118		124,655
Coca-Cola FEMSA SAB de CV
5.25%, 11/26/43		271		299,143
Diageo Capital PLC
3.88%, 04/29/43 (Call 10/29/42)		136		131,414
5.88%, 09/30/36		350		430,853
Diageo Investment Corp.
4.25%, 05/11/42		507		519,812
7.45%, 04/15/35		11		15,379

SCHEDULEOF INVESTMENTS 55

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Dr Pepper Snapple Group Inc.
3.43%, 06/15/27 (Call 03/15/27)	$	250	$	250,900
Fomento Economico Mexicano SAB de CV
4.38%, 05/10/43		364		353,437
Molson Coors Brewing Co.
4.20%, 07/15/46 (Call 01/15/46)		850		806,990
5.00%, 05/01/42		550		585,250
Pepsi Bottling Group Inc. (The) Series B
7.00%, 03/01/29		801		1,094,094
PepsiCo Inc.
3.45%, 10/06/46 (Call 04/06/46)		525		481,514
3.60%, 08/13/42		500		476,455
4.00%, 03/05/42		207		208,124
4.25%, 10/22/44 (Call 04/22/44)		409		427,168
4.45%, 04/14/46 (Call 10/14/45)		800		865,008
4.60%, 07/17/45 (Call 01/17/45)		280		307,978
4.88%, 11/01/40		196		222,019
5.50%, 01/15/40		246		301,537
				21,499,653
BIOTECHNOLOGY — 1.67%
Amgen Inc.
4.40%, 05/01/45 (Call 11/01/44)		900		884,961
4.56%, 06/15/48 (Call 12/15/47)		1,100		1,101,727
4.66%, 06/15/51 (Call 12/15/50)		2,872		2,887,509
4.95%, 10/01/41		100		106,027
5.15%, 11/15/41 (Call 05/15/41)		175		190,468
Baxalta Inc.
5.25%, 06/23/45 (Call 12/23/44)		550		599,044
Biogen Inc.
5.20%, 09/15/45 (Call 03/15/45)		900		978,669
Celgene Corp.
4.63%, 05/15/44 (Call 11/15/43)		400		399,160
5.00%, 08/15/45 (Call 02/15/45)		700		741,153
5.25%, 08/15/43		500		540,100
Gilead Sciences Inc.
2.95%, 03/01/27 (Call 12/01/26)a		700		669,774
4.15%, 03/01/47 (Call 09/01/46)a		1,000		955,290
4.50%, 02/01/45 (Call 08/01/44)		1,000		999,600
4.60%, 09/01/35 (Call 03/01/35)		600		622,332
4.75%, 03/01/46 (Call 09/01/45)		994		1,031,971
4.80%, 04/01/44 (Call 10/01/43)		593		618,220
5.65%, 12/01/41 (Call 06/01/41)		450		520,920
				13,846,925

Security	Principal (000s)		Value
BUILDING MATERIALS — 0.19%
Johnson Controls International PLC
4.50%, 02/15/47 (Call 08/15/46)	$	30	$	30,988
4.63%, 07/02/44 (Call 01/02/44)b		300		312,636
4.95%, 07/02/64 (Call 01/02/64)b		107		110,674
5.13%, 09/14/45 (Call 03/14/45)		271		302,615
6.00%, 01/15/36		350		417,631
Owens Corning
7.00%, 12/01/36		299		365,237
				1,539,781
CHEMICALS — 1.36%
Agrium Inc.
4.13%, 03/15/35 (Call 09/15/34)		87		83,003
4.90%, 06/01/43 (Call 12/01/42)		350		368,189
5.25%, 01/15/45 (Call 07/15/44)		254		276,062
6.13%, 01/15/41 (Call 07/15/40)		268		315,144
7.13%, 05/23/36a		100		127,991
Albemarle Corp.
5.45%, 12/01/44 (Call 06/01/44)		150		165,528
Dow Chemical Co. (The)
4.25%, 10/01/34 (Call 04/01/34)a		575		580,060
4.38%, 11/15/42 (Call 05/15/42)		86		87,760
4.63%, 10/01/44 (Call 04/01/44)a		725		763,527
5.25%, 11/15/41 (Call 05/15/41)		400		450,296
7.38%, 11/01/29		250		336,635
9.40%, 05/15/39		400		642,668
Eastman Chemical Co.
4.65%, 10/15/44 (Call 04/15/44)		400		410,016
4.80%, 09/01/42 (Call 03/01/42)		280		290,497
EI du Pont de Nemours & Co.
4.15%, 02/15/43		423		420,944
4.90%, 01/15/41		400		435,784
5.60%, 12/15/36a		11		12,905
Lubrizol Corp.
6.50%, 10/01/34		120		155,237
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		500		530,860
5.25%, 07/15/43		200		221,980
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)		625		599,756
Methanex Corp.
5.65%, 12/01/44 (Call 06/01/44)		200		195,000

56 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Monsanto Co.
3.60%, 07/15/42 (Call 01/15/42)	$	100	$	87,025
3.95%, 04/15/45 (Call 10/15/44)		215		199,047
4.20%, 07/15/34 (Call 01/15/34)		330		331,214
4.40%, 07/15/44 (Call 01/15/44)		550		546,766
4.65%, 11/15/43 (Call 05/15/43)		24		24,692
4.70%, 07/15/64 (Call 01/15/64)		275		264,564
Series 1
5.50%, 07/30/35		50		55,426
Mosaic Co. (The)
5.45%, 11/15/33 (Call 05/15/33)a		208		217,304
5.63%, 11/15/43 (Call 05/15/43)a		400		416,884
Potash Corp. of Saskatchewan Inc.
5.63%, 12/01/40a		350		386,540
5.88%, 12/01/36		101		113,949
Praxair Inc.
3.55%, 11/07/42 (Call 05/07/42)		300		282,537
Rohm & Haas Co.
7.85%, 07/15/29a		100		138,973
Sherwin-Williams Co. (The)
4.00%, 12/15/42 (Call 06/15/42)		350		321,632
Valspar Corp. (The)
4.40%, 02/01/45 (Call 08/01/44)		75		70,874
Westlake Chemical Corp.
5.00%, 08/15/46 (Call 02/15/46)a,c		325		334,006
				11,261,275
COMMERCIAL SERVICES — 0.69%
California Institute of Technology
4.32%, 08/01/45		12		12,756
4.70%, 11/01/11		100		94,736
Cleveland Clinic Foundation (The)
4.86%, 01/01/14		247		242,897
Ecolab Inc.
5.50%, 12/08/41		538		642,953
George Washington University (The)
4.87%, 09/15/45		16		17,306
Series 2016
3.55%, 09/15/46		325		286,023
Johns Hopkins University Series 2013
4.08%, 07/01/53		11		11,199
Massachusetts Institute of Technology
3.96%, 07/01/38		9		9,517
4.68%, 07/01/14		450		474,111
5.60%, 07/01/11		450		554,958

Security	Principal (000s)		Value
Moody’s Corp.
5.25%, 07/15/44	$	250	$	280,440
Northwestern University
3.69%, 12/01/38		450		458,536
President and Fellows of Harvard College
3.15%, 07/15/46 (Call 01/15/46)		250		231,055
3.30%, 07/15/56 (Call 01/15/56)		250		229,330
3.62%, 10/01/37		100		99,949
Princeton University
5.70%, 03/01/39		350		462,182
S&P Global Inc.
6.55%, 11/15/37		161		193,145
Tufts University Series 2012
5.02%, 04/15/12		100		106,337
University of Notre Dame du Lac Series 2015
3.44%, 02/15/45		9		9,049
University of Southern California
3.03%, 10/01/39		275		249,516
5.25%, 10/01/11		250		293,340
Verisk Analytics Inc.
5.50%, 06/15/45 (Call 12/15/44)		111		122,106
Western Union Co. (The)
6.20%, 11/17/36		175		182,350
6.20%, 06/21/40a		75		76,855
William Marsh Rice University
3.57%, 05/15/45		421		406,551
				5,747,197
COMPUTERS — 1.78%
Apple Inc.
3.45%, 02/09/45		1,400		1,261,918
3.85%, 05/04/43		975		940,963
3.85%, 08/04/46 (Call 02/04/46)		745		716,139
4.25%, 02/09/47 (Call 08/09/46)		75		77,035
4.38%, 05/13/45		1,200		1,248,552
4.45%, 05/06/44		600		632,034
4.50%, 02/23/36 (Call 08/23/35)		925		1,005,595
4.65%, 02/23/46 (Call 08/23/45)		1,850		2,010,136
Diamond 1 Finance Corp./Diamond 2 Finance Corp.
8.10%, 07/15/36 (Call 01/15/36)c		650		819,052
8.35%, 07/15/46 (Call 01/15/46)c		975		1,265,833

SCHEDULEOF INVESTMENTS 57

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)	$	200	$	212,026
6.35%, 10/15/45 (Call 04/15/45)		800		836,728
HP Inc.
6.00%, 09/15/41		600		617,382
International Business Machines Corp.
4.00%, 06/20/42		350		351,267
4.70%, 02/19/46a		550		608,955
5.60%, 11/30/39		374		459,769
5.88%, 11/29/32		261		330,624
6.22%, 08/01/27		400		499,688
6.50%, 01/15/28		155		198,226
Seagate HDD Cayman
4.88%, 06/01/27 (Call 03/01/27)		400		374,116
5.75%, 12/01/34 (Call 06/01/34)		325		291,024
				14,757,062
COSMETICS & PERSONAL CARE — 0.28%
Colgate-Palmolive Co.
4.00%, 08/15/45		417		433,271
Estee Lauder Companies Inc. (The)
4.15%, 03/15/47 (Call 09/15/46)		125		127,255
4.38%, 06/15/45 (Call 12/15/44)		250		260,213
6.00%, 05/15/37		150		185,341
Procter & Gamble Co. (The)
5.55%, 03/05/37		1,000		1,314,210
				2,320,290
DISTRIBUTION & WHOLESALE — 0.08%
WW Grainger Inc.
3.75%, 05/15/46 (Call 11/15/45)		250		239,040
4.60%, 06/15/45 (Call 12/15/44)		400		437,260
				676,300
DIVERSIFIED FINANCIAL SERVICES — 1.45%
American Express Co.
4.05%, 12/03/42		525		521,545
AXA Financial Inc.
7.00%, 04/01/28		14		17,522
CME Group Inc.
5.30%, 09/15/43 (Call 03/15/43)a		400		474,584
Credit Suisse USA Inc.
7.13%, 07/15/32		468		630,845
GE Capital International Funding Co. Unlimited Co.
4.42%, 11/15/35a		5,500		5,887,145

Security	Principal (000s)		Value
Invesco Finance PLC
5.38%, 11/30/43	$	16	$	17,976
Jefferies Group LLC
6.25%, 01/15/36		200		210,654
6.45%, 06/08/27		300		336,351
6.50%, 01/20/43		150		159,305
Legg Mason Inc.
5.63%, 01/15/44		250		256,362
MasterCard Inc.
3.80%, 11/21/46 (Call 05/21/46)		215		213,620
National Rural Utilities Cooperative Finance Corp.
4.02%, 11/01/32 (Call 05/01/32)		150		156,525
Series C
8.00%, 03/01/32		271		391,668
Visa Inc.
4.15%, 12/14/35 (Call 06/14/35)		1,025		1,086,254
4.30%, 12/14/45 (Call 06/14/45)a		1,555		1,665,903
				12,026,259
ELECTRIC — 9.61%
AEP Texas Central Co. Series E
6.65%, 02/15/33		200		248,948
AEP Transmission Co. LLC
4.00%, 12/01/46 (Call 06/01/46)c		140		140,619
Alabama Power Co.
3.75%, 03/01/45 (Call 09/01/44)		384		369,742
3.85%, 12/01/42a		50		48,897
4.15%, 08/15/44 (Call 02/15/44)		462		473,005
4.30%, 01/02/46 (Call 07/02/45)		450		472,752
6.00%, 03/01/39		126		158,184
6.13%, 05/15/38		273		343,726
Series 11-C
5.20%, 06/01/41		250		288,690
Ameren Illinois Co.
4.15%, 03/15/46 (Call 09/15/45)a		400		415,136
Appalachian Power Co.
4.40%, 05/15/44 (Call 11/15/43)		11		11,367
4.45%, 06/01/45 (Call 12/01/44)		200		211,566
6.38%, 04/01/36		350		434,819
7.00%, 04/01/38		231		314,460
Arizona Public Service Co.
3.75%, 05/15/46 (Call 11/15/45)		275		260,860
4.50%, 04/01/42 (Call 10/01/41)		251		267,410

58 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
4.70%, 01/15/44 (Call 07/15/43)	$	100	$	107,990
5.05%, 09/01/41 (Call 03/01/41)		100		113,649
5.50%, 09/01/35		100		117,390
Berkshire Hathaway Energy Co.
4.50%, 02/01/45 (Call 08/01/44)		875		916,510
5.15%, 11/15/43 (Call 05/15/43)		400		455,120
5.95%, 05/15/37		350		432,512
6.13%, 04/01/36		2,400		3,023,688
6.50%, 09/15/37		225		294,176
8.48%, 09/15/28		374		545,730
Black Hills Corp.
4.20%, 09/15/46 (Call 03/15/46)		150		144,611
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)a		425		405,645
4.50%, 04/01/44 (Call 10/01/43)		300		333,345
Cleco Power LLC
6.00%, 12/01/40		350		425,635
CMS Energy Corp.
3.45%, 08/15/27 (Call 05/15/27)		250		250,115
4.88%, 03/01/44 (Call 09/01/43)		200		216,306
Commonwealth Edison Co.
3.70%, 03/01/45 (Call 09/01/44)		400		379,484
3.80%, 10/01/42 (Call 04/01/42)		311		301,751
4.35%, 11/15/45 (Call 05/15/45)		100		105,501
4.60%, 08/15/43 (Call 02/15/43)		233		253,457
4.70%, 01/15/44 (Call 07/15/43)		261		289,151
5.88%, 02/01/33		100		121,658
5.90%, 03/15/36		514		638,959
Connecticut Light & Power Co. (The)
4.30%, 04/15/44 (Call 10/15/43)		150		154,863
6.35%, 06/01/36		100		128,705
Consolidated Edison Co. of New York Inc.
3.85%, 06/15/46 (Call 12/15/45)		725		704,403
3.95%, 03/01/43 (Call 09/01/42)		477		472,531
4.30%, 12/01/56 (Call 06/01/56)		100		101,648
4.45%, 03/15/44 (Call 09/15/43)		450		481,369
4.50%, 12/01/45 (Call 06/01/45)		207		222,295
5.50%, 12/01/39		200		239,784
5.70%, 06/15/40		295		360,953
6.30%, 08/15/37		8		10,391
Series 05-A
5.30%, 03/01/35		100		115,403

Security	Principal (000s)		Value
Series 06-A
5.85%, 03/15/36	$	325	$	399,493
Series 06-B
6.20%, 06/15/36		461		584,447
Series 06-E
5.70%, 12/01/36		200		238,996
Series 08-B
6.75%, 04/01/38		200		272,618
Series 12-A
4.20%, 03/15/42		8		8,148
Consumers Energy Co.
3.25%, 08/15/46 (Call 02/15/46)		200		179,820
3.95%, 05/15/43 (Call 11/15/42)a		75		76,349
3.95%, 07/15/47 (Call 01/15/47)		250		255,928
4.10%, 11/15/45 (Call 05/15/45)		150		154,020
Delmarva Power & Light Co.
4.00%, 06/01/42 (Call 12/01/41)		350		348,257
4.15%, 05/15/45 (Call 11/15/44)		250		259,790
Dominion Resources Inc./VA
4.70%, 12/01/44 (Call 06/01/44)a		500		522,220
6.30%, 03/15/33		275		331,966
7.00%, 06/15/38		380		490,268
Series B
5.95%, 06/15/35		290		342,829
Series C
4.05%, 09/15/42 (Call 03/15/42)		155		147,031
4.90%, 08/01/41 (Call 02/01/41)		7		7,488
Series F
5.25%, 08/01/33		600		654,900
DTE Electric Co.
3.70%, 03/15/45 (Call 09/15/44)		216		210,263
3.70%, 06/01/46 (Call 12/01/45)		135		131,379
3.95%, 06/15/42 (Call 12/15/41)		100		100,139
4.30%, 07/01/44 (Call 01/01/44)		103		109,263
5.70%, 10/01/37		100		122,524
Series A
4.00%, 04/01/43 (Call 10/01/42)		208		211,451
6.63%, 06/01/36		100		133,764
DTE Energy Co.
6.38%, 04/15/33		135		166,914
Duke Energy Carolinas LLC
3.75%, 06/01/45 (Call 12/01/44)		315		305,559
3.88%, 03/15/46 (Call 09/15/45)		500		496,315

SCHEDULEOF INVESTMENTS 59

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
4.00%, 09/30/42 (Call 03/30/42)	$	443	$	445,884
4.25%, 12/15/41 (Call 06/15/41)		369		384,254
5.30%, 02/15/40a		500		600,580
6.00%, 01/15/38		57		72,176
6.05%, 04/15/38		800		1,029,184
6.10%, 06/01/37a		500		627,750
6.45%, 10/15/32		86		112,153
Series A
6.00%, 12/01/28		16		19,643
Duke Energy Corp.
3.75%, 09/01/46 (Call 03/01/46)		1,080		992,174
4.80%, 12/15/45 (Call 06/15/45)		100		107,317
Duke Energy Florida LLC
3.40%, 10/01/46 (Call 04/01/46)a		200		182,922
3.85%, 11/15/42 (Call 05/15/42)		280		274,047
5.65%, 04/01/40		100		123,155
6.35%, 09/15/37		100		132,281
6.40%, 06/15/38		200		267,256
Duke Energy Florida Project Finance LLC Series 2026
2.54%, 09/01/31		400		380,480
Duke Energy Indiana LLC
3.75%, 05/15/46 (Call 11/15/45)		450		432,036
6.12%, 10/15/35		76		92,503
6.35%, 08/15/38		46		60,612
6.45%, 04/01/39		300		400,506
Duke Energy Progress LLC
3.70%, 10/15/46 (Call 04/15/46)		500		480,495
4.10%, 05/15/42 (Call 11/15/41)		300		304,548
4.10%, 03/15/43 (Call 09/15/42)		186		189,534
4.15%, 12/01/44 (Call 06/01/44)		300		308,256
4.20%, 08/15/45 (Call 02/15/45)		225		233,912
4.38%, 03/30/44 (Call 09/30/43)		359		379,136
6.30%, 04/01/38		250		326,403
El Paso Electric Co.
5.00%, 12/01/44 (Call 06/01/44)		250		255,487
6.00%, 05/15/35		304		351,503
Emera U.S. Finance LP
4.75%, 06/15/46 (Call 12/15/45)		600		617,640
Entergy Louisiana LLC
3.05%, 06/01/31 (Call 03/01/31)a		150		143,261
3.25%, 04/01/28 (Call 01/01/28)a		475		472,464
4.95%, 01/15/45 (Call 01/15/25)		100		102,859

Security	Principal (000s)		Value
Entergy Mississippi Inc.
2.85%, 06/01/28 (Call 03/01/28)	$	300	$	287,274
Exelon Corp.
4.45%, 04/15/46 (Call 10/15/45)		555		557,026
4.95%, 06/15/35 (Call 12/15/34)		350		374,958
5.10%, 06/15/45 (Call 12/15/44)		15		16,415
5.63%, 06/15/35		371		424,966
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)		600		567,264
6.25%, 10/01/39		500		509,600
Florida Power & Light Co.
3.80%, 12/15/42 (Call 06/15/42)a		200		198,570
4.05%, 06/01/42 (Call 12/01/41)		250		258,592
4.05%, 10/01/44 (Call 04/01/44)		630		654,091
4.13%, 02/01/42 (Call 08/01/41)		356		369,756
4.95%, 06/01/35		200		229,612
5.25%, 02/01/41 (Call 08/01/40)		271		322,677
5.65%, 02/01/37		96		118,354
5.69%, 03/01/40		99		124,737
5.95%, 02/01/38		213		275,192
Georgia Power Co.
4.30%, 03/15/42a		439		448,232
4.30%, 03/15/43		21		21,640
5.40%, 06/01/40		200		230,844
5.95%, 02/01/39		114		139,375
Series 07-A
5.65%, 03/01/37		100		116,268
Series 10-C
4.75%, 09/01/40		200		214,058
Hydro-Quebec
9.50%, 11/15/30a		200		319,438
Iberdrola International BV
6.75%, 07/15/36		250		314,813
Indiana Michigan Power Co.
6.05%, 03/15/37		5		6,138
Series K
4.55%, 03/15/46 (Call 09/15/45)a		500		533,760
Interstate Power & Light Co.
3.70%, 09/15/46 (Call 03/15/46)		550		514,563
6.25%, 07/15/39		5		6,408
Jersey Central Power & Light Co.
6.15%, 06/01/37		100		115,110

60 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
John Sevier Combined Cycle Generation LLC
4.63%, 01/15/42	$	233	$	249,857
Kansas City Power & Light Co.
5.30%, 10/01/41 (Call 04/01/41)		307		330,866
Kentucky Utilities Co.
4.38%, 10/01/45 (Call 04/01/45)		100		105,174
5.13%, 11/01/40 (Call 05/01/40)		284		331,803
Louisville Gas & Electric Co.
4.38%, 10/01/45 (Call 04/01/45)		150		157,191
4.65%, 11/15/43 (Call 05/15/43)		100		108,639
5.13%, 11/15/40 (Call 05/15/40)		100		114,493
MidAmerican Energy Co.
3.10%, 05/01/27 (Call 02/01/27)		500		501,205
4.25%, 05/01/46 (Call 11/01/45)		111		116,457
4.40%, 10/15/44 (Call 04/15/44)		225		241,792
4.80%, 09/15/43 (Call 03/15/43)		200		225,420
5.75%, 11/01/35		11		13,563
6.75%, 12/30/31		11		15,032
Mississippi Power Co. Series 12-A
4.25%, 03/15/42		406		356,289
Nevada Power Co.
5.45%, 05/15/41 (Call 11/15/40)		550		647,763
6.65%, 04/01/36		100		133,887
Northern States Power Co./MN
3.40%, 08/15/42 (Call 02/15/42)		600		559,176
3.60%, 05/15/46 (Call 11/15/45)		50		47,445
4.00%, 08/15/45 (Call 02/15/45)		90		90,983
4.13%, 05/15/44 (Call 11/15/43)		7		7,233
4.85%, 08/15/40 (Call 02/15/40)		100		112,076
5.35%, 11/01/39		5		6,033
6.25%, 06/01/36		106		138,372
NorthWestern Corp.
4.18%, 11/15/44 (Call 05/15/44)		161		159,710
NSTAR Electric Co.
4.40%, 03/01/44 (Call 09/01/43)		100		106,662
5.50%, 03/15/40		241		290,099
Oglethorpe Power Corp.
4.25%, 04/01/46 (Call 10/01/45)		350		336,074
4.55%, 06/01/44a		350		351,722
5.25%, 09/01/50		25		27,237
5.38%, 11/01/40		150		169,968
5.95%, 11/01/39		5		5,989

Security	Principal (000s)		Value
Ohio Edison Co.
6.88%, 07/15/36	$	200	$	257,264
Oklahoma Gas & Electric Co.
4.00%, 12/15/44 (Call 06/15/44)		300		292,830
4.55%, 03/15/44 (Call 09/15/43)		100		105,248
5.25%, 05/15/41 (Call 11/15/40)		150		170,277
Oncor Electric Delivery Co. LLC
4.55%, 12/01/41 (Call 06/01/41)		150		160,951
5.25%, 09/30/40		305		360,318
5.30%, 06/01/42 (Call 12/01/41)		350		417,694
7.25%, 01/15/33		411		573,176
7.50%, 09/01/38		100		144,467
Pacific Gas & Electric Co.
4.25%, 03/15/46 (Call 09/15/45)		11		11,262
4.30%, 03/15/45 (Call 09/15/44)		107		110,919
4.45%, 04/15/42 (Call 10/15/41)		800		847,792
4.50%, 12/15/41 (Call 06/15/41)a		150		158,949
4.60%, 06/15/43 (Call 12/15/42)		13		14,035
4.75%, 02/15/44 (Call 08/15/43)		232		256,439
5.13%, 11/15/43 (Call 05/15/43)		300		348,180
5.40%, 01/15/40		271		322,116
5.80%, 03/01/37		16		19,824
6.05%, 03/01/34		2,250		2,839,658
6.25%, 03/01/39		261		339,945
6.35%, 02/15/38		71		92,484
PacifiCorp
4.10%, 02/01/42 (Call 08/01/41)		245		248,548
6.00%, 01/15/39		300		386,187
6.10%, 08/01/36		105		134,377
6.25%, 10/15/37a		121		159,084
PECO Energy Co.
4.15%, 10/01/44 (Call 04/01/44)		255		260,516
5.95%, 10/01/36		111		138,696
Pennsylvania Electric Co.
6.15%, 10/01/38		100		116,551
Potomac Electric Power Co.
4.15%, 03/15/43 (Call 09/15/42)		66		67,859
6.50%, 11/15/37		175		233,555
PPL Capital Funding Inc.
4.70%, 06/01/43 (Call 12/01/42)		400		409,796
5.00%, 03/15/44 (Call 09/15/43)		300		322,686
PPL Electric Utilities Corp.
5.20%, 07/15/41 (Call 01/15/41)		200		232,194
6.25%, 05/15/39		61		79,315

SCHEDULEOF INVESTMENTS 61

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Progress Energy Inc.
7.75%, 03/01/31	$	34	$	47,506
PSEG Power LLC
8.63%, 04/15/31		500		618,990
Public Service Co. of Colorado
3.55%, 06/15/46 (Call 12/15/45)		250		230,900
3.60%, 09/15/42 (Call 03/15/42)		246		234,069
4.30%, 03/15/44 (Call 09/15/43)		411		432,388
6.25%, 09/01/37		60		78,245
6.50%, 08/01/38		100		133,976
Public Service Electric & Gas Co.
3.65%, 09/01/42 (Call 03/01/42)		75		72,215
3.80%, 03/01/46 (Call 09/01/45)		200		198,178
3.95%, 05/01/42 (Call 11/01/41)		270		273,661
4.05%, 05/01/45 (Call 11/01/44)		100		101,273
5.38%, 11/01/39		100		118,313
5.50%, 03/01/40		107		128,853
5.80%, 05/01/37		216		268,194
Series I
4.00%, 06/01/44 (Call 12/01/43)a		100		100,470
Puget Sound Energy Inc.
4.30%, 05/20/45 (Call 11/20/44)a		111		116,509
4.43%, 11/15/41 (Call 05/15/41)		100		104,817
5.48%, 06/01/35		250		293,083
5.64%, 04/15/41 (Call 10/15/40)		235		281,462
5.76%, 10/01/39		200		244,232
5.76%, 07/15/40		100		122,680
5.80%, 03/15/40		56		68,124
6.27%, 03/15/37		5		6,251
6.72%, 06/15/36		100		134,476
7.02%, 12/01/27		100		130,049
San Diego Gas & Electric Co.
3.95%, 11/15/41		70		69,688
4.30%, 04/01/42 (Call 10/01/41)		100		105,495
4.50%, 08/15/40		100		109,348
5.35%, 05/15/35		100		118,991
5.35%, 05/15/40		75		89,211
6.00%, 06/01/39		150		193,486
6.13%, 09/15/37		100		130,011
South Carolina Electric & Gas Co.
4.10%, 06/15/46 (Call 12/15/45)a		300		299,271
4.35%, 02/01/42 (Call 08/01/41)a		144		147,897
4.50%, 06/01/64 (Call 12/01/63)		286		281,747

Security	Principal (000s)		Value
4.60%, 06/15/43 (Call 12/15/42)	$	116	$	123,617
5.10%, 06/01/65 (Call 12/01/64)		150		164,068
5.30%, 05/15/33		5		5,723
5.45%, 02/01/41 (Call 08/01/40)a		420		490,896
6.05%, 01/15/38		248		308,973
Southaven Combined Cycle Generation LLC
3.85%, 08/15/33		2		1,708
Southern California Edison Co.
3.90%, 12/01/41 (Call 06/01/41)		75		74,468
4.05%, 03/15/42 (Call 09/15/41)a		50		50,986
4.50%, 09/01/40 (Call 03/01/40)a		23		24,896
4.65%, 10/01/43 (Call 04/01/43)		311		348,578
5.50%, 03/15/40		217		265,159
5.63%, 02/01/36		75		91,094
5.75%, 04/01/35		105		129,062
6.00%, 01/15/34		266		331,835
6.05%, 03/15/39		150		196,575
6.65%, 04/01/29		321		401,083
Series 05-E
5.35%, 07/15/35		584		687,146
Series 06-E
5.55%, 01/15/37		130		157,069
Series 08-A
5.95%, 02/01/38		400		509,620
Series 13-A
3.90%, 03/15/43 (Call 09/15/42)		205		203,698
Series C
3.60%, 02/01/45 (Call 08/01/44)		200		190,300
Southern Co. (The)
4.25%, 07/01/36 (Call 01/01/36)a		600		604,560
4.40%, 07/01/46 (Call 01/01/46)		775		770,691
Southern Power Co.
5.15%, 09/15/41		200		205,224
Southwestern Electric Power Co.
3.90%, 04/01/45 (Call 10/01/44)		450		429,606
6.20%, 03/15/40		140		173,501
Southwestern Public Service Co.
3.40%, 08/15/46 (Call 02/15/46)		250		226,737
4.50%, 08/15/41 (Call 02/15/41)		100		108,342
6.00%, 10/01/36		250		302,752
Tampa Electric Co.
4.10%, 06/15/42 (Call 12/15/41)		300		293,694
4.35%, 05/15/44 (Call 11/15/43)		410		414,161

62 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Toledo Edison Co. (The)
6.15%, 05/15/37	$	200	$	244,258
TransAlta Corp.
6.50%, 03/15/40		100		92,625
Tri-State Generation & Transmission Association Inc.
4.25%, 06/01/46 (Call 12/01/45)		150		145,371
Union Electric Co.
3.90%, 09/15/42 (Call 03/15/42)		400		401,448
8.45%, 03/15/39		111		174,899
Virginia Electric & Power Co.
4.00%, 01/15/43 (Call 07/15/42)		116		115,854
4.20%, 05/15/45 (Call 11/15/44)a		7		7,223
4.45%, 02/15/44 (Call 08/15/43)		120		128,128
8.88%, 11/15/38		550		899,046
Series A
6.00%, 05/15/37		284		356,139
Series B
6.00%, 01/15/36		250		309,348
Series D
4.65%, 08/15/43 (Call 02/15/43)		21		23,015
Westar Energy Inc.
4.10%, 04/01/43 (Call 10/01/42)		105		106,188
4.13%, 03/01/42 (Call 09/01/41)		347		352,410
4.25%, 12/01/45 (Call 06/01/45)		300		310,008
Wisconsin Electric Power Co.
3.65%, 12/15/42 (Call 06/15/42)		100		94,661
4.25%, 06/01/44 (Call 12/01/43)		100		102,684
4.30%, 12/15/45 (Call 06/15/45)		550		577,918
Wisconsin Power & Light Co.
4.10%, 10/15/44 (Call 04/15/44)		100		100,289
6.38%, 08/15/37		140		183,476
Wisconsin Public Service Corp.
4.75%, 11/01/44 (Call 05/01/44)a		205		229,032
Xcel Energy Inc.
6.50%, 07/01/36		50		63,400
				79,837,893
ELECTRICAL COMPONENTS & EQUIPMENT — 0.02%
Emerson Electric Co.
6.00%, 08/15/32		100		123,491
				123,491

Security	Principal (000s)		Value
ELECTRONICS — 0.31%
Corning Inc.
4.75%, 03/15/42	$	272	$	273,047
5.75%, 08/15/40		200		224,954
Fortive Corp.
4.30%, 06/15/46 (Call 12/15/45)a,c		225		224,685
Honeywell International Inc.
5.38%, 03/01/41		200		244,826
5.70%, 03/15/36		11		13,523
5.70%, 03/15/37		600		741,312
Koninklijke Philips NV
5.00%, 03/15/42		519		549,860
Tyco Electronics Group SA
7.13%, 10/01/37		236		311,187
				2,583,394
ENGINEERING & CONSTRUCTION — 0.03%
ABB Finance USA Inc.
4.38%, 05/08/42		257		273,235
				273,235
ENVIRONMENTAL CONTROL — 0.10%
Waste Management Inc.
3.90%, 03/01/35 (Call 09/01/34)		550		555,434
4.10%, 03/01/45 (Call 09/01/44)		183		185,893
6.13%, 11/30/39		75		95,763
7.00%, 07/15/28		18		23,128
				860,218
FOOD — 1.58%
Ahold Finance USA LLC
6.88%, 05/01/29		11		13,737
Campbell Soup Co.
3.80%, 08/02/42		6		5,507
Conagra Brands Inc.
7.00%, 10/01/28		150		185,979
8.25%, 09/15/30		200		270,826
General Mills Inc.
4.15%, 02/15/43 (Call 08/15/42)		5		4,885
5.40%, 06/15/40		506		579,006
Hershey Co. (The)
3.38%, 08/15/46 (Call 02/15/46)		250		225,750
JM Smucker Co. (The)
4.25%, 03/15/35		850		868,080
4.38%, 03/15/45		50		50,511

SCHEDULEOF INVESTMENTS 63

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Kellogg Co.
4.50%, 04/01/46	$	300	$	298,107
Series B
7.45%, 04/01/31		400		522,204
Koninklijke Ahold Delhaize NV
5.70%, 10/01/40		500		570,495
Kraft Heinz Foods Co.
4.38%, 06/01/46 (Call 12/01/45)		1,500		1,416,315
5.00%, 07/15/35 (Call 01/15/35)		325		341,578
5.00%, 06/04/42		1,150		1,178,405
5.20%, 07/15/45 (Call 01/15/45)		600		633,084
6.50%, 02/09/40		456		556,740
6.88%, 01/26/39		521		657,710
Kroger Co. (The)
3.88%, 10/15/46 (Call 04/15/46)a		300		274,905
4.45%, 02/01/47 (Call 08/01/46)		500		496,430
5.00%, 04/15/42 (Call 10/15/41)		100		106,266
5.15%, 08/01/43 (Call 02/01/43)		250		272,705
5.40%, 07/15/40 (Call 01/15/40)		225		250,535
6.90%, 04/15/38		200		263,272
7.50%, 04/01/31		250		339,612
Mondelez International Inc.
6.50%, 02/09/40a		222		276,177
Sysco Corp.
4.50%, 04/01/46 (Call 10/01/45)		450		455,423
4.85%, 10/01/45 (Call 04/01/45)		100		106,309
5.38%, 09/21/35		400		447,880
Tyson Foods Inc.
4.88%, 08/15/34 (Call 02/15/34)		250		258,125
5.15%, 08/15/44 (Call 02/15/44)		305		322,537
Unilever Capital Corp.
5.90%, 11/15/32		650		835,614
				13,084,709
FOREST PRODUCTS & PAPER — 0.43%
Domtar Corp.
6.75%, 02/15/44 (Call 08/15/43)		100		106,457
Georgia-Pacific LLC
7.75%, 11/15/29		600		816,030
8.88%, 05/15/31		14		21,245
International Paper Co.
3.00%, 02/15/27 (Call 11/15/26)		500		473,355
4.40%, 08/15/47 (Call 02/15/47)		400		387,436
4.80%, 06/15/44 (Call 12/15/43)		400		408,340

Security	Principal (000s)		Value
5.00%, 09/15/35 (Call 03/15/35)	$	50	$	53,611
5.15%, 05/15/46 (Call 11/15/45)a		190		203,252
6.00%, 11/15/41 (Call 05/15/41)		600		695,730
7.30%, 11/15/39		240		315,118
8.70%, 06/15/38a		75		108,554
				3,589,128
GAS — 0.78%
Atmos Energy Corp.
4.13%, 10/15/44 (Call 04/15/44)		613		621,748
4.15%, 01/15/43 (Call 07/15/42)		100		102,400
5.50%, 06/15/41 (Call 12/15/40)		5		5,949
CenterPoint Energy Resources Corp.
5.85%, 01/15/41 (Call 07/15/40)		100		118,381
Dominion Gas Holdings LLC
4.60%, 12/15/44 (Call 06/15/44)a		350		359,275
4.80%, 11/01/43 (Call 05/01/43)		115		121,435
KeySpan Corp.
5.80%, 04/01/35		150		170,133
8.00%, 11/15/30		100		133,105
NiSource Finance Corp.
4.80%, 02/15/44 (Call 08/15/43)		615		658,142
5.25%, 02/15/43 (Call 08/15/42)		225		253,283
5.65%, 02/01/45 (Call 08/01/44)		6		7,247
5.80%, 02/01/42 (Call 08/01/41)a		150		176,747
5.95%, 06/15/41 (Call 12/15/40)		256		308,733
ONE Gas Inc.
4.66%, 02/01/44 (Call 08/01/43)		354		382,044
Piedmont Natural Gas Co. Inc.
4.10%, 09/18/34 (Call 03/18/34)		100		99,836
4.65%, 08/01/43 (Call 02/01/43)		153		158,557
Sempra Energy
6.00%, 10/15/39		825		1,010,749
Southern California Gas Co.
3.75%, 09/15/42 (Call 03/15/42)		5		4,910
Series KK
5.75%, 11/15/35		200		243,394
Southern Co. Gas Capital Corp.
3.95%, 10/01/46 (Call 04/01/46)		450		424,854
4.40%, 06/01/43 (Call 12/01/42)		6		6,002
5.88%, 03/15/41 (Call 09/15/40)		493		590,614
6.00%, 10/01/34		95		110,745
Southwest Gas Corp.
3.80%, 09/29/46 (Call 03/29/46)		365		344,888

64 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Washington Gas Light Co. Series K
3.80%, 09/15/46 (Call 03/15/46)	$	100	$	94,550
				6,507,721
HAND & MACHINE TOOLS — 0.03%
Stanley Black & Decker Inc.
5.20%, 09/01/40		200		220,538
				220,538
HEALTH CARE — PRODUCTS — 1.47%
Abbott Laboratories
4.75%, 11/30/36 (Call 05/30/36)		1,050		1,081,941
4.90%, 11/30/46 (Call 05/30/46)		1,200		1,245,528
5.30%, 05/27/40		500		533,505
6.00%, 04/01/39		450		526,095
Baxter International Inc.
3.50%, 08/15/46 (Call 02/15/46)		635		552,482
Becton Dickinson and Co.
4.69%, 12/15/44 (Call 06/15/44)		450		477,850
4.88%, 05/15/44 (Call 11/15/43)		75		79,523
5.00%, 11/12/40		200		217,850
Boston Scientific Corp.
7.00%, 11/15/35		150		183,819
7.38%, 01/15/40		200		251,752
Danaher Corp.
4.38%, 09/15/45 (Call 03/15/45)		350		375,308
Medtronic Inc.
4.38%, 03/15/35a		1,700		1,802,085
4.50%, 03/15/42 (Call 09/15/41)		86		90,707
4.63%, 03/15/44 (Call 09/15/43)		450		485,469
4.63%, 03/15/45		1,900		2,056,427
5.55%, 03/15/40		291		344,998
6.50%, 03/15/39		100		131,183
St. Jude Medical LLC
4.75%, 04/15/43 (Call 10/15/42)		420		415,418
Stryker Corp.
4.10%, 04/01/43 (Call 10/01/42)		250		240,748
4.38%, 05/15/44 (Call 11/15/43)		135		135,863
4.63%, 03/15/46 (Call 09/15/45)		500		525,120
Thermo Fisher Scientific Inc.
5.30%, 02/01/44 (Call 08/01/43)a		208		236,506
Zimmer Biomet Holdings Inc.
4.25%, 08/15/35 (Call 02/15/35)		80		76,013
5.75%, 11/30/39		150		170,758
				12,236,948

Security	Principal (000s)		Value
HEALTH CARE – SERVICES — 2.07%
Aetna Inc.
4.13%, 11/15/42 (Call 05/15/42)a	$	200	$	196,558
4.25%, 06/15/36 (Call 03/16/17)		850		859,061
4.38%, 06/15/46 (Call 03/16/17)a		1,425		1,440,533
4.50%, 05/15/42 (Call 11/15/41)		250		259,133
4.75%, 03/15/44 (Call 09/15/43)		225		242,773
6.63%, 06/15/36		200		260,014
6.75%, 12/15/37		185		245,530
Anthem Inc.
4.63%, 05/15/42		460		472,889
4.65%, 01/15/43		700		723,604
4.65%, 08/15/44 (Call 02/15/44)a		200		207,144
4.85%, 08/15/54 (Call 02/15/54)		100		104,109
5.10%, 01/15/44		225		246,728
5.85%, 01/15/36		21		24,350
5.95%, 12/15/34		382		444,644
6.38%, 06/15/37		300		369,039
Ascension Health
3.95%, 11/15/46		508		504,983
4.85%, 11/15/53		11		12,068
Baylor Scott & White Holdings
3.97%, 11/15/46 (Call 05/15/46)		250		236,730
4.19%, 11/15/45 (Call 05/15/45)		16		15,944
Catholic Health Initiatives
4.35%, 11/01/42		450		403,947
Cigna Corp.
5.38%, 02/15/42 (Call 08/15/41)		247		284,677
5.88%, 03/15/41 (Call 09/15/40)		403		482,810
6.15%, 11/15/36		100		119,797
7.88%, 05/15/27		11		14,632
Dignity Health
4.50%, 11/01/42		100		92,005
5.27%, 11/01/64		196		195,053
Humana Inc.
4.63%, 12/01/42 (Call 06/01/42)		400		407,812
4.95%, 10/01/44 (Call 04/01/44)		100		106,799
8.15%, 06/15/38		50		70,249
Johns Hopkins Health System Corp. (The)
3.84%, 05/15/46		60		59,090
Kaiser Foundation Hospitals
4.88%, 04/01/42		334		376,669

SCHEDULEOF INVESTMENTS 65

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Laboratory Corp. of America Holdings
4.70%, 02/01/45 (Call 08/01/44)	$	398	$	390,868
Mayo Clinic Series 2013
4.00%, 11/15/47		11		10,832
Memorial Sloan-Kettering Cancer Center Series 2015
4.20%, 07/01/55		522		519,416
New York and Presbyterian Hospital (The)
4.02%, 08/01/45		21		20,646
4.06%, 08/01/56		350		329,875
4.76%, 08/01/16		75		71,828
Northwell Healthcare Inc.
3.98%, 11/01/46 (Call 11/01/45)		500		464,910
Providence St Joseph Health Obligated Group Series I
3.74%, 10/01/47		250		232,528
Quest Diagnostics Inc.
4.70%, 03/30/45 (Call 09/30/44)		22		22,169
Texas Health Resources
4.33%, 11/15/55		9		9,196
UnitedHealth Group Inc.
3.95%, 10/15/42 (Call 04/15/42)		7		6,932
4.20%, 01/15/47 (Call 07/15/46)		200		206,600
4.25%, 03/15/43 (Call 09/15/42)		300		309,570
4.38%, 03/15/42 (Call 09/15/41)		500		522,440
4.63%, 07/15/35		255		281,693
4.63%, 11/15/41 (Call 05/15/41)		180		194,650
4.75%, 07/15/45		800		899,920
5.70%, 10/15/40 (Call 04/15/40)a		350		429,709
5.80%, 03/15/36		625		770,763
5.95%, 02/15/41 (Call 08/15/40)		386		493,470
6.50%, 06/15/37		100		133,132
6.63%, 11/15/37a		111		149,628
6.88%, 02/15/38		900		1,242,450
				17,192,599
HOLDING COMPANIES – DIVERSIFIED — 0.02%
Hutchison Whampoa International Ltd.
7.45%, 11/24/33c		50		69,045
Leucadia National Corp.
6.63%, 10/23/43 (Call 07/23/43)a		75		74,156
				143,201

Security	Principal (000s)		Value
HOME FURNISHINGS — 0.04%
Whirlpool Corp.
4.50%, 06/01/46 (Call 12/01/45)	$	300	$	301,908
				301,908
HOUSEHOLD PRODUCTS & WARES — 0.11%
Kimberly-Clark Corp.
3.20%, 07/30/46 (Call 01/30/46)		400		354,944
5.30%, 03/01/41		6		7,257
6.63%, 08/01/37		375		516,581
				878,782
HOUSEWARES — 0.16%
Newell Brands Inc.
5.38%, 04/01/36 (Call 10/01/35)		350		398,583
5.50%, 04/01/46 (Call 10/01/45)		825		965,374
				1,363,957
INSURANCE — 3.28%
ACE Capital Trust II
9.70%, 04/01/30		100		148,417
Aflac Inc.
4.00%, 10/15/46 (Call 04/15/46)		250		239,560
6.45%, 08/15/40		79		103,141
Alleghany Corp.
4.90%, 09/15/44 (Call 03/15/44)		200		203,794
Allstate Corp. (The)
4.50%, 06/15/43		900		960,498
5.35%, 06/01/33		68		77,846
5.55%, 05/09/35		326		391,754
5.95%, 04/01/36		50		61,262
American International Group Inc.
3.88%, 01/15/35 (Call 07/15/34)		1,200		1,119,024
4.38%, 01/15/55 (Call 07/15/54)		250		228,310
4.50%, 07/16/44 (Call 01/16/44)		1,000		978,880
4.70%, 07/10/35 (Call 01/10/35)		600		615,114
4.80%, 07/10/45 (Call 01/10/45)		186		190,518
6.25%, 05/01/36		532		641,108
Aon PLC
4.45%, 05/24/43 (Call 02/24/43)a		100		95,966
4.60%, 06/14/44 (Call 03/14/44)		200		198,416
4.75%, 05/15/45 (Call 11/15/44)		246		250,155
Arch Capital Group U.S. Inc.
5.14%, 11/01/43		525		565,514
Assurant Inc.
6.75%, 02/15/34		200		241,810

66 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
AXA SA
8.60%, 12/15/30	$	700	$	963,760
Berkshire Hathaway Finance Corp.
4.30%, 05/15/43a		118		123,220
4.40%, 05/15/42		504		532,889
5.75%, 01/15/40		280		350,160
Berkshire Hathaway Inc.
4.50%, 02/11/43a		500		541,040
Chubb Corp. (The)
6.00%, 05/11/37		485		619,558
Chubb INA Holdings Inc.
4.15%, 03/13/43		400		410,872
4.35%, 11/03/45 (Call 05/03/45)		1,150		1,228,004
Cincinnati Financial Corp.
6.92%, 05/15/28		11		13,868
Endurance Specialty Holdings Ltd.
7.00%, 07/15/34		200		245,450
Everest Reinsurance Holdings Inc.
4.87%, 06/01/44		200		203,628
Hartford Financial Services Group Inc. (The)
4.30%, 04/15/43a		14		13,254
5.95%, 10/15/36		200		228,326
6.10%, 10/01/41		300		357,831
6.63%, 03/30/40		100		125,304
Lincoln National Corp.
6.15%, 04/07/36		175		206,841
6.30%, 10/09/37		16		19,135
7.00%, 06/15/40		300		388,302
Loews Corp.
4.13%, 05/15/43 (Call 11/15/42)		250		241,820
6.00%, 02/01/35		150		179,564
Manulife Financial Corp.
5.38%, 03/04/46		400		469,648
Markel Corp.
5.00%, 04/05/46		250		257,647
Marsh & McLennan Companies Inc.
5.88%, 08/01/33		205		245,022
MetLife Inc.
4.05%, 03/01/45a		605		589,010
4.13%, 08/13/42		348		344,343
4.60%, 05/13/46 (Call 11/13/45)a		550		583,687
4.72%, 12/15/44		500		538,255
4.88%, 11/13/43		489		534,374

Security	Principal (000s)		Value
5.70%, 06/15/35a	$	461	$	558,488
6.40%, 12/15/66 (Call 12/15/31)		670		740,712
6.50%, 12/15/32		458		588,081
10.75%, 08/01/69 (Call 08/01/34)a		16		24,914
Principal Financial Group Inc.
4.35%, 05/15/43		500		505,825
4.63%, 09/15/42		5		5,219
6.05%, 10/15/36		166		202,478
Progressive Corp. (The)
3.70%, 01/26/45		200		190,932
4.35%, 04/25/44		136		143,642
6.25%, 12/01/32		100		127,233
Protective Life Corp.
8.45%, 10/15/39		150		210,026
Prudential Financial Inc.
4.60%, 05/15/44		450		476,123
5.10%, 08/15/43		11		12,288
5.40%, 06/13/35		445		505,974
5.63%, 05/12/41		13		15,419
5.70%, 12/14/36		300		353,376
5.80%, 11/16/41		150		181,987
5.90%, 03/17/36		50		59,591
6.20%, 11/15/40		275		344,704
6.63%, 06/21/40		5		6,559
Series B
5.75%, 07/15/33a		8		9,412
Series D
6.63%, 12/01/37		500		653,040
Transatlantic Holdings Inc.
8.00%, 11/30/39		150		194,891
Travelers Companies Inc. (The)
3.75%, 05/15/46 (Call 11/15/45)		600		577,896
4.30%, 08/25/45 (Call 02/25/45)		175		183,913
4.60%, 08/01/43		66		72,358
5.35%, 11/01/40		200		239,950
6.25%, 06/15/37		500		651,120
6.75%, 06/20/36		50		67,653
Travelers Property Casualty Corp.
6.38%, 03/15/33		110		140,756
Unum Group
5.75%, 08/15/42		250		277,165
Validus Holdings Ltd.
8.88%, 01/26/40		60		84,005

SCHEDULEOF INVESTMENTS 67

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Voya Financial Inc.
4.80%, 06/15/46	$	100	$	99,257
5.70%, 07/15/43		200		224,698
WR Berkley Corp.
4.75%, 08/01/44		50		49,555
6.25%, 02/15/37		100		117,161
XLIT Ltd.
5.50%, 03/31/45		400		397,660
6.25%, 05/15/27		86		100,697
				27,260,657
INTERNET — 0.25%
Alibaba Group Holding Ltd.
4.50%, 11/28/34 (Call 05/28/34)a		400		415,696
Amazon.com Inc.
4.80%, 12/05/34 (Call 06/05/34)		600		675,594
4.95%, 12/05/44 (Call 06/05/44)a		650		754,819
eBay Inc.
4.00%, 07/15/42 (Call 01/15/42)a		300		258,510
				2,104,619
IRON & STEEL — 0.48%
Nucor Corp.
5.20%, 08/01/43 (Call 02/01/43)		314		364,158
6.40%, 12/01/37		286		369,126
Reliance Steel & Aluminum Co.
6.85%, 11/15/36		50		53,821
Vale Overseas Ltd.
6.88%, 11/21/36		900		985,500
6.88%, 11/10/39		1,225		1,339,844
8.25%, 01/17/34		255		304,725
Vale SA
5.63%, 09/11/42a		560		541,100
				3,958,274
LEISURE TIME — 0.02%
Harley-Davidson Inc.
4.63%, 07/28/45 (Call 01/28/45)a		150		151,272
				151,272
LODGING — 0.01%
Marriott International Inc./MD
4.50%, 10/01/34 (Call 04/01/34)a		50		50,942
				50,942
MACHINERY — 0.47%
Caterpillar Inc.
3.80%, 08/15/42a		900		879,606
4.30%, 05/15/44 (Call 11/15/43)a		236		248,872

Security	Principal (000s)		Value
4.75%, 05/15/64 (Call 11/15/63)a	$	203	$	221,278
5.20%, 05/27/41		400		468,592
5.30%, 09/15/35		11		12,774
6.05%, 08/15/36		111		139,763
Cummins Inc.
4.88%, 10/01/43 (Call 04/01/43)a		150		169,083
Deere & Co.
3.90%, 06/09/42 (Call 12/09/41)		650		665,132
5.38%, 10/16/29		405		489,657
7.13%, 03/03/31		111		151,456
8.10%, 05/15/30		50		72,178
Rockwell Automation Inc.
6.70%, 01/15/28		100		128,688
Xylem Inc./NY
4.38%, 11/01/46 (Call 05/01/46)		250		251,168
				3,898,247
MANUFACTURING — 1.44%
3M Co.
3.13%, 09/19/46 (Call 03/19/46)		350		314,118
3.88%, 06/15/44		150		150,861
5.70%, 03/15/37		201		252,924
6.38%, 02/15/28		140		181,129
Dover Corp.
5.38%, 03/01/41 (Call 12/01/40)		365		432,127
Eaton Corp.
4.00%, 11/02/32		825		838,918
4.15%, 11/02/42		100		99,832
General Electric Co.
4.13%, 10/09/42		500		517,900
4.50%, 03/11/44		975		1,063,247
5.88%, 01/14/38		1,300		1,666,184
6.15%, 08/07/37		900		1,182,042
6.88%, 01/10/39		800		1,145,624
Series A
6.75%, 03/15/32a		1,500		2,044,455
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)		450		459,967
4.88%, 09/15/41 (Call 03/15/41)		350		397,233
Ingersoll-Rand Global Holding Co. Ltd.
5.75%, 06/15/43		236		284,510
Ingersoll-Rand Luxembourg Finance SA
4.65%, 11/01/44 (Call 05/01/44)		150		156,486

68 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Parker-Hannifin Corp.
4.20%, 11/21/34 (Call 05/21/34)	$	250	$	257,855
4.45%, 11/21/44 (Call 05/21/44)		328		350,639
Series A
6.25%, 05/15/38		100		128,084
				11,924,135
MEDIA — 4.80%
21st Century Fox America Inc.
4.75%, 09/15/44 (Call 03/15/44)		350		355,197
4.95%, 10/15/45 (Call 04/15/45)		400		419,504
5.40%, 10/01/43		456		503,182
6.15%, 03/01/37		400		477,360
6.15%, 02/15/41		300		360,606
6.20%, 12/15/34		600		718,218
6.40%, 12/15/35		302		368,588
6.55%, 03/15/33		490		599,015
6.65%, 11/15/37		655		820,813
6.90%, 08/15/39		11		14,096
7.75%, 12/01/45		350		491,207
7.85%, 03/01/39		350		477,421
8.15%, 10/17/36		100		138,974
CBS Corp.
4.60%, 01/15/45 (Call 07/15/44)		200		197,944
4.85%, 07/01/42 (Call 01/01/42)		250		254,155
4.90%, 08/15/44 (Call 02/15/44)a		275		281,652
5.50%, 05/15/33		204		219,990
5.90%, 10/15/40 (Call 04/15/40)		211		242,599
7.88%, 07/30/30		350		474,232
Charter Communications Operating LLC/Charter Communications Operating Capital
6.38%, 10/23/35 (Call 04/23/35)		975		1,112,719
6.48%, 10/23/45 (Call 04/23/45)		1,500		1,740,000
6.83%, 10/23/55 (Call 04/23/55)		250		293,125
Comcast Corp.
3.20%, 07/15/36 (Call 01/15/36)		535		477,814
3.30%, 02/01/27 (Call 11/01/26)		400		398,044
3.40%, 07/15/46 (Call 01/15/46)a		865		747,542
4.20%, 08/15/34 (Call 02/15/34)		900		923,040
4.25%, 01/15/33		942		973,689
4.40%, 08/15/35 (Call 02/15/35)		850		887,171
4.50%, 01/15/43		400		408,940
4.60%, 08/15/45 (Call 02/15/45)		800		833,384

Security	Principal (000s)		Value
4.65%, 07/15/42	$	800	$	833,536
4.75%, 03/01/44		800		852,816
5.65%, 06/15/35		111		131,633
6.40%, 05/15/38		206		264,300
6.40%, 03/01/40		216		278,761
6.45%, 03/15/37		200		256,418
6.50%, 11/15/35		511		656,758
6.55%, 07/01/39		264		343,385
6.95%, 08/15/37		500		675,250
7.05%, 03/15/33		161		214,774
Discovery Communications LLC
4.88%, 04/01/43		150		136,728
4.95%, 05/15/42		175		159,280
6.35%, 06/01/40		600		640,572
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)a		400		363,768
6.13%, 01/31/46 (Call 07/31/45)		400		421,080
6.63%, 01/15/40		350		380,415
Historic TW Inc.
6.63%, 05/15/29		800		980,520
NBCUniversal Media LLC
4.45%, 01/15/43		750		762,637
5.95%, 04/01/41		525		640,663
6.40%, 04/30/40		750		966,330
TCI Communications Inc.
7.13%, 02/15/28		400		526,468
Thomson Reuters Corp.
5.50%, 08/15/35		150		163,849
5.65%, 11/23/43 (Call 05/23/43)		186		205,748
5.85%, 04/15/40		350		384,514
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)		450		411,187
5.50%, 09/01/41 (Call 03/01/41)		400		413,000
5.88%, 11/15/40 (Call 05/15/40)		700		757,750
6.55%, 05/01/37		300		346,500
6.75%, 06/15/39		750		889,687
7.30%, 07/01/38		900		1,121,625
Time Warner Companies Inc.
6.95%, 01/15/28		21		26,262
Time Warner Entertainment Co. LP
8.38%, 07/15/33		600		801,000
Time Warner Inc.
4.65%, 06/01/44 (Call 12/01/43)		750		719,077
4.85%, 07/15/45 (Call 01/15/45)a		700		692,846

SCHEDULEOF INVESTMENTS 69

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
4.90%, 06/15/42	$	268	$	266,028
5.35%, 12/15/43		400		419,500
5.38%, 10/15/41a		250		264,425
6.10%, 07/15/40		175		200,823
6.20%, 03/15/40		164		190,197
6.25%, 03/29/41		200		233,484
6.50%, 11/15/36		300		358,914
7.63%, 04/15/31		250		337,728
Viacom Inc.
4.38%, 03/15/43		600		526,242
4.85%, 12/15/34 (Call 06/15/34)		290		279,978
5.25%, 04/01/44 (Call 10/01/43)		275		270,795
5.85%, 09/01/43 (Call 03/01/43)		500		529,985
6.88%, 04/30/36		600		674,508
Walt Disney Co. (The)
3.00%, 07/30/46		125		106,793
3.70%, 12/01/42		275		265,873
4.13%, 06/01/44		350		363,202
4.38%, 08/16/41		250		267,337
7.00%, 03/01/32		300		411,549
Series E
4.13%, 12/01/41		300		310,068
				39,906,787
METAL FABRICATE & HARDWARE — 0.07%
Precision Castparts Corp.
3.90%, 01/15/43 (Call 07/15/42)		166		164,338
4.20%, 06/15/35 (Call 12/15/34)		250		260,670
4.38%, 06/15/45 (Call 12/15/44)		11		11,679
Valmont Industries Inc.
5.00%, 10/01/44 (Call 04/01/44)		75		70,820
5.25%, 10/01/54 (Call 04/01/54)		75		67,128
				574,635
MINING — 1.22%
Barrick Gold Corp.
5.25%, 04/01/42a		350		385,900
Barrick North America Finance LLC
5.70%, 05/30/41		400		459,580
5.75%, 05/01/43a		230		270,565
7.50%, 09/15/38		100		125,966
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39		550		633,270
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42		600		611,034
5.00%, 09/30/43		1,003		1,152,527

Security	Principal (000s)		Value
Goldcorp Inc.
5.45%, 06/09/44 (Call 12/09/43)	$	161	$	174,923
Newmont Mining Corp.
4.88%, 03/15/42 (Call 09/15/41)		315		323,250
5.88%, 04/01/35		251		282,229
6.25%, 10/01/39		600		712,944
Rio Tinto Alcan Inc.
5.75%, 06/01/35		11		12,061
6.13%, 12/15/33		11		12,547
7.25%, 03/15/31		275		335,533
Rio Tinto Finance USA Ltd.
5.20%, 11/02/40a		1,000		1,158,930
7.13%, 07/15/28		292		384,637
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)		556		561,916
4.75%, 03/22/42 (Call 09/22/41)a		155		171,494
Southern Copper Corp.
5.25%, 11/08/42		600		590,406
5.88%, 04/23/45		800		846,696
6.75%, 04/16/40		400		453,276
7.50%, 07/27/35		300		364,176
Vale Canada Ltd.
7.20%, 09/15/32		100		107,125
				10,130,985
OFFICE & BUSINESS EQUIPMENT — 0.02%
Xerox Corp.
6.75%, 12/15/39		200		205,168
				205,168
OIL & GAS — 6.74%
Anadarko Finance Co.
7.50%, 05/01/31		475		609,738
Anadarko Petroleum Corp.
4.50%, 07/15/44 (Call 01/15/44)		325		312,718
6.20%, 03/15/40		525		612,974
6.45%, 09/15/36		825		997,821
6.60%, 03/15/46 (Call 09/15/45)a		550		688,886
Apache Corp.
4.25%, 01/15/44 (Call 07/15/43)		225		217,933
4.75%, 04/15/43 (Call 10/15/42)		930		956,049
5.10%, 09/01/40 (Call 03/01/40)		850		902,912
6.00%, 01/15/37		600		697,674
BP Capital Markets PLC
3.72%, 11/28/28 (Call 08/28/28)a		500		507,100

70 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Burlington Resources Finance Co.
7.20%, 08/15/31	$	350	$	457,734
7.40%, 12/01/31		300		396,726
Canadian Natural Resources Ltd.
5.85%, 02/01/35		150		167,123
6.25%, 03/15/38a		750		875,393
6.45%, 06/30/33		200		229,884
7.20%, 01/15/32		300		365,094
CNOOC Nexen Finance 2014 ULC
4.88%, 04/30/44		800		860,240
Conoco Funding Co.
7.25%, 10/15/31		300		396,639
ConocoPhillips
5.90%, 10/15/32		13		15,327
6.50%, 02/01/39a		850		1,075,080
ConocoPhillips Canada Funding Co. I
5.95%, 10/15/36		350		412,828
ConocoPhillips Co.
4.15%, 11/15/34 (Call 05/15/34)		415		413,689
4.30%, 11/15/44 (Call 05/15/44)		725		717,460
5.95%, 03/15/46 (Call 09/15/45)		175		215,646
ConocoPhillips Holding Co.
6.95%, 04/15/29		1,150		1,478,797
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		1,225		1,203,562
5.00%, 06/15/45 (Call 12/15/44)		350		355,250
5.60%, 07/15/41 (Call 01/15/41)		375		402,187
7.95%, 04/15/32		80		104,500
Ecopetrol SA
5.88%, 05/28/45		800		723,720
7.38%, 09/18/43		550		587,290
Encana Corp.
6.50%, 08/15/34		850		971,125
6.50%, 02/01/38		550		629,062
Eni USA Inc.
7.30%, 11/15/27		205		253,605
EOG Resources Inc.
3.90%, 04/01/35 (Call 10/01/34)		300		291,765
Exxon Mobil Corp.
3.57%, 03/06/45 (Call 09/06/44)		250		237,865
4.11%, 03/01/46 (Call 09/01/45)a		1,750		1,820,560
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)a		600		600,000
5.60%, 02/15/41		500		513,125

Security	Principal (000s)		Value
5.80%, 04/01/47 (Call 10/01/46)a	$	550	$	585,062
6.00%, 01/15/40		200		211,500
7.13%, 03/15/33		225		262,406
7.30%, 08/15/31		500		588,125
Kerr-McGee Corp.
7.88%, 09/15/31		14		18,205
Marathon Oil Corp.
5.20%, 06/01/45 (Call 12/01/44)		350		351,312
6.60%, 10/01/37		530		613,475
6.80%, 03/15/32		26		30,388
Marathon Petroleum Corp.
4.75%, 09/15/44 (Call 03/15/44)		450		420,980
5.00%, 09/15/54 (Call 03/15/54)		200		176,956
6.50%, 03/01/41 (Call 09/01/40)		525		593,450
Nexen Energy ULC
6.40%, 05/15/37		860		1,062,375
7.50%, 07/30/39		400		558,436
7.88%, 03/15/32		160		219,002
Noble Energy Inc.
5.25%, 11/15/43 (Call 05/15/43)		500		528,760
6.00%, 03/01/41 (Call 09/01/40)		700		802,011
Occidental Petroleum Corp.
4.10%, 02/15/47 (Call 08/15/46)		500		491,035
4.40%, 04/15/46 (Call 10/15/45)		725		742,777
4.63%, 06/15/45 (Call 12/15/44)		200		211,090
Petro-Canada
5.35%, 07/15/33		125		139,619
5.95%, 05/15/35		11		13,078
6.80%, 05/15/38		800		1,045,312
Petroleos Mexicanos
5.50%, 06/27/44		1,150		990,541
5.63%, 01/23/46		1,450		1,256,744
6.38%, 01/23/45		1,400		1,327,914
6.50%, 06/02/41		1,300		1,261,910
6.63%, 06/15/35		1,755		1,766,829
6.63%, 06/15/38		300		298,833
6.75%, 09/21/47		1,892		1,881,594
Phillips 66
4.65%, 11/15/34 (Call 05/15/34)		450		465,021
4.88%, 11/15/44 (Call 05/15/44)		1,200		1,249,752
5.88%, 05/01/42		215		252,730
Shell International Finance BV
3.75%, 09/12/46a		500		468,215
4.00%, 05/10/46		1,300		1,267,110

SCHEDULEOF INVESTMENTS 71

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
4.13%, 05/11/35	$	565	$	580,470
4.38%, 05/11/45		1,625		1,676,659
4.55%, 08/12/43		1,350		1,424,210
5.50%, 03/25/40		346		411,958
6.38%, 12/15/38		956		1,250,381
Statoil ASA
3.95%, 05/15/43		700		691,187
4.25%, 11/23/41		150		153,837
4.80%, 11/08/43		450		502,150
5.10%, 08/17/40		230		262,816
6.50%, 12/01/28c		100		129,205
Suncor Energy Inc.
5.95%, 12/01/34		150		178,838
6.50%, 06/15/38		400		511,476
6.85%, 06/01/39		600		793,686
Tosco Corp.
8.13%, 02/15/30		61		84,731
Valero Energy Corp.
4.90%, 03/15/45a		450		455,666
6.63%, 06/15/37a		1,000		1,202,200
7.50%, 04/15/32		200		254,894
				55,991,992
OIL & GAS SERVICES — 0.50%
Baker Hughes Inc.
5.13%, 09/15/40		490		549,025
Halliburton Co.
4.50%, 11/15/41 (Call 05/15/41)		350		350,462
4.75%, 08/01/43 (Call 02/01/43)		735		765,907
4.85%, 11/15/35 (Call 05/15/35)		600		643,824
5.00%, 11/15/45 (Call 05/15/45)		565		613,466
6.70%, 09/15/38		21		26,467
7.45%, 09/15/39		550		744,705
National Oilwell Varco Inc.
3.95%, 12/01/42 (Call 06/01/42)		600		495,222
				4,189,078
PACKAGING & CONTAINERS — 0.09%
Sonoco Products Co.
5.75%, 11/01/40 (Call 05/01/40)		253		287,175
WestRock MWV LLC
7.95%, 02/15/31		11		14,749
8.20%, 01/15/30		355		476,772
				778,696

Security	Principal (000s)		Value
PHARMACEUTICALS — 4.60%
AbbVie Inc.
4.30%, 05/14/36 (Call 11/14/35)	$	1,025	$	998,381
4.40%, 11/06/42		1,175		1,126,954
4.45%, 05/14/46 (Call 11/14/45)		750		725,872
4.50%, 05/14/35 (Call 11/14/34)		1,250		1,249,750
4.70%, 05/14/45 (Call 11/14/44)		1,000		1,001,700
Actavis Funding SCS
4.55%, 03/15/35 (Call 09/15/34)		1,880		1,893,442
4.75%, 03/15/45 (Call 09/15/44)		1,030		1,044,183
4.85%, 06/15/44 (Call 12/15/43)		475		484,699
Actavis Inc.
4.63%, 10/01/42 (Call 04/01/42)		300		297,834
AmerisourceBergen Corp.
4.25%, 03/01/45 (Call 09/01/44)a		336		329,058
AstraZeneca PLC
4.00%, 09/18/42		450		438,476
4.38%, 11/16/45		550		566,131
6.45%, 09/15/37		1,200		1,571,412
Bristol-Myers Squibb Co.
3.25%, 08/01/42		49		43,415
4.50%, 03/01/44 (Call 09/01/43)		330		354,595
5.88%, 11/15/36		450		564,228
Cardinal Health Inc.
4.50%, 11/15/44 (Call 05/15/44)		200		199,268
4.60%, 03/15/43		475		477,631
Eli Lilly & Co.
3.70%, 03/01/45 (Call 09/01/44)		400		383,656
5.50%, 03/15/27		400		480,556
5.55%, 03/15/37		166		202,118
Express Scripts Holding Co.
3.40%, 03/01/27 (Call 12/01/26)		600		569,670
4.80%, 07/15/46 (Call 01/15/46)a		725		705,447
6.13%, 11/15/41		350		400,176
GlaxoSmithKline Capital Inc.
4.20%, 03/18/43		5		5,188
5.38%, 04/15/34		200		234,424
6.38%, 05/15/38		1,400		1,851,094
Johnson & Johnson
3.55%, 03/01/36 (Call 09/01/35)		800		800,872
3.70%, 03/01/46 (Call 09/01/45)		1,250		1,240,350
4.38%, 12/05/33 (Call 06/05/33)		500		553,675
4.50%, 09/01/40		450		500,548

72 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
4.50%, 12/05/43 (Call 06/05/43)	$	300	$	336,519
4.85%, 05/15/41		11		12,844
4.95%, 05/15/33		261		305,566
5.85%, 07/15/38		213		279,518
5.95%, 08/15/37		200		263,352
McKesson Corp.
4.88%, 03/15/44 (Call 09/15/43)		550		568,299
6.00%, 03/01/41 (Call 09/01/40)		105		122,611
Mead Johnson Nutrition Co.
4.60%, 06/01/44 (Call 12/01/43)		153		159,454
5.90%, 11/01/39		300		355,365
Merck & Co. Inc.
3.60%, 09/15/42 (Call 03/15/42)a		11		10,435
3.70%, 02/10/45 (Call 08/10/44)a		1,050		1,013,596
4.15%, 05/18/43		700		722,841
6.50%, 12/01/33		200		262,740
6.55%, 09/15/37		150		202,182
Merck Sharp & Dohme Corp.
5.75%, 11/15/36		500		615,665
5.85%, 06/30/39		11		13,845
5.95%, 12/01/28a		350		431,378
Mylan Inc.
5.40%, 11/29/43 (Call 05/29/43)		200		202,424
Mylan NV
5.25%, 06/15/46 (Call 12/15/45)a		650		650,448
Novartis Capital Corp.
3.70%, 09/21/42		125		121,014
4.00%, 11/20/45 (Call 05/20/45)		900		917,010
4.40%, 05/06/44		800		868,048
Perrigo Co. PLC
5.30%, 11/15/43 (Call 05/15/43)		250		252,608
Perrigo Finance Unlimited Co.
4.90%, 12/15/44 (Call 06/15/44)		221		214,755
Pfizer Inc.
4.13%, 12/15/46		430		437,710
4.30%, 06/15/43		371		386,716
4.40%, 05/15/44		806		852,732
5.60%, 09/15/40		100		122,666
7.20%, 03/15/39		1,500		2,165,295
Pharmacia LLC
6.60%, 12/01/28		900		1,168,137
Teva Pharmaceutical Finance Co. LLC
6.15%, 02/01/36a		400		449,216

Security	Principal (000s)		Value
Teva Pharmaceutical Finance Netherlands III BV
4.10%, 10/01/46a	$	1,000	$	870,480
Wyeth LLC
5.95%, 04/01/37		800		1,003,536
6.00%, 02/15/36		21		26,201
6.50%, 02/01/34		43		55,844
Zoetis Inc.
4.70%, 02/01/43 (Call 08/01/42)		490		497,350
				38,233,203
PIPELINES — 3.68%
Boardwalk Pipelines LP
4.45%, 07/15/27 (Call 04/15/27)		380		389,139
Buckeye Partners LP
5.60%, 10/15/44 (Call 04/15/44)		100		104,700
5.85%, 11/15/43 (Call 05/15/43)		250		265,158
Columbia Pipeline Group Inc.
5.80%, 06/01/45 (Call 12/01/44)		175		207,356
Enable Midstream Partners LP
5.00%, 05/15/44 (Call 11/15/43)		125		116,094
Enbridge Energy Partners LP
5.50%, 09/15/40 (Call 03/15/40)		200		202,406
Series B
7.50%, 04/15/38		300		366,237
Enbridge Inc.
4.50%, 06/10/44 (Call 12/10/43)		200		188,804
5.50%, 12/01/46 (Call 05/29/46)		250		270,112
Energy Transfer Partners LP
4.90%, 03/15/35 (Call 09/15/34)		220		213,532
5.15%, 02/01/43 (Call 08/01/42)		255		245,848
5.15%, 03/15/45 (Call 09/15/44)		550		536,250
5.30%, 04/15/47 (Call 10/15/46)		500		499,085
6.05%, 06/01/41 (Call 12/01/40)		50		53,675
6.13%, 12/15/45 (Call 06/15/45)		350		385,574
6.50%, 02/01/42 (Call 08/01/41)		700		789,712
6.63%, 10/15/36		135		153,992
7.50%, 07/01/38		511		623,451
EnLink Midstream Partners LP
5.05%, 04/01/45 (Call 10/01/44)		250		238,437
5.60%, 04/01/44 (Call 10/01/43)		100		101,750
Enterprise Products Operating LLC
3.95%, 02/15/27 (Call 11/15/26)a		220		226,393
4.45%, 02/15/43 (Call 08/15/42)		625		610,381

SCHEDULEOF INVESTMENTS 73

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
4.85%, 08/15/42 (Call 02/15/42)	$	225	$	231,975
4.85%, 03/15/44 (Call 09/15/43)		900		932,841
4.90%, 05/15/46 (Call 11/15/45)		350		367,174
4.95%, 10/15/54 (Call 04/15/54)		400		407,044
5.10%, 02/15/45 (Call 08/15/44)		500		534,940
5.70%, 02/15/42		470		534,930
5.95%, 02/01/41		298		345,871
6.13%, 10/15/39		145		170,555
7.55%, 04/15/38		212		281,564
Series D
6.88%, 03/01/33		200		248,246
Series H
6.65%, 10/15/34		111		136,584
Kinder Morgan Energy Partners LP
4.70%, 11/01/42 (Call 05/01/42)		215		202,760
5.00%, 08/15/42 (Call 02/15/42)		250		244,790
5.00%, 03/01/43 (Call 09/01/42)		100		98,248
5.40%, 09/01/44 (Call 03/01/44)		210		214,672
5.50%, 03/01/44 (Call 09/01/43)		300		311,211
5.80%, 03/15/35		775		827,684
6.38%, 03/01/41		230		254,879
6.55%, 09/15/40		100		113,168
6.95%, 01/15/38		800		949,600
7.30%, 08/15/33		11		13,100
7.40%, 03/15/31		118		141,899
7.50%, 11/15/40		350		430,759
7.75%, 03/15/32		100		124,526
Kinder Morgan Inc./DE
5.05%, 02/15/46 (Call 08/15/45)		425		422,888
5.30%, 12/01/34 (Call 06/01/34)		1,450		1,494,776
5.55%, 06/01/45 (Call 12/01/44)		1,300		1,373,294
7.75%, 01/15/32		25		31,529
Magellan Midstream Partners LP
4.25%, 09/15/46 (Call 03/15/46)a		250		240,042
5.15%, 10/15/43 (Call 04/15/43)		250		268,972
MPLX LP
5.20%, 03/01/47 (Call 09/01/46)		250		255,897
ONEOK Partners LP
6.13%, 02/01/41 (Call 08/01/40)		350		397,327
6.20%, 09/15/43 (Call 03/15/43)		25		28,727
6.65%, 10/01/36		400		465,472
6.85%, 10/15/37		300		354,240
Phillips 66 Partners LP
4.90%, 10/01/46 (Call 04/01/46)a		450		443,732

Security	Principal (000s)		Value
Plains All American Pipeline LP/PAA Finance Corp.
4.70%, 06/15/44 (Call 12/15/43)	$	250	$	232,062
4.90%, 02/15/45 (Call 08/15/44)		300		286,206
5.15%, 06/01/42 (Call 12/01/41)		400		386,416
6.65%, 01/15/37		350		393,593
Sabine Pass Liquefaction LLC
4.20%, 03/15/28c		105		104,898
Spectra Energy Partners LP
4.50%, 03/15/45 (Call 09/15/44)		285		276,108
5.95%, 09/25/43 (Call 03/25/43)		241		277,217
Sunoco Logistics Partners Operations LP
4.95%, 01/15/43 (Call 07/15/42)		750		710,730
5.30%, 04/01/44 (Call 10/01/43)		250		252,683
6.10%, 02/15/42		175		186,888
Tennessee Gas Pipeline Co. LLC
7.00%, 10/15/28		275		328,784
Texas Eastern Transmission LP
7.00%, 07/15/32		250		306,403
TransCanada PipeLines Ltd.
4.63%, 03/01/34 (Call 12/01/33)		685		735,745
5.00%, 10/16/43 (Call 04/16/43)		310		346,382
5.60%, 03/31/34		300		347,436
5.85%, 03/15/36		100		121,632
6.10%, 06/01/40		174		217,982
6.20%, 10/15/37		425		538,352
7.25%, 08/15/38		400		554,964
7.63%, 01/15/39a		600		867,030
Transcontinental Gas Pipe Line Co. LLC
4.45%, 08/01/42 (Call 02/01/42)		400		373,808
5.40%, 08/15/41 (Call 02/15/41)		26		27,723
Western Gas Partners LP
5.45%, 04/01/44 (Call 10/01/43)		300		317,625
Williams Partners LP
4.90%, 01/15/45 (Call 07/15/44)		525		515,576
5.10%, 09/15/45 (Call 03/15/45)		200		202,750
5.40%, 03/04/44 (Call 09/04/43)		600		624,978
5.80%, 11/15/43 (Call 05/15/43)		50		54,224
6.30%, 04/15/40		250		285,713
				30,557,910

74 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
REAL ESTATE INVESTMENT TRUSTS — 0.54%
AvalonBay Communities Inc.
3.90%, 10/15/46 (Call 04/15/46)a	$	200	$	191,148
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		540		562,340
Federal Realty Investment Trust
4.50%, 12/01/44 (Call 06/01/44)		267		274,836
HCP Inc.
6.75%, 02/01/41 (Call 08/01/40)		155		189,691
Kilroy Realty LP
4.25%, 08/15/29 (Call 05/15/29)		14		14,202
Kimco Realty Corp.
4.25%, 04/01/45 (Call 10/01/44)		200		192,618
Omega Healthcare Investors Inc.
4.50%, 04/01/27 (Call 01/01/27)		302		299,798
Realty Income Corp.
5.88%, 03/15/35		150		172,593
Simon Property Group LP
4.25%, 10/01/44 (Call 04/01/44)		14		13,957
4.75%, 03/15/42 (Call 09/15/41)a		280		298,508
6.75%, 02/01/40 (Call 11/01/39)a		550		738,656
Ventas Realty LP
4.38%, 02/01/45 (Call 08/01/44)		297		281,378
5.70%, 09/30/43 (Call 03/30/43)		11		12,526
Welltower Inc.
5.13%, 03/15/43 (Call 09/15/42)		75		78,132
6.50%, 03/15/41 (Call 09/15/40)		200		244,472
Weyerhaeuser Co.
6.88%, 12/15/33		100		122,733
6.95%, 10/01/27		200		244,400
7.38%, 03/15/32		450		592,443
				4,524,431
RETAIL — 3.82%
Bed Bath & Beyond Inc.
4.92%, 08/01/34 (Call 02/01/34)		200		189,086
5.17%, 08/01/44 (Call 02/01/44)		400		361,808
CVS Health Corp.
4.88%, 07/20/35 (Call 01/20/35)		700		760,886
5.13%, 07/20/45 (Call 01/20/45)		2,055		2,293,996
5.30%, 12/05/43 (Call 06/05/43)		18		20,406
Darden Restaurants Inc.
6.80%, 10/15/37		149		175,984

Security	Principal (000s)		Value
Home Depot Inc. (The)
3.50%, 09/15/56 (Call 03/15/56)	$	640	$	567,085
4.20%, 04/01/43 (Call 10/01/42)		146		151,860
4.25%, 04/01/46 (Call 10/01/45)		775		817,447
4.40%, 03/15/45 (Call 09/15/44)		550		591,250
4.88%, 02/15/44 (Call 08/15/43)		525		603,613
5.40%, 09/15/40 (Call 03/15/40)		21		25,395
5.88%, 12/16/36		1,350		1,724,517
5.95%, 04/01/41 (Call 10/01/40)		700		900,081
Kohl’s Corp.
5.55%, 07/17/45 (Call 01/17/45)		200		180,152
Lowe’s Companies Inc.
3.70%, 04/15/46 (Call 10/15/45)a		650		616,681
4.25%, 09/15/44 (Call 03/15/44)		300		309,090
4.38%,��09/15/45 (Call 03/15/45)		500		528,090
4.65%, 04/15/42 (Call 10/15/41)		300		325,413
5.00%, 09/15/43 (Call 03/15/43)		500		567,040
5.50%, 10/15/35		11		13,073
5.80%, 10/15/36		16		19,629
5.80%, 04/15/40 (Call 10/15/39)a		300		371,943
6.65%, 09/15/37		100		134,589
6.88%, 02/15/28		450		591,656
Macy’s Retail Holdings Inc.
4.50%, 12/15/34 (Call 06/15/34)		107		95,778
5.13%, 01/15/42 (Call 07/15/41)		75		68,580
6.38%, 03/15/37		150		150,545
6.70%, 07/15/34		200		201,020
6.90%, 04/01/29		500		533,615
McDonald’s Corp.
3.63%, 05/01/43		11		9,798
3.70%, 02/15/42		350		315,661
4.60%, 05/26/45 (Call 11/26/44)a		300		309,165
4.70%, 12/09/35 (Call 06/09/35)		1,025		1,084,276
4.88%, 07/15/40		6		6,376
4.88%, 12/09/45 (Call 06/09/45)		800		861,168
5.70%, 02/01/39		275		321,709
6.30%, 10/15/37		300		377,208
6.30%, 03/01/38		225		282,280
Nordstrom Inc.
5.00%, 01/15/44 (Call 07/15/43)		332		320,164
6.95%, 03/15/28		175		212,973
QVC Inc.
5.45%, 08/15/34 (Call 02/15/34)a		250		233,750
5.95%, 03/15/43		50		46,437

SCHEDULEOF INVESTMENTS 75

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Starbucks Corp.
4.30%, 06/15/45 (Call 12/15/44)	$	197	$	209,831
Target Corp.
3.63%, 04/15/46a		930		848,783
4.00%, 07/01/42		800		784,488
6.35%, 11/01/32		282		357,438
Tiffany & Co.
4.90%, 10/01/44 (Call 04/01/44)		83		78,629
Wal-Mart Stores Inc.
4.00%, 04/11/43 (Call 10/11/42)a		900		910,143
4.30%, 04/22/44 (Call 10/22/43)a		600		635,826
4.75%, 10/02/43 (Call 04/02/43)		566		635,867
4.88%, 07/08/40		168		190,307
5.00%, 10/25/40		348		400,134
5.25%, 09/01/35		1,200		1,425,540
5.63%, 04/01/40		216		268,453
5.63%, 04/15/41		300		373,728
5.88%, 04/05/27		21		26,094
6.20%, 04/15/38		1,750		2,312,905
6.50%, 08/15/37		1,300		1,759,225
7.55%, 02/15/30		533		773,431
Walgreen Co.
4.40%, 09/15/42		125		122,650
Walgreens Boots Alliance Inc.
4.50%, 11/18/34 (Call 05/18/34)		150		152,208
4.65%, 06/01/46 (Call 12/01/45)		350		356,237
4.80%, 11/18/44 (Call 05/18/44)		800		830,408
				31,723,598
SEMICONDUCTORS — 0.68%
Analog Devices Inc.
5.30%, 12/15/45 (Call 06/15/45)		250		277,833
Applied Materials Inc.
5.10%, 10/01/35 (Call 04/01/35)		350		395,521
5.85%, 06/15/41		250		308,590
Intel Corp.
4.00%, 12/15/32		386		406,080
4.10%, 05/19/46 (Call 11/19/45)		450		454,252
4.25%, 12/15/42		371		384,215
4.80%, 10/01/41		830		928,305
4.90%, 07/29/45 (Call 01/29/45)		1,160		1,323,293
QUALCOMM Inc.
4.65%, 05/20/35 (Call 11/20/34)		350		367,028
4.80%, 05/20/45 (Call 11/20/44)		800		838,792
				5,683,909

Security	Principal (000s)		Value
SOFTWARE — 2.64%
Fidelity National Information Services Inc.
4.50%, 08/15/46 (Call 02/15/46)	$	250	$	243,685
Microsoft Corp.
3.45%, 08/08/36 (Call 02/08/36)		1,500		1,434,720
3.50%, 02/12/35 (Call 08/12/34)		950		917,539
3.50%, 11/15/42		350		323,593
3.70%, 08/08/46 (Call 02/08/46)		2,200		2,077,064
3.75%, 05/01/43 (Call 11/01/42)		400		382,500
3.75%, 02/12/45 (Call 08/12/44)		428		408,714
3.95%, 08/08/56 (Call 02/08/56)		500		471,105
4.00%, 02/12/55 (Call 08/12/54)		1,175		1,119,422
4.10%, 02/06/37 (Call 08/06/36)		220		227,702
4.20%, 11/03/35 (Call 05/03/35)		400		419,660
4.45%, 11/03/45 (Call 05/03/45)		1,300		1,380,145
4.50%, 10/01/40		404		434,304
4.75%, 11/03/55 (Call 05/03/55)		1,000		1,079,690
4.88%, 12/15/43 (Call 06/15/43)a		354		398,360
5.20%, 06/01/39		322		378,224
5.30%, 02/08/41a		919		1,096,946
Series 30Y
4.25%, 02/06/47 (Call 08/06/46)		500		516,195
Oracle Corp.
3.25%, 05/15/30 (Call 02/15/30)a		300		296,574
3.85%, 07/15/36 (Call 01/15/36)		850		842,274
3.90%, 05/15/35 (Call 11/15/34)		1,007		1,004,895
4.00%, 07/15/46 (Call 01/15/46)a		1,475		1,435,676
4.13%, 05/15/45 (Call 11/15/44)		1,000		988,880
4.30%, 07/08/34 (Call 01/08/34)		900		946,332
4.38%, 05/15/55 (Call 11/15/54)		354		353,207
4.50%, 07/08/44 (Call 01/08/44)		650		679,874
5.38%, 07/15/40		919		1,079,779
6.13%, 07/08/39		725		924,230
6.50%, 04/15/38		65		85,937
				21,947,226
TELECOMMUNICATIONS — 6.77%
America Movil SAB de CV
4.38%, 07/16/42a		643		615,537
6.13%, 11/15/37a		125		144,850
6.13%, 03/30/40		1,100		1,288,958
6.38%, 03/01/35		265		314,613

76 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
AT&T Corp.
8.25%, 11/15/31	$	501	$	686,671
AT&T Inc.
4.30%, 12/15/42 (Call 06/15/42)		1,300		1,155,609
4.35%, 06/15/45 (Call 12/15/44)		829		734,129
4.50%, 05/15/35 (Call 11/15/34)a		1,600		1,514,064
4.50%, 03/09/48 (Call 09/09/47)a		2,486		2,233,373
4.55%, 03/09/49 (Call 09/09/48)		1,131		1,019,178
4.75%, 05/15/46 (Call 11/15/45)		1,700		1,588,446
4.80%, 06/15/44 (Call 12/15/43)		1,500		1,412,520
5.15%, 03/15/42		866		857,608
5.25%, 03/01/37 (Call 09/01/36)		500		516,345
5.35%, 09/01/40		657		667,440
5.45%, 03/01/47 (Call 09/01/46)		500		515,950
5.65%, 02/15/47 (Call 08/15/46)a		1,000		1,054,850
6.00%, 08/15/40 (Call 05/15/40)		259		283,605
6.30%, 01/15/38		608		690,500
6.35%, 03/15/40		325		369,675
6.38%, 03/01/41		500		569,740
6.50%, 09/01/37		376		439,924
AT&T Mobility LLC
7.13%, 12/15/31a		650		810,972
BellSouth Telecommunications LLC
6.38%, 06/01/28a		200		224,026
British Telecommunications PLC
9.13%, 12/15/30		1,116		1,666,523
Cisco Systems Inc.
5.50%, 01/15/40		1,075		1,328,679
5.90%, 02/15/39		700		897,106
Deutsche Telekom International Finance BV
8.75%, 06/15/30		1,579		2,332,609
9.25%, 06/01/32		219		342,299
Juniper Networks Inc.
5.95%, 03/15/41		200		215,598
Koninklijke KPN NV
8.38%, 10/01/30		501		670,163
Motorola Solutions Inc.
5.50%, 09/01/44		200		194,894
New Cingular Wireless Services Inc.
8.75%, 03/01/31		500		706,520
Orange SA
5.38%, 01/13/42		350		394,719
5.50%, 02/06/44 (Call 08/06/43)a		520		602,233

Security	Principal (000s)		Value
9.00%, 03/01/31	$	1,030	$	1,543,846
Qwest Corp.
6.88%, 09/15/33 (Call 03/31/17)		485		480,150
Rogers Communications Inc.
4.50%, 03/15/43 (Call 09/15/42)a		150		149,325
5.00%, 03/15/44 (Call 09/15/43)		300		322,767
5.45%, 10/01/43 (Call 04/01/43)		21		23,777
7.50%, 08/15/38		400		534,792
Telefonica Emisiones SAU
7.05%, 06/20/36		1,175		1,411,022
Telefonica Europe BV
8.25%, 09/15/30		250		337,630
TELUS Corp.
2.80%, 02/16/27 (Call 11/16/26)		250		235,943
Verizon Communications Inc.
3.85%, 11/01/42 (Call 05/01/42)		725		613,749
4.13%, 08/15/46		145		127,238
4.27%, 01/15/36		1,250		1,182,150
4.40%, 11/01/34 (Call 05/01/34)		1,550		1,490,619
4.52%, 09/15/48		2,300		2,121,865
4.67%, 03/15/55		2,400		2,191,416
4.75%, 11/01/41		515		499,246
4.81%, 03/15/39c		1,078		1,073,677
4.86%, 08/21/46		2,300		2,242,431
5.01%, 04/15/49c		1,900		1,871,519
5.01%, 08/21/54		2,600		2,502,344
5.05%, 03/15/34 (Call 12/15/33)		851		877,364
6.00%, 04/01/41		800		907,992
6.55%, 09/15/43		1,800		2,197,620
Vodafone Group PLC
4.38%, 02/19/43		650		594,666
6.15%, 02/27/37		800		912,080
6.25%, 11/30/32		300		354,315
7.88%, 02/15/30a		302		404,272
				56,263,741
TEXTILES — 0.01%
Cintas Corp. No. 2
6.15%, 08/15/36a		100		117,300
				117,300
TOYS, GAMES & HOBBIES — 0.09%
Hasbro Inc.
5.10%, 05/15/44 (Call 11/15/43)		151		155,184
6.35%, 03/15/40		295		346,723

SCHEDULEOF INVESTMENTS 77

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Mattel Inc.
5.45%, 11/01/41 (Call 05/01/41)a	$	250	$	254,315
				756,222
TRANSPORTATION — 2.81%
Burlington Northern Santa Fe LLC
3.90%, 08/01/46 (Call 02/01/46)		415		408,310
4.15%, 04/01/45 (Call 10/01/44)		700		711,732
4.38%, 09/01/42 (Call 03/01/42)		287		300,661
4.40%, 03/15/42 (Call 09/15/41)		463		486,377
4.45%, 03/15/43 (Call 09/15/42)		11		11,639
4.55%, 09/01/44 (Call 03/01/44)		475		511,945
4.70%, 09/01/45 (Call 03/01/45)		275		304,122
4.90%, 04/01/44 (Call 10/01/43)		600		679,362
4.95%, 09/15/41 (Call 03/15/41)		114		128,309
5.05%, 03/01/41 (Call 09/01/40)		26		29,585
5.15%, 09/01/43 (Call 03/01/43)		173		201,465
5.40%, 06/01/41 (Call 12/01/40)		400		474,320
5.75%, 05/01/40 (Call 11/01/39)		366		450,378
6.15%, 05/01/37		161		207,769
6.20%, 08/15/36		350		448,563
Canadian National Railway Co.
3.20%, 08/02/46 (Call 02/02/46)a		250		222,930
3.50%, 11/15/42 (Call 05/15/42)		50		46,433
4.50%, 11/07/43 (Call 05/07/43)		150		162,039
6.20%, 06/01/36		250		325,995
6.25%, 08/01/34		111		144,013
6.38%, 11/15/37		200		266,644
6.90%, 07/15/28		350		467,033
Canadian Pacific Railway Co.
4.80%, 09/15/35 (Call 03/15/35)		197		216,257
4.80%, 08/01/45 (Call 02/01/45)a		100		109,655
5.75%, 03/15/33		50		57,044
5.75%, 01/15/42		150		180,890
5.95%, 05/15/37		16		19,535
6.13%, 09/15/15 (Call 03/15/15)		200		241,080
7.13%, 10/15/31		700		950,138
CSX Corp.
3.95%, 05/01/50 (Call 11/01/49)		330		303,943
4.10%, 03/15/44 (Call 09/15/43)		525		510,279
4.25%, 11/01/66 (Call 05/01/66)		500		460,895
4.40%, 03/01/43 (Call 09/01/42)		200		202,582
4.50%, 08/01/54 (Call 02/01/54)		400		395,028
4.75%, 05/30/42 (Call 11/30/41)		400		425,452

Security	Principal (000s)		Value
5.50%, 04/15/41 (Call 10/15/40)	$	70	$	81,535
6.00%, 10/01/36		450		548,676
6.15%, 05/01/37a		105		130,940
6.22%, 04/30/40		105		131,380
FedEx Corp.
3.88%, 08/01/42a		309		283,384
3.90%, 02/01/35		800		773,592
4.10%, 04/15/43		52		49,606
4.10%, 02/01/45		200		190,218
4.55%, 04/01/46 (Call 10/01/45)		1,200		1,228,332
4.75%, 11/15/45 (Call 05/15/45)		350		366,810
4.90%, 01/15/34		338		365,412
5.10%, 01/15/44		275		299,524
Kansas City Southern
4.30%, 05/15/43 (Call 11/15/42)		100		93,621
4.95%, 08/15/45 (Call 02/15/45)		350		356,097
Norfolk Southern Corp.
4.45%, 06/15/45 (Call 12/15/44)		441		467,081
4.65%, 01/15/46 (Call 07/15/45)a		350		383,131
4.80%, 08/15/43 (Call 02/15/43)		700		775,894
4.84%, 10/01/41		479		532,361
6.00%, 03/15/05		11		12,973
6.00%, 05/23/11		350		418,870
Union Pacific Corp.
3.35%, 08/15/46 (Call 02/15/46)a		150		136,355
3.38%, 02/01/35 (Call 08/01/34)		450		437,225
3.88%, 02/01/55 (Call 08/01/54)		450		419,827
4.05%, 11/15/45 (Call 05/15/45)		300		304,995
4.05%, 03/01/46 (Call 09/01/45)a		350		357,322
4.15%, 01/15/45 (Call 07/15/44)a		75		77,050
4.30%, 06/15/42 (Call 12/15/41)		550		575,074
4.38%, 11/15/65 (Call 05/15/65)a		6		6,067
4.75%, 09/15/41 (Call 03/15/41)		8		8,805
4.75%, 12/15/43 (Call 06/15/43)a		50		54,967
4.82%, 02/01/44 (Call 08/01/43)		370		412,602
6.63%, 02/01/29a		307		399,054
United Parcel Service Inc.
3.40%, 11/15/46 (Call 05/15/46)a		110		101,341
3.63%, 10/01/42		105		100,477
4.88%, 11/15/40 (Call 05/15/40)		305		347,307
6.20%, 01/15/38		700		925,799
United Parcel Service of America Inc.
8.38%, 04/01/30b		100		142,421
				23,358,527

78 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
TRUCKING & LEASING — 0.03%
GATX Corp.
4.50%, 03/30/45 (Call 09/30/44)	$	50	$	46,271
5.20%, 03/15/44 (Call 09/15/43)		200		205,272
				251,543
WATER — 0.18%
American Water Capital Corp.
4.00%, 12/01/46 (Call 06/01/46)		95		96,834
4.30%, 12/01/42 (Call 06/01/42)a		16		16,808
4.30%, 09/01/45 (Call 03/01/45)		500		526,515
6.59%, 10/15/37		239		321,730
United Utilities PLC
6.88%, 08/15/28		200		228,376
Veolia Environnement SA
6.75%, 06/01/38		225		279,074
				1,469,337
TOTAL CORPORATE BONDS & NOTES (Cost: $711,010,019)				701,475,249
FOREIGN GOVERNMENT OBLIGATIONSd — 5.50%
CANADA — 0.15%
Province of Quebec Canada
7.50%, 09/15/29		850		1,206,923
				1,206,923
CHILE — 0.04%
Chile Government International Bond
3.63%, 10/30/42a		300		295,584
				295,584
COLOMBIA — 0.71%
Colombia Government International Bond
3.88%, 04/25/27 (Call 01/25/27)		200		199,566
5.00%, 06/15/45 (Call 12/15/44)a		1,200		1,193,796
5.63%, 02/26/44 (Call 08/26/43)		1,800		1,943,010
6.13%, 01/18/41a		1,000		1,130,270
7.38%, 09/18/37		800		1,012,256
10.38%, 01/28/33		300		447,309
				5,926,207
HUNGARY — 0.09%
Hungary Government International Bond
7.63%, 03/29/41a		500		716,100
				716,100

Security	Principal (000s)		Value
ISRAEL — 0.10%
Israel Government International Bond
4.50%, 01/30/43	$	800	$	823,768
				823,768
ITALY — 0.13%
Republic of Italy Government International Bond
5.38%, 06/15/33		1,021		1,108,990
				1,108,990
MEXICO — 1.29%
Mexico Government International Bond
4.35%, 01/15/47		900		808,056
4.60%, 01/23/46a		1,400		1,311,660
4.75%, 03/08/44		2,150		2,050,390
5.55%, 01/21/45		1,200		1,269,480
5.75%, 10/12/49		1,730		1,672,305
6.05%, 01/11/40		700		786,611
6.75%, 09/27/34		875		1,066,783
7.50%, 04/08/33		477		615,034
8.30%, 08/15/31		800		1,168,312
				10,748,631
PANAMA — 0.41%
Panama Government International Bond
6.70%, 01/26/36		1,430		1,801,400
8.88%, 09/30/27		500		701,865
9.38%, 04/01/29		600		874,554
				3,377,819
PERU — 0.55%
Peruvian Government International Bond
4.13%, 08/25/27a		900		972,531
5.63%, 11/18/50a		1,175		1,383,868
6.55%, 03/14/37a		400		515,600
8.75%, 11/21/33a		1,100		1,659,229
				4,531,228
PHILIPPINES — 1.01%
Philippine Government International Bond
3.70%, 02/02/42		600		591,084
3.95%, 01/20/40		1,400		1,443,596
5.00%, 01/13/37		1,000		1,177,600
6.38%, 01/15/32		700		911,309
6.38%, 10/23/34		1,400		1,866,606
7.75%, 01/14/31		1,200		1,718,892
9.50%, 02/02/30a		450		716,530
				8,425,617

SCHEDULEOF INVESTMENTS 79

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
SOUTH AFRICA — 0.22%
Republic of South Africa Government International Bond
5.00%, 10/12/46	$	1,000	$	963,750
5.38%, 07/24/44a		600		616,500
6.25%, 03/08/41		200		228,000
				1,808,250
SOUTH KOREA — 0.09%
Export-Import Bank of Korea
2.38%, 04/21/27a		200		187,286
Korea International Bond
4.13%, 06/10/44		500		583,365
				770,651
SUPRANATIONAL — 0.25%
Asian Development Bank
5.82%, 06/16/28		310		384,859
European Investment Bank
4.88%, 02/15/36		500		627,440
Inter-American Development Bank
3.20%, 08/07/42		200		195,228
3.88%, 10/28/41		250		273,665
4.38%, 01/24/44		300		353,100
International Bank for Reconstruction & Development
4.75%, 02/15/35		220		271,403
				2,105,695
URUGUAY — 0.46%
Uruguay Government International Bond
4.13%, 11/20/45		300		259,497
4.38%, 10/27/27a		1,100		1,133,935
5.10%, 06/18/50a		1,750		1,649,060
7.63%, 03/21/36		600		766,068
				3,808,560
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $47,652,987)				45,654,023
MUNICIPAL DEBT OBLIGATIONS — 7.68%
CALIFORNIA — 2.35%
Alameda County Joint Powers Authority RB BAB
7.05%, 12/01/44		135		189,401

Security	Principal (000s)		Value
Bay Area Toll Authority RB BAB
6.26%, 04/01/49	$	450	$	620,586
Series S-1
6.79%, 04/01/30		250		307,103
7.04%, 04/01/50		700		1,005,788
Series S-3
6.91%, 10/01/50		100		143,833
California State Public Works Board RB BAB Series G-2
8.36%, 10/01/34		200		290,940
City of Los Angeles Department of Airports RB BAB
6.58%, 05/15/39		250		330,623
City of San Francisco CA Public Utilities Commission Water Revenue RB BAB
6.95%, 11/01/50		320		448,822
County of Sonoma CA RB Series A
6.00%, 12/01/29 (GTD)		300		352,242
East Bay Municipal Utility District Water System Revenue RB BAB Series B
5.87%, 06/01/40		250		317,125
Los Angeles Community College District/CA GO BAB
6.75%, 08/01/49		300		442,716
Series E
6.60%, 08/01/42		200		280,866
Los Angeles County Metropolitan Transportation Authority RB BAB Series A
5.74%, 06/01/39		300		373,398
Los Angeles County Public Works Financing Authority RB BAB
7.62%, 08/01/40		250		366,933
Los Angeles Department of Power RB
Series A
6.60%, 07/01/50		450		640,665
Series D
6.57%, 07/01/45		200		279,462
Los Angeles Unified School District/CA GO BAB
5.75%, 07/01/34		800		994,264
6.76%, 07/01/34		450		609,561

80 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Regents of the University of California Medical Center Pooled Revenue RB BAB
6.55%, 05/15/48	$	550	$	726,385
Sacramento Municipal Utility District RB BAB
6.16%, 05/15/36		100		122,504
San Diego County Regional Transportation Commission RB BAB
5.91%, 04/01/48		200		256,448
San Diego County Water Authority Financing Corp. RB BAB
6.14%, 05/01/49		300		391,710
State of California GO BAB
7.30%, 10/01/39		845		1,197,813
7.35%, 11/01/39		550		784,107
7.50%, 04/01/34		1,400		1,997,506
7.55%, 04/01/39		1,550		2,287,273
7.60%, 11/01/40		550		824,021
7.63%, 03/01/40		300		442,716
7.95%, 03/01/36 (Call 03/01/20)		750		869,947
University of California RB
Series AD
4.86%, 05/15/12		600		592,602
Series AN
4.77%, 05/15/44 (Call 05/15/24)		300		314,898
University of California RB BAB
5.77%, 05/15/43		200		246,686
5.95%, 05/15/45		400		501,256
				19,550,200
COLORADO — 0.08%
Colorado Bridge Enterprise RB BAB Series A
6.08%, 12/01/40		200		253,610
Denver City & County School District No. 1 COP Series B
7.02%, 12/15/37		300		406,971
				660,581
CONNECTICUT — 0.16%
State of Connecticut GO Series A
5.85%, 03/15/32		200		241,442

Security	Principal (000s)		Value
State of Connecticut GO BAB
5.09%, 10/01/30	$	200	$	227,508
5.63%, 12/01/29		720		865,382
				1,334,332
DISTRICT OF COLUMBIA — 0.02%
District of Columbia Water & Sewer Authority RB
4.81%, 10/01/14		200		204,798
				204,798
GEORGIA — 0.15%
Municipal Electric Authority of Georgia RB BAB
Project J, Series 2010-A
6.64%, 04/01/57		350		434,990
Project P, Series 2010-A
7.06%, 04/01/57		700		802,102
				1,237,092
ILLINOIS — 0.78%
Chicago Transit Authority RB
Series A
6.90%, 12/01/40		600		756,636
Series B
6.90%, 12/01/40		225		284,830
Chicago Transit Authority RB BAB Series B
6.20%, 12/01/40		120		143,448
County of Cook IL GO BAB
6.23%, 11/15/34		200		236,080
Illinois State Toll Highway Authority RB BAB
6.18%, 01/01/34		400		505,428
Metropolitan Water Reclamation District of Greater Chicago GOL BAB
5.72%, 12/01/38		500		610,585
State of Illinois GO
5.10%, 06/01/33		3,400		3,148,128
5.65%, 12/01/38		500		478,900
State of Illinois GO BAB Series 3
6.73%, 04/01/35		300		308,382
				6,472,417

SCHEDULEOF INVESTMENTS 81

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
KANSAS — 0.05%
Kansas Development Finance Authority RB Series H
4.73%, 04/15/37	$	100	$	104,022
State of Kansas Department of Transportation RB BAB
4.60%, 09/01/35		300		333,783
				437,805
KENTUCKY — 0.02%
Louisville & Jefferson County Metropolitan Sewer District RB BAB
6.25%, 05/15/43		145		187,492
				187,492
MARYLAND — 0.03%
Maryland State Transportation Authority RB BAB
5.89%, 07/01/43		200		251,254
				251,254
MASSACHUSETTS — 0.31%
Commonwealth of Massachusetts GOL BAB
4.91%, 05/01/29		240		278,858
Series E
5.46%, 12/01/39		695		865,178
Commonwealth of Massachusetts Transportation Fund Revenue RB BAB Series A
5.73%, 06/01/40		350		443,216
Massachusetts Clean Water Trust (The) RB BAB Series B
5.19%, 08/01/40		300		342,522
Massachusetts School Building Authority RB BAB Series B
5.72%, 08/15/39		300		380,022
University of Massachusetts Building Authority RB BAB
5.45%, 11/01/40		200		239,396
				2,549,192

Security	Principal (000s)		Value
MISSOURI — 0.13%
Health & Educational Facilities Authority of the State of Missouri RB
3.09%, 09/15/51	$	100	$	84,364
Series A
3.65%, 01/15/46		250		247,108
Missouri Highway & Transportation Commission RB BAB
5.45%, 05/01/33		300		363,921
University of Missouri RB BAB
5.79%, 11/01/41		300		393,810
				1,089,203
NEVADA — 0.02%
County of Clark Department of Aviation RB BAB Series C
6.82%, 07/01/45		120		171,192
				171,192
NEW JERSEY— 0.49%
New Jersey Economic Development Authority RB Series A
7.43%, 02/15/29 (NPFGC)		675		807,611
New Jersey State Turnpike Authority RB BAB
7.10%, 01/01/41		875		1,238,501
Series F
7.41%, 01/01/40		750		1,093,357
New Jersey Transportation Trust Fund Authority RB BAB Series C
5.75%, 12/15/28		700		725,774
Rutgers The State University of New Jersey RB BAB
5.67%, 05/01/40		200		235,582
				4,100,825
NEW YORK — 1.31%
City of New York NY GO BAB
5.85%, 06/01/40		290		378,960
5.99%, 12/01/36		145		182,926
6.27%, 12/01/37		325		431,801
Series C-1
5.52%, 10/01/37		185		228,901

82 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Housing Development Corp./NY RB
3.71%, 02/15/48	$	500	$	493,405
Metropolitan Transportation Authority RB BAB
6.09%, 11/15/40		250		319,095
Series 2010-A
6.67%, 11/15/39		225		301,847
Series A
5.87%, 11/15/39		350		427,347
Series B
6.65%, 11/15/39		250		332,190
Series C-1
6.69%, 11/15/40		200		267,718
Series E
6.81%, 11/15/40		200		268,444
New York City Transitional Finance Authority Future Tax Secured Revenue RB Series G-3
5.27%, 05/01/27		450		525,357
New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB
5.51%, 08/01/37		200		246,866
5.57%, 11/01/38		250		306,875
New York City Water & Sewer System RB BAB
5.44%, 06/15/43		350		435,585
5.75%, 06/15/41		275		350,716
5.88%, 06/15/44		300		390,327
6.01%, 06/15/42		200		265,414
New York State Dormitory Authority RB BAB
5.39%, 03/15/40		425		520,604
5.50%, 03/15/30		200		236,692
5.63%, 03/15/39		350		426,017
New York State Urban Development Corp. RB BAB
5.84%, 03/15/40		350		438,434
Port Authority of New York & New Jersey RB
4.46%, 10/01/62		835		869,168
4.82%, 06/01/45 (Call 06/01/25)		100		105,631
4.93%, 10/01/51		900		1,023,453

Security	Principal (000s)		Value
Series 182
5.31%, 08/01/46 (Call 08/01/24)	$	700	$	759,969
Series 192
4.81%, 10/15/65		300		330,459
				10,864,201
OHIO — 0.36%
American Municipal Power Inc. RB BAB
7.50%, 02/15/50		400		553,868
8.08%, 02/15/50		600		923,868
Ohio State University (The) RB
Series A
3.80%, 12/01/46		500		492,595
4.80%, 06/01/11		200		195,540
Ohio State University (The) RB BAB
4.91%, 06/01/40		200		234,426
Ohio University RB
5.59%, 12/01/14		150		161,134
Ohio Water Development Authority Water Pollution Control Loan Fund RB BAB
4.88%, 12/01/34		400		455,252
				3,016,683
OREGON — 0.13%
Oregon School Boards Association GOL
Series B
5.55%, 06/30/28 (NPFGC)		250		292,875
5.68%, 06/30/28 (NPFGC)		500		594,850
State of Oregon Department of Transportation RB BAB Series 2010-A
5.83%, 11/15/34		175		220,070
				1,107,795
PENNSYLVANIA — 0.17%
Commonwealth Financing Authority RB Series A
4.14%, 06/01/38		500		489,065
Commonwealth of Pennsylvania GO BAB
5.45%, 02/15/30		350		409,647

SCHEDULEOF INVESTMENTS 83

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Pennsylvania Turnpike Commission RB BAB Series B
5.56%, 12/01/49	$	400	$	485,604
				1,384,316
SOUTH CAROLINA — 0.06%
South Carolina Public Service Authority RB Series C
5.78%, 12/01/41		400		467,196
				467,196
TEXAS — 0.87%
City of Houston TX Combined Utility System Revenue RB Series B
3.83%, 05/15/28		300		315,060
City of Houston TX GOL Series A
6.29%, 03/01/32		400		477,148
City of San Antonio TX Electric & Gas Systems Revenue RB
4.43%, 02/01/42		250		265,730
5.81%, 02/01/41		400		506,248
Dallas Area Rapid Transit RB BAB
6.00%, 12/01/44		425		565,972
Dallas Convention Center Hotel Development Corp. RB BAB
7.09%, 01/01/42		250		327,898
Dallas County Hospital District GOL BAB Series C
5.62%, 08/15/44		250		298,183
Dallas Independent School District GO BAB
6.45%, 02/15/35 (Call 02/15/21) (PSF)		550		627,808
North Texas Tollway Authority RB BAB
6.72%, 01/01/49a		200		284,338
8.91%, 02/01/30 (Call 02/01/20)		550		637,598
State of Texas GO BAB
5.52%, 04/01/39		575		732,648
Series A
4.63%, 04/01/33		225		257,942
4.68%, 04/01/40		200		227,362

Security	Principal or Shares (000s)		Value
Texas Transportation Commission State Highway Fund RB BAB Series B
5.18%, 04/01/30	$	825	$	981,841
University of Texas System (The) RB BAB
Series B
6.28%, 08/15/41 (Call 08/15/19)		370		406,486
Series D
5.13%, 08/15/42		250		299,580
				7,211,842
UTAH — 0.04%
Utah Transit Authority RB BAB Series B
5.94%, 06/15/39		250		321,425
				321,425
VIRGINIA — 0.05%
University of Virginia RB BAB
6.20%, 09/01/39		300		417,789
				417,789
WASHINGTON — 0.10%
Central Puget Sound Regional Transit Authority RB BAB
5.49%, 11/01/39		150		187,104
State of Washington GO BAB Series F
5.14%, 08/01/40		500		604,170
				791,274
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost: $64,722,576)				63,828,904
SHORT-TERM INVESTMENTS — 9.34%
MONEY MARKET FUNDS — 9.34%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%e,f,g		66,179		66,205,493
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%e,f		11,390		11,390,210
				77,595,703
TOTAL SHORT-TERM INVESTMENTS (Cost: $77,570,366)				77,595,703

84 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 106.96% (Cost: $900,955,948)h	$	888,553,879
Other Assets, Less Liabilities — (6.96)%		(57,795,588	)
NET ASSETS — 100.00%	$	830,758,291

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

VRN  —  Variable Rate Note

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  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

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

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

^e  Affiliated money market fund.

^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.

^h  The cost of investments for federal income tax purposes was $901,068,631. Net unrealized depreciation was $12,514,752, of which $9,419,150 represented gross unrealized appreciation on securities and $21,933,902 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Corporate bonds & notes	$	—	$	701,475,249	$	—	$	701,475,249
Foreign government obligations		—		45,654,023		—		45,654,023
Municipal debt obligations		—		63,828,904		—		63,828,904
Money market funds		77,595,703		—		—		77,595,703
Total	$	77,595,703	$	810,958,176	$	—	$	888,553,879

See notes to financial statements.

SCHEDULEOF INVESTMENTS 85

Statement of Assets and Liabilities

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2017

ASSETS
Investments, at cost:
Unaffiliated	$	823,385,582
Affiliated (Note 2)		77,570,366
Total cost of investments	$	900,955,948
Investments in securities, at fair value (including securities on loana)(Note 1):
Unaffiliated	$	810,958,176
Affiliated (Note 2)		77,595,703
Total fair value of investments		888,553,879
Cash		972
Receivables:
Dividends and interest		10,423,356
Total Assets		898,978,207
LIABILITIES
Payables:
Investment securities purchased		1,918,519
Collateral for securities on loan (Note 1)		66,172,333
Capital shares sold		1,648
Investment advisory fees (Note 2)		127,416
Total Liabilities		68,219,916
NET ASSETS	$	830,758,291
Net assets consist of:
Paid-in capital	$	851,999,452
Undistributed net investment income		2,903,195
Accumulated net realized loss		(11,742,287	)
Net unrealized depreciation		(12,402,069	)
NET ASSETS	$	830,758,291
Shares outstandingb		13,900,000
Net asset value per share	$	59.77

^a  Securities on loan with a value of $63,854,193. See Note 1.

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

See notes to financial statements.

86 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Operations

iSHARES^® 10+ YEAR CREDIT BOND ETF

Year ended February 28, 2017

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	37,142
Interest — unaffiliated		40,746,025
Securities lending income — affiliated — net (Note 2)		232,697
Total investment income		41,015,864
EXPENSES
Investment advisory fees (Note 2)		1,907,401
Total expenses		1,907,401
Net investment income		39,108,463
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(668,465	)
Investments — affiliated (Note 2)		7,823
In-kind redemptions — unaffiliated		8,001,125
Realized gain distributions from affiliated funds		938
Net realized gain		7,341,421
Net change in unrealized appreciation/depreciation		33,040,354
Net realized and unrealized gain		40,381,775
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	79,490,238

See notes to financial statements.

FINANCIAL STATEMENTS 87

Statements of Changes in Net Assets

iSHARES^® 10+ YEAR CREDIT BOND ETF

	Year ended February 28, 2017			Year ended February 29, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	39,108,463		$	34,700,930
Net realized gain (loss)		7,341,421			(13,258,830	)
Net change in unrealized appreciation/depreciation		33,040,354			(71,068,547	)
Net increase (decrease) in net assets resulting from operations		79,490,238			(49,626,447	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(38,936,880	)		(34,627,351	)
Total distributions to shareholders		(38,936,880	)		(34,627,351	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		314,843,654			256,417,622
Cost of shares redeemed		(310,186,638	)		(236,992,062	)
Net increase in net assets from capital share transactions		4,657,016			19,425,560
INCREASE (DECREASE) IN NET ASSETS		45,210,374			(64,828,238	)
NET ASSETS
Beginning of year		785,547,917			850,376,155
End of year	$	830,758,291		$	785,547,917
Undistributed net investment income included in net assets at end of year	$	2,903,195		$	2,730,710
SHARES ISSUED AND REDEEMED
Shares sold		5,200,000			4,400,000
Shares redeemed		(5,200,000	)		(4,100,000	)
Net increase in shares outstanding		—			300,000

See notes to financial statements.

88 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® 10+ YEAR CREDIT BOND ETF

(For a share outstanding throughout each period)

	Year ended Feb. 28, 2017			Year ended Feb. 29, 2016			Year ended Feb. 28, 2015			Year ended Feb. 28, 2014			Year ended Feb. 28, 2013
Net asset value, beginning of year	$	56.51		$	62.53		$	57.87		$	61.05		$	59.51
Income from investment operations:
Net investment incomea		2.48			2.55			2.59			2.68			2.65
Net realized and unrealized gain (loss)b		3.25			(6.02	)		4.59			(3.03	)		1.59
Total from investment operations		5.73			(3.47	)		7.18			(0.35	)		4.24
Less distributions from:
Net investment income		(2.47	)		(2.55	)		(2.52	)		(2.74	)		(2.70	)
Net realized gain		—			—			—			(0.09	)		—
Total distributions		(2.47	)		(2.55	)		(2.52	)		(2.83	)		(2.70	)
Net asset value, end of year	$	59.77		$	56.51		$	62.53		$	57.87		$	61.05
Total return		10.21	%		(5.53	)%		12.64	%		(0.41	)%c		7.22	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	830,758		$	785,548		$	850,376		$	283,548		$	421,254
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		4.10	%		4.40	%		4.28	%		4.67	%		4.33	%
Portfolio turnover rated		10	%		11	%		23	%		12	%		10	%

^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

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

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
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.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

• Fixed income investments are valued 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”).

90 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

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

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

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

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

• Level 3 — Unobservable inputs for the asset or liability based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

NOTESTO FINANCIAL STATEMENTS 91

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

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 an approved 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 but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Fund may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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 28, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedule of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of February 28, 2017 and the total value of the related cash 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. 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

92 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

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 28, 2017:

Counterparty	Market Value of Securities on Loan		Cash Collateral Received a		Net Amount
BNP Paribas New York Branch	$	295,066	$	295,066	$	—
BNP Paribas Prime Brokerage Inc.		2,139,456		2,139,456		—
BNP Paribas Prime Brokerage International Ltd.		4,200,321		4,200,321		—
Citigroup Global Markets Inc.		9,224,263		9,224,263		—
Credit Suisse Securities (USA) LLC		1,391,556		1,391,556		—
Deutsche Bank Securities Inc.		1,739,979		1,739,979		—
Goldman Sachs & Co.		8,452,662		8,452,662		—
HSBC Securities (USA) Inc.		3,562,032		3,562,032		—
JPMorgan Securities LLC		16,184,766		16,184,766		—
Merrill Lynch, Pierce, Fenner & Smith		1,697,121		1,697,121		—
Morgan Stanley & Co. LLC		6,548,338		6,548,338		—
MUFG Securities Americas Inc.		1,022,840		1,022,840		—
SG Americas Securities LLC		1,580,383		1,580,383		—
Wells Fargo Securities LLC		5,815,410		5,815,410		—
	$	63,854,193	$	63,854,193	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

In March 2017, the Financial Accounting Standards Board issued an update to amend the amortization period for certain purchased callable debt securities held at a premium. The amendments shorten the amortization period for premiums to the earliest call date, but do not require an accounting change for securities held at a discount. The amendments are effective for financial statements for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Fund’s financial statements and disclosures.

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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Trustees).

NOTESTO FINANCIAL STATEMENTS 93

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

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.

The U.S. Securities and Exchange Commission (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 year ended February 28, 2017, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $77,907.

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

Cross 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 28, 2017, the purchases and sales transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were $2,717,770 and $1,755,962, 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 “Dividends – affiliated” in the statement of operations.

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

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

94 2017 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 28, 2017 were as follows:

U.S. Government Obligations				Other Securities
Purchases		Sales		Purchases		Sales
$	960,236	$	975,545	$	162,747,254	$	93,078,147

In-kind transactions (see Note 4) for the year ended February 28, 2017 were as follows:

In-kind Purchases		In-kind Sales
	$235,654,536	$	296,715,559

4. CAPITAL SHARE TRANSACTIONS

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

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

5. PRINCIPAL RISKS

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

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

MARKET RISK

Market risk arises mainly from uncertainty about future values of financial instruments influenced by price, currency and interest rate movements. It represents the potential loss a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions,

NOTESTO FINANCIAL STATEMENTS 95

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

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

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: 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.

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income 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. Mortgage-backed securities and securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than other types of bonds or securities with shorter durations. Given the environment of historically low interest rates, a 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 a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

6. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

96 2017 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 28, 2017, 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
$7,844,421	$	902	$	(7,845,323)

The tax character of distributions paid during the years ended February 28, 2017 and February 29, 2016 was as follows:

	2017		2016
Ordinary income	$	38,936,880	$	34,627,351

As of February 28, 2017, the tax components of accumulated net earnings (losses) were as follows:

Undistributed Ordinary Income		Capital Loss Carryforwards		Net Unrealized Gains  (Losses) a		Total
	$2,903,195	$	(11,629,604)	$	(12,514,752)	$	(21,241,161)

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

As of February 28, 2017, the Fund had non-expiring capital loss carryforwards in the amount of $11,629,604 available to offset future realized capital gains.

Management has analyzed tax laws and regulations and their application to the Fund as of February 28, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

7. SUBSEQUENT EVENTS

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

NOTESTO FINANCIAL STATEMENTS 97

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and the

Shareholders of the iShares 10+ Year Credit Bond ETF

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 the iShares 10+ Year Credit Bond ETF (constituting a fund of the iShares Trust, hereafter referred to as the “Fund”) as of February 28, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, 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 as of February 28, 2017 by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies were not received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

April 19, 2017

98 2017 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”).

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.

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1018-0417

APRIL 30, 2017

2017 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

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

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

Table of Contents

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	10
Financial Statements	12
Financial Highlights	15
Notes to Financial Statements	17
Supplemental Information	26
Additional Financial Information	27
Schedules of Investments (Unaudited) as of April  30, 2017	28
iShares iBoxx $ High Yield Corporate Bond ETF	28
iShares iBoxx $ Investment Grade Corporate Bond ETF	57
Statements of Assets and Liabilities (Unaudited) as of April 30, 2017	95
Audited Financial Statements as of February  28, 2017	96

Fund Performance Overview

iSHARES^® INTEREST RATE HEDGED HIGH YIELD BOND ETF

Performance as of April 30, 2017

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, 2017, the total return for the Fund was 6.70%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		12.46%		1.78%		12.46%		5.32%
Fund Market		12.48%		1.77%		12.48%		5.27%
Markit iBoxx USD Liquid High Yield Interest Rate Hedged Index		12.44%		2.51%		12.44%		7.53%

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a,b		Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,067.00	$	0.26	$	1,000.00	$	1,024.50	$	0.25		0.05%

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

^b  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

ALLOCATION BY CREDIT QUALITY ¹

As of 4/30/17

Moody’s Credit Rating ² Percentage of
Total Investments  ³

Baa	0.49	%
Ba	43.19
B	41.77
Caa	12.99
Ca	0.36
Not Rated	1.20
TOTAL	100.00	%

ALLOCATION BY MATURITY ¹

As of 4/30/17

Maturity Percentage of
Total Investments  ³

0-1 Year	0.85	%
1-5 Years	36.80
5-10 Years	60.58
10-15 Years	0.90
More than 20 Years	0.87
TOTAL	100.00	%

¹  Table shown is for the iShares iBoxx $ High Yield Corporate Bond ETF, the underlying fund in which the Fund invests.

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

³  Excludes money market funds.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® INTEREST RATE HEDGED CORPORATE BOND ETF

Performance as of April 30, 2017

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, 2017, the total return for the Fund was 3.43%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		4.74%		0.67%		4.74%		1.98%
Fund Market		4.97%		0.66%		4.97%		1.93%
Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index		4.50%		1.24%		4.50%		3.67%

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a,b		Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,034.30	$	0.50	$	1,000.00	$	1,024.30	$	0.50		0.10%

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

^b  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

ALLOCATION BY CREDIT QUALITY ¹

As of 4/30/17

Moody’s Credit Rating ² Percentage of
Total Investments  ³

Aaa	3.67	%
Aa	10.33
A	39.41
Baa	43.27
Ba	2.99
Not Rated	0.33
TOTAL	100.00	%

ALLOCATION BY MATURITY ¹

As of 4/30/17

Maturity Percentage of
Total Investments  ³

1-5 Years	25.75	%
5-10 Years	39.60
10-15 Years	2.44
15-20 Years	5.95
More than 20 Years	26.26
TOTAL	100.00	%

¹  Table shown is for the iShares iBoxx $ Investment Grade Corporate Bond ETF, the underlying fund in which the Fund invests.

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

³  Excludes money market funds.

6 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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, 2016 and held through April 30, 2017, 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.

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 7

Schedule of Investments (Unaudited)

iSHARES^® INTEREST RATE HEDGED HIGH YIELD BOND ETF

April 30, 2017

Security	Shares		Value
INVESTMENT COMPANIES — 98.12%
EXCHANGE-TRADED FUNDS — 98.12%
iShares iBoxx $ High Yield Corporate Bond ETFa,b		2,483,348	$	218,832,626
				218,832,626
TOTAL INVESTMENT COMPANIES
(Cost: $216,679,571)				218,832,626
SHORT-TERM INVESTMENTS — 25.99%
MONEY MARKET FUNDS — 25.99%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.13%c,d,e		55,940,440		55,962,816
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%c,d		1,993,587		1,993,587
				57,956,403
TOTAL SHORT-TERM INVESTMENTS
(Cost: $57,954,076)				57,956,403

	Value
TOTAL INVESTMENTS IN SECURITIES — 124.11%
(Cost: $274,633,647)f	$	276,789,029
Other Assets, Less Liabilities — (24.11)%		(53,767,896	)
NET ASSETS — 100.00%	$	223,021,133

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

^b  Affiliated issuer. See Schedule 1.

^c  Affiliated money market fund.

^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  The cost of investments for federal income tax purposes was $274,653,639. Net unrealized appreciation was $2,135,390, of which $2,203,924 represented gross unrealized appreciation on securities and $68,534 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the six months ended April 30, 2017, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

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 iBoxx $ High Yield Corporate Bond ETF		344,246		2,490,641		(351,539	)		2,483,348	$	218,832,626	$	3,751,429	$	(129,773	)

Schedule 2 — Swaps Contracts (Note 5)

Centrally cleared short interest rate swaps outstanding as of April 30, 2017 were as follows:

Fixed rate a	Floating rate a		Clearinghouse		Expiration date		Notional amount			Value		Premiums paid (received)		Unrealized appreciation (depreciation)
1.01%		3-month LIBOR		Chicago Mercantile		12/08/2018	$	(26,500,000	)		$210,266	$	95,499	$	114,767
1.33%		3-month LIBOR		Chicago Mercantile		12/09/2018		(82,100,000	)		234,503		104,082		130,421
1.17%		3-month LIBOR		Chicago Mercantile		12/09/2021		(20,700,000	)		679,410		425,509		253,901
1.82%		3-month LIBOR		Chicago Mercantile		12/09/2021		(63,950,000	)		252,916		221,476		31,440
1.44%		3-month LIBOR		Chicago Mercantile		12/08/2026		(6,860,000	)		496,680		382,405		114,275
2.23%		3-month LIBOR		Chicago Mercantile		12/09/2026		(18,610,000	)		49,648		98,190		(48,542	)
											Net unrealized appreciation			$	596,262

^a  Fund pays the fixed rate and receives the floating rate.

8 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED HIGH YIELD BOND ETF

April 30, 2017

Schedule 3 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	218,832,626	$	—		$	—	$	218,832,626
Money market funds		57,956,403		—			—		57,956,403
Total	$	276,789,029	$	—		$	—	$	276,789,029
Derivative financial instrumentsa:
Assets:
Centrally cleared interest rate swaps	$	—	$	644,804		$	—	$	644,804
Liabilities:
Centrally cleared interest rate swaps		—		(48,542	)		—		(48,542	)
Total	$	—	$	596,262		$	—	$	596,262

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 9

Schedule of Investments (Unaudited)

iSHARES^® INTEREST RATE HEDGED CORPORATE BOND ETF

April 30, 2017

Security	Shares		Value
INVESTMENT COMPANIES — 95.46%
EXCHANGE-TRADED FUNDS — 95.46%
iShares iBoxx $ Investment Grade Corporate Bond ETFa,b		530,212	$	63,089,926
				63,089,926
TOTAL INVESTMENT COMPANIES
(Cost: $62,481,108)				63,089,926
SHORT-TERM INVESTMENTS — 27.39%
MONEY MARKET FUNDS — 27.39%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.13%c,d,e		16,799,892		16,806,612
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%c,d		1,296,646		1,296,646
				18,103,258
TOTAL SHORT-TERM INVESTMENTS
(Cost: $18,103,258)				18,103,258

	Value
TOTAL INVESTMENTS IN SECURITIES — 122.85%
(Cost: $80,584,366)f	$	81,193,184
Other Assets, Less Liabilities — (22.85)%		(15,102,745	)
NET ASSETS — 100.00%	$	66,090,439

^a  Affiliated issuer. See Schedule 1.

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

^c  Affiliated money market fund.

^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  The cost of investments for federal income tax purposes was $80,584,366. Net unrealized appreciation was $608,818, of which $608,818 represented gross unrealized appreciation on securities and $ — represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the six months ended April 30, 2017, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

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 iBoxx $ Investment Grade Corporate Bond ETF		251,108		279,104		—		530,212	$	63,089,926	$	680,222	$	—

Schedule 2 — Swaps Contracts (Note 5)

Centrally cleared short interest rate swaps outstanding as of April 30, 2017 were as follows:

Fixed rate a	Floating rate a		Clearinghouse		Expiration date		Notional amount			Value		Premiums paid (received)		Unrealized appreciation (depreciation)
1.01%		3-month LIBOR		Chicago Mercantile		12/10/2018	$	(9,640,000	)	$	76,489	$	39,183	$	37,306
1.17%		3-month LIBOR		Chicago Mercantile		12/08/2021		(19,525,000	)		640,844		403,436		237,408
1.44%		3-month LIBOR		Chicago Mercantile		12/08/2026		(18,430,000	)		1,334,374		781,093		553,281
1.70%		3-month LIBOR		Chicago Mercantile		12/08/2036		(12,205,000	)		1,607,723		1,075,947		531,776
1.77%		3-month LIBOR		Chicago Mercantile		12/08/2046		(3,670,000	)		634,126		472,047		162,079
Net unrealized appreciation														$	1,521,850

^a  Fund pays the fixed rate and receives the floating rate.

10 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED CORPORATE BOND ETF

April 30, 2017

Schedule 3 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Investment companies	$	63,089,926	$	—	$	—	$	63,089,926
Money market funds		18,103,258		—		—		18,103,258
Total	$	81,193,184	$	—	$	—	$	81,193,184
Derivative financial instrumentsa:
Assets:
Centrally cleared interest rate swaps	$	—	$	1,521,850	$	—	$	1,521,850
Total	$	—	$	1,521,850	$	—	$	1,521,850

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 11

Statements of Assets and Liabilities (Unaudited)

iSHARES^® U.S. ETF TRUST

April 30, 2017

	iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF
ASSETS
Investments, at cost:
Affiliated (Note 2)	$	274,633,647		$	80,584,366
Total cost of investments	$	274,633,647		$	80,584,366
Investments in securities, at fair value (including securities on loana) (Note 1):
Affiliated (Note 2)	$	276,789,029		$	81,193,184
Total fair value of investments		276,789,029			81,193,184
Cash pledged for centrally cleared swaps		2,189,000			1,768,000
Receivables:
Dividends		33,924			4,285
Total Assets		279,011,953			82,965,469
LIABILITIES
Payables:
Collateral for securities on loan (Note 1)		55,959,570			16,806,598
Investment advisory fees (Note 2)		8,924			5,192
Variation margin on centrally cleared swaps		22,326			63,240
Total Liabilities		55,990,820			16,875,030
NET ASSETS	$	223,021,133		$	66,090,439
Net assets consist of:
Paid-in capital	$	222,646,124		$	66,533,218
Undistributed net investment income		410,296			88,042
Accumulated net realized loss		(2,786,931	)		(2,661,489	)
Net unrealized appreciation		2,751,644			2,130,668
NET ASSETS	$	223,021,133		$	66,090,439
Shares outstandingb		2,450,000			700,000
Net asset value per share	$	91.03		$	94.41

^a  Securities on loan with values of $54,790,637 and $16,391,943, respectively. See Note 1.

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

See notes to financial statements.

12 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^® U.S. ETF TRUST

Six months ended April 30, 2017

	iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF
NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	3,757,271		$	683,417
Securities lending income — affiliated — net (Note 2)		310,711			8,732
Total investment income		4,067,982			692,149
EXPENSES
Investment advisory fees (Note 2)		572,869			70,805
Total expenses		572,869			70,805
Less investment advisory fees waived (Note 2)		(528,802	)		(47,203	)
Net expenses		44,067			23,602
Net investment income		4,023,915			668,547
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated (Note 2)		222			1,012
In-kind redemptions — affiliated (Note 2)		(129,773	)		—
Swap agreements		(45,140	)		(24,058	)
Realized gain distributions from affiliated funds		186			65
Net realized loss		(174,505	)		(22,981	)
Net change in unrealized appreciation/depreciation on:
Investments		4,909,059			(19,897	)
Swap agreements		388,126			783,045
Net change in unrealized appreciation/depreciation		5,297,185			763,148
Net realized and unrealized gain		5,122,680			740,167
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,146,595		$	1,408,714

See notes to financial statements.

FINANCIAL STATEMENTS 13

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, 2017 (Unaudited)			Year ended October 31, 2016			Six months ended April 30, 2017 (Unaudited)			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	4,023,915		$	2,032,552		$	668,547		$	983,951
Net realized loss		(174,505	)		(3,408,398	)		(22,981	)		(1,443,885	)
Net change in unrealized appreciation/depreciation		5,297,185			1,994,566			763,148			1,997,305
Net increase in net assets resulting from operations		9,146,595			618,720			1,408,714			1,537,371
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(3,619,389	)		(1,756,097	)		(580,505	)		(731,888	)
Total distributions to shareholders		(3,619,389	)		(1,756,097	)		(580,505	)		(731,888	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		218,253,385			4,362,805			32,890,558			45,014,948
Cost of shares redeemed		(31,355,159	)		(20,844,250	)		—			(31,875,441	)
Net increase (decrease) in net assets from capital share transactions		186,898,226			(16,481,445	)		32,890,558			13,139,507
INCREASE (DECREASE) IN NET ASSETS		192,425,432			(17,618,822	)		33,718,767			13,944,990
NET ASSETS
Beginning of period		30,595,701			48,214,523			32,371,672			18,426,682
End of period	$	223,021,133		$	30,595,701		$	66,090,439		$	32,371,672
Undistributed net investment income included in net assets at end of period	$	410,296		$	5,770		$	88,042		$	—
SHARES ISSUED AND REDEEMED
Shares sold		2,450,000			50,000			350,000			500,000
Shares redeemed		(350,000	)		(250,000	)		—			(350,000	)
Net increase (decrease) in shares outstanding		2,100,000			(200,000	)		350,000			150,000

See notes to financial statements.

14 2017 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, 2017 (Unaudited)			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Period from May 27, 2014a to Oct. 31, 2014
Net asset value, beginning of period	$	87.42		$	87.66		$	96.93		$	100.10
Income from investment operations:
Net investment incomeb		2.04			4.86			4.80			1.86
Net realized and unrealized gain (loss)c		3.74			(0.94	)		(9.29	)		(2.87	)
Total from investment operations		5.78			3.92			(4.49	)		(1.01	)
Less distributions from:
Net investment income		(2.17	)		(4.16	)		(4.74	)		(2.15	)
Return of capital		—			—			(0.04	)		(0.01	)
Total distributions		(2.17	)		(4.16	)		(4.78	)		(2.16	)
Net asset value, end of period	$	91.03		$	87.42		$	87.66		$	96.93
Total return		6.70	%d		4.73	%		(4.77	)%		(1.03	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	223,021		$	30,596		$	48,215		$	43,619
Ratio of expenses to average net assetse,f		0.05	%		0.05	%		0.06	%		0.06	%
Ratio of expenses to average net assets prior to waived feese,f		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assetse		4.57	%		5.78	%		5.21	%		4.41	%
Portfolio turnover rateg,h		0	%d		0	%i		3	%		3	%d

^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 15

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, 2017 (Unaudited)			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Period from May 27, 2014a to Oct. 31, 2014
Net asset value, beginning of period	$	92.49		$	92.13		$	97.95		$	100.32
Income from investment operations:
Net investment incomeb		1.32			2.74			2.95			1.32
Net realized and unrealized gain (loss)c		1.82			(0.29	)		(5.82	)		(2.36	)
Total from investment operations		3.14			2.45			(2.87	)		(1.04	)
Less distributions from:
Net investment income		(1.22	)		(2.09	)		(2.81	)		(1.32	)
Return of capital		—			—			(0.14	)		(0.01	)
Total distributions		(1.22	)		(2.09	)		(2.95	)		(1.33	)
Net asset value, end of period	$	94.41		$	92.49		$	92.13		$	97.95
Total return		3.43	%d		2.70	%		(2.97	)%		(1.05	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	66,090		$	32,372		$	18,427		$	9,795
Ratio of expenses to average net assetse,f		0.10	%		0.10	%		0.11	%		0.11	%
Ratio of expenses to average net assets prior to waived feese,f		0.30	%		0.30	%		0.30	%		0.30	%
Ratio of net investment income to average net assetse		2.83	%		3.01	%		3.12	%		3.09	%
Portfolio turnover rateg,h		0	%d		2	%		8	%		4	%d

^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.

16 2017 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
Interest Rate Hedged High Yield Bond	Diversified
Interest Rate Hedged Corporate Bond	Diversified

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

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

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

NOTESTO FINANCIAL STATEMENTS 17

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.

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 as follows:

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

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

• Level 3 — Unobservable inputs for the asset or liability based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

18 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on the ex-dividend date. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Funds may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of April 30, 2017 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock. 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

NOTESTO FINANCIAL STATEMENTS 19

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and a Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of April 30, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Interest Rate Hedged High Yield Bond
Deutsche Bank Securities Inc.	$	5,997,007	$	5,997,007	$	—
Jefferies LLC		4,793,728		4,793,728		—
Merrill Lynch, Pierce, Fenner & Smith		11,455,600		11,455,600		—
SG Americas Securities LLC		2,643,600		2,643,600		—
Wells Fargo Bank, N.A.		29,900,702		29,900,702		—
	$	54,790,637	$	54,790,637	$	—
Interest Rate Hedged Corporate Bond
UBS AG	$	16,391,943	$	16,391,943	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in each Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued a new rule, Investment Company Reporting Modernization, that modernizes and enhances the reporting and disclosure of information by registered investment companies. As part of these changes, the new rule amends Regulation S-X to require standardized, enhanced disclosures related to derivatives and updates to other disclosures in investment company financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is evaluating the impact, if any, of these changes on the Funds’ financial statements.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Trustees).

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%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur 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 reduce its investment advisory fee for the Fund

20 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

through February 28, 2022 so that the investment management fee is equal to the acquired fund fees and expenses that would have been experienced by the Fund related to its investment in the iShares iBoxx $ High Yield Corporate Bond ETF (“HYG”), after taking into account any fee waivers by HYG, 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%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur acquired fund fees and expenses. BFA has contractually agreed to reduce its investment advisory fee for the Fund through February 28, 2022 so that the investment advisory fee is equal to the acquired fund fees and expenses that would have been experienced by the Fund related to its investment in the iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD”), after taking into account any fee waivers by LQD, 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.

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, 2017, 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	$	80,091
Interest Rate Hedged Corporate Bond		3,200

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.

NOTESTO FINANCIAL STATEMENTS 21

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended April 30, 2017 were as follows:

iShares ETF	Purchases
Interest Rate Hedged High Yield Bond	$	2,405,896
Interest Rate Hedged Corporate Bond		1,877,691

In-kind transactions (see Note 4) for the six months ended April 30, 2017 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Interest Rate Hedged High Yield Bond	$	212,451,670	$	30,413,940
Interest Rate Hedged Corporate Bond		30,853,086		—

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. INTEREST RATE SWAPS

Interest rate swaps are used to gain or reduce exposure to or manage duration, the yield curve or 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

22 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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, 2017 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
	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 appreciationa	$	644,804	$	1,521,850

^a  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.

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 appreciationa	$	48,542	$	—

^a  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.

The following table shows the realized and unrealized gains (losses) on interest rate swaps held during the six months ended April 30, 2017 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	$	(45,140	)	$	(24,058	)

NOTESTO FINANCIAL STATEMENTS 23

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

	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	$	388,126	$	783,045

The following table shows the average quarter-end balances of open interest rate swaps for the six months ended April 30, 2017:

	iShares Interest Rate Hedged High Yield Bond ETF		iShares Interest Rate Hedged Corporate Bond ETF
Average notional value – pays fixed rate	$	148,996,667	$	46,063,333

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 a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

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

CREDIT RISK

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

24 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the 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.

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, 2016, the Funds’ fiscal year-end, the 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	$	2,592,434
Interest Rate Hedged Corporate Bond		2,638,508

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2017, 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. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”). The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. The Defendants believe the claims are without merit and intend to vigorously defend themselves against the allegations in the lawsuit.

9. SUBSEQUENT EVENTS

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

NOTESTO FINANCIAL STATEMENTS 25

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
Interest Rate Hedged High Yield Bond	$	2.170395	$	—	$	—	$	2.170395		100	%		—	%		—	%		100	%
Interest Rate Hedged Corporate Bond		1.219242		—		0.004803		1.224045		100			—			0	a		100

^a Rounds to less than 1%.

26 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Additional Financial Information

Schedules of Investments (Unaudited)

April 30, 2017

Statements of Assets and Liabilities (Unaudited)

April 30, 2017

Audited Financial Statements

February 28, 2017

iShares Trust

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

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

Schedule of Investments (Unaudited)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 97.60%
ADVERTISING — 0.43%
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/01/18)a	$	12,925	$	13,513,346
5.38%, 01/15/24 (Call 01/15/19)a		12,040		12,684,601
5.75%, 02/01/26 (Call 02/01/21)a		8,958		9,710,619
5.88%, 02/01/22 (Call 05/30/17)a		9,196		9,524,527
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 02/15/22 (Call 05/30/17)a		12,455		12,937,631
5.63%, 02/15/24 (Call 02/15/19)		11,342		11,891,378
5.88%, 03/15/25 (Call 09/15/19)a		12,486		13,200,050
				83,462,152
AEROSPACE & DEFENSE — 1.19%
Arconic Inc.
5.13%, 10/01/24 (Call 07/01/24)a		27,745		29,028,206
5.40%, 04/15/21 (Call 01/15/21)		28,920		30,922,710
5.72%, 02/23/19		5,344		5,650,746
5.87%, 02/23/22a		11,695		12,672,832
6.15%, 08/15/20a		18,947		20,696,350
KLX Inc.
5.88%, 12/01/22 (Call 12/01/17)a,b		25,527		26,802,252
Meccanica Holdings USA Inc.
6.25%, 07/15/19a,b		8,850		9,508,219
TransDigm Inc.
5.50%, 10/15/20 (Call 05/30/17)a		10,182		10,379,931
6.00%, 07/15/22 (Call 07/15/17)a		26,806		27,526,387
6.38%, 06/15/26 (Call 06/15/21)a		21,127		21,304,551
6.50%, 07/15/24 (Call 07/15/19)a		24,412		25,068,585

Security	Principal (000s)		Value
6.50%, 05/15/25 (Call 05/15/20)a,b	$	1,950	$	1,993,875
6.50%, 05/15/25 (Call 05/15/20)		9,486		9,723,150
				231,277,794
AIRLINES — 0.28%
Air Canada
7.75%, 04/15/21a,b		8,517		9,634,892
American Airlines Group Inc.
4.63%, 03/01/20a,b		10,888		11,030,905
5.50%, 10/01/19b		18,769		19,557,298
6.13%, 06/01/18a		6,928		7,156,832
Continental Airlines Inc. Pass Through Trust Series 2012-3, Class C
6.13%, 04/29/18		6,173		6,364,568
				53,744,495
APPAREL — 0.25%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)a,b		22,144		21,994,572
4.88%, 05/15/26 (Call 02/15/26)a,b		20,411		20,310,909
Levi Strauss & Co.
5.00%, 05/01/25 (Call 05/01/20)a		6,737		6,947,531
				49,253,012
AUTO MANUFACTURERS — 0.72%
Fiat Chrysler Automobiles NV
4.50%, 04/15/20a		30,263		31,057,404
5.25%, 04/15/23a		31,722		32,568,137
Jaguar Land Rover Automotive PLC
3.50%, 03/15/20 (Call 12/15/19)a,b		10,000		10,150,000
4.13%, 12/15/18b		12,312		12,576,194
4.25%, 11/15/19a,b		10,090		10,391,994
5.63%, 02/01/23 (Call 02/01/18)a,b		10,067		10,494,847
Navistar International Corp.
8.25%, 11/01/21 (Call 05/30/17)		31,307		31,717,122
				138,955,698

28 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
AUTO PARTS & EQUIPMENT — 1.36%
Allison Transmission Inc.
5.00%, 10/01/24 (Call 10/01/19)a,b	$	21,735	$	22,149,323
American Axle & Manufacturing Inc.
6.25%, 03/15/21 (Call 05/30/17)a		8,422		8,643,453
6.25%, 04/01/25 (Call 04/01/20)a,b		14,805		14,730,975
6.50%, 04/01/27 (Call 04/01/22)b		11,300		11,215,250
6.63%, 10/15/22 (Call 10/15/17)a		13,149		13,520,712
Dana Financing Luxembourg Sarl
5.75%, 04/15/25 (Call 04/15/20)a,b		4,000		4,084,318
Dana Inc.
5.38%, 09/15/21 (Call 05/30/17)a		2,421		2,514,305
5.50%, 12/15/24 (Call 12/15/19)a		8,600		8,741,094
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)a		15,270		15,270,000
5.00%, 05/31/26 (Call 05/31/21)a		19,894		20,441,085
5.13%, 11/15/23 (Call 11/15/18)a		22,110		23,180,843
7.00%, 05/15/22 (Call 05/15/17)a		12,491		12,946,922
Schaeffler Finance BV
4.25%, 05/15/21 (Call 05/24/17)a,b		11,950		12,204,806
4.75%, 05/15/23 (Call 05/15/18)a,b		12,000		12,510,000
ZF North America Capital Inc.
4.00%, 04/29/20a,b		21,684		22,485,102
4.50%, 04/29/22b		23,894		25,088,700
4.75%, 04/29/25b		32,796		34,036,099
				263,762,987

Security	Principal (000s)		Value
BANKS — 1.19%
BPCE SA VRN, (3 mo. LIBOR US + 12.980%)
12.50%, 08/29/49 (Call 09/30/19)a,b	$	8,800	$	10,648,000
Credit Agricole SA VRN, (3 mo. LIBOR US + 6.982%)
8.38%, 10/29/49 (Call 10/13/19)a,b		22,037		24,587,269
Fifth Third Bancorp. VRN, (3 mo. LIBOR US + 3.033%)
5.10%, 12/29/49 (Call 06/30/23)a		13,951		13,713,833
Royal Bank of Scotland Group PLC
5.13%, 05/28/24a		48,845		50,088,081
6.00%, 12/19/23a		43,187		46,529,782
6.10%, 06/10/23		21,170		22,800,154
6.13%, 12/15/22a		49,715		53,399,085
Royal Bank of Scotland NV (The)
4.65%, 06/04/18a		9,030		9,236,785
				231,002,989
BEVERAGES — 0.12%
Cott Beverages Inc.
5.38%, 07/01/22 (Call 07/01/17)a		9,830		10,153,943
Cott Holdings Inc.
5.50%, 04/01/25 (Call 04/01/20)b		12,375		12,576,094
				22,730,037
BIOTECHNOLOGY — 0.02%
Concordia International Corp.
7.00%, 04/15/23 (Call 04/15/18)a,b		12,126		1,879,542
9.50%, 10/21/22 (Call 12/15/18)b		14,670		2,860,650
				4,740,192
BUILDING MATERIALS — 0.53%
Builders FirstSource Inc.
5.63%, 09/01/24 (Call 09/01/19)a,b		19,089		19,790,255

SCHEDULESOF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Standard Industries Inc./NJ
5.00%, 02/15/27 (Call 02/15/22)b	$	11,600	$	11,645,313
5.13%, 02/15/21 (Call 02/15/18)a,b		10,123		10,558,500
5.38%, 11/15/24 (Call 11/15/19)a,b		24,891		25,917,754
5.50%, 02/15/23 (Call 02/15/19)a,b		10,815		11,213,052
6.00%, 10/15/25 (Call 10/15/20)a,b		22,814		24,308,317
				103,433,191
CHEMICALS — 1.72%
Ashland LLC
3.88%, 04/15/18 (Call 03/15/18)a		10,900		11,049,875
4.75%, 08/15/22 (Call 05/15/22)a		23,755		24,742,317
Blue Cube Spinco Inc.
9.75%, 10/15/23 (Call 10/15/20)a		14,624		17,693,516
10.00%, 10/15/25 (Call 10/15/20)a		9,972		12,278,025
CF Industries Inc.
3.45%, 06/01/23a		16,275		15,176,437
7.13%, 05/01/20		16,600		18,110,759
Chemours Co. (The)
6.63%, 05/15/23 (Call 05/15/18)a		25,900		27,713,000
7.00%, 05/15/25 (Call 05/15/20)a		18,080		19,865,400
Hexion Inc.
6.63%, 04/15/20 (Call 05/30/17)a		31,439		29,474,062
10.38%, 02/01/22 (Call 02/01/19)a,b		9,935		10,133,700
Hexion Inc./Hexion Nova Scotia Finance ULC
9.00%, 11/15/20 (Call 05/30/17)		10,677		8,318,527

Security	Principal (000s)		Value
Huntsman International LLC
4.88%, 11/15/20 (Call 08/15/20)	$	13,206	$	13,882,808
5.13%, 11/15/22 (Call 08/15/22)a		7,700		8,106,776
NOVA Chemicals Corp.
5.00%, 05/01/25 (Call 01/31/25)a,b		9,846		10,079,843
5.25%, 08/01/23 (Call 08/01/18)b		8,675		8,848,500
Olin Corp.
5.13%, 09/15/27 (Call 03/15/22)a		10,850		11,288,931
Platform Specialty Products Corp.
6.50%, 02/01/22 (Call 02/01/18)a,b		23,996		24,685,885
10.38%, 05/01/21 (Call 05/01/18)b		11,097		12,289,928
Tronox Finance LLC
6.38%, 08/15/20 (Call 05/30/17)a		20,750		21,055,264
7.50%, 03/15/22 (Call 03/15/18)a,b		11,634		12,194,371
WR Grace & Co.-Conn
5.13%, 10/01/21a,b		14,639		15,718,626
				332,706,550
COAL — 0.38%
CONSOL Energy Inc.
5.88%, 04/15/22 (Call 05/30/17)a		39,699		38,508,030
8.00%, 04/01/23 (Call 04/01/18)a		10,450		10,972,500
Murray Energy Corp.
11.25%, 04/15/21 (Call 04/15/18)b		23,450		17,675,438
Peabody Energy Corp.
6.00%, 03/31/22 (Call 03/31/19)b		840		856,800
6.38%, 03/31/25 (Call 03/31/20)a,b		5,870		5,958,050
				73,970,818

30 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
COMMERCIAL SERVICES — 3.46%
ADT Corp. (The)
3.50%, 07/15/22a	$	22,888	$	22,208,151
4.13%, 06/15/23		15,119		14,728,797
6.25%, 10/15/21		21,191		23,204,781
APX Group Inc.
6.38%, 12/01/19 (Call 05/30/17)a		9,664		10,002,240
7.88%, 12/01/22 (Call 12/01/18)		12,000		13,110,000
8.75%, 12/01/20 (Call 05/30/17)a		18,574		19,270,525
Ashtead Capital Inc.
5.63%, 10/01/24 (Call 10/01/19)a,b		10,735		11,459,612
6.50%, 07/15/22 (Call 07/15/17)a,b		18,270		19,000,800
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.13%, 06/01/22 (Call 06/01/17)a,b		8,107		7,881,524
5.50%, 04/01/23 (Call 04/01/18)a		14,186		13,866,815
Global A&T Electronics Ltd.
10.00%, 02/01/19 (Call 05/29/17)b		21,450		15,551,250
Herc Rentals Inc.
7.50%, 06/01/22 (Call 06/01/19)a,b		11,900		12,918,154
7.75%, 06/01/24 (Call 06/01/19)a,b		12,050		13,138,266
Hertz Corp. (The)
5.50%, 10/15/24 (Call 10/15/19)a,b		17,340		14,895,060
5.88%, 10/15/20 (Call 05/30/17)a		15,007		13,967,594
6.25%, 10/15/22 (Call 10/15/17)a		10,565		9,746,212
6.75%, 04/15/19 (Call 05/30/17)a		7,633		7,613,917
7.38%, 01/15/21 (Call 05/30/17)a		11,086		10,670,275

Security	Principal (000s)		Value
Jaguar Holding Co. II/Pharmaceutical Product Development LLC
6.38%, 08/01/23 (Call 08/01/18)b	$	24,792	$	25,790,971
Laureate Education Inc.
10.00%, 09/01/19 (Call 05/30/17)a,b		24,404		25,624,200
Nielsen Co. Luxembourg Sarl (The)
5.00%, 02/01/25 (Call 02/01/20)a,b		12,015		12,030,019
5.50%, 10/01/21 (Call 05/30/17)a,b		13,686		14,186,011
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 05/30/17)		16,809		17,120,807
5.00%, 04/15/22 (Call 05/30/17)a,b		50,000		51,375,000
Prime Security Services Borrower LLC/Prime Finance Inc.
9.25%, 05/15/23 (Call 05/15/19)a,b		67,599		73,744,594
RR Donnelley & Sons Co.
6.00%, 04/01/24a		9,870		9,203,775
7.88%, 03/15/21a		9,921		10,644,923
Service Corp. International/U.S.
5.38%, 01/15/22 (Call 07/15/17)a		8,524		8,801,030
5.38%, 05/15/24 (Call 05/15/19)a		18,568		19,635,660
ServiceMaster Co. LLC (The)
5.13%, 11/15/24 (Call 11/15/19)a,b		16,229		16,693,740
United Rentals North America Inc.
4.63%, 07/15/23 (Call 07/15/18)a		20,402		21,101,789
5.50%, 07/15/25 (Call 07/15/20)a		19,574		20,426,998
5.50%, 05/15/27 (Call 05/15/22)		21,160		21,774,243

SCHEDULESOF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
5.75%, 11/15/24 (Call 05/15/19)a	$	17,983	$	18,938,347
5.88%, 09/15/26 (Call 09/15/21)		21,084		22,246,471
6.13%, 06/15/23 (Call 12/15/17)		19,918		20,803,244
7.63%, 04/15/22 (Call 05/30/17)		6,673		6,955,170
				670,330,965
COMPUTERS — 1.70%
Dell Inc.
4.63%, 04/01/21a		8,586		8,824,620
5.65%, 04/15/18		8,044		8,301,562
5.88%, 06/15/19		13,348		14,145,304
Dell International LLC/EMC Corp.
5.88%, 06/15/21 (Call 06/15/18)a,b		33,921		35,956,260
7.13%, 06/15/24 (Call 06/15/19)a,b		34,522		38,009,847
EMC Corp.
2.65%, 06/01/20		44,423		43,479,011
3.38%, 06/01/23 (Call 03/01/23)a		21,494		20,687,975
Harland Clarke Holdings Corp.
9.25%, 03/01/21 (Call 05/30/17)b		17,317		16,710,905
Leidos Holdings Inc.
4.45%, 12/01/20 (Call 09/01/20)a		9,573		10,014,387
NCR Corp.
4.63%, 02/15/21 (Call 05/30/17)a		10,803		11,062,645
5.00%, 07/15/22 (Call 07/15/17)a		12,486		12,764,097
5.88%, 12/15/21 (Call 12/15/17)		8,285		8,662,533
6.38%, 12/15/23 (Call 12/15/18)a		15,357		16,400,795
Western Digital Corp.
10.50%, 04/01/24 (Call 04/01/19)a		72,439		85,296,923
				330,316,864

Security	Principal (000s)		Value
COSMETICS & PERSONAL CARE — 0.26%
Avon International Operations Inc.
7.88%, 08/15/22 (Call 08/15/19)a,b	$	11,293	$	12,107,037
Avon Products Inc.
6.60%, 03/15/20a		8,353		8,499,177
7.00%, 03/15/23a		9,643		9,281,387
Edgewell Personal Care Co.
4.70%, 05/19/21a		11,024		11,703,814
4.70%, 05/24/22a		8,940		9,528,163
				51,119,578
DISTRIBUTION & WHOLESALE — 0.26%
HD Supply Inc.
5.25%, 12/15/21 (Call 12/15/17)a,b		26,191		27,656,614
5.75%, 04/15/24 (Call 04/15/19)b		21,567		22,846,044
				50,502,658
DIVERSIFIED FINANCIAL SERVICES — 5.10%
Aircastle Ltd.
4.13%, 05/01/24 (Call 02/01/24)a		6,650		6,764,147
4.63%, 12/15/18a		9,816		10,154,259
5.00%, 04/01/23a		10,695		11,416,913
5.13%, 03/15/21a		11,455		12,221,848
5.50%, 02/15/22		11,507		12,468,933
6.25%, 12/01/19a		10,840		11,746,766
Ally Financial Inc.
3.25%, 02/13/18a		1,147		1,154,527
3.25%, 11/05/18a		14,231		14,337,733
3.50%, 01/27/19a		16,519		16,725,488
3.60%, 05/21/18		15,955		16,175,977
3.75%, 11/18/19		16,506		16,793,039
4.13%, 03/30/20		15,490		15,841,817
4.13%, 02/13/22a		13,921		13,985,016
4.25%, 04/15/21a		13,232		13,502,326
4.63%, 05/19/22a		8,383		8,546,364
4.63%, 03/30/25		11,611		11,464,502
4.75%, 09/10/18		14,175		14,588,859
5.13%, 09/30/24a		15,738		16,033,088
5.75%, 11/20/25 (Call 10/20/25)a		23,758		24,308,729
7.50%, 09/15/20		10,005		11,278,236

32 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
8.00%, 12/31/18	$	9,155	$	9,903,136
8.00%, 03/15/20a		17,705		19,982,816
CIT Group Inc.
3.88%, 02/19/19a		20,502		21,040,177
5.00%, 08/15/22		26,364		28,362,391
5.00%, 08/01/23a		16,035		17,237,625
5.25%, 03/15/18		24,294		25,044,857
5.38%, 05/15/20a		16,187		17,421,259
5.50%, 02/15/19b		11,905		12,574,656
6.63%, 04/01/18b		11,901		12,433,315
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.88%, 03/15/19 (Call 05/30/17)a		26,121		26,431,187
5.88%, 02/01/22 (Call 08/01/17)a		29,154		29,962,659
6.00%, 08/01/20 (Call 05/30/17)a		35,937		37,194,795
6.25%, 02/01/22 (Call 02/01/19)a,b		15,035		15,636,400
6.75%, 02/01/24 (Call 02/01/20)a,b		11,221		11,697,893
Intelsat Connect Finance SA
12.50%, 04/01/22 (Call 06/01/18)a,b		15,260		13,372,996
Jefferies Finance LLC/JFIN Co-Issuer Corp.
6.88%, 04/15/22 (Call 05/30/17)a,b		9,230		9,139,143
7.38%, 04/01/20 (Call 05/30/17)a,b		12,150		12,514,500
7.50%, 04/15/21 (Call 10/15/17)a,b		8,250		8,507,813
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 08/01/18 (Call 05/30/17)		7,338		7,411,380
6.50%, 07/01/21 (Call 05/30/17)		11,952		12,120,414
7.88%, 10/01/20 (Call 05/30/17)		9,750		10,107,338
Navient Corp.
4.88%, 06/17/19a		20,849		21,500,531
5.00%, 10/26/20a		10,612		10,797,710

Security	Principal (000s)		Value
5.50%, 01/15/19a	$	23,825	$	24,778,000
5.50%, 01/25/23a		20,728		20,468,900
5.88%, 03/25/21a		10,714		11,088,990
5.88%, 10/25/24a		9,650		9,408,750
6.13%, 03/25/24a		17,965		17,830,262
6.50%, 06/15/22		14,335		14,818,806
6.63%, 07/26/21a		18,643		19,761,580
7.25%, 01/25/22a		15,659		16,676,835
7.25%, 09/25/23a		12,113		12,627,803
8.00%, 03/25/20a		32,235		35,539,087
8.45%, 06/15/18		31,997		34,156,797
OneMain Financial Holdings LLC
6.75%, 12/15/19 (Call 05/30/17)b		17,286		18,150,300
7.25%, 12/15/21 (Call 12/15/17)b		17,200		17,863,591
Quicken Loans Inc.
5.75%, 05/01/25 (Call 05/01/20)a,b		26,589		26,921,362
Springleaf Finance Corp.
5.25%, 12/15/19		15,003		15,203,665
6.90%, 12/15/17a		3,037		3,114,823
7.75%, 10/01/21a		16,300		17,522,500
8.25%, 12/15/20a		21,332		23,281,508
				989,117,117
ELECTRIC — 2.86%
AES Corp./VA
4.88%, 05/15/23 (Call 05/15/18)a		14,917		15,017,224
5.50%, 03/15/24 (Call 03/15/19)		15,624		16,019,926
5.50%, 04/15/25 (Call 04/15/20)a		11,709		12,009,102
6.00%, 05/15/26 (Call 05/15/21)a		11,174		11,779,259
7.38%, 07/01/21 (Call 06/01/21)		19,658		22,360,975
8.00%, 06/01/20		8,950		10,337,250
Calpine Corp.
5.25%, 06/01/26 (Call 06/01/21)a,b		13,353		13,417,801
5.38%, 01/15/23 (Call 10/15/18)a		29,442		29,000,370

SCHEDULESOF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
5.50%, 02/01/24 (Call 02/01/19)a	$	14,785	$	14,244,004
5.75%, 01/15/25 (Call 10/15/19)a		32,867		31,707,173
5.88%, 01/15/24 (Call 11/01/18)a,b		10,401		10,927,984
6.00%, 01/15/22 (Call 05/30/17)a,b		15,180		15,855,510
DPL Inc.
7.25%, 10/15/21 (Call 07/15/21)a		16,538		17,612,970
Dynegy Inc.
5.88%, 06/01/23 (Call 06/01/18)		9,731		8,563,280
6.75%, 11/01/19 (Call 05/30/17)a		43,098		43,679,052
7.38%, 11/01/22 (Call 11/01/18)a		38,949		37,293,667
7.63%, 11/01/24 (Call 11/01/19)a		26,300		24,163,125
8.00%, 01/15/25 (Call 01/15/20)a,b		16,520		15,188,262
Enel SpA VRN, (5 year USD Swap + 5.880%)
8.75%, 09/24/73 (Call 09/24/23)a,b		25,457		29,548,304
GenOn Energy Inc.
9.50%, 10/15/18		10,830		6,667,165
9.88%, 10/15/20 (Call 05/30/17)a		8,500		5,270,000
IPALCO Enterprises Inc.
3.45%, 07/15/20 (Call 06/15/20)		8,325		8,455,078
5.00%, 05/01/18 (Call 04/01/18)a		6,400		6,580,032
NRG Energy Inc.
6.25%, 07/15/22 (Call 07/15/18)a		21,482		21,816,165
6.25%, 05/01/24 (Call 05/01/19)a		16,101		16,044,646
6.63%, 03/15/23 (Call 09/15/17)a		18,616		18,895,240
6.63%, 01/15/27 (Call 07/15/21)a		24,595		24,410,537

Security	Principal (000s)		Value
7.25%, 05/15/26 (Call 05/15/21)a	$	24,284	$	24,918,696
7.88%, 05/15/21 (Call 05/30/17)a		823		843,575
Talen Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)a		15,138		11,789,096
4.63%, 07/15/19 (Call 04/15/19)a,b		4,701		4,630,485
6.50%, 05/01/18		6,125		6,232,188
6.50%, 06/01/25 (Call 06/01/20)a		13,645		10,847,775
9.50%, 07/15/22 (Call 07/15/20)b		8,000		7,398,400
				553,524,316
ELECTRONICS — 0.02%
Ingram Micro Inc.
5.45%, 12/15/24 (Call 09/15/24)		3,225		3,216,938
				3,216,938
ENERGY – ALTERNATE SOURCES — 0.11%
TerraForm Power Operating LLC
6.38%, 02/01/23 (Call 02/01/18)b,c		20,939		21,645,691
				21,645,691
ENGINEERING & CONSTRUCTION — 0.31%
AECOM
5.13%, 03/15/27 (Call 12/15/26)a,b		21,635		21,672,862
5.75%, 10/15/22 (Call 10/15/17)		17,210		18,098,466
5.88%, 10/15/24 (Call 07/15/24)a		19,105		20,499,665
				60,270,993
ENTERTAINMENT — 1.93%
AMC Entertainment Holdings Inc.
5.75%, 06/15/25 (Call 06/15/20)a		13,274		13,605,850
5.88%, 11/15/26 (Call 11/15/21)a,b		13,423		13,590,788

34 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
6.13%, 05/15/27 (Call 05/15/22)b	$	10,580	$	10,790,655
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/18)		17,247		17,457,796
5.13%, 12/15/22 (Call 12/15/17)		5,852		6,023,903
GLP Capital LP/GLP Financing II Inc.
4.38%, 11/01/18 (Call 08/01/18)a		8,871		9,102,158
4.38%, 04/15/21a		7,674		8,027,963
4.88%, 11/01/20 (Call 08/01/20)a		20,951		22,312,815
5.38%, 11/01/23 (Call 08/01/23)		10,658		11,428,282
5.38%, 04/15/26		20,320		21,357,493
International Game Technology
7.50%, 06/15/19		11,083		12,126,187
International Game Technology PLC
5.63%, 02/15/20 (Call 11/15/19)b		11,080		11,696,059
6.25%, 02/15/22 (Call 08/15/21)b		31,913		34,883,902
6.50%, 02/15/25 (Call 08/15/24)a,b		23,428		25,682,945
Regal Entertainment Group
5.75%, 03/15/22 (Call 05/30/17)		16,912		17,609,620
Scientific Games International Inc.
7.00%, 01/01/22 (Call 01/01/18)a,b		44,803		47,939,210
10.00%, 12/01/22 (Call 12/01/18)a		48,732		52,874,220
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 07/31/19)b		15,330		15,464,138
5.50%, 04/15/27 (Call 04/15/22)a,b		8,970		9,133,229
WMG Acquisition Corp.
6.75%, 04/15/22 (Call 05/30/17)b		11,701		12,345,842
				373,453,055

Security	Principal (000s)		Value
ENVIRONMENTAL CONTROL — 0.32%
Clean Harbors Inc.
5.13%, 06/01/21 (Call 05/30/17)	$	18,055	$	18,491,209
5.25%, 08/01/20 (Call 05/30/17)a		16,913		17,246,561
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/19)a		8,707		8,749,447
5.88%, 07/01/25 (Call 07/01/20)		10,715		10,715,000
6.38%, 10/01/22 (Call 05/30/17)a		7,187		7,394,910
				62,597,127
FOOD — 1.30%
Albertsons Companies LLC/Safeway Inc./New Albertson’s Inc./Albertson’s LLC
5.75%, 03/15/25 (Call 09/15/19)a,b		27,699		26,836,004
6.63%, 06/15/24 (Call 06/15/19)a,b		26,955		27,561,488
B&G Foods Inc.
4.63%, 06/01/21 (Call 05/30/17)		2,925		2,970,906
5.25%, 04/01/25 (Call 04/01/20)		10,400		10,647,000
Lamb Weston Holdings Inc.
4.63%, 11/01/24 (Call 11/01/21)a,b		19,219		19,843,618
4.88%, 11/01/26 (Call 11/01/21)a,b		18,147		18,707,907
Post Holdings Inc.
5.00%, 08/15/26 (Call 08/15/21)a,b		38,360		38,142,894
5.50%, 03/01/25 (Call 03/01/20)a,b		21,189		22,142,505
5.75%, 03/01/27 (Call 03/01/22)a,b		16,600		17,243,250
6.00%, 12/15/22 (Call 06/15/18)b		12,620		13,377,200
7.75%, 03/15/24 (Call 09/15/18)b		16,881		18,737,910

SCHEDULESOF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
8.00%, 07/15/25 (Call 07/15/20)a,b	$	7,880	$	8,949,429
TreeHouse Foods Inc.
4.88%, 03/15/22 (Call 05/30/17)		7,654		7,922,759
6.00%, 02/15/24 (Call 02/15/19)b		17,765		18,956,063
				252,038,933
FOOD SERVICE — 0.20%
Aramark Services Inc.
4.75%, 06/01/26 (Call 06/01/21)a		12,478		12,717,162
5.00%, 04/01/25 (Call 04/01/20)b		3,925		4,101,625
5.13%, 01/15/24 (Call 01/15/19)		20,479		21,605,345
				38,424,132
GAS — 0.40%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)a		12,950		13,061,000
5.63%, 05/20/24 (Call 03/20/24)		12,414		12,632,655
5.75%, 05/20/27 (Call 02/20/27)		11,250		11,247,443
5.88%, 08/20/26 (Call 05/20/26)a		14,617		14,852,243
NGL Energy Partners LP/NGL Energy Finance Corp.
6.13%, 03/01/25 (Call 03/01/20)b		11,000		10,230,000
7.50%, 11/01/23 (Call 11/01/19)b		15,425		15,425,000
				77,448,341
HEALTH CARE – PRODUCTS — 0.96%
Alere Inc.
6.38%, 07/01/23 (Call 07/01/18)b		8,615		9,379,581
6.50%, 06/15/20 (Call 05/30/17)		6,586		6,742,418
7.25%, 07/01/18 (Call 05/30/17)a		7,050		7,094,063

Security	Principal (000s)		Value
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp.
8.13%, 06/15/21 (Call 06/15/18)b	$	21,611	$	19,233,790
Hologic Inc.
5.25%, 07/15/22 (Call 07/15/18)a,b		21,986		23,167,747
Kinetic Concepts Inc./KCI USA Inc.
7.88%, 02/15/21 (Call 02/15/18)a,b		11,465		12,225,580
12.50%, 11/01/21 (Call 05/01/19)a,b		8,180		9,164,746
Mallinckrodt International Finance SA
4.75%, 04/15/23a		12,345		10,524,112
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
4.88%, 04/15/20 (Call 05/30/17)a,b		14,705		14,649,856
5.50%, 04/15/25 (Call 04/15/20)a,b		14,865		13,452,825
5.63%, 10/15/23 (Call 10/15/18)a,b		16,185		15,382,975
5.75%, 08/01/22 (Call 08/01/17)a,b		18,683		18,299,724
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA
6.63%, 05/15/22 (Call 05/30/17)b		28,102		25,924,095
				185,241,512
HEALTH CARE – SERVICES — 7.70%
Acadia Healthcare Co. Inc.
5.63%, 02/15/23 (Call 02/15/18)		14,349		14,779,470
Centene Corp.
4.75%, 05/15/22 (Call 05/15/19)		21,791		22,608,162
4.75%, 01/15/25 (Call 01/15/20)		26,605		27,037,331
5.63%, 02/15/21 (Call 02/15/18)		32,601		34,108,796

36 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
6.13%, 02/15/24 (Call 02/15/19)	$	21,964	$	23,666,210
CHS/Community Health Systems Inc.
5.13%, 08/01/21 (Call 05/30/17)a		22,281		22,058,190
6.25%, 03/31/23 (Call 03/31/20)		38,050		38,672,201
6.88%, 02/01/22 (Call 02/01/18)a		65,098		53,780,960
7.13%, 07/15/20 (Call 05/30/17)a		26,224		23,532,919
8.00%, 11/15/19 (Call 05/30/17)a		42,564		41,249,504
DaVita Inc.
5.00%, 05/01/25 (Call 05/01/20)a		33,722		34,025,498
5.13%, 07/15/24 (Call 07/15/19)a		38,082		39,064,790
5.75%, 08/15/22 (Call 08/15/17)a		26,478		27,453,103
Envision Healthcare Corp.
5.13%, 07/01/22 (Call 07/01/17)a,b		15,875		16,152,813
5.63%, 07/15/22 (Call 07/15/17)a		24,712		25,422,470
6.25%, 12/01/24 (Call 12/01/19)a,b		12,317		12,948,246
Fresenius Medical Care U.S. Finance II Inc.
4.13%, 10/15/20 (Call 07/17/20)a,b		11,095		11,374,686
4.75%, 10/15/24 (Call 07/17/24)a,b		8,960		9,143,680
5.63%, 07/31/19a,b		17,358		18,459,148
5.88%, 01/31/22a,b		13,249		14,477,292
6.50%, 09/15/18a,b		5,340		5,639,369
Fresenius Medical Care U.S. Finance Inc.
5.75%, 02/15/21a,b		12,302		13,433,345
HCA Holdings Inc.
6.25%, 02/15/21a		20,787		22,501,927

Security	Principal (000s)		Value
HCA Inc.
3.75%, 03/15/19a	$	26,565	$	27,063,094
4.25%, 10/15/19a		12,674		13,133,433
4.50%, 02/15/27 (Call 08/15/26)a		25,220		25,396,288
4.75%, 05/01/23a		25,326		26,533,113
5.00%, 03/15/24a		43,092		45,731,385
5.25%, 04/15/25a		28,915		31,034,909
5.25%, 06/15/26 (Call 12/15/25)		31,694		33,731,861
5.38%, 02/01/25a		55,983		58,292,299
5.88%, 03/15/22a		29,368		32,491,622
5.88%, 05/01/23a		26,007		28,300,817
5.88%, 02/15/26 (Call 08/15/25)a		31,482		33,547,849
6.50%, 02/15/20		63,562		69,763,109
7.50%, 02/15/22		43,143		49,631,707
8.00%, 10/01/18a		8,300		8,958,413
HealthSouth Corp.
5.75%, 11/01/24 (Call 11/01/17)a		25,989		26,483,792
Kindred Healthcare Inc.
6.38%, 04/15/22 (Call 05/30/17)a		10,895		10,513,675
8.00%, 01/15/20a		16,231		16,835,605
8.75%, 01/15/23 (Call 01/15/18)a		14,784		15,172,080
LifePoint Health Inc.
5.38%, 05/01/24 (Call 05/01/19)a,b		10,965		10,992,413
5.50%, 12/01/21 (Call 05/30/17)a		23,692		24,532,988
5.88%, 12/01/23 (Call 12/01/18)a		12,055		12,386,513
MPH Acquisition Holdings LLC
7.13%, 06/01/24 (Call 06/01/19)b		34,872		37,487,400
Tenet Healthcare Corp.
4.38%, 10/01/21a		21,734		21,662,087
4.50%, 04/01/21a		18,873		18,874,332
4.75%, 06/01/20a		10,531		10,684,874
5.00%, 03/01/19a		24,242		24,257,272
5.50%, 03/01/19a		7,026		7,096,260

SCHEDULESOF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
6.00%, 10/01/20a	$	38,340	$	40,304,925
6.25%, 11/01/18a		18,000		18,889,020
6.75%, 06/15/23a		40,431		38,611,605
7.50%, 01/01/22 (Call 01/01/19)a,b		15,785		16,851,027
8.00%, 08/01/20 (Call 05/30/17)a		16,811		17,012,290
8.13%, 04/01/22a		59,781		60,752,441
WellCare Health Plans Inc.
5.25%, 04/01/25 (Call 04/01/20)a		26,644		27,709,760
				1,492,310,368
HOLDING COMPANIES – DIVERSIFIED — 0.41%
HRG Group Inc.
7.75%, 01/15/22 (Call 05/30/17)a		18,933		19,997,981
7.88%, 07/15/19 (Call 05/30/17)a		19,771		20,644,232
Leucadia National Corp.
5.50%, 10/18/23 (Call 01/18/23)a		14,205		15,268,102
Noble Group Ltd.
6.75%, 01/29/20b		24,030		22,882,568
				78,792,883
HOME BUILDERS — 1.42%
Beazer Homes USA Inc.
8.75%, 03/15/22 (Call 03/15/19)a		11,275		12,491,291
Brookfield Residential Properties Inc.
6.50%, 12/15/20 (Call 05/29/17)a,b		11,964		12,380,871
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
6.13%, 07/01/22 (Call 07/01/17)a,b		9,859		10,278,007
CalAtlantic Group Inc.
5.25%, 06/01/26 (Call 12/01/25)		2,775		2,847,596
5.88%, 11/15/24 (Call 05/15/24)a		6,370		6,847,750
8.38%, 05/15/18		8,452		8,895,730
8.38%, 01/15/21a		7,855		9,209,095

Security	Principal (000s)		Value
K. Hovnanian Enterprises Inc.
7.25%, 10/15/20 (Call 05/30/17)a,b	$	13,295	$	12,897,479
KB Home
4.75%, 05/15/19 (Call 02/15/19)a		8,327		8,574,208
7.00%, 12/15/21 (Call 09/15/21)a		8,393		9,347,704
Lennar Corp.
4.13%, 01/15/22 (Call 10/15/21)		12,515		12,718,369
4.50%, 06/15/19 (Call 04/16/19)		10,373		10,715,309
4.50%, 11/15/19 (Call 08/15/19)a		10,744		11,079,750
4.50%, 04/30/24 (Call 01/31/24)		13,950		14,057,415
4.75%, 04/01/21 (Call 02/01/21)a		10,392		10,871,071
4.75%, 11/15/22 (Call 08/15/22)a		12,238		12,727,520
4.75%, 05/30/25 (Call 02/28/25)		10,360		10,539,181
4.88%, 12/15/23 (Call 09/15/23)		8,622		8,927,948
PulteGroup Inc.
4.25%, 03/01/21 (Call 02/01/21)a		14,395		14,894,826
5.00%, 01/15/27 (Call 10/15/26)a		13,357		13,514,422
5.50%, 03/01/26 (Call 12/01/25)a		14,768		15,561,780
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc.
5.25%, 04/15/21 (Call 05/30/17)b		10,523		10,792,652
Toll Brothers Finance Corp.
4.38%, 04/15/23 (Call 01/15/23)a		7,430		7,600,890
5.88%, 02/15/22 (Call 11/15/21)a		7,507		8,253,947

38 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
TRI Pointe Group Inc./TRI Pointe Homes Inc.
4.38%, 06/15/19	$	8,931	$	9,176,603
5.88%, 06/15/24a		8,773		9,207,263
				274,408,677
HOME FURNISHINGS — 0.11%
Tempur Sealy International Inc.
5.50%, 06/15/26 (Call 06/15/21)a		12,184		12,054,545
5.63%, 10/15/23 (Call 10/15/18)		9,844		10,080,256
				22,134,801
HOUSEHOLD PRODUCTS & WARES — 0.29%
Kronos Acquisition Holdings Inc.
9.00%, 08/15/23 (Call 08/15/18)b		17,715		17,923,151
Spectrum Brands Inc.
5.75%, 07/15/25 (Call 07/15/20)		23,655		25,268,609
6.63%, 11/15/22 (Call 11/15/17)a		12,149		12,786,823
				55,978,583
INSURANCE — 0.51%
Genworth Holdings Inc.
4.80%, 02/15/24		8,620		7,097,579
4.90%, 08/15/23		8,538		7,145,831
6.52%, 05/22/18a		9,490		9,522,232
7.20%, 02/15/21		7,929		7,512,727
7.63%, 09/24/21		15,878		15,123,795
7.70%, 06/15/20		8,450		8,320,715
HUB International Ltd.
7.88%, 10/01/21 (Call 05/30/17)b		27,508		28,879,274
Voya Financial Inc. VRN, (3 mo. LIBOR US + 3.580%)
5.65%, 05/15/53 (Call 05/15/23)a		14,990		15,577,109
				99,179,262
INTERNET — 0.93%
Netflix Inc.
4.38%, 11/15/26a,b		23,340		22,989,900
5.38%, 02/01/21a		8,555		9,163,474
5.50%, 02/15/22a		14,987		16,069,543
5.75%, 03/01/24		7,940		8,498,493

Security	Principal (000s)		Value
5.88%, 02/15/25	$	16,901	$	18,337,585
Symantec Corp.
5.00%, 04/15/25 (Call 04/15/20)a,b		1,920		1,984,800
VeriSign Inc.
4.63%, 05/01/23 (Call 05/01/18)a		15,823		16,264,462
5.25%, 04/01/25 (Call 01/01/25)a		10,128		10,567,483
Zayo Group LLC/Zayo Capital Inc.
5.75%, 01/15/27 (Call 01/15/22)b		24,804		26,295,264
6.00%, 04/01/23 (Call 04/01/18)a		28,767		30,672,814
6.38%, 05/15/25 (Call 05/15/20)a		18,596		20,094,140
				180,937,958
IRON & STEEL — 1.17%
AK Steel Corp.
7.00%, 03/15/27 (Call 03/15/22)a		9,400		9,317,750
7.63%, 10/01/21 (Call 10/01/17)a		9,137		9,491,059
Allegheny Technologies Inc.
5.95%, 01/15/21 (Call 10/15/20)a		11,255		11,159,107
7.88%, 08/15/23 (Call 05/15/23)a		10,913		11,281,314
ArcelorMittal
6.00%, 08/05/20a		14,150		15,276,694
6.13%, 06/01/25a		10,819		12,090,232
6.25%, 03/01/21		18,255		19,884,259
7.00%, 02/25/22a		24,127		27,334,885
Cliffs Natural Resources Inc.
5.75%, 03/01/25 (Call 03/01/20)a,b		10,990		10,555,249
8.25%, 03/31/20 (Call 03/31/18)b		10,605		11,536,914
Commercial Metals Co.
7.35%, 08/15/18a		5,720		6,031,025
Steel Dynamics Inc.
5.00%, 12/15/26 (Call 12/15/21)a,b		8,590		8,813,009

SCHEDULESOF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
5.13%, 10/01/21 (Call 10/01/17)a	$	15,584	$	16,061,260
5.25%, 04/15/23 (Call 04/15/18)		7,490		7,789,600
5.50%, 10/01/24 (Call 10/01/19)a		9,500		10,037,014
U.S. Steel Corp.
7.38%, 04/01/20a		8,557		9,153,984
7.50%, 03/15/22 (Call 05/30/17)a		7,641		7,774,718
8.38%, 07/01/21 (Call 07/01/18)a,b		21,310		23,438,245
				227,026,318
LEISURE TIME — 0.28%
NCL Corp. Ltd.
4.63%, 11/15/20 (Call 11/15/17)a,b		12,668		12,958,309
4.75%, 12/15/21 (Call 12/15/18)a,b		14,769		15,119,764
Royal Caribbean Cruises Ltd.
5.25%, 11/15/22a		13,469		14,862,233
Sabre GLBL Inc.
5.25%, 11/15/23 (Call 11/15/18)a,b		10,997		11,365,399
				54,305,705
LODGING — 2.07%
Boyd Gaming Corp.
6.38%, 04/01/26 (Call 04/01/21)a		16,454		17,739,386
6.88%, 05/15/23 (Call 05/15/18)a		16,024		17,262,218
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties
8.00%, 10/01/20 (Call 05/30/17)		18,441		19,142,680
11.00%, 10/01/21 (Call 05/30/17)a		22,248		24,139,080
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 09/01/19)a,b		11,324		12,060,060

Security	Principal (000s)		Value
10.75%, 09/01/24 (Call 09/01/19)a,b	$	13,050	$	13,875,413
Hilton Domestic Operating Co. Inc.
4.25%, 09/01/24 (Call 09/01/19)a,b		22,603		22,744,269
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.63%, 04/01/25 (Call 04/01/20)b		19,070		19,594,425
4.88%, 04/01/27 (Call 04/01/22)a,b		9,850		10,090,777
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.
6.75%, 11/15/21 (Call 11/15/18)b		15,055		15,732,475
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)a		10,598		10,571,505
5.25%, 03/31/20a		11,040		11,673,267
6.00%, 03/15/23		29,246		31,805,025
6.63%, 12/15/21a		26,613		29,873,093
6.75%, 10/01/20a		22,436		24,935,121
7.75%, 03/15/22		21,135		24,675,113
8.63%, 02/01/19		15,933		17,588,539
11.38%, 03/01/18		6,970		7,517,180
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)a,b		10,675		10,599,789
5.38%, 03/15/22 (Call 05/30/17)a		17,666		18,151,815
5.50%, 03/01/25 (Call 12/01/24)a,b		39,567		40,852,927
				400,624,157
MACHINERY — 0.78%
BlueLine Rental Finance Corp./BlueLine Rental LLC
9.25%, 03/15/24 (Call 03/15/20)a,b		25,740		26,851,731
CNH Industrial Capital LLC
3.38%, 07/15/19a		10,581		10,719,770

40 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
3.63%, 04/15/18a	$	8,270	$	8,376,459
3.88%, 07/16/18a		9,635		9,812,645
3.88%, 10/15/21a		9,698		9,728,600
4.38%, 11/06/20a		13,158		13,610,939
4.38%, 04/05/22a		7,100		7,233,041
4.88%, 04/01/21		11,353		11,920,650
CNH Industrial NV
4.50%, 08/15/23a		12,470		12,725,628
Vertiv Group Corp.
9.25%, 10/15/24 (Call 10/15/19)a,b		15,750		16,950,937
Zebra Technologies Corp.
7.25%, 10/15/22 (Call 10/15/17)a		22,015		23,803,719
				151,734,119
MANUFACTURING — 0.99%
Bombardier Inc.
4.75%, 04/15/19a,b		12,110		12,386,229
5.75%, 03/15/22b		11,100		11,030,319
6.00%, 10/15/22 (Call 05/29/17)a,b		24,995		24,912,111
6.13%, 01/15/23b		26,955		26,820,225
7.50%, 03/15/25 (Call 03/15/20)a,b		33,953		35,453,451
7.75%, 03/15/20a,b		18,260		19,740,152
8.75%, 12/01/21a,b		30,950		34,401,479
Gates Global LLC/Gates Global Co.
6.00%, 07/15/22 (Call 07/15/17)a,b		26,395		26,559,969
				191,303,935
MEDIA — 12.35%
Altice Financing SA
6.50%, 01/15/22 (Call 05/30/17)b		18,280		19,194,000
6.63%, 02/15/23 (Call 02/15/18)b		43,554		46,167,240
7.50%, 05/15/26 (Call 05/15/21)a,b		58,569		63,254,520
Altice Finco SA
8.13%, 01/15/24 (Call 12/15/18)a,b		7,650		8,228,761

Security	Principal (000s)		Value
Altice Luxembourg SA
7.63%, 02/15/25 (Call 02/15/20)a,b	$	32,469	$	34,660,657
7.75%, 05/15/22 (Call 05/30/17)a,b		61,268		65,020,665
Altice U.S. Finance I Corp.
5.38%, 07/15/23 (Call 07/15/18)b		22,182		23,180,190
5.50%, 05/15/26 (Call 05/15/21)b		33,801		34,981,054
AMC Networks Inc.
4.75%, 12/15/22 (Call 12/15/17)a		13,845		14,090,434
5.00%, 04/01/24 (Call 04/01/20)		23,199		23,504,067
Cablevision Systems Corp.
5.88%, 09/15/22a		14,193		14,517,181
7.75%, 04/15/18		12,763		13,369,243
8.00%, 04/15/20a		11,060		12,352,693
CBS Radio Inc.
7.25%, 11/01/24 (Call 11/01/19)a,b		8,880		9,634,800
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 02/15/23 (Call 02/15/18)a		22,568		23,470,720
5.13%, 05/01/23 (Call 05/01/18)a,b		24,413		25,481,069
5.13%, 05/01/27 (Call 05/01/22)b		49,428		50,416,560
5.25%, 03/15/21 (Call 05/30/17)a		9,355		9,628,454
5.25%, 09/30/22 (Call 09/30/17)a		25,664		26,561,555
5.38%, 05/01/25 (Call 05/01/20)a,b		14,531		15,075,913
5.50%, 05/01/26 (Call 05/01/21)a,b		30,574		32,028,500
5.75%, 09/01/23 (Call 03/01/18)a		10,275		10,770,402
5.75%, 01/15/24 (Call 07/15/18)		19,811		20,851,077
5.75%, 02/15/26 (Call 02/15/21)a,b		52,461		55,537,313

SCHEDULESOF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
5.88%, 04/01/24 (Call 04/01/19)a,b	$	36,973	$	39,607,326
5.88%, 05/01/27 (Call 05/01/21)b		17,596		18,656,571
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%, 12/15/21 (Call 05/30/17)a,b		26,463		27,074,825
6.38%, 09/15/20 (Call 05/30/17)b		22,016		22,690,350
7.75%, 07/15/25 (Call 07/15/20)b		11,861		13,187,276
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 11/15/17)a		51,665		53,281,919
Series B
7.63%, 03/15/20 (Call 05/30/17)a		38,173		38,602,446
CSC Holdings LLC
5.25%, 06/01/24		16,605		16,822,858
5.50%, 04/15/27 (Call 04/15/22)a,b		27,745		28,716,075
6.63%, 10/15/25 (Call 10/15/20)a,b		20,723		22,562,166
6.75%, 11/15/21a		22,741		24,974,830
8.63%, 02/15/19a		10,351		11,374,620
10.13%, 01/15/23 (Call 01/15/19)a,b		37,556		43,564,960
10.88%, 10/15/25 (Call 10/15/20)b		44,013		52,905,461
DISH DBS Corp.
4.25%, 04/01/18a		21,189		21,512,132
5.00%, 03/15/23a		31,645		31,709,081
5.13%, 05/01/20a		23,151		24,163,856
5.88%, 07/15/22a		45,472		48,086,640
5.88%, 11/15/24a		43,125		45,281,250
6.75%, 06/01/21a		41,890		45,575,080
7.75%, 07/01/26		43,192		50,588,630
7.88%, 09/01/19		29,009		32,181,859
Gray Television Inc.
5.13%, 10/15/24 (Call 10/15/19)a,b		12,875		12,953,859

Security	Principal (000s)		Value
5.88%, 07/15/26 (Call 07/15/21)a,b	$	16,332	$	16,912,369
iHeartCommunications Inc.
9.00%, 12/15/19 (Call 05/30/17)		30,084		24,709,379
9.00%, 03/01/21 (Call 05/30/17)		30,440		23,075,861
9.00%, 09/15/22 (Call 09/15/17)		17,715		13,219,819
10.63%, 03/15/23 (Call 03/15/18)a		19,578		14,934,750
11.25%, 03/01/21 (Call 05/30/17)b		11,032		8,465,528
11.25%, 03/01/21 (Call 05/30/17)		10,911		8,372,677
LIN Television Corp.
5.88%, 11/15/22 (Call 11/15/17)		9,653		10,058,081
Nexstar Broadcasting Inc.
5.63%, 08/01/24 (Call 08/01/19)a,b		22,094		22,594,208
Quebecor Media Inc.
5.75%, 01/15/23a		17,746		18,636,634
SFR Group SA
6.00%, 05/15/22 (Call 05/29/17)a,b		84,678		88,283,869
6.25%, 05/15/24 (Call 05/15/19)a,b		28,090		29,090,847
7.38%, 05/01/26 (Call 05/01/21)a,b		109,666		115,423,465
Sinclair Television Group Inc.
5.13%, 02/15/27 (Call 08/15/21)a,b		9,482		9,431,034
5.38%, 04/01/21 (Call 05/15/17)		14,116		14,521,835
5.63%, 08/01/24 (Call 08/01/19)a,b		10,969		11,410,807
6.13%, 10/01/22 (Call 10/01/17)a		12,699		13,277,457
Sirius XM Radio Inc.
4.25%, 05/15/20 (Call 05/30/17)a,b		10,057		10,162,808
4.63%, 05/15/23 (Call 05/15/18)a,b		14,101		14,368,599

42 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
5.38%, 04/15/25 (Call 04/15/20)b	$	21,130	$	21,657,967
5.38%, 07/15/26 (Call 07/15/21)a,b		20,558		21,067,668
5.75%, 08/01/21 (Call 05/30/17)a,b		12,626		13,099,475
6.00%, 07/15/24 (Call 07/15/19)a,b		31,705		33,924,350
TEGNA Inc.
5.13%, 10/15/19 (Call 05/30/17)a		15,518		15,902,071
5.13%, 07/15/20 (Call 05/30/17)a		12,807		13,209,886
6.38%, 10/15/23 (Call 10/15/18)a		13,937		14,805,159
Tribune Media Co.
5.88%, 07/15/22 (Call 07/15/18)a		23,885		25,091,670
Unitymedia GmbH
6.13%, 01/15/25 (Call 01/15/20)a,b		21,066		22,356,952
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.00%, 01/15/25 (Call 01/15/20)a,b		12,035		12,460,905
5.50%, 01/15/23 (Call 01/15/18)a,b		21,434		22,270,413
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/15/18)a,b		26,710		27,047,075
5.13%, 02/15/25 (Call 02/15/20)a,b		33,571		33,356,985
6.75%, 09/15/22 (Call 09/15/17)a,b		23,816		24,947,260
UPCB Finance IV Ltd.
5.38%, 01/15/25 (Call 01/15/20)b		24,045		24,467,290
Viacom Inc.
VRN, (3 mo. LIBOR US + 3.895%)
5.88%, 02/28/57 (Call 02/28/22)a		15,200		15,684,295

Security	Principal (000s)		Value
VRN, (3 mo. LIBOR US + 3.899%)
6.25%, 02/28/57 (Call 02/28/27)a	$	13,700	$	14,093,875
Videotron Ltd.
5.00%, 07/15/22a		17,233		18,268,703
5.38%, 06/15/24 (Call 03/15/24)a,b		12,257		12,807,952
Videotron Ltd./Videotron Ltee
5.13%, 04/15/27 (Call 04/15/22)b		9,985		10,147,256
Virgin Media Finance PLC
5.75%, 01/15/25 (Call 01/15/20)a,b		8,905		9,060,838
6.00%, 10/15/24 (Call 10/15/19)a,b		10,185		10,690,219
6.38%, 04/15/23 (Call 04/15/18)b		10,755		11,264,518
Virgin Media Secured Finance PLC
5.25%, 01/15/21a		9,465		10,048,044
5.25%, 01/15/26 (Call 01/15/20)a,b		20,348		20,572,337
5.50%, 01/15/25 (Call 01/15/19)a,b		8,372		8,606,881
5.50%, 08/15/26 (Call 08/15/21)a,b		15,754		16,156,200
Ziggo Bond Finance BV
5.88%, 01/15/25 (Call 01/15/20)a,b		8,550		8,760,835
6.00%, 01/15/27 (Call 01/15/22)a,b		13,540		13,770,745
Ziggo Secured Finance BV
5.50%, 01/15/27 (Call 01/15/22)a,b		43,112		44,007,419
				2,394,606,408
METAL FABRICATE & HARDWARE — 0.31%
Novelis Corp.
5.88%, 09/30/26 (Call 09/30/21)a,b		32,180		33,064,950
6.25%, 08/15/24 (Call 08/15/19)b		24,843		26,147,258
				59,212,208

SCHEDULESOF INVESTMENTS 43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
MINING — 2.42%
Alcoa Nederland Holding BV
6.75%, 09/30/24 (Call 09/30/19)a,b	$	15,950	$	17,317,143
7.00%, 09/30/26 (Call 09/30/21)a,b		11,525		12,735,125
Aleris International Inc.
9.50%, 04/01/21 (Call 04/01/18)b		15,658		16,773,632
Anglo American Capital PLC
3.63%, 05/14/20b		16,442		16,630,710
4.13%, 04/15/21b		11,473		11,739,747
4.13%, 09/27/22a,b		12,386		12,633,720
4.45%, 09/27/20b		8,850		9,179,662
4.75%, 04/10/27a,b		12,000		12,330,000
4.88%, 05/14/25b		12,647		13,184,497
9.38%, 04/08/19b		16,416		18,447,480
Constellium NV
5.75%, 05/15/24 (Call 05/15/19)a,b		5,553		5,185,692
6.63%, 03/01/25 (Call 03/01/20)a,b		13,715		13,509,275
7.88%, 04/01/21 (Call 04/01/18)a,b		9,230		9,958,247
8.00%, 01/15/23 (Call 01/15/18)a,b		8,930		9,201,488
FMG Resources August 2006 Pty Ltd.
6.88%, 04/01/22 (Call 05/29/17)a,b		9,497		9,841,266
9.75%, 03/01/22 (Call 03/01/18)b		5,553		6,389,421
Freeport-McMoRan Inc.
2.38%, 03/15/18		23,079		22,976,832
3.10%, 03/15/20		21,738		21,520,620
3.55%, 03/01/22 (Call 12/01/21)a		41,598		39,050,122
3.88%, 03/15/23 (Call 12/15/22)a		41,342		38,241,350
4.00%, 11/14/21a		14,714		14,401,397
4.55%, 11/14/24 (Call 08/14/24)a		18,221		17,113,364
6.50%, 11/15/20 (Call 05/30/17)b		11,125		11,401,138

Security	Principal (000s)		Value
6.75%, 02/01/22 (Call 02/01/18)a,b	$	7,802	$	8,118,956
6.88%, 02/15/23 (Call 02/15/20)b		13,150		13,774,625
Kinross Gold Corp.
5.13%, 09/01/21 (Call 06/01/21)		9,464		9,852,700
5.95%, 03/15/24 (Call 12/15/23)a		10,707		11,453,278
Lundin Mining Corp.
7.50%, 11/01/20 (Call 11/01/17)a,b		11,484		12,101,265
7.88%, 11/01/22 (Call 11/01/18)b		8,745		9,608,569
Teck Resources Ltd.
3.75%, 02/01/23 (Call 11/01/22)a		14,100		13,892,730
4.75%, 01/15/22 (Call 10/15/21)		14,749		15,260,913
8.50%, 06/01/24 (Call 06/01/19)b		12,894		14,904,968
				468,729,932
OFFICE & BUSINESS EQUIPMENT — 0.20%
CDW LLC/CDW Finance Corp.
5.00%, 09/01/23 (Call 03/01/18)a		11,387		11,693,445
5.00%, 09/01/25 (Call 03/01/20)		14,470		14,816,412
5.50%, 12/01/24 (Call 06/01/24)a		11,687		12,433,994
				38,943,851
OIL & GAS — 9.05%
Antero Resources Corp.
5.00%, 03/01/25 (Call 03/01/20)a,b		12,750		12,526,875
5.13%, 12/01/22 (Call 06/01/17)a		23,679		24,093,146
5.38%, 11/01/21 (Call 05/30/17)a		20,333		20,993,822
5.63%, 06/01/23 (Call 06/01/18)a		16,171		16,656,130

44 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
10.00%, 04/01/22 (Call 04/01/20)a,b	$	7,110	$	7,341,075
California Resources Corp.
8.00%, 12/15/22 (Call 12/15/18)b		49,272		37,604,248
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.50%, 04/15/21 (Call 05/30/17)a		19,078		16,144,757
11.50%, 01/15/21 (Call 04/15/18)a,b		8,623		10,001,140
Carrizo Oil & Gas Inc.
6.25%, 04/15/23 (Call 04/15/18)a		14,018		14,123,135
7.50%, 09/15/20 (Call 05/30/17)a		13,581		13,988,430
Cenovus Energy Inc.
3.00%, 08/15/22 (Call 05/15/22)		9,235		9,093,459
3.80%, 09/15/23 (Call 06/15/23)		8,710		8,760,068
5.70%, 10/15/19		24,700		26,546,570
Chesapeake Energy Corp.
4.88%, 04/15/22 (Call 05/30/17)		2,100		1,925,034
6.13%, 02/15/21		5,000		4,915,909
6.63%, 08/15/20a		3,961		4,000,610
8.00%, 12/15/22 (Call 12/15/18)a,b		51,645		54,485,475
8.00%, 01/15/25 (Call 01/15/20)a,b		21,944		21,642,270
Citgo Holding Inc.
10.75%, 02/15/20a,b		32,575		34,806,387
Concho Resources Inc.
4.38%, 01/15/25 (Call 01/15/20)		13,175		13,372,625
5.50%, 10/01/22 (Call 10/01/17)		13,250		13,750,850
5.50%, 04/01/23 (Call 10/01/17)a		32,989		34,118,415

Security	Principal (000s)		Value
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)a	$	21,757	$	20,397,187
4.50%, 04/15/23 (Call 01/15/23)a		34,165		33,737,937
5.00%, 09/15/22 (Call 05/30/17)a		42,328		42,751,280
Denbury Resources Inc.
4.63%, 07/15/23 (Call 01/15/18)		11,894		8,177,125
5.50%, 05/01/22 (Call 05/30/17)		15,920		11,860,400
9.00%, 05/15/21 (Call 12/15/18)a,b		12,858		13,565,190
Diamond Offshore Drilling Inc.
5.88%, 05/01/19a		13,275		13,770,442
Diamondback Energy Inc.
4.75%, 11/01/24 (Call 11/01/19)a,b		9,936		9,911,160
5.38%, 05/31/25 (Call 05/31/20)a,b		10,475		10,841,625
Ensco PLC
4.50%, 10/01/24 (Call 07/01/24)a		11,695		9,648,375
5.20%, 03/15/25 (Call 12/15/24)a		11,965		10,119,871
8.00%, 01/31/24 (Call 10/31/23)a		10,318		10,240,615
EP Energy LLC/Everest Acquisition Finance Inc.
6.38%, 06/15/23 (Call 06/15/18)a		12,366		9,336,330
8.00%, 11/29/24 (Call 11/30/19)a,b		10,645		11,124,025
8.00%, 02/15/25 (Call 02/15/20)b		21,345		18,943,687
9.38%, 05/01/20 (Call 05/30/17)a		26,628		25,165,071
Gulfport Energy Corp.
6.00%, 10/15/24 (Call 10/15/19)a,b		13,950		13,709,362
6.38%, 05/15/25 (Call 05/15/20)a,b		13,070		13,013,146

SCHEDULESOF INVESTMENTS 45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 06/01/19)a,b	$	9,648	$	9,078,768
5.75%, 10/01/25 (Call 04/01/20)b		12,350		11,973,325
Jupiter Resources Inc.
8.50%, 10/01/22 (Call 10/01/17)a,b		23,574		19,222,633
Laredo Petroleum Inc.
5.63%, 01/15/22 (Call 05/30/17)a		9,700		9,724,250
7.38%, 05/01/22 (Call 05/30/17)a		10,676		11,089,695
MEG Energy Corp.
6.38%, 01/30/23 (Call 07/30/17)b		17,651		15,577,007
6.50%, 01/15/25 (Call 01/15/20)a,b		16,000		15,820,000
7.00%, 03/31/24 (Call 09/30/18)a,b		21,031		18,706,637
Murphy Oil Corp.
4.00%, 06/01/22 (Call 03/01/22)a		10,500		10,148,972
4.70%, 12/01/22 (Call 09/01/22)a		12,509		12,227,548
6.88%, 08/15/24 (Call 08/15/19)a		12,120		12,884,234
Nabors Industries Inc.
4.63%, 09/15/21		16,760		16,927,600
5.00%, 09/15/20a		14,759		15,185,535
5.50%, 01/15/23 (Call 11/15/22)a,b		14,000		14,111,458
6.15%, 02/15/18		6,617		6,801,330
Newfield Exploration Co.
5.38%, 01/01/26 (Call 10/01/25)a		14,975		15,667,594
5.63%, 07/01/24a		21,435		22,654,223
5.75%, 01/30/22a		16,228		17,194,436
Noble Holding International Ltd.
3.95%, 03/15/22		1,250		1,068,750
7.70%, 04/01/25 (Call 01/01/25)a		9,461		8,528,205

Security	Principal (000s)		Value
7.75%, 01/15/24 (Call 10/15/23)a	$	22,345	$	20,278,087
Oasis Petroleum Inc.
6.88%, 03/15/22 (Call 09/15/17)a		21,126		21,425,286
Pacific Drilling SA
5.38%, 06/01/20 (Call 05/30/17)a,b		10,019		4,796,596
Parsley Energy LLC/Parsley Finance Corp.
5.25%, 08/15/25 (Call 08/15/20)b		10,685		10,765,138
5.38%, 01/15/25 (Call 01/15/20)a,b		14,521		14,629,907
6.25%, 06/01/24 (Call 06/01/19)a,b		8,700		9,146,652
PBF Holding Co. LLC/PBF Finance Corp.
7.00%, 11/15/23 (Call 11/15/18)a		10,184		10,328,797
8.25%, 02/15/20 (Call 05/30/17)a		12,832		13,126,601
Permian Resources LLC
13.00%, 11/30/20 (Call 11/30/18)b		11,487		13,422,445
Permian Resources LLC/AEPB Finance Corp.
7.13%, 11/01/20 (Call 05/30/17)b		14,707		11,875,903
7.38%, 11/01/21 (Call 07/31/17)b		12,750		10,300,938
Precision Drilling Corp.
5.25%, 11/15/24 (Call 05/15/19)a		8,025		7,683,938
6.63%, 11/15/20 (Call 05/29/17)		3,178		3,226,642
Puma International Financing SA
6.75%, 02/01/21 (Call 05/29/17)b		21,020		21,742,487
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)		13,362		13,144,867

46 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
5.38%, 10/01/22 (Call 07/01/22)	$	11,214	$	11,072,657
6.88%, 03/01/21a		13,311		14,074,995
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)a		16,981		16,386,665
5.00%, 08/15/22 (Call 05/15/22)a,b		12,299		12,129,889
5.00%, 03/15/23 (Call 12/15/22)a,b		15,745		15,532,085
5.75%, 06/01/21 (Call 03/01/21)a,b		10,130		10,378,380
Rice Energy Inc.
7.25%, 05/01/23 (Call 05/01/18)a		2,620		2,829,600
Rowan Companies Inc.
4.88%, 06/01/22 (Call 03/01/22)		11,787		11,050,313
7.38%, 06/15/25 (Call 03/15/25)a		10,889		10,752,888
RSP Permian Inc.
5.25%, 01/15/25 (Call 01/15/20)a,b		6,820		6,907,873
6.63%, 10/01/22 (Call 10/01/17)a		9,755		10,303,719
Sanchez Energy Corp.
6.13%, 01/15/23 (Call 07/15/18)a		27,064		24,898,880
7.75%, 06/15/21 (Call 06/15/17)a		12,661		12,240,726
Seven Generations Energy Ltd.
6.75%, 05/01/23 (Call 05/01/18)b		10,160		10,758,594
6.88%, 06/30/23 (Call 06/30/18)a,b		9,200		9,752,000
8.25%, 05/15/20 (Call 05/30/17)a,b		2,229		2,325,126
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/18)a		10,355		9,751,498
5.63%, 06/01/25 (Call 06/01/20)a		10,598		10,136,987
6.13%, 11/15/22 (Call 11/15/18)a		12,670		12,844,932

Security	Principal (000s)		Value
6.75%, 09/15/26 (Call 09/15/21)a	$	10,134	$	10,218,450
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)a		20,972		19,539,642
5.80%, 01/23/20 (Call 12/23/19)a		18,553		18,726,934
6.70%, 01/23/25 (Call 10/23/24)a		22,863		22,677,810
Sunoco LP/Sunoco Finance Corp.
5.50%, 08/01/20 (Call 08/01/17)		12,331		12,747,171
6.25%, 04/15/21 (Call 04/15/18)		16,638		17,482,032
6.38%, 04/01/23 (Call 04/01/18)a		20,115		21,422,475
Tesoro Corp.
4.75%, 12/15/23 (Call 10/15/23)a,b		17,860		18,730,675
5.13%, 12/15/26 (Call 09/15/26)a,b		17,365		18,450,312
5.38%, 10/01/22 (Call 10/01/17)a		9,197		9,534,497
Transocean Inc.
5.80%, 10/15/22 (Call 07/15/22)a		11,247		10,407,429
6.00%, 03/15/18a		12,551		12,817,709
6.50%, 11/15/20a		9,060		9,156,263
8.13%, 12/15/21a		13,965		14,495,875
9.00%, 07/15/23 (Call 07/15/20)a,b		27,599		29,548,179
Tullow Oil PLC
6.00%, 11/01/20 (Call 05/09/17)b		13,420		13,050,950
6.25%, 04/15/22 (Call 05/30/17)b		13,970		13,288,962
Ultra Resources Inc.
6.88%, 04/15/22 (Call 04/15/19)b		14,785		14,951,331
7.13%, 04/15/25 (Call 04/15/20)b		7,585		7,513,929

SCHEDULESOF INVESTMENTS 47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Whiting Petroleum Corp.
5.00%, 03/15/19 (Call 12/15/18)a	$	19,090	$	19,280,900
5.75%, 03/15/21 (Call 12/15/20)a		19,008		18,889,200
6.25%, 04/01/23 (Call 01/01/23)a		10,746		10,793,067
WPX Energy Inc.
5.25%, 09/15/24 (Call 06/15/24)a		10,280		10,044,746
6.00%, 01/15/22 (Call 10/15/21)		23,676		23,853,570
7.50%, 08/01/20 (Call 07/01/20)		11,345		12,054,063
8.25%, 08/01/23 (Call 06/01/23)		11,337		12,664,737
				1,754,158,457
OIL & GAS SERVICES — 0.54%
CGG SA
6.50%, 06/01/21 (Call 05/29/17)a		10,602		5,026,264
6.88%, 01/15/22 (Call 07/15/17)a		8,168		3,851,672
Transocean Phoenix 2 Ltd.
7.75%, 10/15/24 (Call 10/15/20)a,b		11,633		12,538,863
Transocean Proteus Ltd.
6.25%, 12/01/24 (Call 12/01/20)a,b		11,250		11,520,298
Weatherford International Ltd.
4.50%, 04/15/22 (Call 01/15/22)a		13,168		12,476,680
7.75%, 06/15/21 (Call 05/15/21)a		16,499		17,488,940
8.25%, 06/15/23 (Call 03/15/23)a		16,343		17,711,726
9.63%, 03/01/19		9,194		10,100,266
9.88%, 02/15/24 (Call 11/15/23)a,b		11,585		13,470,459
				104,185,168

Security	Principal (000s)		Value
PACKAGING & CONTAINERS — 2.62%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.25%, 09/15/22 (Call 03/15/19)a,b	$	8,625	$	8,747,906
4.63%, 05/15/23 (Call 05/15/19)a,b		20,822		21,259,955
6.00%, 06/30/21 (Call 06/30/17)a,b		9,400		9,740,750
6.00%, 02/15/25 (Call 02/15/20)a,b		32,730		33,834,637
7.25%, 05/15/24 (Call 05/15/19)a,b		35,045		37,928,482
Ball Corp.
4.00%, 11/15/23a		21,083		21,399,245
4.38%, 12/15/20a		20,636		21,711,330
5.00%, 03/15/22a		15,894		16,966,845
5.25%, 07/01/25		23,068		24,913,440
Berry Plastics Corp.
5.13%, 07/15/23 (Call 07/15/18)a		15,099		15,630,610
5.50%, 05/15/22 (Call 05/30/17)a		10,318		10,782,310
6.00%, 10/15/22 (Call 10/15/18)		8,324		8,833,845
BWAY Holding Co.
5.50%, 04/15/24 (Call 04/15/20)a,b		25,075		25,309,120
7.25%, 04/15/25 (Call 04/15/20)a,b		22,020		21,992,475
Crown Americas LLC/Crown Americas Capital Corp. IV
4.50%, 01/15/23a		18,918		19,541,768
Crown Americas LLC/Crown Americas Capital Corp. V
4.25%, 09/30/26 (Call 03/31/26)a,b		8,800		8,610,250
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22a,b		10,484		10,862,407
5.88%, 08/15/23a,b		14,652		15,657,372

48 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
5.75%, 10/15/20 (Call 05/29/17)	$	68,203	$	70,144,160
6.88%, 02/15/21 (Call 05/30/17)a		8,382		8,580,753
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.13%, 07/15/23 (Call 07/15/19)b		34,160		35,490,816
7.00%, 07/15/24 (Call 07/15/19)a,b		16,863		18,148,804
Sealed Air Corp.
4.88%, 12/01/22 (Call 09/01/22)b		9,598		9,969,923
5.13%, 12/01/24 (Call 09/01/24)a,b		8,335		8,724,400
5.25%, 04/01/23 (Call 01/01/23)a,b		7,355		7,842,269
5.50%, 09/15/25 (Call 06/15/25)a,b		8,727		9,307,302
6.50%, 12/01/20 (Call 09/01/20)b		4,600		5,142,089
				507,073,263
PHARMACEUTICALS — 2.39%
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 07/15/23 (Call 07/15/18)a,b		34,122		29,899,402
6.00%, 02/01/25 (Call 02/01/20)a,b		25,190		21,272,955
Endo Finance LLC
5.75%, 01/15/22 (Call 05/30/17)a,b		17,430		16,069,271
Endo Finance LLC/Endo Finco Inc.
5.38%, 01/15/23 (Call 07/15/17)b		16,290		13,953,403
inVentiv Group Holdings Inc./inVentiv Health Inc./inVentiv Health Clinical Inc.
7.50%, 10/01/24 (Call 10/01/19)b		15,375		15,873,516

Security	Principal (000s)		Value
Nature’s Bounty Co. (The)
7.63%, 05/15/21 (Call 05/15/18)a,b	$	24,667	$	26,208,688
Valeant Pharmaceuticals International Inc.
5.38%, 03/15/20 (Call 05/30/17)b		41,208		35,335,860
5.50%, 03/01/23 (Call 03/01/18)b		21,024		15,484,668
5.63%, 12/01/21 (Call 05/29/17)b		19,018		14,629,231
5.88%, 05/15/23 (Call 05/15/18)a,b		69,279		51,439,657
6.13%, 04/15/25 (Call 04/15/20)a,b		68,603		50,640,546
6.38%, 10/15/20 (Call 05/30/17)b		47,457		40,635,056
6.50%, 03/15/22 (Call 03/15/19)a,b		21,530		22,041,338
6.75%, 08/15/18 (Call 05/30/17)a,b		7,666		7,645,702
6.75%, 08/15/21 (Call 05/30/17)b		14,030		11,583,519
7.00%, 10/01/20 (Call 05/30/17)b		13,690		12,012,975
7.00%, 03/15/24 (Call 03/15/20)a,b		38,725		39,451,094
7.25%, 07/15/22 (Call 05/30/17)b		12,148		9,750,940
7.50%, 07/15/21 (Call 05/30/17)b		34,115		28,358,094
				462,285,915
PIPELINES — 3.03%
Cheniere Corpus Christi Holdings LLC
5.88%, 03/31/25a,b		28,678		30,503,464
7.00%, 06/30/24a,b		27,164		30,349,596
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.75%, 04/01/25 (Call 04/01/20)b		11,325		11,778,000
6.25%, 04/01/23 (Call 04/01/18)a		15,548		16,235,514

SCHEDULESOF INVESTMENTS 49

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
DCP Midstream Operating LP
2.50%, 12/01/17 (Call 11/01/17)	$	433	$	432,242
3.88%, 03/15/23 (Call 12/15/22)		11,471		11,119,758
4.75%, 09/30/21 (Call 06/30/21)b		10,036		10,224,175
5.35%, 03/15/20a,b		11,365		11,862,219
VRN, (3 mo. LIBOR US + 3.850%)
5.85%, 05/21/43 (Call 05/21/23)b		11,600		10,971,666
Enbridge Inc. Series 16-A VRN, (3 mo. LIBOR US + 3.890%)
6.00%, 01/15/77 (Call 01/15/27)		15,490		15,877,250
Energy Transfer Equity LP
5.50%, 06/01/27 (Call 03/01/27)		21,155		22,688,738
5.88%, 01/15/24 (Call 10/15/23)a		24,842		26,823,150
7.50%, 10/15/20		26,079		29,436,671
EnLink Midstream Partners LP
2.70%, 04/01/19 (Call 03/01/19)		7,150		7,159,152
4.15%, 06/01/25 (Call 03/01/25)a		15,022		15,105,787
4.40%, 04/01/24 (Call 01/01/24)		10,907		11,184,209
4.85%, 07/15/26 (Call 04/15/26)a		12,050		12,649,146
Genesis Energy LP/Genesis Energy Finance Corp.
6.00%, 05/15/23 (Call 05/15/18)		8,990		8,960,034
6.75%, 08/01/22 (Call 08/01/18)		15,652		16,141,125
NGPL PipeCo LLC
9.63%, 06/01/19 (Call 05/30/17)a,b		9,780		10,061,175
NuStar Logistics LP
4.80%, 09/01/20		8,055		8,304,705
5.63%, 04/28/27 (Call 01/28/27)		1,950		2,008,500

Security	Principal (000s)		Value
ONEOK Inc.
4.25%, 02/01/22 (Call 11/01/21)a	$	10,386	$	10,675,186
7.50%, 09/01/23 (Call 06/01/23)		10,089		11,962,527
Rockies Express Pipeline LLC
5.63%, 04/15/20a,b		14,039		15,007,691
6.00%, 01/15/19a,b		9,610		10,069,907
6.85%, 07/15/18a,b		8,620		9,007,900
Sabine Pass Liquefaction LLC
5.63%, 04/15/23 (Call 01/15/23)a		3,049		3,357,836
SemGroup Corp./Rose Rock Finance Corp.
5.63%, 07/15/22 (Call 07/15/17)		3,265		3,248,267
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.13%, 11/15/19 (Call 05/30/17)		15,505		15,766,569
4.25%, 11/15/23 (Call 05/15/18)		12,031		11,910,690
5.13%, 02/01/25 (Call 02/01/20)a,b		10,565		10,903,080
5.25%, 05/01/23 (Call 11/01/17)		11,582		11,939,802
5.38%, 02/01/27 (Call 02/01/22)a,b		10,580		11,042,875
6.75%, 03/15/24 (Call 09/15/19)		12,183		13,230,750
Tesoro Logistics LP/Tesoro Logistics Finance Corp.
5.25%, 01/15/25 (Call 01/15/21)a		16,533		17,545,646
5.50%, 10/15/19 (Call 09/15/19)		9,399		9,969,519
5.88%, 10/01/20 (Call 05/30/17)		9,564		9,772,017
6.13%, 10/15/21 (Call 05/15/17)a		16,773		17,516,492
6.25%, 10/15/22 (Call 10/15/18)a		18,189		19,487,807

50 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
6.38%, 05/01/24 (Call 05/01/19)a	$	9,444	$	10,317,570
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)a		18,001		17,640,980
4.55%, 06/24/24 (Call 03/24/24)a		26,333		27,024,241
				587,273,628
REAL ESTATE — 0.16%
Realogy Group LLC/Realogy Co-Issuer Corp.
4.50%, 04/15/19a,b		9,547		9,940,814
4.88%, 06/01/23 (Call 03/01/23)a,b		10,060		10,160,600
5.25%, 12/01/21 (Call 12/01/17)a,b		10,899		11,454,168
				31,555,582
REAL ESTATE INVESTMENT TRUSTS — 2.03%
Equinix Inc.
4.88%, 04/01/20 (Call 05/30/17)a		10,066		10,319,198
5.38%, 01/01/22 (Call 01/01/18)a		16,649		17,582,906
5.38%, 04/01/23 (Call 04/01/18)a		22,694		23,651,948
5.38%, 05/15/27 (Call 05/15/22)		22,855		23,823,956
5.75%, 01/01/25 (Call 01/01/20)a		12,765		13,658,550
5.88%, 01/15/26 (Call 01/15/21)		24,012		25,872,930
ESH Hospitality Inc.
5.25%, 05/01/25 (Call 05/01/20)a,b		27,938		28,261,614
Felcor Lodging LP
5.63%, 03/01/23 (Call 03/01/18)a		10,605		11,140,871
6.00%, 06/01/25 (Call 06/01/20)		9,515		10,137,440
Iron Mountain Inc.
4.38%, 06/01/21 (Call 06/01/18)a,b		9,999		10,348,965

Security	Principal (000s)		Value
5.75%, 08/15/24 (Call 08/15/17)a	$	21,167	$	21,775,551
6.00%, 10/01/20 (Call 10/01/17)b		21,000		21,866,250
6.00%, 08/15/23 (Call 08/15/18)		13,221		13,980,943
iStar Inc.
5.00%, 07/01/19 (Call 05/30/17)		16,627		16,741,311
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
4.50%, 09/01/26 (Call 06/01/26)a		10,783		10,717,104
5.63%, 05/01/24 (Call 02/01/24)a		22,494		24,234,941
MPT Operating Partnership LP/MPT Finance Corp.
5.25%, 08/01/26 (Call 08/01/21)		10,480		10,737,237
6.38%, 03/01/24 (Call 03/01/19)a		8,220		8,897,008
SBA Communications Corp.
4.88%, 07/15/22 (Call 07/15/17)a		18,873		19,436,110
4.88%, 09/01/24 (Call 09/01/19)a,b		24,682		24,928,820
Uniti Group Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 04/15/18)a,b		11,570		12,040,089
7.13%, 12/15/24 (Call 12/15/19)b		8,430		8,566,987
8.25%, 10/15/23 (Call 04/15/19)a		23,938		25,374,280
				394,095,009
RETAIL — 3.06%
1011778 BC ULC/New Red Finance Inc.
4.63%, 01/15/22 (Call 10/01/17)b		25,168		25,860,120
6.00%, 04/01/22 (Call 10/01/17)a,b		46,804		48,676,160

SCHEDULESOF INVESTMENTS 51

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Claire’s Stores Inc.
9.00%, 03/15/19 (Call 05/30/17)b	$	17,796	$	8,230,650
Dollar Tree Inc.
5.25%, 03/01/20 (Call 05/30/17)a		14,972		15,408,780
5.75%, 03/01/23 (Call 03/01/18)a		52,357		55,760,205
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 05/30/17)a		9,015		8,727,647
6.75%, 01/15/22 (Call 05/30/17)a		10,759		10,402,608
6.75%, 06/15/23 (Call 06/15/19)a		11,134		10,744,310
JC Penney Corp. Inc.
5.65%, 06/01/20a		8,341		8,272,187
5.88%, 07/01/23 (Call 07/01/19)a,b		11,920		12,039,200
8.13%, 10/01/19		8,835		9,614,505
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
5.00%, 06/01/24 (Call 06/01/19)a,b		23,059		23,808,417
5.25%, 06/01/26 (Call 06/01/21)b		24,182		24,786,550
L Brands Inc.
5.63%, 02/15/22a		23,582		24,908,487
5.63%, 10/15/23a		12,260		12,858,748
6.63%, 04/01/21		21,779		23,916,064
7.00%, 05/01/20		7,823		8,644,415
8.50%, 06/15/19		10,678		11,946,013
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/21 (Call 05/30/17)a,b		19,897		11,711,595
Penske Automotive Group Inc.
5.50%, 05/15/26 (Call 05/15/21)a		10,182		10,074,523
5.75%, 10/01/22 (Call 10/01/17)a		12,564		12,975,471

Security	Principal (000s)		Value
PetSmart Inc.
7.13%, 03/15/23 (Call 03/15/18)a,b	$	41,886	$	38,273,332
QVC Inc.
3.13%, 04/01/19a		7,215		7,285,552
4.38%, 03/15/23a		15,941		16,056,666
4.45%, 02/15/25 (Call 11/15/24)a		14,186		13,926,301
4.85%, 04/01/24a		13,213		13,405,158
5.13%, 07/02/22		10,091		10,560,323
Rite Aid Corp.
6.13%, 04/01/23 (Call 04/01/18)a,b		35,540		35,273,450
6.75%, 06/15/21 (Call 05/30/17)a		16,291		16,453,203
9.25%, 03/15/20 (Call 05/30/17)a		13,279		13,677,480
Sally Holdings LLC/Sally Capital Inc.
5.63%, 12/01/25 (Call 12/01/20)a		15,139		15,631,018
5.75%, 06/01/22 (Call 06/01/17)a		16,593		17,090,790
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)a		11,907		11,901,047
TRU Taj LLC/TRU Taj Finance Inc.
12.00%, 08/15/21 (Call 02/15/18)a,b		4,373		3,931,327
				592,832,302
SEMICONDUCTORS — 1.40%
Micron Technology Inc.
5.25%, 08/01/23 (Call 02/01/18)a,b		22,432		23,217,120
5.25%, 01/15/24 (Call 05/01/18)a,b		11,356		11,725,070
5.50%, 02/01/25 (Call 08/01/19)		23,800		24,911,905
5.63%, 01/15/26 (Call 05/01/20)b		8,850		9,358,875

52 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
5.88%, 02/15/22 (Call 05/30/17)a	$	11,562	$	12,111,195
NXP BV/NXP Funding LLC
3.75%, 06/01/18b		13,416		13,662,154
3.88%, 09/01/22a,b		21,576		22,358,130
4.13%, 06/15/20a,b		9,670		10,112,057
4.13%, 06/01/21a,b		27,739		29,027,707
4.63%, 06/15/22a,b		9,750		10,481,250
4.63%, 06/01/23a,b		19,119		20,552,925
5.75%, 03/15/23 (Call 03/15/18)a,b		10,424		11,000,112
Qorvo Inc.
6.75%, 12/01/23 (Call 12/01/18)a		9,347		10,142,680
7.00%, 12/01/25 (Call 12/01/20)a		11,453		12,692,378
Sensata Technologies BV
4.88%, 10/15/23a,b		12,130		12,252,678
5.00%, 10/01/25a,b		13,816		14,119,549
5.63%, 11/01/24a,b		7,933		8,388,732
Sensata Technologies UK Financing Co. PLC
6.25%, 02/15/26 (Call 02/15/21)a,b		14,748		15,920,159
				272,034,676
SHIPBUILDING — 0.13%
Huntington Ingalls Industries Inc.
5.00%, 12/15/21 (Call 12/15/17)a,b		11,578		11,987,562
5.00%, 11/15/25 (Call 11/15/20)a,b		12,148		12,885,130
				24,872,692
SOFTWARE — 2.84%
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 05/30/17)b		35,560		36,160,253
Change Healthcare Holdings LLC/Change Healthcare Finance Inc.
5.75%, 03/01/25 (Call 03/01/20)b		21,790		22,416,462

Security	Principal (000s)		Value
First Data Corp.
5.00%, 01/15/24 (Call 01/15/19)a,b	$	40,854	$	41,824,282
5.38%, 08/15/23 (Call 08/15/18)a,b		25,570		26,581,866
5.75%, 01/15/24 (Call 01/15/19)a,b		47,249		49,024,745
7.00%, 12/01/23 (Call 12/01/18)a,b		73,600		78,870,496
Infor U.S. Inc.
5.75%, 08/15/20 (Call 08/15/17)a,b		10,790		11,221,600
6.50%, 05/15/22 (Call 05/15/18)a		35,025		36,426,000
MSCI Inc.
4.75%, 08/01/26 (Call 08/01/21)b		10,719		10,981,950
5.25%, 11/15/24 (Call 11/15/19)a,b		17,077		18,087,390
5.75%, 08/15/25 (Call 08/15/20)b		16,995		18,333,356
Nuance Communications Inc.
5.38%, 08/15/20 (Call 05/30/17)b		10,923		11,149,994
5.63%, 12/15/26 (Call 12/15/21)a,b		10,900		11,267,875
Open Text Corp.
5.63%, 01/15/23 (Call 01/15/18)b		17,822		18,698,249
5.88%, 06/01/26 (Call 06/01/21)a,b		18,433		19,677,228
Quintiles IMS Inc.
4.88%, 05/15/23 (Call 05/15/18)b		17,105		17,578,386
5.00%, 10/15/26 (Call 10/15/21)a,b		22,041		22,569,065
Rackspace Hosting Inc.
8.63%, 11/15/24 (Call 11/15/19)a,b		26,852		28,436,622
Solera LLC/Solera Finance Inc.
10.50%, 03/01/24 (Call 03/01/19)a,b		38,914		44,419,448

SCHEDULESOF INVESTMENTS 53

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Veritas U.S. Inc./Veritas Bermuda Ltd.
7.50%, 02/01/23 (Call 02/01/19)a,b	$	9,000	$	9,493,393
10.50%, 02/01/24 (Call 02/01/19)a,b		17,021		18,158,098
				551,376,758
STORAGE & WAREHOUSING — 0.17%
Algeco Scotsman Global Finance PLC
8.50%, 10/15/18 (Call 05/30/17)a,b		22,235		20,900,900
10.75%, 10/15/19 (Call 05/30/17)a,b		14,950		12,528,931
				33,429,831
TELECOMMUNICATIONS — 10.10%
Anixter Inc.
5.13%, 10/01/21a		7,344		7,775,460
CenturyLink Inc.
5.63%, 04/01/25 (Call 01/01/25)a		11,460		11,202,150
5.80%, 03/15/22a		29,506		30,870,652
6.45%, 06/15/21a		25,587		27,633,960
Series V
5.63%, 04/01/20		21,317		22,528,420
Series W
6.75%, 12/01/23a		17,300		18,575,875
Series Y
7.50%, 04/01/24 (Call 01/01/24)a		22,233		24,156,377
CommScope Inc.
5.00%, 06/15/21 (Call 06/15/17)a,b		13,967		14,368,551
5.50%, 06/15/24 (Call 06/15/19)b		16,272		17,010,889
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/22)b		16,195		16,322,085
6.00%, 06/15/25 (Call 06/15/20)b		32,618		34,779,269
Frontier Communications Corp.
6.25%, 09/15/21 (Call 06/15/21)a		15,990		14,790,107

Security	Principal (000s)		Value
6.88%, 01/15/25 (Call 10/15/24)a	$	15,573	$	12,968,416
7.13%, 03/15/19		8,475		8,921,588
7.13%, 01/15/23		17,354		15,184,750
7.63%, 04/15/24		16,560		14,335,715
8.13%, 10/01/18		9,000		9,573,750
8.50%, 04/15/20a		21,871		23,174,540
8.75%, 04/15/22a		10,775		10,408,004
8.88%, 09/15/20 (Call 06/15/20)a		21,869		23,085,354
9.25%, 07/01/21a		12,295		12,543,482
10.50%, 09/15/22 (Call 06/15/22)a		47,172		47,461,707
11.00%, 09/15/25 (Call 06/15/25)a		77,619		74,708,287
Hughes Satellite Systems Corp.
5.25%, 08/01/26a,b		16,951		17,247,643
6.50%, 06/15/19		23,042		24,915,123
6.63%, 08/01/26a,b		15,179		15,586,936
7.63%, 06/15/21		20,436		22,998,674
Inmarsat Finance PLC
4.88%, 05/15/22 (Call 05/30/17)a,b		20,499		20,675,527
6.50%, 10/01/24 (Call 10/01/19)a,b		7,500		7,920,536
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/18)a		40,676		34,727,135
7.25%, 04/01/19 (Call 05/30/17)a		29,098		28,049,986
7.25%, 10/15/20 (Call 05/30/17)		45,435		42,442,392
7.50%, 04/01/21 (Call 05/30/17)		21,680		19,837,200
8.00%, 02/15/24 (Call 02/15/19)a,b		28,288		30,444,960
9.50%, 09/30/22b		10,727		12,657,860
Koninklijke KPN NV VRN, (10 year USD Swap + 5.330%)
7.00%, 03/28/73 (Call 03/28/23)a,b		11,960		13,002,205
Level 3 Communications Inc.
5.75%, 12/01/22 (Call 12/01/17)		12,453		12,965,130

54 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Level 3 Financing Inc.
5.13%, 05/01/23 (Call 05/01/18)	$	14,814	$	15,207,497
5.25%, 03/15/26 (Call 03/15/21)a		17,733		18,242,824
5.38%, 08/15/22 (Call 08/15/17)a		21,787		22,468,517
5.38%, 01/15/24 (Call 01/15/19)a		18,419		19,031,977
5.38%, 05/01/25 (Call 05/01/20)a		17,230		17,895,867
5.63%, 02/01/23 (Call 02/01/18)a		9,975		10,344,906
6.13%, 01/15/21 (Call 05/30/17)		14,051		14,515,034
Nokia OYJ
5.38%, 05/15/19a		17,056		18,079,360
SoftBank Group Corp.
4.50%, 04/15/20b		52,627		54,766,288
Sprint Communications Inc.
6.00%, 11/15/22		49,130		51,270,854
7.00%, 03/01/20b		21,645		23,674,219
7.00%, 08/15/20		32,192		34,944,715
9.00%, 11/15/18b		65,378		71,425,465
11.50%, 11/15/21		20,591		25,960,103
Sprint Corp.
7.13%, 06/15/24a		52,846		57,337,910
7.25%, 09/15/21a		43,678		47,827,410
7.63%, 02/15/25 (Call 11/15/24)a		31,649		35,367,757
7.88%, 09/15/23a		90,420		101,609,475
T-Mobile USA Inc.
5.13%, 04/15/25 (Call 04/15/20)		11,100		11,696,625
5.38%, 04/15/27 (Call 04/15/22)a		10,000		10,680,625
6.00%, 03/01/23 (Call 09/01/18)a		27,545		29,404,287
6.00%, 04/15/24 (Call 04/15/19)		21,521		23,269,960
6.13%, 01/15/22 (Call 01/15/18)a		21,114		22,328,055
6.38%, 03/01/25 (Call 09/01/19)a		36,244		39,608,168

Security	Principal (000s)		Value
6.46%, 04/28/19	$	—	$	—
6.50%, 01/15/24 (Call 01/15/19)		21,272		23,026,051
6.50%, 01/15/26 (Call 01/15/21)a		43,486		48,215,102
6.54%, 04/28/20		—		—
6.63%, 04/28/21		—		—
6.63%, 04/01/23 (Call 04/01/18)a		39,204		41,948,280
6.73%, 04/28/22a		—		—
6.84%, 04/28/23 (Call 04/28/18)		11,788		12,613,160
Telecom Italia Capital SA
7.00%, 06/04/18a		12,287		12,912,531
7.18%, 06/18/19a		15,703		17,158,643
Telecom Italia SpA/Milano
5.30%, 05/30/24a,b		31,644		32,511,299
West Corp.
4.75%, 07/15/21 (Call 07/15/18)b		8,360		8,569,000
5.38%, 07/15/22 (Call 07/15/17)a,b		21,383		21,415,075
Wind Acquisition Finance SA
4.75%, 07/15/20 (Call 05/30/17)a,b		40,735		41,272,388
6.50%, 04/30/20 (Call 05/29/17)a,b		11,807		12,194,986
7.38%, 04/23/21 (Call 06/13/17)a,b		58,271		60,630,975
Windstream Services LLC
6.38%, 08/01/23 (Call 02/01/18)a		12,683		11,159,455
7.50%, 06/01/22 (Call 06/01/17)a		9,771		9,502,298
7.50%, 04/01/23 (Call 05/30/17)		423		398,149
7.75%, 10/15/20 (Call 05/30/17)a		14,616		14,937,625
7.75%, 10/01/21 (Call 05/30/17)a		17,001		17,059,711
				1,958,333,321

SCHEDULESOF INVESTMENTS 55

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2017

Security	Principal or Shares (000s)		Value
TRANSPORTATION — 0.40%
Florida East Coast Holdings Corp.
6.75%, 05/01/19 (Call 05/30/17)a,b	$	16,267	$	16,722,476
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc.
7.38%, 01/15/22 (Call 05/29/17)b		13,748		11,788,910
XPO Logistics Inc.
6.13%, 09/01/23 (Call 09/01/19)a,b		11,593		12,183,518
6.50%, 06/15/22 (Call 06/15/18)a,b		34,179		36,229,740
				76,924,644
TRUCKING & LEASING — 0.36%
Park Aerospace Holdings Ltd.
5.25%, 08/15/22a,b		38,185		40,285,175
5.50%, 02/15/24a,b		27,191		28,812,671
				69,097,846
TOTAL CORPORATE BONDS & NOTES
(Cost: $19,043,124,997)				18,918,046,392
SHORT-TERM INVESTMENTS — 27.77%
MONEY MARKET FUNDS — 27.77%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.13%d,e,f		5,079,462		5,081,494,255

Security	Shares (000s)		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%d,e		300,207	$	300,207,133
				5,381,701,388
TOTAL SHORT-TERM INVESTMENTS
(Cost: $5,380,177,748)				5,381,701,388
TOTAL INVESTMENTS IN SECURITIES — 125.37%
(Cost: $24,423,302,745)g				24,299,747,780
Other Assets, Less Liabilities — (25.37)%				(4,916,667,136	)
NET ASSETS — 100.00%			$	19,383,080,644

VRN  —  Variable Rate Note

^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  Affiliated money market fund.

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

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

^g  The cost of investments for federal income tax purposes was $24,423,302,746. Net unrealized depreciation was $123,554,966, of which $227,444,265 represented gross unrealized appreciation on securities and $350,999,231 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Corporate bonds & notes	$	—	$	18,918,046,392	$	—	$	18,918,046,392
Money market funds		5,381,701,388		—		—		5,381,701,388
Total	$	5,381,701,388	$	18,918,046,392	$	—	$	24,299,747,780

56 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 98.61%
ADVERTISING — 0.22%
Omnicom Group Inc.
3.60%, 04/15/26 (Call 01/15/26)	$	16,023	$	16,106,882
3.63%, 05/01/22		13,364		13,937,432
3.65%, 11/01/24 (Call 08/01/24)		9,198		9,400,047
4.45%, 08/15/20		10,258		10,936,332
WPP Finance 2010
3.75%, 09/19/24		10,319		10,528,925
4.75%, 11/21/21a		7,945		8,577,752
				69,487,370
AEROSPACE & DEFENSE — 1.26%
General Dynamics Corp.
2.25%, 11/15/22 (Call 08/15/22)		10,785		10,692,116
L3 Technologies Inc.
4.75%, 07/15/20		7,998		8,545,235
Lockheed Martin Corp.
2.50%, 11/23/20 (Call 10/23/20)		17,493		17,646,891
2.90%, 03/01/25 (Call 12/01/24)		5,722		5,660,379
3.35%, 09/15/21		8,224		8,559,877
3.55%, 01/15/26 (Call 10/15/25)a		22,313		22,981,971
3.80%, 03/01/45 (Call 09/01/44)a		16,750		16,013,873
4.07%, 12/15/42		11,749		11,699,410
4.70%, 05/15/46 (Call 11/15/45)		28,015		30,674,257
Northrop Grumman Corp.
3.20%, 02/01/27 (Call 11/01/26)a		6,100		6,118,396
3.25%, 08/01/23		11,833		12,167,950
4.75%, 06/01/43		10,393		11,425,531
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)a		12,039		12,105,624
3.13%, 10/15/20		12,077		12,508,931
Rockwell Collins Inc.
2.80%, 03/15/22 (Call 02/15/22)		10,000		10,096,820

Security	Principal (000s)		Value
3.20%, 03/15/24 (Call 01/15/24)	$	10,000	$	10,102,543
3.50%, 03/15/27 (Call 12/15/26)		13,000		13,191,067
4.35%, 04/15/47 (Call 10/15/46)		12,000		12,140,369
United Technologies Corp.
1.95%, 11/01/21 (Call 10/01/21)a		5,650		5,574,150
2.65%, 11/01/26 (Call 08/01/26)a		12,920		12,571,228
3.10%, 06/01/22a		21,142		21,900,592
3.75%, 11/01/46 (Call 05/01/46)		18,530		17,703,862
4.15%, 05/15/45 (Call 11/16/44)a		13,215		13,452,289
4.50%, 04/15/20		18,904		20,382,605
4.50%, 06/01/42		39,974		42,839,756
5.70%, 04/15/40		14,156		17,470,112
6.13%, 07/15/38		9,316		11,944,086
				396,169,920
AGRICULTURE — 1.16%
Altria Group Inc.
2.63%, 09/16/26 (Call 06/16/26)a		955		912,226
2.85%, 08/09/22		16,385		16,543,543
3.88%, 09/16/46 (Call 03/16/46)		20,592		19,349,967
4.00%, 01/31/24a		18,207		19,321,767
4.25%, 08/09/42		13,356		13,316,674
4.75%, 05/05/21a		19,634		21,383,173
5.38%, 01/31/44		20,424		23,768,013
Philip Morris International Inc.
1.88%, 02/25/21 (Call 01/25/21)a		16,398		16,174,103
2.50%, 08/22/22		6,850		6,824,351
2.75%, 02/25/26 (Call 11/25/25)a		6,960		6,773,146
2.90%, 11/15/21		10,618		10,831,787
3.25%, 11/10/24		10,681		10,830,827
3.38%, 08/11/25 (Call 05/11/25)a		12,210		12,444,597
3.88%, 08/21/42		8,676		8,166,164
4.13%, 03/04/43		11,774		11,490,128

SCHEDULESOF INVESTMENTS 57

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
4.25%, 11/10/44a	$	14,046	$	14,039,147
4.38%, 11/15/41a		9,406		9,536,818
4.50%, 03/26/20a		5,904		6,312,218
4.88%, 11/15/43		9,122		9,923,229
6.38%, 05/16/38		17,605		22,619,420
Reynolds American Inc.
3.25%, 06/12/20a		8,871		9,146,240
4.00%, 06/12/22a		11,739		12,423,181
4.45%, 06/12/25 (Call 03/12/25)		30,699		32,732,198
5.70%, 08/15/35 (Call 02/15/35)		13,285		15,234,841
5.85%, 08/15/45 (Call 02/15/45)		31,450		37,128,933
				367,226,691
APPAREL — 0.10%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)a		23,270		22,078,753
3.88%, 11/01/45 (Call 05/01/45)		8,599		8,449,599
				30,528,352
AUTO MANUFACTURERS — 2.30%
American Honda Finance Corp.
1.70%, 09/09/21		12,685		12,360,486
2.45%, 09/24/20		14,345		14,493,247
Daimler Finance North America LLC
8.50%, 01/18/31		23,080		34,887,110
Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)a		18,600		19,061,181
4.75%, 01/15/43a		23,398		22,100,515
5.29%, 12/08/46 (Call 06/08/46)a		20,345		20,589,138
7.45%, 07/16/31a		16,439		20,758,942
Ford Motor Credit Co. LLC
3.10%, 05/04/23a		7,430		7,292,153
3.16%, 08/04/20a		14,880		15,127,440
3.20%, 01/15/21		15,775		15,992,968
3.22%, 01/09/22		6,450		6,491,666
3.34%, 03/18/21		26,852		27,269,892

Security	Principal (000s)		Value
3.34%, 03/28/22 (Call 02/28/22)	$	600	$	604,263
3.66%, 09/08/24		12,497		12,412,543
3.81%, 01/09/24 (Call 11/09/23)		125		126,103
4.13%, 08/04/25a		17,613		17,825,254
4.25%, 09/20/22		13,605		14,234,746
4.38%, 08/06/23a		14,751		15,456,555
4.39%, 01/08/26a		18,095		18,602,511
5.75%, 02/01/21a		16,410		18,081,866
5.88%, 08/02/21		21,554		23,975,219
General Motors Co.
4.88%, 10/02/23a		20,785		22,165,022
5.00%, 04/01/35a		15,487		15,314,049
5.20%, 04/01/45a		16,309		15,749,601
6.25%, 10/02/43		19,770		21,748,317
6.60%, 04/01/36 (Call 10/01/35)		13,935		16,006,657
6.75%, 04/01/46 (Call 10/01/45)a		11,820		13,818,084
General Motors Financial Co. Inc.
3.20%, 07/13/20 (Call 06/13/20)		18,935		19,276,447
3.20%, 07/06/21 (Call 06/06/21)		21,990		22,184,752
3.45%, 01/14/22 (Call 12/14/21)a		9,600		9,716,662
3.45%, 04/10/22 (Call 02/10/22)		18,069		18,261,373
3.70%, 11/24/20 (Call 10/24/20)a		15,085		15,556,314
3.70%, 05/09/23 (Call 03/09/23)		20,195		20,281,208
3.95%, 04/13/24 (Call 02/13/24)a		650		654,336
4.00%, 01/15/25 (Call 10/15/24)a		9,394		9,446,883
4.00%, 10/06/26 (Call 07/06/26)a		14,410		14,287,555
4.20%, 03/01/21 (Call 02/01/21)a		23,928		25,008,414
4.30%, 07/13/25 (Call 04/13/25)a		9,395		9,575,353

58 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
4.35%, 01/17/27	$	8,355	$	8,475,621
4.38%, 09/25/21		16,352		17,219,318
5.25%, 03/01/26 (Call 12/01/25)a		13,680		14,763,509
Toyota Motor Credit Corp.
1.90%, 04/08/21a		13,001		12,852,246
2.15%, 03/12/20		14,946		15,038,038
2.60%, 01/11/22a		11,396		11,481,197
3.20%, 01/11/27a		9,490		9,619,332
3.30%, 01/12/22a		13,602		14,130,507
3.40%, 09/15/21a		9,147		9,573,745
Series B
4.50%, 06/17/20a		6,064		6,513,216
				726,461,554
BANKS — 26.53%
Australia & New Zealand Banking Group Ltd./New York NY
2.30%, 06/01/21a		14,385		14,281,732
2.55%, 11/23/21		9,685		9,684,312
2.70%, 11/16/20		12,090		12,226,239
3.70%, 11/16/25a		7,060		7,405,948
Banco Bilbao Vizcaya Argentaria SA
3.00%, 10/20/20a		11,610		11,785,173
Banco Santander SA
3.50%, 04/11/22		6,200		6,252,340
4.25%, 04/11/27		5,400		5,455,415
Bank of America Corp.
2.15%, 11/09/20 (Call 11/09/19)a		5,144		5,107,735
2.50%, 10/21/22 (Call 10/21/21)		21,140		20,721,441
2.63%, 10/19/20		30,830		31,027,062
2.63%, 04/19/21a		23,275		23,291,376
3.25%, 10/21/27 (Call 10/21/26)		41,635		39,947,134
3.30%, 01/11/23		56,636		57,566,382
3.50%, 04/19/26a		37,075		36,980,848
3.88%, 08/01/25		47,009		48,114,567
4.00%, 04/01/24a		31,494		32,817,617
4.00%, 01/22/25		31,095		31,369,211
4.10%, 07/24/23a		26,341		27,722,564

Security	Principal (000s)		Value
4.13%, 01/22/24	$	29,083	$	30,500,677
4.18%, 11/25/27 (Call 11/25/26)a		35,408		35,748,193
4.20%, 08/26/24		42,076		43,316,527
4.25%, 10/22/26		22,738		23,209,563
4.45%, 03/03/26		20,700		21,415,181
4.88%, 04/01/44		16,437		17,791,974
5.00%, 05/13/21a		22,410		24,392,814
5.00%, 01/21/44		22,350		24,494,328
5.63%, 07/01/20a		33,850		37,175,762
5.70%, 01/24/22		22,493		25,321,877
5.88%, 01/05/21		22,570		25,185,071
5.88%, 02/07/42		16,150		19,716,923
6.11%, 01/29/37		23,989		28,157,799
7.75%, 05/14/38		20,172		27,832,938
Series L
2.25%, 04/21/20		7,855		7,839,037
3.95%, 04/21/25		32,339		32,406,252
Bank of America N.A.
6.00%, 10/15/36		15,495		19,195,119
Bank of Montreal
1.90%, 08/27/21a		22,273		21,882,472
2.55%, 11/06/22 (Call 10/06/22)		15,688		15,668,297
Bank of New York Mellon Corp. (The)
2.05%, 05/03/21 (Call 04/03/21)a		5,801		5,734,557
2.20%, 08/16/23 (Call 06/16/23)a		14,615		14,140,718
2.45%, 11/27/20 (Call 10/27/20)a		10,055		10,129,294
2.45%, 08/17/26 (Call 05/17/26)a		13,570		12,818,955
2.50%, 04/15/21 (Call 03/15/21)		14,140		14,240,185
2.60%, 08/17/20 (Call 07/17/20)		8,311		8,422,272
2.60%, 02/07/22 (Call 01/07/22)a		10,800		10,868,346
2.80%, 05/04/26 (Call 02/04/26)		12,305		12,009,922
3.00%, 02/24/25 (Call 01/24/25)		7,950		7,954,342

SCHEDULESOF INVESTMENTS 59

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
3.55%, 09/23/21 (Call 08/23/21)	$	18,502	$	19,339,386
3.65%, 02/04/24 (Call 01/05/24)a		8,711		9,116,050
VRN, (3 mo. LIBOR US + 1.069%)
3.44%, 02/07/28 (Call 02/07/27)a		2,100		2,137,716
Bank of Nova Scotia (The)
2.35%, 10/21/20a		7,520		7,558,330
2.45%, 03/22/21a		16,480		16,572,220
2.70%, 03/07/22a		20,000		20,151,234
2.80%, 07/21/21a		10,836		11,019,034
4.38%, 01/13/21a		4,604		4,930,348
4.50%, 12/16/25a		9,050		9,552,270
Barclays Bank PLC
5.14%, 10/14/20		10,404		11,160,308
Barclays PLC
2.88%, 06/08/20		10,670		10,781,633
3.20%, 08/10/21a		11,190		11,323,846
3.25%, 01/12/21		21,360		21,699,910
3.65%, 03/16/25		32,445		31,929,309
3.68%, 01/10/23 (Call 01/10/22)a		20,615		21,004,230
4.34%, 01/10/28 (Call 01/10/27)a		14,860		15,191,319
4.38%, 09/11/24a		18,195		18,444,901
4.38%, 01/12/26		34,866		35,993,343
4.95%, 01/10/47		18,760		19,236,110
5.20%, 05/12/26		15,500		16,128,187
5.25%, 08/17/45		13,534		14,598,011
BB&T Corp.
2.05%, 05/10/21 (Call 04/09/21)a		13,720		13,576,520
2.63%, 06/29/20 (Call 05/29/20)		12,446		12,630,002
2.75%, 04/01/22 (Call 03/01/22)a		8,000		8,102,897
BNP Paribas SA
2.38%, 05/21/20a		17,465		17,493,707
4.25%, 10/15/24		11,555		11,791,901
5.00%, 01/15/21a		34,443		37,373,831

Security	Principal (000s)		Value
BNP Paribas/BNP Paribas U.S. Medium-Term Note Program LLC
3.25%, 03/03/23a	$	15,748	$	16,007,672
BPCE SA
2.25%, 01/27/20		1,215		1,211,748
2.65%, 02/03/21a		8,680		8,688,655
2.75%, 12/02/21a		11,050		11,054,868
4.00%, 04/15/24a		19,280		20,206,161
Branch Banking & Trust Co.
2.63%, 01/15/22 (Call 12/15/21)a		11,900		12,016,033
3.63%, 09/16/25 (Call 08/16/25)		14,670		15,146,250
3.80%, 10/30/26 (Call 09/30/26)		10,800		11,339,355
Capital One Financial Corp.
3.05%, 03/09/22 (Call 02/09/22)a		600		601,816
3.20%, 02/05/25 (Call 01/05/25)a		13,525		13,119,761
3.50%, 06/15/23a		19,536		19,796,341
3.75%, 04/24/24 (Call 03/24/24)		12,125		12,330,006
3.75%, 07/28/26 (Call 06/28/26)		16,900		16,308,380
3.75%, 03/09/27 (Call 02/09/27)a		6,050		6,009,399
4.20%, 10/29/25 (Call 09/29/25)		19,557		19,681,371
4.75%, 07/15/21		20,764		22,345,428
Capital One N.A./Mclean VA
2.25%, 09/13/21 (Call 08/13/21)		16,330		16,005,965
2.95%, 07/23/21 (Call 06/23/21)		17,095		17,237,779
Citigroup Inc.
2.35%, 08/02/21a		21,032		20,780,651
2.40%, 02/18/20		1,187		1,191,280
2.65%, 10/26/20a		42,825		43,130,038
2.70%, 03/30/21		35,870		36,006,844
2.75%, 04/25/22 (Call 03/25/22)		27,500		27,359,186

60 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
2.90%, 12/08/21 (Call 11/08/21)	$	10,250	$	10,310,516
3.20%, 10/21/26 (Call 07/21/26)		32,149		31,045,611
3.30%, 04/27/25		17,859		17,694,626
3.40%, 05/01/26a		17,023		16,775,901
3.50%, 05/15/23a		12,084		12,246,681
3.70%, 01/12/26		24,040		24,238,686
3.75%, 06/16/24		676		692,979
3.88%, 10/25/23		15,634		16,291,205
3.88%, 03/26/25		11,999		12,005,267
4.00%, 08/05/24a		7,888		8,048,979
4.05%, 07/30/22		16,701		17,432,485
4.13%, 07/25/28a		24,310		24,245,938
4.30%, 11/20/26		13,183		13,398,636
4.40%, 06/10/25		21,829		22,480,454
4.45%, 09/29/27		56,112		57,478,438
4.50%, 01/14/22a		26,914		28,949,110
4.60%, 03/09/26		19,400		20,146,107
4.65%, 07/30/45		14,335		15,005,418
4.75%, 05/18/46		21,330		21,240,996
5.30%, 05/06/44		12,660		13,624,598
5.38%, 08/09/20a		12,410		13,583,560
5.50%, 09/13/25a		10,134		11,177,728
5.88%, 01/30/42		12,630		15,410,332
6.63%, 06/15/32		10,695		13,152,699
6.68%, 09/13/43		13,838		17,636,209
8.13%, 07/15/39		26,433		38,936,911
VRN, (3 mo. LIBOR US + 1.563%)
3.89%, 01/10/28 (Call 01/10/27)		1,290		1,305,764
Citizens Bank N.A./Providence RI
2.55%, 05/13/21 (Call 04/13/21)		12,140		12,131,847
Citizens Financial Group Inc.
4.30%, 12/03/25 (Call 11/03/25)a		8,373		8,692,836
Commonwealth Bank of Australia/New York NY
2.30%, 03/12/20a		7,164		7,184,061
2.40%, 11/02/20a		15,240		15,263,560
2.55%, 03/15/21a		5,755		5,780,980

Security	Principal (000s)		Value
Cooperatieve Rabobank UA
3.75%, 07/21/26a	$	12,280	$	12,174,281
3.88%, 02/08/22a		41,020		43,632,223
3.95%, 11/09/22		17,100		17,687,888
4.38%, 08/04/25a		16,434		17,077,463
4.50%, 01/11/21a		18,835		20,277,162
4.63%, 12/01/23		20,309		21,628,996
5.25%, 05/24/41a		21,663		25,410,424
5.25%, 08/04/45a		15,831		17,506,890
5.75%, 12/01/43		20,833		24,472,411
Cooperatieve Rabobank UA/NY
2.50%, 01/19/21		25,690		25,840,402
2.75%, 01/10/22a		8,100		8,199,175
3.38%, 05/21/25a		10,162		10,378,440
Credit Suisse AG/New York NY
3.00%, 10/29/21a		23,275		23,620,750
3.63%, 09/09/24a		34,725		35,567,668
4.38%, 08/05/20		11,675		12,418,118
Credit Suisse Group Funding Guernsey Ltd.
2.75%, 03/26/20		7,645		7,691,275
3.13%, 12/10/20b		1,000		1,013,923
3.13%, 12/10/20a		34,370		34,767,644
3.45%, 04/16/21a		15,632		15,937,421
3.75%, 03/26/25a		29,710		29,681,464
3.80%, 09/15/22a		29,503		30,284,012
3.80%, 06/09/23a		23,550		23,995,154
4.55%, 04/17/26a		32,080		33,600,281
4.88%, 05/15/45		18,500		19,236,259
Deutsche Bank AG
2.95%, 08/20/20		7,236		7,249,492
3.13%, 01/13/21		6,590		6,592,615
3.38%, 05/12/21a		28,090		28,243,076
4.10%, 01/13/26		810		816,958
4.50%, 04/01/25a		14,830		14,547,966
Deutsche Bank AG/London
3.70%, 05/30/24a		22,913		22,523,596
Discover Bank
3.10%, 06/04/20 (Call 05/04/20)a		12,175		12,439,042
3.20%, 08/09/21 (Call 07/09/21)		9,694		9,868,667
3.45%, 07/27/26 (Call 04/27/26)		12,240		11,907,784
4.20%, 08/08/23		21,940		23,052,494

SCHEDULESOF INVESTMENTS 61

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Fifth Third Bancorp.
2.88%, 07/27/20 (Call 06/27/20)	$	14,573	$	14,838,877
4.30%, 01/16/24 (Call 12/16/23)		9,145		9,630,225
8.25%, 03/01/38		9,983		14,287,124
Fifth Third Bank/Cincinnati OH
2.25%, 06/14/21 (Call 05/14/21)a		6,000		5,968,921
2.88%, 10/01/21 (Call 09/01/21)a		15,735		15,997,395
3.85%, 03/15/26 (Call 02/15/26)		11,860		12,047,872
Goldman Sachs Group Inc. (The)
2.35%, 11/15/21 (Call 11/15/20)		29,080		28,630,481
2.60%, 04/23/20 (Call 03/23/20)a		17,962		18,097,196
2.60%, 12/27/20 (Call 12/27/19)		2,500		2,514,386
2.63%, 04/25/21 (Call 03/25/21)		26,540		26,558,453
2.75%, 09/15/20 (Call 08/15/20)a		23,454		23,687,670
2.88%, 02/25/21 (Call 01/25/21)		21,420		21,668,671
3.00%, 04/26/22 (Call 04/26/21)a		27,020		27,178,915
3.50%, 01/23/25 (Call 10/23/24)		33,190		33,327,121
3.50%, 11/16/26 (Call 11/16/25)a		37,245		36,793,483
3.63%, 01/22/23a		27,057		27,917,770
3.75%, 05/22/25 (Call 02/22/25)		31,363		31,977,147
3.75%, 02/25/26 (Call 11/25/25)a		22,185		22,523,914
3.85%, 07/08/24 (Call 04/08/24)		24,998		25,817,207
3.85%, 01/26/27 (Call 01/26/26)a		30,177		30,661,362
4.00%, 03/03/24		34,358		35,777,284

Security	Principal (000s)		Value
4.25%, 10/21/25a	$	23,475	$	24,163,423
4.75%, 10/21/45 (Call 04/21/45)		24,510		26,196,185
4.80%, 07/08/44 (Call 01/08/44)a		26,571		28,460,690
5.15%, 05/22/45a		27,902		29,441,644
5.25%, 07/27/21		39,310		43,229,691
5.38%, 03/15/20		14,023		15,179,004
5.75%, 01/24/22a		54,022		60,934,153
5.95%, 01/15/27a		11,171		12,876,509
6.00%, 06/15/20		28,601		31,687,560
6.13%, 02/15/33a		25,366		30,878,501
6.25%, 02/01/41		31,920		40,223,104
6.45%, 05/01/36		18,092		21,754,313
6.75%, 10/01/37		66,144		82,412,705
HSBC Bank USA N.A./New York NY
4.88%, 08/24/20a		13,580		14,562,119
5.63%, 08/15/35		10,053		11,822,762
5.88%, 11/01/34		8,190		9,844,521
HSBC Holdings PLC
2.65%, 01/05/22a		22,135		21,999,195
2.95%, 05/25/21		26,915		27,187,060
3.40%, 03/08/21		33,940		34,826,343
3.60%, 05/25/23a		22,965		23,608,146
3.90%, 05/25/26		29,388		30,042,383
4.00%, 03/30/22		33,425		35,194,580
4.25%, 03/14/24a		17,744		18,186,761
4.25%, 08/18/25a		17,630		17,946,677
4.30%, 03/08/26a		38,595		40,760,592
4.38%, 11/23/26		21,180		21,684,397
4.88%, 01/14/22a		6,712		7,306,369
5.10%, 04/05/21a		29,544		32,224,737
5.25%, 03/14/44a		17,989		19,543,807
6.10%, 01/14/42		11,938		15,130,754
6.50%, 05/02/36		24,763		30,376,633
6.50%, 09/15/37		32,304		40,157,661
6.80%, 06/01/38		12,210		15,630,425
HSBC USA Inc.
2.35%, 03/05/20		17,901		17,956,833
2.75%, 08/07/20		18,535		18,760,938
3.50%, 06/23/24		9,450		9,689,119
5.00%, 09/27/20a		11,600		12,484,669

62 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Huntington Bancshares Inc./OH
2.30%, 01/14/22 (Call 12/14/21)	$	12,242	$	12,011,877
3.15%, 03/14/21 (Call 02/14/21)		10,895		11,120,224
ING Groep NV
3.15%, 03/29/22a		15,000		15,228,381
3.95%, 03/29/27a		17,000		17,394,392
Intesa Sanpaolo SpA
5.25%, 01/12/24		10,712		11,449,170
JPMorgan Chase & Co.
2.30%, 08/15/21 (Call 08/15/20)a		33,585		33,321,291
2.40%, 06/07/21 (Call 05/07/21)a		13,632		13,588,394
2.55%, 10/29/20 (Call 09/29/20)		30,610		30,835,531
2.55%, 03/01/21 (Call 02/01/21)		30,053		30,192,728
2.70%, 05/18/23 (Call 03/18/23)		30,506		30,009,963
2.75%, 06/23/20 (Call 05/23/20)a		26,894		27,303,082
2.95%, 10/01/26 (Call 07/01/26)a		35,755		34,321,310
2.97%, 01/15/23 (Call 01/15/22)a		32,875		33,028,977
3.13%, 01/23/25 (Call 10/23/24)		30,382		30,083,694
3.20%, 01/25/23		37,900		38,485,047
3.20%, 06/15/26 (Call 03/15/26)		23,420		22,980,521
3.25%, 09/23/22a		41,099		42,094,784
3.30%, 04/01/26 (Call 01/01/26)		33,880		33,481,419
3.38%, 05/01/23a		27,693		27,879,670
3.63%, 05/13/24		21,149		21,863,090
3.63%, 12/01/27 (Call 12/01/26)		11,810		11,577,772
3.88%, 02/01/24a		24,294		25,401,644
3.88%, 09/10/24		33,460		34,202,471
3.90%, 07/15/25 (Call 04/15/25)a		33,809		35,119,498

Security	Principal (000s)		Value
4.13%, 12/15/26a	$	22,131	$	22,779,248
4.25%, 10/15/20		33,230		35,298,544
4.25%, 10/01/27		12,761		13,221,473
4.35%, 08/15/21a		32,910		35,276,025
4.40%, 07/22/20a		27,928		29,720,399
4.50%, 01/24/22		40,119		43,370,023
4.63%, 05/10/21a		25,987		28,085,858
4.85%, 02/01/44a		14,130		15,734,710
4.95%, 06/01/45a		21,298		22,665,994
5.40%, 01/06/42a		16,221		18,998,157
5.50%, 10/15/40		12,201		14,390,257
5.60%, 07/15/41		21,421		25,659,520
5.63%, 08/16/43		17,987		20,735,655
6.40%, 05/15/38		21,998		28,569,531
VRN, (3 mo. LIBOR US + 1.337%)
3.78%, 02/01/28 (Call 02/01/27)		3,160		3,210,149
KeyBank N.A./Cleveland OH
2.25%, 03/16/20a		12,470		12,524,004
3.30%, 06/01/25a		3,380		3,413,543
KeyCorp
2.90%, 09/15/20		18,160		18,488,048
5.10%, 03/24/21a		11,710		12,837,940
Lloyds Bank PLC
2.70%, 08/17/20		13,890		14,079,008
6.38%, 01/21/21a		8,426		9,558,657
Lloyds Banking Group PLC
3.00%, 01/11/22		22,600		22,706,661
3.10%, 07/06/21		8,640		8,758,945
3.75%, 01/11/27		20,550		20,481,511
4.50%, 11/04/24		19,390		20,030,651
4.58%, 12/10/25a		15,476		15,940,280
4.65%, 03/24/26a		22,518		23,371,759
5.30%, 12/01/45		9,725		10,411,840
Manufacturers & Traders Trust Co.
2.10%, 02/06/20 (Call 01/06/20)		2,470		2,470,834
2.90%, 02/06/25 (Call 01/06/25)		5,165		5,118,851
Mitsubishi UFJ Financial Group Inc.
2.19%, 09/13/21a		18,165		17,850,177
2.76%, 09/13/26a		10,320		9,841,571

SCHEDULESOF INVESTMENTS 63

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
2.95%, 03/01/21a	$	35,745	$	36,231,021
3.00%, 02/22/22a		2,715		2,753,787
3.68%, 02/22/27a		16,000		16,439,238
3.85%, 03/01/26a		33,080		34,391,566
Mizuho Financial Group Inc.
2.27%, 09/13/21a		14,250		13,979,351
2.84%, 09/13/26a		7,880		7,551,619
2.95%, 02/28/22		7,000		7,037,330
Morgan Stanley
2.50%, 04/21/21		32,900		32,794,799
2.63%, 11/17/21a		33,540		33,456,586
2.80%, 06/16/20		32,375		32,841,236
3.13%, 07/27/26		44,875		43,294,794
3.63%, 01/20/27a		31,115		31,189,474
3.70%, 10/23/24		35,540		36,421,719
3.75%, 02/25/23		28,049		29,083,416
3.88%, 01/27/26		35,936		36,746,066
3.95%, 04/23/27a		28,155		28,215,119
4.00%, 07/23/25		38,214		39,584,453
4.10%, 05/22/23		19,979		20,740,236
4.30%, 01/27/45		29,476		29,363,785
4.35%, 09/08/26		33,225		34,301,573
4.38%, 01/22/47		32,893		33,263,911
4.88%, 11/01/22		28,902		31,395,118
5.00%, 11/24/25		24,169		26,179,648
5.50%, 07/24/20a		12,689		13,872,815
5.50%, 07/28/21		29,665		33,025,665
5.75%, 01/25/21		31,756		35,303,037
6.38%, 07/24/42		22,814		29,511,919
7.25%, 04/01/32		12,748		17,480,217
Series F
3.88%, 04/29/24a		35,344		36,589,282
National Australia Bank Ltd./New York
1.88%, 07/12/21a		14,010		13,683,179
2.50%, 07/12/26		12,580		11,856,024
2.63%, 07/23/20a		14,080		14,233,092
2.63%, 01/14/21		8,515		8,577,265
2.80%, 01/10/22a		8,950		9,062,041
3.00%, 01/20/23a		11,239		11,340,920
3.38%, 01/14/26		7,735		7,827,627
Northern Trust Corp.
3.95%, 10/30/25		9,910		10,526,061

Security	Principal (000s)		Value
PNC Bank N.A.
2.15%, 04/29/21 (Call 03/30/21)c	$	9,465	$	9,394,030
2.30%, 06/01/20 (Call 05/02/20)c		7,040		7,079,154
2.45%, 11/05/20 (Call 10/06/20)c		10,641		10,719,738
2.55%, 12/09/21 (Call 11/09/21)c		8,810		8,854,819
2.60%, 07/21/20 (Call 06/21/20)c		7,440		7,545,146
2.63%, 02/17/22 (Call 01/18/22)c		10,750		10,853,535
2.70%, 11/01/22 (Call 10/01/22)c		7,992		7,973,764
2.95%, 01/30/23 (Call 12/30/22)a,c		11,663		11,776,276
2.95%, 02/23/25 (Call 01/24/25)c		9,980		9,908,270
3.25%, 06/01/25 (Call 05/02/25)c		10,990		11,159,677
3.80%, 07/25/23 (Call 06/25/23)a,c		9,573		10,057,914
PNC Financial Services Group Inc. (The)
3.30%, 03/08/22 (Call 02/06/22)c		10,279		10,678,527
3.90%, 04/29/24 (Call 03/29/24)a,c		4,904		5,118,213
4.38%, 08/11/20c		8,704		9,273,824
5.13%, 02/08/20c		5,025		5,432,414
Royal Bank of Canada
2.15%, 03/06/20a		10,910		10,935,955
2.35%, 10/30/20a		18,860		18,951,458
2.50%, 01/19/21		15,983		16,138,660
2.75%, 02/01/22		800		812,492
4.65%, 01/27/26a		17,031		18,191,118
Royal Bank of Scotland Group PLC
3.88%, 09/12/23a		39,680		39,739,381
4.80%, 04/05/26a		15,040		15,779,045
Santander Holdings USA Inc.
2.65%, 04/17/20 (Call 03/17/20)		11,680		11,652,051

64 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
3.70%, 03/28/22 (Call 02/28/22)a,b	$	10,650	$	10,701,827
4.50%, 07/17/25 (Call 04/17/25)		13,805		14,111,344
Santander UK Group Holdings PLC
2.88%, 10/16/20		6,552		6,581,076
2.88%, 08/05/21		16,780		16,709,244
3.13%, 01/08/21		10,935		11,028,443
3.57%, 01/10/23 (Call 01/10/22)		12,795		12,924,467
Santander UK PLC
2.38%, 03/16/20		6,377		6,409,951
4.00%, 03/13/24a		10,493		11,053,908
Skandinaviska Enskilda Banken AB
1.88%, 09/13/21a		14,715		14,343,320
2.63%, 03/15/21a		24,162		24,359,184
State Street Corp.
1.95%, 05/19/21a		10,021		9,885,670
2.55%, 08/18/20a		11,994		12,189,710
2.65%, 05/19/26a		6,020		5,825,860
3.10%, 05/15/23		14,398		14,576,635
3.30%, 12/16/24		11,177		11,429,315
3.55%, 08/18/25a		15,521		16,087,082
3.70%, 11/20/23		12,340		12,982,930
4.38%, 03/07/21		4,195		4,502,239
Sumitomo Mitsui Banking Corp.
2.45%, 01/16/20		2,370		2,387,538
2.65%, 07/23/20a		10,120		10,198,962
3.20%, 07/18/22		8,404		8,575,444
Sumitomo Mitsui Financial Group Inc.
2.06%, 07/14/21a		17,070		16,766,582
2.44%, 10/19/21a		14,630		14,525,208
2.63%, 07/14/26		26,430		24,960,331
2.85%, 01/11/22a		11,750		11,837,592
2.93%, 03/09/21a		19,890		20,159,086
3.01%, 10/19/26a		15,820		15,424,710
3.45%, 01/11/27a		14,700		14,813,607
3.78%, 03/09/26a		16,245		16,785,218
SunTrust Bank/Atlanta GA
3.30%, 05/15/26 (Call 04/15/26)a		4,180		4,093,334

Security	Principal (000s)		Value
SunTrust Banks Inc.
2.70%, 01/27/22 (Call 12/27/21)a	$	14,650	$	14,677,882
2.90%, 03/03/21 (Call 02/03/21)a		18,879		19,166,036
Svenska Handelsbanken AB
1.88%, 09/07/21a		4,750		4,636,784
2.40%, 10/01/20a		7,760		7,781,358
2.45%, 03/30/21		22,380		22,416,361
Toronto-Dominion Bank (The)
1.80%, 07/13/21a		16,580		16,205,188
2.13%, 04/07/21a		23,525		23,391,253
2.50%, 12/14/20a		25,630		25,913,711
U.S. Bancorp.
2.35%, 01/29/21 (Call 12/29/20)		7,805		7,858,065
2.63%, 01/24/22 (Call 12/23/21)		20,107		20,269,577
2.95%, 07/15/22 (Call 06/15/22)a		17,262		17,501,429
3.00%, 03/15/22 (Call 02/15/22)		11,587		11,878,406
3.10%, 04/27/26 (Call 03/27/26)a		7,232		7,153,656
3.70%, 01/30/24 (Call 12/29/23)		11,210		11,807,567
4.13%, 05/24/21 (Call 04/23/21)		11,064		11,836,394
Series F
3.60%, 09/11/24 (Call 08/11/24)		15,726		16,277,176
Series V
2.38%, 07/22/26 (Call 06/22/26)a		14,295		13,477,901
U.S. Bank N.A./Cincinnati OH
2.80%, 01/27/25 (Call 12/27/24)		13,612		13,441,982
UBS AG/Stamford CT
2.35%, 03/26/20a		9,180		9,234,598
4.88%, 08/04/20		9,405		10,172,472
Wachovia Corp.
5.50%, 08/01/35		8,957		10,164,480

SCHEDULESOF INVESTMENTS 65

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Wells Fargo & Co.
2.10%, 07/26/21a	$	41,250	$	40,659,956
2.50%, 03/04/21a		35,895		36,000,822
2.55%, 12/07/20a		27,912		28,138,966
2.60%, 07/22/20a		37,865		38,309,838
3.00%, 01/22/21a		18,189		18,582,794
3.00%, 02/19/25		31,680		31,092,257
3.00%, 04/22/26		52,100		50,324,224
3.00%, 10/23/26a		43,745		42,113,438
3.07%, 01/24/23 (Call 01/24/22)a		45,615		46,131,266
3.30%, 09/09/24a		22,348		22,534,507
3.50%, 03/08/22		23,101		24,064,901
3.55%, 09/29/25		35,393		35,874,646
3.90%, 05/01/45a		28,987		28,104,331
4.10%, 06/03/26a		25,095		25,887,884
4.13%, 08/15/23a		11,994		12,638,438
4.30%, 07/22/27a		24,880		26,077,472
4.40%, 06/14/46		26,435		25,702,716
4.60%, 04/01/21a		30,440		32,832,925
4.65%, 11/04/44		25,302		25,520,255
4.75%, 12/07/46a		23,270		24,004,336
4.90%, 11/17/45a		27,488		28,860,828
5.38%, 02/07/35		9,506		11,064,048
5.38%, 11/02/43		25,025		27,717,970
5.61%, 01/15/44		24,745		28,319,319
Series M
3.45%, 02/13/23a		30,687		31,204,174
Wells Fargo Bank N.A.
5.85%, 02/01/37		11,270		13,630,021
6.60%, 01/15/38		15,089		19,940,504
Westpac Banking Corp.
2.00%, 08/19/21a		21,350		20,929,232
2.10%, 05/13/21a		15,645		15,431,465
2.30%, 05/26/20a		10,375		10,397,915
2.60%, 11/23/20		15,990		16,119,948
2.70%, 08/19/26a		12,092		11,561,298
2.80%, 01/11/22a		13,311		13,467,415
2.85%, 05/13/26a		14,820		14,361,050
3.35%, 03/08/27a		18,550		18,641,928
				8,363,435,383

Security	Principal (000s)		Value
BEVERAGES — 3.77%
Anheuser-Busch InBev Finance Inc.
2.63%, 01/17/23	$	15,993	$	15,883,948
2.65%, 02/01/21 (Call 01/01/21)		91,300		92,301,232
3.30%, 02/01/23 (Call 12/01/22)a		82,001		84,239,988
3.65%, 02/01/26 (Call 11/01/25)a		145,970		149,103,961
3.70%, 02/01/24a		15,776		16,435,301
4.00%, 01/17/43		6,388		6,117,295
4.63%, 02/01/44a		9,975		10,436,019
4.70%, 02/01/36 (Call 08/01/35)		70,143		75,035,636
4.90%, 02/01/46 (Call 08/01/45)		133,112		145,157,930
Anheuser-Busch InBev Worldwide Inc.
2.50%, 07/15/22a		46,073		45,926,110
3.75%, 01/15/22a		28,000		29,486,968
3.75%, 07/15/42		17,368		16,090,019
4.95%, 01/15/42		7,600		8,288,794
5.00%, 04/15/20		2,127		2,301,340
8.20%, 01/15/39		16,832		25,647,908
Coca-Cola Co. (The)
1.55%, 09/01/21		7,460		7,309,068
1.88%, 10/27/20a		18,805		18,818,769
2.25%, 09/01/26a		12,555		11,883,653
2.45%, 11/01/20a		13,074		13,318,102
2.50%, 04/01/23a		10,014		10,042,207
2.88%, 10/27/25		26,905		26,889,008
3.15%, 11/15/20a		13,711		14,310,738
3.20%, 11/01/23a		21,507		22,297,174
3.30%, 09/01/21a		14,831		15,543,549
Diageo Capital PLC
2.63%, 04/29/23 (Call 01/29/23)a		15,336		15,291,288
Diageo Investment Corp.
2.88%, 05/11/22a		10,214		10,420,013
Molson Coors Brewing Co.
2.10%, 07/15/21 (Call 06/15/21)		12,682		12,446,613

66 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
3.00%, 07/15/26 (Call 04/15/26)a	$	23,805	$	22,847,377
4.20%, 07/15/46 (Call 01/15/46)		22,138		21,000,789
5.00%, 05/01/42		15,330		16,352,281
Pepsi-Cola Metropolitan Bottling Co. Inc.
Series B
7.00%, 03/01/29		10,190		13,897,169
PepsiCo Inc.
1.70%, 10/06/21 (Call 09/06/21)		8,195		8,027,211
1.85%, 04/30/20 (Call 03/30/20)a		5,405		5,401,289
2.15%, 10/14/20 (Call 09/14/20)		14,260		14,356,569
2.38%, 10/06/26 (Call 07/06/26)		11,140		10,608,951
2.75%, 03/05/22		14,380		14,666,875
2.75%, 03/01/23		9,048		9,137,761
2.75%, 04/30/25 (Call 01/30/25)		14,615		14,465,842
2.85%, 02/24/26 (Call 11/24/25)a		9,826		9,769,823
3.00%, 08/25/21		8,211		8,500,790
3.10%, 07/17/22 (Call 05/17/22)a		7,965		8,269,788
3.13%, 11/01/20		13,278		13,786,247
3.45%, 10/06/46 (Call 04/06/46)a		30,839		28,042,985
3.60%, 03/01/24 (Call 12/01/23)a		14,795		15,572,819
4.00%, 03/05/42		6,199		6,191,704
4.45%, 04/14/46 (Call 10/14/45)		21,215		22,710,683
4.88%, 11/01/40		8,516		9,633,492
5.50%, 01/15/40a		12,434		15,127,172
				1,189,390,248
BIOTECHNOLOGY — 2.41%
Amgen Inc.
1.85%, 08/19/21 (Call 07/19/21)a		15,240		14,886,589
2.13%, 05/01/20 (Call 04/01/20)a		8,848		8,844,056

Security	Principal (000s)		Value
2.25%, 08/19/23 (Call 06/19/23)a	$	7,860	$	7,571,982
2.60%, 08/19/26 (Call 05/19/26)		15,800		14,775,782
3.13%, 05/01/25 (Call 02/01/25)		13,490		13,397,540
3.45%, 10/01/20a		10,805		11,251,842
3.63%, 05/15/22 (Call 02/15/22)		8,837		9,223,893
3.63%, 05/22/24 (Call 02/22/24)a		20,910		21,635,696
3.88%, 11/15/21 (Call 08/15/21)		18,483		19,540,143
4.10%, 06/15/21 (Call 03/15/21)		7,461		7,921,457
4.40%, 05/01/45 (Call 11/01/44)		35,870		35,406,029
4.56%, 06/15/48 (Call 12/15/47)		14,367		14,393,180
4.66%, 06/15/51 (Call 12/15/50)		43,383		43,556,801
5.15%, 11/15/41 (Call 05/15/41)		4,280		4,646,609
Baxalta Inc.
2.88%, 06/23/20 (Call 05/23/20)		15,805		16,056,940
4.00%, 06/23/25 (Call 03/23/25)		23,530		24,239,688
5.25%, 06/23/45 (Call 12/23/44)a		11,784		13,049,131
Biogen Inc.
2.90%, 09/15/20a		20,880		21,299,586
3.63%, 09/15/22a		13,045		13,569,562
4.05%, 09/15/25 (Call 06/15/25)		17,960		18,830,428
5.20%, 09/15/45 (Call 03/15/45)		19,325		21,006,994
Celgene Corp.
2.88%, 08/15/20		13,908		14,145,462
3.25%, 08/15/22		9,086		9,276,839
3.55%, 08/15/22a		14,636		15,163,569
3.63%, 05/15/24 (Call 02/15/24)		10,761		11,001,863

SCHEDULESOF INVESTMENTS 67

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
3.88%, 08/15/25 (Call 05/15/25)a	$	28,285	$	29,299,668
4.63%, 05/15/44 (Call 11/15/43)		10,630		10,694,352
5.00%, 08/15/45 (Call 02/15/45)		24,754		26,420,281
Gilead Sciences Inc.
2.50%, 09/01/23 (Call 07/01/23)		11,080		10,809,078
2.55%, 09/01/20		16,129		16,342,296
2.95%, 03/01/27 (Call 12/01/26)		18,255		17,502,458
3.25%, 09/01/22 (Call 07/01/22)a		11,730		12,061,287
3.50%, 02/01/25 (Call 11/01/24)a		20,427		20,749,228
3.65%, 03/01/26 (Call 12/01/25)a		33,827		34,408,997
3.70%, 04/01/24 (Call 01/01/24)a		13,990		14,460,562
4.00%, 09/01/36 (Call 03/01/36)a		6,460		6,210,106
4.15%, 03/01/47 (Call 09/01/46)		27,548		26,061,356
4.40%, 12/01/21 (Call 09/01/21)a		16,680		17,990,447
4.50%, 04/01/21 (Call 01/01/21)		11,234		12,104,069
4.50%, 02/01/45 (Call 08/01/44)		20,178		20,133,491
4.60%, 09/01/35 (Call 03/01/35)		14,118		14,658,081
4.75%, 03/01/46 (Call 09/01/45)		24,211		25,005,482
4.80%, 04/01/44 (Call 10/01/43)a		21,115		21,904,186
5.65%, 12/01/41 (Call 06/01/41)		14,467		16,691,051
				758,198,137
CHEMICALS — 1.02%
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)a		12,582		12,727,501

Security	Principal (000s)		Value
3.50%, 10/01/24 (Call 07/01/24)a	$	11,454	$	11,787,510
4.13%, 11/15/21 (Call 08/15/21)		16,016		16,996,528
4.25%, 11/15/20 (Call 08/15/20)		16,159		17,115,883
4.38%, 11/15/42 (Call 05/15/42)a		14,620		14,632,898
5.25%, 11/15/41 (Call 05/15/41)a		12,968		14,447,305
7.38%, 11/01/29a		7,752		10,508,755
9.40%, 05/15/39		10,696		17,241,143
Eastman Chemical Co.
3.60%, 08/15/22 (Call 05/15/22)		5,717		5,914,135
3.80%, 03/15/25 (Call 12/15/24)		1,993		2,050,750
4.65%, 10/15/44 (Call 04/15/44)		13,895		14,213,193
EI du Pont de Nemours & Co.
2.80%, 02/15/23		16,084		16,021,679
3.63%, 01/15/21a		11,473		11,984,464
4.15%, 02/15/43		7,914		7,807,039
LYB International Finance BV
4.00%, 07/15/23a		8,446		8,902,383
4.88%, 03/15/44 (Call 09/15/43)a		11,461		11,800,932
5.25%, 07/15/43a		9,293		10,051,429
LYB International Finance II BV
3.50%, 03/02/27 (Call 12/02/26)a		10,685		10,552,802
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)		13,679		12,832,430
5.75%, 04/15/24 (Call 01/15/24)a		13,090		14,984,554
6.00%, 11/15/21 (Call 08/17/21)		5,363		6,083,832
Monsanto Co.
3.38%, 07/15/24 (Call 04/15/24)		9,189		9,225,643
4.40%, 07/15/44 (Call 01/15/44)		14,305		13,976,240

68 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
4.70%, 07/15/64 (Call 01/15/64)	$	8,185	$	7,755,500
Mosaic Co. (The)
4.25%, 11/15/23 (Call 08/15/23)a		8,450		8,826,944
Potash Corp. of Saskatchewan Inc.
3.63%, 03/15/24 (Call 12/15/23)		8,147		8,226,412
Rohm & Haas Co.
7.85%, 07/15/29		9,551		13,313,572
Westlake Chemical Corp.
3.60%, 08/15/26 (Call 05/15/26)a		12,830		12,658,834
				322,640,290
COMMERCIAL SERVICES — 0.24%
Automatic Data Processing Inc.
2.25%, 09/15/20 (Call 08/15/20)		12,192		12,347,730
3.38%, 09/15/25 (Call 06/15/25)a		11,227		11,671,857
Ecolab Inc.
2.70%, 11/01/26 (Call 08/01/26)		3,894		3,738,856
4.35%, 12/08/21		16,545		17,989,567
5.50%, 12/08/41		5,918		7,064,408
S&P Global Inc.
4.40%, 02/15/26 (Call 11/15/25)a		10,385		11,117,050
Total System Services Inc.
3.80%, 04/01/21 (Call 03/01/21)a		6,610		6,882,880
4.80%, 04/01/26 (Call 01/01/26)		3,701		4,018,501
				74,830,849
COMPUTERS — 3.80%
Apple Inc.
1.55%, 08/04/21 (Call 07/04/21)		20,680		20,215,105
2.00%, 05/06/20a		16,049		16,131,986
2.15%, 02/09/22a		17,565		17,508,562
2.25%, 02/23/21 (Call 01/23/21)a		36,080		36,361,586

Security	Principal (000s)		Value
2.40%, 05/03/23a	$	59,315	$	58,973,571
2.45%, 08/04/26 (Call 05/04/26)a		26,178		25,055,613
2.50%, 02/09/22 (Call 01/09/22)a		4,900		4,960,728
2.50%, 02/09/25a		15,813		15,472,557
2.70%, 05/13/22a		15,679		15,989,907
2.85%, 05/06/21a		45,281		46,579,550
2.85%, 02/23/23 (Call 12/23/22)a		22,499		22,905,255
3.00%, 02/09/24 (Call 12/09/23)		13,649		13,898,072
3.20%, 05/13/25a		31,640		32,273,550
3.25%, 02/23/26 (Call 11/23/25)		39,615		40,442,886
3.35%, 02/09/27 (Call 11/09/26)		25,250		25,789,532
3.45%, 05/06/24		36,369		37,980,954
3.45%, 02/09/45a		24,528		22,301,829
3.85%, 05/04/43a		33,536		32,442,924
3.85%, 08/04/46 (Call 02/04/46)a		27,960		27,092,099
4.25%, 02/09/47 (Call 08/09/46)a		20,770		21,409,020
4.38%, 05/13/45		25,160		26,254,090
4.45%, 05/06/44a		15,481		16,321,916
4.50%, 02/23/36 (Call 08/23/35)a		8,868		9,682,669
4.65%, 02/23/46 (Call 08/23/45)a		49,040		53,273,383
Dell International LLC/EMC Corp.
4.42%, 06/15/21 (Call 05/15/21)a,b		52,733		55,385,992
5.45%, 06/15/23 (Call 04/15/23)b		39,359		42,511,317
6.02%, 06/15/26 (Call 03/15/26)b		49,433		54,286,001
8.35%, 07/15/46 (Call 01/15/46)a,b		25,559		33,078,123
Diamond 1 Finance Corp./Diamond 2 Finance Corp.
8.10%, 07/15/36 (Call 01/15/36)b		19,590		24,561,015

SCHEDULESOF INVESTMENTS 69

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Hewlett Packard Enterprise Co.
3.60%, 10/15/20 (Call 09/15/20)a	$	35,110	$	36,234,816
4.40%, 10/15/22 (Call 08/15/22)		16,670		17,561,992
4.90%, 10/15/25 (Call 07/15/25)a		27,920		29,112,645
6.20%, 10/15/35 (Call 04/15/35)		8,972		9,454,961
6.35%, 10/15/45 (Call 04/15/45)a		20,100		20,885,880
HP Inc.
4.30%, 06/01/21a		13,027		13,786,800
4.38%, 09/15/21a		11,215		11,930,500
4.65%, 12/09/21a		14,323		15,430,093
6.00%, 09/15/41a		12,682		13,139,275
International Business Machines Corp.
1.63%, 05/15/20a		11,017		10,948,143
1.88%, 08/01/22a		13,621		13,270,431
2.25%, 02/19/21		9,400		9,462,432
2.50%, 01/27/22a		7,270		7,353,242
2.88%, 11/09/22		10,800		11,011,297
3.30%, 01/27/27		6,160		6,240,881
3.38%, 08/01/23		22,094		23,006,876
3.45%, 02/19/26a		18,372		18,842,544
3.63%, 02/12/24		26,589		27,933,159
4.00%, 06/20/42		17,484		17,451,943
4.70%, 02/19/46a		1,000		1,102,740
Seagate HDD Cayman
4.25%, 03/01/22 (Call 02/01/22)a,b		9,000		8,977,500
4.75%, 06/01/23a		12,664		12,838,130
4.75%, 01/01/25a		12,601		12,222,970
				1,197,339,042
COSMETICS & PERSONAL CARE — 0.18%
Procter & Gamble Co. (The)
1.70%, 11/03/21a		8,469		8,364,060
2.30%, 02/06/22a		5,049		5,106,327
2.45%, 11/03/26a		7,410		7,164,838
3.10%, 08/15/23		14,979		15,517,466
5.55%, 03/05/37a		15,628		20,468,626
				56,621,317

Security	Principal (000s)		Value
DIVERSIFIED FINANCIAL SERVICES — 2.77%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.95%, 02/01/22 (Call 01/01/22)a	$	15,490	$	16,028,499
4.50%, 05/15/21		19,605		20,758,168
4.63%, 10/30/20a		3,650		3,852,940
5.00%, 10/01/21a		17,759		19,175,717
Air Lease Corp.
3.00%, 09/15/23 (Call 07/15/23)a		7,390		7,271,377
American Express Co.
2.65%, 12/02/22a		12,483		12,448,392
4.05%, 12/03/42a		13,904		13,754,148
American Express Credit Corp.
2.25%, 05/05/21 (Call 04/04/21)a		22,775		22,659,456
2.38%, 05/26/20 (Call 04/25/20)		18,125		18,269,376
2.70%, 03/03/22 (Call 01/31/22)		19,000		19,126,755
Series F
2.60%, 09/14/20 (Call 08/14/20)		12,761		12,923,354
Ameriprise Financial Inc.
4.00%, 10/15/23		15,053		16,019,159
5.30%, 03/15/20		3,500		3,799,617
Capital One Bank USA N.A.
3.38%, 02/15/23a		15,845		15,950,968
CME Group Inc.
3.00%, 09/15/22		12,158		12,473,306
3.00%, 03/15/25 (Call 12/15/24)		12,689		12,779,067
5.30%, 09/15/43 (Call 03/15/43)a		7,271		8,774,375
Discover Financial Services
4.10%, 02/09/27 (Call 11/09/26)a		4,055		4,078,032
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/20b		200		201,310
2.34%, 11/15/20		73,355		73,829,262
3.37%, 11/15/25a		24,844		25,765,966
4.42%, 11/15/35		133,144		142,123,764

70 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
HSBC Finance Corp.
6.68%, 01/15/21	$	37,046	$	41,978,642
Intercontinental Exchange Inc.
2.75%, 12/01/20 (Call 11/01/20)		17,285		17,594,236
3.75%, 12/01/25 (Call 09/01/25)a		28,589		29,784,346
4.00%, 10/15/23		5,235		5,578,408
International Lease Finance Corp.
5.88%, 08/15/22a		13,210		14,847,239
8.25%, 12/15/20		19,292		22,785,588
Jefferies Group LLC
4.85%, 01/15/27		2,000		2,071,964
6.88%, 04/15/21		6,472		7,402,992
Mastercard Inc.
2.95%, 11/21/26 (Call 08/21/26)a		4,390		4,408,870
3.38%, 04/01/24a		7,670		7,996,227
Nomura Holdings Inc.
6.70%, 03/04/20		6,123		6,812,712
Synchrony Financial
3.70%, 08/04/26 (Call 05/04/26)a		880		846,287
3.75%, 08/15/21 (Call 06/15/21)		10,550		10,906,214
4.25%, 08/15/24 (Call 05/15/24)a		10,775		11,030,370
4.50%, 07/23/25 (Call 04/24/25)		9,772		10,116,467
TD Ameritrade Holding Corp.
2.95%, 04/01/22 (Call 02/01/22)		5,000		5,087,201
3.30%, 04/01/27 (Call 01/01/27)		10,000		10,001,534
Visa Inc.
2.20%, 12/14/20 (Call 11/14/20)a		31,896		32,147,956
2.80%, 12/14/22 (Call 10/14/22)		31,168		31,735,616
3.15%, 12/14/25 (Call 09/14/25)a		47,600		48,323,306
4.15%, 12/14/35 (Call 06/14/35)a		22,874		24,104,356

Security	Principal (000s)		Value
4.30%, 12/14/45 (Call 06/14/45)	$	41,858	$	44,795,092
				872,418,631
ELECTRIC — 1.87%
Berkshire Hathaway Energy Co.
4.50%, 02/01/45 (Call 08/01/44)a		12,376		13,041,940
5.15%, 11/15/43 (Call 05/15/43)		10,594		12,129,846
6.13%, 04/01/36a		20,694		25,916,503
6.50%, 09/15/37a		10,861		14,280,302
Consolidated Edison Co. of New York Inc.
4.45%, 03/15/44 (Call 09/15/43)		9,286		9,892,027
4.63%, 12/01/54 (Call 06/01/54)a		10,220		10,930,067
Duke Energy Carolinas LLC
3.88%, 03/15/46 (Call 09/15/45)		600		589,818
5.30%, 02/15/40a		8,967		10,694,541
Duke Energy Corp.
1.80%, 09/01/21 (Call 08/01/21)a		15,114		14,689,363
2.65%, 09/01/26 (Call 06/01/26)a		25,515		24,109,641
3.75%, 04/15/24 (Call 01/15/24)a		11,176		11,593,620
3.75%, 09/01/46 (Call 03/01/46)a		17,370		15,917,769
Duke Energy Florida LLC
6.40%, 06/15/38		11,356		15,098,603
Emera U.S. Finance LP
2.70%, 06/15/21 (Call 05/15/21)		14,088		14,095,863
3.55%, 06/15/26 (Call 03/15/26)a		13,778		13,712,097
4.75%, 06/15/46 (Call 12/15/45)		15,644		15,835,863
Exelon Corp.
2.85%, 06/15/20 (Call 05/15/20)		10,917		11,095,510
3.40%, 04/15/26 (Call 01/15/26)a		3,860		3,837,104

SCHEDULESOF INVESTMENTS 71

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
3.50%, 06/01/22 (Call 05/01/22)	$	2,300	$	2,338,036
3.95%, 06/15/25 (Call 03/15/25)a		9,886		10,267,830
4.45%, 04/15/46 (Call 10/15/45)a		12,480		12,517,145
5.10%, 06/15/45 (Call 12/15/44)a		1,799		1,961,576
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)		8,838		8,488,552
6.25%, 10/01/39		9,881		10,297,147
FirstEnergy Corp.
Series B
4.25%, 03/15/23 (Call 12/15/22)		4,360		4,542,438
Series C
7.38%, 11/15/31		2,061		2,699,596
Fortis Inc./Canada
3.06%, 10/04/26 (Call 07/04/26)b		21,690		20,530,611
Georgia Power Co.
4.30%, 03/15/42		12,142		12,072,003
Great Plains Energy Inc.
3.15%, 04/01/22 (Call 03/01/22)		14,730		14,895,668
3.90%, 04/01/27 (Call 01/01/27)		17,685		17,933,308
4.85%, 04/01/47 (Call 10/01/46)		17,500		17,705,558
Oncor Electric Delivery Co. LLC
7.00%, 09/01/22		9,413		11,397,365
Pacific Gas & Electric Co.
3.50%, 10/01/20 (Call 07/01/20)a		11,232		11,715,005
5.40%, 01/15/40a		12,281		14,583,394
5.80%, 03/01/37		11,406		14,077,395
6.05%, 03/01/34		36,791		46,228,315
Southern California Edison Co.
4.65%, 10/01/43 (Call 04/01/43)		8,886		9,859,870
Southern Co. (The)
2.35%, 07/01/21 (Call 06/01/21)a		22,270		21,970,088

Security	Principal (000s)		Value
2.95%, 07/01/23 (Call 05/01/23)a	$	12,042	$	11,979,419
3.25%, 07/01/26 (Call 04/01/26)a		35,060		34,077,815
4.40%, 07/01/46 (Call 01/01/46)		25,011		24,867,652
Virginia Electric & Power Co.
Series A
3.15%, 01/15/26 (Call 10/15/25)		10,323		10,358,815
3.50%, 03/15/27 (Call 12/15/26)		5,180		5,321,545
				590,146,623
ELECTRONICS — 0.30%
Fortive Corp.
2.35%, 06/15/21 (Call 05/15/21)b		3,625		3,592,882
3.15%, 06/15/26 (Call 03/15/26)a,b		17,045		17,016,627
Honeywell International Inc.
1.85%, 11/01/21 (Call 10/01/21)		27,410		26,977,210
2.50%, 11/01/26 (Call 08/01/26)a		24,120		23,114,756
4.25%, 03/01/21		8,939		9,639,424
Koninklijke Philips NV
3.75%, 03/15/22		13,281		13,964,214
				94,305,113
ENGINEERING & CONSTRUCTION — 0.07%
ABB Finance USA Inc.
2.88%, 05/08/22		16,035		16,332,629
4.38%, 05/08/42		4,347		4,584,339
				20,916,968
ENVIRONMENTAL CONTROL — 0.09%
Republic Services Inc.
3.55%, 06/01/22 (Call 03/01/22)		9,410		9,813,417
5.00%, 03/01/20		9,072		9,792,443
Waste Management Inc.
4.10%, 03/01/45 (Call 09/01/44)		8,964		9,100,748
				28,706,608

72 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
FOOD — 1.24%
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)	$	9,134	$	9,405,652
3.20%, 02/10/27 (Call 11/10/26)a		5,000		4,946,574
JM Smucker Co. (The)
3.50%, 10/15/21		1,025		1,067,091
3.50%, 03/15/25a		20,440		20,874,524
Kellogg Co.
3.25%, 04/01/26a		7,150		7,069,293
4.00%, 12/15/20a		7,817		8,273,643
Series B
7.45%, 04/01/31		1,196		1,568,201
Kraft Heinz Foods Co.
2.80%, 07/02/20 (Call 06/02/20)		16,340		16,581,824
3.00%, 06/01/26 (Call 03/01/26)		30,436		28,952,647
3.50%, 06/06/22a		30,594		31,616,485
3.50%, 07/15/22 (Call 05/15/22)a		10,385		10,709,728
3.95%, 07/15/25 (Call 04/15/25)		24,435		25,088,358
4.38%, 06/01/46 (Call 12/01/45)a		31,042		29,547,933
5.00%, 07/15/35 (Call 01/15/35)		14,746		15,521,595
5.00%, 06/04/42		20,455		21,052,581
5.20%, 07/15/45 (Call 01/15/45)		21,525		22,721,885
6.50%, 02/09/40		13,149		15,970,848
6.88%, 01/26/39		11,056		13,919,203
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)a		16,975		15,824,367
4.45%, 02/01/47 (Call 08/01/46)a		11,950		11,753,757
Sysco Corp.
2.60%, 10/01/20 (Call 09/01/20)a		11,350		11,439,849
3.30%, 07/15/26 (Call 04/15/26)a		12,431		12,309,401

Security	Principal (000s)		Value
3.75%, 10/01/25 (Call 07/01/25)	$	8,348	$	8,572,499
Tyson Foods Inc.
3.95%, 08/15/24 (Call 05/15/24)		12,670		13,034,250
4.50%, 06/15/22 (Call 03/15/22)		12,580		13,451,195
Unilever Capital Corp.
4.25%, 02/10/21		7,198		7,714,037
5.90%, 11/15/32		10,319		13,386,468
				392,373,888
FOREST PRODUCTS & PAPER — 0.19%
International Paper Co.
3.00%, 02/15/27 (Call 11/15/26)a		29,547		28,201,217
3.65%, 06/15/24 (Call 03/15/24)a		7,425		7,615,275
4.40%, 08/15/47 (Call 02/15/47)a		12,620		12,310,908
4.75%, 02/15/22 (Call 11/15/21)a		160		174,349
4.80%, 06/15/44 (Call 12/15/43)		8,985		9,163,857
7.30%, 11/15/39		1,050		1,381,685
				58,847,291
GAS — 0.06%
NiSource Finance Corp.
4.80%, 02/15/44 (Call 08/15/43)		7,481		7,910,845
Sempra Energy
6.00%, 10/15/39a		7,960		9,570,207
				17,481,052
HEALTH CARE – PRODUCTS — 1.90%
Abbott Laboratories
2.00%, 03/15/20a		2,589		2,582,665
2.55%, 03/15/22a		11,583		11,457,146
2.90%, 11/30/21 (Call 10/30/21)a		34,516		34,811,026
2.95%, 03/15/25 (Call 12/15/24)		10,440		10,057,756
3.25%, 04/15/23 (Call 01/15/23)a		11,411		11,533,773

SCHEDULESOF INVESTMENTS 73

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
3.40%, 11/30/23 (Call 09/30/23)a	$	17,885	$	18,144,286
3.75%, 11/30/26 (Call 08/30/26)		26,490		26,743,133
4.75%, 11/30/36 (Call 05/30/36)		26,235		27,155,665
4.90%, 11/30/46 (Call 05/30/46)a		42,974		44,843,949
Becton Dickinson and Co.
3.13%, 11/08/21a		8,820		8,869,434
3.73%, 12/15/24 (Call 09/15/24)a		20,905		21,048,657
4.69%, 12/15/44 (Call 06/15/44)a		14,482		14,118,917
Boston Scientific Corp.
3.85%, 05/15/25a		9,672		9,939,629
Medtronic Global Holdings SCA
3.35%, 04/01/27 (Call 01/01/27)		6,950		7,054,985
Medtronic Inc.
2.50%, 03/15/20		3,428		3,490,267
3.15%, 03/15/22a		44,754		46,355,688
3.50%, 03/15/25		41,806		43,162,404
3.63%, 03/15/24 (Call 12/15/23)		6,993		7,309,524
4.38%, 03/15/35		30,874		32,670,493
4.45%, 03/15/20		5,473		5,850,698
4.63%, 03/15/45		46,123		50,167,535
Stryker Corp.
2.63%, 03/15/21 (Call 02/15/21)a		7,876		7,956,590
3.38%, 11/01/25 (Call 08/01/25)		8,248		8,345,362
3.50%, 03/15/26 (Call 12/15/25)		10,825		11,012,347
4.63%, 03/15/46 (Call 09/15/45)		14,282		14,928,118
Thermo Fisher Scientific Inc.
2.95%, 09/19/26 (Call 06/19/26)		17,531		16,855,371
3.00%, 04/15/23 (Call 02/15/23)		12,010		12,070,755

Security	Principal (000s)		Value
3.15%, 01/15/23 (Call 10/15/22)	$	8,838	$	8,952,499
3.30%, 02/15/22a		7,492		7,681,456
3.60%, 08/15/21 (Call 05/15/21)		11,589		12,071,235
4.15%, 02/01/24 (Call 11/01/23)a		11,456		12,153,515
4.50%, 03/01/21		10,374		11,122,064
Zimmer Biomet Holdings Inc.
3.15%, 04/01/22 (Call 02/01/22)		13,055		13,170,631
3.55%, 04/01/25 (Call 01/01/25)a		26,037		25,979,950
				599,667,523
HEALTH CARE – SERVICES — 1.41%
Aetna Inc.
2.75%, 11/15/22 (Call 08/15/22)		13,125		13,186,392
2.80%, 06/15/23 (Call 04/15/23)a		25,675		25,660,108
3.50%, 11/15/24 (Call 08/15/24)		17,281		17,837,224
6.63%, 06/15/36		8,213		10,846,383
Anthem Inc.
3.13%, 05/15/22a		10,972		11,135,819
3.30%, 01/15/23a		18,380		18,650,098
3.50%, 08/15/24 (Call 05/15/24)		8,165		8,279,161
4.63%, 05/15/42		13,736		14,050,052
4.65%, 01/15/43		9,615		9,910,949
4.65%, 08/15/44 (Call 02/15/44)a		8,459		8,737,975
5.85%, 01/15/36		8,987		10,434,275
6.38%, 06/15/37		890		1,103,273
Cigna Corp.
3.25%, 04/15/25 (Call 01/15/25)a		14,245		14,162,497
4.00%, 02/15/22 (Call 11/15/21)		7,769		8,187,362
5.38%, 02/15/42 (Call 08/15/41)		10,305		12,049,721

74 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Humana Inc.
4.95%, 10/01/44 (Call 04/01/44)	$	5,855	$	6,242,618
Laboratory Corp. of America Holdings
3.60%, 02/01/25 (Call 11/01/24)		15,141		15,151,656
4.70%, 02/01/45 (Call 08/01/44)a		14,017		13,899,647
UnitedHealth Group Inc.
2.13%, 03/15/21a		9,794		9,760,410
2.70%, 07/15/20a		16,185		16,504,183
2.88%, 12/15/21		9,102		9,316,537
2.88%, 03/15/22 (Call 12/15/21)a		12,592		12,886,463
2.88%, 03/15/23a		7,477		7,561,595
3.10%, 03/15/26a		10,420		10,423,663
3.35%, 07/15/22		9,700		10,107,709
3.38%, 04/15/27a		4,920		5,000,737
3.45%, 01/15/27a		17,186		17,578,176
3.75%, 07/15/25a		36,802		38,701,105
4.20%, 01/15/47 (Call 07/15/46)		11,425		11,692,825
4.25%, 03/15/43 (Call 09/15/42)		8,140		8,381,495
4.25%, 04/15/47 (Call 10/15/46)		2,800		2,890,944
4.63%, 07/15/35a		13,810		15,137,276
4.75%, 07/15/45		26,065		28,947,283
5.80%, 03/15/36a		5,830		7,192,557
6.88%, 02/15/38		10,055		13,827,683
				445,435,851
HOUSEWARES — 0.31%
Newell Brands Inc.
3.15%, 04/01/21 (Call 03/01/21)a		14,600		14,975,135
3.85%, 04/01/23 (Call 02/01/23)a		29,757		31,098,859
4.20%, 04/01/26 (Call 01/01/26)		26,960		28,320,054
5.50%, 04/01/46 (Call 10/01/45)		21,420		24,894,164
				99,288,212

Security	Principal (000s)		Value
INSURANCE — 1.87%
Aflac Inc.
3.63%, 11/15/24	$	8,073	$	8,376,362
American International Group Inc.
3.30%, 03/01/21 (Call 02/01/21)a		22,003		22,543,977
3.75%, 07/10/25 (Call 04/10/25)		18,135		18,328,892
3.88%, 01/15/35 (Call 07/15/34)		17,531		16,309,268
3.90%, 04/01/26 (Call 01/01/26)		24,181		24,654,372
4.13%, 02/15/24a		15,025		15,679,399
4.38%, 01/15/55 (Call 07/15/54)		9,106		8,347,955
4.50%, 07/16/44 (Call 01/16/44)		25,672		25,222,920
4.80%, 07/10/45 (Call 01/10/45)a		8,215		8,434,444
4.88%, 06/01/22		22,977		25,038,995
6.25%, 05/01/36		8,413		10,041,108
Aon PLC
3.88%, 12/15/25 (Call 09/15/25)		9,000		9,256,787
Berkshire Hathaway Finance Corp.
3.00%, 05/15/22a		10,589		10,898,303
4.25%, 01/15/21a		8,581		9,249,942
5.75%, 01/15/40a		8,748		10,987,492
Berkshire Hathaway Inc.
2.20%, 03/15/21 (Call 02/15/21)a		12,220		12,306,331
2.75%, 03/15/23 (Call 01/15/23)a		21,437		21,660,689
3.13%, 03/15/26 (Call 12/15/25)		36,995		37,282,880
4.50%, 02/11/43a		14,220		15,345,114
Chubb Corp. (The)
6.00%, 05/11/37		8,691		11,053,499
Chubb INA Holdings Inc.
2.30%, 11/03/20 (Call 10/03/20)		16,070		16,029,939

SCHEDULESOF INVESTMENTS 75

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
2.88%, 11/03/22 (Call 09/03/22)a	$	14,334	$	14,518,904
3.15%, 03/15/25		7,802		7,892,959
3.35%, 05/03/26 (Call 02/03/26)a		15,827		16,203,904
4.35%, 11/03/45 (Call 05/03/45)a		18,890		20,197,475
Manulife Financial Corp.
4.15%, 03/04/26a		9,985		10,584,028
5.38%, 03/04/46a		8,500		9,994,372
MetLife Inc.
3.60%, 04/10/24a		10,732		11,186,982
4.05%, 03/01/45		15,410		15,109,263
4.13%, 08/13/42a		10,363		10,266,132
4.60%, 05/13/46 (Call 11/13/45)a		10,880		11,684,160
4.75%, 02/08/21		12,934		14,073,735
4.88%, 11/13/43a		14,100		15,505,415
5.70%, 06/15/35		8,415		10,178,650
5.88%, 02/06/41		8,090		10,013,199
6.38%, 06/15/34a		9,233		11,843,319
Series D
4.37%, 09/15/23a		15,465		16,715,747
Prudential Financial Inc.
4.60%, 05/15/44a		6,570		7,002,139
5.70%, 12/14/36		4,140		4,948,781
Series D
6.63%, 12/01/37		8,745		11,460,107
Travelers Companies Inc. (The)
5.35%, 11/01/40		7,865		9,545,646
6.25%, 06/15/37		9,565		12,563,694
				588,537,279
INTERNET — 0.60%
Alphabet Inc.
2.00%, 08/15/26 (Call 05/15/26)a		25,469		23,736,209
3.38%, 02/25/24		17,285		18,143,088
3.63%, 05/19/21		5,007		5,328,862
Amazon.com Inc.
2.50%, 11/29/22 (Call 08/29/22)		12,282		12,289,669
3.30%, 12/05/21 (Call 10/05/21)		9,179		9,570,386

Security	Principal (000s)		Value
3.80%, 12/05/24 (Call 09/05/24)	$	13,812	$	14,720,026
4.80%, 12/05/34 (Call 06/05/34)		17,374		19,439,406
4.95%, 12/05/44 (Call 06/05/44)		23,557		27,026,244
eBay Inc.
2.60%, 07/15/22 (Call 04/15/22)		11,220		11,130,617
2.88%, 08/01/21 (Call 06/01/21)a		6,907		6,989,240
3.45%, 08/01/24 (Call 05/01/24)		11,935		12,059,699
3.80%, 03/09/22 (Call 02/09/22)a		8,840		9,235,390
4.00%, 07/15/42 (Call 01/15/42)		10,887		9,316,827
Expedia Inc.
5.00%, 02/15/26 (Call 11/15/25)		10,266		11,027,315
				190,012,978
LODGING — 0.06%
Marriott International Inc./MD
2.30%, 01/15/22 (Call 12/15/21)		8,315		8,201,077
Series R
3.13%, 06/15/26 (Call 03/15/26)a		11,072		10,787,629
				18,988,706
MACHINERY — 0.40%
Caterpillar Financial Services Corp.
1.70%, 08/09/21		11,235		10,914,471
Caterpillar Inc.
3.40%, 05/15/24 (Call 02/15/24)a		12,490		12,973,116
3.80%, 08/15/42		16,858		16,333,949
3.90%, 05/27/21		20,722		22,078,002
5.20%, 05/27/41		8,298		9,709,837
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)a		12,599		12,686,704
3.90%, 06/09/42 (Call 12/09/41)a		18,036		18,092,644

76 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
John Deere Capital Corp.
2.80%, 03/06/23	$	21,979	$	22,168,002
				124,956,725
MANUFACTURING — 1.30%
3M Co.
5.70%, 03/15/37		4,171		5,199,586
Eaton Corp.
2.75%, 11/02/22		15,775		15,853,915
4.15%, 11/02/42		10,780		10,659,499
General Electric Co.
2.70%, 10/09/22		48,102		48,932,399
3.10%, 01/09/23a		21,412		22,146,828
3.15%, 09/07/22		12,588		13,078,797
3.38%, 03/11/24a		8,128		8,515,339
3.45%, 05/15/24 (Call 02/13/24)		1,330		1,393,255
4.13%, 10/09/42		27,419		28,224,140
4.38%, 09/16/20		15,046		16,154,258
4.50%, 03/11/44		33,615		36,690,386
4.63%, 01/07/21a		15,613		16,999,055
4.65%, 10/17/21		11,025		12,173,486
5.30%, 02/11/21		18,033		20,032,869
5.88%, 01/14/38		30,187		38,486,064
6.15%, 08/07/37		14,651		19,177,627
6.88%, 01/10/39		19,301		27,549,043
Series A
6.75%, 03/15/32		37,321		50,952,876
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)		6,890		6,714,156
3.90%, 09/01/42 (Call 03/01/42)		11,950		12,092,274
				411,025,852
MEDIA — 4.48%
21st Century Fox America Inc.
3.00%, 09/15/22		10,937		11,073,125
4.50%, 02/15/21a		11,018		11,819,609
6.15%, 03/01/37a		7,669		9,175,057
6.15%, 02/15/41a		19,071		23,008,521
6.20%, 12/15/34		11,359		13,702,780
6.40%, 12/15/35		14,755		18,044,816
6.65%, 11/15/37a		12,051		15,241,231

Security	Principal (000s)		Value
CBS Corp.
3.50%, 01/15/25 (Call 10/15/24)	$	875	$	881,396
4.00%, 01/15/26 (Call 10/15/25)		9,775		10,104,531
7.88%, 07/30/30		9,565		13,103,537
Charter Communications Operating LLC/Charter Communications Operating Capital
3.58%, 07/23/20 (Call 06/23/20)		30,590		31,553,484
4.46%, 07/23/22 (Call 05/23/22)		34,156		36,351,654
4.91%, 07/23/25 (Call 04/23/25)		55,910		59,868,037
5.38%, 05/01/47 (Call 11/01/46)b		6,850		7,004,860
6.38%, 10/23/35 (Call 04/23/35)		22,860		26,182,383
6.48%, 10/23/45 (Call 04/23/45)		50,130		58,563,004
Comcast Cable Communications Holdings Inc.
9.46%, 11/15/22		12,998		17,508,952
Comcast Corp.
2.35%, 01/15/27 (Call 10/15/26)		22,308		20,684,404
2.75%, 03/01/23 (Call 02/01/23)a		16,365		16,395,954
2.85%, 01/15/23		11,995		12,104,345
3.00%, 02/01/24 (Call 01/01/24)a		7,600		7,668,180
3.13%, 07/15/22a		10,465		10,771,834
3.15%, 03/01/26 (Call 12/01/25)a		34,138		33,940,058
3.20%, 07/15/36 (Call 01/15/36)a		21,100		18,889,788
3.30%, 02/01/27 (Call 11/01/26)a		16,245		16,326,529
3.38%, 02/15/25 (Call 11/15/24)a		11,135		11,357,266

SCHEDULESOF INVESTMENTS 77

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
3.38%, 08/15/25 (Call 05/15/25)	$	22,250	$	22,614,960
3.40%, 07/15/46 (Call 01/15/46)a		15,783		13,677,661
3.60%, 03/01/24a		14,555		15,149,892
4.20%, 08/15/34 (Call 02/15/34)		12,641		12,908,200
4.25%, 01/15/33		20,791		21,566,473
4.40%, 08/15/35 (Call 02/15/35)		14,855		15,505,374
4.60%, 08/15/45 (Call 02/15/45)a		15,115		15,731,544
4.65%, 07/15/42		17,510		18,297,538
4.75%, 03/01/44		11,697		12,421,565
5.15%, 03/01/20a		3,953		4,301,130
5.65%, 06/15/35		11,147		13,139,416
6.40%, 05/15/38		9,685		12,386,673
6.40%, 03/01/40a		12,145		15,643,966
6.45%, 03/15/37		17,566		22,619,642
6.50%, 11/15/35		12,342		15,833,868
6.55%, 07/01/39		9,964		13,121,847
6.95%, 08/15/37		23,526		31,706,341
7.05%, 03/15/33		11,805		15,744,251
Discovery Communications LLC
4.88%, 04/01/43a		13,447		12,250,107
6.35%, 06/01/40		11,815		12,656,227
Historic TW Inc.
6.63%, 05/15/29		1,786		2,220,331
NBCUniversal Media LLC
2.88%, 01/15/23a		16,465		16,642,448
4.38%, 04/01/21		26,218		28,317,904
4.45%, 01/15/43a		10,448		10,601,889
5.15%, 04/30/20		21,997		24,020,557
5.95%, 04/01/41		11,354		13,913,727
6.40%, 04/30/40		11,468		14,755,280
Time Warner Cable LLC
4.00%, 09/01/21 (Call 06/01/21)		13,833		14,419,449
4.50%, 09/15/42 (Call 03/15/42)		9,765		8,935,647
5.50%, 09/01/41 (Call 03/01/41)		16,138		16,736,271
5.88%, 11/15/40 (Call 05/15/40)a		12,054		13,046,135

Security	Principal (000s)		Value
6.55%, 05/01/37	$	17,941	$	20,824,372
6.75%, 06/15/39		20,990		24,950,611
7.30%, 07/01/38		20,510		25,598,373
Time Warner Entertainment Co. LP
8.38%, 03/15/23		14,890		18,657,970
8.38%, 07/15/33		9,710		13,092,977
Time Warner Inc.
2.95%, 07/15/26 (Call 04/15/26)		12,640		11,875,765
3.55%, 06/01/24 (Call 03/01/24)		6,245		6,281,430
3.60%, 07/15/25 (Call 04/15/25)		21,760		21,627,523
3.80%, 02/15/27 (Call 11/15/26)a		25,524		25,407,238
4.70%, 01/15/21		11,923		12,803,492
4.75%, 03/29/21		14,275		15,383,960
4.85%, 07/15/45 (Call 01/15/45)a		8,580		8,348,083
4.88%, 03/15/20		5,234		5,612,701
6.10%, 07/15/40		12,261		13,904,148
6.25%, 03/29/41a		12,155		13,961,903
6.50%, 11/15/36		4,863		5,787,564
7.63%, 04/15/31		7,214		9,766,964
Viacom Inc.
3.45%, 10/04/26 (Call 07/04/26)		20,286		19,486,612
4.25%, 09/01/23 (Call 06/01/23)		17,079		17,721,447
4.38%, 03/15/43		16,609		14,719,171
5.85%, 09/01/43 (Call 03/01/43)		14,691		15,762,454
6.88%, 04/30/36		13,749		15,864,475
Walt Disney Co. (The)
1.85%, 07/30/26a		14,672		13,346,330
2.15%, 09/17/20		10,165		10,239,676
2.30%, 02/12/21		8,980		9,066,266
2.35%, 12/01/22a		13,017		12,966,356
2.75%, 08/16/21a		5,823		5,968,008
3.00%, 02/13/26a		12,710		12,772,967
3.15%, 09/17/25a		8,990		9,171,754
4.13%, 06/01/44a		8,002		8,148,558
				1,411,330,796

78 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
METAL FABRICATE & HARDWARE — 0.09%
Precision Castparts Corp.
2.50%, 01/15/23 (Call 10/15/22)a	$	11,662	$	11,605,185
3.25%, 06/15/25 (Call 03/15/25)		15,732		15,993,979
				27,599,164
MINING — 0.77%
Barrick Gold Corp.
5.25%, 04/01/42a		8,527		9,448,032
Barrick North America Finance LLC
5.70%, 05/30/41a		11,800		13,585,719
5.75%, 05/01/43a		12,386		14,539,445
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39		9,935		11,569,769
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22		17,517		17,854,215
3.85%, 09/30/23a		12,088		12,886,441
4.13%, 02/24/42a		11,775		11,841,270
5.00%, 09/30/43a		32,555		36,852,599
Goldcorp Inc.
3.70%, 03/15/23 (Call 12/15/22)		11,075		11,373,241
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)		10,747		11,122,902
4.88%, 03/15/42 (Call 09/15/41)a		11,896		12,189,233
6.25%, 10/01/39		10,469		12,409,364
Rio Tinto Alcan Inc.
6.13%, 12/15/33		4,630		5,361,800
Rio Tinto Finance USA Ltd.
3.75%, 06/15/25 (Call 03/15/25)a		17,636		18,365,379
4.13%, 05/20/21		1,173		1,248,055
5.20%, 11/02/40a		14,160		16,046,357
7.13%, 07/15/28a		11,168		14,638,708
Rio Tinto Finance USA PLC
2.88%, 08/21/22 (Call 05/21/22)a		715		722,211

Security	Principal (000s)		Value
3.50%, 03/22/22 (Call 12/22/21)	$	922	$	961,259
4.13%, 08/21/42 (Call 02/21/42)a		10,384		10,274,847
				243,290,846
OFFICE & BUSINESS EQUIPMENT — 0.04%
Xerox Corp.
4.50%, 05/15/21a		12,502		13,151,949
				13,151,949
OIL & GAS — 6.50%
Anadarko Finance Co.
7.50%, 05/01/31		10,255		13,147,497
Anadarko Petroleum Corp.
4.85%, 03/15/21 (Call 02/15/21)a		18,430		19,814,290
5.55%, 03/15/26 (Call 12/15/25)a		20,448		22,843,855
6.20%, 03/15/40a		8,101		9,225,699
6.45%, 09/15/36		16,994		20,076,555
6.60%, 03/15/46 (Call 09/15/45)a		15,231		18,769,161
Apache Corp.
3.25%, 04/15/22 (Call 01/15/22)		23,107		23,457,501
4.25%, 01/15/44 (Call 07/15/43)		7,234		6,799,139
4.75%, 04/15/43 (Call 10/15/42)		22,811		23,016,472
5.10%, 09/01/40 (Call 03/01/40)		20,150		21,082,935
6.00%, 01/15/37		6,469		7,437,250
BP Capital Markets PLC
2.11%, 09/16/21 (Call 08/16/21)		14,495		14,310,435
2.50%, 11/06/22		13,356		13,174,262
2.75%, 05/10/23a		16,491		16,397,047
3.02%, 01/16/27 (Call 10/16/26)a		14,279		13,938,873
3.06%, 03/17/22a		12,495		12,754,907
3.12%, 05/04/26 (Call 02/04/26)a		14,871		14,705,468
3.22%, 11/28/23 (Call 09/28/23)a		13,570		13,762,389

SCHEDULESOF INVESTMENTS 79

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
3.22%, 04/14/24 (Call 02/14/24)a	$	18,245	$	18,427,676
3.25%, 05/06/22		26,796		27,559,086
3.51%, 03/17/25a		10,619		10,857,713
3.54%, 11/04/24		11,648		11,942,168
3.56%, 11/01/21		15,883		16,594,793
3.59%, 04/14/27 (Call 01/14/27)a		14,708		15,016,163
3.72%, 11/28/28 (Call 08/28/28)a		7,960		8,197,334
3.81%, 02/10/24		12,152		12,699,658
3.99%, 09/26/23a		7,996		8,478,337
4.50%, 10/01/20		17,392		18,686,494
4.74%, 03/11/21		15,553		16,947,818
Canadian Natural Resources Ltd.
6.25%, 03/15/38a		13,618		15,456,450
Cenovus Energy Inc.
4.25%, 04/15/27 (Call 01/15/27)a,b		8,000		7,933,774
5.25%, 06/15/37 (Call 12/15/36)a,b		3,000		2,922,570
5.40%, 06/15/47 (Call 12/15/46)a,b		6,000		5,869,704
Chevron Corp.
2.10%, 05/16/21 (Call 04/15/21)a		28,490		28,373,484
2.36%, 12/05/22 (Call 09/05/22)		24,043		23,873,006
2.42%, 11/17/20 (Call 10/17/20)		15,135		15,311,915
2.43%, 06/24/20 (Call 05/24/20)		10,404		10,531,412
2.57%, 05/16/23 (Call 03/16/23)a		7,425		7,399,739
2.90%, 03/03/24 (Call 01/03/24)a		11,250		11,341,906
2.95%, 05/16/26 (Call 02/16/26)a		27,600		27,511,045
3.19%, 06/24/23 (Call 03/24/23)a		29,920		30,859,694
3.33%, 11/17/25 (Call 08/17/25)a		7,571		7,770,955

Security	Principal (000s)		Value
ConocoPhillips
6.50%, 02/01/39a	$	32,408	$	41,627,658
ConocoPhillips Co.
2.40%, 12/15/22 (Call 09/15/22)		9,585		9,463,904
2.88%, 11/15/21 (Call 09/15/21)a		11,886		12,093,400
3.35%, 11/15/24 (Call 08/15/24)a		11,031		11,253,769
4.20%, 03/15/21 (Call 02/15/21)		15,825		16,903,070
4.30%, 11/15/44 (Call 05/15/44)a		11,275		11,327,297
4.95%, 03/15/26 (Call 12/15/25)a		17,186		19,249,588
ConocoPhillips Holding Co.
6.95%, 04/15/29		16,356		21,352,388
Devon Energy Corp.
3.25%, 05/15/22 (Call 02/15/22)		20,297		20,363,136
4.75%, 05/15/42 (Call 11/15/41)		7,626		7,446,903
5.00%, 06/15/45 (Call 12/15/44)a		9,505		9,689,963
5.60%, 07/15/41 (Call 01/15/41)		20,863		22,184,830
5.85%, 12/15/25 (Call 09/15/25)a		2,610		3,020,266
7.95%, 04/15/32		13,419		17,593,060
Devon Financing Co. LLC
7.88%, 09/30/31		1,265		1,658,255
Encana Corp.
6.50%, 08/15/34		6,260		7,070,274
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)		10,575		10,413,014
4.10%, 02/01/21		5,496		5,807,088
4.15%, 01/15/26 (Call 10/15/25)a		4,380		4,625,102
Exxon Mobil Corp.
1.91%, 03/06/20 (Call 02/06/20)		5,895		5,926,732
2.22%, 03/01/21 (Call 02/01/21)a		33,553		33,726,174

80 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
2.40%, 03/06/22 (Call 01/06/22)a	$	15,125	$	15,192,087
2.71%, 03/06/25 (Call 12/06/24)a		18,331		18,169,550
2.73%, 03/01/23 (Call 01/01/23)		18,614		18,789,331
3.04%, 03/01/26 (Call 12/01/25)a		29,631		29,894,357
3.18%, 03/15/24 (Call 12/15/23)a		4,330		4,450,705
3.57%, 03/06/45 (Call 09/06/44)a		12,505		11,898,094
4.11%, 03/01/46 (Call 09/01/45)a		32,186		33,424,968
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)a		13,657		13,614,295
5.60%, 02/15/41		16,589		16,697,527
6.00%, 01/15/40		7,723		8,013,324
Husky Energy Inc.
4.00%, 04/15/24 (Call 01/15/24)a		3,653		3,730,435
Marathon Oil Corp.
2.80%, 11/01/22 (Call 08/01/22)a		12,110		11,777,293
3.85%, 06/01/25 (Call 03/01/25)a		12,696		12,622,315
6.60%, 10/01/37		12,606		14,410,269
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 06/15/24)		7,120		7,061,932
4.75%, 09/15/44 (Call 03/15/44)		10,322		9,493,781
5.13%, 03/01/21		11,240		12,187,211
6.50%, 03/01/41 (Call 09/01/40)		13,935		15,694,088
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)		10,160		10,735,309
5.05%, 11/15/44 (Call 05/15/44)		14,974		15,403,754
5.25%, 11/15/43 (Call 05/15/43)		6,780		7,074,551

Security	Principal (000s)		Value
6.00%, 03/01/41 (Call 09/01/40)	$	11,551	$	13,000,803
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)		13,321		13,255,126
3.00%, 02/15/27 (Call 11/15/26)a		10,235		9,984,576
3.13%, 02/15/22 (Call 11/15/21)		9,821		10,060,665
3.40%, 04/15/26 (Call 01/15/26)a		18,120		18,335,430
3.50%, 06/15/25 (Call 03/15/25)		9,530		9,705,581
4.10%, 02/15/47 (Call 08/15/46)a		11,410		11,143,249
4.40%, 04/15/46 (Call 10/15/45)a		17,682		17,998,492
4.63%, 06/15/45 (Call 12/15/44)		11,225		11,804,522
Series 1
4.10%, 02/01/21 (Call 11/01/20)a		16,425		17,419,903
Petro-Canada
6.80%, 05/15/38		10,869		14,079,671
Phillips 66
4.30%, 04/01/22a		19,404		20,881,618
4.65%, 11/15/34 (Call 05/15/34)		11,670		11,828,744
4.88%, 11/15/44 (Call 05/15/44)a		22,372		22,991,398
5.88%, 05/01/42a		15,792		18,370,072
Shell International Finance BV
1.75%, 09/12/21		18,633		18,216,079
1.88%, 05/10/21		26,899		26,482,977
2.13%, 05/11/20		23,682		23,764,274
2.25%, 11/10/20a		17,535		17,605,212
2.25%, 01/06/23		13,742		13,460,921
2.38%, 08/21/22a		10,831		10,729,575
2.50%, 09/12/26a		10,859		10,372,783
2.88%, 05/10/26a		21,745		21,399,365
3.25%, 05/11/25a		33,234		33,825,682
3.40%, 08/12/23		13,873		14,366,001
3.75%, 09/12/46a		18,110		16,870,204

SCHEDULESOF INVESTMENTS 81

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
4.00%, 05/10/46a	$	28,045	$	27,249,383
4.13%, 05/11/35		18,318		18,670,794
4.38%, 03/25/20		6,615		7,053,180
4.38%, 05/11/45		28,228		28,963,963
4.55%, 08/12/43		19,585		20,533,629
5.50%, 03/25/40		12,311		14,601,017
6.38%, 12/15/38a		29,542		38,497,164
Statoil ASA
2.45%, 01/17/23a		13,440		13,330,269
2.65%, 01/15/24		11,491		11,356,394
2.75%, 11/10/21		930		943,033
2.90%, 11/08/20		7,837		8,037,959
3.15%, 01/23/22		6,489		6,670,397
3.70%, 03/01/24a		11,945		12,519,534
3.95%, 05/15/43		4,922		4,801,636
4.80%, 11/08/43		9,626		10,571,738
5.10%, 08/17/40a		9,232		10,477,672
Suncor Energy Inc.
3.60%, 12/01/24 (Call 09/01/24)		7,599		7,794,673
6.50%, 06/15/38a		12,345		15,661,550
6.85%, 06/01/39		9,435		12,366,154
Total Capital Canada Ltd.
2.75%, 07/15/23a		12,452		12,495,494
Total Capital International SA
2.70%, 01/25/23a		10,212		10,224,747
2.75%, 06/19/21a		10,670		10,853,144
2.88%, 02/17/22a		8,312		8,452,446
3.70%, 01/15/24		12,330		12,899,214
3.75%, 04/10/24a		15,086		15,826,937
Total Capital SA
4.45%, 06/24/20a		12,526		13,427,565
Valero Energy Corp.
3.40%, 09/15/26 (Call 06/15/26)		10,368		10,036,579
6.63%, 06/15/37a		13,876		16,460,737
7.50%, 04/15/32		8,866		11,364,170
				2,048,501,771
OIL & GAS SERVICES — 0.56%
Baker Hughes Inc.
3.20%, 08/15/21 (Call 05/15/21)		884		905,156
5.13%, 09/15/40a		9,612		10,772,066

Security	Principal (000s)		Value
Halliburton Co.
3.50%, 08/01/23 (Call 05/01/23)a	$	15,116	$	15,470,491
3.80%, 11/15/25 (Call 08/15/25)a		29,369		30,205,506
4.75%, 08/01/43 (Call 02/01/43)		13,651		13,955,823
4.85%, 11/15/35 (Call 05/15/35)		12,520		13,260,080
5.00%, 11/15/45 (Call 05/15/45)		23,316		24,839,943
6.70%, 09/15/38a		9,447		11,951,369
7.45%, 09/15/39		6,246		8,490,635
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)a		17,037		16,399,235
3.95%, 12/01/42 (Call 06/01/42)a		9,834		8,169,916
Schlumberger Investment SA
3.65%, 12/01/23 (Call 09/01/23)		20,852		21,832,369
				176,252,589
PHARMACEUTICALS — 5.85%
AbbVie Inc.
2.30%, 05/14/21 (Call 04/14/21)a		25,645		25,491,043
2.50%, 05/14/20 (Call 04/14/20)a		43,567		43,960,497
2.85%, 05/14/23 (Call 03/14/23)a		25,035		24,787,862
2.90%, 11/06/22		29,489		29,601,468
3.20%, 11/06/22 (Call 09/06/22)a		17,398		17,714,732
3.20%, 05/14/26 (Call 02/14/26)a		35,320		34,401,941
3.60%, 05/14/25 (Call 02/14/25)		46,705		47,154,699
4.30%, 05/14/36 (Call 11/14/35)a		10,931		10,727,707
4.40%, 11/06/42		26,168		25,311,176
4.45%, 05/14/46 (Call 11/14/45)a		26,189		25,464,374
4.50%, 05/14/35 (Call 11/14/34)a		30,806		31,044,953

82 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
4.70%, 05/14/45 (Call 11/14/44)a	$	30,085	$	30,297,415
Actavis Funding SCS
3.00%, 03/12/20 (Call 02/12/20)a		5,283		5,385,662
3.45%, 03/15/22 (Call 01/15/22)a		35,855		36,823,146
3.80%, 03/15/25 (Call 12/15/24)a		48,892		49,830,599
3.85%, 06/15/24 (Call 03/15/24)		13,430		13,810,234
4.55%, 03/15/35 (Call 09/15/34)a		34,115		34,440,754
4.75%, 03/15/45 (Call 09/15/44)a		31,350		31,875,091
4.85%, 06/15/44 (Call 12/15/43)		22,939		23,466,051
Actavis Inc.
3.25%, 10/01/22 (Call 07/01/22)		16,278		16,491,359
4.63%, 10/01/42 (Call 04/01/42)		11,264		11,164,764
AstraZeneca PLC
2.38%, 11/16/20a		22,372		22,449,096
3.38%, 11/16/25		35,360		35,783,118
4.00%, 09/18/42		6,527		6,398,944
4.38%, 11/16/45a		10,353		10,681,007
6.45%, 09/15/37a		38,120		50,041,054
Bristol-Myers Squibb Co.
2.00%, 08/01/22		2,323		2,263,873
3.25%, 02/27/27		5,430		5,444,439
Eli Lilly & Co.
2.75%, 06/01/25 (Call 03/01/25)		12,728		12,687,744
3.70%, 03/01/45 (Call 09/01/44)		10,513		10,180,663
Express Scripts Holding Co.
3.00%, 07/15/23 (Call 05/15/23)a		15,245		14,993,826
3.40%, 03/01/27 (Call 12/01/26)a		12,600		11,991,336
3.50%, 06/15/24 (Call 03/15/24)		16,497		16,351,176

Security	Principal (000s)		Value
3.90%, 02/15/22	$	9,382	$	9,760,508
4.50%, 02/25/26 (Call 11/27/25)a		26,482		27,504,560
4.75%, 11/15/21		18,996		20,512,504
4.80%, 07/15/46 (Call 01/15/46)a		19,340		18,757,487
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23a		11,684		11,752,326
6.38%, 05/15/38		29,982		39,683,129
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		29,270		29,717,131
Johnson & Johnson
1.65%, 03/01/21 (Call 02/01/21)a		9,820		9,728,185
2.25%, 03/03/22 (Call 02/03/22)a		10,850		10,942,622
2.45%, 03/01/26 (Call 12/01/25)		24,689		23,966,876
2.95%, 03/03/27 (Call 12/03/26)		11,050		11,120,622
3.38%, 12/05/23a		8,844		9,404,532
3.55%, 03/01/36 (Call 09/01/35)a		15,084		15,058,318
3.63%, 03/03/37 (Call 09/03/36)		15,500		15,609,745
3.70%, 03/01/46 (Call 09/01/45)		24,244		23,962,425
3.75%, 03/03/47 (Call 09/03/46)a		11,000		11,028,050
4.38%, 12/05/33 (Call 06/05/33)		9,613		10,616,600
5.95%, 08/15/37		14,474		19,029,817
McKesson Corp.
3.80%, 03/15/24 (Call 12/15/23)a		5,801		6,027,448
4.88%, 03/15/44 (Call 09/15/43)a		8,944		9,284,697
Mead Johnson Nutrition Co.
3.00%, 11/15/20a		5,770		5,888,306
4.13%, 11/15/25 (Call 08/15/25)		6,910		7,300,891
Merck & Co. Inc.
2.35%, 02/10/22		13,645		13,736,059

SCHEDULESOF INVESTMENTS 83

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
2.40%, 09/15/22 (Call 06/15/22)a	$	11,581	$	11,590,289
2.75%, 02/10/25 (Call 11/10/24)a		29,766		29,628,797
2.80%, 05/18/23a		20,406		20,676,377
3.70%, 02/10/45 (Call 08/10/44)a		22,523		21,679,349
3.88%, 01/15/21 (Call 10/15/20)		13,759		14,633,122
4.15%, 05/18/43a		11,181		11,544,379
Mylan NV
3.15%, 06/15/21 (Call 05/15/21)		26,750		26,967,689
3.95%, 06/15/26 (Call 03/15/26)b		1,950		1,928,753
3.95%, 06/15/26 (Call 03/15/26)a		25,990		25,712,736
5.25%, 06/15/46 (Call 12/15/45)a		16,015		16,464,599
Novartis Capital Corp.
2.40%, 05/17/22 (Call 04/17/22)a		11,395		11,399,177
2.40%, 09/21/22		13,130		13,139,685
3.00%, 11/20/25 (Call 08/20/25)a		21,455		21,616,940
3.10%, 05/17/27 (Call 02/17/27)a		13,050		13,152,901
3.40%, 05/06/24a		25,895		26,972,416
4.00%, 11/20/45 (Call 05/20/45)a		18,000		18,301,518
4.40%, 04/24/20		8,567		9,176,222
4.40%, 05/06/44a		26,845		28,904,122
Perrigo Co. PLC
4.00%, 11/15/23 (Call 08/15/23)		9,270		9,584,488
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)		971		980,011
Pfizer Inc.
1.95%, 06/03/21		13,677		13,649,621
2.20%, 12/15/21a		12,328		12,380,805
2.75%, 06/03/26a		14,805		14,489,187
3.00%, 06/15/23a		12,223		12,559,321

Security	Principal (000s)		Value
3.00%, 12/15/26a	$	19,200	$	19,150,739
3.40%, 05/15/24a		9,050		9,481,381
4.00%, 12/15/36		13,970		14,172,916
4.13%, 12/15/46a		20,505		20,765,032
4.30%, 06/15/43a		10,985		11,424,325
4.40%, 05/15/44a		11,426		12,008,910
7.20%, 03/15/39		28,248		40,375,078
Sanofi
4.00%, 03/29/21a		20,176		21,447,443
Shire Acquisitions Investments Ireland DAC
2.40%, 09/23/21 (Call 08/23/21)a		41,464		41,009,837
2.88%, 09/23/23 (Call 07/23/23)		32,260		31,626,778
3.20%, 09/23/26 (Call 06/23/26)a		37,257		36,001,417
Wyeth LLC
5.95%, 04/01/37		20,985		26,245,276
6.50%, 02/01/34		7,921		10,259,773
Zoetis Inc.
3.25%, 02/01/23 (Call 11/01/22)a		14,620		14,874,341
4.50%, 11/13/25 (Call 08/13/25)		7,610		8,320,156
4.70%, 02/01/43 (Call 08/01/42)		11,510		11,984,630
				1,845,185,177
PIPELINES — 3.21%
Columbia Pipeline Group Inc.
3.30%, 06/01/20 (Call 05/01/20)		650		663,118
4.50%, 06/01/25 (Call 03/01/25)		11,721		12,410,134
Enbridge Inc.
4.25%, 12/01/26 (Call 09/01/26)a		15,200		15,882,834
5.50%, 12/01/46 (Call 05/29/46)a		10,844		11,886,829
Energy Transfer Partners LP
3.60%, 02/01/23 (Call 11/01/22)		13,614		13,662,689
4.05%, 03/15/25 (Call 12/15/24)a		11,545		11,537,475

84 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
4.15%, 10/01/20 (Call 08/01/20)	$	10,507	$	10,927,142
4.65%, 06/01/21 (Call 03/01/21)		9,908		10,468,922
4.75%, 01/15/26 (Call 10/15/25)		18,814		19,708,846
5.15%, 03/15/45 (Call 09/15/44)		8,925		8,583,849
5.20%, 02/01/22 (Call 11/01/21)a		6,960		7,517,193
5.30%, 04/15/47 (Call 10/15/46)		13,555		13,336,796
6.13%, 12/15/45 (Call 06/15/45)		13,650		14,831,929
6.50%, 02/01/42 (Call 08/01/41)		13,899		15,443,749
Enterprise Products Operating LLC
3.35%, 03/15/23 (Call 12/15/22)		10,457		10,672,295
3.70%, 02/15/26 (Call 11/15/25)a		9,360		9,480,253
3.75%, 02/15/25 (Call 11/15/24)a		14,137		14,473,735
3.90%, 02/15/24 (Call 11/15/23)		9,550		9,877,657
3.95%, 02/15/27 (Call 11/15/26)a		660		681,602
4.45%, 02/15/43 (Call 08/15/42)		15,533		15,099,388
4.85%, 08/15/42 (Call 02/15/42)		8,697		8,922,427
4.85%, 03/15/44 (Call 09/15/43)		16,620		17,131,100
4.90%, 05/15/46 (Call 11/15/45)		11,550		12,065,141
5.10%, 02/15/45 (Call 08/15/44)		12,229		13,002,899
5.20%, 09/01/20		16,513		17,954,514
5.95%, 02/01/41		7,865		9,120,329
Kinder Morgan Energy Partners LP
3.50%, 03/01/21 (Call 01/01/21)		13,042		13,331,955

Security	Principal (000s)		Value
3.95%, 09/01/22 (Call 06/01/22)	$	12,989	$	13,408,072
5.50%, 03/01/44 (Call 09/01/43)		12,815		13,147,152
6.95%, 01/15/38		10,389		12,285,384
Kinder Morgan Inc./DE
4.30%, 06/01/25 (Call 03/01/25)a		18,641		19,377,702
5.05%, 02/15/46 (Call 08/15/45)a		9,760		9,722,352
5.30%, 12/01/34 (Call 06/01/34)a		9,544		9,776,374
5.55%, 06/01/45 (Call 12/01/44)		21,072		22,337,416
7.75%, 01/15/32		10,589		13,385,660
MPLX LP
4.13%, 03/01/27 (Call 12/01/26)a		15,793		15,969,225
4.50%, 07/15/23 (Call 04/15/23)a		13,885		14,675,917
4.88%, 12/01/24 (Call 09/01/24)a		16,605		17,769,165
4.88%, 06/01/25 (Call 03/01/25)		15,798		16,788,143
5.20%, 03/01/47 (Call 09/01/46)a		12,674		12,975,284
ONEOK Partners LP
3.38%, 10/01/22 (Call 07/01/22)		13,927		14,032,441
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24 (Call 08/01/24)		5,474		5,380,437
3.65%, 06/01/22 (Call 03/01/22)		9,776		9,941,011
4.50%, 12/15/26 (Call 09/15/26)a		1,950		2,023,803
4.65%, 10/15/25 (Call 07/15/25)a		18,165		18,993,062
Regency Energy Partners LP/Regency Energy Finance Corp.
5.88%, 03/01/22 (Call 12/01/21)		15,166		16,743,846

SCHEDULESOF INVESTMENTS 85

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)a,b	$	2,185	$	2,187,114
5.00%, 03/15/27 (Call 09/15/26)a,b		22,875		24,215,139
5.63%, 02/01/21 (Call 11/01/20)a		24,645		26,757,762
5.63%, 04/15/23 (Call 01/15/23)a		19,900		21,882,514
5.63%, 03/01/25 (Call 12/01/24)		30,120		32,952,452
5.75%, 05/15/24 (Call 02/15/24)		28,410		31,473,561
5.88%, 06/30/26 (Call 12/31/25)b		21,750		24,244,575
6.25%, 03/15/22 (Call 12/15/21)		16,899		18,943,223
Spectra Energy Partners LP
4.75%, 03/15/24 (Call 12/15/23)		10,550		11,256,814
Sunoco Logistics Partners Operations LP
5.35%, 05/15/45 (Call 11/15/44)		8,770		8,730,166
TransCanada PipeLines Ltd.
2.50%, 08/01/22a		10,349		10,251,526
3.80%, 10/01/20a		12,348		12,936,115
4.63%, 03/01/34 (Call 12/01/33)		15,694		16,754,026
4.88%, 01/15/26 (Call 10/15/25)a		6,970		7,784,953
6.10%, 06/01/40		8,507		10,533,361
6.20%, 10/15/37		12,835		15,962,273
7.63%, 01/15/39a		14,345		20,297,755
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26 (Call 11/01/25)a		16,182		21,049,835
Williams Partners LP
3.35%, 08/15/22 (Call 05/15/22)		12,011		12,067,926
3.60%, 03/15/22 (Call 01/15/22)		21,479		21,923,813
3.90%, 01/15/25 (Call 10/15/24)		9,461		9,594,145

Security	Principal (000s)		Value
4.00%, 09/15/25 (Call 06/15/25)a	$	11,850	$	12,084,840
4.30%, 03/04/24 (Call 12/04/23)		10,905		11,342,831
5.10%, 09/15/45 (Call 03/15/45)		10,462		10,636,191
6.30%, 04/15/40		14,364		16,341,064
Williams Partners LP/ACMP Finance Corp.
4.88%, 05/15/23 (Call 12/15/17)		12,783		13,166,490
4.88%, 03/15/24 (Call 03/15/19)		10,245		10,551,337
				1,013,329,047
REAL ESTATE — 0.05%
Prologis LP
3.75%, 11/01/25 (Call 08/01/25)a		10,540		10,880,915
4.25%, 08/15/23 (Call 05/15/23)a		3,992		4,265,920
				15,146,835
REAL ESTATE INVESTMENT TRUSTS — 1.04%
American Tower Corp.
2.80%, 06/01/20 (Call 05/01/20)		8,645		8,724,074
3.30%, 02/15/21 (Call 01/15/21)		8,849		9,042,444
3.38%, 10/15/26 (Call 07/15/26)a		12,257		11,934,718
3.50%, 01/31/23		13,195		13,431,227
4.00%, 06/01/25 (Call 03/01/25)		13,656		14,007,086
4.70%, 03/15/22		375		403,657
5.00%, 02/15/24a		4,661		5,098,328
Boston Properties LP
2.75%, 10/01/26 (Call 07/01/26)		12,231		11,442,300
3.65%, 02/01/26 (Call 11/03/25)a		14,190		14,248,900
3.85%, 02/01/23 (Call 11/01/22)a		6,153		6,415,515
4.13%, 05/15/21 (Call 02/15/21)		7,681		8,117,740

86 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23	$	17,709	$	18,390,322
Crown Castle International Corp.
2.25%, 09/01/21 (Call 08/01/21)a		1,560		1,527,575
3.40%, 02/15/21 (Call 01/15/21)a		3,690		3,773,415
3.70%, 06/15/26 (Call 03/15/26)		2,980		2,988,123
4.45%, 02/15/26 (Call 11/15/25)		5,058		5,349,608
4.88%, 04/15/22		11,110		12,086,022
5.25%, 01/15/23a		31,630		35,009,140
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		6,633		6,829,683
4.63%, 12/15/21 (Call 09/15/21)a		3,366		3,639,797
HCP Inc.
3.88%, 08/15/24 (Call 05/17/24)		10,605		10,714,443
4.00%, 06/01/25 (Call 03/01/25)		9,835		9,957,063
4.25%, 11/15/23 (Call 08/15/23)a		20,357		21,162,227
5.38%, 02/01/21 (Call 11/03/20)		13,440		14,642,341
Simon Property Group LP
3.25%, 11/30/26 (Call 08/30/26)a		7,150		7,080,001
3.30%, 01/15/26 (Call 10/15/25)a		11,476		11,447,288
3.38%, 10/01/24 (Call 07/01/24)		12,789		12,942,825
4.38%, 03/01/21 (Call 12/01/20)a		10,569		11,294,282
5.65%, 02/01/20 (Call 11/01/19)		2,156		2,345,544
Welltower Inc.
4.00%, 06/01/25 (Call 03/01/25)a		16,530		16,984,633

Security	Principal (000s)		Value
Weyerhaeuser Co.
7.38%, 03/15/32a	$	13,199	$	17,693,237
				328,723,558
RETAIL — 4.01%
CVS Health Corp.
2.13%, 06/01/21 (Call 05/01/21)		33,875		33,396,990
2.75%, 12/01/22 (Call 09/01/22)a		20,345		20,317,178
2.80%, 07/20/20 (Call 06/20/20)		40,977		41,708,316
2.88%, 06/01/26 (Call 03/01/26)a		25,969		25,039,372
3.50%, 07/20/22 (Call 05/20/22)		17,022		17,663,288
3.88%, 07/20/25 (Call 04/20/25)a		29,441		30,618,499
4.00%, 12/05/23 (Call 09/05/23)		15,796		16,681,036
4.88%, 07/20/35 (Call 01/20/35)a		748		810,956
5.13%, 07/20/45 (Call 01/20/45)		35,791		40,083,894
5.30%, 12/05/43 (Call 06/05/43)		7,480		8,469,714
Home Depot Inc. (The)
2.00%, 04/01/21 (Call 03/01/21)		21,777		21,718,694
2.13%, 09/15/26 (Call 06/15/26)a		7,647		7,162,269
2.63%, 06/01/22 (Call 05/01/22)a		18,419		18,721,926
2.70%, 04/01/23 (Call 01/01/23)a		12,748		12,925,022
3.00%, 04/01/26 (Call 01/01/26)		20,200		20,327,151
3.35%, 09/15/25 (Call 06/15/25)		12,070		12,492,223
3.50%, 09/15/56 (Call 03/15/56)		12,207		10,812,932
3.75%, 02/15/24 (Call 11/15/23)		13,176		14,018,467
4.20%, 04/01/43 (Call 10/01/42)		16,893		17,538,272

SCHEDULESOF INVESTMENTS 87

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
4.25%, 04/01/46 (Call 10/01/45)a	$	14,949	$	15,704,434
4.40%, 04/01/21 (Call 01/01/21)a		12,148		13,162,543
4.40%, 03/15/45 (Call 09/15/44)		11,545		12,366,136
4.88%, 02/15/44 (Call 08/15/43)a		12,335		14,077,620
5.88%, 12/16/36a		30,857		39,271,525
5.95%, 04/01/41 (Call 10/01/40)		10,722		13,810,752
Lowe’s Companies Inc.
2.50%, 04/15/26 (Call 01/15/26)a		18,226		17,489,624
3.10%, 05/03/27 (Call 02/03/27)		5,000		5,004,800
3.12%, 04/15/22 (Call 01/15/22)		10,154		10,526,972
3.38%, 09/15/25 (Call 06/15/25)a		6,330		6,502,216
3.70%, 04/15/46 (Call 10/15/45)a		18,865		17,733,938
4.05%, 05/03/47 (Call 11/03/46)		5,000		4,985,600
4.38%, 09/15/45 (Call 03/15/45)a		7,885		8,208,663
4.65%, 04/15/42 (Call 10/15/41)		7,752		8,376,336
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)a		8,980		8,421,688
McDonald’s Corp.
2.63%, 01/15/22		13,472		13,542,192
2.75%, 12/09/20 (Call 11/09/20)a		15,115		15,368,279
3.50%, 03/01/27 (Call 12/01/26)		4,000		4,061,232
3.70%, 01/30/26 (Call 10/30/25)a		21,170		21,845,454
4.70%, 12/09/35 (Call 06/09/35)a		15,647		16,724,803
4.88%, 12/09/45 (Call 06/09/45)		19,674		21,163,999

Security	Principal (000s)		Value
6.30%, 10/15/37	$	10,666	$	13,410,411
6.30%, 03/01/38		9,920		12,459,546
Starbucks Corp.
2.10%, 02/04/21 (Call 01/04/21)		6,027		6,062,509
3.85%, 10/01/23 (Call 07/01/23)		6,050		6,534,120
Target Corp.
2.50%, 04/15/26a		17,838		16,911,776
2.90%, 01/15/22a		15,625		16,063,539
3.50%, 07/01/24		19,230		19,892,522
3.63%, 04/15/46a		13,580		12,388,519
3.88%, 07/15/20		8,483		8,986,577
4.00%, 07/01/42		16,144		15,794,831
6.50%, 10/15/37a		1,000		1,312,285
TJX Companies Inc. (The)
2.25%, 09/15/26 (Call 06/15/26)a		11,721		10,916,264
2.75%, 06/15/21 (Call 04/15/21)		150		153,293
Wal-Mart Stores Inc.
2.55%, 04/11/23 (Call 01/11/23)a		17,084		17,226,819
3.25%, 10/25/20a		16,793		17,562,907
3.30%, 04/22/24 (Call 01/22/24)a		14,874		15,549,573
3.63%, 07/08/20		20,301		21,431,833
4.00%, 04/11/43 (Call 10/11/42)		10,555		10,668,325
4.25%, 04/15/21a		10,749		11,656,046
4.30%, 04/22/44 (Call 10/22/43)a		11,788		12,510,916
4.75%, 10/02/43 (Call 04/02/43)a		9,077		10,216,727
4.88%, 07/08/40a		9,974		11,302,759
5.00%, 10/25/40a		18,338		21,140,041
5.25%, 09/01/35		29,568		35,367,855
5.63%, 04/01/40		17,855		22,096,228
5.63%, 04/15/41a		22,483		27,945,449
5.88%, 04/05/27a		7,939		9,834,982
6.20%, 04/15/38		20,721		27,168,291
6.50%, 08/15/37		37,518		50,552,117
7.55%, 02/15/30		11,947		17,321,706

88 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Walgreen Co.
3.10%, 09/15/22a	$	11,764	$	11,920,000
Walgreens Boots Alliance Inc.
2.60%, 06/01/21 (Call 05/01/21)a		18,395		18,501,923
3.10%, 06/01/23 (Call 04/01/23)		12,310		12,380,112
3.30%, 11/18/21 (Call 09/18/21)		14,005		14,414,557
3.45%, 06/01/26 (Call 03/01/26)a		25,220		24,841,632	��
3.80%, 11/18/24 (Call 08/18/24)		24,415		25,091,244
4.80%, 11/18/44 (Call 05/18/44)		18,710		19,218,036
				1,265,661,275
SEMICONDUCTORS — 1.76%
Analog Devices Inc.
3.50%, 12/05/26 (Call 09/05/26)a		16,163		16,176,850
3.90%, 12/15/25 (Call 09/15/25)		8,000		8,268,584
Applied Materials Inc.
3.30%, 04/01/27 (Call 01/01/27)		13,700		13,898,745
4.30%, 06/15/21a		7,894		8,516,541
4.35%, 04/01/47 (Call 10/01/46)		12,400		12,712,981
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.00%, 01/15/22 (Call 12/15/21)a,b		44,465		44,819,075
3.63%, 01/15/24 (Call 11/15/23)b		38,428		38,990,655
3.88%, 01/15/27 (Call 10/15/26)a,b		59,919		60,828,954
Intel Corp.
2.45%, 07/29/20		23,967		24,369,085
2.60%, 05/19/26 (Call 02/19/26)a		19,135		18,547,125
2.70%, 12/15/22		18,784		19,081,903
3.10%, 07/29/22		14,305		14,811,913
3.30%, 10/01/21a		22,050		23,106,069

Security	Principal (000s)		Value
3.70%, 07/29/25 (Call 04/29/25)	$	39,306	$	41,367,321
4.00%, 12/15/32a		7,669		8,117,514
4.10%, 05/19/46 (Call 11/19/45)		13,780		13,864,631
4.25%, 12/15/42		10,423		10,731,389
4.80%, 10/01/41a		17,818		19,794,495
4.90%, 07/29/45 (Call 01/29/45)		21,310		24,140,761
Lam Research Corp.
2.80%, 06/15/21 (Call 05/15/21)a		1,130		1,141,472
NVIDIA Corp.
2.20%, 09/16/21 (Call 08/16/21)		14,339		14,172,652
3.20%, 09/16/26 (Call 06/16/26)		8,166		7,976,036
QUALCOMM Inc.
2.25%, 05/20/20a		21,929		22,036,974
3.00%, 05/20/22		23,517		23,963,108
3.45%, 05/20/25 (Call 02/20/25)a		17,935		18,297,262
4.65%, 05/20/35 (Call 11/20/34)		14,689		15,397,210
4.80%, 05/20/45 (Call 11/20/44)a		28,048		29,381,696
				554,511,001
SOFTWARE — 4.36%
Activision Blizzard Inc.
3.40%, 09/15/26 (Call 06/15/26)b		6,800		6,678,076
Fidelity National Information Services Inc.
2.25%, 08/15/21 (Call 07/15/21)a		2,750		2,703,879
3.00%, 08/15/26 (Call 05/15/26)		21,173		20,279,616
3.50%, 04/15/23 (Call 01/15/23)		11,625		11,887,346
3.63%, 10/15/20 (Call 09/15/20)		18,182		18,948,395
5.00%, 10/15/25 (Call 07/15/25)		18,080		19,939,550

SCHEDULESOF INVESTMENTS 89

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Fiserv Inc.
2.70%, 06/01/20 (Call 05/01/20)	$	8,240	$	8,336,959
3.85%, 06/01/25 (Call 03/01/25)		11,480		11,888,430
Microsoft Corp.
1.55%, 08/08/21 (Call 07/08/21)		37,440		36,689,392
2.00%, 11/03/20 (Call 10/03/20)		36,553		36,704,786
2.00%, 08/08/23 (Call 06/08/23)		15,280		14,829,567
2.13%, 11/15/22a		7,802		7,717,077
2.38%, 02/12/22 (Call 01/12/22)a		20,415		20,596,612
2.38%, 05/01/23 (Call 02/01/23)a		12,150		12,088,493
2.40%, 02/06/22 (Call 01/06/22)a		16,250		16,437,754
2.40%, 08/08/26 (Call 05/08/26)		49,071		47,009,007
2.65%, 11/03/22 (Call 09/03/22)		19,090		19,389,169
2.70%, 02/12/25 (Call 11/12/24)a		25,498		25,368,197
2.88%, 02/06/24 (Call 12/06/23)a		25,635		26,042,958
3.00%, 10/01/20		13,353		13,875,551
3.13%, 11/03/25 (Call 08/03/25)a		46,022		46,995,982
3.30%, 02/06/27 (Call 11/06/26)a		46,125		47,387,921
3.45%, 08/08/36 (Call 02/08/36)		28,774		27,589,484
3.50%, 02/12/35 (Call 08/12/34)		16,732		16,284,826
3.50%, 11/15/42		12,252		11,441,072
3.63%, 12/15/23 (Call 09/15/23)		19,902		21,137,142
3.70%, 08/08/46 (Call 02/08/46)		52,738		50,182,396
3.75%, 02/12/45 (Call 08/12/44)		22,048		21,170,646

Security	Principal (000s)		Value
3.95%, 08/08/56 (Call 02/08/56)a	$	25,522	$	24,091,946
4.00%, 02/12/55 (Call 08/12/54)		23,715		22,719,269
4.10%, 02/06/37 (Call 08/06/36)		32,485		33,843,006
4.20%, 11/03/35 (Call 05/03/35)a		11,295		11,945,150
4.45%, 11/03/45 (Call 05/03/45)		38,959		41,575,346
4.50%, 10/01/40a		10,518		11,436,617
4.50%, 02/06/57 (Call 08/06/56)a		26,811		27,841,995
4.75%, 11/03/55 (Call 05/03/55)a		12,410		13,474,567
5.20%, 06/01/39		10,274		12,122,856
5.30%, 02/08/41a		12,308		14,838,521
Series 30Y
4.25%, 02/06/47 (Call 08/06/46)		37,489		38,978,562
Oracle Corp.
1.90%, 09/15/21 (Call 08/15/21)a		56,925		56,247,296
2.40%, 09/15/23 (Call 07/15/23)		35,812		35,256,187
2.50%, 05/15/22 (Call 03/15/22)		39,936		40,161,531
2.50%, 10/15/22		32,150		32,191,727
2.65%, 07/15/26 (Call 04/15/26)a		32,506		31,382,872
2.80%, 07/08/21a		20,542		21,045,182
2.95%, 05/15/25 (Call 02/15/25)a		31,070		30,998,719
3.40%, 07/08/24 (Call 04/08/24)		22,373		23,166,930
3.63%, 07/15/23		12,663		13,352,452
3.85%, 07/15/36 (Call 01/15/36)		10,475		10,409,302
3.88%, 07/15/20		9,651		10,219,452
3.90%, 05/15/35 (Call 11/15/34)		14,197		14,205,848
4.00%, 07/15/46 (Call 01/15/46)a		41,300		40,362,221

90 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
4.13%, 05/15/45 (Call 11/15/44)	$	22,706	$	22,547,830
4.30%, 07/08/34 (Call 01/08/34)		21,036		22,131,189
4.38%, 05/15/55 (Call 11/15/54)		17,739		17,781,556
4.50%, 07/08/44 (Call 01/08/44)		11,468		12,119,850
5.38%, 07/15/40		26,104		30,813,932
6.13%, 07/08/39		13,627		17,494,621
6.50%, 04/15/38a		13,939		18,555,735
				1,372,912,550
TELECOMMUNICATIONS — 7.66%
AT&T Corp.
8.25%, 11/15/31		986		1,378,807
AT&T Inc.
2.45%, 06/30/20 (Call 05/30/20)a		30,845		30,870,358
2.63%, 12/01/22 (Call 09/01/22)		24,172		23,700,462
2.80%, 02/17/21 (Call 01/17/21)		23,269		23,455,987
3.00%, 02/15/22		23,878		23,973,118
3.00%, 06/30/22 (Call 04/30/22)		43,220		43,185,826
3.20%, 03/01/22 (Call 02/01/22)a		5,750		5,819,883
3.40%, 05/15/25 (Call 02/15/25)		53,307		51,897,003
3.60%, 02/17/23 (Call 12/17/22)a		30,260		30,801,209
3.80%, 03/15/22a		22,392		23,240,198
3.80%, 03/01/24 (Call 01/01/24)		8,785		8,935,354
3.88%, 08/15/21		18,808		19,631,252
3.90%, 03/11/24 (Call 12/11/23)		14,677		14,998,870
3.95%, 01/15/25 (Call 10/15/24)		15,160		15,350,258
4.13%, 02/17/26 (Call 11/17/25)		29,548		30,023,058
4.25%, 03/01/27 (Call 12/01/26)		29,250		29,846,823

Security	Principal (000s)		Value
4.30%, 12/15/42 (Call 06/15/42)	$	22,776	$	20,347,495
4.35%, 06/15/45 (Call 12/15/44)		34,696		30,703,285
4.45%, 05/15/21		15,595		16,610,676
4.45%, 04/01/24 (Call 01/01/24)		13,611		14,310,914
4.50%, 05/15/35 (Call 11/15/34)		36,289		34,332,874
4.50%, 03/09/48 (Call 09/09/47)a		30,146		27,147,676
4.55%, 03/09/49 (Call 09/09/48)		33,504		30,176,034
4.60%, 02/15/21 (Call 11/15/20)		6,750		7,180,450
4.75%, 05/15/46 (Call 11/15/45)		42,324		39,693,546
4.80%, 06/15/44 (Call 12/15/43)		27,725		26,256,532
5.00%, 03/01/21a		15,259		16,545,436
5.15%, 03/15/42		18,870		18,778,762
5.25%, 03/01/37 (Call 09/01/36)a		39,113		40,115,963
5.35%, 09/01/40		23,074		23,703,731
5.45%, 03/01/47 (Call 09/01/46)		27,185		27,949,064
5.55%, 08/15/41a		15,723		16,585,814
5.65%, 02/15/47 (Call 08/15/46)a		15,929		16,818,385
5.70%, 03/01/57 (Call 09/01/56)a		17,129		18,141,589
6.00%, 08/15/40 (Call 05/15/40)a		18,680		20,604,143
6.30%, 01/15/38		17,178		19,643,052
6.38%, 03/01/41		16,187		18,593,325
6.50%, 09/01/37		2,075		2,435,622
6.55%, 02/15/39a		10,075		11,828,789
British Telecommunications PLC
9.13%, 12/15/30		26,051		39,261,639
Cisco Systems Inc.
1.85%, 09/20/21 (Call 08/20/21)a		28,400		28,050,708
2.20%, 02/28/21		31,833		32,000,970

SCHEDULESOF INVESTMENTS 91

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
2.20%, 09/20/23 (Call 07/20/23)	$	2,230	$	2,178,153
2.45%, 06/15/20a		19,807		20,150,758
2.50%, 09/20/26 (Call 06/20/26)a		23,647		22,738,293
2.95%, 02/28/26a		9,334		9,326,747
3.63%, 03/04/24a		11,101		11,756,132
5.50%, 01/15/40a		19,503		24,077,224
5.90%, 02/15/39		23,963		30,776,834
Deutsche Telekom International Finance BV
8.75%, 06/15/30		42,816		63,223,030
New Cingular Wireless Services Inc.
8.75%, 03/01/31		9,844		13,995,408
Orange SA
4.13%, 09/14/21a		10,294		10,928,725
5.38%, 01/13/42a		12,667		14,371,075
5.50%, 02/06/44 (Call 08/06/43)a		9,307		10,788,295
9.00%, 03/01/31a		27,003		40,330,749
Rogers Communications Inc.
4.10%, 10/01/23 (Call 07/01/23)		7,959		8,471,613
5.00%, 03/15/44 (Call 09/15/43)		12,894		13,969,146
Telefonica Emisiones SAU
4.10%, 03/08/27a		25,710		26,276,168
4.57%, 04/27/23		2,270		2,443,829
5.13%, 04/27/20a		9,193		9,912,452
5.21%, 03/08/47a		30,150		31,212,953
5.46%, 02/16/21a		14,053		15,486,604
7.05%, 06/20/36		20,920		26,219,862
Telefonica Europe BV
8.25%, 09/15/30		16,554		22,929,447
Verizon Communications Inc.
1.75%, 08/15/21 (Call 07/15/21)a		12,922		12,474,511
2.45%, 11/01/22 (Call 08/01/22)a		24,476		23,921,939
2.63%, 08/15/26a		27,931		25,593,404
2.95%, 03/15/22b		38,885		39,009,926
3.00%, 11/01/21 (Call 09/01/21)a		19,328		19,540,026

Security	Principal (000s)		Value
3.13%, 03/16/22a	$	26,600	$	26,939,661
3.45%, 03/15/21a		12,110		12,481,110
3.50%, 11/01/21		21,511		22,215,694
3.50%, 11/01/24 (Call 08/01/24)		36,125		36,092,827
3.85%, 11/01/42 (Call 05/01/42)		15,159		12,724,760
4.13%, 03/16/27a		32,950		33,628,546
4.13%, 08/15/46		17,775		15,457,456
4.15%, 03/15/24 (Call 12/15/23)a		16,729		17,490,972
4.27%, 01/15/36		30,418		28,457,642
4.40%, 11/01/34 (Call 05/01/34)a		31,519		30,055,806
4.50%, 09/15/20		46,534		49,682,816
4.52%, 09/15/48		64,649		59,093,854
4.60%, 04/01/21		17,049		18,305,612
4.67%, 03/15/55a		67,140		61,407,923
4.75%, 11/01/41		7,378		7,089,322
4.81%, 03/15/39a,b		25,515		25,032,721
4.86%, 08/21/46		60,295		58,493,150
5.01%, 04/15/49b		44,560		43,745,211
5.01%, 08/21/54		60,774		58,978,353
5.05%, 03/15/34 (Call 12/15/33)		8,762		8,943,933
5.15%, 09/15/23		97,669		107,868,203
5.25%, 03/16/37		25,000		25,896,250
5.50%, 03/16/47a		16,950		17,880,725
6.55%, 09/15/43		36,929		45,423,715
Vodafone Group PLC
2.50%, 09/26/22a		11,668		11,484,228
2.95%, 02/19/23a		18,802		18,684,380
4.38%, 02/19/43a		13,257		12,348,450
6.15%, 02/27/37a		18,248		21,129,140
				2,414,060,703
TRANSPORTATION — 0.80%
Burlington Northern Santa Fe LLC
3.85%, 09/01/23 (Call 06/01/23)a		3,421		3,647,333
3.90%, 08/01/46 (Call 02/01/46)a		8,975		8,806,694
4.13%, 06/15/47 (Call 12/15/46)		5,650		5,715,944

92 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Security	Principal (000s)		Value
4.15%, 04/01/45 (Call 10/01/44)	$	12,103	$	12,280,482
4.45%, 03/15/43 (Call 09/15/42)		11,931		12,593,069
4.55%, 09/01/44 (Call 03/01/44)		14,383		15,389,133
4.90%, 04/01/44 (Call 10/01/43)		13,480		15,145,341
5.75%, 05/01/40 (Call 11/01/39)		9,097		11,181,652
Canadian Pacific Railway Co.
6.13%, 09/15/15 (Call 03/15/15)a		9,173		11,087,517
CSX Corp.
2.60%, 11/01/26 (Call 08/01/26)a		1,360		1,294,910
3.80%, 11/01/46 (Call 05/01/46)		4,720		4,434,048
4.10%, 03/15/44 (Call 09/15/43)a		11,740		11,529,282
FedEx Corp.
3.25%, 04/01/26 (Call 01/01/26)a		7,611		7,656,990
4.00%, 01/15/24		8,299		8,824,859
4.40%, 01/15/47 (Call 07/15/46)a		9,206		9,105,045
4.55%, 04/01/46 (Call 10/01/45)		17,710		17,905,981
4.75%, 11/15/45 (Call 05/15/45)a		15,535		16,157,727
5.10%, 01/15/44		7,809		8,456,438
Union Pacific Corp.
3.80%, 10/01/51 (Call 04/01/51)		11,880		11,235,219
4.16%, 07/15/22 (Call 04/15/22)		7,393		8,002,092
United Parcel Service Inc.
2.45%, 10/01/22a		12,588		12,687,010
3.13%, 01/15/21		17,031		17,623,525
6.20%, 01/15/38		16,865		22,130,506
				252,890,797

Security	Principal or Shares (000s)		Value
WATER — 0.00%
American Water Capital Corp.
6.59%, 10/15/37	$	965	$	1,296,176
				1,296,176
TOTAL CORPORATE BONDS & NOTES
(Cost: $31,389,404,390)				31,089,282,687
U.S. GOVERNMENT OBLIGATIONS — 0.13%
U.S. Treasury Note/Bond
3.00%, 02/15/47a		40,000		40,381,604
				40,381,604
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost: $39,867,402)				40,381,604
SHORT-TERM INVESTMENTS — 9.15%
MONEY MARKET FUNDS — 9.15%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.13%d,e,f		2,696,886		2,697,965,071
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%d,e		186,283		186,283,166
				2,884,248,237
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,883,364,690)				2,884,248,237
TOTAL INVESTMENTS IN SECURITIES — 107.89%
(Cost: $34,312,636,482)g				34,013,912,528
Other Assets, Less Liabilities — (7.89)%				(2,487,949,379	)
NET ASSETS — 100.00%			$	31,525,963,149

VRN — Variable Rate Note

^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. See Schedule 1.

^d  Affiliated money market fund.

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

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

^g  The cost of investments for federal income tax purposes was $34,312,636,481. Net unrealized depreciation was $298,723,953, of which $144,697,815 represented gross unrealized appreciation on securities and $443,421,768 represented gross unrealized depreciation on securities.

SCHEDULESOF INVESTMENTS 93

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2017

Schedule 1 — Affiliates

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the ended April 30, 2017, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliated issuer	Principal held at beginning of period (000s)		Principal purchased (000s)		Principal sold (000s)			Principal held at end of period (000s)		Value at end of period		Interest income		Net realized gain (loss)
PNC Bank N.A.
2.15%, 04/29/21	$	16,670	$	1,675	$	(8,880	)	$	9,465	$	9,394,030	$	137,751	$	(133,415	)
2.30%, 06/01/20		9,030		6,850		(8,840	)		7,040		7,079,154		54,838		—
2.40%, 10/18/19		3,720		—		(3,720	)		—		—		32,359		19,172
2.45%, 11/05/20		6,910		4,421		(690	)		10,641		10,719,738		86,515		4,723
2.55%, 11/09/21		8,460		350		—			8,810		8,854,819		76,055		—
2.60%, 07/21/20		7,440		—		—			7,440		7,545,146		98,955		—
2.63%, 02/17/22		—		10,750		—			10,750		10,853,535		22,783		—
2.70%, 11/01/22		6,492		1,500		—			7,992		7,973,764		119,475		—
2.95%, 01/30/23		12,353		—		(690	)		11,663		11,776,276		145,570		17,117
2.95%, 02/23/25		12,330		1,005		(3,355	)		9,980		9,908,270		193,701		(23,926	)
3.25%, 06/01/25		13,240		—		(2,250	)		10,990		11,159,677		146,098		(3,104	)
3.80%, 07/25/23		10,023		300		(750	)		9,573		10,057,914		141,855		(685	)
PNC Financial Services Group Inc. (The)
3.30%, 03/08/22		10,229		50		—			10,279		10,678,527		139,427		—
3.90%, 04/29/24		10,260		1,274		(6,630	)		4,904		5,118,213		164,983		114,431
4.38%, 08/11/20		8,704		—		—			8,704		9,273,824		112,367		—
5.13%, 02/08/20		5,025		—		—			5,025		5,432,414		71,643		—
										$	135,825,301	$	1,744,375	$	(5,687	)

Schedule 2 — Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at www.iShares.com and on the U.S. Securities and Exchange Commission website at www.sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Corporate bonds & notes	$	—	$	31,089,282,687	$	—	$	31,089,282,687
U.S. government obligations		—		40,381,604		—		40,381,604
Money market funds		2,884,248,237		—		—		2,884,248,237
Total	$	2,884,248,237	$	31,129,664,291	$	—	$	34,013,912,528

94 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited) 

iSHARES^® TRUST

April 30, 2017

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
ASSETS
Investments, at cost:
Unaffiliated	$	19,043,124,997		$	31,293,230,933
Affiliated		5,380,177,748			3,019,405,549
Total cost of investments	$	24,423,302,745		$	34,312,636,482
Investments in securities, at fair value (including securities on loana)
Unaffiliated	$	18,918,046,392		$	30,993,838,990
Affiliated		5,381,701,388			3,020,073,538
Total fair value of investments		24,299,747,780			34,013,912,528
Receivables:
Investment securities sold		12,256,760			35,131,551
Due from custodian		35,839,094			3,368,502
Dividends and interest		290,553,179			314,304,412
Capital shares sold		191,390			13,438,047
Total Assets		24,638,588,203			34,380,155,040
LIABILITIES
Payables:
Investment securities purchased		167,432,135			153,728,114
Collateral for securities on loan		5,079,601,902			2,696,761,483
Securities related to in-kind transactions		863,662			—
Investment advisory fees		7,609,860			3,702,294
Total Liabilities		5,255,507,559			2,854,191,891
NET ASSETS	$	19,383,080,644		$	31,525,963,149
Net assets consist of:
Paid-in capital	$	20,144,140,834		$	31,848,754,281
Undistributed net investment income		69,767,486			73,709,982
Accumulated net realized loss		(707,272,710	)		(97,777,161	)
Net unrealized depreciation		(123,554,966	)		(298,723,953	)
NET ASSETS	$	19,383,080,644		$	31,525,963,149
Shares outstandingb		220,500,000			265,400,000
Net asset value per share	$	87.91		$	118.79

^a  Securities on loan with values of $4,893,614,108 and $2,614,898,937, respectively.

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

STATEMENTSOF ASSETSAND LIABILITIES 95

Schedule of Investments

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 97.75%
ADVERTISING — 0.35%
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/01/18)a	$	9,947	$	10,282,711
5.38%, 01/15/24 (Call 01/15/19)a		9,340		9,764,545
5.88%, 02/01/22 (Call 03/31/17)a		8,496		8,779,554
Series WI
5.75%, 02/01/26 (Call 02/01/21)a		7,881		8,449,089
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 02/15/22 (Call 03/31/17)a		9,245		9,587,835
5.63%, 02/15/24 (Call 02/15/19)		8,592		9,001,384
5.88%, 03/15/25 (Call 09/15/19)a		8,310		8,704,725
				64,569,843
AEROSPACE & DEFENSE — 1.37%
Arconic Inc.
5.13%, 10/01/24 (Call 07/01/24)a		27,283		28,229,450
5.40%, 04/15/21 (Call 01/15/21)a		24,163		25,842,329
5.72%, 02/23/19		15,410		16,315,442
5.87%, 02/23/22a		14,545		15,708,821
6.15%, 08/15/20a		19,197		20,979,267
6.75%, 07/15/18		14,162		15,004,997
KLX Inc.
5.88%, 12/01/22 (Call 12/01/17)a,b		24,869		26,179,596
Meccanica Holdings USA Inc.
6.25%, 07/15/19a,b		8,850		9,510,683
TransDigm Inc.
5.50%, 10/15/20 (Call 03/31/17)a		11,150		11,313,932
6.00%, 07/15/22 (Call 07/15/17)a		25,756		26,399,900
6.50%, 07/15/24 (Call 07/15/19)a		26,362		27,086,955

Security	Principal (000s)		Value
6.50%, 05/15/25 (Call 05/15/20)a	$	9,636	$	9,876,900
6.50%, 05/15/25 (Call 05/15/20)b		1,950		1,996,313
Series WI
6.38%, 06/15/26 (Call 06/15/21)		19,417		19,611,170
				254,055,755
AIRLINES — 0.28%
Air Canada
7.75%, 04/15/21a,b		8,642		9,743,855
American Airlines Group Inc.
4.63%, 03/01/20a,b		10,613		10,758,929
5.50%, 10/01/19b		15,024		15,587,400
6.13%, 06/01/18a		8,428		8,792,595
Continental Airlines Inc. Pass Through Trust Series 2012-3, Class C
6.13%, 04/29/18		6,173		6,400,629
				51,283,408
APPAREL — 0.32%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)a,b		18,224		18,041,760
4.88%, 05/15/26 (Call 02/15/26)a,b		19,961		19,811,292
Levi Strauss & Co.
5.00%, 05/01/25 (Call 05/01/20)a		10,446		10,657,169
6.88%, 05/01/22 (Call 05/01/17)a		11,074		11,552,951
				60,063,172
AUTO MANUFACTURERS — 0.76%
Fiat Chrysler Automobiles NV
4.50%, 04/15/20a		32,113		33,179,341
5.25%, 04/15/23a		32,422		33,597,297
Jaguar Land Rover Automotive PLC
3.50%, 03/15/20 (Call 12/15/19)a,b		9,000		9,070,000
4.13%, 12/15/18a,b		12,312		12,575,247
4.25%, 11/15/19a,b		7,740		7,952,574

96 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
5.63%, 02/01/23 (Call 02/01/18)a,b	$	10,067	$	10,582,934
Navistar International Corp.
8.25%, 11/01/21 (Call 03/31/17)		33,302		33,635,020
				140,592,413
AUTO PARTS & EQUIPMENT — 1.16%
Allison Transmission Inc.
5.00%, 10/01/24 (Call 10/01/19)a,b		21,470		21,808,451
American Axle & Manufacturing Inc.
6.25%, 03/15/21 (Call 03/31/17)a		7,822		8,045,644
6.63%, 10/15/22 (Call 10/15/17)a		13,635		14,091,091
Dana Inc.
5.38%, 09/15/21 (Call 03/31/17)a		7,352		7,627,700
5.50%, 12/15/24 (Call 12/15/19)a		8,450		8,846,094
Goodyear Tire & Rubber Co. (The)
5.00%, 05/31/26 (Call 05/31/21)a		20,494		20,903,880
5.13%, 11/15/23 (Call 11/15/18)a		21,950		22,783,755
7.00%, 05/15/22 (Call 05/15/17)a		15,291		15,976,436
Schaeffler Finance BV
4.25%, 05/15/21 (Call 05/15/17)b		11,050		11,269,527
4.75%, 05/15/23 (Call 05/15/18)a,b		11,050		11,361,656
ZF North America Capital Inc.
4.00%, 04/29/20a,b		19,889		20,674,892
4.50%, 04/29/22a,b		19,344		20,093,580
4.75%, 04/29/25b		31,566		32,512,980
				215,995,686
BANKS — 1.18%
BPCE SA
VRN, (3 mo. LIBOR US + 12.980%)
12.50%, 08/29/49 (Call 09/30/19)b		8,800		10,717,696

Security	Principal (000s)		Value
Credit Agricole SA VRN, (3 mo. LIBOR US + 6.982%)
8.38%, 10/29/49 (Call 10/13/19)a,b	$	22,037	$	24,175,202
Fifth Third Bancorp. VRN, (3 mo. LIBOR US + 3.033%)
5.10%, 12/29/49 (Call 06/30/23)a		13,551		13,313,857
Royal Bank of Scotland Group PLC
5.13%, 05/28/24a		44,720		45,339,824
6.00%, 12/19/23a		43,322		45,907,492
6.10%, 06/10/23a		19,344		20,564,492
6.13%, 12/15/22a		46,885		49,738,946
Royal Bank of Scotland NV (The)
4.65%, 06/04/18a		9,030		9,233,675
				218,991,184
BEVERAGES — 0.10%
Cott Beverages Inc.
5.38%, 07/01/22 (Call 07/01/17)a		8,378		8,564,760
6.75%, 01/01/20 (Call 03/31/17)a		10,280		10,640,057
				19,204,817
BIOTECHNOLOGY — 0.06%
Concordia International Corp.
7.00%, 04/15/23 (Call 04/15/18)a,b		13,126		5,091,926
9.50%, 10/21/22 (Call 12/15/18)a,b		15,070		6,521,200
				11,613,126
BUILDING MATERIALS — 0.51%
Builders FirstSource Inc.
5.63%, 09/01/24 (Call 09/01/19)a,b		15,650		16,066,024
Standard Industries Inc./NJ
5.00%, 02/15/27 (Call 02/15/22)b		10,300		10,482,231
5.13%, 02/15/21 (Call 02/15/18)a,b		8,973		9,331,920

SCHEDULESOF INVESTMENTS 97

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
5.38%, 11/15/24 (Call 11/15/19)b	$	19,641	$	20,230,230
5.50%, 02/15/23 (Call 02/15/19)b		9,915		10,249,631
6.00%, 10/15/25 (Call 10/15/20)a,b		21,987		23,428,248
USG Corp.
8.25%, 01/15/18a		5,594		5,873,700
				95,661,984
CHEMICALS — 1.90%
Ashland LLC
3.88%, 04/15/18 (Call 03/15/18)a		10,900		11,090,750
4.75%, 08/15/22 (Call 05/15/22)a		23,085		23,950,688
Blue Cube Spinco Inc.
9.75%, 10/15/23 (Call 10/15/20)a		13,473		16,035,676
10.00%, 10/15/25 (Call 10/15/20)a		10,229		12,383,483
CF Industries Inc.
3.45%, 06/01/23a		16,700		15,605,367
7.13%, 05/01/20		18,000		19,705,777
Chemours Co. (The)
6.63%, 05/15/23 (Call 05/15/18)a		24,710		26,285,262
7.00%, 05/15/25 (Call 05/15/20)a		16,905		18,363,056
Hexion Inc.
6.63%, 04/15/20 (Call 03/31/17)a		30,446		28,367,336
8.88%, 02/01/18 (Call 03/10/17)		12,962		12,970,209
10.38%, 02/01/22 (Call 02/01/19)b		10,035		10,322,903
Hexion Inc./Hexion Nova Scotia Finance ULC
9.00%, 11/15/20 (Call 03/31/17)		11,277		8,993,408
Huntsman International LLC
4.88%, 11/15/20 (Call 08/15/20)		12,045		12,482,763

Security	Principal (000s)		Value
5.13%, 11/15/22 (Call 08/15/22)a	$	7,200	$	7,524,000
INEOS Group Holdings SA
5.63%, 08/01/24 (Call 08/01/19)a,b		10,300		10,500,850
5.88%, 02/15/19 (Call 03/01/17)a,b		11,875		12,030,044
NOVA Chemicals Corp.
5.00%, 05/01/25 (Call 01/31/25)a,b		9,055		9,140,326
5.25%, 08/01/23 (Call 08/01/18)b		9,075		9,347,250
Platform Specialty Products Corp.
6.50%, 02/01/22 (Call 02/01/18)a,b		24,491		25,504,477
10.38%, 05/01/21 (Call 05/01/18)b		10,547		11,852,191
Tronox Finance LLC
6.38%, 08/15/20 (Call 03/31/17)a		19,825		20,161,266
7.50%, 03/15/22 (Call 03/15/18)a,b		13,545		14,157,884
WR Grace & Co.-Conn
5.13%, 10/01/21a,b		15,012		15,725,070
				352,500,036
COAL — 0.38%
CONSOL Energy Inc.
5.88%, 04/15/22 (Call 04/15/17)a		40,889		39,866,775
8.00%, 04/01/23 (Call 04/01/18)a		10,250		10,706,125
Murray Energy Corp.
11.25%, 04/15/21 (Call 04/15/18)b		22,950		18,096,750
Peabody Securities Finance Corp.
6.00%, 03/31/22 (Call 03/31/19)b		1,140		1,162,800
6.38%, 03/31/25 (Call 03/31/20)b		1,170		1,193,400
				71,025,850

98 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
COMMERCIAL SERVICES — 3.12%
ADT Corp. (The)
3.50%, 07/15/22a	$	21,088	$	20,049,416
4.13%, 06/15/23		15,305		14,710,336
6.25%, 10/15/21		19,666		21,449,767
APX Group Inc.
6.38%, 12/01/19 (Call 03/31/17)a		9,664		9,941,840
7.88%, 12/01/22 (Call 12/01/18)		13,000		14,072,500
8.75%, 12/01/20 (Call 03/31/17)a		17,374		17,938,655
Ashtead Capital Inc.
5.63%, 10/01/24 (Call 10/01/19)a,b		10,735		11,366,470
6.50%, 07/15/22 (Call 07/15/17)a,b		19,870		20,745,935
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.13%, 06/01/22 (Call 06/01/17)a,b		6,207		6,117,546
5.50%, 04/01/23 (Call 04/01/18)a		14,291		14,270,655
Global A&T Electronics Ltd.
10.00%, 02/01/19 (Call 03/31/17)b		21,450		14,827,312
Herc Rentals Inc.
7.50%, 06/01/22 (Call 06/01/19)a,b		12,326		13,342,895
7.75%, 06/01/24 (Call 06/01/19)a,b		13,238		14,611,443
Hertz Corp. (The)
5.50%, 10/15/24 (Call 10/15/19)a,b		17,640		15,765,750
5.88%, 10/15/20 (Call 03/31/17)a		13,577		13,187,340
6.25%, 10/15/22 (Call 10/15/17)a		9,965		9,482,765
6.75%, 04/15/19 (Call 03/31/17)a		8,946		8,957,183
7.38%, 01/15/21 (Call 03/31/17)a		12,086		12,050,004

Security	Principal (000s)		Value
Jaguar Holding Co. II/Pharmaceutical Product Development LLC
6.38%, 08/01/23 (Call 08/01/18)a,b	$	24,862	$	26,695,572
Laureate Education Inc.
10.00%, 09/01/19 (Call 03/31/17)a,b		28,204		29,508,435
Nielsen Co. Luxembourg Sarl (The)
5.00%, 02/01/25 (Call 02/01/20)b		10,015		10,062,392
5.50%, 10/01/21 (Call 03/31/17)a,b		10,686		11,124,653
Prime Security Services Borrower LLC/Prime Finance Inc.
9.25%, 05/15/23 (Call 05/15/19)a,b		67,049		73,418,655
RR Donnelley & Sons Co.
6.00%, 04/01/24		8,220		7,913,331
7.88%, 03/15/21a		7,312		7,851,260
Service Corp. International/U.S.
5.38%, 01/15/22 (Call 07/15/17)		6,824		7,071,370
5.38%, 05/15/24 (Call 05/15/19)a		16,625		17,595,144
ServiceMaster Co. LLC (The)
5.13%, 11/15/24 (Call 11/15/19)a,b		16,399		16,685,982
United Rentals North America Inc.
4.63%, 07/15/23 (Call 07/15/18)a		23,702		24,327,140
5.50%, 07/15/25 (Call 07/15/20)a		15,674		16,491,288
5.50%, 05/15/27 (Call 05/15/22)		15,560		15,885,416
5.75%, 11/15/24 (Call 05/15/19)a		17,533		18,544,905
5.88%, 09/15/26 (Call 09/15/21)a		15,502		16,290,018
6.13%, 06/15/23 (Call 12/15/17)		18,068		19,003,225

SCHEDULESOF INVESTMENTS 99

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
7.63%, 04/15/22 (Call 04/15/17)a	$	9,173	$	9,583,328
				580,939,926
COMPUTERS — 1.57%
Dell Inc.
4.63%, 04/01/21a		7,022		7,233,458
5.65%, 04/15/18		8,144		8,453,472
5.88%, 06/15/19a		14,398		15,364,723
Diamond 1 Finance Corp./Diamond 2 Finance Corp.
5.88%, 06/15/21 (Call 06/15/18)a,b		34,921		36,933,113
7.13%, 06/15/24 (Call 06/15/19)a,b		34,272		37,794,555
EMC Corp.
2.65%, 06/01/20		37,093		36,212,041
3.38%, 06/01/23 (Call 03/01/23)		150		143,438
Harland Clarke Holdings Corp.
9.25%, 03/01/21 (Call 03/31/17)b		13,967		13,478,155
Leidos Holdings Inc.
4.45%, 12/01/20 (Call 09/01/20)		6,820		7,070,743
NCR Corp.
4.63%, 02/15/21 (Call 03/31/17)a		8,153		8,322,323
5.00%, 07/15/22 (Call 07/15/17)a		11,299		11,567,351
5.88%, 12/15/21 (Call 12/15/17)		7,535		7,892,913
6.38%, 12/15/23 (Call 12/15/18)a		14,607		15,592,973
Western Digital Corp.
10.50%, 04/01/24 (Call 04/01/19)a		72,919		85,356,684
				291,415,942
COSMETICS & PERSONAL CARE — 0.25%
Avon International Operations Inc.
7.88%, 08/15/22 (Call 08/15/19)b		10,593		11,225,637

Security	Principal (000s)		Value
Avon Products Inc.
6.60%, 03/15/20a	$	6,353	$	6,472,119
7.00%, 03/15/23a		9,743		9,146,241
Edgewell Personal Care Co.
4.70%, 05/19/21a		10,524		11,089,665
4.70%, 05/24/22a		8,190		8,532,400
				46,466,062
DISTRIBUTION & WHOLESALE — 0.25%
HD Supply Inc.
5.25%, 12/15/21 (Call 12/15/17)b		23,491		24,783,005
5.75%, 04/15/24 (Call 04/15/19)a,b		21,117		22,357,624
				47,140,629
DIVERSIFIED FINANCIAL SERVICES — 5.21%
Aircastle Ltd.
4.63%, 12/15/18a		6,569		6,815,338
5.00%, 04/01/23a		9,295		9,760,064
5.13%, 03/15/21a		9,255		9,846,792
5.50%, 02/15/22		9,401		10,108,954
6.25%, 12/01/19a		9,930		10,819,243
Ally Financial Inc.
3.25%, 02/13/18a		8,847		8,962,011
3.25%, 11/05/18a		13,116		13,345,530
3.50%, 01/27/19a		13,069		13,290,168
3.60%, 05/21/18a		17,455		17,744,975
3.75%, 11/18/19a		13,956		14,250,820
4.13%, 03/30/20a		16,890		17,420,628
4.13%, 02/13/22a		13,371		13,671,847
4.25%, 04/15/21a		13,632		14,062,647
4.63%, 05/19/22a		8,533		8,845,877
4.63%, 03/30/25		10,267		10,459,506
4.75%, 09/10/18		13,675		14,163,487
5.13%, 09/30/24a		14,788		15,612,715
5.75%, 11/20/25 (Call 10/20/25)a		22,958		24,193,905
7.50%, 09/15/20a		8,755		10,003,804
8.00%, 12/31/18a		10,955		11,997,437
8.00%, 03/15/20		20,005		22,843,926
CIT Group Inc.
3.88%, 02/19/19a		20,048		20,511,710
5.00%, 08/15/22		26,914		28,519,773
5.00%, 08/01/23a		18,635		19,729,806

100 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
5.25%, 03/15/18	$	25,294	$	26,094,790
5.38%, 05/15/20a		14,417		15,418,344
5.50%, 02/15/19a,b		35,393		37,339,615
6.63%, 04/01/18a,b		12,401		13,005,549
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.88%, 03/15/19 (Call 03/31/17)		26,321		26,781,617
5.88%, 02/01/22 (Call 08/01/17)a		29,160		29,886,959
6.00%, 08/01/20 (Call 03/31/17)a		34,787		36,178,828
6.25%, 02/01/22 (Call 02/01/19)b		16,035		16,536,094
6.75%, 02/01/24 (Call 02/01/20)a,b		10,945		11,334,513
Intelsat Connect Finance SA
12.50%, 04/01/22 (Call 06/01/18)a,b		14,060		12,267,350
Jefferies Finance LLC/JFIN Co-Issuer Corp.
6.88%, 04/15/22 (Call 04/15/17)a,b		9,830		9,541,244
7.38%, 04/01/20 (Call 03/31/17)a,b		11,850		12,042,563
7.50%, 04/15/21 (Call 10/15/17)b		7,750		7,846,875
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 08/01/18 (Call 03/31/17)		7,338		7,434,967
6.50%, 07/01/21 (Call 03/31/17)a		10,002		10,227,045
7.88%, 10/01/20 (Call 03/31/17)		6,150		6,389,011
Navient Corp.
4.88%, 06/17/19a		20,363		20,770,260
5.00%, 10/26/20a		10,712		10,765,560
5.50%, 01/15/19a		27,025		27,937,094
5.50%, 01/25/23a		20,876		19,988,770
5.88%, 03/25/21a		9,764		9,959,280
5.88%, 10/25/24a		9,500		8,930,000
6.13%, 03/25/24a		17,546		16,800,295

Security	Principal (000s)		Value
6.63%, 07/26/21a	$	14,743	$	15,388,006
7.25%, 01/25/22a		14,959		15,594,757
7.25%, 09/25/23		11,465		11,737,294
8.00%, 03/25/20a		31,934		34,648,390
8.45%, 06/15/18a		34,247		36,601,481
OneMain Financial Holdings LLC
6.75%, 12/15/19 (Call 03/31/17)b		12,236		12,809,563
7.25%, 12/15/21 (Call 12/15/17)b		17,700		18,562,875
Quicken Loans Inc.
5.75%, 05/01/25 (Call 05/01/20)a,b		25,664		25,279,040
Springleaf Finance Corp.
5.25%, 12/15/19		13,103		13,186,532
6.90%, 12/15/17		10,137		10,437,055
7.75%, 10/01/21a		12,650		13,456,437
8.25%, 12/15/20a		18,985		20,783,301
				968,942,317
ELECTRIC — 3.02%
AES Corp./VA
4.88%, 05/15/23 (Call 05/15/18)a		14,267		14,149,297
5.50%, 03/15/24 (Call 03/15/19)		14,974		15,254,762
5.50%, 04/15/25 (Call 04/15/20)		12,009		12,159,113
6.00%, 05/15/26 (Call 05/15/21)a		9,265		9,562,252
7.38%, 07/01/21 (Call 06/01/21)		19,083		21,478,598
8.00%, 06/01/20		8,450		9,711,585
Calpine Corp.
5.25%, 06/01/26 (Call 06/01/21)a,b		13,203		13,409,783
5.38%, 01/15/23 (Call 10/15/18)a		26,887		27,223,087
5.50%, 02/01/24 (Call 02/01/19)a		13,235		13,089,783
5.75%, 01/15/25 (Call 10/15/19)a		32,217		31,894,830

SCHEDULESOF INVESTMENTS 101

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
5.88%, 01/15/24 (Call 11/01/18)a,b	$	8,151	$	8,584,633
6.00%, 01/15/22 (Call 03/31/17)a,b		13,230		13,874,963
7.88%, 01/15/23 (Call 03/06/17)b		7,500		7,799,126
DPL Inc.
7.25%, 10/15/21 (Call 07/15/21)a		17,260		18,351,336
Dynegy Inc.
5.88%, 06/01/23 (Call 06/01/18)		10,281		9,304,305
6.75%, 11/01/19 (Call 05/01/17)a		41,948		43,206,440
7.38%, 11/01/22 (Call 11/01/18)a		36,029		35,413,826
7.63%, 11/01/24 (Call 11/01/19)a		26,000		24,700,000
8.00%, 01/15/25 (Call 01/15/20)a,b		15,170		14,428,657
Enel SpA
VRN, (5 year USD Swap + 5.880%)
8.75%, 09/24/73 (Call 09/24/23)a,b		25,357		29,127,112
FirstEnergy Corp. Series B
4.25%, 03/15/23 (Call 12/15/22)a		1,145		1,194,930
GenOn Energy Inc.
9.50%, 10/15/18		10,980		8,317,350
9.88%, 10/15/20 (Call 03/31/17)a		8,500		6,258,125
IPALCO Enterprises Inc.
3.45%, 07/15/20 (Call 06/15/20)		6,125		6,219,448
5.00%, 05/01/18 (Call 04/01/18)a		6,400		6,588,813
NRG Energy Inc.
6.25%, 07/15/22 (Call 07/15/18)a		20,934		21,214,865
6.25%, 05/01/24 (Call 05/01/19)a		14,901		14,938,253
6.63%, 03/15/23 (Call 09/15/17)a		18,776		19,010,700

Security	Principal (000s)		Value
6.63%, 01/15/27 (Call 07/15/21)a,b	$	27,195	$	26,792,174
7.25%, 05/15/26 (Call 05/15/21)a		21,372		21,880,799
7.88%, 05/15/21 (Call 03/31/17)a		1,823		1,891,363
Talen Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)a		14,377		11,836,315
4.63%, 07/15/19 (Call 03/31/17)a,b		25,987		25,337,325
6.50%, 05/01/18		6,125		6,319,687
6.50%, 06/01/25 (Call 06/01/20)a		12,745		10,416,761
				560,940,396
ENERGY – ALTERNATE SOURCES — 0.12%
TerraForm Power Operating LLC
6.38%, 02/01/23 (Call 02/01/18)a,b,c		20,979		21,700,153
				21,700,153
ENGINEERING & CONSTRUCTION — 0.31%
AECOM
5.13%, 03/15/27 (Call 12/15/26)b		18,450		18,749,813
5.75%, 10/15/22 (Call 10/15/17)a		18,360		19,385,503
5.88%, 10/15/24 (Call 07/15/24)a		17,855		19,506,587
				57,641,903
ENTERTAINMENT — 1.73%
AMC Entertainment Holdings Inc.
5.75%, 06/15/25 (Call 06/15/20)a		13,374		13,860,201
5.88%, 11/15/26 (Call 11/15/21)a,b		12,740		13,014,802
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/18)a		15,697		16,109,046
5.13%, 12/15/22 (Call 12/15/17)		6,850		7,048,364

102 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
GLP Capital LP/GLP Financing II Inc.
4.38%, 11/01/18 (Call 08/01/18)a	$	10,071	$	10,334,427
4.38%, 04/15/21		7,891		8,203,558
4.88%, 11/01/20 (Call 08/01/20)a		22,201		23,283,299
5.38%, 11/01/23 (Call 08/01/23)		9,358		10,044,643
5.38%, 04/15/26		20,920		21,782,950
International Game Technology
7.50%, 06/15/19		10,183		11,236,974
International Game Technology PLC
5.63%, 02/15/20 (Call 11/15/19)a,b		12,080		12,764,600
6.25%, 02/15/22 (Call 08/15/21)b		30,213		32,630,040
6.50%, 02/15/25 (Call 08/15/24)a,b		21,728		23,737,840
Regal Entertainment Group
5.75%, 03/15/22 (Call 03/31/17)a		13,062		13,648,429
Scientific Games International Inc.
7.00%, 01/01/22 (Call 01/01/18)a,b		20,646		21,962,183
7.00%, 01/01/22 (Call 01/01/18)b		9,950		10,584,313
10.00%, 12/01/22 (Call 12/01/18)		47,475		50,442,187
Six Flags Entertainment Corp.
5.25%, 01/15/21 (Call 03/31/17)b		8,590		8,812,559
WMG Acquisition Corp.
6.75%, 04/15/22 (Call 04/15/17)a,b		10,801		11,391,815
				320,892,230
ENVIRONMENTAL CONTROL — 0.28%
Clean Harbors Inc.
5.13%, 06/01/21 (Call 03/31/17)a		15,468		15,791,861
5.25%, 08/01/20 (Call 03/31/17)a		14,713		15,039,322

Security	Principal (000s)		Value
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/19)a	$	7,707	$	7,814,176
6.38%, 10/01/22 (Call 04/01/17)a		6,187		6,379,377
7.25%, 12/01/20 (Call 03/31/17)a		6,254		6,414,693
				51,439,429
FOOD — 1.24%
Albertsons Companies LLC/Safeway Inc./New Albertson’s Inc./Albertson’s LLC
5.75%, 03/15/25 (Call 09/15/19)a,b		26,370		26,468,888
6.63%, 06/15/24 (Call 06/15/19)a,b		26,805		28,446,806
Lamb Weston Holdings Inc.
4.63%, 11/01/24 (Call 11/01/21)a,b		19,350		19,664,438
4.88%, 11/01/26 (Call 11/01/21)a,b		18,174		18,434,353
Post Holdings Inc.
5.00%, 08/15/26 (Call 08/15/21)a,b		36,980		35,754,853
5.50%, 03/01/25 (Call 03/01/20)b		10,425		10,591,148
5.75%, 03/01/27 (Call 03/01/22)b		10,800		10,928,304
6.00%, 12/15/22 (Call 06/15/18)b		11,620		12,258,062
6.75%, 12/01/21 (Call 03/08/17)a,b		17,460		18,712,158
7.75%, 03/15/24 (Call 09/15/18)a,b		15,531		17,239,410
8.00%, 07/15/25 (Call 07/15/20)b		7,430		8,388,252
TreeHouse Foods Inc.
4.88%, 03/15/22 (Call 03/31/17)		6,854		7,082,207
6.00%, 02/15/24 (Call 02/15/19)a,b		15,513		16,355,773
				230,324,652

SCHEDULESOF INVESTMENTS 103

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
FOOD SERVICE — 0.16%
Aramark Services Inc.
4.75%, 06/01/26 (Call 06/01/21)	$	14,528	$	14,564,320
5.13%, 01/15/24 (Call 01/15/19)a		14,206		14,882,205
5.75%, 03/15/20 (Call 03/23/17)a		891		905,234
				30,351,759
GAS — 0.39%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)a		13,650		13,792,188
5.63%, 05/20/24 (Call 03/20/24)a		13,164		13,526,010
5.75%, 05/20/27 (Call 02/20/27)		6,875		6,910,063
5.88%, 08/20/26 (Call 05/20/26)a		13,061		13,518,135
NGL Energy Partners LP/NGL Energy Finance Corp.
6.13%, 03/01/25 (Call 03/01/20)b		10,500		10,437,000
7.50%, 11/01/23 (Call 11/01/19)a,b		13,300		14,019,031
				72,202,427
HEALTH CARE – PRODUCTS — 0.99%
Alere Inc.
6.38%, 07/01/23 (Call 07/01/18)a,b		8,865		9,006,681
6.50%, 06/15/20 (Call 03/31/17)		6,586		6,612,943
7.25%, 07/01/18 (Call 03/31/17)a		7,050		7,122,703
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp.
8.13%, 06/15/21 (Call 06/15/18)a,b		21,345		18,796,941
Hologic Inc.
5.25%, 07/15/22 (Call 07/15/18)a,b		21,852		22,799,830

Security	Principal (000s)		Value
Kinetic Concepts Inc./KCI USA Inc.
7.88%, 02/15/21 (Call 02/15/18)a,b	$	11,765	$	12,658,405
12.50%, 11/01/21 (Call 05/01/19)a,b		9,130		10,237,012
Mallinckrodt International Finance SA
4.75%, 04/15/23a		11,993		10,673,770
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
4.88%, 04/15/20 (Call 04/15/17)a,b		14,005		14,057,519
5.50%, 04/15/25 (Call 04/15/20)a,b		14,660		13,560,500
5.63%, 10/15/23 (Call 10/15/18)a,b		15,734		15,076,544
5.75%, 08/01/22 (Call 08/01/17)a,b		18,383		18,003,851
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA
6.63%, 05/15/22 (Call 05/15/17)b		28,252		25,285,540
				183,892,239
HEALTH CARE – SERVICES — 7.47%
Acadia Healthcare Co. Inc.
5.63%, 02/15/23 (Call 02/15/18)a		15,376		15,832,475
Centene Corp.
4.75%, 05/15/22 (Call 05/15/19)		19,821		20,564,287
4.75%, 01/15/25 (Call 01/15/20)a		25,455		26,160,994
5.63%, 02/15/21 (Call 02/15/18)		28,722		30,086,295
6.13%, 02/15/24 (Call 02/15/19)a		19,882		21,505,059
CHS/Community Health Systems Inc.
5.13%, 08/15/18 (Call 03/31/17)a		13,325		13,428,141
5.13%, 08/01/21 (Call 03/31/17)a		21,631		21,258,579

104 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
6.88%, 02/01/22 (Call 02/01/18)a	$	62,913	$	55,363,440
7.13%, 07/15/20 (Call 03/31/17)a		24,624		23,146,560
8.00%, 11/15/19 (Call 03/31/17)a		40,274		39,267,150
DaVita Inc.
5.00%, 05/01/25 (Call 05/01/20)a		32,728		32,797,056
5.13%, 07/15/24 (Call 07/15/19)a		38,182		38,769,644
5.75%, 08/15/22 (Call 08/15/17)a		25,778		26,873,565
Envision Healthcare Corp.
5.13%, 07/01/22 (Call 07/01/17)a,b		10,875		11,149,896
5.63%, 07/15/22 (Call 07/15/17)a		22,482		23,437,485
6.25%, 12/01/24 (Call 12/01/19)a,b		12,617		13,374,020
Fresenius Medical Care U.S. Finance II Inc.
4.13%, 10/15/20 (Call 07/17/20)a,b		9,250		9,435,000
4.75%, 10/15/24 (Call 07/17/24)a,b		8,210		8,433,312
5.63%, 07/31/19b		14,708		15,664,020
5.88%, 01/31/22a,b		13,799		15,058,159
6.50%, 09/15/18a,b		6,590		6,981,281
Fresenius Medical Care U.S. Finance Inc.
5.75%, 02/15/21a,b		11,652		12,635,393
HCA Holdings Inc.
6.25%, 02/15/21a		19,274		20,916,542
HCA Inc.
3.75%, 03/15/19		26,576		27,173,960
4.25%, 10/15/19a		10,022		10,422,880
4.50%, 02/15/27 (Call 08/15/26)a		24,070		23,981,617
4.75%, 05/01/23a		25,226		26,404,526
5.00%, 03/15/24a		41,169		43,263,679
5.25%, 04/15/25a		27,915		29,781,816
5.25%, 06/15/26 (Call 12/15/25)a		31,229		32,968,280

Security		Principal (000s)		Value
5.38%, 02/01/25a		$	53,675	$	56,177,355
5.88%, 03/15/22a			27,839		30,711,762
5.88%, 05/01/23a			26,007		28,213,260
5.88%, 02/15/26 (Call 08/15/25)a			32,582		34,944,195
6.50%, 02/15/20			65,162		71,678,200
7.50%, 02/15/22			40,843		47,173,665
8.00%, 10/01/18a	��		8,300		9,047,000
HealthSouth Corp.
5.75%, 11/01/24 (Call 11/01/17)a			27,087		27,628,740
Kindred Healthcare Inc.
6.38%, 04/15/22 (Call 04/15/17)a			10,645		9,766,788
8.00%, 01/15/20a			16,431		16,554,233
8.75%, 01/15/23 (Call 01/15/18)a			13,534		13,144,898
LifePoint Health Inc.
5.38%, 05/01/24 (Call 05/01/19)a,b			11,015		11,032,818
5.50%, 12/01/21 (Call 03/31/17)a			21,957		22,835,280
5.88%, 12/01/23 (Call 12/01/18)a			10,005		10,310,835
MPH Acquisition Holdings LLC
7.13%, 06/01/24 (Call 06/01/19)a,b			34,097		36,654,275
Tenet Healthcare Corp.
4.38%, 10/01/21			18,484		18,668,840
4.50%, 04/01/21a			14,123		14,304,449
4.75%, 06/01/20a			7,731		7,891,922
5.00%, 03/01/19a			22,817		22,842,651
5.50%, 03/01/19			8,679		8,756,026
6.00%, 10/01/20a			37,850		40,123,252
6.25%, 11/01/18a			19,000		20,082,253
6.75%, 06/15/23a			39,331		38,937,690
7.50%, 01/01/22 (Call 01/01/19)a,b			15,835		17,121,594
8.00%, 08/01/20 (Call 03/31/17)a			17,011		17,393,747
8.13%, 04/01/22a			58,816		61,830,320
					1,389,961,159

SCHEDULESOF INVESTMENTS 105

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
HOLDING COMPANIES – DIVERSIFIED — 0.39%
HRG Group Inc.
7.75%, 01/15/22 (Call 03/31/17)a	$	18,843	$	19,902,919
7.88%, 07/15/19 (Call 03/31/17)a		14,871		15,447,251
Leucadia National Corp.
5.50%, 10/18/23 (Call 01/18/23)a		13,130		13,978,282
Noble Group Ltd.
6.75%, 01/29/20a,b		23,800		23,264,500
				72,592,952
HOME BUILDERS — 1.27%
Beazer Homes USA Inc.
8.75%, 03/15/22 (Call 03/15/19)a,b		12,175		13,117,101
Brookfield Residential Properties Inc.
6.50%, 12/15/20 (Call 03/31/17)a,b		9,675		9,959,445
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
6.13%, 07/01/22 (Call 07/01/17)a,b		10,459		10,756,791
CalAtlantic Group Inc.
8.38%, 05/15/18		8,452		9,038,357
8.38%, 01/15/21a		7,905		9,238,969
K. Hovnanian Enterprises Inc.
7.25%, 10/15/20 (Call 03/31/17)a,b		12,095		11,832,941
KB Home
4.75%, 05/15/19 (Call 02/15/19)a		5,877		6,001,886
7.00%, 12/15/21 (Call 09/15/21)a		7,843		8,569,368
Lennar Corp.
4.13%, 01/15/22 (Call 10/15/21)		12,580		12,737,250
4.50%, 06/15/19 (Call 04/16/19)		9,423		9,712,938
4.50%, 11/15/19 (Call 08/15/19)a		10,494		10,831,776

Security	Principal (000s)		Value
4.75%, 04/01/21 (Call 02/01/21)a	$	9,392	$	9,736,729
4.75%, 11/15/22 (Call 08/15/22)a		12,168		12,513,485
4.75%, 05/30/25 (Call 02/28/25)a		9,110		9,246,650
4.88%, 12/15/23 (Call 09/15/23)		7,920		8,137,038
PulteGroup Inc.
4.25%, 03/01/21 (Call 02/01/21)a		12,420		12,717,837
5.00%, 01/15/27 (Call 10/15/26)a		13,325		13,341,656
5.50%, 03/01/26 (Call 12/01/25)a		15,618		16,150,432
Taylor Morrison Communities Inc./Monarch Communities Inc.
5.25%, 04/15/21 (Call 03/31/17)b		9,898		10,170,195
Toll Brothers Finance Corp.
4.38%, 04/15/23 (Call 01/15/23)a		6,430		6,542,525
5.88%, 02/15/22 (Call 11/15/21)a		7,007		7,637,750
TRI Pointe Group Inc./TRI Pointe Homes Inc.
4.38%, 06/15/19		8,739		8,916,208
5.88%, 06/15/24a		9,450		9,733,500
				236,640,827
HOME FURNISHINGS — 0.11%
Tempur Sealy International Inc.
5.50%, 06/15/26 (Call 06/15/21)a		12,530		12,267,352
5.63%, 10/15/23 (Call 10/15/18)		7,494		7,557,231
				19,824,583
HOUSEHOLD PRODUCTS & WARES — 0.28%
Kronos Acquisition Holdings Inc.
9.00%, 08/15/23 (Call 08/15/18)a,b		17,515		17,887,194

106 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Spectrum Brands Inc.
5.75%, 07/15/25 (Call 07/15/20)a	$	21,478	$	22,847,222
6.63%, 11/15/22 (Call 11/15/17)a		11,549		12,227,504
				52,961,920
INSURANCE — 0.52%
Genworth Holdings Inc.
4.80%, 02/15/24		7,870		6,648,183
4.90%, 08/15/23		7,838		6,707,281
6.52%, 05/22/18a		9,790		9,842,710
7.20%, 02/15/21		8,129		7,843,977
7.63%, 09/24/21		15,345		14,731,200
7.70%, 06/15/20		8,450		8,411,673
HUB International Ltd.
7.88%, 10/01/21 (Call 03/31/17)b		25,658		27,197,480
Voya Financial Inc.
VRN, (3 mo. LIBOR US + 3.580%)
5.65%, 05/15/53 (Call 05/15/23)a		14,814		15,137,262
				96,519,766
INTERNET — 0.93%
Netflix Inc.
4.38%, 11/15/26a,b		21,090		20,844,352
5.38%, 02/01/21a		9,905		10,599,175
5.50%, 02/15/22a		14,205		15,199,350
5.75%, 03/01/24a		7,490		8,023,039
5.88%, 02/15/25		17,901		19,333,080
Symantec Corp.
5.00%, 04/15/25 (Call 04/15/20)b		2,220		2,278,706
VeriSign Inc.
4.63%, 05/01/23 (Call 05/01/18)		15,023		15,361,018
5.25%, 04/01/25 (Call 01/01/25)a		12,428		12,940,655
Zayo Group LLC/Zayo Capital Inc.
5.75%, 01/15/27 (Call 01/15/22)b		16,930		17,900,089
6.00%, 04/01/23 (Call 04/01/18)a		29,467		31,014,017

Security	Principal (000s)		Value
6.38%, 05/15/25 (Call 05/15/20)a	$	18,346	$	19,699,017
				173,192,498
IRON & STEEL — 1.27%
AK Steel Corp.
7.63%, 05/15/20 (Call 03/31/17)		12,136		12,370,225
7.63%, 10/01/21 (Call 10/01/17)a		9,537		9,894,637
Allegheny Technologies Inc.
5.95%, 01/15/21 (Call 10/15/20)		10,605		10,618,256
7.88%, 08/15/23 (Call 05/15/23)a		9,888		10,234,080
ArcelorMittal
6.00%, 08/05/20		12,800		14,041,856
6.13%, 06/01/25a		10,019		11,260,761
6.50%, 03/01/21a		14,675		16,150,838
7.00%, 02/25/22a		23,677		26,990,670
10.60%, 06/01/19		17,368		20,460,194
Cliffs Natural Resources Inc.
5.75%, 03/01/25 (Call 03/01/20)b		2,540		2,491,740
7.75%, 03/31/20 (Call 03/15/17)a,b		7,097		7,400,439
8.25%, 03/31/20 (Call 03/31/18)b		11,733		12,818,302
Commercial Metals Co.
7.35%, 08/15/18a		5,720		6,078,930
Steel Dynamics Inc.
5.00%, 12/15/26 (Call 12/15/21)a,b		8,210		8,446,037
5.13%, 10/01/21 (Call 10/01/17)a		13,784		14,163,060
5.25%, 04/15/23 (Call 04/15/18)		5,845		6,086,691
5.50%, 10/01/24 (Call 10/01/19)a		8,400		8,896,731
U.S. Steel Corp.
7.38%, 04/01/20a		7,157		7,722,570
7.50%, 03/15/22 (Call 03/15/18)a		7,291		7,550,742
8.38%, 07/01/21 (Call 07/01/18)a,b		19,860		22,461,660
				236,138,419

SCHEDULESOF INVESTMENTS 107

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
LEISURE TIME — 0.27%
NCL Corp. Ltd.
4.63%, 11/15/20 (Call 11/15/17)a,b	$	10,083	$	10,340,117
4.75%, 12/15/21 (Call 12/15/18)a,b		13,925		14,203,500
Royal Caribbean Cruises Ltd.
5.25%, 11/15/22a		12,967		14,138,568
Sabre GLBL Inc.
5.25%, 11/15/23 (Call 11/15/18)a,b		11,286		11,490,502
				50,172,687
LODGING — 2.09%
Boyd Gaming Corp.
6.38%, 04/01/26 (Call 04/01/21)a		15,879		17,189,018
6.88%, 05/15/23 (Call 05/15/18)a		16,024		17,345,980
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Properties
8.00%, 10/01/20 (Call 03/31/17)		18,041		18,843,180
11.00%, 10/01/21 (Call 03/31/17)a		20,548		22,442,762
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 09/01/19)a,b		10,549		11,109,416
10.75%, 09/01/24 (Call 09/01/19)b		12,600		13,311,375
Hilton Domestic Operating Co. Inc.
4.25%, 09/01/24 (Call 09/01/19)a,b		19,921		19,771,592
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
5.63%, 10/15/21 (Call 03/16/17)a		28,146		28,849,650

Security	Principal (000s)		Value
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.
6.75%, 11/15/21 (Call 11/15/18)a,b	$	15,960	$	16,453,763
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)		10,675		10,461,393
5.25%, 03/31/20a		9,840		10,356,600
6.00%, 03/15/23		27,346		29,753,227
6.63%, 12/15/21a		24,663		27,552,894
6.75%, 10/01/20a		19,752		21,782,506
7.75%, 03/15/22		22,085		25,704,053
8.63%, 02/01/19a		20,133		22,322,464
11.38%, 03/01/18		7,720		8,434,100
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)a,b		10,550		10,327,697
5.38%, 03/15/22 (Call 03/31/17)		16,716		17,177,027
5.50%, 03/01/25 (Call 12/01/24)a,b		38,278		39,063,262
				388,251,959
MACHINERY — 0.66%
BlueLine Rental Finance Corp.
7.00%, 02/01/19 (Call 03/31/17)a,b		14,423		14,693,431
CNH Industrial Capital LLC
3.38%, 07/15/19		8,681		8,777,938
3.63%, 04/15/18a		10,270		10,423,062
3.88%, 07/16/18a		10,635		10,858,949
3.88%, 10/15/21a		7,698		7,702,811
4.38%, 11/06/20		12,608		13,077,885
4.88%, 04/01/21a		9,391		9,861,489
CNH Industrial NV
4.50%, 08/15/23a		13,170		13,308,285
Vertiv Group Corp.
9.25%, 10/15/24 (Call 10/15/19)b		9,250		9,966,875
Zebra Technologies Corp.
7.25%, 10/15/22 (Call 10/15/17)a		21,711		23,493,473
				122,164,198

108 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
MANUFACTURING — 0.96%
Bombardier Inc.
4.75%, 04/15/19a,b	$	9,800	$	10,057,250
5.75%, 03/15/22b		9,750		9,683,658
6.00%, 10/15/22 (Call 04/15/17)a,b		26,045		26,012,444
6.13%, 01/15/23b		25,731		25,731,000
7.50%, 03/15/25 (Call 03/15/20)a,b		31,096		31,912,270
7.75%, 03/15/20a,b		17,035		18,312,114
8.75%, 12/01/21b		30,150		33,391,125
Gates Global LLC/Gates Global Co.
6.00%, 07/15/22 (Call 07/15/17)a,b		23,418		23,652,180
				178,752,041
MEDIA — 12.39%
Altice Financing SA
6.50%, 01/15/22 (Call 03/31/17)a,b		19,780		20,670,100
6.63%, 02/15/23 (Call 02/15/18)b		43,544		45,833,948
7.50%, 05/15/26 (Call 05/15/21)a,b		56,239		60,262,569
Altice Finco SA
8.13%, 01/15/24 (Call 12/15/18)a,b		7,650		8,169,612
9.88%, 12/15/20 (Call 03/31/17)b		8,050		8,505,580
Altice Luxembourg SA
7.63%, 02/15/25 (Call 02/15/20)a,b		29,799		31,723,518
7.75%, 05/15/22 (Call 05/15/17)a,b		58,668		62,408,085
Altice U.S. Finance I Corp.
5.38%, 07/15/23 (Call 07/15/18)b		23,431		24,418,830
5.50%, 05/15/26 (Call 05/15/21)b		30,351		31,489,163
AMC Networks Inc.
4.75%, 12/15/22 (Call 12/15/17)a		10,395		10,576,913
5.00%, 04/01/24 (Call 04/01/20)		21,266		21,465,475

Security	Principal (000s)		Value
Cablevision Systems Corp.
5.88%, 09/15/22a	$	13,193	$	13,489,843
7.75%, 04/15/18		13,013		13,649,143
8.00%, 04/15/20a		10,010		11,072,204
CBS Radio Inc.
7.25%, 11/01/24 (Call 11/01/19)a,b		8,730		9,299,875
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 02/15/23 (Call 02/15/18)a		20,218		20,953,711
5.13%, 05/01/23 (Call 05/01/18)a,b		21,963		22,866,250
5.13%, 05/01/27 (Call 05/01/22)b		17,575		18,234,063
5.25%, 03/15/21 (Call 03/31/17)a		8,605		8,854,545
5.25%, 09/30/22 (Call 09/30/17)		24,414		25,320,135
5.38%, 05/01/25 (Call 05/01/20)a,b		14,531		15,247,460
5.50%, 05/01/26 (Call 05/01/21)a,b		31,274		33,111,348
5.75%, 09/01/23 (Call 03/01/18)a		8,875		9,307,656
5.75%, 01/15/24 (Call 07/15/18)		19,161		20,133,421
5.75%, 02/15/26 (Call 02/15/21)a,b		50,842		54,146,730
5.88%, 04/01/24 (Call 04/01/19)a,b		34,223		36,704,167
5.88%, 05/01/27 (Call 05/01/21)a,b		15,246		16,375,729
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%, 12/15/21 (Call 03/31/17)a,b		24,463		24,898,930
6.38%, 09/15/20 (Call 03/31/17)a,b		30,009		30,916,994
7.75%, 07/15/25 (Call 07/15/20)b		11,611		12,830,155

SCHEDULESOF INVESTMENTS 109

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 11/15/17)a	$	56,745	$	58,392,900
Series B
7.63%, 03/15/20 (Call 03/31/17)a		37,923		38,207,422
CSC Holdings LLC
5.25%, 06/01/24		15,205		15,300,031
5.50%, 04/15/27 (Call 04/15/22)a,b		27,345		28,112,582
6.63%, 10/15/25 (Call 10/15/20)a,b		19,131		21,068,014
6.75%, 11/15/21a		20,741		22,713,741
8.63%, 02/15/19a		10,351		11,464,768
10.13%, 01/15/23 (Call 01/15/19)b		37,506		43,413,195
10.88%, 10/15/25 (Call 10/15/20)a,b		40,993		49,213,560
DISH DBS Corp.
4.25%, 04/01/18a		21,189		21,621,609
5.00%, 03/15/23a		32,245		33,111,584
5.13%, 05/01/20a		23,201		24,171,426
5.88%, 07/15/22a		41,417		44,419,732
5.88%, 11/15/24a		41,409		44,045,718
6.75%, 06/01/21		41,510		45,764,775
7.75%, 07/01/26a		41,941		49,079,706
7.88%, 09/01/19a		29,383		32,738,280
Gray Television Inc.
5.13%, 10/15/24 (Call 10/15/19)a,b		10,475		10,330,969
5.88%, 07/15/26 (Call 07/15/21)a,b		13,982		14,161,249
iHeartCommunications Inc.
9.00%, 12/15/19 (Call 03/31/17)a		30,684		26,731,692
9.00%, 03/01/21 (Call 03/31/17)		35,540		28,787,400
9.00%, 09/15/22 (Call 09/15/17)		19,465		15,620,663
10.63%, 03/15/23 (Call 03/15/18)a		17,278		14,340,740
11.25%, 03/01/21 (Call 03/31/17)		11,011		9,001,493

Security	Principal (000s)		Value
11.25%, 03/01/21 (Call 03/31/17)a,b	$	13,632	$	11,144,160
Nexstar Broadcasting Inc.
5.63%, 08/01/24 (Call 08/01/19)a,b		20,594		21,057,365
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 03/31/17)a		12,950		13,225,188
5.00%, 04/15/22 (Call 04/15/17)a,b		48,900		50,367,000
Quebecor Media Inc.
5.75%, 01/15/23a		16,831		17,840,860
SFR Group SA
6.00%, 05/15/22 (Call 05/15/17)a,b		83,328		86,426,968
6.25%, 05/15/24 (Call 05/15/19)a,b		28,916		29,303,792
7.38%, 05/01/26 (Call 05/01/21)a,b		106,845		110,718,131
Sinclair Television Group Inc.
5.13%, 02/15/27 (Call 08/15/21)a,b		8,482		8,147,539
5.38%, 04/01/21 (Call 03/31/17)		11,009		11,339,270
5.63%, 08/01/24 (Call 08/01/19)a,b		9,719		9,986,273
6.13%, 10/01/22 (Call 10/01/17)a		10,088		10,554,570
Sirius XM Radio Inc.
4.25%, 05/15/20 (Call 03/31/17)a,b		9,507		9,629,551
4.63%, 05/15/23 (Call 05/15/18)a,b		10,196		10,425,410
5.38%, 04/15/25 (Call 04/15/20)b		20,980		21,399,600
5.38%, 07/15/26 (Call 07/15/21)a,b		21,508		21,883,637
5.75%, 08/01/21 (Call 03/31/17)a,b		9,305		9,688,831
6.00%, 07/15/24 (Call 07/15/19)a,b		30,854		32,859,510

110 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
TEGNA Inc.
5.13%, 10/15/19 (Call 03/31/17)a	$	9,048	$	9,251,580
5.13%, 07/15/20 (Call 03/31/17)a		9,807		10,146,158
6.38%, 10/15/23 (Call 10/15/18)a		14,537		15,498,259
Tribune Media Co.
5.88%, 07/15/22 (Call 07/15/18)a		24,464		25,019,333
Unitymedia GmbH
6.13%, 01/15/25 (Call 01/15/20)a,b		18,578		19,553,345
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.00%, 01/15/25 (Call 01/15/20)a,b		9,980		10,269,193
5.50%, 01/15/23 (Call 01/15/18)a,b		19,484		20,309,635
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/15/18)b		25,410		25,370,487
5.13%, 02/15/25 (Call 02/15/20)a,b		33,221		32,805,738
6.75%, 09/15/22 (Call 09/15/17)a,b		23,620		24,783,828
UPCB Finance IV Ltd.
5.38%, 01/15/25 (Call 01/15/20)a,b		24,445		24,933,900
Videotron Ltd.
5.00%, 07/15/22a		15,450		16,222,500
5.38%, 06/15/24 (Call 03/15/24)a,b		11,307		12,013,688
Virgin Media Finance PLC
5.75%, 01/15/25 (Call 01/15/20)a,b		9,105		9,294,687
6.00%, 10/15/24 (Call 10/15/19)b		10,095		10,567,302
6.38%, 04/15/23 (Call 04/15/18)a,b		10,355		10,857,649

Security	Principal (000s)		Value
Virgin Media Secured Finance PLC
5.25%, 01/15/21a	$	7,122	$	7,665,053
5.25%, 01/15/26 (Call 01/15/20)b		19,945		20,103,365
5.50%, 01/15/25 (Call 01/15/19)a,b		8,372		8,618,735
5.50%, 08/15/26 (Call 08/15/21)b		15,354		15,673,890
Ziggo Bond Finance BV
5.88%, 01/15/25 (Call 01/15/20)b		7,800		7,890,445
6.00%, 01/15/27 (Call 01/15/22)a,b		13,165		13,212,111
Ziggo Secured Finance BV
5.50%, 01/15/27 (Call 01/15/22)a,b		43,510		43,964,510
				2,304,772,447
METAL FABRICATE & HARDWARE — 0.30%
Novelis Corp.
5.88%, 09/30/26 (Call 09/30/21)a,b		31,180		31,941,313
6.25%, 08/15/24 (Call 08/15/19)a,b		22,993		24,256,732
				56,198,045
MINING — 2.55%
Alcoa Nederland Holding BV
6.75%, 09/30/24 (Call 09/30/19)a,b		14,950		16,236,767
7.00%, 09/30/26 (Call 09/30/21)a,b		11,925		13,047,938
Aleris International Inc.
9.50%, 04/01/21 (Call 04/01/18)b		13,158		14,081,410
Anglo American Capital PLC
3.63%, 05/14/20b		17,192		17,385,410
4.13%, 04/15/21b		10,223		10,531,735
4.13%, 09/27/22a,b		10,886		11,083,309
4.45%, 09/27/20b		8,850		9,242,261
4.88%, 05/14/25b		14,647		15,232,880
9.38%, 04/08/19b		13,666		15,458,669

SCHEDULESOF INVESTMENTS 111

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Constellium NV
5.75%, 05/15/24 (Call 05/15/19)a,b	$	8,203	$	7,751,835
6.63%, 03/01/25 (Call 03/01/20)a,b		13,465		13,403,061
7.88%, 04/01/21 (Call 04/01/18)a,b		8,230		8,871,054
8.00%, 01/15/23 (Call 01/15/18)b		7,680		8,025,600
FMG Resources August 2006 Pty Ltd.
6.88%, 04/01/22 (Call 04/01/17)a,b		7,697		7,941,076
9.75%, 03/01/22 (Call 03/01/18)b		13,253		15,332,131
Freeport-McMoRan Inc.
2.38%, 03/15/18		24,079		23,932,048
3.10%, 03/15/20a		20,851		20,376,267
3.55%, 03/01/22 (Call 12/01/21)a		38,298		35,593,204
3.88%, 03/15/23 (Call 12/15/22)a		39,352		36,203,840
4.00%, 11/14/21a		10,914		10,552,474
4.55%, 11/14/24 (Call 08/14/24)a		16,221		15,178,303
6.50%, 11/15/20 (Call 03/31/17)b		10,228		10,534,840
6.75%, 02/01/22 (Call 02/01/18)a,b		8,902		9,258,080
6.88%, 02/15/23 (Call 02/15/20)b		16,500		17,403,375
Kinross Gold Corp.
5.13%, 09/01/21 (Call 06/01/21)		9,314		9,763,633
5.95%, 03/15/24 (Call 12/15/23)a		9,307		9,842,152
Lundin Mining Corp.
7.50%, 11/01/20 (Call 11/01/17)a,b		12,334		13,086,654
7.88%, 11/01/22 (Call 11/01/18)b		8,945		9,783,594

Security	Principal (000s)		Value
Teck Resources Ltd.
3.00%, 03/01/19	$	850	$	870,570
3.75%, 02/01/23 (Call 11/01/22)a		13,215		12,802,031
4.50%, 01/15/21 (Call 10/15/20)		9,522		9,867,172
4.75%, 01/15/22 (Call 10/15/21)		13,999		14,517,600
8.00%, 06/01/21 (Call 06/01/18)b		14,311		15,908,359
8.50%, 06/01/24 (Call 06/01/19)a,b		12,894		15,054,819
				474,154,151
OFFICE & BUSINESS EQUIPMENT — 0.22%
CDW LLC/CDW Finance Corp.
5.00%, 09/01/23 (Call 03/01/18)		11,035		11,352,256
5.00%, 09/01/25 (Call 03/01/20)		4,355		4,417,625
5.50%, 12/01/24 (Call 06/01/24)a		11,637		12,218,850
6.00%, 08/15/22 (Call 08/15/17)a		12,040		12,783,699
				40,772,430
OIL & GAS — 9.00%
Antero Resources Corp.
5.00%, 03/01/25 (Call 03/01/20)a,b		12,300		11,890,000
5.13%, 12/01/22 (Call 06/01/17)a		22,229		22,229,000
5.38%, 11/01/21 (Call 03/31/17)a		20,465		20,951,044
5.63%, 06/01/23 (Call 06/01/18)a		15,121		15,328,914
California Resources Corp.
8.00%, 12/15/22 (Call 12/15/18)b		47,898		40,952,790
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.50%, 04/15/21 (Call 04/15/17)a		17,978		15,645,894

112 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
11.50%, 01/15/21 (Call 04/15/18)a,b	$	9,223	$	10,744,795
Carrizo Oil & Gas Inc.
6.25%, 04/15/23 (Call 04/15/18)a		14,143		14,355,145
7.50%, 09/15/20 (Call 03/31/17)		10,131		10,460,258
Cenovus Energy Inc.
3.00%, 08/15/22 (Call 05/15/22)		7,885		7,718,768
3.80%, 09/15/23 (Call 06/15/23)		8,360		8,321,642
5.70%, 10/15/19		24,850		26,728,285
Chesapeake Energy Corp.
6.63%, 08/15/20		1,311		1,304,445
8.00%, 12/15/22 (Call 12/15/18)a,b		51,095		54,013,546
8.00%, 01/15/25 (Call 01/15/20)a,b		21,205		21,012,883
Citgo Holding Inc.
10.75%, 02/15/20b		31,427		34,030,017
Concho Resources Inc.
4.38%, 01/15/25 (Call 01/15/20)		12,875		13,052,997
5.50%, 10/01/22 (Call 10/01/17)a		10,900		11,285,054
5.50%, 04/01/23 (Call 10/01/17)a		31,336		32,495,432
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)a		21,657		20,106,125
4.50%, 04/15/23 (Call 01/15/23)a		32,206		31,682,652
5.00%, 09/15/22 (Call 03/31/17)a		39,901		40,773,834
Denbury Resources Inc.
4.63%, 07/15/23 (Call 01/15/18)		11,894		9,425,995
5.50%, 05/01/22 (Call 05/01/17)		16,195		13,494,664
9.00%, 05/15/21 (Call 12/15/18)a,b		14,058		15,182,640
Diamond Offshore Drilling Inc.
5.88%, 05/01/19a		10,000		10,532,692

Security	Principal (000s)		Value
Diamondback Energy Inc.
4.75%, 11/01/24 (Call 11/01/19)a,b	$	2,725	$	2,711,375
5.38%, 05/31/25 (Call 05/31/20)a,b		10,225		10,582,875
Ensco PLC
4.50%, 10/01/24 (Call 07/01/24)		12,645		10,889,377
5.20%, 03/15/25 (Call 12/15/24)a		12,565		11,086,257
8.00%, 01/31/24 (Call 10/31/23)a,b		10,318		10,575,950
EP Energy LLC/Everest Acquisition Finance Inc.
6.38%, 06/15/23 (Call 06/15/18)a		10,866		9,028,658
8.00%, 11/29/24 (Call 11/30/19)b		9,845		10,443,140
8.00%, 02/15/25 (Call 02/15/20)b		15,480		15,093,000
9.38%, 05/01/20 (Call 03/31/17)a		30,408		29,723,820
Gulfport Energy Corp.
6.00%, 10/15/24 (Call 10/15/19)a,b		13,610		13,541,950
6.38%, 05/15/25 (Call 05/15/20)a,b		13,270		13,301,102
Halcon Resources Corp.
8.63%, 02/01/20 (Call 03/20/17)a,b		2,144		2,241,230
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 06/01/19)a,b		11,048		10,563,115
5.75%, 10/01/25 (Call 04/01/20)b		9,505		9,452,194
Jupiter Resources Inc.
8.50%, 10/01/22 (Call 10/01/17)a,b		22,795		19,703,428
Laredo Petroleum Inc.
5.63%, 01/15/22 (Call 03/31/17)a		9,000		9,090,000
7.38%, 05/01/22 (Call 05/01/17)a		10,276		10,639,612

SCHEDULESOF INVESTMENTS 113

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
MEG Energy Corp.
6.38%, 01/30/23 (Call 07/30/17)b	$	15,801	$	14,062,890
6.50%, 03/15/21 (Call 03/15/17)b		14,714		15,045,065
6.50%, 01/15/25 (Call 01/15/20)a,b		15,400		15,053,500
7.00%, 03/31/24 (Call 09/30/18)a,b		21,631		19,467,900
Murphy Oil Corp.
4.00%, 06/01/22 (Call 03/01/22)a		9,400		9,138,192
4.70%, 12/01/22 (Call 09/01/22)a		12,381		12,129,941
6.88%, 08/15/24 (Call 08/15/19)a		10,545		11,276,884
Nabors Industries Inc.
4.63%, 09/15/21		12,710		12,932,425
5.00%, 09/15/20a		13,409		13,928,823
5.50%, 01/15/23 (Call 11/15/22)a,b		12,750		13,163,313
6.15%, 02/15/18a		13,317		13,887,134
Newfield Exploration Co.
5.38%, 01/01/26 (Call 10/01/25)a		14,875		15,470,000
5.63%, 07/01/24a		21,085		22,481,881
5.75%, 01/30/22a		14,318		15,284,465
Noble Holding International Ltd.
3.95%, 03/15/22		1,250		1,115,625
7.20%, 04/01/25 (Call 01/01/25)a		10,561		10,202,917
7.75%, 01/15/24 (Call 10/15/23)a		19,620		19,080,450
Oasis Petroleum Inc.
6.88%, 03/15/22 (Call 09/15/17)a		21,126		21,436,341
Pacific Drilling SA
5.38%, 06/01/20 (Call 03/31/17)a,b		10,019		4,589,954
Parsley Energy LLC/Parsley Finance Corp.
5.25%, 08/15/25 (Call 08/15/20)b		9,065		9,155,650

Security	Principal (000s)		Value
5.38%, 01/15/25 (Call 01/15/20)a,b	$	13,015	$	13,150,892
6.25%, 06/01/24 (Call 06/01/19)b		8,500		8,887,770
PBF Holding Co. LLC/PBF Finance Corp.
7.00%, 11/15/23 (Call 11/15/18)a		10,445		10,523,338
8.25%, 02/15/20 (Call 03/31/17)a		13,432		13,667,060
Permian Resources LLC
13.00%, 11/30/20 (Call 11/30/18)b		10,587		12,401,127
Permian Resources LLC/AEPB Finance Corp.
7.13%, 11/01/20 (Call 03/31/17)b		12,807		10,885,950
7.38%, 11/01/21 (Call 07/31/17)b		11,955		9,922,650
Precision Drilling Corp.
5.25%, 11/15/24 (Call 05/15/19)a		6,725		6,674,563
6.63%, 11/15/20 (Call 03/31/17)		6,826		6,959,408
Puma International Financing SA
6.75%, 02/01/21 (Call 03/31/17)b		20,020		20,630,614
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)		14,571		14,320,055
5.38%, 10/01/22 (Call 07/01/22)a		9,914		9,939,611
6.88%, 03/01/21a		12,561		13,314,660
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)a		15,941		15,084,171
5.00%, 08/15/22 (Call 05/15/22)a,b		10,049		9,815,625
5.00%, 03/15/23 (Call 12/15/22)a,b		16,274		15,867,150
5.75%, 06/01/21 (Call 03/01/21)a,b		9,480		9,847,350

114 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Rowan Companies Inc.
4.88%, 06/01/22 (Call 03/01/22)	$	14,337	$	13,662,464
7.38%, 06/15/25 (Call 03/15/25)a		10,939		11,349,213
RSP Permian Inc.
5.25%, 01/15/25 (Call 01/15/20)a,b		1,500		1,533,750
6.63%, 10/01/22 (Call 10/01/17)a		6,820		7,189,417
Sanchez Energy Corp.
6.13%, 01/15/23 (Call 07/15/18)a		23,564		22,647,622
7.75%, 06/15/21 (Call 06/15/17)a		10,486		10,780,866
Seven Generations Energy Ltd.
6.75%, 05/01/23 (Call 05/01/18)b		8,985		9,506,317
6.88%, 06/30/23 (Call 06/30/18)a,b		7,775		8,230,032
8.25%, 05/15/20 (Call 03/31/17)b		2,229		2,354,381
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/18)a		10,370		9,670,025
5.63%, 06/01/25 (Call 06/01/20)a		9,924		9,365,775
6.13%, 11/15/22 (Call 11/15/18)a		12,120		12,263,084
6.75%, 09/15/26 (Call 09/15/21)a		11,090		11,284,075
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)a		22,932		20,409,480
5.80%, 01/23/20 (Call 12/23/19)a		17,853		17,696,786
6.70%, 01/23/25 (Call 10/23/24)		19,843		19,074,084
7.50%, 02/01/18		1,750		1,815,380
Sunoco LP/Sunoco Finance Corp.
5.50%, 08/01/20 (Call 08/01/17)		10,481		10,556,800

Security	Principal (000s)		Value
6.25%, 04/15/21 (Call 04/15/18)	$	16,988	$	17,242,820
6.38%, 04/01/23 (Call 04/01/18)a		14,632		14,778,320
Tesoro Corp.
4.25%, 10/01/17 (Call 09/01/17)a		709		716,759
4.75%, 12/15/23 (Call 10/15/23)a,b		19,415		20,085,903
5.13%, 12/15/26 (Call 09/15/26)a,b		16,665		17,595,897
5.38%, 10/01/22 (Call 10/01/17)a		10,047		10,434,454
Transocean Inc.
5.55%, 10/15/22 (Call 07/15/22)a		12,062		11,217,660
6.00%, 03/15/18a		13,551		13,842,185
6.50%, 11/15/20a		10,560		10,686,720
8.13%, 12/15/21a		13,890		14,592,834
9.00%, 07/15/23 (Call 07/15/20)a,b		26,049		28,017,997
Tullow Oil PLC
6.00%, 11/01/20 (Call 03/13/17)a,b		13,420		12,723,709
6.25%, 04/15/22 (Call 04/15/17)b		13,595		12,602,565
Whiting Petroleum Corp.
5.00%, 03/15/19 (Call 12/15/18)a		20,540		20,719,725
5.75%, 03/15/21 (Call 12/15/20)a		19,058		18,915,065
6.25%, 04/01/23 (Call 01/01/23)a		9,446		9,471,827
WPX Energy Inc.
5.25%, 09/15/24 (Call 06/15/24)a		9,380		9,144,523
6.00%, 01/15/22 (Call 10/15/21)a		21,946		22,384,920
7.50%, 08/01/20 (Call 07/01/20)		11,195		12,076,606
8.25%, 08/01/23 (Call 06/01/23)		12,487		14,032,266
				1,673,854,244

SCHEDULESOF INVESTMENTS 115

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
OIL & GAS SERVICES — 0.58%
CGG SA
6.50%, 06/01/21 (Call 03/31/17)a	$	10,602	$	5,074,503
6.88%, 01/15/22 (Call 07/15/17)a		8,168		3,907,026
Transocean Phoenix 2 Ltd.
7.75%, 10/15/24 (Call 10/15/20)b		12,695		13,642,592
Transocean Proteus Ltd.
6.25%, 12/01/24 (Call 12/01/20)a,b		13,100		13,534,575
Weatherford International Ltd.
4.50%, 04/15/22 (Call 01/15/22)a		13,168		12,609,856
7.75%, 06/15/21 (Call 05/15/21)a		17,299		18,553,178
8.25%, 06/15/23 (Call 03/15/23)a		15,693		16,954,979
9.63%, 03/01/19		10,494		11,463,383
9.88%, 02/15/24 (Call 11/15/23)a,b		11,285		12,977,750
				108,717,842
PACKAGING & CONTAINERS — 2.39%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.25%, 09/15/22 (Call 03/15/19)b		3,625		3,679,375
4.63%, 05/15/23 (Call 05/15/19)a,b		20,072		20,388,134
6.00%, 06/30/21 (Call 06/30/17)b		8,750		9,078,125
6.00%, 02/15/25 (Call 02/15/20)b		25,735		26,391,387
6.25%, 01/31/19 (Call 03/03/17)a,b		5,825		5,915,424
6.75%, 01/31/21 (Call 03/31/17)b		7,010		7,259,112
7.25%, 05/15/24 (Call 05/15/19)a,b		34,945		38,090,050
Ball Corp.
4.00%, 11/15/23a		22,035		22,007,456
4.38%, 12/15/20a		18,886		19,806,693

Security	Principal (000s)		Value
5.00%, 03/15/22a	$	15,644	$	16,571,298
5.25%, 07/01/25		22,173		23,491,903
Berry Plastics Corp.
5.13%, 07/15/23 (Call 07/15/18)a		15,349		15,792,681
5.50%, 05/15/22 (Call 05/15/17)		8,068		8,404,436
6.00%, 10/15/22 (Call 10/15/18)		7,270		7,675,830
Crown Americas LLC/Crown Americas Capital Corp. IV
4.50%, 01/15/23a		20,693		21,196,423
Crown Americas LLC/Crown Americas Capital Corp. V
4.25%, 09/30/26 (Call 03/31/26)a,b		8,200		7,865,411
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22a,b		8,105		8,417,281
5.88%, 08/15/23a,b		15,050		16,113,951
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
5.13%, 07/15/23 (Call 07/15/19)a,b		34,931		36,088,089
5.75%, 10/15/20 (Call 03/31/17)		60,816		62,640,480
6.88%, 02/15/21 (Call 03/31/17)a		8,382		8,612,184
7.00%, 07/15/24 (Call 07/15/19)a,b		18,163		19,502,521
Sealed Air Corp.
4.88%, 12/01/22 (Call 09/01/22)b		9,533		9,866,655
5.13%, 12/01/24 (Call 09/01/24)a,b		8,135		8,480,738
5.25%, 04/01/23 (Call 01/01/23)a,b		7,105		7,443,122
5.50%, 09/15/25 (Call 06/15/25)a,b		7,827		8,325,428
6.50%, 12/01/20 (Call 09/01/20)a,b		4,600		5,192,250
				444,296,437

116 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
PHARMACEUTICALS — 2.44%
Endo Finance LLC
5.75%, 01/15/22 (Call 03/31/17)a,b	$	13,030	$	12,111,978
Endo Finance LLC/Endo Finco Inc.
5.38%, 01/15/23 (Call 07/15/17)b		13,940		12,451,324
Endo Ltd./Endo Finance LLC/Endo Finco Inc.
6.00%, 07/15/23 (Call 07/15/18)b		34,144		31,304,257
6.00%, 02/01/25 (Call 02/01/20)a,b		23,790		21,262,312
Grifols Worldwide Operations Ltd.
5.25%, 04/01/22 (Call 04/01/17)a		20,433		21,184,154
inVentiv Group Holdings Inc./inVentiv Health Inc./inVentiv Health Clinical Inc.
7.50%, 10/01/24 (Call 10/01/19)a,b		13,825		14,481,688
Nature’s Bounty Co. (The)
7.63%, 05/15/21 (Call 05/15/18)a,b		24,467		25,659,766
Valeant Pharmaceuticals International Inc.
5.38%, 03/15/20 (Call 03/31/17)b		41,333		36,886,722
5.50%, 03/01/23 (Call 03/01/18)b		19,874		16,023,413
5.63%, 12/01/21 (Call 03/31/17)b		18,368		15,566,880
5.88%, 05/15/23 (Call 05/15/18)a,b		67,646		54,903,090
6.13%, 04/15/25 (Call 04/15/20)a,b		67,653		54,122,400
6.38%, 10/15/20 (Call 03/31/17)b		47,632		43,196,270
6.75%, 08/15/18 (Call 03/31/17)a,b		31,447		31,053,912
6.75%, 08/15/21 (Call 03/31/17)b		13,380		12,009,479

Security	Principal (000s)		Value
7.00%, 10/01/20 (Call 03/31/17)b	$	12,357	$	11,432,332
7.25%, 07/15/22 (Call 03/31/17)b		10,948		9,809,212
7.50%, 07/15/21 (Call 03/31/17)b		33,965		31,077,975
				454,537,164
PIPELINES — 3.22%
Cheniere Corpus Christi Holdings LLC
5.88%, 03/31/25a,b		22,728		23,973,981
7.00%, 06/30/24a,b		27,364		30,569,211
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
6.13%, 03/01/22 (Call 03/16/17)		9,004		9,300,382
6.25%, 04/01/23 (Call 04/01/18)a		11,798		12,206,717
DCP Midstream Operating LP
2.50%, 12/01/17 (Call 11/01/17)		2,033		2,029,612
3.88%, 03/15/23 (Call 12/15/22)		9,837		9,529,594
4.75%, 09/30/21a,b		8,536		8,815,554
5.35%, 03/15/20a,b		9,750		10,163,302
VRN, (3 mo. LIBOR US + 3.850%)
5.85%, 05/21/43 (Call 05/21/23)b		10,813		10,038,970
Enbridge Inc.
Series 16-A VRN, (3 mo. LIBOR US + 3.890%)
6.00%, 01/15/77 (Call 01/15/27)		13,690		13,914,858
Energy Transfer Equity LP
5.50%, 06/01/27 (Call 03/01/27)		20,655		21,945,937
5.88%, 01/15/24 (Call 10/15/23)a		22,828		24,530,588
7.50%, 10/15/20		23,329		26,259,706
EnLink Midstream Partners LP
2.70%, 04/01/19 (Call 03/01/19)		6,700		6,730,632

SCHEDULESOF INVESTMENTS 117

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
4.15%, 06/01/25 (Call 03/01/25)a	$	13,412	$	13,412,117
4.40%, 04/01/24 (Call 01/01/24)		10,807		11,033,436
4.85%, 07/15/26 (Call 04/15/26)a		10,350		10,870,044
Genesis Energy LP/Genesis Energy Finance Corp.
6.00%, 05/15/23 (Call 05/15/18)		7,240		7,343,236
6.75%, 08/01/22 (Call 08/01/18)		13,802		14,390,738
NGPL PipeCo LLC
7.12%, 12/15/17b		3,979		4,112,877
9.63%, 06/01/19 (Call 03/31/17)a,b		11,305		11,766,620
NuStar Logistics LP
4.80%, 09/01/20		6,855		7,058,313
ONEOK Inc.
4.25%, 02/01/22 (Call 11/01/21)a		9,336		9,569,646
7.50%, 09/01/23 (Call 06/01/23)		9,488		11,284,790
Rockies Express Pipeline LLC
5.63%, 04/15/20a,b		15,389		16,190,864
6.00%, 01/15/19a,b		9,660		10,145,264
6.85%, 07/15/18a,b		10,220		10,738,665
Sabine Pass Liquefaction LLC
5.63%, 02/01/21 (Call 11/01/20)a		17,836		19,379,349
5.63%, 04/15/23 (Call 01/15/23)a		10,249		11,271,543
5.63%, 03/01/25 (Call 12/01/24)		18,991		20,842,622
5.75%, 05/15/24 (Call 02/15/24)a		11,886		13,155,662
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.13%, 11/15/19 (Call 03/31/17)		14,755		14,979,238
4.25%, 11/15/23 (Call 05/15/18)		10,984		10,881,314

Security	Principal (000s)		Value
5.13%, 02/01/25 (Call 02/01/20)a,b	$	10,015	$	10,335,648
5.25%, 05/01/23 (Call 11/01/17)		10,080		10,420,200
5.38%, 02/01/27 (Call 02/01/22)a,b		10,580		11,008,490
6.75%, 03/15/24 (Call 09/15/19)a		10,483		11,428,108
Tesoro Logistics LP/Tesoro Logistics Finance Corp.
5.25%, 01/15/25 (Call 01/15/21)a		14,783		15,485,192
5.50%, 10/15/19 (Call 09/15/19)a		8,299		8,793,748
5.88%, 10/01/20 (Call 03/31/17)a		7,510		7,735,300
6.13%, 10/15/21 (Call 03/16/17)a		17,023		17,772,012
6.25%, 10/15/22 (Call 10/15/18)		16,039		17,120,207
6.38%, 05/01/24 (Call 05/01/19)a		8,344		9,073,069
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)a		15,651		15,259,725
4.55%, 06/24/24 (Call 03/24/24)a		24,633		25,002,495
				597,869,576
REAL ESTATE — 0.15%
Realogy Group LLC/Realogy Co-Issuer Corp.
4.50%, 04/15/19a,b		7,947		8,222,661
4.88%, 06/01/23 (Call 03/01/23)a,b		9,416		9,264,298
5.25%, 12/01/21 (Call 12/01/17)a,b		9,549		9,930,960
				27,417,919
REAL ESTATE INVESTMENT TRUSTS — 1.95%
Communications Sales & Leasing Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 04/15/18)a,b		10,906		11,452,890

118 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
7.13%, 12/15/24 (Call 12/15/19)a,b	$	8,680	$	8,940,400
8.25%, 10/15/23 (Call 04/15/19)a		24,888		26,941,260
Equinix Inc.
4.88%, 04/01/20 (Call 04/01/17)a		10,016		10,260,891
5.38%, 01/01/22 (Call 01/01/18)a		14,349		15,156,131
5.38%, 04/01/23 (Call 04/01/18)a		21,344		22,274,598
5.75%, 01/01/25 (Call 01/01/20)a		10,330		10,930,394
5.88%, 01/15/26 (Call 01/15/21)a		23,454		25,010,926
ESH Hospitality Inc.
5.25%, 05/01/25 (Call 05/01/20)a,b		28,693		28,869,763
Felcor Lodging LP
5.63%, 03/01/23 (Call 03/01/18)		10,155		10,580,241
6.00%, 06/01/25 (Call 06/01/20)a		9,615		10,153,440
Iron Mountain Inc.
4.38%, 06/01/21 (Call 06/01/18)b		9,661		9,926,678
5.75%, 08/15/24 (Call 08/15/17)a		18,842		19,430,812
6.00%, 10/01/20 (Call 10/01/17)a,b		21,050		22,108,604
6.00%, 08/15/23 (Call 08/15/18)a		11,421		12,066,287
iStar Inc.
4.00%, 11/01/17 (Call 08/01/17)a		1,800		1,806,075
5.00%, 07/01/19 (Call 03/31/17)a		16,427		16,659,031
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
4.50%, 09/01/26 (Call 06/01/26)a,b		9,633		9,346,301
5.63%, 05/01/24 (Call 02/01/24)a,b		21,744		22,994,280

Security	Principal (000s)		Value
MPT Operating Partnership LP/MPT Finance Corp.
5.25%, 08/01/26 (Call 08/01/21)	$	10,556	$	10,639,569
6.38%, 03/01/24 (Call 03/01/19)a		9,220		9,816,419
SBA Communications Corp.
4.88%, 07/15/22 (Call 07/15/17)a		17,163		17,549,168
4.88%, 09/01/24 (Call 09/01/19)b		23,180		23,061,782
VEREIT Operating Partnership LP
3.00%, 02/06/19 (Call 01/06/19)a		3,922		3,936,511
4.88%, 06/01/26 (Call 03/01/26)a		2,307		2,416,583
				362,329,034
RETAIL — 3.15%
1011778 BC ULC/New Red Finance Inc.
4.63%, 01/15/22 (Call 10/01/17)a,b		26,199		26,984,970
6.00%, 04/01/22 (Call 10/01/17)a,b		46,654		48,636,795
Claire’s Stores Inc.
9.00%, 03/15/19 (Call 03/31/17)b		17,796		8,275,140
Dollar Tree Inc.
5.25%, 03/01/20 (Call 03/31/17)		12,472		12,830,570
5.75%, 03/01/23 (Call 03/01/18)a		53,257		56,518,991
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 03/31/17)a		8,615		8,416,855
6.75%, 01/15/22 (Call 03/31/17)a		10,184		9,867,165
6.75%, 06/15/23 (Call 06/15/19)a		9,584		9,296,480
JC Penney Corp. Inc.
5.65%, 06/01/20a		9,457		9,324,035

SCHEDULESOF INVESTMENTS 119

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
5.88%, 07/01/23 (Call 07/01/19)a,b	$	10,520	$	10,566,025
8.13%, 10/01/19		8,335		8,875,082
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
5.00%, 06/01/24 (Call 06/01/19)a,b		22,579		23,227,017
5.25%, 06/01/26 (Call 06/01/21)a,b		24,232		25,049,830
L Brands Inc.
5.63%, 02/15/22a		20,332		21,374,015
5.63%, 10/15/23a		10,235		10,707,595
6.63%, 04/01/21a		20,629		22,687,349
7.00%, 05/01/20a		8,873		9,737,008
8.50%, 06/15/19		10,450		11,696,163
Michaels Stores Inc.
5.88%, 12/15/20 (Call 03/31/17)b		7,345		7,546,988
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/21 (Call 03/31/17)a,b		19,197		12,046,118
Penske Automotive Group Inc.
5.50%, 05/15/26 (Call 05/15/21)		10,007		9,948,923
5.75%, 10/01/22 (Call 10/01/17)a		11,764		12,180,991
PetSmart Inc.
7.13%, 03/15/23 (Call 03/15/18)a,b		40,405		39,593,292
QVC Inc.
3.13%, 04/01/19a		6,215		6,278,946
4.38%, 03/15/23		14,341		14,403,763
4.45%, 02/15/25 (Call 11/15/24)a		12,622		12,425,449
4.85%, 04/01/24a		14,113		14,354,550
5.13%, 07/02/22a		9,141		9,642,521
Rite Aid Corp.
6.13%, 04/01/23 (Call 04/01/18)a,b		31,790		33,713,762
6.75%, 06/15/21 (Call 03/31/17)a		13,200		13,746,000
9.25%, 03/15/20 (Call 03/31/17)a		13,279		13,710,568

Security	Principal (000s)		Value
Sally Holdings LLC/Sally Capital Inc.
5.63%, 12/01/25 (Call 12/01/20)a	$	15,489	$	15,798,780
5.75%, 06/01/22 (Call 06/01/17)a		18,568		19,148,250
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)		8,532		8,604,806
TRU Taj LLC/TRU Taj Finance Inc.
12.00%, 08/15/21 (Call 02/15/18)a,b		9,556		8,798,870
				586,013,662
SEMICONDUCTORS — 1.49%
Advanced Micro Devices Inc.
7.00%, 07/01/24 (Call 07/01/19)a		8,027		8,571,391
Micron Technology Inc.
5.25%, 08/01/23 (Call 02/01/18)a,b		21,732		21,922,155
5.25%, 01/15/24 (Call 05/01/18)a,b		11,156		11,295,450
5.50%, 02/01/25 (Call 08/01/19)a		25,100		25,947,125
5.63%, 01/15/26 (Call 05/01/20)a,b		8,850		9,036,833
5.88%, 02/15/22 (Call 03/31/17)a		12,024		12,504,960
NXP BV/NXP Funding LLC
3.75%, 06/01/18a,b		13,416		13,652,374
3.88%, 09/01/22a,b		20,044		20,532,673
4.13%, 06/15/20a,b		11,770		12,226,676
4.13%, 06/01/21a,b		25,923		26,878,262
4.63%, 06/15/22a,b		7,600		8,037,000
4.63%, 06/01/23a,b		17,119		18,174,624
5.75%, 02/15/21 (Call 03/09/17)a,b		9,297		9,570,099
5.75%, 03/15/23 (Call 03/15/18)a,b		9,172		9,670,669

120 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Qorvo Inc.
6.75%, 12/01/23 (Call 12/01/18)	$	8,376	$	9,108,691
7.00%, 12/01/25 (Call 12/01/20)a		11,053		12,195,802
Sensata Technologies BV
4.88%, 10/15/23a,b		9,980		10,204,550
5.00%, 10/01/25b		13,671		13,866,744
5.63%, 11/01/24a,b		7,583		7,973,403
Sensata Technologies UK Financing Co. PLC
6.25%, 02/15/26 (Call 02/15/21)a,b		15,048		16,251,840
				277,621,321
SHIPBUILDING — 0.11%
Huntington Ingalls Industries Inc.
5.00%, 12/15/21 (Call 12/15/17)a,b		9,655		10,076,199
5.00%, 11/15/25 (Call 11/15/20)a,b		10,618		11,107,915
				21,184,114
SOFTWARE — 2.86%
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 03/31/17)b		34,660		35,179,900
Change Healthcare Holdings LLC/Change Healthcare Finance Inc.
5.75%, 03/01/25 (Call 03/01/20)a,b		18,630		19,241,250
First Data Corp.
5.00%, 01/15/24 (Call 01/15/19)a,b		40,914		41,764,573
5.38%, 08/15/23 (Call 08/15/18)a,b		24,980		25,933,674
5.75%, 01/15/24 (Call 01/15/19)a,b		47,550		49,257,178
7.00%, 12/01/23 (Call 12/01/18)a,b		71,096		76,517,070
Infor U.S. Inc.
5.75%, 08/15/20 (Call 08/15/17)a,b		10,590		10,982,619

Security	Principal (000s)		Value
6.50%, 05/15/22 (Call 05/15/18)a	$	35,573	$	36,947,007
MSCI Inc.
4.75%, 08/01/26 (Call 08/01/21)a,b		10,479		10,496,148
5.25%, 11/15/24 (Call 11/15/19)a,b		16,271		17,125,228
5.75%, 08/15/25 (Call 08/15/20)a,b		16,757		17,835,229
Nuance Communications Inc.
5.38%, 08/15/20 (Call 03/31/17)b		8,923		9,119,128
5.63%, 12/15/26 (Call 12/15/21)a,b		11,100		11,349,750
Open Text Corp.
5.63%, 01/15/23 (Call 01/15/18)b		16,105		16,900,959
5.88%, 06/01/26 (Call 06/01/21)a,b		17,908		18,803,400
Quintiles IMS Inc.
4.88%, 05/15/23 (Call 05/15/18)b		16,105		16,559,407
5.00%, 10/15/26 (Call 10/15/21)b		20,891		21,204,365
Rackspace Hosting Inc.
8.63%, 11/15/24 (Call 11/15/19)a,b		25,257		26,614,564
Solera LLC/Solera Finance Inc.
10.50%, 03/01/24 (Call 03/01/19)a,b		37,024		42,288,072
Veritas U.S. Inc./Veritas Bermuda Ltd.
7.50%, 02/01/23 (Call 02/01/19)b		7,900		8,374,000
10.50%, 02/01/24 (Call 02/01/19)a,b		17,621		19,026,675
				531,520,196
STORAGE & WAREHOUSING — 0.18%
Algeco Scotsman Global Finance PLC
8.50%, 10/15/18 (Call 03/31/17)a,b		21,885		21,337,875
10.75%, 10/15/19 (Call 03/31/17)a,b		13,350		11,514,375
				32,852,250

SCHEDULESOF INVESTMENTS 121

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
TELECOMMUNICATIONS — 10.90%
Anixter Inc.
5.13%, 10/01/21a	$	6,144	$	6,423,894
CenturyLink Inc.
5.63%, 04/01/25 (Call 01/01/25)a		10,360		10,075,100
5.80%, 03/15/22a		30,116		31,076,731
6.45%, 06/15/21a		25,287		26,946,459
Series V
5.63%, 04/01/20a		20,542		21,710,326
Series W
6.75%, 12/01/23a		16,450		17,148,641
Series Y
7.50%, 04/01/24 (Call 01/01/24)a		21,499		23,138,299
CommScope Inc.
4.38%, 06/15/20 (Call 06/15/17)a,b		8,034		8,244,893
5.00%, 06/15/21 (Call 06/15/17)a,b		12,475		12,833,656
5.50%, 06/15/24 (Call 06/15/19)b		12,697		13,300,107
CommScope Technologies Finance LLC
6.00%, 06/15/25 (Call 06/15/20)a,b		32,208		34,385,905
Frontier Communications Corp.
6.25%, 09/15/21 (Call 06/15/21)a		16,590		15,808,832
6.88%, 01/15/25 (Call 10/15/24)a		16,683		14,055,427
7.13%, 03/15/19		10,225		10,812,938
7.13%, 01/15/23		17,764		16,032,010
7.63%, 04/15/24		15,160		13,517,667
8.13%, 10/01/18		10,250		10,980,312
8.50%, 04/15/20a		20,521		21,753,721
8.75%, 04/15/22a		9,475		9,522,375
8.88%, 09/15/20 (Call 06/15/20)a		22,569		23,937,246
9.25%, 07/01/21a		9,670		10,177,675
10.50%, 09/15/22 (Call 06/15/22)a		44,166		46,043,055

Security	Principal (000s)		Value
11.00%, 09/15/25 (Call 06/15/25)a	$	74,039	$	74,409,195
Hughes Satellite Systems Corp.
5.25%, 08/01/26a,b		17,226		17,531,546
6.50%, 06/15/19a		20,142		21,809,758
6.63%, 08/01/26a,b		15,379		16,003,695
7.63%, 06/15/21a		18,820		20,875,496
Inmarsat Finance PLC
4.88%, 05/15/22 (Call 05/15/17)a,b		22,174		22,174,000
6.50%, 10/01/24 (Call 10/01/19)a,b		8,100		8,357,175
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/18)a		42,726		35,355,765
7.25%, 04/01/19 (Call 03/31/17)a		28,898		27,588,765
7.25%, 10/15/20 (Call 03/31/17)a		45,695		42,096,519
7.50%, 04/01/21 (Call 03/31/17)a		24,980		22,856,700
8.00%, 02/15/24 (Call 02/15/19)a,b		28,588		31,017,980
9.50%, 09/30/22a,b		10,277		12,332,400
Koninklijke KPN NV VRN, (10 year USD Swap + 5.330%)
7.00%, 03/28/73 (Call 03/28/23)a,b		11,710		12,636,554
Level 3 Communications Inc.
5.75%, 12/01/22 (Call 12/01/17)		11,853		12,272,177
Level 3 Financing Inc.
5.13%, 05/01/23 (Call 05/01/18)a		15,314		15,601,137
5.25%, 03/15/26 (Call 03/15/21)a,b		16,533		16,677,664
5.38%, 08/15/22 (Call 08/15/17)a		21,036		21,752,381
5.38%, 01/15/24 (Call 01/15/19)a		17,174		17,606,213
5.38%, 05/01/25 (Call 05/01/20)a		18,180		18,732,336

122 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
5.63%, 02/01/23 (Call 02/01/18)a	$	9,575	$	9,863,338
6.13%, 01/15/21 (Call 03/31/17)		10,490		10,848,409
Nokia OYJ
5.38%, 05/15/19		19,406		20,561,627
SoftBank Group Corp.
4.50%, 04/15/20b		52,994		54,843,210
Sprint Communications Inc.
6.00%, 11/15/22		47,703		49,426,986
7.00%, 03/01/20a,b		20,164		22,029,170
7.00%, 08/15/20		30,542		32,947,470
9.00%, 11/15/18b		62,562		68,517,927
11.50%, 11/15/21		19,891		25,162,115
Sprint Corp.
7.13%, 06/15/24a		51,841		56,085,482
7.25%, 09/15/21a		45,828		49,893,026
7.63%, 02/15/25 (Call 11/15/24)a		32,142		35,878,507
7.88%, 09/15/23a		87,150		96,987,989
T-Mobile USA Inc.
5.25%, 09/01/18 (Call 03/04/17)a		7,430		7,518,603
6.00%, 03/01/23 (Call 09/01/18)a		26,495		27,997,545
6.00%, 04/15/24 (Call 04/15/19)		20,646		22,039,605
6.13%, 01/15/22 (Call 01/15/18)a		23,346		24,688,395
6.25%, 04/01/21 (Call 04/01/17)a		34,053		35,148,121
6.38%, 03/01/25 (Call 09/01/19)a		34,464		37,061,758
6.46%, 04/28/19 (Call 03/13/17)a		16,837		17,006,717
6.50%, 01/15/24 (Call 01/15/19)a		20,472		21,979,132
6.50%, 01/15/26 (Call 01/15/21)a		43,086		47,340,958
6.54%, 04/28/20 (Call 03/13/17)a		31,387		32,129,827
6.63%, 04/28/21 (Call 04/28/17)a		23,087		23,989,939

Security	Principal (000s)		Value
6.63%, 04/01/23 (Call 04/01/18)a	$	37,724	$	39,993,853
6.73%, 04/28/22 (Call 04/28/17)a		24,821		25,860,379
6.84%, 04/28/23 (Call 04/28/18)		12,188		12,977,536
Telecom Italia Capital SA
7.00%, 06/04/18a		12,287		12,950,867
7.18%, 06/18/19a		16,203		17,711,904
Telecom Italia SpA/Milano
5.30%, 05/30/24a,b		31,960		32,437,572
West Corp.
4.75%, 07/15/21 (Call 07/15/18)a,b		7,615		7,797,760
5.38%, 07/15/22 (Call 07/15/17)a,b		19,633		18,906,579
Wind Acquisition Finance SA
4.75%, 07/15/20 (Call 03/31/17)b		38,859		39,490,459
6.50%, 04/30/20 (Call 03/31/17)a,b		11,807		12,237,058
7.38%, 04/23/21 (Call 04/23/17)a,b		55,371		57,516,626
Windstream Services LLC
6.38%, 08/01/23 (Call 02/01/18)		10,883		9,866,406
7.50%, 06/01/22 (Call 06/01/17)a		9,469		9,368,392
7.50%, 04/01/23 (Call 03/31/17)		1,223		1,167,965
7.75%, 10/15/20 (Call 03/31/17)a		14,261		14,619,213
7.75%, 10/01/21 (Call 03/31/17)a		17,301		17,863,282
				2,026,324,432
TRANSPORTATION — 0.41%
Florida East Coast Holdings Corp.
6.75%, 05/01/19 (Call 03/31/17)a,b		17,815		18,171,300

SCHEDULESOF INVESTMENTS 123

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2017

Security	Principal or Shares (000s)		Value
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc.
7.38%, 01/15/22 (Call 03/31/17)a,b	$	13,848	$	10,452,577
XPO Logistics Inc.
6.13%, 09/01/23 (Call 09/01/19)a,b		12,880		13,499,850
6.50%, 06/15/22 (Call 06/15/18)a,b		32,529		34,193,402
				76,317,129
TRUCKING & LEASING — 0.23%
Park Aerospace Holdings Ltd.
5.25%, 08/15/22b		26,280		27,413,456
5.50%, 02/15/24b		15,040		15,679,200
				43,092,656
TOTAL CORPORATE BONDS & NOTES
(Cost: $18,239,893,331)				18,176,865,396
SHORT-TERM INVESTMENTS — 27.54%
MONEY MARKET FUNDS — 27.54%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%d,e,f		4,921,986		4,923,955,222
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%d,e		196,104		196,104,424
				5,120,059,646
TOTAL SHORT-TERM INVESTMENTS
(Cost: $5,118,428,075)				5,120,059,646

	Value
TOTAL INVESTMENTS IN SECURITIES — 125.29%
(Cost: $23,358,321,406)g	$	23,296,925,042
Other Assets, Less Liabilities — (25.29)%		(4,702,426,410	)
NET ASSETS — 100.00%	$	18,594,498,632

VRN  —  Variable Rate Note

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

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

^c  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^d  Affiliated money market fund.

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

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

^g  The cost of investments for federal income tax purposes was $23,358,687,700. Net unrealized depreciation was $61,762,658, of which $219,340,489 represented gross unrealized appreciation on securities and $281,103,147 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Corporate bonds & notes	$	—	$	18,176,865,396	$	—	$	18,176,865,396
Money market funds		5,120,059,646		—		—		5,120,059,646
Total	$	5,120,059,646	$	18,176,865,396	$	—	$	23,296,925,042

See notes to financial statements.

124 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 98.89%
ADVERTISING — 0.21%
Omnicom Group Inc.
3.60%, 04/15/26 (Call 01/15/26)	$	14,023	$	14,043,213
3.63%, 05/01/22		13,314		13,722,720
3.65%, 11/01/24 (Call 08/01/24)		9,198		9,385,320
4.45%, 08/15/20a		9,760		10,403,673
WPP Finance 2010
3.75%, 09/19/24a		9,805		9,956,942
4.75%, 11/21/21a		7,945		8,593,141
				66,105,009
AEROSPACE & DEFENSE — 1.12%
General Dynamics Corp.
2.25%, 11/15/22 (Call 08/15/22)		12,735		12,564,653
L3 Technologies Inc.
4.75%, 07/15/20		7,948		8,502,852
Lockheed Martin Corp.
2.50%, 11/23/20 (Call 10/23/20)		15,420		15,579,491
2.90%, 03/01/25 (Call 12/01/24)		12,257		12,056,355
3.35%, 09/15/21a		7,849		8,114,140
3.55%, 01/15/26 (Call 10/15/25)a		26,080		26,654,574
3.80%, 03/01/45 (Call 09/01/44)a		11,750		11,201,919
4.07%, 12/15/42		10,929		10,851,693
4.70%, 05/15/46 (Call 11/15/45)		21,970		24,075,042
Northrop Grumman Corp.
3.20%, 02/01/27 (Call 11/01/26)a		5,800		5,766,581
3.25%, 08/01/23		11,558		11,837,625
4.75%, 06/01/43a		12,168		13,347,153
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)		12,039		12,005,294
3.13%, 10/15/20		11,902		12,306,637
United Technologies Corp.
2.65%, 11/01/26 (Call 08/01/26)a		16,655		16,096,983

Security	Principal (000s)		Value
3.10%, 06/01/22a	$	26,294	$	27,038,396
3.75%, 11/01/46 (Call 05/01/46)a		16,550		15,838,820
4.15%, 05/15/45 (Call 11/16/44)a		11,915		12,153,671
4.50%, 04/15/20		23,324		25,123,335
4.50%, 06/01/42		36,864		39,512,026
5.70%, 04/15/40		14,416		17,746,348
6.13%, 07/15/38		9,316		11,951,590
				350,325,178
AGRICULTURE — 1.26%
Altria Group Inc.
2.63%, 09/16/26 (Call 06/16/26)		1,305		1,239,385
2.85%, 08/09/22		24,410		24,385,578
3.88%, 09/16/46 (Call 03/16/46)		13,234		12,460,900
4.00%, 01/31/24		20,652		21,784,655
4.25%, 08/09/42		13,256		13,136,125
4.75%, 05/05/21		24,696		26,849,568
5.38%, 01/31/44		25,659		29,785,406
Philip Morris International Inc.
1.88%, 02/25/21 (Call 01/25/21)a		20,175		19,783,605
2.50%, 08/22/22		5,150		5,083,134
2.75%, 02/25/26 (Call 11/25/25)a		6,160		5,946,957
2.90%, 11/15/21		10,016		10,165,700
3.25%, 11/10/24		23,311		23,519,086
3.38%, 08/11/25 (Call 05/11/25)a		6,410		6,496,956
3.88%, 08/21/42		7,226		6,820,496
4.13%, 03/04/43		14,069		13,745,738
4.25%, 11/10/44a		13,731		13,732,576
4.38%, 11/15/41a		10,756		10,905,061
4.50%, 03/26/20a		7,284		7,789,879
4.88%, 11/15/43		9,497		10,343,700
6.38%, 05/16/38		18,105		23,216,481
Reynolds American Inc.
3.25%, 06/12/20a		8,371		8,577,070
4.00%, 06/12/22a		11,489		12,055,087
4.45%, 06/12/25 (Call 03/12/25)		30,919		32,636,748

SCHEDULESOF INVESTMENTS 125

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
5.70%, 08/15/35 (Call 02/15/35)	$	11,450	$	13,265,827
5.85%, 08/15/45 (Call 02/15/45)		31,983		38,022,120
				391,747,838
APPAREL — 0.11%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)a		20,660		19,562,553
3.88%, 11/01/45 (Call 05/01/45)		14,268		14,033,929
				33,596,482
AUTO MANUFACTURERS — 2.33%
American Honda Finance Corp.
1.70%, 09/09/21a		14,935		14,473,295
2.45%, 09/24/20a		11,220		11,295,998
Daimler Finance North America LLC
8.50%, 01/18/31a		16,680		25,407,440
Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)a		14,200		14,603,168
4.75%, 01/15/43a		24,758		23,804,470
5.29%, 12/08/46 (Call 06/08/46)a		24,425		25,282,457
7.45%, 07/16/31a		21,039		26,607,712
Ford Motor Credit Co. LLC
3.10%, 05/04/23a		16,240		15,952,835
3.16%, 08/04/20a		14,230		14,474,782
3.20%, 01/15/21a		19,010		19,292,605
3.22%, 01/09/22a		6,175		6,211,085
3.34%, 03/18/21a		22,958		23,366,864
3.66%, 09/08/24		11,497		11,385,312
4.13%, 08/04/25a		21,993		22,262,185
4.25%, 09/20/22		15,295		16,032,473
4.38%, 08/06/23a		13,451		14,109,202
4.39%, 01/08/26a		16,845		17,319,791
5.75%, 02/01/21a		14,210		15,707,012
5.88%, 08/02/21		19,804		22,139,103
General Motors Co.
4.88%, 10/02/23a		15,685		16,828,024
5.00%, 04/01/35a		12,182		12,324,923
5.20%, 04/01/45a		19,884		20,025,139
6.25%, 10/02/43a		24,020		27,349,652

Security	Principal (000s)		Value
6.60%, 04/01/36 (Call 10/01/35)	$	10,715	$	12,556,814
6.75%, 04/01/46 (Call 10/01/45)a		10,795		13,069,109
General Motors Financial Co. Inc.
3.20%, 07/13/20 (Call 06/13/20)		19,843		20,235,387
3.20%, 07/06/21 (Call 06/06/21)a		21,990		22,247,892
3.45%, 01/14/22 (Call 12/14/21)a		7,300		7,406,201
3.45%, 04/10/22 (Call 02/10/22)a		16,866		17,105,765
3.70%, 11/24/20 (Call 10/24/20)		13,885		14,364,600
3.70%, 05/09/23 (Call 03/09/23)a		16,145		16,306,825
4.00%, 01/15/25 (Call 10/15/24)a		7,094		7,139,419
4.00%, 10/06/26 (Call 07/06/26)a		11,190		11,130,483
4.20%, 03/01/21 (Call 02/01/21)		26,730		28,031,751
4.30%, 07/13/25 (Call 04/13/25)a		9,395		9,581,260
4.35%, 01/17/27a		8,515		8,685,976
4.38%, 09/25/21a		15,850		16,737,657
5.25%, 03/01/26 (Call 12/01/25)a		15,055		16,291,660
Toyota Motor Credit Corp.
1.90%, 04/08/21a		12,751		12,545,075
2.15%, 03/12/20a		14,946		15,001,218
2.60%, 01/11/22a		11,000		11,051,163
3.20%, 01/11/27a		10,650		10,711,669
3.30%, 01/12/22a		17,840		18,483,205
3.40%, 09/15/21a		16,132		16,788,379
Series B
4.50%, 06/17/20a		6,064		6,521,652
				728,248,687
BANKS — 26.49%
Australia & New Zealand Banking Group Ltd./New York NY
2.30%, 06/01/21		13,835		13,686,021
2.55%, 11/23/21a		19,847		19,765,687

126 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
2.70%, 11/16/20	$	12,090	$	12,202,221
3.70%, 11/16/25a		6,060		6,311,520
Banco Bilbao Vizcaya Argentaria SA
3.00%, 10/20/20a		11,210		11,330,578
Bank of America Corp.
2.15%, 11/09/20 (Call 11/09/19)		1,050		1,041,443
2.50%, 10/21/22 (Call 10/21/21)		20,840		20,264,095
2.63%, 10/19/20		28,120		28,295,100
2.63%, 04/19/21a		21,675		21,682,699
3.25%, 10/21/27 (Call 10/21/26)		38,815		37,161,842
3.30%, 01/11/23		54,436		54,824,080
3.50%, 04/19/26a		30,995		30,757,637
3.88%, 08/01/25a		44,259		45,291,111
4.00%, 04/01/24		31,494		32,732,306
4.00%, 01/22/25		31,065		31,281,265
4.10%, 07/24/23		28,216		29,571,923
4.13%, 01/22/24		27,833		29,148,382
4.18%, 11/25/27 (Call 11/25/26)a		19,185		19,302,786
4.20%, 08/26/24		43,715		45,095,393
4.25%, 10/22/26a		21,288		21,654,801
4.45%, 03/03/26		29,305		30,317,435
4.88%, 04/01/44a		18,312		19,883,378
5.00%, 05/13/21a		21,410		23,298,234
5.00%, 01/21/44		24,475		27,030,361
5.63%, 07/01/20		33,300		36,710,336
5.70%, 01/24/22a		21,793		24,503,143
5.88%, 01/05/21		19,470		21,775,172
5.88%, 02/07/42a		21,230		26,127,578
6.11%, 01/29/37		27,129		32,074,606
7.75%, 05/14/38		23,722		33,166,558
Series L
2.25%, 04/21/20a		22,855		22,854,522
3.95%, 04/21/25		31,574		31,654,119
Bank of America N.A.
6.00%, 10/15/36		14,495		17,981,846
Bank of Montreal
1.90%, 08/27/21		22,273		21,703,225
2.55%, 11/06/22 (Call 10/06/22)a		15,884		15,788,259

Security	Principal (000s)		Value
Bank of New York Mellon Corp. (The)
2.05%, 05/03/21 (Call 04/03/21)	$	2,801	$	2,757,150
2.20%, 08/16/23 (Call 06/16/23)		18,630		17,881,113
2.45%, 11/27/20 (Call 10/27/20)		12,995		13,066,376
2.45%, 08/17/26 (Call 05/17/26)a		13,175		12,381,262
2.50%, 04/15/21 (Call 03/15/21)a		10,645		10,669,328
2.60%, 08/17/20 (Call 07/17/20)		15,866		16,077,733
2.60%, 02/07/22 (Call 01/07/22)		8,450		8,437,066
2.80%, 05/04/26 (Call 02/04/26)a		11,455		11,111,116
3.00%, 02/24/25 (Call 01/24/25)		7,350		7,288,042
3.55%, 09/23/21 (Call 08/23/21)		18,942		19,773,444
3.65%, 02/04/24 (Call 01/05/24)a		8,511		8,866,941
VRN, (3 mo. LIBOR US + 1.069%)
3.44%, 02/07/28 (Call 02/07/27)		5,000		5,055,700
Series G
2.15%, 02/24/20 (Call 01/24/20)		9,891		9,938,959
Bank of Nova Scotia (The)
2.35%, 10/21/20a		5,920		5,923,805
2.45%, 03/22/21		20,900		20,886,894
2.80%, 07/21/21a		16,586		16,820,700
4.38%, 01/13/21a		4,604		4,929,456
4.50%, 12/16/25a		8,765		9,127,719
Barclays Bank PLC
5.14%, 10/14/20		10,404		11,095,092
Barclays PLC
2.88%, 06/08/20a		10,670		10,703,265
3.20%, 08/10/21a		9,690		9,747,845
3.25%, 01/12/21		22,740		22,958,575
3.65%, 03/16/25		38,415		37,611,078

SCHEDULESOF INVESTMENTS 127

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
3.68%, 01/10/23 (Call 01/10/22)	$	24,385	$	24,622,303
4.34%, 01/10/28 (Call 01/10/27)		24,570		24,833,874
4.38%, 09/11/24a		15,645		15,707,622
4.38%, 01/12/26		35,616		36,353,191
4.95%, 01/10/47		19,000		19,395,609
5.20%, 05/12/26a		15,500		16,084,624
5.25%, 08/17/45		18,534		19,821,255
BB&T Corp.
2.05%, 05/10/21 (Call 04/09/21)a		11,720		11,537,381
2.45%, 01/15/20 (Call 12/15/19)		2,600		2,624,026
2.63%, 06/29/20 (Call 05/29/20)		11,646		11,791,860
BNP Paribas SA
2.38%, 05/21/20a		17,465		17,413,768
4.25%, 10/15/24		11,555		11,624,853
5.00%, 01/15/21a		35,118		37,986,663
BNP Paribas/BNP Paribas U.S. Medium-Term Note Program LLC
3.25%, 03/03/23		12,498		12,565,925
BPCE SA
2.25%, 01/27/20a		7,430		7,380,357
2.65%, 02/03/21a		8,680		8,645,861
2.75%, 12/02/21a		5,350		5,322,344
4.00%, 04/15/24		22,675		23,626,296
Branch Banking & Trust Co.
2.63%, 01/15/22 (Call 12/15/21)		10,500		10,531,443
3.63%, 09/16/25 (Call 08/16/25)		13,270		13,624,888
3.80%, 10/30/26 (Call 09/30/26)		10,800		11,224,064
Capital One Financial Corp.
3.20%, 02/05/25 (Call 01/05/25)a		15,510		15,207,777
3.50%, 06/15/23a		18,686		19,029,809
3.75%, 04/24/24 (Call 03/24/24)		10,175		10,444,883
3.75%, 07/28/26 (Call 06/28/26)a		14,550		14,209,011

Security	Principal (000s)		Value
4.20%, 10/29/25 (Call 09/29/25)	$	19,787	$	20,141,138
4.75%, 07/15/21		23,514		25,484,123
Capital One N.A./Mclean VA
2.25%, 09/13/21 (Call 08/13/21)		10,780		10,572,724
2.95%, 07/23/21 (Call 06/23/21)a		14,345		14,525,525
Citigroup Inc.
2.35%, 08/02/21a		18,832		18,580,919
2.40%, 02/18/20a		10,662		10,690,445
2.65%, 10/26/20a		31,925		32,094,991
2.70%, 03/30/21		43,580		43,680,234
2.90%, 12/08/21 (Call 11/08/21)		7,800		7,821,774
3.20%, 10/21/26 (Call 07/21/26)		20,765		19,971,156
3.30%, 04/27/25		19,359		19,052,473
3.40%, 05/01/26a		25,433		24,840,037
3.50%, 05/15/23a		17,784		17,856,034
3.70%, 01/12/26		26,290		26,359,011
3.75%, 06/16/24		676		692,730
3.88%, 10/25/23		13,584		14,050,869
3.88%, 03/26/25a		11,399		11,338,384
4.00%, 08/05/24a		7,888		8,036,194
4.05%, 07/30/22		13,271		13,844,950
4.13%, 07/25/28a		27,945		27,739,565
4.30%, 11/20/26		13,383		13,615,463
4.40%, 06/10/25		29,819		30,577,625
4.45%, 09/29/27		55,019		56,312,365
4.50%, 01/14/22		28,789		30,794,997
4.60%, 03/09/26		18,875		19,576,839
4.65%, 07/30/45		12,494		13,178,866
4.75%, 05/18/46		19,500		19,560,120
5.30%, 05/06/44		14,435		15,757,289
5.38%, 08/09/20a		12,410		13,581,921
5.50%, 09/13/25		16,968		18,688,823
5.88%, 01/30/42		12,630		15,374,047
6.63%, 06/15/32		10,595		13,019,387
6.68%, 09/13/43a		12,363		15,857,318
8.13%, 07/15/39		23,183		34,697,375
VRN, (3 mo. LIBOR US + 1.563%)
3.89%, 01/10/28 (Call 01/10/27)		4,320		4,363,718

128 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Citizens Bank N.A./Providence RI
2.55%, 05/13/21 (Call 04/13/21)	$	10,640	$	10,605,180
Citizens Financial Group Inc.
4.30%, 12/03/25 (Call 11/03/25)a		8,183		8,420,168
Commonwealth Bank of Australia/New York NY
2.30%, 03/12/20a		7,164		7,169,708
2.40%, 11/02/20a		9,490		9,471,231
2.55%, 03/15/21		14,635		14,649,139
Cooperatieve Rabobank UA
3.75%, 07/21/26a		10,280		10,002,639
3.88%, 02/08/22a		37,320		39,339,023
3.95%, 11/09/22		19,270		19,756,371
4.38%, 08/04/25		24,414		24,928,347
4.50%, 01/11/21a		16,935		18,166,732
4.63%, 12/01/23		26,144		27,521,561
5.25%, 05/24/41a		18,913		22,158,607
5.25%, 08/04/45a		14,740		15,959,309
5.75%, 12/01/43		17,598		20,388,950
Cooperatieve Rabobank UA/NY
2.50%, 01/19/21		24,690		24,692,454
2.75%, 01/10/22		4,100		4,110,745
3.38%, 05/21/25a		9,112		9,211,519
Credit Suisse AG/New York NY
3.00%, 10/29/21a		23,275		23,519,257
3.63%, 09/09/24a		34,025		34,491,588
4.38%, 08/05/20		11,675		12,375,527
5.40%, 01/14/20a		8,711		9,369,515
Credit Suisse Group Funding Guernsey Ltd.
2.75%, 03/26/20a		19,485		19,435,758
3.13%, 12/10/20b		1,000		1,004,681
3.13%, 12/10/20a		35,560		35,755,854
3.45%, 04/16/21a		14,965		15,182,744
3.75%, 03/26/25a		31,310		30,723,216
3.80%, 09/15/22		31,678		32,110,601
3.80%, 06/09/23a		9,250		9,284,499
4.55%, 04/17/26a		34,910		36,068,764
4.88%, 05/15/45a		18,500		18,962,385
Deutsche Bank AG
2.95%, 08/20/20		6,560		6,557,526

Security	Principal (000s)		Value
3.13%, 01/13/21	$	5,990	$	5,989,144
3.38%, 05/12/21a		21,150		21,241,417
4.10%, 01/13/26		810		807,031
4.50%, 04/01/25a		13,880		13,257,508
Deutsche Bank AG/London
3.70%, 05/30/24a		18,913		18,430,011
Discover Bank/Greenwood DE
3.10%, 06/04/20 (Call 05/04/20)		12,175		12,439,467
3.20%, 08/09/21 (Call 07/09/21)		8,944		9,058,062
3.45%, 07/27/26 (Call 04/27/26)		9,990		9,767,138
4.20%, 08/08/23		20,040		21,007,345
Fifth Third Bancorp.
2.88%, 07/27/20 (Call 06/27/20)		12,073		12,269,580
4.30%, 01/16/24 (Call 12/16/23)		9,145		9,514,238
8.25%, 03/01/38		9,095		12,942,685
Fifth Third Bank/Cincinnati OH
2.25%, 06/14/21 (Call 05/14/21)		3,300		3,267,093
2.88%, 10/01/21 (Call 09/01/21)a		15,735		15,943,077
3.85%, 03/15/26 (Call 02/15/26)		23,870		24,173,168
Goldman Sachs Group Inc. (The)
2.35%, 11/15/21 (Call 11/15/20)		29,520		28,903,699
2.60%, 04/23/20 (Call 03/23/20)a		17,962		18,081,174
2.63%, 04/25/21 (Call 03/25/21)		32,270		32,291,805
2.75%, 09/15/20 (Call 08/15/20)a		30,339		30,613,001
2.88%, 02/25/21 (Call 01/25/21)a		17,920		18,084,715
3.00%, 04/26/22 (Call 04/26/21)		26,170		26,187,869
3.50%, 01/23/25 (Call 10/23/24)		27,936		27,907,771
3.50%, 11/16/26 (Call 11/16/25)		29,995		29,492,413

SCHEDULESOF INVESTMENTS 129

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
3.63%, 01/22/23	$	29,617	$	30,348,641
3.75%, 05/22/25 (Call 02/22/25)		23,433		23,733,688
3.75%, 02/25/26 (Call 11/25/25)a		19,235		19,432,211
3.85%, 07/08/24 (Call 04/08/24)a		22,848		23,504,229
3.85%, 01/26/27 (Call 01/26/26)a		24,674		24,908,591
4.00%, 03/03/24		31,571		32,835,469
4.25%, 10/21/25a		29,905		30,661,091
4.75%, 10/21/45 (Call 04/21/45)		23,330		24,872,335
4.80%, 07/08/44 (Call 01/08/44)		30,146		32,342,136
5.15%, 05/22/45a		22,975		24,403,588
5.25%, 07/27/21a		43,555		47,894,437
5.38%, 03/15/20a		29,023		31,504,850
5.75%, 01/24/22a		57,917		65,226,797
5.95%, 01/15/27a		12,671		14,610,958
6.00%, 06/15/20		25,351		28,140,872
6.13%, 02/15/33a		24,691		30,093,307
6.25%, 02/01/41a		29,495		37,159,385
6.45%, 05/01/36a		23,221		28,135,520
6.75%, 10/01/37		67,230		83,911,135
HSBC Bank USA N.A./New York NY
4.88%, 08/24/20		13,580		14,488,381
5.63%, 08/15/35		9,053		10,482,872
5.88%, 11/01/34		8,190		9,692,682
HSBC Holdings PLC
2.65%, 01/05/22a		20,935		20,667,509
2.95%, 05/25/21a		26,915		27,081,421
3.40%, 03/08/21a		35,215		36,059,466
3.60%, 05/25/23a		25,015		25,451,304
3.90%, 05/25/26a		30,170		30,567,010
4.00%, 03/30/22a		31,225		32,624,467
4.25%, 03/14/24		17,694		17,991,896
4.25%, 08/18/25a		24,370		24,723,643
4.30%, 03/08/26a		32,095		33,505,623
4.38%, 11/23/26a		21,170		21,423,877
4.88%, 01/14/22a		6,662		7,220,364
5.10%, 04/05/21		29,044		31,583,799
5.25%, 03/14/44a		19,549		21,275,069

Security	Principal (000s)		Value
6.10%, 01/14/42	$	8,858	$	11,094,122
6.50%, 05/02/36		24,013		29,582,436
6.50%, 09/15/37		33,009		40,947,318
6.80%, 06/01/38		12,210		15,690,051
HSBC USA Inc.
2.35%, 03/05/20		19,741		19,731,297
2.75%, 08/07/20		18,060		18,223,557
3.50%, 06/23/24a		8,450		8,569,317
5.00%, 09/27/20a		11,600		12,427,831
Huntington Bancshares Inc./OH
2.30%, 01/14/22 (Call 12/14/21)a		18,600		18,129,494
3.15%, 03/14/21 (Call 02/14/21)a		10,845		11,031,859
Intesa Sanpaolo SpA
5.25%, 01/12/24		12,117		12,772,553
JPMorgan Chase & Co.
2.25%, 01/23/20 (Call 12/23/19)a		10,263		10,311,620
2.30%, 08/15/21 (Call 08/15/20)a		17,680		17,530,302
2.40%, 06/07/21 (Call 05/07/21)a		9,940		9,890,262
2.55%, 10/29/20 (Call 09/29/20)		22,460		22,601,633
2.55%, 03/01/21 (Call 02/01/21)a		31,183		31,284,566
2.70%, 05/18/23 (Call 03/18/23)		39,786		39,027,265
2.75%, 06/23/20 (Call 05/23/20)		23,194		23,536,510
2.95%, 10/01/26 (Call 07/01/26)		30,455		29,094,709
2.97%, 01/15/23 (Call 01/15/22)a		31,350		31,366,509
3.13%, 01/23/25 (Call 10/23/24)a		30,632		30,303,438
3.20%, 01/25/23a		24,228		24,559,504
3.20%, 06/15/26 (Call 03/15/26)a		15,270		14,913,423
3.25%, 09/23/22a		40,679		41,534,280
3.30%, 04/01/26 (Call 01/01/26)		39,960		39,357,080
3.38%, 05/01/23a		26,538		26,626,557

130 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
3.63%, 05/13/24a	$	20,999	$	21,527,799
3.63%, 12/01/27 (Call 12/01/26)		15,730		15,309,893
3.88%, 02/01/24a		29,959		31,314,300
3.88%, 09/10/24		39,290		39,998,497
3.90%, 07/15/25 (Call 04/15/25)a		35,409		36,726,300
4.13%, 12/15/26a		22,131		22,670,706
4.25%, 10/15/20		34,470		36,791,034
4.25%, 10/01/27a		22,590		23,293,459
4.35%, 08/15/21a		32,660		35,029,656
4.40%, 07/22/20a		27,928		29,857,719
4.50%, 01/24/22		39,119		42,270,540
4.63%, 05/10/21a		25,237		27,239,879
4.85%, 02/01/44a		9,569		10,652,427
4.95%, 03/25/20		16,503		17,866,541
4.95%, 06/01/45		19,228		20,694,345
5.40%, 01/06/42		15,711		18,565,989
5.50%, 10/15/40		16,991		20,208,754
5.60%, 07/15/41		20,446		24,639,818
5.63%, 08/16/43		14,512		16,970,791
6.40%, 05/15/38		21,998		28,583,053
VRN, (3 mo. LIBOR US + 1.337%)
3.78%, 02/01/28 (Call 02/01/27)		5,500		5,584,920
KeyBank N.A./Cleveland OH
2.25%, 03/16/20		13,850		13,893,417
3.30%, 06/01/25a		3,030		3,041,795
KeyCorp
2.90%, 09/15/20		17,240		17,541,648
5.10%, 03/24/21a		11,710		12,816,268
Lloyds Bank PLC
2.70%, 08/17/20a		10,290		10,394,490
6.38%, 01/21/21a		8,426		9,582,833
Lloyds Banking Group PLC
3.00%, 01/11/22		16,900		16,869,043
3.10%, 07/06/21		8,640		8,741,513
3.75%, 01/11/27		12,250		12,142,614
4.50%, 11/04/24		15,240		15,627,384
4.58%, 12/10/25a		16,326		16,672,928
4.65%, 03/24/26a		26,558		27,187,170
5.30%, 12/01/45a		10,820		11,516,056

Security	Principal (000s)		Value
Manufacturers & Traders Trust Co.
2.10%, 02/06/20 (Call 01/06/20)	$	8,590	$	8,588,856
2.90%, 02/06/25 (Call 01/06/25)		12,815		12,630,461
Mitsubishi UFJ Financial Group Inc.
2.19%, 09/13/21a		23,300		22,724,828
2.76%, 09/13/26a		12,370		11,616,455
2.95%, 03/01/21a		38,920		39,270,517
3.00%, 02/22/22		2,715		2,739,531
3.68%, 02/22/27		7,000		7,077,984
3.85%, 03/01/26a		33,080		34,008,860
Mizuho Financial Group Inc.
2.27%, 09/13/21a		14,250		13,903,464
2.84%, 09/13/26a		7,880		7,455,400
Morgan Stanley
2.50%, 04/21/21a		29,505		29,336,671
2.63%, 11/17/21a		32,040		31,825,040
2.80%, 06/16/20		31,455		31,859,980
3.13%, 07/27/26a		44,210		42,459,779
3.63%, 01/20/27		33,700		33,556,896
3.70%, 10/23/24		36,540		37,252,106
3.75%, 02/25/23a		27,188		28,097,493
3.88%, 01/27/26a		32,236		32,842,391
3.95%, 04/23/27		22,255		22,142,116
4.00%, 07/23/25		36,164		37,388,401
4.10%, 05/22/23		19,979		20,698,248
4.30%, 01/27/45		29,097		29,336,204
4.35%, 09/08/26		37,540		38,612,919
4.38%, 01/22/47		34,653		35,121,134
4.88%, 11/01/22a		26,002		28,054,892
5.00%, 11/24/25		21,169		22,826,192
5.50%, 07/24/20		10,531		11,542,073
5.50%, 07/28/21		29,665		32,990,094
5.75%, 01/25/21		31,156		34,844,453
6.38%, 07/24/42		21,314		27,540,269
7.25%, 04/01/32		10,848		14,812,216
Series F
3.88%, 04/29/24a		34,344		35,487,617
National Australia Bank Ltd./New York
1.88%, 07/12/21a		16,260		15,789,190

SCHEDULESOF INVESTMENTS 131

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
2.50%, 07/12/26	$	4,680	$	4,369,900
2.63%, 07/23/20a		20,640		20,813,494
2.63%, 01/14/21		14,925		14,986,387
2.80%, 01/10/22a		5,750		5,792,506
3.00%, 01/20/23a		11,929		12,016,459
3.38%, 01/14/26		7,735		7,778,396
Northern Trust Corp.
3.95%, 10/30/25		7,360		7,794,593
PNC Bank N.A.
2.15%, 04/29/21 (Call 03/30/21)a,c		16,670		16,505,304
2.30%, 06/01/20 (Call 05/02/20)c		9,030		9,070,802
2.40%, 10/18/19 (Call 09/18/19)c		3,720		3,766,187
2.45%, 11/05/20 (Call 10/06/20)c		6,910		6,950,637
2.55%, 12/09/21 (Call 11/09/21)a,c		8,460		8,457,408
2.60%, 07/21/20 (Call 06/21/20)c		7,440		7,529,061
2.70%, 11/01/22 (Call 10/01/22)c		6,492		6,455,534
2.95%, 01/30/23 (Call 12/30/22)c		12,353		12,353,414
2.95%, 02/23/25 (Call 01/24/25)c		12,330		12,213,507
3.25%, 06/01/25 (Call 05/02/25)a,c		13,240		13,379,932
3.80%, 07/25/23 (Call 06/25/23)c		10,023		10,488,263
PNC Financial Services Group Inc. (The)
3.30%, 03/08/22 (Call 02/06/22)c		10,229		10,566,238
3.90%, 04/29/24 (Call 03/29/24)a,c		10,260		10,627,282
4.38%, 08/11/20c		8,704		9,284,792
5.13%, 02/08/20c		5,025		5,442,429
Royal Bank of Canada
2.15%, 03/06/20a		10,910		10,918,892
2.35%, 10/30/20a		18,860		18,901,924
2.50%, 01/19/21		15,760		15,863,264
4.65%, 01/27/26a		15,681		16,722,901

Security	Principal (000s)		Value
Royal Bank of Scotland Group PLC
3.88%, 09/12/23a	$	36,330	$	35,872,416
4.80%, 04/05/26a		14,440		14,797,303
Santander Holdings USA Inc.
2.65%, 04/17/20 (Call 03/17/20)a		11,680		11,635,207
4.50%, 07/17/25 (Call 04/17/25)		10,655		10,879,667
Santander UK Group Holdings PLC
2.88%, 10/16/20		12,002		12,053,115
2.88%, 08/05/21		15,230		15,064,809
3.13%, 01/08/21		13,135		13,226,794
3.57%, 01/10/23 (Call 01/10/22)		9,495		9,539,535
Santander UK PLC
2.38%, 03/16/20		6,377		6,374,899
4.00%, 03/13/24a		13,163		13,711,022
Skandinaviska Enskilda Banken AB
1.88%, 09/13/21a		14,050		13,604,119
2.63%, 03/15/21		30,335		30,439,771
State Street Corp.
1.95%, 05/19/21		10,430		10,247,794
2.55%, 08/18/20a		11,094		11,248,589
2.65%, 05/19/26a		6,020		5,771,944
3.10%, 05/15/23		10,773		10,880,289
3.30%, 12/16/24		10,577		10,770,923
3.55%, 08/18/25		13,921		14,372,620
3.70%, 11/20/23		15,480		16,215,325
4.38%, 03/07/21a		9,480		10,191,288
Sumitomo Mitsui Banking Corp.
2.45%, 01/16/20a		4,620		4,633,174
2.65%, 07/23/20a		11,720		11,748,318
3.20%, 07/18/22		8,404		8,512,669
Sumitomo Mitsui Financial Group Inc.
2.06%, 07/14/21a		17,070		16,638,624
2.44%, 10/19/21		14,630		14,423,755
2.63%, 07/14/26a		23,730		22,088,840
2.85%, 01/11/22a		6,750		6,754,729
2.93%, 03/09/21		21,990		22,173,317
3.01%, 10/19/26a		18,070		17,340,142

132 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
3.45%, 01/11/27a	$	14,700	$	14,614,961
3.78%, 03/09/26a		16,205		16,557,673
SunTrust Bank/Atlanta GA
3.30%, 05/15/26 (Call 04/15/26)a		4,180		4,066,434
SunTrust Banks Inc.
2.70%, 01/27/22 (Call 12/27/21)a		14,900		14,890,920
2.90%, 03/03/21 (Call 02/03/21)a		18,879		19,124,699
Svenska Handelsbanken AB
1.88%, 09/07/21a		4,750		4,611,882
2.40%, 10/01/20a		16,100		16,075,002
2.45%, 03/30/21a		19,230		19,194,642
Toronto-Dominion Bank (The)
1.80%, 07/13/21a		16,180		15,714,026
2.13%, 04/07/21a		20,525		20,300,672
2.50%, 12/14/20a		20,960		21,091,293
U.S. Bancorp.
2.35%, 01/29/21 (Call 12/29/20)		6,805		6,818,366
2.63%, 01/24/22 (Call 12/23/21)		19,950		20,052,040
2.95%, 07/15/22 (Call 06/15/22)		12,512		12,646,484
3.00%, 03/15/22 (Call 02/15/22)		11,587		11,816,653
3.10%, 04/27/26 (Call 03/27/26)a		7,232		7,120,655
3.70%, 01/30/24 (Call 12/29/23)		14,740		15,465,743
4.13%, 05/24/21 (Call 04/23/21)		10,264		10,979,121
Series F
3.60%, 09/11/24 (Call 08/11/24)		18,236		18,783,645
Series V
2.38%, 07/22/26 (Call 06/22/26)		14,145		13,243,846
U.S. Bank N.A./Cincinnati OH
2.80%, 01/27/25 (Call 12/27/24)		21,242		20,942,955
UBS AG/Stamford CT
2.35%, 03/26/20a		19,860		19,860,060
4.88%, 08/04/20a		9,405		10,140,331

Security	Principal (000s)		Value
Wachovia Corp.
5.50%, 08/01/35	$	8,957	$	10,104,179
Wells Fargo & Co.
2.10%, 07/26/21a		42,410		41,568,191
2.50%, 03/04/21a		29,845		29,870,697
2.55%, 12/07/20		26,290		26,441,270
2.60%, 07/22/20a		37,655		38,064,528
3.00%, 01/22/21a		18,189		18,541,605
3.00%, 02/19/25a		34,070		33,241,016
3.00%, 04/22/26a		52,430		50,639,180
3.00%, 10/23/26a		39,405		37,805,397
3.07%, 01/24/23 (Call 01/24/22)		38,500		38,724,763
3.30%, 09/09/24a		29,204		29,303,390
3.50%, 03/08/22		23,001		23,855,501
3.55%, 09/29/25		37,018		37,300,118
3.90%, 05/01/45a		23,870		23,070,546
4.10%, 06/03/26a		33,320		34,019,450
4.13%, 08/15/23a		18,854		19,678,772
4.30%, 07/22/27a		24,830		25,842,133
4.40%, 06/14/46		29,245		28,801,166
4.60%, 04/01/21a		29,730		32,070,360
4.65%, 11/04/44a		23,460		23,941,915
4.75%, 12/07/46		16,270		16,919,124
4.90%, 11/17/45		28,995		30,638,413
5.38%, 02/07/35		8,906		10,275,977
5.38%, 11/02/43		24,675		27,817,137
5.61%, 01/15/44		24,645		28,721,951
Series M
3.45%, 02/13/23a		25,722		26,074,718
Series N
2.15%, 01/30/20a		10,479		10,491,653
Wells Fargo Bank N.A.
5.85%, 02/01/37		11,270		13,492,497
6.60%, 01/15/38		15,089		19,797,746
Westpac Banking Corp.
2.00%, 08/19/21a		23,345		22,817,770
2.10%, 05/13/21a		13,445		13,220,752
2.30%, 05/26/20a		10,375		10,373,938
2.60%, 11/23/20a		15,990		16,088,695
2.70%, 08/19/26a		14,342		13,635,678
2.80%, 01/11/22		12,550		12,645,701
2.85%, 05/13/26		14,820		14,311,975
				8,275,913,379

SCHEDULESOF INVESTMENTS 133

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
BEVERAGES — 3.72%
Anheuser-Busch InBev Finance Inc.
2.63%, 01/17/23	$	15,040	$	14,846,285
2.65%, 02/01/21 (Call 01/01/21)a		86,610		87,482,864
3.30%, 02/01/23 (Call 12/01/22)a		87,760		89,473,918
3.65%, 02/01/26 (Call 11/01/25)a		140,260		142,395,178
3.70%, 02/01/24a		16,776		17,413,345
4.00%, 01/17/43		6,388		6,145,268
4.63%, 02/01/44a		9,875		10,435,481
4.70%, 02/01/36 (Call 08/01/35)		66,943		71,869,891
4.90%, 02/01/46 (Call 08/01/45)a		130,187		142,855,106
Anheuser-Busch InBev Worldwide Inc.
2.50%, 07/15/22a		40,223		39,888,429
3.75%, 01/15/22		1,500		1,580,657
3.75%, 07/15/42		13,806		12,790,215
4.95%, 01/15/42		850		936,666
5.00%, 04/15/20		7,127		7,717,711
5.38%, 01/15/20a		17,267		18,842,562
8.20%, 01/15/39		16,332		24,860,833
Coca-Cola Co. (The)
1.55%, 09/01/21a		12,645		12,368,434
1.88%, 10/27/20a		17,955		17,967,708
2.25%, 09/01/26a		12,555		11,785,003
2.45%, 11/01/20a		17,914		18,240,359
2.50%, 04/01/23a		8,914		8,837,809
2.88%, 10/27/25		19,505		19,409,529
3.15%, 11/15/20		12,202		12,721,561
3.20%, 11/01/23a		18,157		18,806,612
3.30%, 09/01/21a		13,343		13,981,350
Diageo Capital PLC
2.63%, 04/29/23 (Call 01/29/23)a		15,336		15,238,497
Diageo Investment Corp.
2.88%, 05/11/22a		10,214		10,433,295
Molson Coors Brewing Co.
2.10%, 07/15/21 (Call 06/15/21)		16,920		16,553,288

Security	Principal (000s)		Value
3.00%, 07/15/26 (Call 04/15/26)a	$	28,960	$	27,628,283
4.20%, 07/15/46 (Call 01/15/46)a		24,028		22,806,895
5.00%, 05/01/42a		12,480		13,284,441
Pepsi Bottling Group Inc. (The) Series B
7.00%, 03/01/29		10,140		13,834,208
PepsiCo Inc.
1.70%, 10/06/21 (Call 09/06/21)a		6,295		6,130,534
1.85%, 04/30/20 (Call 03/30/20)		10,745		10,724,979
2.15%, 10/14/20 (Call 09/14/20)		12,860		12,936,823
2.38%, 10/06/26 (Call 07/06/26)a		9,190		8,715,449
2.75%, 03/05/22a		15,221		15,424,995
2.75%, 03/01/23a		17,243		17,312,631
2.75%, 04/30/25 (Call 01/30/25)a		12,515		12,338,105
2.85%, 02/24/26 (Call 11/24/25)a		11,926		11,789,188
3.00%, 08/25/21a		15,076		15,525,539
3.10%, 07/17/22 (Call 05/17/22)		10,215		10,502,926
3.13%, 11/01/20		12,884		13,383,938
3.45%, 10/06/46 (Call 04/06/46)		23,785		21,750,529
3.60%, 03/01/24 (Call 12/01/23)		14,745		15,574,719
4.00%, 03/05/42		6,199		6,247,259
4.45%, 04/14/46 (Call 10/14/45)		15,815		17,136,059
4.88%, 11/01/40a		8,516		9,679,563
5.50%, 01/15/40a		11,684		14,273,516
				1,162,878,433
BIOTECHNOLOGY — 2.60%
Amgen Inc.
1.85%, 08/19/21 (Call 07/19/21)a		11,590		11,249,842
2.13%, 05/01/20 (Call 04/01/20)		8,848		8,845,866

134 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
2.25%, 08/19/23 (Call 06/19/23)a	$	7,360	$	7,012,283
2.60%, 08/19/26 (Call 05/19/26)a		20,430		18,974,669
3.13%, 05/01/25 (Call 02/01/25)		13,390		13,164,638
3.45%, 10/01/20a		10,485		10,939,703
3.63%, 05/15/22 (Call 02/15/22)		8,837		9,155,924
3.63%, 05/22/24 (Call 02/22/24)		15,435		15,897,877
3.88%, 11/15/21 (Call 08/15/21)a		17,883		18,884,244
4.10%, 06/15/21 (Call 03/15/21)a		7,211		7,628,460
4.40%, 05/01/45 (Call 11/01/44)		42,034		41,299,389
4.56%, 06/15/48 (Call 12/15/47)		19,187		19,144,917
4.66%, 06/15/51 (Call 12/15/50)		40,853		41,083,762
5.15%, 11/15/41 (Call 05/15/41)		4,280		4,658,408
Baxalta Inc.
2.88%, 06/23/20 (Call 05/23/20)		15,105		15,269,889
4.00%, 06/23/25 (Call 03/23/25)a		24,420		24,913,462
5.25%, 06/23/45 (Call 12/23/44)a		13,534		14,743,191
Biogen Inc.
2.90%, 09/15/20a		24,320		24,777,235
3.63%, 09/15/22		13,265		13,698,166
4.05%, 09/15/25 (Call 06/15/25)		25,500		26,385,561
5.20%, 09/15/45 (Call 03/15/45)		23,250		25,279,588
Celgene Corp.
2.88%, 08/15/20a		13,908		14,116,299
3.25%, 08/15/22		12,191		12,354,936
3.55%, 08/15/22		14,352		14,768,085
3.63%, 05/15/24 (Call 02/15/24)		12,811		12,981,750
3.88%, 08/15/25 (Call 05/15/25)		33,375		34,112,334

Security	Principal (000s)		Value
4.63%, 05/15/44 (Call 11/15/43)a	$	8,870	$	8,829,905
5.00%, 08/15/45 (Call 02/15/45)		28,529		30,218,559
Gilead Sciences Inc.
2.50%, 09/01/23 (Call 07/01/23)		20,730		20,073,317
2.55%, 09/01/20a		21,129		21,327,568
2.95%, 03/01/27 (Call 12/01/26)a		18,470		17,675,236
3.25%, 09/01/22 (Call 07/01/22)		15,800		16,168,069
3.50%, 02/01/25 (Call 11/01/24)		19,527		19,704,194
3.65%, 03/01/26 (Call 12/01/25)		37,972		38,501,307
3.70%, 04/01/24 (Call 01/01/24)		22,150		22,796,521
4.00%, 09/01/36 (Call 03/01/36)a		6,410		6,167,131
4.15%, 03/01/47 (Call 09/01/46)a		21,130		20,153,794
4.40%, 12/01/21 (Call 09/01/21)a		15,930		17,193,936
4.50%, 04/01/21 (Call 01/01/21)a		10,234		11,013,081
4.50%, 02/01/45 (Call 08/01/44)a		23,808		23,832,917
4.60%, 09/01/35 (Call 03/01/35)a		11,718		12,160,433
4.75%, 03/01/46 (Call 09/01/45)a		27,019		28,008,279
4.80%, 04/01/44 (Call 10/01/43)a		19,305		20,164,536
5.65%, 12/01/41 (Call 06/01/41)		14,485		16,797,491
				812,126,752
CHEMICALS — 1.02%
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)a		11,782		11,950,705
3.50%, 10/01/24 (Call 07/01/24)		13,704		13,993,011

SCHEDULESOF INVESTMENTS 135

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
4.13%, 11/15/21 (Call 08/15/21)	$	16,866	$	17,931,732
4.25%, 11/15/20 (Call 08/15/20)a		15,509		16,519,411
4.38%, 11/15/42 (Call 05/15/42)a		11,320		11,531,623
5.25%, 11/15/41 (Call 05/15/41)		12,968		14,597,827
7.38%, 11/01/29a		6,802		9,196,942
9.40%, 05/15/39		9,996		16,051,874
Eastman Chemical Co.
2.70%, 01/15/20 (Call 12/15/19)		2,968		3,007,849
3.60%, 08/15/22 (Call 05/15/22)		5,717		5,910,458
3.80%, 03/15/25 (Call 12/15/24)a		1,993		2,036,722
4.65%, 10/15/44 (Call 04/15/44)		13,180		13,530,094
EI du Pont de Nemours & Co.
2.80%, 02/15/23		18,234		18,102,730
3.63%, 01/15/21a		11,073		11,522,961
4.15%, 02/15/43a		7,714		7,671,732
LYB International Finance BV
4.00%, 07/15/23a		7,696		8,087,356
4.88%, 03/15/44 (Call 09/15/43)a		18,871		20,007,814
5.25%, 07/15/43a		8,293		9,198,761
LYB International Finance II BV
3.50%, 03/02/27 (Call 12/02/26)		3,985		3,978,026
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)		17,149		16,427,334
5.75%, 04/15/24 (Call 01/15/24)a		9,640		11,066,334
6.00%, 11/15/21 (Call 08/17/21)a		5,363		6,087,683
Monsanto Co.
3.38%, 07/15/24 (Call 04/15/24)a		9,189		9,254,498
4.40%, 07/15/44 (Call 01/15/44)		14,965		14,878,417
4.70%, 07/15/64 (Call 01/15/64)		7,135		6,837,184

Security	Principal (000s)		Value
Mosaic Co. (The)
4.25%, 11/15/23 (Call 08/15/23)a	$	8,400	$	8,715,785
Potash Corp. of Saskatchewan Inc.
3.63%, 03/15/24 (Call 12/15/23)		8,147		8,162,469
Rohm & Haas Co.
7.85%, 07/15/29a		9,551		13,289,886
Westlake Chemical Corp.
3.60%, 08/15/26 (Call 05/15/26)a,b		7,360		7,257,722
				316,804,940
COMMERCIAL SERVICES — 0.26%
Automatic Data Processing Inc.
2.25%, 09/15/20 (Call 08/15/20)		12,872		12,986,479
3.38%, 09/15/25 (Call 06/15/25)		11,027		11,408,469
Ecolab Inc.
2.70%, 11/01/26 (Call 08/01/26)		10,040		9,650,780
4.35%, 12/08/21a		17,670		19,090,477
5.50%, 12/08/41		5,818		6,952,552
S&P Global Inc.
4.40%, 02/15/26 (Call 11/15/25)		9,885		10,515,908
Total System Services Inc.
3.80%, 04/01/21 (Call 03/01/21)a		6,610		6,842,324
4.80%, 04/01/26 (Call 01/01/26)		3,701		3,983,599
				81,430,588
COMPUTERS — 3.74%
Apple Inc.
1.55%, 08/04/21 (Call 07/04/21)		19,310		18,711,241
2.00%, 05/06/20a		16,049		16,092,660
2.15%, 02/09/22a		15,215		15,046,798
2.25%, 02/23/21 (Call 01/23/21)		38,110		38,185,035
2.40%, 05/03/23a		67,620		66,550,306
2.45%, 08/04/26 (Call 05/04/26)a		27,078		25,667,231

136 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
2.50%, 02/09/22 (Call 01/09/22)	$	3,000	$	3,008,492
2.50%, 02/09/25a		15,813		15,298,464
2.70%, 05/13/22		19,959		20,151,508
2.85%, 05/06/21a		50,551		51,784,561
2.85%, 02/23/23 (Call 12/23/22)		22,017		22,217,289
3.00%, 02/09/24 (Call 12/09/23)		3,000		3,030,551
3.20%, 05/13/25a		24,577		24,926,731
3.25%, 02/23/26 (Call 11/23/25)a		39,615		40,090,166
3.35%, 02/09/27 (Call 11/09/26)		15,000		15,223,999
3.45%, 05/06/24		44,949		46,679,536
3.45%, 02/09/45		27,788		24,991,641
3.85%, 05/04/43		32,436		31,258,187
3.85%, 08/04/46 (Call 02/04/46)a		24,650		23,623,520
4.25%, 02/09/47 (Call 08/09/46)		10,000		10,251,079
4.38%, 05/13/45		26,740		27,777,087
4.45%, 05/06/44		24,412		25,634,160
4.50%, 02/23/36 (Call 08/23/35)a		8,168		8,868,479
4.65%, 02/23/46 (Call 08/23/45)		46,315		50,397,551
Diamond 1 Finance Corp./Diamond 2 Finance Corp.
4.42%, 06/15/21 (Call 05/15/21)b		50,783		53,262,449
5.45%, 06/15/23 (Call 04/15/23)b		45,579		49,352,504
6.02%, 06/15/26 (Call 03/15/26)b		53,990		59,548,033
8.10%, 07/15/36 (Call 01/15/36)a,b		19,165		24,173,631
8.35%, 07/15/46 (Call 01/15/46)b		25,404		33,008,817
Hewlett Packard Enterprise Co.
3.60%, 10/15/20 (Call 09/15/20)		34,215		35,096,638
4.40%, 10/15/22 (Call 08/15/22)		17,640		18,546,638

Security	Principal (000s)		Value
4.90%, 10/15/25 (Call 07/15/25)a	$	30,340	$	31,581,677
6.20%, 10/15/35 (Call 04/15/35)		8,230		8,737,044
6.35%, 10/15/45 (Call 04/15/45)a		20,135		20,980,346
HP Inc.
4.30%, 06/01/21a		13,027		13,769,379
4.38%, 09/15/21a		11,200		11,881,583
4.65%, 12/09/21a		13,169		14,114,073
6.00%, 09/15/41a		16,082		16,528,295
International Business Machines Corp.
1.63%, 05/15/20a		9,217		9,157,847
1.88%, 08/01/22a		13,541		13,114,155
2.25%, 02/19/21a		9,400		9,433,604
2.50%, 01/27/22		5,250		5,294,608
2.88%, 11/09/22		7,800		7,897,018
3.30%, 01/27/27		8,000		8,070,400
3.38%, 08/01/23a		22,164		22,919,737
3.45%, 02/19/26a		14,272		14,606,162
3.63%, 02/12/24a		26,264		27,482,537
4.00%, 06/20/42a		10,284		10,311,193
4.70%, 02/19/46a		1,000		1,107,190
Seagate HDD Cayman
4.75%, 06/01/23a		11,670		11,670,000
4.75%, 01/01/25a		11,901		11,484,465
				1,168,596,295
COSMETICS & PERSONAL CARE — 0.19%
Procter & Gamble Co. (The)
1.70%, 11/03/21		5,385		5,294,353
2.30%, 02/06/22a		13,489		13,559,739
2.45%, 11/03/26a		6,260		5,998,288
3.10%, 08/15/23		14,469		14,921,695
5.55%, 03/05/37a		14,178		18,463,581
				58,237,656
DIVERSIFIED FINANCIAL SERVICES — 2.77%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.95%, 02/01/22 (Call 01/01/22)a		9,870		10,221,805
4.50%, 05/15/21a		23,830		25,249,555
4.63%, 10/30/20a		750		799,000
5.00%, 10/01/21a		19,030		20,596,845

SCHEDULESOF INVESTMENTS 137

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Air Lease Corp.
3.00%, 09/15/23 (Call 07/15/23)a	$	13,320	$	13,119,767
American Express Co.
2.65%, 12/02/22		14,733		14,632,045
4.05%, 12/03/42a		13,654		13,596,949
American Express Credit Corp.
2.25%, 05/05/21 (Call 04/04/21)a		22,195		21,987,064
2.38%, 05/26/20 (Call 04/25/20)		24,765		24,898,986
Series F
2.60%, 09/14/20 (Call 08/14/20)a		19,729		19,940,369
Ameriprise Financial Inc.
4.00%, 10/15/23		15,053		15,966,142
5.30%, 03/15/20		3,500		3,808,817
Capital One Bank USA N.A.
3.38%, 02/15/23		16,920		17,018,561
CME Group Inc.
3.00%, 09/15/22		10,808		11,076,320
3.00%, 03/15/25 (Call 12/15/24)a		10,089		10,145,844
5.30%, 09/15/43 (Call 03/15/43)a		7,271		8,684,165
Discover Financial Services
4.10%, 02/09/27 (Call 11/09/26)		4,055		4,095,550
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/20b		200		201,663
2.34%, 11/15/20a		67,704		68,251,427
3.37%, 11/15/25a		24,916		25,665,553
4.42%, 11/15/35a		132,109		141,481,037
HSBC Finance Corp.
6.68%, 01/15/21		38,426		43,501,564
Intercontinental Exchange Inc.
2.75%, 12/01/20 (Call 11/01/20)a		15,140		15,398,122
3.75%, 12/01/25 (Call 09/01/25)a		18,489		19,257,231
4.00%, 10/15/23		5,035		5,358,207
International Lease Finance Corp.
5.88%, 08/15/22a		16,635		18,732,925
8.25%, 12/15/20		24,437		29,093,407

Security	Principal (000s)		Value
Jefferies Group LLC
6.88%, 04/15/21a	$	6,472	$	7,359,316
MasterCard Inc.
2.95%, 11/21/26 (Call 08/21/26)a		10,880		10,864,393
Nomura Holdings Inc.
6.70%, 03/04/20 a		14,123		15,731,634
Synchrony Financial
3.70%, 08/04/26 (Call 05/04/26)a		880		862,506
3.75%, 08/15/21 (Call 06/15/21)		9,100		9,374,776
4.25%, 08/15/24 (Call 05/15/24)		16,180		16,744,140
4.50%, 07/23/25 (Call 04/24/25)		14,280		14,936,577
Visa Inc.
2.20%, 12/14/20 (Call 11/14/20)		35,590		35,880,183
2.80%, 12/14/22 (Call 10/14/22)		26,250		26,588,657
3.15%, 12/14/25 (Call 09/14/25)a		49,480		50,130,232
4.15%, 12/14/35 (Call 06/14/35)a		25,724		27,286,023
4.30%, 12/14/45 (Call 06/14/45)a		43,552		46,695,731
				865,233,088
ELECTRIC — 1.67%
Berkshire Hathaway Energy Co.
4.50%, 02/01/45 (Call 08/01/44)a		13,786		14,492,914
5.15%, 11/15/43 (Call 05/15/43)		9,844		11,242,314
6.13%, 04/01/36		19,150		24,109,429
6.50%, 09/15/37a		10,811		14,143,430
Consolidated Edison Co. of New York Inc.
4.45%, 03/15/44 (Call 09/15/43)		9,286		9,856,773
4.63%, 12/01/54 (Call 06/01/54)a		10,610		11,360,482
Duke Energy Carolinas LLC
3.88%, 03/15/46 (Call 09/15/45)		600		595,578
5.30%, 02/15/40a		8,967		10,825,636

138 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Duke Energy Corp.
1.80%, 09/01/21 (Call 08/01/21)a	$	16,360	$	15,840,897
2.65%, 09/01/26 (Call 06/01/26)a		22,145		20,816,526
3.75%, 04/15/24 (Call 01/15/24)		13,886		14,359,246
3.75%, 09/01/46 (Call 03/01/46)		21,205		19,537,645
Duke Energy Florida LLC
6.40%, 06/15/38a		11,356		15,100,359
Emera U.S. Finance LP
2.70%, 06/15/21 (Call 05/15/21)		11,610		11,537,291
3.55%, 06/15/26 (Call 03/15/26)a		13,178		12,995,377
4.75%, 06/15/46 (Call 12/15/45)a		11,510		11,858,282
Exelon Corp.
2.85%, 06/15/20 (Call 05/15/20)		9,146		9,278,415
3.40%, 04/15/26 (Call 01/15/26)a		9,760		9,640,079
3.95%, 06/15/25 (Call 03/15/25)a		8,735		8,999,155
4.45%, 04/15/46 (Call 10/15/45)a		9,480		9,503,756
5.10%, 06/15/45 (Call 12/15/44)a		1,799		1,968,736
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)		10,073		9,505,135
6.25%, 10/01/39a		9,181		9,317,993
FirstEnergy Corp.
Series B
4.25%, 03/15/23 (Call 12/15/22)		1,100		1,148,750
Series C
7.38%, 11/15/31		1,111		1,463,984
Fortis Inc./Canada
3.06%, 10/04/26 (Call 07/04/26)a,b		18,490		17,415,824
Georgia Power Co.
4.30%, 03/15/42		7,342		7,506,150

Security	Principal (000s)		Value
Oncor Electric Delivery Co. LLC
7.00%, 09/01/22	$	9,413	$	11,464,975
Pacific Gas & Electric Co.
3.50%, 10/01/20 (Call 07/01/20)a		11,232		11,678,245
5.40%, 01/15/40		12,281		14,589,474
5.80%, 03/01/37		11,406		14,111,886
6.05%, 03/01/34a		33,692		42,539,294
Southern California Edison Co.
4.65%, 10/01/43 (Call 04/01/43)		8,636		9,632,576
Southern Co. (The)
2.35%, 07/01/21 (Call 06/01/21)a		24,520		24,199,065
2.95%, 07/01/23 (Call 05/01/23)		10,565		10,400,434
3.25%, 07/01/26 (Call 04/01/26)a		36,870		35,953,065
4.40%, 07/01/46 (Call 01/01/46)		32,581		32,421,832
Virginia Electric & Power Co. Series A
3.15%, 01/15/26 (Call 10/15/25)		9,301		9,304,097
				520,715,099
ELECTRONICS — 0.31%
Fortive Corp.
2.35%, 06/15/21 (Call 05/15/21)a,b		3,625		3,587,237
3.15%, 06/15/26 (Call 03/15/26)a,b		16,695		16,539,351
Honeywell International Inc.
1.85%, 11/01/21 (Call 10/01/21)a		25,750		25,241,535
2.50%, 11/01/26 (Call 08/01/26)a		29,170		27,820,637
4.25%, 03/01/21		8,939		9,655,059
Koninklijke Philips NV
3.75%, 03/15/22		12,531		13,059,251
				95,903,070
ENGINEERING & CONSTRUCTION — 0.07%
ABB Finance USA Inc.
2.88%, 05/08/22a		15,210		15,375,921

SCHEDULESOF INVESTMENTS 139

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
4.38%, 05/08/42a	$	4,347	$	4,647,767
				20,023,688
ENVIRONMENTAL CONTROL — 0.09%
Republic Services Inc.
3.55%, 06/01/22 (Call 03/01/22)		9,310		9,696,798
5.00%, 03/01/20a		9,072		9,815,211
Waste Management Inc.
4.10%, 03/01/45 (Call 09/01/44)a		8,964		9,108,188
				28,620,197
FOOD — 1.27%
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)		9,134		9,368,935
3.20%, 02/10/27 (Call 11/10/26)a		4,950		4,882,334
JM Smucker Co. (The)
3.50%, 10/15/21		1,025		1,065,452
3.50%, 03/15/25a		20,965		21,283,184
Kellogg Co.
3.25%, 04/01/26a		9,320		9,159,210
4.00%, 12/15/20a		7,817		8,244,402
Series B
7.45%, 04/01/31		1,196		1,562,324
Kraft Heinz Foods Co.
2.80%, 07/02/20 (Call 06/02/20)a		16,340		16,512,929
3.00%, 06/01/26 (Call 03/01/26)		22,670		21,372,598
3.50%, 06/06/22a		24,376		24,908,165
3.50%, 07/15/22 (Call 05/15/22)a		12,335		12,606,803
3.95%, 07/15/25 (Call 04/15/25)		23,240		23,717,749
4.38%, 06/01/46 (Call 12/01/45)a		42,437		39,977,424
5.00%, 07/15/35 (Call 01/15/35)		12,846		13,515,083
5.00%, 06/04/42		20,710		21,188,917
5.20%, 07/15/45 (Call 01/15/45)		31,590		33,356,854
6.50%, 02/09/40		11,249		13,675,426
6.88%, 01/26/39		10,460		13,196,603

Security	Principal (000s)		Value
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)a	$	13,750	$	12,753,063
4.45%, 02/01/47 (Call 08/01/46)		8,250		8,181,826
6.15%, 01/15/20a		1,787		1,975,064
Sysco Corp.
2.60%, 10/01/20 (Call 09/01/20)a		7,000		7,061,873
3.30%, 07/15/26 (Call 04/15/26)a		12,414		12,217,032
3.75%, 10/01/25 (Call 07/01/25)		8,348		8,513,659
Tyson Foods Inc.
3.95%, 08/15/24 (Call 05/15/24)		11,270		11,515,026
4.50%, 06/15/22 (Call 03/15/22)		14,180		15,159,390
Unilever Capital Corp.
4.25%, 02/10/21a		13,868		14,917,005
5.90%, 11/15/32a		11,884		15,190,951
				397,079,281
FOREST PRODUCTS & PAPER — 0.20%
International Paper Co.
3.00%, 02/15/27 (Call 11/15/26)		29,525		27,951,046
3.65%, 06/15/24 (Call 03/15/24)a		7,425		7,568,510
4.40%, 08/15/47 (Call 02/15/47)		15,165		14,698,570
4.80%, 06/15/44 (Call 12/15/43)		10,120		10,308,262
7.30%, 11/15/39		1,050		1,378,640
				61,905,028
GAS — 0.06%
NiSource Finance Corp.
4.80%, 02/15/44 (Call 08/15/43)		7,481		8,017,040
Sempra Energy
6.00%, 10/15/39a		9,335		11,459,270
				19,476,310

140 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
HEALTH CARE – PRODUCTS — 2.06%
Abbott Laboratories
2.00%, 03/15/20a	$	7,589	$	7,513,042
2.55%, 03/15/22a		11,333		11,135,411
2.90%, 11/30/21 (Call 10/30/21)a		36,590		36,715,094
2.95%, 03/15/25 (Call 12/15/24)a		12,290		11,739,020
3.40%, 11/30/23 (Call 09/30/23)a		16,860		16,924,613
3.75%, 11/30/26 (Call 08/30/26)		37,770		37,801,372
4.75%, 11/30/36 (Call 05/30/36)		28,315		29,156,315
4.90%, 11/30/46 (Call 05/30/46)a		37,910		39,325,715
Becton Dickinson and Co.
3.13%, 11/08/21		13,645		13,952,389
3.73%, 12/15/24 (Call 09/15/24)		15,405		15,910,238
4.69%, 12/15/44 (Call 06/15/44)a		17,030		18,047,696
Boston Scientific Corp.
3.85%, 05/15/25a		9,780		9,947,327
Medtronic Inc.
2.50%, 03/15/20		24,428		24,794,635
3.15%, 03/15/22a		34,650		35,682,185
3.50%, 03/15/25		49,434		50,775,001
3.63%, 03/15/24 (Call 12/15/23)a		6,093		6,361,520
4.38%, 03/15/35a		30,824		32,775,329
4.45%, 03/15/20		6,853		7,333,926
4.63%, 03/15/45		51,433		55,719,997
St. Jude Medical LLC
3.25%, 04/15/23 (Call 01/15/23)		9,982		9,927,596
Stryker Corp.
2.63%, 03/15/21 (Call 02/15/21)		10,980		11,047,764
3.38%, 11/01/25 (Call 08/01/25)		7,323		7,370,903
3.50%, 03/15/26 (Call 12/15/25)a		9,625		9,756,451

Security	Principal (000s)		Value
4.63%, 03/15/46 (Call 09/15/45)	$	13,160	$	13,801,162
Thermo Fisher Scientific Inc.
2.95%, 09/19/26 (Call 06/19/26)		9,926		9,520,818
3.00%, 04/15/23 (Call 02/15/23)		11,610		11,501,077
3.15%, 01/15/23 (Call 10/15/22)		8,688		8,690,997
3.30%, 02/15/22a		9,442		9,633,795
3.60%, 08/15/21 (Call 05/15/21)		10,326		10,707,223
4.15%, 02/01/24 (Call 11/01/23)a		11,456		12,054,784
4.50%, 03/01/21a		11,806		12,603,846
Zimmer Biomet Holdings Inc.
2.70%, 04/01/20 (Call 03/01/20)		13,770		13,863,142
3.15%, 04/01/22 (Call 02/01/22)		13,875		13,866,252
3.55%, 04/01/25 (Call 01/01/25)a		27,397		27,159,764
				643,116,399
HEALTH CARE – SERVICES — 1.70%
Aetna Inc.
2.40%, 06/15/21 (Call 03/16/17)		25,090		25,340,900
2.75%, 11/15/22 (Call 08/15/22)		9,077		9,067,116
2.80%, 06/15/23 (Call 04/15/23)		18,765		18,560,462
3.20%, 06/15/26 (Call 03/16/17)		35,605		35,961,050
3.50%, 11/15/24 (Call 08/15/24)		17,711		18,160,096
3.95%, 09/01/20a		1,995		2,113,902
4.25%, 06/15/36 (Call 03/16/17)		23,532		23,790,852
4.38%, 06/15/46 (Call 03/16/17)		25,615		25,896,765
6.63%, 06/15/36		8,213		10,728,524
Anthem Inc.
3.13%, 05/15/22		10,272		10,322,459

SCHEDULESOF INVESTMENTS 141

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
3.30%, 01/15/23a	$	11,980	$	12,067,480
3.50%, 08/15/24 (Call 05/15/24)		8,165		8,201,043
4.63%, 05/15/42		15,986		16,421,917
4.65%, 01/15/43a		9,615		9,958,553
4.65%, 08/15/44 (Call 02/15/44)a		8,459		8,755,803
5.85%, 01/15/36		8,987		10,489,917
6.38%, 06/15/37		890		1,094,548
Cigna Corp.
3.25%, 04/15/25 (Call 01/15/25)a		21,795		21,618,269
4.00%, 02/15/22 (Call 11/15/21)		7,114		7,493,864
5.38%, 02/15/42 (Call 08/15/41)		10,305		11,862,551
Humana Inc.
4.95%, 10/01/44 (Call 04/01/44)		8,325		8,881,913
Laboratory Corp. of America Holdings
3.60%, 02/01/25 (Call 11/01/24)		14,641		14,434,213
4.70%, 02/01/45 (Call 08/01/44)		11,567		11,352,862
UnitedHealth Group Inc.
2.13%, 03/15/21a		9,746		9,665,984
2.70%, 07/15/20a		15,855		16,221,894
2.88%, 12/15/21a		10,002		10,168,897
2.88%, 03/15/22 (Call 12/15/21)a		14,142		14,386,607
2.88%, 03/15/23a		7,477		7,525,982
3.10%, 03/15/26a		7,870		7,833,596
3.35%, 07/15/22a		12,270		12,752,917
3.45%, 01/15/27a		13,190		13,492,440
3.75%, 07/15/25a		24,367		25,488,491
4.20%, 01/15/47 (Call 07/15/46)a		12,965		13,413,265
4.25%, 03/15/43 (Call 09/15/42)		6,140		6,361,970
4.63%, 07/15/35a		13,810		15,284,073
4.75%, 07/15/45		31,775		35,664,387
5.80%, 03/15/36a		5,130		6,358,614
6.88%, 02/15/38		10,005		13,803,244
				530,997,420

Security	Principal (000s)		Value
HOUSEWARES — 0.31%
Newell Brands Inc.
3.15%, 04/01/21 (Call 03/01/21)a	$	14,600	$	14,878,136
3.85%, 04/01/23 (Call 02/01/23)		30,192		31,384,790
4.20%, 04/01/26 (Call 01/01/26)a		23,730		24,927,107
5.50%, 04/01/46 (Call 10/01/45)		22,195		25,966,443
				97,156,476
INSURANCE — 1.91%
Aflac Inc.
3.63%, 11/15/24a		9,448		9,773,618
American International Group Inc.
3.30%, 03/01/21 (Call 02/01/21)		22,583		23,135,599
3.75%, 07/10/25 (Call 04/10/25)		12,585		12,637,264
3.88%, 01/15/35 (Call 07/15/34)		13,373		12,472,482
3.90%, 04/01/26 (Call 01/01/26)		19,821		20,053,798
4.13%, 02/15/24		13,275		13,791,074
4.38%, 01/15/55 (Call 07/15/54)		10,256		9,357,188
4.50%, 07/16/44 (Call 01/16/44)		27,268		26,661,361
4.80%, 07/10/45 (Call 01/10/45)		13,585		13,902,416
4.88%, 06/01/22		21,784		23,648,750
6.25%, 05/01/36		7,713		9,298,383
Aon PLC
3.88%, 12/15/25 (Call 09/15/25)		7,350		7,537,186
Berkshire Hathaway Finance Corp.
3.00%, 05/15/22a		9,389		9,625,738
4.25%, 01/15/21a		7,381		7,956,385
5.75%, 01/15/40a		6,948		8,685,930

142 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Berkshire Hathaway Inc.
2.20%, 03/15/21 (Call 02/15/21)a	$	12,220	$	12,275,381
2.75%, 03/15/23 (Call 01/15/23)		25,292		25,361,672
3.13%, 03/15/26 (Call 12/15/25)		29,645		29,735,975
4.50%, 02/11/43a		18,523		20,082,122
Chubb Corp. (The)
6.00%, 05/11/37a		8,641		11,096,088
Chubb INA Holdings Inc.
2.30%, 11/03/20 (Call 10/03/20)		15,820		15,877,436
2.88%, 11/03/22 (Call 09/03/22)		24,514		24,779,717
3.15%, 03/15/25a		15,927		16,063,647
3.35%, 05/03/26 (Call 02/03/26)a		15,552		15,809,634
4.35%, 11/03/45 (Call 05/03/45)a		17,890		19,117,243
Manulife Financial Corp.
4.15%, 03/04/26a		11,255		11,894,904
5.38%, 03/04/46a		9,230		10,850,116
MetLife Inc.
3.60%, 04/10/24a		10,682		11,091,418
4.05%, 03/01/45a		18,065		17,539,383
4.13%, 08/13/42a		14,368		14,245,909
4.60%, 05/13/46 (Call 11/13/45)a		8,970		9,498,516
4.75%, 02/08/21a		12,934		14,026,435
4.88%, 11/13/43a		14,100		15,414,936
5.70%, 06/15/35		8,415		10,132,151
5.88%, 02/06/41		8,090		9,937,906
6.38%, 06/15/34		8,233		10,495,022
Series D
4.37%, 09/15/23		14,540		15,649,044
Prudential Financial Inc.
4.60%, 05/15/44a		11,360		12,032,229
5.70%, 12/14/36		4,090		4,793,501
Series D
6.63%, 12/01/37		7,645		9,961,427
Travelers Companies Inc. (The)
5.35%, 11/01/40		7,865		9,412,713
6.25%, 06/15/37		9,415		12,149,730
				597,861,427

Security	Principal (000s)		Value
INTERNET — 0.56%
Alphabet Inc.
2.00%, 08/15/26 (Call 05/15/26)a	$	26,719	$	24,811,900
3.38%, 02/25/24a		14,190		14,933,411
3.63%, 05/19/21a		4,207		4,466,321
Amazon.com Inc.
2.50%, 11/29/22 (Call 08/29/22)		20,852		20,767,435
3.30%, 12/05/21 (Call 10/05/21)a		9,179		9,553,950
3.80%, 12/05/24 (Call 09/05/24)a		13,112		13,882,886
4.80%, 12/05/34 (Call 06/05/34)		16,474		18,582,601
4.95%, 12/05/44 (Call 06/05/44)		15,731		18,183,591
eBay Inc.
2.60%, 07/15/22 (Call 04/15/22)		11,170		10,911,114
2.88%, 08/01/21 (Call 06/01/21)a		6,757		6,789,318
3.45%, 08/01/24 (Call 05/01/24)		7,885		7,771,161
3.80%, 03/09/22 (Call 02/09/22)a		7,840		8,109,960
4.00%, 07/15/42 (Call 01/15/42)		10,487		9,029,134
Expedia Inc.
5.00%, 02/15/26 (Call 11/15/25)		6,785		7,155,412
				174,948,194
LODGING — 0.05%
Marriott International Inc./MD
2.30%, 01/15/22 (Call 12/15/21)a		8,315		8,116,068
Series R
3.13%, 06/15/26 (Call 03/15/26)		8,860		8,517,188
				16,633,256
MACHINERY — 0.37%
Caterpillar Financial Services Corp.
1.70%, 08/09/21a		12,735		12,393,575

SCHEDULESOF INVESTMENTS 143

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Caterpillar Inc.
3.40%, 05/15/24 (Call 02/15/24)a	$	10,090	$	10,436,870
3.80%, 08/15/42a		25,072		24,472,892
3.90%, 05/27/21a		14,172		15,115,956
5.20%, 05/27/41		8,298		9,734,964
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)		10,599		10,620,027
3.90%, 06/09/42 (Call 12/09/41)a		14,486		14,839,629
John Deere Capital Corp.
2.80%, 03/06/23		18,350		18,380,171
				115,994,084
MANUFACTURING — 1.38%
3M Co.
5.70%, 03/15/37		10,671		13,400,963
Eaton Corp.
2.75%, 11/02/22a		22,465		22,562,377
4.15%, 11/02/42		15,870		15,838,595
General Electric Co.
2.70%, 10/09/22a		37,132		37,549,516
3.10%, 01/09/23		22,672		23,411,334
3.15%, 09/07/22a		12,060		12,455,950
3.38%, 03/11/24a		11,973		12,440,959
3.45%, 05/15/24 (Call 02/13/24)		2,080		2,164,926
4.13%, 10/09/42		24,254		25,213,850
4.38%, 09/16/20		15,046		16,218,799
4.50%, 03/11/44		33,698		36,652,277
4.63%, 01/07/21		17,238		18,853,712
4.65%, 10/17/21		10,325		11,411,636
5.30%, 02/11/21a		13,433		14,920,812
5.88%, 01/14/38		34,289		43,912,468
6.15%, 08/07/37		13,957		18,332,327
6.88%, 01/10/39		26,131		37,320,757
Series A
6.75%, 03/15/32		32,721		44,595,075
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)a		13,120		12,672,082
3.90%, 09/01/42 (Call 03/01/42)		11,450		11,671,229
				431,599,644

Security	Principal (000s)		Value
MEDIA — 4.59%
21st Century Fox America Inc.
3.00%, 09/15/22	$	13,557	$	13,563,959
4.50%, 02/15/21		10,918		11,671,356
6.15%, 03/01/37		7,669		9,156,633
6.15%, 02/15/41a		17,196		20,688,408
6.20%, 12/15/34		13,134		15,806,416
6.40%, 12/15/35		13,755		16,786,132
6.65%, 11/15/37		17,091		21,393,687
CBS Corp.
3.50%, 01/15/25 (Call 10/15/24)		875		870,327
4.00%, 01/15/26 (Call 10/15/25)		9,775		10,011,640
7.88%, 07/30/30		9,565		12,987,797
Charter Communications Operating LLC/Charter Communications Operating Capital
3.58%, 07/23/20 (Call 06/23/20)		33,335		34,284,271
4.46%, 07/23/22 (Call 05/23/22)		31,556		33,122,550
4.91%, 07/23/25 (Call 04/23/25)		51,660		54,529,284
6.38%, 10/23/35 (Call 04/23/35)a		19,620		22,410,719
6.48%, 10/23/45 (Call 04/23/45)		42,020		48,688,843
Comcast Cable Communications Holdings Inc.
9.46%, 11/15/22		12,398		16,651,996
Comcast Corp.
2.35%, 01/15/27 (Call 10/15/26)		18,138		16,652,701
2.75%, 03/01/23 (Call 02/01/23)		14,015		13,903,861
2.85%, 01/15/23		13,375		13,377,200
3.00%, 02/01/24 (Call 01/01/24)		5,100		5,084,909
3.13%, 07/15/22a		12,715		13,000,993
3.15%, 03/01/26 (Call 12/01/25)a		36,368		35,828,270

144 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
3.20%, 07/15/36 (Call 01/15/36)a	$	16,730	$	14,909,786
3.30%, 02/01/27 (Call 11/01/26)		21,220		21,077,694
3.38%, 02/15/25 (Call 11/15/24)		10,338		10,425,003
3.38%, 08/15/25 (Call 05/15/25)a		19,400		19,510,644
3.40%, 07/15/46 (Call 01/15/46)a		17,008		14,748,065
3.60%, 03/01/24a		14,555		15,042,306
4.20%, 08/15/34 (Call 02/15/34)		12,141		12,413,097
4.25%, 01/15/33		19,591		20,237,282
4.40%, 08/15/35 (Call 02/15/35)		20,440		21,272,503
4.60%, 08/15/45 (Call 02/15/45)a		22,535		23,446,834
4.65%, 07/15/42		15,435		16,125,247
4.75%, 03/01/44		7,958		8,458,919
5.15%, 03/01/20		16,953		18,494,441
5.65%, 06/15/35		11,147		13,135,975
6.40%, 05/15/38		8,685		11,117,018
6.40%, 03/01/40		8,571		11,045,374
6.45%, 03/15/37		16,566		21,235,995
6.50%, 11/15/35		13,447		17,317,798
6.55%, 07/01/39		7,314		9,490,743
6.95%, 08/15/37		27,441		37,133,611
7.05%, 03/15/33		11,805		15,824,069
Discovery Communications LLC
4.88%, 04/01/43a		12,499		11,430,899
5.05%, 06/01/20a		15,985		17,267,766
6.35%, 06/01/40		7,615		8,067,723
Historic TW Inc.
6.63%, 05/15/29		11,246		13,767,100
NBCUniversal Media LLC
2.88%, 01/15/23a		16,105		16,093,541
4.38%, 04/01/21		28,458		30,695,416
4.45%, 01/15/43a		12,093		12,238,869
5.15%, 04/30/20		21,997		24,052,591
5.95%, 04/01/41		14,539		17,706,224
6.40%, 04/30/40		10,768		13,851,229

Security	Principal (000s)		Value
Time Warner Cable LLC
4.00%, 09/01/21 (Call 06/01/21)	$	16,108	$	16,711,090
4.50%, 09/15/42 (Call 03/15/42)		14,130		12,831,572
5.50%, 09/01/41 (Call 03/01/41)a		13,338		13,689,678
5.88%, 11/15/40 (Call 05/15/40)		14,039		15,205,641
6.55%, 05/01/37		17,191		19,805,122
6.75%, 06/15/39		20,390		24,117,117
7.30%, 07/01/38		18,295		22,755,798
Time Warner Entertainment Co. LP
8.38%, 03/15/23		11,440		14,295,935
8.38%, 07/15/33		9,710		13,016,654
Time Warner Inc.
2.95%, 07/15/26 (Call 04/15/26)		15,185		14,132,078
3.55%, 06/01/24 (Call 03/01/24)a		6,245		6,233,884
3.60%, 07/15/25 (Call 04/15/25)		25,830		25,439,262
3.80%, 02/15/27 (Call 11/15/26)a		14,974		14,825,733
4.70%, 01/15/21		11,923		12,763,853
4.75%, 03/29/21		14,275		15,333,294
4.85%, 07/15/45 (Call 01/15/45)a		5,080		5,045,332
4.88%, 03/15/20		14,614		15,658,509
6.10%, 07/15/40a		11,616		13,325,714
6.25%, 03/29/41		12,155		14,156,187
6.50%, 11/15/36		8,868		10,604,298
7.63%, 04/15/31		6,564		8,856,612
Viacom Inc.
3.45%, 10/04/26 (Call 07/04/26)a		15,256		14,593,490
4.25%, 09/01/23 (Call 06/01/23)		15,704		16,193,982
4.38%, 03/15/43		19,770		17,354,043
5.85%, 09/01/43 (Call 03/01/43)a		15,941		16,865,798
6.88%, 04/30/36		13,364		15,053,417

SCHEDULESOF INVESTMENTS 145

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Walt Disney Co. (The)
1.85%, 07/30/26a	$	12,645	$	11,448,547
2.15%, 09/17/20		9,965		10,038,904
2.30%, 02/12/21a		10,800		10,898,129
2.35%, 12/01/22a		10,667		10,574,177
2.75%, 08/16/21a		5,573		5,696,357
3.00%, 02/13/26a		11,710		11,692,121
3.15%, 09/17/25a		8,990		9,211,926
4.13%, 06/01/44a		17,282		17,844,603
				1,434,374,571
METAL FABRICATE & HARDWARE — 0.09%
Precision Castparts Corp.
2.50%, 01/15/23 (Call 10/15/22)a		8,662		8,557,934
3.25%, 06/15/25 (Call 03/15/25)		17,982		18,178,858
				26,736,792
MINING — 0.86%
Barrick Gold Corp.
5.25%, 04/01/42a		15,150		16,592,259
Barrick North America Finance LLC
5.70%, 05/30/41		12,635		14,529,964
5.75%, 05/01/43a		9,471		11,084,533
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39		10,570		12,154,564
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22		16,913		17,406,667
3.25%, 11/21/21		17,531		18,320,216
3.85%, 09/30/23a		11,827		12,695,321
4.13%, 02/24/42		11,775		11,982,946
5.00%, 09/30/43a		29,925		34,499,240
Goldcorp Inc.
3.70%, 03/15/23 (Call 12/15/22)		13,325		13,585,482
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)		10,647		10,981,150
4.88%, 03/15/42 (Call 09/15/41)a		13,646		13,987,754
6.25%, 10/01/39		9,919		11,700,368

Security	Principal (000s)		Value
Rio Tinto Alcan Inc.
6.13%, 12/15/33	$	4,630	$	5,356,985
Rio Tinto Finance USA Ltd.
3.75%, 06/15/25 (Call 03/15/25)		17,361		18,074,176
4.13%, 05/20/21a		1,698		1,812,546
5.20%, 11/02/40a		14,160		16,434,650
7.13%, 07/15/28a		11,168		14,754,025
Rio Tinto Finance USA PLC
2.88%, 08/21/22 (Call 05/21/22)		1,640		1,656,951
3.50%, 03/22/22 (Call 12/22/21)		1,847		1,924,149
4.13%, 08/21/42 (Call 02/21/42)a		10,184		10,359,214
				269,893,160
OFFICE & BUSINESS EQUIPMENT — 0.04%
Xerox Corp.
4.50%, 05/15/21a		12,002		12,480,759
				12,480,759
OIL & GAS — 6.60%
Anadarko Finance Co.
7.50%, 05/01/31		10,255		13,154,347
Anadarko Petroleum Corp.
4.85%, 03/15/21 (Call 02/15/21)a		17,570		18,885,067
5.55%, 03/15/26 (Call 12/15/25)a		14,600		16,389,104
6.20%, 03/15/40		10,286		11,965,813
6.45%, 09/15/36		15,919		19,162,542
6.60%, 03/15/46 (Call 09/15/45)a		19,157		23,975,943
Apache Corp.
3.25%, 04/15/22 (Call 01/15/22)		12,707		12,905,089
4.25%, 01/15/44 (Call 07/15/43)		6,284		6,103,770
4.75%, 04/15/43 (Call 10/15/42)		22,461		23,002,384
5.10%, 09/01/40 (Call 03/01/40)		20,010		21,244,135
6.00%, 01/15/37		6,319		7,288,018

146 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
BP Capital Markets PLC
2.11%, 09/16/21 (Call 08/16/21)	$	17,345	$	17,031,297
2.32%, 02/13/20a		2,206		2,217,432
2.50%, 11/06/22		15,373		15,057,557
2.75%, 05/10/23		14,571		14,338,944
3.02%, 01/16/27 (Call 10/16/26)a		12,950		12,463,052
3.06%, 03/17/22		16,620		16,840,537
3.12%, 05/04/26 (Call 02/04/26)a		13,921		13,570,095
3.22%, 11/28/23 (Call 09/28/23)a		12,070		12,100,161
3.22%, 04/14/24 (Call 02/14/24)a		13,200		13,206,640
3.25%, 05/06/22a		29,598		30,262,286
3.51%, 03/17/25a		10,619		10,731,885
3.54%, 11/04/24a		10,163		10,292,915
3.56%, 11/01/21a		11,879		12,402,083
3.59%, 04/14/27 (Call 01/14/27)		5,500		5,536,774
3.72%, 11/28/28 (Call 08/28/28)a		7,810		7,919,653
3.81%, 02/10/24a		11,902		12,342,679
3.99%, 09/26/23a		7,996		8,412,849
4.50%, 10/01/20		19,767		21,237,868
4.74%, 03/11/21a		15,553		16,929,955
Canadian Natural Resources Ltd.
6.25%, 03/15/38a		13,423		15,650,635
Chevron Corp.
1.96%, 03/03/20 (Call 02/03/20)		18,036		18,037,172
2.10%, 05/16/21 (Call 04/15/21)a		22,990		22,828,206
2.36%, 12/05/22 (Call 09/05/22)a		23,543		23,168,480
2.42%, 11/17/20 (Call 10/17/20)		14,035		14,159,701
2.43%, 06/24/20 (Call 05/24/20)		9,369		9,471,681
2.57%, 05/16/23 (Call 03/16/23)		6,810		6,736,878

Security	Principal (000s)		Value
2.95%, 05/16/26 (Call 02/16/26)a	$	26,570	$	26,177,715
3.19%, 06/24/23 (Call 03/24/23)a		30,410		31,224,407
3.33%, 11/17/25 (Call 08/17/25)a		14,806		15,048,487
ConocoPhillips
6.50%, 02/01/39a		34,029		43,013,514
ConocoPhillips Co.
2.40%, 12/15/22 (Call 09/15/22)		16,978		16,557,146
2.88%, 11/15/21 (Call 09/15/21)a		11,933		12,067,320
3.35%, 11/15/24 (Call 08/15/24)a		13,701		13,792,706
4.20%, 03/15/21 (Call 02/15/21)		14,715		15,629,732
4.30%, 11/15/44 (Call 05/15/44)		6,775		6,706,142
4.95%, 03/15/26 (Call 12/15/25)a		15,561		17,183,692
ConocoPhillips Holding Co.
6.95%, 04/15/29		18,566		23,903,393
Devon Energy Corp.
3.25%, 05/15/22 (Call 02/15/22)		17,347		17,406,400
4.75%, 05/15/42 (Call 11/15/41)		7,626		7,473,238
5.00%, 06/15/45 (Call 12/15/44)a		7,205		7,310,425
5.60%, 07/15/41 (Call 01/15/41)		17,988		19,348,461
5.85%, 12/15/25 (Call 09/15/25)a		6,925		7,963,750
7.95%, 04/15/32		13,419		17,583,886
Encana Corp.
6.50%, 08/15/34		6,260		7,150,352
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)a		11,625		11,345,154
4.10%, 02/01/21		4,996		5,279,685
4.15%, 01/15/26 (Call 10/15/25)a		12,990		13,666,240

SCHEDULESOF INVESTMENTS 147

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Exxon Mobil Corp.
1.91%, 03/06/20 (Call 02/06/20)a	$	10,895	$	10,904,017
2.22%, 03/01/21 (Call 02/01/21)a		38,523		38,626,812
2.40%, 03/06/22 (Call 01/06/22)a		18,355		18,347,493
2.71%, 03/06/25 (Call 12/06/24)a		18,331		17,980,214
2.73%, 03/01/23 (Call 01/01/23)		21,125		21,168,763
3.04%, 03/01/26 (Call 12/01/25)a		30,131		30,075,577
3.18%, 03/15/24 (Call 12/15/23)a		4,330		4,416,514
3.57%, 03/06/45 (Call 09/06/44)a		12,505		11,890,927
4.11%, 03/01/46 (Call 09/01/45)a		33,701		34,959,436
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)a		13,847		13,821,861
5.60%, 02/15/41		16,364		16,821,456
6.00%, 01/15/40		7,723		8,168,197
Husky Energy Inc.
4.00%, 04/15/24 (Call 01/15/24)a		13,333		13,666,178
Marathon Oil Corp.
2.80%, 11/01/22 (Call 08/01/22)a		10,910		10,597,279
3.85%, 06/01/25 (Call 03/01/25)a		9,521		9,480,284
6.60%, 10/01/37		9,306		10,710,661
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 06/15/24)		12,460		12,316,361
4.75%, 09/15/44 (Call 03/15/44)		10,322		9,658,226
5.13%, 03/01/21a		10,940		11,893,098
6.50%, 03/01/41 (Call 09/01/40)		13,185		14,917,868
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)		10,160		10,670,115

Security	Principal (000s)		Value
5.05%, 11/15/44 (Call 05/15/44)	$	11,774	$	12,190,167
5.25%, 11/15/43 (Call 05/15/43)		5,275		5,581,021
6.00%, 03/01/41 (Call 09/01/40)		11,551		13,134,163
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)		13,321		13,198,757
3.00%, 02/15/27 (Call 11/15/26)a		7,785		7,561,820
3.13%, 02/15/22 (Call 11/15/21)		13,658		14,001,533
3.40%, 04/15/26 (Call 01/15/26)a		17,929		17,991,563
3.50%, 06/15/25 (Call 03/15/25)a		8,430		8,565,072
4.10%, 02/15/47 (Call 08/15/46)a		8,510		8,314,176
4.40%, 04/15/46 (Call 10/15/45)		18,100		18,516,680
4.63%, 06/15/45 (Call 12/15/44)		11,045		11,647,577
Series 1
4.10%, 02/01/21 (Call 11/01/20)a		13,075		13,883,001
Petro-Canada
6.80%, 05/15/38		9,617		12,548,873
Phillips 66
4.30%, 04/01/22		19,004		20,379,888
4.65%, 11/15/34 (Call 05/15/34)		11,670		12,027,321
4.88%, 11/15/44 (Call 05/15/44)		20,447		21,278,667
5.88%, 05/01/42a		14,360		16,876,132
Shell International Finance BV
1.75%, 09/12/21a		10,485		10,205,781
1.88%, 05/10/21		24,139		23,665,825
2.13%, 05/11/20a		22,882		22,950,900
2.25%, 11/10/20a		14,085		14,110,032
2.25%, 01/06/23a		15,122		14,712,855
2.38%, 08/21/22a		18,766		18,480,911
2.50%, 09/12/26a		12,909		12,125,200
2.88%, 05/10/26a		21,830		21,198,884

148 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
3.25%, 05/11/25a	$	35,814	$	36,130,986
3.40%, 08/12/23a		20,318		20,933,564
3.75%, 09/12/46a		13,710		12,809,675
4.00%, 05/10/46a		40,305		39,225,394
4.13%, 05/11/35		15,193		15,559,596
4.38%, 03/25/20		8,455		9,029,036
4.38%, 05/11/45a		25,868		26,690,266
4.55%, 08/12/43a		16,835		17,742,469
5.50%, 03/25/40		12,311		14,606,516
6.38%, 12/15/38a		30,842		40,215,522
Statoil ASA
2.45%, 01/17/23a		11,495		11,274,303
2.65%, 01/15/24		15,261		15,031,636
2.75%, 11/10/21		1,280		1,293,060
2.90%, 11/08/20		7,837		8,013,391
3.15%, 01/23/22		6,389		6,550,852
3.70%, 03/01/24a		16,610		17,347,956
3.95%, 05/15/43		4,922		4,831,954
4.80%, 11/08/43		10,731		12,011,444
5.10%, 08/17/40a		9,232		10,536,616
Suncor Energy Inc.
3.60%, 12/01/24 (Call 09/01/24)		6,999		7,148,779
6.50%, 06/15/38a		12,240		15,623,503
6.85%, 06/01/39		9,410		12,446,039
Total Capital Canada Ltd.
2.75%, 07/15/23a		11,402		11,339,885
Total Capital International SA
2.70%, 01/25/23a		12,462		12,409,939
2.75%, 06/19/21a		11,340		11,545,130
2.88%, 02/17/22a		9,156		9,290,768
3.70%, 01/15/24a		10,330		10,781,420
3.75%, 04/10/24a		13,787		14,434,490
Total Capital SA
4.45%, 06/24/20a		12,526		13,483,778
Valero Energy Corp.
3.40%, 09/15/26 (Call 06/15/26)a		19,880		19,176,870
6.63%, 06/15/37a		19,523		23,438,449
7.50%, 04/15/32		8,866		11,298,699
				2,061,345,593

Security	Principal (000s)		Value
OIL & GAS SERVICES — 0.57%
Baker Hughes Inc.
3.20%, 08/15/21 (Call 05/15/21)	$	884	$	908,125
5.13%, 09/15/40		9,612		10,716,256
Halliburton Co.
3.50%, 08/01/23 (Call 05/01/23)		15,116		15,447,231
3.80%, 11/15/25 (Call 08/15/25)a		30,573		31,392,812
4.75%, 08/01/43 (Call 02/01/43)		15,551		16,195,864
4.85%, 11/15/35 (Call 05/15/35)a		11,070		11,880,405
5.00%, 11/15/45 (Call 05/15/45)a		22,541		24,549,232
6.70%, 09/15/38		9,347		11,760,308
7.45%, 09/15/39		6,196		8,415,265
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)a		16,542		15,790,892
3.95%, 12/01/42 (Call 06/01/42)a		9,834		8,151,855
Schlumberger Investment SA
3.65%, 12/01/23 (Call 09/01/23)		21,777		22,778,742
				177,986,987
PHARMACEUTICALS — 5.93%
AbbVie Inc.
2.30%, 05/14/21 (Call 04/14/21)a		17,895		17,675,149
2.50%, 05/14/20 (Call 04/14/20)		42,817		43,035,812
2.85%, 05/14/23 (Call 03/14/23)		21,290		20,896,901
2.90%, 11/06/22		27,374		27,245,745
3.20%, 11/06/22 (Call 09/06/22)a		17,348		17,472,354
3.20%, 05/14/26 (Call 02/14/26)a		32,325		31,058,364
3.60%, 05/14/25 (Call 02/14/25)		46,355		46,223,528
4.30%, 05/14/36 (Call 11/14/35)a		18,711		18,237,282

SCHEDULESOF INVESTMENTS 149

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
4.40%, 11/06/42	$	33,612	$	32,295,660
4.45%, 05/14/46 (Call 11/14/45)		24,139		23,414,760
4.50%, 05/14/35 (Call 11/14/34)		30,621		30,622,660
4.70%, 05/14/45 (Call 11/14/44)a		26,085		26,167,048
Actavis Funding SCS
3.00%, 03/12/20 (Call 02/12/20)a		37,123		37,761,144
3.45%, 03/15/22 (Call 01/15/22)a		34,000		34,741,887
3.80%, 03/15/25 (Call 12/15/24)a		45,782		46,269,519
3.85%, 06/15/24 (Call 03/15/24)a		14,580		14,804,856
4.55%, 03/15/35 (Call 09/15/34)a		34,965		35,293,101
4.75%, 03/15/45 (Call 09/15/44)a		30,500		30,891,965
4.85%, 06/15/44 (Call 12/15/43)		19,534		19,937,326
Actavis Inc.
3.25%, 10/01/22 (Call 07/01/22)		16,278		16,390,904
4.63%, 10/01/42 (Call 04/01/42)		12,514		12,407,068
AstraZeneca PLC
2.38%, 11/16/20		22,272		22,313,001
3.38%, 11/16/25a		35,865		36,061,960
4.00%, 09/18/42a		6,127		5,966,682
4.38%, 11/16/45		9,040		9,310,621
6.45%, 09/15/37		40,930		53,712,906
Bristol-Myers Squibb Co.
2.00%, 08/01/22		12,493		12,140,140
Eli Lilly & Co.
2.75%, 06/01/25 (Call 03/01/25)		15,413		15,281,052
3.70%, 03/01/45 (Call 09/01/44)a		10,763		10,390,432
Express Scripts Holding Co.
3.00%, 07/15/23 (Call 05/15/23)		16,495		15,970,992

Security	Principal (000s)		Value
3.40%, 03/01/27 (Call 12/01/26)a	$	20,130	$	19,101,564
3.50%, 06/15/24 (Call 03/15/24)		18,667		18,319,975
3.90%, 02/15/22		8,532		8,838,277
4.50%, 02/25/26 (Call 11/27/25)a		19,785		20,535,368
4.75%, 11/15/21a		18,496		19,894,777
4.80%, 07/15/46 (Call 01/15/46)a		19,615		19,093,576
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23		19,194		19,241,426
6.38%, 05/15/38a		25,874		34,276,527
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		31,607		31,952,781
Johnson & Johnson
1.65%, 03/01/21 (Call 02/01/21)a		14,060		13,908,536
2.45%, 03/01/26 (Call 12/01/25)a		27,247		26,326,335
3.38%, 12/05/23a		8,844		9,274,635
3.55%, 03/01/36 (Call 09/01/35)a		15,437		15,429,825
3.70%, 03/01/46 (Call 09/01/45)a		31,554		31,348,034
4.38%, 12/05/33 (Call 06/05/33)		9,613		10,641,471
5.95%, 08/15/37		4,249		5,577,589
McKesson Corp.
3.80%, 03/15/24 (Call 12/15/23)a		16,131		16,659,403
4.88%, 03/15/44 (Call 09/15/43)a		8,944		9,250,252
Mead Johnson Nutrition Co.
3.00%, 11/15/20		5,470		5,577,941
4.13%, 11/15/25 (Call 08/15/25)		9,060		9,522,597
Merck & Co. Inc.
2.35%, 02/10/22		12,895		12,894,916
2.40%, 09/15/22 (Call 06/15/22)		15,171		15,062,048
2.75%, 02/10/25 (Call 11/10/24)a		27,316		27,068,525
2.80%, 05/18/23a		28,846		29,130,722

150 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
3.70%, 02/10/45 (Call 08/10/44)a	$	26,578	$	25,636,044
3.88%, 01/15/21 (Call 10/15/20)a		13,009		13,825,726
4.15%, 05/18/43		10,931		11,304,273
Mylan NV
3.15%, 06/15/21 (Call 05/15/21)		25,600		25,621,148
3.95%, 06/15/26 (Call 03/15/26)b		1,950		1,901,273
3.95%, 06/15/26 (Call 03/15/26)a		24,740		24,121,792
5.25%, 06/15/46 (Call 12/15/45)a		14,765		14,811,107
Novartis Capital Corp.
2.40%, 05/17/22 (Call 04/17/22)		13,350		13,317,827
2.40%, 09/21/22a		12,580		12,489,399
3.00%, 11/20/25 (Call 08/20/25)a		19,905		19,914,212
3.10%, 05/17/27 (Call 02/17/27)		7,300		7,306,801
3.40%, 05/06/24a		26,875		27,805,816
4.00%, 11/20/45 (Call 05/20/45)a		14,350		14,583,291
4.40%, 04/24/20		8,567		9,193,131
4.40%, 05/06/44a		26,635		28,742,803
Perrigo Co. PLC
4.00%, 11/15/23 (Call 08/15/23)a		9,270		9,444,276
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)a		1,321		1,314,871
Pfizer Inc.
1.95%, 06/03/21a		13,617		13,529,825
2.20%, 12/15/21a		13,848		13,828,804
2.75%, 06/03/26a		16,555		16,126,187
3.00%, 06/15/23		11,873		12,191,256
3.00%, 12/15/26		16,900		16,741,360
3.40%, 05/15/24a		14,190		14,728,471
4.00%, 12/15/36a		16,790		17,028,668
4.13%, 12/15/46		22,605		22,969,325
4.30%, 06/15/43a		11,675		12,172,187

Security	Principal (000s)		Value
4.40%, 05/15/44	$	9,976	$	10,553,701
7.20%, 03/15/39		28,115		40,516,363
Sanofi
4.00%, 03/29/21		20,176		21,497,921
Shire Acquisitions Investments Ireland DAC
2.40%, 09/23/21 (Call 08/23/21)a		41,620		40,795,995
2.88%, 09/23/23 (Call 07/23/23)		30,980		29,975,926
3.20%, 09/23/26 (Call 06/23/26)a		41,305		39,313,979
Wyeth LLC
5.95%, 04/01/37		20,935		26,306,955
6.50%, 02/01/34		9,681		12,557,486
Zoetis Inc.
3.25%, 02/01/23 (Call 11/01/22)		14,620		14,752,473
4.50%, 11/13/25 (Call 08/13/25)		7,110		7,632,475
4.70%, 02/01/43 (Call 08/01/42)		13,760		13,920,348
				1,851,391,414
PIPELINES — 3.24%
Columbia Pipeline Group Inc.
3.30%, 06/01/20 (Call 05/01/20)		1,565		1,592,510
4.50%, 06/01/25 (Call 03/01/25)		11,721		12,421,162
Enbridge Inc.
4.25%, 12/01/26 (Call 09/01/26)a		15,150		15,635,086
5.50%, 12/01/46 (Call 05/29/46)a		8,900		9,544,732
Energy Transfer Partners LP
3.60%, 02/01/23 (Call 11/01/22)		11,264		11,233,624
4.05%, 03/15/25 (Call 12/15/24)a		14,525		14,515,949
4.15%, 10/01/20 (Call 08/01/20)a		9,170		9,574,298
4.65%, 06/01/21 (Call 03/01/21)a		16,523		17,472,901

SCHEDULESOF INVESTMENTS 151

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
4.75%, 01/15/26 (Call 10/15/25)a	$	13,539	$	14,145,909
5.15%, 03/15/45 (Call 09/15/44)		8,554		8,316,982
5.20%, 02/01/22 (Call 11/01/21)a		6,935		7,494,897
5.30%, 04/15/47 (Call 10/15/46)		9,825		9,792,114
6.13%, 12/15/45 (Call 06/15/45)a		15,200		16,715,592
6.50%, 02/01/42 (Call 08/01/41)		13,069		14,713,732
Enterprise Products Operating LLC
3.35%, 03/15/23 (Call 12/15/22)a		17,767		18,006,162
3.70%, 02/15/26 (Call 11/15/25)a		10,410		10,537,835
3.75%, 02/15/25 (Call 11/15/24)a		14,487		14,714,145
3.90%, 02/15/24 (Call 11/15/23)		9,350		9,657,388
3.95%, 02/15/27 (Call 11/15/26)a		1,575		1,620,769
4.45%, 02/15/43 (Call 08/15/42)		13,243		12,914,024
4.85%, 08/15/42 (Call 02/15/42)		10,607		10,923,003
4.85%, 03/15/44 (Call 09/15/43)		16,120		16,707,506
4.90%, 05/15/46 (Call 11/15/45)		7,900		8,263,023
5.10%, 02/15/45 (Call 08/15/44)		16,234		17,399,067
5.20%, 09/01/20		13,018		14,208,962
5.95%, 02/01/41		7,865		9,168,720
Kinder Morgan Energy Partners LP
3.50%, 03/01/21 (Call 01/01/21)		11,042		11,261,759
3.95%, 09/01/22 (Call 06/01/22)		13,179		13,569,093
5.50%, 03/01/44 (Call 09/01/43)		8,975		9,326,948
6.95%, 01/15/38		10,389		12,331,695

Security	Principal (000s)		Value
Kinder Morgan Inc./DE
4.30%, 06/01/25 (Call 03/01/25)a	$	19,526	$	20,064,047
5.05%, 02/15/46 (Call 08/15/45)		12,725		12,632,928
5.30%, 12/01/34 (Call 06/01/34)a		8,344		8,591,726
5.55%, 06/01/45 (Call 12/01/44)		25,295		26,619,783
7.75%, 01/15/32		10,539		13,265,344
MPLX LP
4.13%, 03/01/27 (Call 12/01/26)		9,195		9,272,541
4.50%, 07/15/23 (Call 04/15/23)a		13,485		14,135,667
4.88%, 12/01/24 (Call 09/01/24)a		17,960		19,175,210
4.88%, 06/01/25 (Call 03/01/25)a		15,840		16,876,476
5.20%, 03/01/47 (Call 09/01/46)		6,475		6,612,992
ONEOK Partners LP
3.38%, 10/01/22 (Call 07/01/22)		22,957		22,956,024
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24 (Call 08/01/24)		13,049		12,725,236
3.65%, 06/01/22 (Call 03/01/22)		8,086		8,213,160
4.50%, 12/15/26 (Call 09/15/26)a		150		154,418
4.65%, 10/15/25 (Call 07/15/25)a		17,130		17,857,669
Regency Energy Partners LP/Regency Energy Finance Corp.
5.88%, 03/01/22 (Call 12/01/21)		15,066		16,685,615
Sabine Pass Liquefaction LLC
4.20%, 03/15/28b		835		834,190
5.00%, 03/15/27 (Call 09/15/26)a,b		22,150		23,440,681

152 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
5.63%, 02/01/21 (Call 11/01/20)	$	27,300	$	29,674,281
5.63%, 04/15/23 (Call 01/15/23)a		11,800		12,957,069
5.63%, 03/01/25 (Call 12/01/24)		22,000		24,142,360
5.75%, 05/15/24 (Call 02/15/24)		27,000		29,867,079
5.88%, 06/30/26 (Call 12/31/25)a,b		19,300		21,648,424
6.25%, 03/15/22 (Call 12/15/21)a		16,750		18,817,744
Spectra Energy Partners LP
4.75%, 03/15/24 (Call 12/15/23)		10,350		11,091,116
Sunoco Logistics Partners Operations LP
5.35%, 05/15/45 (Call 11/15/44)		6,770		6,859,153
TransCanada PipeLines Ltd.
2.50%, 08/01/22a		10,349		10,210,298
3.80%, 10/01/20		11,198		11,716,715
4.63%, 03/01/34 (Call 12/01/33)a		14,944		16,027,724
4.88%, 01/15/26 (Call 10/15/25)a		6,370		7,139,897
6.10%, 06/01/40		8,507		10,653,141
6.20%, 10/15/37		12,835		16,248,951
7.63%, 01/15/39a		14,345		20,685,163
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26 (Call 11/01/25)		10,110		13,014,918
Williams Partners LP
3.35%, 08/15/22 (Call 05/15/22)		15,966		15,992,505
3.60%, 03/15/22 (Call 01/15/22)		12,815		13,056,477
3.90%, 01/15/25 (Call 10/15/24)		13,451		13,484,641
4.00%, 09/15/25 (Call 06/15/25)a		15,830		16,022,532
4.30%, 03/04/24 (Call 12/04/23)		12,100		12,491,591

Security	Principal (000s)		Value
5.10%, 09/15/45 (Call 03/15/45)	$	12,361	$	12,540,330
5.25%, 03/15/20		16,243		17,561,821
6.30%, 04/15/40		13,964		15,927,986
Williams Partners LP/ACMP Finance Corp.
4.88%, 05/15/23 (Call 12/15/17)a		12,591		13,030,048
4.88%, 03/15/24 (Call 03/15/19)		16,020		16,560,675
				1,011,315,933
REAL ESTATE — 0.08%
Prologis LP
3.75%, 11/01/25 (Call 08/01/25)a		14,340		14,801,874
4.25%, 08/15/23 (Call 05/15/23)a		10,360		11,072,753
				25,874,627
REAL ESTATE INVESTMENT TRUSTS — 1.06%
American Tower Corp.
2.80%, 06/01/20 (Call 05/01/20)a		8,410		8,435,888
3.30%, 02/15/21 (Call 01/15/21)		7,949		8,057,283
3.38%, 10/15/26 (Call 07/15/26)a		8,700		8,321,125
3.50%, 01/31/23		11,671		11,735,747
4.00%, 06/01/25 (Call 03/01/25)		10,691		10,780,300
4.70%, 03/15/22		1,710		1,828,452
5.00%, 02/15/24a		12,621		13,629,332
Boston Properties LP
2.75%, 10/01/26 (Call 07/01/26)a		13,665		12,691,988
3.65%, 02/01/26 (Call 11/03/25)a		16,190		16,226,512
3.85%, 02/01/23 (Call 11/01/22)		11,838		12,304,878
4.13%, 05/15/21 (Call 02/15/21)		6,931		7,313,527
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23a		17,709		18,145,966

SCHEDULESOF INVESTMENTS 153

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
Crown Castle International Corp.
2.25%, 09/01/21 (Call 08/01/21)a	$	1,960	$	1,907,217
3.40%, 02/15/21 (Call 01/15/21)a		1,615		1,646,824
3.70%, 06/15/26 (Call 03/15/26)a		2,430		2,391,922
4.45%, 02/15/26 (Call 11/15/25)		4,095		4,254,584
4.88%, 04/15/22		9,265		10,002,140
5.25%, 01/15/23a		31,105		33,982,701
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		6,633		6,911,257
4.63%, 12/15/21 (Call 09/15/21)		11,101		12,052,206
HCP Inc.
3.88%, 08/15/24 (Call 05/17/24)a		9,955		10,080,744
4.00%, 06/01/25 (Call 03/01/25)a		11,015		11,176,794
4.25%, 11/15/23 (Call 08/15/23)a		14,508		15,089,367
5.38%, 02/01/21 (Call 11/03/20)		13,340		14,555,091
Simon Property Group LP
3.25%, 11/30/26 (Call 08/30/26)a		2,500		2,481,016
3.30%, 01/15/26 (Call 10/15/25)a		9,300		9,279,453
3.38%, 10/01/24 (Call 07/01/24)a		8,339		8,475,062
4.38%, 03/01/21 (Call 12/01/20)a		10,419		11,140,861
5.65%, 02/01/20 (Call 11/01/19)a		13,031		14,215,028
Welltower Inc.
4.00%, 06/01/25 (Call 03/01/25)a		13,231		13,545,241
Weyerhaeuser Co.
7.38%, 03/15/32a		14,499		19,117,956
				331,776,462

Security	Principal (000s)		Value
RETAIL — 3.93%
CVS Health Corp.
2.13%, 06/01/21 (Call 05/01/21)a	$	31,937	$	31,359,499
2.75%, 12/01/22 (Call 09/01/22)		15,675		15,509,372
2.80%, 07/20/20 (Call 06/20/20)a		35,175		35,682,635
2.88%, 06/01/26 (Call 03/01/26)a		23,832		22,822,908
3.50%, 07/20/22 (Call 05/20/22)		17,822		18,377,227
3.88%, 07/20/25 (Call 04/20/25)a		31,871		32,890,117
4.00%, 12/05/23 (Call 09/05/23)		14,821		15,572,881
4.88%, 07/20/35 (Call 01/20/35)a		1,673		1,815,414
5.13%, 07/20/45 (Call 01/20/45)a		39,246		43,904,222
5.30%, 12/05/43 (Call 06/05/43)		7,380		8,358,593
Home Depot Inc. (The)
2.00%, 04/01/21 (Call 03/01/21)a		18,970		18,891,656
2.13%, 09/15/26 (Call 06/15/26)a		7,647		7,098,143
2.63%, 06/01/22 (Call 05/01/22)		19,379		19,582,710
2.70%, 04/01/23 (Call 01/01/23)a		12,748		12,852,491
3.00%, 04/01/26 (Call 01/01/26)a		24,520		24,534,511
3.35%, 09/15/25 (Call 06/15/25)a		12,645		13,030,116
3.50%, 09/15/56 (Call 03/15/56)a		14,007		12,404,173
3.75%, 02/15/24 (Call 11/15/23)		13,176		13,957,242
4.20%, 04/01/43 (Call 10/01/42)		13,143		13,657,882
4.25%, 04/01/46 (Call 10/01/45)		14,899		15,691,174

154 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
4.40%, 04/01/21 (Call 01/01/21)a	$	11,448	$	12,394,901
4.40%, 03/15/45 (Call 09/15/44)		13,170		14,142,947
4.88%, 02/15/44 (Call 08/15/43)		9,985		11,424,248
5.88%, 12/16/36		30,007		38,280,950
5.95%, 04/01/41 (Call 10/01/40)		10,722		13,779,571
Lowe’s Companies Inc.
2.50%, 04/15/26 (Call 01/15/26)a		18,396		17,518,945
3.12%, 04/15/22 (Call 01/15/22)		10,154		10,542,509
3.38%, 09/15/25 (Call 06/15/25)a		13,940		14,275,426
3.70%, 04/15/46 (Call 10/15/45)a		14,465		13,695,009
4.38%, 09/15/45 (Call 03/15/45)		9,865		10,392,405
4.65%, 04/15/42 (Call 10/15/41)		6,016		6,531,843
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)		10,380		9,794,737
McDonald’s Corp.
2.63%, 01/15/22a		11,072		11,063,049
2.75%, 12/09/20 (Call 11/09/20)		12,140		12,354,542
3.70%, 01/30/26 (Call 10/30/25)a		18,020		18,406,871
4.70%, 12/09/35 (Call 06/09/35)		19,547		20,662,410
4.88%, 12/09/45 (Call 06/09/45)		21,504		23,181,841
6.30%, 10/15/37		9,666		12,158,990
6.30%, 03/01/38		9,920		12,474,705
Starbucks Corp.
2.10%, 02/04/21 (Call 01/04/21)		15,475		15,488,497
3.85%, 10/01/23 (Call 07/01/23)		3,450		3,712,392

Security	Principal (000s)		Value
Target Corp.
2.50%, 04/15/26a	$	14,248	$	13,429,133
2.90%, 01/15/22		13,349		13,619,807
3.50%, 07/01/24a		16,910		17,508,712
3.63%, 04/15/46a		14,630		13,334,224
3.88%, 07/15/20		7,696		8,142,640
4.00%, 07/01/42		14,664		14,313,567
6.50%, 10/15/37a		1,000		1,314,793
TJX Companies Inc. (The)
2.25%, 09/15/26 (Call 06/15/26)		11,521		10,627,878
Wal-Mart Stores Inc.
2.55%, 04/11/23 (Call 01/11/23)a		16,584		16,545,021
3.25%, 10/25/20		21,633		22,663,321
3.30%, 04/22/24 (Call 01/22/24)a		14,824		15,354,458
3.63%, 07/08/20a		19,595		20,707,449
4.00%, 04/11/43 (Call 10/11/42)		10,255		10,344,944
4.25%, 04/15/21a		10,749		11,667,760
4.30%, 04/22/44 (Call 10/22/43)a		13,163		13,922,596
4.75%, 10/02/43 (Call 04/02/43)a		8,777		9,852,425
4.88%, 07/08/40a		9,949		11,250,795
5.00%, 10/25/40		16,288		18,731,412
5.25%, 09/01/35		29,468		35,032,316
5.63%, 04/01/40		14,205		17,704,170
5.63%, 04/15/41		22,033		27,406,320
5.88%, 04/05/27a		5,939		7,358,395
6.20%, 04/15/38		25,811		33,971,021
6.50%, 08/15/37		35,363		47,938,610
7.55%, 02/15/30		11,697		16,902,572
Walgreen Co.
3.10%, 09/15/22		11,414		11,465,575
Walgreens Boots Alliance Inc.
2.60%, 06/01/21 (Call 05/01/21)		13,645		13,619,630
3.10%, 06/01/23 (Call 04/01/23)a		11,910		11,923,479
3.30%, 11/18/21 (Call 09/18/21)a		13,505		13,807,977

SCHEDULESOF INVESTMENTS 155

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
3.45%, 06/01/26 (Call 03/01/26)a	$	24,420	$	24,001,136
3.80%, 11/18/24 (Call 08/18/24)		24,115		24,604,033
4.80%, 11/18/44 (Call 05/18/44)		18,655		19,317,174
				1,228,653,097
SEMICONDUCTORS — 1.63%
Analog Devices Inc.
3.50%, 12/05/26 (Call 09/05/26)a		16,303		16,213,997
3.90%, 12/15/25 (Call 09/15/25)		8,000		8,227,414
Applied Materials Inc.
4.30%, 06/15/21		7,894		8,487,685
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.00%, 01/15/22 (Call 12/15/21)b		44,250		44,276,957
3.63%, 01/15/24 (Call 11/15/23)b		40,080		40,451,481
3.88%, 01/15/27 (Call 10/15/26)b		63,234		63,630,110
Intel Corp.
2.45%, 07/29/20		22,045		22,403,787
2.60%, 05/19/26 (Call 02/19/26)a		16,350		15,809,330
2.70%, 12/15/22		17,984		18,123,622
3.10%, 07/29/22		10,705		11,047,106
3.30%, 10/01/21a		21,693		22,684,791
3.70%, 07/29/25 (Call 04/29/25)a		28,015		29,432,144
4.00%, 12/15/32		6,919		7,243,424
4.10%, 05/19/46 (Call 11/19/45)		15,830		15,995,037
4.25%, 12/15/42		10,423		10,794,259
4.80%, 10/01/41a		17,518		19,578,311
4.90%, 07/29/45 (Call 01/29/45)		21,124		23,994,450
Lam Research Corp.
2.80%, 06/15/21 (Call 05/15/21)a		6,055		6,072,385

Security	Principal (000s)		Value
NVIDIA Corp.
2.20%, 09/16/21 (Call 08/16/21)a	$	12,589	$	12,359,798
3.20%, 09/16/26 (Call 06/16/26)		7,466		7,244,000
QUALCOMM Inc.
2.25%, 05/20/20		22,619		22,708,162
3.00%, 05/20/22		24,617		24,939,195
3.45%, 05/20/25 (Call 02/20/25)a		17,835		18,033,812
4.65%, 05/20/35 (Call 11/20/34)		15,714		16,478,048
4.80%, 05/20/45 (Call 11/20/44)a		21,218		22,202,029
				508,431,334
SOFTWARE — 4.31%
Activision Blizzard Inc.
3.40%, 09/15/26 (Call 06/15/26)a,b		13,350		12,984,131
Fidelity National Information Services Inc.
2.25%, 08/15/21 (Call 07/15/21)a		2,750		2,688,432
3.00%, 08/15/26 (Call 05/15/26)		14,823		14,047,235
3.50%, 04/15/23 (Call 01/15/23)		11,300		11,466,394
3.63%, 10/15/20 (Call 09/15/20)		18,182		18,832,308
5.00%, 10/15/25 (Call 07/15/25)		18,730		20,502,905
Fiserv Inc.
2.70%, 06/01/20 (Call 05/01/20)		7,940		8,007,276
3.85%, 06/01/25 (Call 03/01/25)a		11,480		11,775,130
Microsoft Corp.
1.55%, 08/08/21 (Call 07/08/21)		45,290		43,991,785
1.85%, 02/12/20 (Call 01/12/20)a		9,958		9,990,077
2.00%, 11/03/20 (Call 10/03/20)a		29,060		29,158,255

156 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
2.00%, 08/08/23 (Call 06/08/23)	$	21,149	$	20,348,354
2.13%, 11/15/22a		7,802		7,632,548
2.38%, 02/12/22 (Call 01/12/22)		29,295		29,375,467
2.38%, 05/01/23 (Call 02/01/23)a		12,150		11,974,097
2.40%, 02/06/22 (Call 01/06/22)		15,000		15,052,015
2.40%, 08/08/26 (Call 05/08/26)		50,926		48,360,282
2.65%, 11/03/22 (Call 09/03/22)		16,040		16,187,151
2.70%, 02/12/25 (Call 11/12/24)a		24,748		24,381,858
2.88%, 02/06/24 (Call 12/06/23)		25,000		25,156,727
3.00%, 10/01/20		8,903		9,229,786
3.13%, 11/03/25 (Call 08/03/25)a		34,272		34,550,744
3.30%, 02/06/27 (Call 11/06/26)		40,000		40,687,544
3.45%, 08/08/36 (Call 02/08/36)		26,424		25,303,319
3.50%, 02/12/35 (Call 08/12/34)		16,032		15,488,632
3.50%, 11/15/42		11,852		10,941,580
3.63%, 12/15/23 (Call 09/15/23)		19,177		20,220,461
3.70%, 08/08/46 (Call 02/08/46)		60,380		57,125,874
3.75%, 02/12/45 (Call 08/12/44)		19,918		18,962,115
3.95%, 08/08/56 (Call 02/08/56)		25,767		24,252,676
4.00%, 02/12/55 (Call 08/12/54)		26,135		24,878,662
4.10%, 02/06/37 (Call 08/06/36)		30,175		31,281,451
4.20%, 11/03/35 (Call 05/03/35)a		11,295		11,852,736
4.45%, 11/03/45 (Call 05/03/45)a		36,179		38,349,841
4.50%, 10/01/40		9,518		10,236,549

Security	Principal (000s)		Value
4.50%, 02/06/57 (Call 08/06/56)	$	26,250	$	27,206,650
4.75%, 11/03/55 (Call 05/03/55)a		11,410		12,325,461
5.20%, 06/01/39		10,274		12,036,940
5.30%, 02/08/41a		12,058		14,377,406
Series 30Y
4.25%, 02/06/47 (Call 08/06/46)		35,000		36,146,600
Oracle Corp.
1.90%, 09/15/21 (Call 08/15/21)a		55,665		54,621,437
2.40%, 09/15/23 (Call 07/15/23)a		26,142		25,553,672
2.50%, 05/15/22 (Call 03/15/22)a		38,330		38,291,340
2.50%, 10/15/22a		28,400		28,221,674
2.65%, 07/15/26 (Call 04/15/26)a		37,610		36,001,195
2.80%, 07/08/21a		17,502		17,874,975
2.95%, 05/15/25 (Call 02/15/25)a		34,625		34,285,910
3.40%, 07/08/24 (Call 04/08/24)a		27,688		28,501,111
3.63%, 07/15/23		12,458		13,066,050
3.85%, 07/15/36 (Call 01/15/36)a		9,575		9,494,146
3.88%, 07/15/20		9,651		10,246,157
3.90%, 05/15/35 (Call 11/15/34)		13,397		13,388,488
4.00%, 07/15/46 (Call 01/15/46)a		45,255		43,870,401
4.13%, 05/15/45 (Call 11/15/44)		20,856		20,597,642
4.30%, 07/08/34 (Call 01/08/34)a		22,861		24,057,403
4.38%, 05/15/55 (Call 11/15/54)a		16,739		16,661,507
4.50%, 07/08/44 (Call 01/08/44)a		11,468		11,970,792
5.38%, 07/15/40		21,404		25,068,919
6.13%, 07/08/39		13,627		17,376,555
6.50%, 04/15/38		13,889		18,280,599
				1,344,797,427

SCHEDULESOF INVESTMENTS 157

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
TELECOMMUNICATIONS — 7.30%
AT&T Corp.
8.25%, 11/15/31	$	1,336	$	1,838,192
AT&T Inc.
2.45%, 06/30/20 (Call 05/30/20)a		36,790		36,833,806
2.63%, 12/01/22 (Call 09/01/22)		23,172		22,487,814
2.80%, 02/17/21 (Call 01/17/21)a		23,369		23,409,054
3.00%, 02/15/22a		22,128		22,068,606
3.00%, 06/30/22 (Call 04/30/22)		46,050		45,764,016
3.20%, 03/01/22 (Call 02/01/22)		5,000		5,026,282
3.40%, 05/15/25 (Call 02/15/25)a		57,594		55,735,303
3.60%, 02/17/23 (Call 12/17/22)a		31,410		31,719,275
3.80%, 03/15/22a		20,142		20,752,206
3.80%, 03/01/24 (Call 01/01/24)		5,000		5,054,479
3.88%, 08/15/21a		28,748		29,829,339
3.90%, 03/11/24 (Call 12/11/23)		15,377		15,612,805
3.95%, 01/15/25 (Call 10/15/24)		16,610		16,716,968
4.13%, 02/17/26 (Call 11/17/25)a		30,123		30,558,648
4.25%, 03/01/27 (Call 12/01/26)		15,000		15,255,894
4.30%, 12/15/42 (Call 06/15/42)		21,476		18,878,912
4.35%, 06/15/45 (Call 12/15/44)a		37,566		33,290,437
4.45%, 05/15/21a		15,595		16,539,510
4.45%, 04/01/24 (Call 01/01/24)		12,111		12,674,894
4.50%, 05/15/35 (Call 11/15/34)a		33,954		32,328,490
4.50%, 03/09/48 (Call 09/09/47)		25,696		23,059,033
4.55%, 03/09/49 (Call 09/09/48)		29,054		26,096,399

Security	Principal (000s)		Value
4.60%, 02/15/21 (Call 11/15/20)	$	12,495	$	13,313,055
4.75%, 05/15/46 (Call 11/15/45)		51,214		47,950,250
4.80%, 06/15/44 (Call 12/15/43)		34,675		32,856,608
5.00%, 03/01/21a		15,259		16,489,976
5.15%, 03/15/42		16,095		15,946,514
5.20%, 03/15/20		11,075		11,960,147
5.25%, 03/01/37 (Call 09/01/36)		25,000		25,760,385
5.35%, 09/01/40a		28,819		29,364,982
5.45%, 03/01/47 (Call 09/01/46)		21,935		22,516,615
5.55%, 08/15/41a		14,423		15,029,271
5.65%, 02/15/47 (Call 08/15/46)a		15,929		16,850,529
5.70%, 03/01/57 (Call 09/01/56)		10,000		10,303,421
6.00%, 08/15/40 (Call 05/15/40)		18,475		20,349,058
6.30%, 01/15/38		17,178		19,497,537
6.38%, 03/01/41		18,557		21,131,615
6.50%, 09/01/37		2,075		2,413,846
6.55%, 02/15/39		10,075		11,704,748
British Telecommunications PLC
9.13%, 12/15/30		32,826		48,918,054
Cisco Systems Inc.
1.85%, 09/20/21 (Call 08/20/21)		29,640		29,067,331
2.20%, 02/28/21a		30,308		30,348,928
2.20%, 09/20/23 (Call 07/20/23)		11,450		11,074,719
2.45%, 06/15/20a		18,940		19,219,026
2.50%, 09/20/26 (Call 06/20/26)a		16,447		15,755,254
2.95%, 02/28/26a		9,750		9,706,908
3.63%, 03/04/24a		14,906		15,690,618
5.50%, 01/15/40a		19,503		24,077,068
5.90%, 02/15/39		25,433		32,593,893
Deutsche Telekom International Finance BV
8.75%, 06/15/30		37,206		54,827,338

158 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal (000s)		Value
New Cingular Wireless Services Inc.
8.75%, 03/01/31	$	10,969	$	15,626,395
Orange SA
4.13%, 09/14/21a		11,669		12,331,846
5.38%, 01/13/42		12,542		14,148,675
5.50%, 02/06/44 (Call 08/06/43)a		9,307		10,744,670
9.00%, 03/01/31a		28,643		42,662,119
Rogers Communications Inc.
4.10%, 10/01/23 (Call 07/01/23)		7,759		8,182,354
5.00%, 03/15/44 (Call 09/15/43)a		12,294		13,239,713
Telefonica Emisiones SAU
4.57%, 04/27/23a		9,205		9,798,033
5.13%, 04/27/20a		16,928		18,180,218
5.46%, 02/16/21a		14,053		15,426,436
7.05%, 06/20/36a		20,895		25,108,036
Telefonica Europe BV
8.25%, 09/15/30		12,388		16,698,121
Verizon Communications Inc.
1.75%, 08/15/21 (Call 07/15/21)		12,922		12,373,035
2.45%, 11/01/22 (Call 08/01/22)a		23,726		23,016,547
2.63%, 08/15/26a		20,531		18,795,607
2.95%, 03/15/22b		32,710		32,645,094
3.00%, 11/01/21 (Call 09/01/21)		18,078		18,224,797
3.45%, 03/15/21a		12,685		13,063,593
3.50%, 11/01/21a		18,711		19,263,586
3.50%, 11/01/24 (Call 08/01/24)		37,505		37,534,693
3.85%, 11/01/42 (Call 05/01/42)		15,524		13,152,695
4.13%, 08/15/46a		10,150		8,887,638
4.15%, 03/15/24 (Call 12/15/23)		16,729		17,442,134
4.27%, 01/15/36		29,693		28,012,845
4.40%, 11/01/34 (Call 05/01/34)		39,399		37,909,820
4.50%, 09/15/20		40,976		43,766,224
4.52%, 09/15/48		73,390		67,290,454
4.60%, 04/01/21a		15,724		16,872,640

Security	Principal (000s)		Value
4.67%, 03/15/55a	$	62,340	$	56,790,848
4.75%, 11/01/41a		7,378		7,165,680
4.81%, 03/15/39b		21,960		21,824,538
4.86%, 08/21/46		58,947		57,659,326
5.01%, 04/15/49b		37,193		36,569,065
5.01%, 08/21/54		66,060		63,665,563
5.05%, 03/15/34 (Call 12/15/33)		17,177		17,715,449
5.15%, 09/15/23		103,652		114,069,378
6.00%, 04/01/41		4,973		5,669,064
6.40%, 09/15/33		4,711		5,611,609
6.40%, 02/15/38		700		834,114
6.55%, 09/15/43		44,939		55,062,552
Vodafone Group PLC
2.50%, 09/26/22a		11,468		11,155,913
2.95%, 02/19/23a		18,802		18,483,549
4.38%, 02/19/43a		13,257		12,125,278
6.15%, 02/27/37		17,248		19,687,336
				2,280,735,336
TRANSPORTATION — 0.83%
Burlington Northern Santa Fe LLC
3.00%, 04/01/25 (Call 01/01/25)a		950		951,188
3.85%, 09/01/23 (Call 06/01/23)		11,204		11,886,339
3.90%, 08/01/46 (Call 02/01/46)a		8,975		8,825,881
4.15%, 04/01/45 (Call 10/01/44)		11,776		11,965,907
4.45%, 03/15/43 (Call 09/15/42)a		12,386		13,050,153
4.55%, 09/01/44 (Call 03/01/44)		15,210		16,398,522
4.90%, 04/01/44 (Call 10/01/43)		9,630		10,869,824
5.75%, 05/01/40 (Call 11/01/39)		11,642		14,334,286
Canadian Pacific Railway Co.
6.13%, 09/15/15 (Call 03/15/15)a		10,673		12,827,618
CSX Corp.
2.60%, 11/01/26 (Call 08/01/26)a		2,460		2,315,770

SCHEDULESOF INVESTMENTS 159

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Security	Principal or Shares (000s)		Value
3.80%, 11/01/46 (Call 05/01/46)	$	4,670	$	4,333,766
4.10%, 03/15/44 (Call 09/15/43)a		10,570		10,282,498
FedEx Corp.
3.25%, 04/01/26 (Call 01/01/26)a		6,210		6,198,928
4.00%, 01/15/24		8,299		8,798,878
4.40%, 01/15/47 (Call 07/15/46)a		8,500		8,443,064
4.55%, 04/01/46 (Call 10/01/45)		15,710		16,073,204
4.75%, 11/15/45 (Call 05/15/45)		18,370		19,259,608
5.10%, 01/15/44		13,549		14,786,383
Union Pacific Corp.
3.80%, 10/01/51 (Call 04/01/51)		6,590		6,305,127
4.16%, 07/15/22 (Call 04/15/22)a		9,458		10,180,307
United Parcel Service Inc.
2.45%, 10/01/22a		11,941		11,965,653
3.13%, 01/15/21a		17,031		17,660,580
6.20%, 01/15/38		16,815		22,263,748
				259,977,232
WATER — 0.00%
American Water Capital Corp.
6.59%, 10/15/37		965		1,289,064
				1,289,064
TOTAL CORPORATE BONDS & NOTES
(Cost: $31,266,555,081)				30,890,333,686
SHORT-TERM INVESTMENTS — 9.17%
MONEY MARKET FUNDS — 9.17%
BlackRock Cash Funds: Institutional, SL Agency Shares
0.98%d,e,f		2,651,900		2,652,961,088
BlackRock Cash Funds: Treasury, SL Agency Shares
0.47%d,e		212,138		212,138,298
				2,865,099,386
TOTAL SHORT-TERM INVESTMENTS
(Cost: $2,864,183,437)				2,865,099,386

	Value
TOTAL INVESTMENTS IN SECURITIES — 108.06%
(Cost: $34,130,738,518)g	$	33,755,433,072
Other Assets, Less Liabilities — (8.06)%		(2,517,240,066	)
NET ASSETS — 100.00%	$	31,238,193,006

VRN — Variable Rate Note

^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 Schedule 1.

^d  Affiliated money market fund.

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

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

^g  The cost of investments for federal income tax purposes was $34,139,743,080. Net unrealized depreciation was $384,310,008, of which $136,429,762 represented gross unrealized appreciation on securities and $520,739,770 represented gross unrealized depreciation on securities.

160 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2017

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the year ended February 28, 2017, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

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.
2.15%, 04/29/21	$	—	$	16,970	$	(300	)	$	16,670	$	16,505,304	$	187,546	$	(885	)
2.20%, 01/28/19		6,275		—		(6,275	)		—		—		2,602		(53,213	)
2.25%, 07/02/19		7,750		1,400		(9,150	)		—		—		78,263		157,912
2.30%, 06/01/20		—		9,050		(20	)		9,030		9,070,802		35,989		(391	)
2.40%, 10/18/19		12,750		3,000		(12,030	)		3,720		3,766,187		249,048		151,409
2.45%, 11/05/20		2,400		9,950		(5,440	)		6,910		6,950,637		174,320		(9,863	)
2.55%, 12/09/21		—		8,500		(40	)		8,460		8,457,408		39,155		(369	)
2.60%, 07/21/20		11,000		1,880		(5,440	)		7,440		7,529,061		262,025		38,374
2.70%, 11/01/22		9,587		9,275		(12,370	)		6,492		6,455,534		347,919		(7,426	)
2.95%, 01/30/23		7,300		5,113		(60	)		12,353		12,353,414		235,321		(171	)
2.95%, 02/23/25		17,300		6,500		(11,470	)		12,330		12,213,507		525,041		289,824
3.25%, 06/01/25		—		13,480		(240	)		13,240		13,379,932		104,367		(587	)
3.80%, 07/25/23		15,653		8,000		(13,630	)		10,023		10,488,263		344,252		662,082
PNC Financial Services Group Inc. (The)
3.30%, 03/08/22a		9,569		2,750		(2,090	)		10,229		10,566,238		291,457		73,846
3.90%, 04/29/24		12,540		3,100		(5,380	)		10,260		10,627,282		483,668		321,404
4.38%, 08/11/20a		10,724		50		(2,070	)		8,704		9,284,792		273,114		111,587
5.13%, 02/08/20a		3,965		1,100		(40	)		5,025		5,442,429		133,297		1,064
										$	143,090,790	$	3,767,384	$	1,734,597

^a  Security name at the beginning of the year was PNC Funding Corp.

Schedule 2 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Corporate bonds & notes	$	—	$	30,890,333,686	$	—	$	30,890,333,686
Money market funds		2,865,099,386		—		—		2,865,099,386
Total	$	2,865,099,386	$	30,890,333,686	$	—	$	33,755,433,072

See notes to financial statements.

SCHEDULESOF INVESTMENTS 161

Statements of Assets and Liabilities

iSHARES^® TRUST

February 28, 2017

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
ASSETS
Investments, at cost:
Unaffiliated	$	18,239,893,331		$	31,122,697,890
Affiliated (Note 2)		5,118,428,075			3,008,040,628
Total cost of investments	$	23,358,321,406		$	34,130,738,518
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	18,176,865,396		$	30,747,242,896
Affiliated (Note 2)		5,120,059,646			3,008,190,176
Total fair value of investments		23,296,925,042			33,755,433,072
Cash		807,948			1,969
Receivables:
Investment securities sold		32,516,449			99,757,387
Due from custodian (Note 4)		21,892,714			10,653,946
Dividends and interest		305,209,539			311,860,875
Capital shares sold		—			15,859,968
Total Assets		23,657,351,692			34,193,567,217
LIABILITIES
Payables:
Investment securities purchased		132,191,019			300,126,605
Collateral for securities on loan (Note 1)		4,922,149,765			2,651,786,108
Capital shares redeemed		1,086,439			146,711
Securities related to in-kind transactions (Note 4)		494,911			—
Investment advisory fees (Note 2)		6,930,926			3,314,787
Total Liabilities		5,062,853,060			2,955,374,211
NET ASSETS	$	18,594,498,632		$	31,238,193,006
Net assets consist of:
Paid-in capital	$	19,338,639,058		$	31,652,588,981
Undistributed net investment income		81,280,724			75,158,186
Accumulated net realized loss		(764,024,786	)		(114,248,715	)
Net unrealized depreciation		(61,396,364	)		(375,305,446	)
NET ASSETS	$	18,594,498,632		$	31,238,193,006
Shares outstandingb		211,100,000			263,800,000
Net asset value per share	$	88.08		$	118.42

^a Securities on loan with values of $4,694,244,703 and $2,557,077,078, respectively. See Note 1.

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

See notes to financial statements.

162 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations

iSHARES^® TRUST

Year ended February 28, 2017

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	499,585		$	324,646
Interest — unaffiliated		971,160,835			988,504,096
Interest — affiliated (Note 2)		—			3,767,384
Securities lending income — affiliated — net (Note 2)		24,362,507			9,083,144
Total investment income		996,022,927			1,001,679,270
EXPENSES
Investment advisory fees (Note 2)		82,652,331			43,549,933
Total expenses		82,652,331			43,549,933
Net investment income		913,370,596			958,129,337
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(306,097,257	)		17,438,316
Investments — affiliated (Note 2)		173,886			484,672
In-kind redemptions — unaffiliated		469,617,092			632,300,067
In-kind redemptions — affiliated (Note 2)		—			1,508,956
Realized gain distributions from affiliated funds		11,174			10,544
Net realized gain		163,704,895			651,742,555
Net change in unrealized appreciation/depreciation		1,590,409,253			47,173,262
Net realized and unrealized gain		1,754,114,148			698,915,817
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,667,484,744		$	1,657,045,154

See notes to financial statements.

FINANCIAL STATEMENTS 163

Statements of Changes in Net Assets

iSHARES^® TRUST

	iShares iBoxx $ High Yield Corporate Bond ETF						iShares iBoxx $ Investment Grade Corporate Bond ETF
	Year ended February 28, 2017			Year ended February 29, 2016			Year ended February 28, 2017			Year ended February 29, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	913,370,596		$	817,123,862		$	958,129,337		$	776,260,988
Net realized gain (loss)		163,704,895			(550,544,427	)		651,742,555			(23,933,659	)
Net change in unrealized appreciation/depreciation		1,590,409,253			(1,614,136,767	)		47,173,262			(1,243,443,520	)
Net increase (decrease) in net assets resulting from operations		2,667,484,744			(1,347,557,332	)		1,657,045,154			(491,116,191	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(894,276,174	)		(826,678,362	)		(950,827,137	)		(766,535,606	)
Total distributions to shareholders		(894,276,174	)		(826,678,362	)		(950,827,137	)		(766,535,606	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		26,246,586,037			15,759,326,271			25,263,588,527			21,273,520,436
Cost of shares redeemed		(24,969,218,372	)		(16,062,347,566	)		(19,802,911,391	)		(16,988,727,472	)
Net increase (decrease) in net assets from capital share transactions		1,277,367,665			(303,021,295	)		5,460,677,136			4,284,792,964
INCREASE (DECREASE) IN NET ASSETS		3,050,576,235			(2,477,256,989	)		6,166,895,153			3,027,141,167
NET ASSETS
Beginning of year		15,543,922,397			18,021,179,386			25,071,297,853			22,044,156,686
End of year	$	18,594,498,632		$	15,543,922,397		$	31,238,193,006		$	25,071,297,853
Undistributed net investment income included in net assets at end of year	$	81,280,724		$	62,175,544		$	75,158,186		$	67,846,436
SHARES ISSUED AND REDEEMED
Shares sold		310,500,000			188,200,000			210,900,000			183,000,000
Shares redeemed		(295,900,000	)		(188,200,000	)		(165,500,000	)		(146,100,000	)
Net increase in shares outstanding		14,600,000			—			45,400,000			36,900,000

See notes to financial statements.

164 2017 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. 28, 2017			Year ended Feb. 29, 2016			Year ended Feb. 28, 2015			Year ended Feb. 28, 2014			Year ended Feb. 28, 2013
Net asset value, beginning of year	$	79.10		$	91.71		$	94.64		$	93.71		$	91.40
Income from investment operations:
Net investment incomea		4.64			4.79			4.96			5.58			6.15
Net realized and unrealized gain (loss)b		8.89			(12.62	)		(2.89	)		0.98			2.31
Total from investment operations		13.53			(7.83	)		2.07			6.56			8.46
Less distributions from:
Net investment income		(4.55	)		(4.78	)		(5.00	)		(5.63	)		(6.15	)
Total distributions		(4.55	)		(4.78	)		(5.00	)		(5.63	)		(6.15	)
Net asset value, end of year	$	88.08		$	79.10		$	91.71		$	94.64		$	93.71
Total return		17.54	%		(8.76	)%		2.22	%		7.31	%		9.68	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	18,594,499		$	15,543,922		$	18,021,179		$	13,580,859		$	15,077,490
Ratio of expenses to average net assets		0.49	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		5.46	%		5.60	%		5.37	%		6.01	%		6.73	%
Portfolio turnover ratec		13	%		11	%		11	%		11	%		19	%

^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 165

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares iBoxx $ Investment Grade Corporate Bond ETF
	Year ended Feb. 28, 2017			Year ended Feb. 29, 2016			Year ended Feb. 28, 2015			Year ended Feb. 28, 2014			Year ended Feb. 28, 2013
Net asset value, beginning of year	$	114.80		$	121.46		$	117.02		$	120.06		$	116.86
Income from investment operations:
Net investment incomea		3.88			4.00			4.06			4.25			4.60
Net realized and unrealized gain (loss)b		3.63			(6.70	)		4.42			(2.94	)		3.22
Total from investment operations		7.51			(2.70	)		8.48			1.31			7.82
Less distributions from:
Net investment income		(3.89	)		(3.96	)		(4.04	)		(4.35	)		(4.61	)
Net realized gain		—			—			—			—			(0.01	)
Total distributions		(3.89	)		(3.96	)		(4.04	)		(4.35	)		(4.62	)
Net asset value, end of year	$	118.42		$	114.80		$	121.46		$	117.02		$	120.06
Total return		6.57	%		(2.19	)%		7.35	%		1.19	%		6.81	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	31,238,193		$	25,071,298		$	22,044,157		$	16,898,301		$	24,037,003
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		3.24	%		3.44	%		3.42	%		3.66	%		3.87	%
Portfolio turnover ratec		11	%		13	%		9	%		6	%		5	%

^a  Based on average shares outstanding throughout each period.

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

^c  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.

166 2017 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.

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

SECURITY VALUATION

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

NOTESTO FINANCIAL STATEMENTS 167

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

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

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

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

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

• Level 3 — Unobservable inputs for the asset or liability based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

168 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities 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 but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Funds may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of February 28, 2017 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

NOTESTO FINANCIAL STATEMENTS 169

Notes to Financial Statements (Continued)

iSHARES^® TRUST

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. BlackRock’s indemnity allows for full replacement of securities lent. Each Fund could suffer a loss if the value of the investments purchased with cash collateral falls below the value of the cash collateral received.

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

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received a		Net Amount
iBoxx $ High Yield Corporate Bond
Barclays Capital Inc.	$	614,071,338	$	614,071,338	$	—
BMO Capital Markets		171,386,055		171,386,055		—
BNP Paribas New York Branch		17,252,319		17,252,319		—
BNP Paribas Prime Brokerage Inc.		51,621,008		51,621,008		—
BNP Paribas Prime Brokerage International Ltd.		71,050,830		71,050,830		—
Citigroup Global Markets Inc.		713,433,760		713,433,760		—
Credit Suisse Securities (USA) LLC		263,785,945		263,785,945		—
Deutsche Bank Securities Inc.		407,200,560		407,200,560		—
Goldman Sachs & Co.		254,495,119		254,495,119		—
HSBC Securities (USA) Inc.		14,426,674		14,426,674		—
ING Financial Markets LLC		12,014,363		12,014,363		—
Jefferies LLC		82,802,542		82,802,542		—
JPMorgan Securities LLC		872,727,259		872,727,259		—
Merrill Lynch, Pierce, Fenner & Smith		167,417,690		167,417,690		—
Morgan Stanley & Co. LLC		221,856,308		221,856,308		—
MUFG Securities Americas Inc.		546,863		546,863		—
RBC Capital Markets LLC		245,295,822		245,295,822		—
Scotia Capital (USA) Inc.		13,813,058		13,813,058		—
SG Americas Securities LLC		212,891,987		212,891,987		—
State Street Bank & Trust Company		10,452,334		10,452,334		—
UBS Securities LLC		189,657,196		189,657,196		—
Wells Fargo Securities LLC		86,045,673		86,045,673		—
	$	4,694,244,703	$	4,694,244,703	$	—

170 2017 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.	$	128,471,878	$	128,471,878		$	—
BMO Capital Markets		9,092,368		9,092,368			—
BNP Paribas New York Branch		2,978,911		2,978,911			—
BNP Paribas Prime Brokerage Inc.		28,093,131		28,093,131			—
BNP Paribas Prime Brokerage International Ltd.		49,369,590		49,369,590			—
Citigroup Global Markets Inc.		121,546,904		121,546,904			—
Credit Suisse Securities (USA) LLC		93,654,646		93,654,646			—
Deutsche Bank Securities Inc.		45,683,096		45,683,096			—
Goldman Sachs & Co.		397,645,501		397,645,501			—
HSBC Securities (USA) Inc.		180,740,240		180,740,240			—
ING Financial Markets LLC		6,171,618		6,171,618			—
Jefferies LLC		66,550,300		66,550,300			—
JPMorgan Securities LLC		405,736,447		405,736,447			—
Merrill Lynch, Pierce, Fenner & Smith		176,725,438		176,725,438			—
Morgan Stanley & Co. LLC		154,409,601		154,409,601			—
MUFG Securities Americas Inc.		69,260,174		69,260,174			—
RBC Capital Markets LLC		130,303,772		130,303,772			—
RBS Securities Inc.		12,421,579		12,421,579			—
Scotia Capital (USA) Inc.		10,364,054		10,364,054			—
SG Americas Securities LLC		181,795,079		181,795,079			—
State Street Bank & Trust Company		1,070,463		1,070,463			—
UBS Securities LLC		123,720,132		123,720,132			—
Wells Fargo Securities LLC		161,272,156		161,272,156			—
	$	2,557,077,078	$	2,557,077,078		$	—

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

In March 2017, the Financial Accounting Standards Board issued an update to amend the amortization period for certain purchased callable debt securities held at a premium. The amendments shorten the amortization period for premiums to the earliest call date, but do not require an accounting change for securities held at a discount. The amendments are effective for financial statements for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.

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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Trustees).

NOTESTO FINANCIAL STATEMENTS 171

Notes to Financial Statements (Continued)

iSHARES^® TRUST

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

Investment Advisory Fee			Aggregate Average Daily Net Assets
	0.5000	%	First $19 billion
	0.4750	a	Over $19 billion, up to and including $33  billion
	0.4513	a	Over $33 billion, up to and including $47 billionb
	0.4287	a	Over $47 billionb

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

^b  Breakpoint level was amended effective July 1, 2016.

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

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

The U.S. Securities and Exchange Commission (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.

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.

172 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

For the year ended February 28, 2017, 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	$	7,084,213
iBoxx $ Investment Grade Corporate Bond		3,057,252

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

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended February 28, 2017, 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	$	—	$	111,953,277
iBoxx $ Investment Grade Corporate Bond		282,963,210		788,507,981

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 year ended February 28, 2017 were as follows:

	U.S. Government Obligations				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
iBoxx $ High Yield Corporate Bond	$	—	$	—	$	3,243,637,059	$	2,176,524,716
iBoxx $ Investment Grade Corporate Bond		14,467,969		53,295,749		4,426,841,713		3,234,189,359

In-kind transactions (see Note 4) for the year ended February 28, 2017 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
iBoxx $ High Yield Corporate Bond	$	24,584,810,590	$	24,238,507,974
iBoxx $ Investment Grade Corporate Bond		23,911,121,116		19,450,930,889

NOTESTO FINANCIAL STATEMENTS 173

Notes to Financial Statements (Continued)

iSHARES^® 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.

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

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

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

MARKET RISK

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

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

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income 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. Mortgage-backed securities and securities with longer durations tend to be more sensitive to interest rate

174 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

changes, usually making them more volatile than other types of bonds or securities with shorter durations. Given the environment of historically low interest rates, a 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 a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

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, may be more volatile than higher-rated securities of similar maturity. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.

6. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of February 28, 2017, attributable to the expiration of capital loss carryforwards and realized gains (losses) from in-kind redemptions, were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Undistributed Net Investment Income/Distributions in Excess of Net Investment Income		Undistributed Net Realized Gain/Accumulated Net Realized Loss
iBoxx $ High Yield Corporate Bond	$	460,939,695	$	10,758	$	(460,950,453	)
iBoxx $ Investment Grade Corporate Bond		626,769,771		9,550		(626,779,321	)

NOTESTO FINANCIAL STATEMENTS 175

Notes to Financial Statements (Continued)

iSHARES^® TRUST

The tax character of distributions paid during the years ended February 28, 2017 and February 29, 2016 was as follows:

iShares ETF	2017		2016
iBoxx $ High Yield Corporate Bond
Ordinary income	$	894,276,174	$	826,678,362
iBoxx $ Investment Grade Corporate Bond
Ordinary income	$	950,827,137	$	766,535,606

As of February 28, 2017, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Capital Loss Carryforwards			Net Unrealized Gains (Losses) a			Total
iBoxx $ High Yield Corporate Bond	$	81,280,724	$	(763,658,492	)	$	(61,762,658	)	$	(744,140,426	)
iBoxx $ Investment Grade Corporate Bond		75,158,186		(105,244,153	)		(384,310,008	)		(414,395,975	)

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

As of February 28, 2017, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

iShares ETF	Non- Expiring  a		Expiring 2018		Total
iBoxx $ High Yield Corporate Bond	$	763,480,673	$	177,819	$	763,658,492
iBoxx $ Investment Grade Corporate Bond		105,244,153		—		105,244,153

^a Must be utilized prior to losses subject to expiration.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2017, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. SUBSEQUENT EVENTS

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

176 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and

Shareholders of the iShares iBoxx $ High Yield Corporate Bond ETF and

iShares iBoxx $ Investment Grade Corporate Bond ETF

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 (constituting funds of the iShares Trust, hereafter referred to as the “Funds”) as of February 28, 2017, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, 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 as of February 28, 2017 by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures where replies were not received, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

April 19, 2017

REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 177

Notes:

178 2017 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.

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1010-0417

APRIL 30, 2017

2017 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	10
Financial Highlights	13
Notes to Financial Statements	14
Supplemental Information	22
Additional Financial Information – iShares J.P. Morgan USD Emerging Markets Bond ETF	23
Schedule of Investments	24
Financial Statements	33
Financial Highlights	36
Notes to Financial Statements	37

Fund Performance Overview

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Performance as of April 30, 2017

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, 2017, the total return for the Fund was 5.93%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		11.28%		6.10%		11.28%		11.09%
Fund Market		11.10%		6.00%		11.10%		10.92%
J.P. Morgan EMBI Global Core Swap Hedged Index		11.59%		6.26%		11.59%		11.37%

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^® Global Core Index plus interest rate swaps that intend to hedge the interest rate exposure of the J.P. Morgan EMBI^® Global Core Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a,b		Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,059.30	$	0.51	$	1,000.00	$	1,024.30	$	0.50		0.10%

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

^b  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

FUND PERFORMANCE OVERVIEW 5

Fund Performance Overview (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

ALLOCATION BY CREDIT QUALITY ¹

As of 4/30/17

Moody’s Credit Rating 2	Percentage of Total Investments 3
Aa		3.97	%
A		14.96
Baa		33.83
Ba		20.27
B		15.56
Caa		5.09
Not Rated		6.32
TOTAL		100.00	%

TEN LARGEST COUNTRIES ¹

As of 4/30/17

Country	Percentage of Total Investments 3
Mexico		6.23	%
Indonesia		5.07
Turkey		4.61
Russia		4.53
Philippines		4.18
Argentina		3.95
China		3.92
Brazil		3.88
Colombia		3.59
Hungary		3.49
TOTAL		43.45	%

¹  Table shown is for the iShares J.P. Morgan USD Emerging Markets Bond ETF, the underlying fund in which the Fund invests.

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

³  Excludes money market funds.

6 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on November 1, 2016 and held through April 30, 2017, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 7

Schedule of Investments (Unaudited)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

April 30, 2017

Security	Shares		Value
INVESTMENT COMPANIES — 95.30%
EXCHANGE-TRADED FUNDS — 95.30%
iShares J.P. Morgan USD Emerging Markets Bond ETFa		21,552	$	2,482,790
				2,482,790
TOTAL INVESTMENT COMPANIES
(Cost: $2,361,463)				2,482,790
SHORT-TERM INVESTMENTS — 2.65%
MONEY MARKET FUNDS — 2.65%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%b,c		69,096		69,096
				69,096
TOTAL SHORT-TERM INVESTMENTS
(Cost: $69,096)				69,096

	Value
TOTAL INVESTMENTS IN SECURITIES — 97.95%
(Cost: $2,430,559)d	$	2,551,886
Other Assets, Less Liabilities — 2.05%		53,392
NET ASSETS — 100.00%	$	2,605,278

^a  Affiliated issuer. See Schedule 1.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $2,430,559. Net unrealized appreciation was $121,327, of which $123,311 represented gross unrealized appreciation on securities and $1,984 represented gross unrealized depreciation on securities.

Schedule 1 — Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund (excluding affiliated money market funds) during the six months ended April 30, 2017, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

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		20,552		11,776		(10,776	)		21,552	$	2,482,790	$	74,241	$	45,188

Schedule 2 — Swaps Contracts (Note 5)

Centrally cleared short interest rate swaps outstanding as of April 30, 2017 were as follows:

Fixed rate a	Floating rate a		Clearinghouse		Expiration date		Notional amount			Value		Premiums paid (received)		Unrealized appreciation (depreciation)
1.01%		3-month LIBOR		Chicago Mercantile		12/08/2018	$	(75,000	)	$	595	$	8	$	587
1.17%		3-month LIBOR		Chicago Mercantile		12/08/2021		(1,275,000	)		41,848		18,423		23,425
1.44%		3-month LIBOR		Chicago Mercantile		12/08/2026		(1,000,000	)		72,402		38,040		34,362
1.77%		3-month LIBOR		Chicago Mercantile		12/08/2046		(125,000	)		21,598		23,582		(1,984	)
								Net unrealized appreciation						$	56,390

^a  The Fund pays the fixed rate and receives the floating rate.

8 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

April 30, 2017

Schedule 3 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Investment companies	$	2,482,790	$	—		$	—	$	2,482,790
Money market funds		69,096		—			—		69,096
Total	$	2,551,886	$	—		$	—	$	2,551,886
Derivative financial instrumentsa:
Assets:
Centrally cleared interest rate swaps	$	—	$	58,374		$	—	$	58,374
Liabilities:
Centrally cleared interest rate swaps		—		(1,984	)		—		(1,984	)
Total	$	—	$	56,390		$	—	$	56,390

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

See notes to financial statements.

SCHEDULEOF INVESTMENTS 9

Statement of Assets and Liabilities (Unaudited)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

April 30, 2017

ASSETS
Investments, at cost:
Affiliated (Note 2)	$	2,430,559
Total cost of investments	$	2,430,559
Investments in securities, at fair value (Note 1):
Affiliated (Note 2)	$	2,551,886
Total fair value of investments		2,551,886
Cash pledged for centrally cleared swaps		55,000
Receivables:
Dividends		278
Total Assets		2,607,164
LIABILITIES
Payables:
Investment advisory fees (Note 2)		255
Variation margin on centrally cleared swaps		1,631
Total Liabilities		1,886
NET ASSETS	$	2,605,278
Net assets consist of:
Paid-in capital	$	2,452,484
Undistributed net investment income		6,363
Accumulated net realized loss		(31,286	)
Net unrealized appreciation		177,717
NET ASSETS	$	2,605,278
Shares outstandinga		100,000
Net asset value per share	$	26.05

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

See notes to financial statements.

10 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Operations (Unaudited)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Six months ended April 30, 2017

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	74,532
Securities lending income — affiliated — net (Note 2)		1,930
Total investment income		76,462
EXPENSES
Investment advisory fees (Note 2)		12,940
Total expenses		12,940
Less investment advisory fees waived (Note 2)		(11,214	)
Net expenses		1,726
Net investment income		74,736
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated (Note 2)		164
In-kind redemptions — affiliated (Note 2)		45,188
Swap agreements		64,646
Realized gain distributions from affiliated funds		8
Net realized gain		110,006
Net change in unrealized appreciation/depreciation on:
Investments — affiliated (Note 2)		21,462
Swap agreements		10,744
Net change in unrealized appreciation/depreciation		32,206
Net realized and unrealized gain		142,212
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	216,948

See notes to financial statements.

FINANCIAL STATEMENTS 11

Statements of Changes in Net Assets

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

	Six months ended April 30, 2017 (Unaudited)			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	74,736		$	117,337
Net realized gain (loss)		110,006			(149,146	)
Net change in unrealized appreciation/depreciation		32,206			210,104
Net increase in net assets resulting from operations		216,948			178,295
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(68,373	)		(88,749	)
Return of capital		—			(2,962	)
Total distributions to shareholders		(68,373	)		(91,711	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,239,060			—
Cost of shares redeemed		(1,288,588	)		—
Net decrease in net assets from capital share transactions		(49,528	)		—
INCREASE IN NET ASSETS		99,047			86,584
NET ASSETS
Beginning of period		2,506,231			2,419,647
End of period	$	2,605,278		$	2,506,231
Undistributed net investment income included in net assets at end of period	$	6,363		$	—
SHARES ISSUED AND REDEEMED
Shares sold		50,000			—
Shares redeemed		(50,000	)		—
Net increase (decrease) in shares outstanding		—			—

See notes to financial statements.

12 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

(For a share outstanding throughout each period)

	Six months ended Apr. 30, 2017 (Unaudited)			Year ended Oct. 31, 2016			Period from Jul. 22, 2015a to Oct. 31, 2015
Net asset value, beginning of period	$	25.06		$	24.20		$	25.05
Income from investment operations:
Net investment incomeb		0.55			1.17			0.33
Net realized and unrealized gain (loss)c		0.92			0.61			(0.95	)
Total from investment operations		1.47			1.78			(0.62	)
Less distributions from:
Net investment income		(0.48	)		(0.89	)		(0.23	)
Return of capital		—			(0.03	)		(0.00	)d
Total distributions		(0.48	)		(0.92	)		(0.23	)
Net asset value, end of period	$	26.05		$	25.06		$	24.20
Total return		5.93	%e		7.49	%		(2.43	)%e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,605		$	2,506		$	2,420
Ratio of expenses to average net assetsf,g		0.10	%		0.10	%		0.12	%
Ratio of expenses to average net assets prior to waived feesf,g		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assetsf		4.33	%		4.82	%		4.86	%
Portfolio turnover rateh,i		0	%e		3	%		0	%e

^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. 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 page 36 for the portfolio turnover rates of the underlying fund.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 13

Notes to Financial Statements (Unaudited)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

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

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
Interest Rate Hedged Emerging Markets Bond	Non-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.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

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

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

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

14 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other 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 as follows:

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

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

• Level 3 — Unobservable inputs for the asset or liability based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

NOTESTO FINANCIAL STATEMENTS 15

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on the ex-dividend date. Interest income is accrued daily. Realized gains and losses on investment transactions are determined using the specific identification method.

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 an approved 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 but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Fund may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedule of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of April 30, 2017 and the total value of the related cash 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. 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

16 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

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.

RECENT ACCOUNTING STANDARD

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued a new rule, Investment Company Reporting Modernization, that modernizes and enhances the reporting and disclosure of information by registered investment companies. As part of these changes, the new rule amends Regulation S-X to require standardized, enhanced disclosures related to derivatives and updates to other disclosures in investment company financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is evaluating the impact, if any, of these changes on the Fund’s financial statements.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of 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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.75%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur 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 reduce its investment advisory fee for the Fund through February 28, 2022 so that the investment advisory fee is equal to the acquired fund fees and expenses that would have been experienced by the Fund related to its investment in the iShares J.P. Morgan USD Emerging Markets Bond ETF (“EMB”), after taking into account any fee waivers by EMB, 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 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.

NOTESTO FINANCIAL STATEMENTS 17

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

For the six months ended April 30, 2017, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $630.

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 statement of operations.

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended April 30, 2017, were $162,394 and $  —, respectively.

In-kind purchases and sales (see Note 4) for the six months ended April 30, 2017, were $1,123,270 and $1,226,632, respectively.

4. CAPITAL SHARE TRANSACTIONS

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

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

5. INTEREST RATE SWAPS

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

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP

18 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

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 risks 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, 2017 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Assets
Centrally cleared interest rate swaps:
Variation margin/Net assets consist of – net unrealized appreciationa	$	58,374

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

Liabilities
Centrally cleared interest rate swaps:
Variation margin/Net assets consist of – net unrealized appreciationb	$	1,984

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

The following table shows the realized and unrealized gains (losses) on interest rate swaps held by the Fund during the six months ended April 30, 2017 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	$	64,646	$	10,744

For the six months ended April 30, 2017, the average quarter-end notional amount of open interest rate swaps for the Fund (where the Fund pays the fixed rate) was $2,858,333.

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.

NOTESTO FINANCIAL STATEMENTS 19

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS 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 a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within 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 a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

7. INCOME TAX INFORMATION

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.

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, 2016, the Fund’s fiscal year-end, the Fund had non-expiring capital loss carryforwards in the amount of $141,292 available to offset future realized capital gains.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2017, 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.

20 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

8. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”). The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. The Defendants believe the claims are without merit and intend to vigorously defend themselves against the allegations in the lawsuit.

9. SUBSEQUENT EVENTS

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

NOTESTO FINANCIAL STATEMENTS 21

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
$	0.466647	$	—	$	0.010359	$	0.477006		98	%		—	%		2	%		100	%

22 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Additional Financial Information

April 30, 2017

iShares Trust

iShares J.P. Morgan USD Emerging Markets Bond ETF | EMB | NYSE Arca

Schedule of Investments (Unaudited)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2017

Security	Principal (000s)		Value
CORPORATE BONDS & NOTESa — 15.96%
AZERBAIJAN — 0.58%
Southern Gas Corridor CJSC
6.88%, 03/24/26b	$	56,500	$	62,432,500
				62,432,500
CHILE — 1.39%
Corp. Nacional del Cobre de Chile
3.00%, 07/17/22b		33,902		34,205,762
3.75%, 11/04/20b		26,424		27,644,260
3.88%, 11/03/21b		30,993		32,488,412
4.50%, 09/16/25b		53,134		56,155,731
				150,494,165
CHINA — 3.29%
Amber Circle Funding Ltd.
3.25%, 12/04/22b		11,920		12,066,561
Charming Light Investments Ltd.
3.75%, 09/03/19b		13,687		13,958,154
China Development Bank Corp.
1.63%, 06/22/19b		11,124		10,975,864
2.13%, 06/01/21b		20,030		19,649,238
2.50%, 10/09/20b		19,350		19,320,791
2.63%, 01/24/22b		10,100		10,062,125
CNOOC Curtis Funding No. 1 Pty Ltd.
4.50%, 10/03/23b		15,140		16,124,100
Sinochem Overseas Capital Co. Ltd.
4.50%, 11/12/20b		18,086		19,080,730
Sinopec Group Overseas Development 2012 Ltd.
3.90%, 05/17/22b		27,235		28,359,568
4.88%, 05/17/42b		12,609		13,712,287
Sinopec Group Overseas Development 2013 Ltd.
4.38%, 10/17/23b		27,596		29,276,497
Sinopec Group Overseas Development 2014 Ltd.
4.38%, 04/10/24b		24,651		26,048,076
Sinopec Group Overseas Development 2015 Ltd.
2.50%, 04/28/20b		36,099		36,041,274
3.25%, 04/28/25b		31,847		31,249,869

Security	Principal (000s)		Value
Sinopec Group Overseas Development 2016 Ltd.
2.00%, 09/29/21b	$	20,350	$	19,639,203
Sinopec Group Overseas Development 2017 Ltd.
2.38%, 04/12/20c		2,000		1,994,620
State Grid Overseas Investment 2013 Ltd.
3.13%, 05/22/23b		12,255		12,360,076
State Grid Overseas Investment 2014 Ltd.
4.13%, 05/07/24b		23,267		24,580,618
Three Gorges Finance I Cayman Islands Ltd.
3.15%, 06/02/26b		12,624		12,276,840
				356,776,491
INDONESIA — 1.13%
Majapahit Holding BV
7.75%, 01/20/20b		14,236		15,962,115
Pelabuhan Indonesia II PT
4.25%, 05/05/25b		13,000		13,068,900
Pertamina Persero PT
4.30%, 05/20/23b		11,542		11,873,717
4.88%, 05/03/22b		11,696		12,361,736
5.25%, 05/23/21b		9,927		10,597,073
5.63%, 05/20/43b		11,303		11,633,952
6.00%, 05/03/42b		10,030		10,656,875
6.45%, 05/30/44b		18,422		20,770,252
Perusahaan Listrik Negara PT
5.25%, 10/24/42b		9,860		9,764,753
5.50%, 11/22/21b		5,180		5,639,725
				122,329,098
KAZAKHSTAN — 1.21%
Development Bank of Kazakhstan JSC
4.13%, 12/10/22b		29,665		29,442,513
Kazakhstan Temir Zholy Finance BV
6.95%, 07/10/42b		28,975		30,496,187
KazMunayGas National Co. JSC
6.38%, 04/09/21b		30,066		32,997,435
7.00%, 05/05/20b		34,624		37,947,904
				130,884,039

24 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2017

Security	Principal (000s)		Value
MALAYSIA — 1.98%
Petronas Capital Ltd.
3.50%, 03/18/25b	$	39,870	$	40,670,817
4.50%, 03/18/45b		37,406		39,140,823
5.25%, 08/12/19b		52,381		55,720,289
7.88%, 05/22/22b		26,324		32,438,878
Petronas Global Sukuk Ltd.
2.71%, 03/18/20b		46,307		46,654,302
				214,625,109
MEXICO — 3.31%
Banco Nacional de Comercio Exterior SNC
4.38%, 10/14/25b		8,724		8,887,575
Comision Federal de Electricidad
4.75%, 02/23/27b		7,000		7,052,500
4.88%, 05/26/21b		6,786		7,159,230
4.88%, 01/15/24b		9,400		9,752,500
Mexico City Airport Trust
4.25%, 10/31/26 (Call 07/31/26)b		8,000		8,090,000
5.50%, 10/31/46 (Call 04/30/46)b		7,350		7,268,048
Petroleos Mexicanos
3.50%, 07/23/20		8,930		9,030,016
3.50%, 01/30/23		18,158		17,375,390
4.25%, 01/15/25		5,476		5,319,660
4.50%, 01/23/26		9,148		8,901,004
4.63%, 09/21/23		8,668		8,718,274
4.88%, 01/24/22		22,215		22,959,203
4.88%, 01/18/24		14,384		14,513,456
5.50%, 01/21/21		24,101		25,547,060
5.50%, 06/27/44		18,456		16,234,820
5.63%, 01/23/46		21,438		19,058,382
6.00%, 03/05/20		9,900		10,672,200
6.38%, 02/04/21		10,900		11,916,970
6.38%, 01/23/45		18,058		17,609,259
6.50%, 03/13/27b		24,531		26,462,816
6.50%, 06/02/41		20,711		20,690,289
6.63%, 06/15/35		21,633		22,417,196
6.75%, 09/21/47		25,274		25,559,596
6.88%, 08/04/26		25,485		28,479,488
				359,674,932

Security	Principal (000s)		Value
OMAN — 0.23%
Lamar Funding Ltd.
3.96%, 05/07/25b	$	25,863	$	24,666,836
				24,666,836
PHILIPPINES — 0.22%
Power Sector Assets & Liabilities Management Corp.
7.39%, 12/02/24b		18,661		23,937,211
				23,937,211
RUSSIA — 0.65%
Russian Railways via RZD Capital PLC
5.70%, 04/05/22b		15,299		16,427,301
Vnesheconombank Via VEB Finance PLC
5.94%, 11/21/23b		11,800		12,655,500
6.03%, 07/05/22b		9,700		10,415,375
6.80%, 11/22/25b		13,558		15,151,065
6.90%, 07/09/20b		14,878		16,328,605
				70,977,846
SOUTH AFRICA — 0.94%
Eskom Holdings SOC Ltd.
5.75%, 01/26/21b		34,747		34,920,735
6.75%, 08/06/23b		20,438		21,122,673
7.13%, 02/11/25b		26,789		27,713,221
Transnet SOC Ltd.
4.00%, 07/26/22b		19,191		18,713,144
				102,469,773
VENEZUELA — 1.03%
Petroleos de Venezuela SA
5.38%, 04/12/27b		25,917		9,906,850
5.50%, 04/12/37b		14,797		5,674,650
6.00%, 05/16/24b		50,211		19,849,826
6.00%, 11/15/26b		42,903		16,281,688
8.50%, 10/27/20b		29,450		23,074,075
9.00%, 11/17/21b		16,610		8,695,335
9.75%, 05/17/35b		26,213		12,451,285
12.75%, 02/17/22b		26,383		16,274,354
				112,208,063
TOTAL CORPORATE BONDS & NOTES
(Cost: $1,731,837,772)				1,731,476,063

SCHEDULEOF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2017

Security	Principal (000s)		Value
FOREIGN GOVERNMENT OBLIGATIONSa — 82.26%
ANGOLA — 0.40%
Angolan Government International Bond
9.50%, 11/12/25b	$	41,500	$	43,471,250
				43,471,250
ARGENTINA — 3.88%
Argentine Republic Government International Bond
2.50%, 12/31/38d		64,750		43,058,767
5.63%, 01/26/22		33,777		35,178,746
6.63%, 07/06/28		13,032		13,331,736
6.88%, 04/22/21		58,738		64,259,372
6.88%, 01/26/27		40,852		43,160,138
7.13%, 07/06/36		20,452		20,697,424
7.50%, 04/22/26		80,935		88,664,292
7.63%, 04/22/46		33,054		35,185,983
8.28%, 12/31/33		69,301		77,229,136
				420,765,594
AZERBAIJAN — 0.55%
Republic of Azerbaijan International Bond
4.75%, 03/18/24b		34,699		35,392,980
State Oil Co. of the Azerbaijan Republic
4.75%, 03/13/23b		24,493		24,278,686
				59,671,666
BOLIVIA — 0.23%
Bolivian Government International Bond
4.50%, 03/20/28c		25,540		24,901,500
				24,901,500
BRAZIL — 3.81%
Banco Nacional de Desenvolvimento Economico e Social
5.75%, 09/26/23b		21,064		22,437,373
6.50%, 06/10/19b		11,635		12,478,538
Brazil Minas SPE via State of Minas Gerais
5.33%, 02/15/28b		14,481		14,191,380

Security	Principal (000s)		Value
Brazilian Government International Bond
2.63%, 01/05/23	$	27,499	$	25,684,066
4.25%, 01/07/25		61,923		61,675,308
4.88%, 01/22/21		38,587		40,853,986
5.00%, 01/27/45		49,675		45,080,062
5.63%, 01/07/41		33,809		33,639,955
5.63%, 02/21/47		19,774		19,625,695
6.00%, 04/07/26		41,540		45,590,150
7.13%, 01/20/37		23,625		27,405,000
8.25%, 01/20/34		20,379		25,881,330
8.88%, 04/15/24		12,581		16,135,133
10.13%, 05/15/27		15,752		22,879,780
				413,557,756
CHILE — 0.35%
Chile Government International Bond
3.13%, 01/21/26		36,927		37,665,540
				37,665,540
CHINA — 0.57%
Export-Import Bank of China (The)
2.00%, 04/26/21b		13,995		13,695,291
2.50%, 07/31/19b		17,797		17,974,970
2.88%, 04/26/26b		11,658		11,235,398
3.63%, 07/31/24b		17,937		18,609,637
				61,515,296
COLOMBIA — 3.52%
Colombia Government International Bond
2.63%, 03/15/23 (Call 12/15/22)		17,395		16,838,360
3.88%, 04/25/27 (Call 01/25/27)		26,154		26,337,078
4.00%, 02/26/24 (Call 11/26/23)		37,521		38,796,714
4.38%, 07/12/21		31,844		33,786,484
4.50%, 01/28/26 (Call 10/28/25)		29,293		31,197,045
5.00%, 06/15/45 (Call 12/15/44)		74,258		75,223,354
5.63%, 02/26/44 (Call 08/26/43)		46,045		50,373,230
6.13%, 01/18/41		43,755		50,449,515

26 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2017

Security	Principal (000s)		Value
7.38%, 09/18/37	$	28,387	$	36,477,295
8.13%, 05/21/24		18,042		22,967,466
				382,446,541
COSTA RICA — 0.73%
Costa Rica Government International Bond
4.25%, 01/26/23b		21,294		20,708,415
7.00%, 04/04/44b		33,009		34,040,531
7.16%, 03/12/45b		23,985		24,944,400
				79,693,346
CROATIA — 2.03%
Croatia Government International Bond
5.50%, 04/04/23b		37,016		40,125,344
6.00%, 01/26/24b		46,886		52,113,789
6.38%, 03/24/21b		37,857		41,879,306
6.63%, 07/14/20b		32,804		36,084,400
6.75%, 11/05/19b		45,933		49,975,104
				220,177,943
DOMINICAN REPUBLIC — 2.71%
Dominican Republic International Bond
5.50%, 01/27/25b		40,085		41,538,081
5.88%, 04/18/24b		28,284		30,122,460
5.95%, 01/25/27b		20,600		21,552,750
6.85%, 01/27/45b		52,759		56,122,386
6.88%, 01/29/26b		52,906		58,990,190
7.45%, 04/30/44b		40,116		45,431,370
7.50%, 05/06/21b		36,378		40,334,108
				294,091,345
ECUADOR — 1.82%
Ecuador Government International Bond
7.95%, 06/20/24b		50,382		48,114,810
9.65%, 12/13/26b		49,950		50,824,125
10.50%, 03/24/20b		36,386		38,933,020
10.75%, 03/28/22b		54,650		59,158,625
				197,030,580
EGYPT — 1.69%
Egypt Government International Bond
5.75%, 04/29/20b		47,579		49,541,634
5.88%, 06/11/25b		60,894		60,132,825

Security	Principal (000s)		Value
6.13%, 01/31/22b	$	10,400	$	10,829,000
7.50%, 01/31/27b		25,000		26,937,500
8.50%, 01/31/47b		32,852		35,726,550
				183,167,509
EL SALVADOR — 0.22%
El Salvador Government International Bond
7.65%, 06/15/35b		26,695		24,225,713
				24,225,713
ETHIOPIA — 0.23%
Ethiopia International Bond
6.63%, 12/11/24b		25,094		24,717,590
				24,717,590
GABON — 0.37%
Gabon Government International Bond
6.38%, 12/12/24b		40,641		39,777,379
				39,777,379
GHANA — 0.47%
Ghana Government International Bond
7.88%, 08/07/23b		24,893		24,612,954
8.13%, 01/18/26b		27,062		26,656,070
				51,269,024
HUNGARY — 3.42%
Hungary Government International Bond
5.38%, 02/21/23		51,078		56,632,732
5.38%, 03/25/24		51,410		57,707,725
5.75%, 11/22/23		55,204		62,794,550
6.25%, 01/29/20		61,687		67,624,374
6.38%, 03/29/21		74,006		83,626,780
7.63%, 03/29/41		29,186		43,122,315
				371,508,476
INDIA — 0.21%
Export-Import Bank of India
3.38%, 08/05/26b		24,213		23,270,705
				23,270,705
INDONESIA — 3.85%
Indonesia Government International Bond
3.38%, 04/15/23b		12,020		12,035,025
3.75%, 04/25/22b		17,923		18,393,479

SCHEDULEOF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2017

Security	Principal (000s)		Value
4.13%, 01/15/25b	$	18,744	$	19,306,320
4.35%, 01/08/27b		12,550		13,099,062
4.63%, 04/15/43b		10,312		10,466,680
4.75%, 01/08/26b		23,437		25,106,886
4.88%, 05/05/21b		24,376		26,143,260
5.13%, 01/15/45b		13,114		13,917,232
5.25%, 01/17/42b		20,512		22,076,040
5.25%, 01/08/47b		19,907		21,400,025
5.38%, 10/17/23b		8,365		9,306,063
5.88%, 03/13/20b		17,223		18,794,599
5.88%, 01/15/24b		18,186		20,732,040
5.95%, 01/08/46b		8,975		10,545,625
6.63%, 02/17/37b		16,776		20,571,570
6.75%, 01/15/44b		17,885		22,959,869
7.75%, 01/17/38b		16,236		22,283,910
8.50%, 10/12/35b		16,402		23,516,367
Perusahaan Penerbit SBSN Indonesia III
3.30%, 11/21/22b		11,671		11,700,178
3.40%, 03/29/22c		10,550		10,629,125
4.15%, 03/29/27c		13,700		13,956,875
4.33%, 05/28/25b		14,449		14,900,531
4.35%, 09/10/24b		18,060		18,759,825
4.55%, 03/29/26b		16,200		16,949,250
				417,549,836
IRAQ — 0.59%
Iraq International Bond
5.80%, 01/15/28b (Call 06/12/17)		72,174		64,325,078
				64,325,078
IVORY COAST — 0.82%
Ivory Coast Government International Bond
5.75%, 12/31/32 (Call 06/30/17)b,d		65,850		63,380,741
6.38%, 03/03/28b		25,436		25,563,180
				88,943,921
JAMAICA — 0.71%
Jamaica Government International Bond
6.75%, 04/28/28		33,999		37,993,883
8.00%, 03/15/39		33,385		38,810,062
				76,803,945

Security	Principal (000s)		Value
JORDAN — 0.24%
Jordan Government International Bond
5.75%, 01/31/27b	$	26,243	$	25,914,963
				25,914,963
KAZAKHSTAN — 1.74%
Kazakhstan Government International Bond
3.88%, 10/14/24b		44,774		45,378,449
4.88%, 10/14/44b		25,244		24,991,560
5.13%, 07/21/25b		60,760		66,441,060
6.50%, 07/21/45b		43,282		51,548,862
				188,359,931
KENYA — 0.47%
Kenya Government International Bond
6.88%, 06/24/24b		50,830		51,401,838
				51,401,838
LEBANON — 2.46%
Lebanon Government International Bond
6.00%, 01/27/23b		28,219		28,853,928
6.10%, 10/04/22b		45,612		46,923,345
6.38%, 03/09/20		30,343		31,556,720
6.60%, 11/27/26b		40,905		41,314,050
6.65%, 02/26/30b		37,256		37,209,430
6.75%, 11/29/27b		30,091		30,467,137
8.25%, 04/12/21b		45,674		50,583,955
				266,908,565
LITHUANIA — 1.35%
Lithuania Government International Bond
6.13%, 03/09/21b		34,177		38,620,010
6.63%, 02/01/22b		40,264		47,310,200
7.38%, 02/11/20b		52,849		60,115,737
				146,045,947
MALAYSIA — 1.09%
1MDB Global Investments Ltd.
4.40%, 03/09/23b		74,500		69,098,750
Malaysia Sovereign Sukuk Bhd
3.04%, 04/22/25b		25,000		24,781,250

28 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Malaysia Sukuk Global Bhd
3.18%, 04/27/26b	$	24,390	$	24,390,000
				118,270,000
MEXICO — 2.81%
Mexico Government International Bond
3.50%, 01/21/21		6,377		6,632,080
3.60%, 01/30/25		25,995		26,150,970
3.63%, 03/15/22		23,272		24,005,068
4.00%, 10/02/23		34,088		35,366,300
4.13%, 01/21/26		32,128		33,332,800
4.15%, 03/28/27		10,573		10,890,190
4.35%, 01/15/47		18,365		17,079,450
4.60%, 01/23/46		21,814		21,159,580
4.75%, 03/08/44		30,004		29,673,956
5.13%, 01/15/20		9,166		9,931,361
5.55%, 01/21/45		20,102		22,162,455
5.75%, 10/12/49		18,552		18,923,040
6.05%, 01/11/40		17,776		20,637,936
6.75%, 09/27/34		14,440		18,194,400
8.30%, 08/15/31		7,138		10,492,860
				304,632,446
MONGOLIA — 0.24%
Mongolia Government International Bond
5.13%, 12/05/22b		27,273		26,045,715
				26,045,715
MOROCCO — 0.38%
Morocco Government International Bond
4.25%, 12/11/22b		40,057		41,779,451
				41,779,451
NIGERIA — 0.40%
Nigeria Government International Bond
7.88%, 02/16/32b		39,715		43,041,131
				43,041,131
OMAN — 2.31%
Oman Government International Bond
3.63%, 06/15/21b		39,465		39,978,045
3.88%, 03/08/22b		5,880		5,946,150
3.88%, 03/08/22c		28,300		28,628,110

Security	Principal (000s)		Value
4.75%, 06/15/26b	$	73,470	$	73,929,188
5.38%, 03/08/27b		6,300		6,567,750
5.38%, 03/08/27c		35,700		37,247,238
6.50%, 03/08/47b		4,300		4,622,500
6.50%, 03/08/47c		49,800		53,644,261
				250,563,242
PAKISTAN — 0.78%
Pakistan Government International Bond
6.75%, 12/03/19b		27,352		28,924,740
8.25%, 04/15/24b		27,103		30,194,910
Third Pakistan International Sukuk Co. Ltd. (The)
5.50%, 10/13/21b		25,201		26,020,033
				85,139,683
PANAMA — 1.94%
Panama Government International Bond
3.75%, 03/16/25 (Call 12/16/24)		34,444		35,477,320
3.88%, 03/17/28 (Call 12/17/27)		26,957		27,664,621
4.00%, 09/22/24 (Call 06/22/24)		36,444		38,229,756
5.20%, 01/30/20		38,146		41,340,728
6.70%, 01/26/36		52,665		68,069,512
				210,781,937
PARAGUAY — 0.25%
Paraguay Government International Bond
6.10%, 08/11/44b		25,310		27,144,975
				27,144,975
PERU — 2.88%
Peruvian Government International Bond
4.13%, 08/25/27		34,047		36,958,018
5.63%, 11/18/50		71,630		86,493,225
6.55%, 03/14/37		28,096		36,805,760
7.35%, 07/21/25		53,787		70,138,248
8.75%, 11/21/33		53,523		81,890,190
				312,285,441

SCHEDULEOF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2017

Security	Principal (000s)		Value
PHILIPPINES — 3.89%
Philippine Government International Bond
3.70%, 03/01/41	$	20,953	$	20,900,618
3.70%, 02/02/42		40,050		39,899,812
3.95%, 01/20/40		27,211		28,027,330
4.00%, 01/15/21		33,523		35,701,995
4.20%, 01/21/24		27,748		30,245,320
5.00%, 01/13/37		21,116		24,758,510
5.50%, 03/30/26		19,403		23,041,062
6.38%, 01/15/32		17,540		22,736,225
6.38%, 10/23/34		36,449		48,613,854
7.75%, 01/14/31		31,363		44,809,886
8.38%, 06/17/19		7,525		8,559,688
9.50%, 02/02/30		31,589		50,147,537
10.63%, 03/16/25		28,921		44,212,979
				421,654,816
POLAND — 3.21%
Republic of Poland Government International Bond
3.00%, 03/17/23		41,987		42,039,484
3.25%, 04/06/26		37,517		37,423,207
4.00%, 01/22/24		44,336		46,829,900
5.00%, 03/23/22		86,761		95,437,100
5.13%, 04/21/21		49,413		54,292,534
6.38%, 07/15/19		66,113		72,476,376
				348,498,601
ROMANIA — 1.62%
Romanian Government International Bond
4.38%, 08/22/23b		34,442		36,465,467
4.88%, 01/22/24b		30,444		33,145,905
6.13%, 01/22/44b		26,414		32,852,413
6.75%, 02/07/22b		62,907		72,893,486
				175,357,271
RUSSIA — 3.80%
Russian Foreign Bond-Eurobond
4.50%, 04/04/22b		24,000		25,680,000
4.75%, 05/27/26b		38,000		40,090,000
4.88%, 09/16/23b		39,200		42,532,000
5.00%, 04/29/20b		46,200		49,376,250
5.63%, 04/04/42b		31,400		34,963,900
5.88%, 09/16/43b		21,600		24,926,400

Security	Principal (000s)		Value
7.50%, 03/31/30b,d	$	118,711	$	143,194,847
12.75%, 06/24/28b		28,939		51,330,551
				412,093,948
SERBIA — 0.93%
Serbia International Bond
4.88%, 02/25/20b		36,366		37,866,097
7.25%, 09/28/21b		54,624		62,885,880
				100,751,977
SLOVAKIA — 0.38%
Slovakia Government International Bond
4.38%, 05/21/22b		37,439		40,808,510
				40,808,510
SOUTH AFRICA — 2.20%
Republic of South Africa Government International Bond
4.30%, 10/12/28		44,171		41,796,809
4.67%, 01/17/24		31,588		31,982,850
4.88%, 04/14/26		18,920		19,128,120
5.00%, 10/12/46		17,834		16,853,130
5.38%, 07/24/44		17,473		17,473,000
5.50%, 03/09/20		31,158		33,120,954
5.88%, 05/30/22		72,337		78,596,440
				238,951,303
SRI LANKA — 1.41%
Sri Lanka Government International Bond
5.88%, 07/25/22b		28,574		29,538,372
6.25%, 10/04/20b		27,683		29,309,376
6.25%, 07/27/21b		27,898		29,537,008
6.83%, 07/18/26b		24,094		25,328,818
6.85%, 11/03/25b		37,166		39,117,215
				152,830,789
TRINIDAD AND TOBAGO — 0.26%
Trinidad & Tobago Government International Bond
4.50%, 08/04/26b		28,900		27,960,750
				27,960,750
TUNISIA — 0.22%
Banque Centrale de Tunisie International Bond
5.75%, 01/30/25b		24,330		23,873,813
				23,873,813

30 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2017

Security	Principal (000s)		Value
TURKEY — 4.52%
Hazine Mustesarligi Varlik Kiralama AS
4.25%, 06/08/21b	$	16,978	$	17,028,934
4.49%, 11/25/24b		15,400		15,053,500
Turkey Government International Bond
3.25%, 03/23/23		15,426		14,461,875
4.25%, 04/14/26		14,111		13,405,450
4.88%, 10/09/26		31,375		31,061,250
4.88%, 04/16/43		31,223		28,256,815
5.13%, 03/25/22		10,526		10,907,568
5.63%, 03/30/21		17,204		18,214,735
5.75%, 03/22/24		27,241		28,909,511
6.00%, 03/25/27		36,622		39,185,540
6.00%, 01/14/41		30,202		31,296,822
6.25%, 09/26/22		18,984		20,645,100
6.63%, 02/17/45		32,000		35,840,000
6.75%, 05/30/40		19,694		22,106,515
6.88%, 03/17/36		27,741		31,347,330
7.00%, 06/05/20		25,267		27,825,284
7.25%, 03/05/38		9,843		11,602,436
7.38%, 02/05/25		28,938		33,640,425
7.50%, 11/07/19		16,425		18,088,031
8.00%, 02/14/34		14,470		18,033,238
11.88%, 01/15/30		15,049		24,003,155
				490,913,514
UKRAINE — 2.91%
Ukraine Government International Bond
7.75%, 09/01/19b		41,090		42,035,070
7.75%, 09/01/20b		51,037		51,572,888
7.75%, 09/01/21b		31,267		31,188,833
7.75%, 09/01/22b		34,305		33,824,730
7.75%, 09/01/23b		34,392		33,291,456
7.75%, 09/01/24b		35,122		33,576,632
7.75%, 09/01/25b		30,273		28,789,623
7.75%, 09/01/26b		33,167		31,243,314
7.75%, 09/01/27b		32,226		30,292,440
				315,814,986
URUGUAY — 2.28%
Uruguay Government International Bond
4.38%, 10/27/27		67,107		70,462,301

Security	Principal or Shares (000s)		Value
4.50%, 08/14/24	$	36,710	$	39,334,540
5.10%, 06/18/50		102,742		101,714,862
7.63%, 03/21/36		26,805		35,382,600
				246,894,303
VENEZUELA — 1.29%
Venezuela Government International Bond
6.00%, 12/09/20b		8,365		4,349,834
7.00%, 03/31/38b		12,256		5,453,920
7.65%, 04/21/25b		16,928		7,871,661
7.75%, 10/13/19b		22,107		13,319,746
8.25%, 10/13/24b		21,408		10,168,881
9.00%, 05/07/23b		19,225		9,516,375
9.25%, 09/15/27		38,371		20,336,810
9.25%, 05/07/28b		19,345		9,188,875
9.38%, 01/13/34		17,745		8,606,126
11.75%, 10/21/26b		28,836		16,725,065
11.95%, 08/05/31b		33,521		19,358,493
12.75%, 08/23/22b		25,241		15,649,482
				140,545,268
VIETNAM — 0.24%
Vietnam Government International Bond
4.80%, 11/19/24b		25,112		25,827,692
				25,827,692
ZAMBIA — 0.58%
Zambia Government International Bond
8.50%, 04/14/24b		25,423		26,725,929
8.97%, 07/30/27b		34,612		36,731,985
				63,457,914
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $8,903,164,128)				8,925,098,253
SHORT-TERM INVESTMENTS — 0.24%
MONEY MARKET FUNDS — 0.24%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%e,f		25,943		25,943,105
				25,943,105
TOTAL SHORT-TERM INVESTMENTS
(Cost: $25,943,105)				25,943,105

SCHEDULEOF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 98.46% (Cost: $10,660,945,005)g	$	10,682,517,421
Other Assets, Less Liabilities — 1.54%		166,856,402
NET ASSETS — 100.00%	$	10,849,373,823

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

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

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

^d  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 money market fund.

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

^g  The cost of investments for federal income tax purposes was $10,696,787,553. Net unrealized depreciation was $14,270,132, of which $116,632,159 represented gross unrealized appreciation on securities and $130,902,291 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Corporate bonds & notes	$	—	$	1,731,476,063	$	—	$	1,731,476,063
Foreign government obligations		—		8,925,098,253		—		8,925,098,253
Money market funds		25,943,105		—		—		25,943,105
Total	$	25,943,105	$	10,656,574,316	$	—	$	10,682,517,421

See notes to financial statements.

32 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Assets and Liabilities (Unaudited)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2017

ASSETS
Investments, at cost:
Unaffiliated	$	10,635,001,900
Affiliated (Note 2)		25,943,105
Total cost of investments	$	10,660,945,005
Investments in securities, at fair value (Note 1):
Unaffiliated	$	10,656,574,316
Affiliated (Note 2)		25,943,105
Total fair value of investments		10,682,517,421
Cash		1,898,028
Receivables:
Investment securities sold		161,065,624
Due from custodian (Note 4)		67,574,346
Dividends and interest		144,529,480
Capital shares sold		3,051,224
Total Assets		11,060,636,123
LIABILITIES
Payables:
Investment securities purchased		207,857,147
Investment advisory fees (Note 2)		3,405,153
Total Liabilities		211,262,300
NET ASSETS	$	10,849,373,823
Net assets consist of:
Paid-in capital	$	10,970,112,214
Undistributed net investment income		35,986,254
Accumulated net realized loss		(178,297,061	)
Net unrealized appreciation		21,572,416
NET ASSETS	$	10,849,373,823
Shares outstandinga		94,600,000
Net asset value per share	$	114.69

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

See notes to financial statements.

FINANCIAL STATEMENTS 33

Statement of Operations (Unaudited)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

Six months ended April 30, 2017

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	51,652
Interest — unaffiliated		228,063,568
Total investment income		228,115,220
EXPENSES
Investment advisory fees (Note 2)		26,117,366
Total expenses		26,117,366
Less investment advisory fees waived (Note 2)		(8,449,748	)
Net expenses		17,667,618
Net investment income		210,447,602
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(45,673,851	)
In-kind redemptions — unaffiliated		22,156,366
Realized gain distributions from affiliated funds		2,882
Net realized loss		(23,514,603	)
Net change in unrealized appreciation/depreciation		(16,316,656	)
Net realized and unrealized loss		(39,831,259	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	170,616,343

See notes to financial statements.

34 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

	Six months ended April 30, 2017 (Unaudited)			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	210,447,602		$	316,108,337
Net realized gain (loss)		(23,514,603	)		80,938,376
Net change in unrealized appreciation/depreciation		(16,316,656	)		255,360,546
Net increase in net assets resulting from operations		170,616,343			652,407,259
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(197,523,843	)		(321,652,097	)
Total distributions to shareholders		(197,523,843	)		(321,652,097	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		4,763,133,050			9,405,191,061
Cost of shares redeemed		(3,536,147,291	)		(4,551,094,063	)
Net increase in net assets from capital share transactions		1,226,985,759			4,854,096,998
INCREASE IN NET ASSETS		1,200,078,259			5,184,852,160
NET ASSETS
Beginning of period		9,649,295,564			4,464,443,404
End of period	$	10,849,373,823		$	9,649,295,564
Undistributed net investment income included in net assets at end of period	$	35,986,254		$	23,062,495
SHARES ISSUED AND REDEEMED
Shares sold		42,400,000			84,000,000
Shares redeemed		(31,900,000	)		(41,100,000	)
Net increase in shares outstanding		10,500,000			42,900,000

See notes to financial statements.

FINANCIAL STATEMENTS 35

Financial Highlights

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

(For a share outstanding throughout each period)

	Six months ended Apr. 30, 2017 (Unaudited)			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013			Year ended Oct. 31, 2012
Net asset value, beginning of period	$	114.74		$	108.36		$	114.15		$	110.96		$	120.81		$	109.56
Income from investment operations:
Net investment incomea		2.64			5.39			5.08			4.86			5.00			5.25
Net realized and unrealized gain (loss)b		(0.21	)		6.57			(5.75	)		3.17			(9.77	)		11.23
Total from investment operations		2.43			11.96			(0.67	)		8.03			(4.77	)		16.48
Less distributions from:
Net investment income		(2.48	)		(5.58	)		(5.12	)		(4.84	)		(5.08	)		(5.23	)
Total distributions		(2.48	)		(5.58	)		(5.12	)		(4.84	)		(5.08	)		(5.23	)
Net asset value, end of period	$	114.69		$	114.74		$	108.36		$	114.15		$	110.96		$	120.81
Total return		2.17	%c		11.35	%		(0.55	)%		7.45	%		(4.01	)%		15.50	%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	10,849,374		$	9,649,296		$	4,464,443		$	5,147,968		$	3,850,273		$	6,185,433
Ratio of expenses to average net assetsd		0.40	%		0.40	%		0.40	%		0.59	%		0.60	%		0.60	%
Ratio of expenses to average net assets prior to waived feesd		0.59	%		0.59	%		0.60	%		0.60	%		n/a			n/a
Ratio of net investment income to average net assetsd		4.76	%		4.81	%		4.61	%		4.35	%		4.30	%		4.61	%
Portfolio turnover ratee		15	%c		32	%		24	%		52	%		32	%		30	%

^a  Based on average shares outstanding throughout each period.

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

^c  Not annualized.

^d  Annualized for periods of less than one year.

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

See notes to financial statements.

36 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

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

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
J.P. Morgan USD Emerging Markets Bond	Non-diversified

The investment objective of the Fund is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of its underlying index. The investment adviser uses a “passive” or index approach to try to achieve the Fund’s investment objective.

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

• Fixed income investments are valued 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 37

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

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

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

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

Various inputs are used in determining the fair value of financial instruments. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

• Level 3 — Unobservable inputs for the asset or liability based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

38 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

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.

RECENT ACCOUNTING STANDARD

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued a new rule, Investment Company Reporting Modernization, that modernizes and enhances the reporting and disclosure of information by registered investment companies. As part of these changes, the new rule amends Regulation S-X to require standardized, enhanced disclosures related to derivatives and updates to other disclosures in investment company financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is evaluating the impact, if any, of these changes on the Fund’s financial statements.

In March 2017, the Financial Accounting Standards Board issued an update to amend the amortization period for certain purchased callable debt securities held at a premium. The amendments shorten the amortization period for premiums to the earliest call date, but do not require an accounting change for securities held at a discount. The amendments are effective for financial statements for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Fund’s financial statements and disclosures.

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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, 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 $47 billion
	0.5145	a	Over $47 billion

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

NOTESTO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

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, 2023 in order to limit total annual operating expenses to 0.40% of average daily net assets.

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

Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended April 30, 2017, the purchases and sales transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were $51,921,506 and $46,138,190, 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 “Dividends – affiliated” in the statement of operations.

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

Certain trustees and officers of the Trust are also officers of BlackRock Institutional Trust Company, N.A. and/or BFA.

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended April 30, 2017, were $1,469,310,701 and $1,311,896,788, respectively.

In-kind purchases and sales (see Note 4) for the six months ended April 30, 2017, were $4,605,424,338 and $3,464,029,456, respectively.

4. CAPITAL SHARE TRANSACTIONS

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

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

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

40 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

5. PRINCIPAL RISKS

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

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

MARKET RISK

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

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

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

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia and Canada (collectively, “Sanctioning Bodies”), have imposed sectorial economic sanctions on certain Russian individuals and Russian corporate entities which include prohibitions on transacting in or dealing in new debt of longer than 30 or 90 days maturity or new equity of such issuers. Securities held by a 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.

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase

NOTESTO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

as interest rates fall. Mortgage-backed securities and securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than other types of bonds or securities with shorter durations. Given the environment of historically low interest rates, a 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 a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

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, 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

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.

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, 2016, 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
$	118,843,880	$	96,030	$	118,939,910

^a  Must be utilized prior to losses subject to expiration.

42 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2017, 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. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”). The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. The Defendants believe the claims are without merit and intend to vigorously defend themselves against the allegations in the lawsuit.

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 43

Notes:

44 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 45

Notes:

46 2017 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”).

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.

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1019-0417

APRIL 30, 2017

2017 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

^Ø  iShares Short Maturity Bond ETF  |  NEAR  |  BATS

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

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

Table of Contents

Fund Performance Overviews	5
About Fund Performance	8
Shareholder Expenses	8
Schedules of Investments	9
iShares Short Maturity Bond ETF	9
iShares Short Maturity Municipal Bond ETF	22
iShares Ultra Short-Term Bond ETF	26
Financial Statements	30
Financial Highlights	34	��
Notes to Financial Statements	37
Supplemental Information	48

Fund Performance Overview

iSHARES^® SHORT MATURITY BOND ETF

Performance as of April 30, 2017

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, 2017, the total return for the Fund was 0.73%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		1.46%		1.04%		1.46%		3.78%
Fund Market		1.46%		1.05%		1.46%		3.82%
Bloomberg Barclays Short-Term Government/Corporate Index		0.74%		0.43%		0.74%		1.57%

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

The Bloomberg Barclays Short-Term Government/Corporate Index 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 (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,007.30	$	1.24	$	1,000.00	$	1,023.60	$	1.25		0.25%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

ALLOCATION BY INVESTMENT TYPE

As of 4/30/17

Investment Type Percentage of
Total  Investments¹

Corporate Bonds & Notes	58.06	%
Asset-backed Securities	31.91
Mortgage-Backed Securities	4.01
Commercial Paper	2.15
Certificates Of Deposit	1.31
Repurchase Agreements	1.30
U.S. Government Agency Obligations	1.26
TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY

As of 4/30/17

Moody’s Credit Rating² Percentage of
Total  Investments¹

Aaa	24.08	%
Aa	7.37
A	23.81
Baa	25.80
P-1	5.02
Not Rated	13.92
TOTAL	100.00	%

¹  Excludes money market funds.

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

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

Performance as of April 30, 2017

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, 2017, the total return for the Fund was 0.42%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		0.73%		0.74%		0.73%		1.61%
Fund Market		0.77%		0.77%		0.77%		1.67%
Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index		0.72%		0.71%		0.72%		1.54%

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,004.20	$	1.24	$	1,000.00	$	1,023.60	$	1.25		0.25%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

ALLOCATION BY CREDIT QUALITY

As of 4/30/17

S&P Credit Rating¹ Percentage of
Total  Investments²

AA	24.31	%
A	23.47
BBB	15.48
Not Rated	36.74
TOTAL	100.00	%

TEN LARGEST STATES

As of 4/30/17

State Percentage of
Total  Investments²

New Jersey	30.77	%
New York	10.12
Pennsylvania	8.68
Michigan	7.08
Georgia	5.90
Ohio	5.23
Indiana	4.58
Connecticut	3.35
Alabama	3.12
Florida	3.04
TOTAL	81.87	%

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

²  Excludes money market funds.

6 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® ULTRA SHORT-TERM BOND ETF

Performance as of April 30, 2017

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, 2017, the total return for the Fund was 0.67%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		1.30%		0.69%		1.30%		2.37%
Fund Market		1.22%		0.69%		1.22%		2.35%
Bank of America Merrill Lynch 6-Month US Treasury Bill Index		0.60%		0.36%		0.60%		1.24%

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

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,006.70	$	0.45	$	1,000.00	$	1,024.30	$	0.45		0.09%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 8 for more information.

ALLOCATION BY INVESTMENT TYPE

As of 4/30/17

Investment Type Percentage of
Total  Investments¹

Corporate Bonds & Notes	43.30	%
Commercial Paper	33.88
Certificates Of Deposit	18.31
Repurchase Agreements	4.44
Asset-backed Securities	0.07
TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY

As of 4/30/17

Moody’s Credit Rating² Percentage of
Total  Investments¹

Aaa	0.36	%
Aa	14.49
A	22.26
Baa	6.75
P-1	41.80
P-2	13.53
Not Rated	0.81
TOTAL	100.00	%

¹  Excludes money market funds.

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

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, 2016 and held through April 30, 2017, 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 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2017

Security	Principal (000s)		Value
ASSET-BACKED SECURITIES — 31.26%
American Express Credit Account Master Trust Series 2014-3, Class A
1.49%, 04/15/20	$	2,412	$	2,413,646
AmeriCredit Automobile Receivables Trust
Series 2013-1, Class D
2.09%, 02/08/19 (Call 07/08/17)		2,500		2,503,714
Series 2017-1, Class A3
1.87%, 08/18/21 (Call 12/18/20)		820		819,943
AMMC CLO 15 Ltd. Series 2014-15A, Class AXR FRN, (3 mo. LIBOR US + 1.250%)
2.36%, 12/09/26 (Call 06/09/17)a		2,813		2,811,628
AMMC CLO XIV Ltd. Series 2014-14A, Class A1L FRN, (3 mo. LIBOR US + 1.450%)
2.49%, 07/27/26 (Call 07/25/17)a		4,500		4,505,764
Apidos CLO XII Series 2013-12A, Class A FRN, (3 mo. LIBOR US + 1.100%)
2.26%, 04/15/25 (Call 07/15/17)a		8,000		8,005,674
Apidos CLO XVII Series 2014-17A, Class A1R FRN, (3 mo. LIBOR US + 1.310%)
2.33%, 04/17/26 (Call 07/17/17)a		12,310		12,328,170
Arbor Realty Collateralized Loan Obligation Ltd. Series 2015-FL2A, Class A FRN, (1 mo. LIBOR US + 1.750%)
2.74%, 09/15/25 (Call 03/15/18)a		3,850		3,850,000
Arbor Realty Commercial Real Estate Notes Ltd. Series 2017-FL1, Class A FRN, (1 mo. LIBOR US + 1.300%)
2.11%, 04/15/27 (Call 11/15/19)a		12,170		12,170,000
Atrium X Series 10A, Class A FRN, (3 mo. LIBOR US + 1.120%)
2.28%, 07/16/25 (Call 07/16/17)a		5,000		5,004,028
Avery Point IV CLO Ltd. FRN, (3 mo. LIBOR US + 1.100%)
2.77%, 04/25/26a		7,920		7,920,000

Security	Principal (000s)		Value
BA Credit Card Trust Series 2016-A1, Class A FRN, (1 mo. LIBOR + 0.390%)
1.38%, 10/15/21	$	8,250	$	8,298,551
Babson CLO Ltd. Series 2013-IA, Class A FRN, (3 mo. LIBOR US + 1.100%)
2.26%, 04/20/25 (Call 07/20/17)a		1,520		1,520,995
Battalion CLO IV Ltd. Series 2013-4A, Class A1R FRN, (3 mo. LIBOR US + 1.140%)
2.29%, 10/22/25a		10,490		10,490,000
BlueMountain CLO Ltd.
Series 2012-1A, Class A
FRN, (3 mo. LIBOR US + 1.320%)
2.48%, 07/20/23 (Call 07/20/17)a		5,573		5,577,442
Series 2013-4A, Class AR
FRN, (3 mo. LIBOR US + 1.010%)
2.17%, 04/15/25 (Call 07/15/17)a		6,100		6,103,249
Series 2014-1A, Class A1R
FRN, (3 mo. LIBOR US + 1.260%)
2.28%, 04/30/26 (Call 07/30/17)a		19,500		19,524,139
Cabela’s Credit Card Master Note Trust Series 2014-2, Class A FRN, (1 mo. LIBOR + 0.450%)
1.44%, 07/15/22		3,500		3,510,847
Capital One Multi-Asset Execution Trust Series 2016-A1, Class A1 FRN, (1 mo. LIBOR + 0.450%)
1.44%, 02/15/22		38,000		38,239,373
Carlyle Global Market Strategies CLO Ltd.
Series 2013-2A, Class A1
FRN, (3 mo. LIBOR US + 1.150%)
2.31%, 04/18/25 (Call 07/18/17)a		1,110		1,110,695
Series 2014-5A, Class A1R
FRN, (3 mo. LIBOR US + 1.140%)
1.00%, 10/16/25 (Call 07/16/17)a		8,750		9,077,250
Catamaran CLO Ltd. Series 2012-1A, Class AR FRN, (3 mo. LIBOR US + 1.190%)
2.34%, 12/20/23a		14,173		14,187,684

SCHEDULESOF INVESTMENTS 9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Chase Issuance Trust
Series 2013-A9, Class A
FRN, (1 mo. LIBOR + 0.420%)
1.41%, 11/16/20	$	11,815	$	11,869,512
Series 2014-A5, Class A5
FRN, (1 mo. LIBOR + 0.370%)
1.36%, 04/15/21		7,000		7,035,696
Series 2016-A1, Class A
FRN, (1 mo. LIBOR + 0.410%)
1.40%, 05/17/21		36,750		36,974,164
Chesapeake Funding II LLC
Series 2016-1A, Class A2
FRN, (1 mo. LIBOR US + 1.150%)
2.06%, 03/15/28a		18,487		18,575,837
Series 2016-2A, Class A2
FRN, (1 mo. LIBOR US + 1.000%)
1.99%, 06/15/28a		13,960		14,032,484
Chrysler Capital Auto Receivables Trust
Series 2013-BA, Class A4
1.27%, 03/15/19 (Call 02/15/18)a		205		204,929
Series 2014-BA, Class A3
1.27%, 05/15/19 (Call 10/15/18)a		1,051		1,050,654
CIFC Funding Ltd. Series 2012-2A, Class A1R FRN, (3 mo. LIBOR US + 1.350%)
2.45%, 12/05/24 (Call 06/05/17)a		1,408		1,408,997
Credit Acceptance Auto Loan Trust Series 2015-1A, Class A
2.00%, 07/15/22 (Call 05/15/18)a		1,522		1,524,481
Discover Card Execution Note Trust
Series 2013-A6, Class A6
FRN, (1 mo. LIBOR + 0.450%)
1.44%, 04/15/21		17,061		17,137,211
Series 2014-A1, Class A1
FRN, (1 mo. LIBOR + 0.430%)
1.42%, 07/15/21		6,760		6,795,766
Series 2014-A5, Class A
1.39%, 04/15/20		11,470		11,474,603
Drive Auto Receivables Trust Series 2016-BA, Class A3
1.67%, 07/15/19 (Call 08/15/19)a		4,790		4,792,106

Security	Principal (000s)		Value
Dryden Senior Loan Fund
Series 2014-31A, Class AR
FRN, (3 mo. LIBOR US + 1.080%)
2.25%, 04/18/26a	$	7,742	$	7,748,229
Series 2014-34A, Class A1R
FRN, (3 mo. LIBOR US + 1.160%)
2.18%, 10/15/26a		3,625		3,625,000
Dryden XXVI Senior Loan Fund Series 2013-26A, Class A FRN, (3 mo. LIBOR US + 1.100%)
2.26%, 07/15/25 (Call 07/15/17)a		13,150		13,152,235
Enterprise Fleet Financing LLC
2.13%, 07/20/22 (Call 06/20/20)a		3,300		3,298,334
Series 2016-1, Class A2
1.83%, 09/20/21 (Call 06/20/19)a		15,882		15,877,154
Ford Credit Floorplan Master Owner Trust
Series 2014-2, Class A
FRN, (1 mo. LIBOR + 0.500%)
1.41%, 02/15/21		11,000		11,051,480
Series 2014-4, Class A2
FRN, (1 mo. LIBOR + 0.350%)
1.26%, 08/15/19		3,000		3,001,248
Series 2015-1, Class A2
FRN, (1 mo. LIBOR + 0.400%)
1.39%, 01/15/20		18,340		18,365,168
Series 2015-4, Class A2
FRN, (1 mo. LIBOR + 0.600%)
1.51%, 08/15/20		5,485		5,509,776
Series 2016-1, Class A2
FRN, (1 mo. LIBOR + 0.900%)
1.89%, 02/15/21		10,000		10,102,636
Series 2016-3, Class A2
FRN, (1 mo. LIBOR + 0.620%)
1.61%, 07/15/21		10,000		10,079,495
Galaxy XV CLO Ltd. Series 2013-15A, Class A FRN, (3 mo. LIBOR US + 1.250%)
2.41%, 04/15/25 (Call 07/15/17)a		3,000		3,001,052
Golden Credit Card Trust Series 2015-1A, Class A FRN, (1 mo. LIBOR + 0.440%)
1.43%, 02/15/20a		3,700		3,706,210

10 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2017

Security	Principal (000s)		Value
GoldenTree Loan Opportunities VII Ltd. Series 2013-7A, Class A FRN, (3 mo. LIBOR US + 1.150%)
2.19%, 04/25/25 (Call 07/25/17)a	$	22,535	$	22,542,128
Honda Auto Receivables Owner Trust
Series 2016-1, Class A3
1.22%, 12/18/19 (Call 04/18/19)		8,500		8,477,610
Series 2016-2, Class A3
1.39%, 04/15/20 (Call 07/15/19)		11,570		11,553,623
John Deere Owner Trust Series 2015-B, Class A2
0.98%, 06/15/18 (Call 01/15/19)		1,716		1,716,212
LCM XII LP Series 12A, Class AR FRN, (3 mo. LIBOR US + 1.260%)
2.28%, 10/19/22a		2,166		2,168,362
Mercedes Benz Auto Receivables Trust Series 2015-1, Class A2A
0.82%, 06/15/18 (Call 07/15/19)		34		33,756
Mercedes-Benz Master Owner Trust Series 2016-BA, Class A FRN, (1 mo. LIBOR + 0.700%)
1.69%, 05/17/21a		11,375		11,489,184
Navient Private Education Loan Trust
Series 2014-CT, Class A
FRN, (1 mo. LIBOR US + 0.700%)
1.69%, 09/16/24 (Call 09/15/21)a		2,133		2,136,159
Series 2016-AA, Class A1
FRN, (1 mo. LIBOR US + 1.100%)
2.09%, 12/15/25 (Call 02/15/29)a		3,379		3,387,430
Navient Student Loan Trust Series 2015-2, Class A2 FRN, (1 mo. LIBOR US + 0.420%)
1.40%, 08/27/29 (Call 07/25/25)		4,465		4,471,275
Nissan Auto Receivables Owner Trust Series 2016-A, Class A2B FRN, (1 mo. LIBOR US + 0.350%)
1.34%, 02/15/19 (Call 04/15/20)		1,051		1,051,778

Security	Principal (000s)		Value
Nissan Master Owner Trust Receivables Series 2016-A, Class A1 FRN, (1 mo. LIBOR + 0.640%)
1.63%, 06/15/21	$	18,500	$	18,615,248
Nomad CLO Ltd. Series 2013-1A, Class A1 FRN, (3 mo. LIBOR US + 1.200%)
2.36%, 01/15/25 (Call 07/15/17)a		1,093		1,093,762
Octagon Investment Partners XVI Ltd. Series 2013-1A, Class A FRN, (3 mo. LIBOR US + 1.120%)
2.28%, 07/17/25 (Call 07/17/17)a		1,250		1,251,982
OHA Credit Partners VIII Ltd. Series 2013-8A, Class A FRN, (3 mo. LIBOR US + 1.120%)
2.15%, 04/20/25 (Call 07/20/17)a		3,558		3,559,095
OHA Loan Funding Ltd. Series 2013-2A, Class A FRN, (3 mo. LIBOR US + 1.270%)
2.32%, 08/23/24 (Call 05/23/17)a		2,100		2,100,350
OneMain Financial Issuance Trust Series 2014-2A, Class A
2.47%, 09/18/24 (Call 05/18/17)a		1,295		1,297,363
OZLM Funding V Ltd. Series 2013-5A, Class A1R FRN, (3 mo. LIBOR US + 1.130%)
2.27%, 01/17/26 (Call 07/17/17)a		15,000		15,007,500
OZLM VI Ltd. Series 2014-6A, Class A1R FRN, (3 mo. LIBOR US + 1.300%)
2.46%, 04/17/26 (Call 07/17/17)a		8,700		8,712,838
OZLM VII Ltd.
Series 2014-7A, Class A1AR
FRN, (3 mo. LIBOR US + 1.150%)
2.31%, 07/17/26 (Call 07/17/17)a		6,600		6,600,000
Series 2014-7A, Class A1BR
FRN, (3 mo. LIBOR US + 1.150%)
2.31%, 07/17/26 (Call 07/17/17)a		6,000		6,000,000
Palmer Square CLO Ltd. Series 2014-1A, Class A1R FRN, (3 mo. LIBOR US + 1.370%)
2.53%, 01/17/27 (Call 01/17/18)a		2,500		2,498,956

SCHEDULESOF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2017

Security	Principal (000s)		Value
PFS Financing Corp.
Series 2014-BA, Class A
FRN, (1 mo. LIBOR + 0.600%)
1.59%, 10/15/19a	$	1,915	$	1,913,236
Series 2016-A, Class A
FRN, (1 mo. LIBOR + 1.200%)
2.11%, 02/18/20a		12,000		12,053,058
Prestige Auto Receivables Trust Series 2016-2A, Class A2
1.46%, 07/15/20 (Call 03/15/21)a		14,809		14,775,524
Santander Drive Auto Receivables Trust
Series 2012-AA, Class D
2.46%, 12/17/18 (Call 06/15/17)a		2,122		2,123,847
Series 2013-1, Class C
1.76%, 01/15/19 (Call 09/15/17)		62		61,536
Series 2016-1, Class A2B
FRN, (1 mo. LIBOR US + 0.780%)
1.77%, 07/15/19 (Call 09/15/19)		2,587		2,589,959
Series 2016-2, Class A2B
FRN, (1 mo. LIBOR US + 0.650%)
1.64%, 07/15/19 (Call 12/15/19)		4,094		4,097,638
Series 2017-1, Class A2
1.49%, 02/18/20 (Call 11/15/20)		9,350		9,350,208
Silver Bay Realty Trust Series 2014-1, Class A FRN, (1 mo. LIBOR + 1.000%)
1.91%, 09/17/31a		960		961,513
SLM Private Credit Student Loan Trust
Series 2005-A, Class A3
FRN, (3 mo. LIBOR US + 0.200%)
1.33%, 06/15/23 (Call 06/15/27)		1,685		1,668,732
Series 2006-A, Class A4
FRN, (3 mo. LIBOR US + 0.190%)
1.32%, 12/15/23 (Call 09/15/27)		304		302,520
SLM Private Education Loan Trust
Series 2011-C, Class A2A
FRN, (1 mo. LIBOR US + 3.250%)
4.24%, 10/17/44 (Call 10/15/21)a		1,271		1,323,582
Series 2012-B, Class A2
3.48%, 10/15/30 (Call 12/15/19)a		557		563,287
Series 2012-E, Class A2B
FRN, (1 mo. LIBOR US + 1.750%)
2.74%, 06/15/45 (Call 01/15/19)a		4,543		4,601,403

Security	Principal (000s)		Value
Series 2013-A, Class A1
FRN, (1 mo. LIBOR US + 0.600%)
1.59%, 08/15/22 (Call 06/15/20)a	$	204	$	204,533
Series 2013-A, Class A2B
FRN, (1 mo. LIBOR US + 1.050%)
2.04%, 05/17/27 (Call 06/15/20)a		265		266,773
Series 2013-B, Class A1
FRN, (1 mo. LIBOR US + 0.650%)
1.64%, 07/15/22 (Call 12/15/20)a		250		249,856
Series 2013-C, Class A2B
FRN, (1 mo. LIBOR US + 1.400%)
2.39%, 10/15/31 (Call 07/15/21)a		4,174		4,225,343
Series 2014-A, Class A1
FRN, (1 mo. LIBOR US + 0.600%)
1.59%, 07/15/22 (Call 03/15/23)a		1,198		1,198,047
Series 2015-B, Class A1
FRN, (1 mo. LIBOR US + 0.700%)
1.69%, 02/15/23a		1,082		1,083,308
SLM Student Loan Trust
Series 2006-4, Class A5
FRN, (3 mo. LIBOR US + 0.100%)
1.14%, 10/27/25 (Call 10/25/31)		26		26,061
Series 2011-2, Class A1
FRN, (1 mo. LIBOR US + 0.600%)
1.58%, 11/25/27 (Call 07/25/31)		703		705,650
SMB Private Education Loan Trust
Series 2015-A, Class A1
FRN, (1 mo. LIBOR US + 0.600%)
1.59%, 07/17/23a		2,530		2,532,333
Series 2015-C, Class A1
FRN, (1 mo. LIBOR US + 0.900%)
1.89%, 07/15/22a		1,635		1,636,252
Series 2016-A, Class A1
FRN, (1 mo. LIBOR US + 0.700%)
1.69%, 05/15/23a		4,808		4,813,977
Series 2016-B, Class A1
FRN, (1 mo. LIBOR US + 0.650%)
1.64%, 11/15/23a		10,930		10,949,470
Series 2016-C, Class A1
FRN, (1 mo. LIBOR US + 0.550%)
1.54%, 11/15/23a		8,301		8,311,559
SoFi Professional Loan Program LLC
Series 16-C, Class A1
FRN, (1 mo. LIBOR US + 1.100%)
2.08%, 10/27/36a		6,952		7,056,839

12 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Series 16-C, Class A2A
1.48%, 05/26/31a	$	4,738	$	4,723,433
Series 2014-A, Class A1
FRN, (1 mo. LIBOR US + 1.600%)
2.36%, 06/25/25a		610		621,074
Series 2014-B, Class A1
FRN, (1 mo. LIBOR US + 1.250%)
2.23%, 08/25/32a		446		451,888
Series 2014-B, Class A2
2.55%, 08/27/29a		2,389		2,398,936
Series 2015-A, Class A1
FRN, (1 mo. LIBOR US + 1.200%)
1.97%, 03/25/33a		1,284		1,297,331
SWAY Residential Trust Series 2014-1, Class A FRN, (1 mo. LIBOR + 1.300%)
2.24%, 01/17/32a		4,509		4,528,528
Synchrony Credit Card Master Note Trust Series 2012-6, Class A
1.36%, 08/17/20		23,119		23,123,302
Voya CLO Ltd. Series 2013-1A, Class A1 FRN, (3 mo. LIBOR US + 1.140%)
2.30%, 04/15/24 (Call 07/15/17)a		1,900		1,901,206
Wheels SPV 2 LLC Series 2016-1A, Class A2
1.59%, 05/20/25 (Call 11/20/19)a		1,510		1,510,519
World Financial Network Credit Card Master Trust
Series 2014-C, Class A
1.54%, 08/16/21		15,000		15,004,698
Series 2015-A, Class A
FRN, (1 mo. LIBOR + 0.480%)
1.47%, 02/15/22		23,445		23,511,291
TOTAL ASSET-BACKED SECURITIES
(Cost: $733,564,281)				735,850,110
CERTIFICATES OF DEPOSIT — 1.28%
Bank of Tokyo-Mitsubishi UFJ Ltd./New York NY
1.55%, 10/13/17		5,000		5,004,753
Credit Agricole Corporate and Investment Bank
1.54%, 07/12/17		5,000		5,003,350

Security	Principal (000s)		Value
Credit Suisse AG/New York NY
1.83%, 08/24/17	$	5,000	$	5,010,840
Mizuho Bank Ltd./NY
1.75%, 08/25/17		5,000		5,010,940
UBS AG/Stamford CT
1.53%, 09/01/17		5,000		5,006,385
1.57%, 09/08/17		5,000		5,007,218
TOTAL CERTIFICATES OF DEPOSIT
(Cost: $30,000,000)				30,043,486
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.93%
MORTGAGE-BACKED SECURITIES — 3.93%
Americold LLC Series 2010-ARTA, Class A1
3.85%, 01/14/29a		5,344		5,519,121
BAMLL Commercial Mortgage Securities Trust
Series 2013-DSNY, Class A
FRN, (1 mo. LIBOR + 1.050%)
2.04%, 09/15/26a		525		525,676
Series 2014-FL1, Class A
FRN, (1 mo. LIBOR + 1.400%)
2.39%, 12/15/31a		2,670		2,682,896
Banc of America Commercial Mortgage Trust
Series 2007-4, Class A1A
5.77%, 02/10/51b		623		626,345
Series 2007-5, Class A4
5.49%, 02/10/51		1,843		1,849,427
Bancorp Commercial Mortgage Trust Series 2016-CRE1, Class A FRN, (1 mo. LIBOR + 1.430%)
2.34%, 11/15/33a		6,900		6,916,300
Bear Stearns Commercial Mortgage Securities Trust
Series 2005-PW10, Class AJ
5.78%, 12/11/40b		6,120		6,677,076
Series 2007-PW17, Class A4
5.69%, 06/11/50b		5,484		5,511,325
Series 2007-PW18, Class A1A
5.60%, 06/11/50		2,401		2,435,424
Series 2007-PW18, Class A4
5.70%, 06/11/50		1,073		1,083,224

SCHEDULESOF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Brunel Residential Mortgage Securitisation PLC Series 2007-1A, Class A4C FRN, (3 mo. LIBOR US + 0.200%)
1.36%, 01/13/39 (Call 07/13/17)a	$	437	$	436,447
CD Mortgage Trust Series 2007-CD5, Class A4
5.89%, 11/15/44b		1,192		1,195,100
CDGJ Commercial Mortgage Trust Series 2014-BXCH, Class A FRN, (1 mo. LIBOR + 1.400%)
2.31%, 12/15/27a		5,384		5,395,872
Chicago Skyscraper Trust Series 2017-SKY, Class A FRN, (1 mo. LIBOR + 0.800%)
1.71%, 02/15/30a		4,600		4,608,642
COMM Mortgage Trust
Series 2014-FL5, Class A
FRN, (1 mo. LIBOR + 1.370%)
2.28%, 10/15/31a		1,375		1,377,584
Series 2014-PAT, Class A
FRN, (1 mo. LIBOR + 0.800%)
1.79%, 08/13/27a		3,570		3,571,121
Series 2014-TWC, Class A
FRN, (1 mo. LIBOR + 0.850%)
1.84%, 02/13/32a		11,305		11,333,368
Commercial Mortgage Trust Series 2007-GG11, Class A4
5.74%, 12/10/49		602		603,502
Credit Suisse Commercial Mortgage Trust Series 2008-C1, Class A3
6.51%, 02/15/41b		2,554		2,576,530
DBRR Trust Series 2013-EZ3, Class A
1.64%, 12/18/49a,b		32		32,166
GS Mortgage Securities Corp. II Series 2013-KING, Class A
2.71%, 12/10/27a		1,947		1,972,803
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-CB20, Class A4
5.79%, 02/12/51b		951		956,102

Security	Principal (000s)		Value
LB Commercial Mortgage Trust Series 2007-C3, Class A1A
6.16%, 07/15/44b	$	674	$	675,721
LMREC Inc. Series 2016-CRE2, Class A FRN, (1 mo. LIBOR + 1.700%)
2.48%, 11/24/31a		3,410		3,402,430
ML-CFC Commercial Mortgage Trust Series 2007-9, Class A4
5.70%, 09/12/49		2,914		2,934,230
Morgan Stanley Capital I Trust
Series 2007-IQ15, Class A4
6.13%, 06/11/49b		1,876		1,883,411
Series 2007-IQ16 Class A4
5.81%, 12/12/49		2,930		2,944,220
Series 2007-T27, Class A4
5.87%, 06/11/42b		940		939,529
RAIT Trust Series 2016-FL6, Class A FRN, (1 mo. LIBOR + 1.450%)
2.44%, 11/13/31a		6,415		6,414,742
Wells Fargo Commercial Mortgage Trust Series 2014-TISH, Class A FRN, (1 mo. LIBOR + 1.030%)
2.02%, 02/15/27a		5,500		5,490,144
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost: $92,911,250)				92,570,478
COMMERCIAL PAPERc — 2.11%
AXA Financial Inc.
1.71%, 08/21/17		5,400		5,377,748
Bank of Nova Scotia (The)
1.56%, 02/01/18		8,500		8,410,146
1.50%, 08/28/17		5,000		4,981,310
Coca-Cola Co. (The)
1.22%, 07/12/17		10,000		9,981,667
1.09%, 09/13/17		2,000		1,992,057
Sumitomo Mitsui Financial Group Inc.
1.15%, 07/21/17		10,000		9,974,333
Toronto-Dominion Bank (The)
1.32%, 10/05/17		9,000		8,952,400
TOTAL COMMERCIAL PAPER
(Cost: $49,633,260)				49,669,661

14 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2017

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 56.88%
AGRICULTURE — 1.01%
BAT International Finance PLC FRN, (3 mo. LIBOR US + 0.510%)
1.64%, 06/15/18a	$	2,000	$	2,004,388
Reynolds American Inc.
2.30%, 08/21/17		21,809		21,856,762
				23,861,150
AUTO MANUFACTURERS — 4.94%
American Honda Finance Corp.
1.50%, 11/19/18		10,000		9,978,970
BMW U.S. Capital LLC FRN, (3 mo. LIBOR US + 0.380%)
1.53%, 04/06/20a		4,415		4,416,064
Daimler Finance North America LLC
1.65%, 05/18/18a,d		1,585		1,584,829
FRN, (3 mo. LIBOR US + 0.340%)
1.37%, 08/01/17a		6,700		6,704,234
FRN, (3 mo. LIBOR US + 0.710%)
1.74%, 08/03/17a		6,450		6,461,739
FRN, (3 mo. LIBOR US + 0.740%)
1.89%, 07/05/19a		3,500		3,525,925
Ford Motor Credit Co. LLC
1.68%, 09/08/17d		7,000		6,999,664
1.72%, 12/06/17		15,000		14,991,660
2.94%, 01/08/19		3,500		3,543,771
3.00%, 06/12/17		2,000		2,003,474
FRN, (3 mo. LIBOR US + 0.570%)
1.67%, 12/06/17		1,000		1,000,833
General Motors Financial Co. Inc.
2.63%, 07/10/17		12,965		12,993,173
FRN, (3 mo. LIBOR US + 1.360%)
2.52%, 04/10/18		3,000		3,027,498
FRN, (3 mo. LIBOR US + 1.450%)
2.49%, 05/09/19		8,000		8,128,416
Hyundai Capital America FRN, (3 mo. LIBOR US + 0.800%)
1.95%, 04/03/20a		6,890		6,901,120
Nissan Motor Acceptance Corp. FRN, (3 mo. LIBOR US + 0.580%)
1.74%, 01/13/20a		15,000		15,032,400

Security	Principal (000s)		Value
Toyota Motor Credit Corp.
FRN, (3 mo. LIBOR US + 0.260%)
1.42%, 01/09/19	$	5,000	$	5,013,225
FRN, (3 mo. LIBOR US + 0.390%)
1.55%, 01/17/19		3,840		3,857,614
				116,164,609
BANKS — 21.62%
ABN AMRO Bank NV
2.10%, 01/18/19a		7,000		7,006,370
FRN, (3 mo. LIBOR US + 0.640%)
1.80%, 01/18/19a		4,700		4,713,968
American Express Centurion Bank
6.00%, 09/13/17		7,900		8,030,777
Bank of America Corp.
1.70%, 08/25/17		5,200		5,205,070
2.60%, 01/15/19		7,000		7,071,435
2.65%, 04/01/19d		12,000		12,140,400
FRN, (3 mo. LIBOR US + 0.610%)
1.66%, 08/25/17		1,250		1,251,812
FRN, (3 mo. LIBOR US + 0.870%)
2.02%, 04/01/19		4,000		4,036,688
FRN, (3 mo. LIBOR US + 1.070%)
2.23%, 03/22/18		6,750		6,798,762
Bank of Montreal
FRN, (3 mo. LIBOR US + 0.600%)
1.72%, 12/12/19		10,185		10,249,278
FRN, (3 mo. LIBOR US + 0.610%)
1.65%, 07/31/18		3,350		3,365,879
FRN, (3 mo. LIBOR US + 0.650%)
1.33%, 07/18/19		3,500		3,519,281
Bank of New York Mellon Corp. (The) FRN, (3 mo. LIBOR US + 0.560%)
1.59%, 08/01/18d		10,000		10,060,700
Bank of Nova Scotia (The)
1.30%, 07/21/17d		2,000		2,001,090
Barclays Bank PLC
1.93%, 02/21/18		6,000		6,009,772
BB&T Corp. FRN, (3 mo. LIBOR US + 0.860%)
1.99%, 06/15/18 (Call 05/15/18)		23,775		23,960,802
BNP Paribas SA
2.38%, 09/14/17		7,000		7,022,022

SCHEDULESOF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2017

Security	Principal (000s)		Value
BPCE SA FRN, (3 mo. LIBOR US + 0.630%)
1.78%, 06/17/17	$	700	$	700,574
Branch Banking & Trust Co.
2.30%, 10/15/18 (Call 09/15/18)		1,473		1,483,237
FRN, (3 mo. LIBOR US + 0.300%)
1.35%, 05/23/17		2,000		2,000,078
Capital One N.A./Mclean VA
1.50%, 09/05/17 (Call 08/05/17)		6,000		5,999,394
1.65%, 02/05/18 (Call 01/05/18)		7,000		6,998,404
2.35%, 08/17/18 (Call 07/17/18)		2,465		2,478,237
FRN, (3 mo. LIBOR US + 0.680%)
1.71%, 02/05/18 (Call 01/05/18)d		500		501,299
FRN, (3 mo. LIBOR US + 1.150%)
2.19%, 08/17/18 (Call 07/18/18)		6,250		6,307,512
Citibank N.A. FRN, (3 mo. LIBOR US + 0.340%)
1.49%, 03/20/19		15,000		15,027,120
Citigroup Inc.
FRN, (3 mo. LIBOR US + 0.770%)
1.93%, 04/08/19		8,232		8,268,970
FRN, (3 mo. LIBOR US + 0.930%)
2.03%, 06/07/19		9,000		9,059,787
Credit Suisse AG/New York NY
1.70%, 04/27/18		2,200		2,199,384
FRN, (3 mo. LIBOR US + 0.680%)
1.72%, 04/27/18		14,035		14,081,793
FRN, (3 mo. LIBOR US + 0.690%)
1.73%, 01/29/18d		1,250		1,254,591
Deutsche Bank AG/London
FRN, (3 mo. LIBOR US + 0.470%)
1.52%, 05/30/17		1,000		1,000,097
FRN, (3 mo. LIBOR US + 0.680%)
1.71%, 02/13/18		3,000		2,999,571
Fifth Third Bank/Cincinnati OH
1.35%, 06/01/17 (Call 05/02/17)		20,000		20,000,000
Goldman Sachs Group Inc. (The)
2.55%, 10/23/19d		10,000		10,100,300
2.90%, 07/19/18		2,500		2,533,375
5.95%, 01/18/18d		5,000		5,150,550
FRN, (3 mo. LIBOR US + 1.020%)
2.06%, 10/23/19		6,000		6,068,250
FRN, (3 mo. LIBOR US + 1.040%)
2.08%, 04/25/19		14,000		14,159,362

Security	Principal (000s)		Value
FRN, (3 mo. LIBOR US + 1.200%)
2.24%, 04/30/18	$	7,000	$	7,060,214
Horsepower Finance Ltd.
2.15%, 12/02/19e		10,000		9,904,420
HSBC Bank PLC FRN, (3 mo. LIBOR US + 0.640%)
1.68%, 05/15/18a		5,000		5,019,535
HSBC USA Inc.
1.30%, 06/23/17		4,000		4,000,040
FRN, (3 mo. LIBOR US + 0.770%)
1.80%, 08/07/18		3,250		3,266,568
Huntington National Bank (The) FRN, (3 mo. LIBOR US + 0.510%)
1.62%, 03/10/20		10,000		10,004,750
ING Bank NV
FRN, (3 mo. LIBOR US + 0.550%)
1.69%, 03/16/18a		4,250		4,259,550
FRN, (3 mo. LIBOR US + 0.610%)
1.65%, 08/15/19a		3,000		3,001,098
JPMorgan Chase & Co.
2.20%, 10/22/19d		10,000		10,043,300
2.35%, 01/28/19		4,000		4,038,884
FRN, (3 mo. LIBOR US + 0.550%)
1.59%, 04/25/18		3,000		3,012,456
1.66%, 03/09/21 (Call 03/09/20)d		10,000		9,967,440
JPMorgan Chase Bank N.A. FRN, (3 mo. LIBOR US + 0.590%)
1.75%, 09/23/19 (Call 08/23/19)		11,500		11,570,357
Morgan Stanley
2.38%, 07/23/19		3,000		3,020,883
FRN, (3 mo. LIBOR US + 1.375%)
2.41%, 02/01/19		15,000		15,247,800
Series 3NC2
FRN, (3 mo. LIBOR US + 0.800%)
1.84%, 02/14/20 (Call 02/14/19)d		21,740		21,799,220
MUFG Americas Holdings Corp. FRN, (3 mo. LIBOR US + 0.570%)
1.61%, 02/09/18 (Call 01/09/18)		2,000		2,000,862
MUFG Union Bank N.A.
2.13%, 06/16/17		4,000		4,003,308
National Australia Bank Ltd./New York
2.30%, 07/25/18d		5,000		5,035,750

16 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Nordea Bank AB FRN, (3 mo. LIBOR US + 0.840%)
1.99%, 09/17/18a	$	10,000	$	10,088,630
Royal Bank of Canada
FRN, (3 mo. LIBOR US + 0.380%)
1.48%, 03/02/20		5,000		5,004,650
FRN, (3 mo. LIBOR US + 0.480%)
1.52%, 07/29/19		5,000		5,014,755
FRN, (3 mo. LIBOR US + 0.540%)
1.58%, 07/30/18		3,400		3,414,974
FRN, (3 mo. LIBOR US + 0.700%)
1.81%, 12/10/18		2,300		2,317,673
Santander UK PLC
1.65%, 09/29/17		4,037		4,042,305
Sumitomo Mitsui Banking Corp.
1.97%, 01/11/19d		6,880		6,880,399
FRN, (3 mo. LIBOR US + 0.940%)
2.10%, 01/18/19		5,500		5,548,229
SunTrust Bank/Atlanta GA FRN, (3 mo. LIBOR US + 0.530%)
1.56%, 01/31/20 (Call 12/31/19)		10,000		10,060,440
Toronto-Dominion Bank (The) FRN, (3 mo. LIBOR US + 0.540%)
1.69%, 07/23/18		5,700		5,727,782
UBS AG/Stamford CT
5.75%, 04/25/18d		4,200		4,367,038
FRN, (3 mo. LIBOR US + 0.700%)
1.85%, 03/26/18		6,950		6,975,736
Wells Fargo & Co.
1.40%, 09/08/17d		17,000		16,995,002
FRN, (3 mo. LIBOR US + 0.400%)
1.52%, 09/14/18		4,325		4,334,403
FRN, (3 mo. LIBOR US + 0.630%)
1.78%, 04/23/18		4,000		4,017,384
Wells Fargo Bank N.A.
2.15%, 12/06/19d		12,000		12,051,864
Westpac Banking Corp.
1.50%, 12/01/17		5,000		5,000,415
				508,914,105
BEVERAGES — 2.06%
Anheuser-Busch InBev Finance Inc.
1.90%, 02/01/19d		2,000		2,004,184

Security	Principal (000s)		Value
Anheuser-Busch InBev Worldwide Inc.
1.38%, 07/15/17d	$	19,700	$	19,702,305
2.20%, 08/01/18		8,149		8,202,294
Heineken NV
1.40%, 10/01/17a		18,580		18,572,717
				48,481,500
BIOTECHNOLOGY — 1.42%
Amgen Inc.
1.25%, 05/22/17		7,250		7,249,768
2.13%, 05/15/17		4,090		4,090,973
5.70%, 02/01/19		4,000		4,263,060
5.85%, 06/01/17		3,500		3,512,019
6.15%, 06/01/18d		1,000		1,047,321
Biogen Inc.
6.88%, 03/01/18		12,750		13,295,547
				33,458,688
CHEMICALS — 0.51%
Airgas Inc.
1.65%, 02/15/18 (Call 01/15/18)		6,000		6,010,770
EI du Pont de Nemours & Co. FRN, (3 mo. LIBOR US + 0.530%)
1.00%, 05/01/20		6,015		6,038,098
				12,048,868
COMMERCIAL SERVICES — 0.34%
Moody’s Corp. FRN, (3 mo. LIBOR US + 0.350%)
1.41%, 09/04/18		8,000		8,015,424
				8,015,424
COMPUTERS — 0.71%
Hewlett Packard Enterprise Co. FRN, (3 mo. LIBOR US + 1.930%)
3.08%, 10/05/18		16,340		16,656,506
				16,656,506
DIVERSIFIED FINANCIAL SERVICES — 1.63%
AIG Global Funding
1.65%, 12/15/17a,d		5,000		5,004,200
Air Lease Corp.
2.13%, 01/15/18d		690		691,422
American Express Credit Corp. FRN, (3 mo. LIBOR US + 0.430%)
1.52%, 03/03/20 (Call 02/03/20)		10,000		10,022,950
International Lease Finance Corp.
3.88%, 04/15/18		14,579		14,847,691

SCHEDULESOF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Synchrony Financial
1.88%, 08/15/17 (Call 07/15/17)	$	2,728	$	2,728,810
FRN, (3 mo. LIBOR US + 1.400%)
2.44%, 11/09/17		5,000		5,026,250
				38,321,323
ELECTRIC — 0.99%
Dominion Resources Inc./VA
1.88%, 12/15/18a		10,000		9,977,680
1.88%, 01/15/19d		4,845		4,839,448
Duke Energy Corp.
1.63%, 08/15/17		1,892		1,893,415
Duke Energy Florida LLC Series A
5.80%, 09/15/17		5,000		5,081,280
Great Plains Energy Inc.
2.50%, 03/09/20		665		672,747
Virginia Electric & Power Co.
5.40%, 04/30/18		800		829,872
				23,294,442
FOOD — 1.17%
Kraft Heinz Foods Co.
2.25%, 06/05/17		2,500		2,502,300
Wm Wrigley Jr Co.
2.00%, 10/20/17a		25,000		25,057,075
				27,559,375
GAS — 0.21%
Korea Gas Corp.
2.88%, 07/29/18a		4,800		4,847,391
HEALTH CARE – PRODUCTS — 0.81%
Becton Dickinson and Co.
1.80%, 12/15/17		5,000		4,996,755
Covidien International Finance SA
6.00%, 10/15/17		8,510		8,681,791
Medtronic Inc. FRN, (3 mo. LIBOR US + 0.800%)
1.93%, 03/15/20		5,312		5,408,137
				19,086,683
HEALTH CARE – SERVICES — 1.18%
Aetna Inc.
1.75%, 05/15/17		5,066		5,065,965
UnitedHealth Group Inc.
1.45%, 07/17/17		19,700		19,709,003
6.00%, 06/15/17		3,018		3,035,169
				27,810,137

Security	Principal (000s)		Value
HOUSEWARES — 0.21%
Newell Brands Inc.
2.15%, 10/15/18	$	4,940	$	4,967,284
INSURANCE — 2.12%
American International Group Inc.
5.85%, 01/16/18d		14,156		14,573,885
Berkshire Hathaway Finance Corp. FRN, (3 mo. LIBOR US + 0.690%)
1.82%, 03/15/19		10,000		10,110,230
Metropolitan Life Global Funding I FRN, (3 mo. LIBOR US + 0.430%)
1.58%, 12/19/18a		15,000		15,045,570
Voya Financial Inc.
2.90%, 02/15/18		10,000		10,085,020
				49,814,705
LEISURE TIME — 0.83%
Carnival Corp.
1.88%, 12/15/17d		19,400		19,432,398
				19,432,398
MACHINERY — 0.51%
John Deere Capital Corp.
1.95%, 12/13/18		6,000		6,029,196
FRN, (3 mo. LIBOR US + 0.300%)
1.43%, 03/13/20d		6,000		6,010,242
MANUFACTURING — 0.32%
General Electric Co.
2.30%, 01/14/19		7,500		7,596,127
				7,596,127
MEDIA — 0.39%
Comcast Corp.
6.30%, 11/15/17		9,000		9,233,487
				9,233,487
OIL & GAS — 3.90%
Apache Corp.
7.00%, 02/01/18		7,000		7,255,325
BP Capital Markets PLC
2.24%, 09/26/18		10,000		10,072,110
Canadian Natural Resources Ltd.
1.75%, 01/15/18		6,000		5,998,818
Chevron Corp. FRN, (3 mo. LIBOR US + 0.210%)
1.30%, 03/03/20d		6,500		6,511,609
CNOOC Finance 2013 Ltd.
1.75%, 05/09/18		15,000		14,956,635

18 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Ecopetrol SA
7.63%, 07/23/19	$	8,000	$	8,897,600
Petroleos Mexicanos
3.50%, 07/18/18		10,000		10,157,000
5.75%, 03/01/18		10,000		10,301,700
Phillips 66 FRN, (3 mo. LIBOR US + 0.750%)
1.89%, 04/15/20 (Call 04/15/18)a		5,625		5,633,387
Sinopec Group Overseas Development 2014 Ltd.
2.75%, 04/10/19e		12,000		12,106,587
				91,890,771
PHARMACEUTICALS — 1.41%
AbbVie Inc.
1.80%, 05/14/18d		7,000		7,009,870
Actavis Funding SCS
2.35%, 03/12/18d		15,000		15,063,450
FRN, (3 mo. LIBOR US + 1.080%)
2.20%, 03/12/18		2,000		2,012,548
Actavis Inc.
1.88%, 10/01/17		9,000		9,006,966
				33,092,834
PIPELINES — 0.93%
Enterprise Products Operating LLC
6.65%, 04/15/18		1,500		1,568,552
Kinder Morgan Inc./DE
2.00%, 12/01/17d		4,000		4,005,564
7.00%, 06/15/17		5,500		5,533,577
TransCanada PipeLines Ltd.
1.63%, 11/09/17		3,000		2,999,475
1.88%, 01/12/18		7,800		7,809,649
				21,916,817
REAL ESTATE INVESTMENT TRUSTS — 1.16%
ERP Operating LP
5.75%, 06/15/17		17,174		17,257,277
Simon Property Group LP
2.20%, 02/01/19 (Call 11/01/18)		10,000		10,067,810
				27,325,087
RETAIL — 2.48%
CVS Health Corp.
2.25%, 12/05/18 (Call 11/05/18)d		18,500		18,634,273
McDonald’s Corp.
2.10%, 12/07/18d		14,000		14,084,770

Security	Principal (000s)		Value
Walgreens Boots Alliance Inc.
1.75%, 11/17/17	$	22,000	$	22,035,244
1.75%, 05/30/18d		3,500		3,513,181
				58,267,468
SOFTWARE — 0.43%
Fidelity National Information Services Inc.
2.85%, 10/15/18		7,000		7,090,846
Oracle Corp.
2.38%, 01/15/19		3,000		3,040,155
				10,131,001
TELECOMMUNICATIONS — 1.97%
AT&T Inc.
1.40%, 12/01/17d		7,000		6,992,419
Deutsche Telekom International Finance BV FRN, (3 mo. LIBOR US + 0.580%)
1.74%, 01/17/20a		12,000		12,024,780
Verizon Communications Inc.
1.10%, 11/01/17d		2,000		1,999,340
3.65%, 09/14/18d		8,000		8,199,504
FRN, (3 mo. LIBOR US + 0.400%)
1.51%, 06/09/17		3,500		3,501,249
FRN, (3 mo. LIBOR US + 0.770%)
1.92%, 06/17/19		9,000		9,071,820
FRN, (3 mo. LIBOR US + 1.750%)
2.87%, 09/14/18		4,500		4,591,872
				46,380,984
TRANSPORTATION — 0.46%
FedEx Corp.
8.00%, 01/15/19d		1,275		1,403,136
Ryder System Inc.
2.45%, 11/15/18 (Call 10/15/18)		4,473		4,513,767
3.50%, 06/01/17d		5,000		5,008,070
				10,924,973
TRUCKING & LEASING — 1.16%
Aviation Capital Group Corp.
4.63%, 01/31/18a		885		902,239
Penske Truck Leasing Co. LP/PTL Finance Corp.
2.88%, 07/17/18a		1,825		1,846,864
3.38%, 03/15/18a,d		6,000		6,085,218
3.75%, 05/11/17a		18,520		18,528,704
				27,363,025
TOTAL CORPORATE BONDS & NOTES
(Cost: $1,336,838,681)				1,338,896,600

SCHEDULESOF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2017

Security	Principal or Shares (000s)		Value
REPURCHASE AGREEMENTS — 1.28%
Mizuho Securities USA Inc., 2.27%, 05/01/17b (Purchased on 04/30/17 to be repurchased at $30,001,893, collateralized by various non-agency asset-backed securities, 2.98% to 4.48%, due 08/03/20 to 09/01/21, par and fair value of $33,631,367 and $34,500,001, respectively)f	$	30,000	$	30,000,000
TOTAL REPURCHASE AGREEMENTS
(Cost: $30,000,000)				30,000,000
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.24%
Federal Home Loan Mortgage Corp.
1.00%, 04/27/18		23,630		23,596,303
Federal National Mortgage Association
5.00%, 01/01/20		5,371		5,516,939
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $29,148,306)				29,113,242
MONEY MARKET FUNDS — 4.08%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.13%g,h,i		49,397		49,417,228

Security	Shares (000s)		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%g,h		46,605	$	46,605,125
TOTAL MONEY MARKET FUNDS
(Cost: $96,012,380)				96,022,353
TOTAL INVESTMENTS IN SECURITIES — 102.06%
(Cost: $2,398,108,158)j				2,402,165,930
Other Assets, Less Liabilities — (2.06)%				(48,513,333	)
NET ASSETS — 100.00%			$	2,353,652,597

FRN  —  Floating Rate Note

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

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

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

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

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

^f  Maturity date represents next reset date.

^g  Affiliated money market fund.

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

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

^j  The cost of investments for federal income tax purposes was $2,394,734,263. Net unrealized appreciation was $7,431,667, of which $8,671,613 represented gross unrealized appreciation on securities and $1,239,946 represented gross unrealized depreciation on securities.

Schedule 1 — Forward Currency Contracts (Note 5)

Forward currency contracts outstanding as of April 30, 2017 were as follows:

Currency purchased			Currency sold			Counterparty	Settlement date		Unrealized appreciation (depreciation)
	JPY	3,150,000,000		USD	28,124,616	HSBC		05/12/2017	$	144,559
	USD	27,153,665		JPY	3,150,000,000	DB		05/12/2017		(1,115,509	)
						Net unrealized depreciation			$	(970,950	)

Counterparties:

DB — Deutsche Bank AG London

HSBC — HSBC Bank PLC

Currency abbreviations:

JPY — Japanese Yen

USD — United States Dollar

20 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2017

Schedule 2 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Asset-backed securities	$	—	$	588,663,894		$	147,186,216	$	735,850,110
Certificates of deposit		—		30,043,486			—		30,043,486
Collateralized mortgage obligations		—		92,570,478			—		92,570,478
Commercial paper		—		49,669,661			—		49,669,661
Corporate bonds & notes		—		1,338,896,600			—		1,338,896,600
Repurchase agreements		—		30,000,000			—		30,000,000
U.S. government & agency obligations		—		29,113,242			—		29,113,242
Money market funds		96,022,353		—			—		96,022,353
Total	$	96,022,353	$	2,158,957,361		$	147,186,216	$	2,402,165,930
Derivative financial instrumentsa:
Assets:
Forward currency contracts	$	—	$	144,558		$	—	$	144,558
Liabilities:
Forward currency contracts		—		(1,115,509	)		—		(1,115,509	)
Total	$	—	$	(970,951	)	$	—	$	(970,951	)

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

The following table includes a rollforward for the six months ended April 30, 2017 of investments whose values are classified as Level 3 as of the beginning or end of the period.

	Asset-Backed Securities			Collateralized Mortgage Obligations
Balance at beginning of period	$	35,871,580		$	3,410,000
Realized gain (loss) and change in unrealized appreciation/depreciation		472,173			—
Purchases		132,955,685			—
Sales		(7,114,272	)		—
Transfers ina		—			—
Transfers outa		(14,998,950	)		(3,410,000	)
Balance at end of period	$	147,186,216		$	—
Net change in unrealized appreciation/depreciation on investments still held at end of period	$	414,722		$	(7,570	)

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

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

See notes to financial statements.

SCHEDULESOF INVESTMENTS 21

Schedule of Investments (Unaudited)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

April 30, 2017

Security		Principal (000s)		Value
MUNICIPAL DEBT OBLIGATIONS — 104.93%
ALABAMA — 3.27%
State of Alabama Docks Department RB Series B
5.00%, 10/01/18		$	500	$	525,375
5.00%, 10/01/19			500		540,700
Tuscaloosa City Board of Education RB
5.00%, 08/01/19			150		162,640
					1,228,715
ARIZONA — 1.22%
Maricopa County Unified School District No. 60 Higley GOL
3.00%, 07/01/17	(AGM)		455		456,638
					456,638
ARKANSAS — 0.39%
City of Little Rock AR Sewer Revenue RB
1.15%, 12/01/18			145		145,181
					145,181
CALIFORNIA — 1.95%
Lancaster Redevelopment Agency Successor Agency RB
3.00%, 08/01/20			700		730,716
					730,716
COLORADO — 0.78%
State of Colorado Department of Transportation COP
5.00%, 06/15/19			270		292,027
					292,027
CONNECTICUT — 3.51%
State of Connecticut GO Series A
5.00%, 04/15/20			1,200		1,317,936
					1,317,936
FLORIDA — 3.19%
Village Community Development District No. 7 RB
3.00%, 05/01/17			585		585,070

Security		Principal (000s)		Value
Volusia County Educational Facility Authority RB
3.00%, 10/15/17		$	110	$	110,736
5.00%, 06/01/17			500		501,835
					1,197,641
GEORGIA — 6.19%
Burke County Development Authority RB
2.20%, 10/01/32			1,700		1,717,323
Cobb County Development Authority RB
5.00%, 07/15/20			545		604,356
					2,321,679
ILLINOIS — 3.08%
Illinois Finance Authority RB
3.00%, 11/15/17			150		151,619
4.00%, 09/01/17			100		100,871
4.00%, 09/01/18			150		154,635
4.00%, 11/15/18			100		104,201
4.00%, 09/01/19			145		152,141
5.00%, 08/15/17			375		379,057
Series A
5.00%, 10/01/20			100		111,410
					1,153,934
INDIANA — 4.81%
City of Indianapolis Department of Public Utilities Water System Revenue RB Series B
4.00%, 10/01/18			100		104,168
Indiana Finance Authority RB VRDN
0.92%, 02/01/39	(Put 05/04/17)a		1,700		1,700,000
					1,804,168
IOWA — 0.27%
Iowa Finance Authority RB VRDN
1.07%, 04/01/22	(Put 05/04/17)a		100		100,000
					100,000
KENTUCKY — 1.09%
Hardin County School District Finance Corp. RB
4.00%, 02/01/18			400		409,140
					409,140

22 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

April 30, 2017

Security		Principal (000s)		Value
LOUISIANA — 2.36%
City of Ruston LA RB
2.00%, 06/01/18	(AGM)	$	185	$	186,656
Louisiana Public Facilities Authority RB VRDN
0.93%, 12/01/43	(Put 05/03/17)a		700		700,000
					886,656
MARYLAND — 0.64%
Maryland Health & Higher Educational Facilities Authority RB Series B
3.00%, 07/01/18			235		239,919
					239,919
MICHIGAN — 7.42%
County of Genesee MI GOL Series B
5.00%, 02/01/19	(BAM)		100		105,974
Lawton Community Schools GO
2.00%, 05/01/17			605		605,060
Macomb Township Building Authority RB
3.00%, 04/01/18			500		509,160
Michigan State Housing Development Authority RB Series C VRDN
1.00%, 12/01/35	(Put 05/03/17) a		1,565		1,565,000
					2,785,194
NEW JERSEY — 32.28%
Borough of Wanaque NJ GO
2.25%, 03/30/18			1,075		1,084,056
City of Cape May NJ GO
2.00%, 07/14/17			1,100		1,101,947
City of Newark NJ RB
5.00%, 09/01/17			2,000		2,022,380
City of North Wildwood NJ GO
2.25%, 05/09/18			1,000		1,008,720
County of Passaic NJ GO Series A
2.00%, 12/11/17			1,000		1,006,170
Hudson County Improvement Authority RB Series B-1
2.00%, 06/27/17	(GTD)		500		500,770

Security		Principal (000s)		Value
New Jersey Economic Development Authority RB
Series A
3.00%, 07/15/17		$	150	$	150,540
5.00%, 05/01/17			1,240		1,240,385
Series EE
5.00%, 09/01/17	(ETM)		610		618,595
New Jersey Educational Facilities Authority RB Series F
4.00%, 07/01/20			255		273,786
New Jersey Health Care Facilities Financing Authority RB
5.00%, 07/01/19			160		172,867
New Jersey Transportation Trust Fund Authority RB
5.00%, 12/15/17			2,350		2,408,022
Series A-1
5.00%, 06/15/19			495		522,581
					12,110,819
NEW YORK — 10.62%
Corning City School District
2.00%, 06/22/17	(SAW)		1,000		1,001,040
County of Broome NY GOL
2.00%, 05/05/17			1,000		1,000,190
Elmira City School District GO
5.00%, 06/15/17			300		301,605
New York State Dormitory Authority RB Series K
4.00%, 10/01/18			225		234,459
Onondaga County Trust for Cultural Resources RB
4.00%, 05/01/19			400		421,180
Troy Capital Resource Corp. RB
5.00%, 09/01/18			975		1,024,101
					3,982,575
NORTH CAROLINA — 0.64%
Charlotte-Mecklenburg Hospital Authority (The) RB
5.00%, 01/15/19			225		239,839
					239,839
OHIO — 5.48%
County of Union OH GOL
1.20%, 03/28/18	(Call 05/30/17)		1,350		1,350,108

SCHEDULESOF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

April 30, 2017

Security		Principal (000s)		Value
Urbana City School District GO
5.00%, 12/01/17		$	690	$	706,546
					2,056,654
OKLAHOMA — 1.05%
Norman Regional Hospital Authority RB
4.00%, 09/01/18			380		392,855
					392,855
PENNSYLVANIA — 9.11%
Carlisle Area School District GOL
2.00%, 09/01/19			165		167,909
Commonwealth of Pennsylvania GO Third Series
5.38%, 07/01/18	(AGM)		1,000		1,051,080
Montgomery County Industrial Development Authority/PA RB VRDN
0.95%, 11/15/29 (AGC)	(Put 05/01/17)a		400		400,000
Pennsylvania Economic Development Financing Authority RB
4.00%, 03/15/19			1,000		1,053,620
Pottsgrove School District GOL
3.00%, 08/15/17			740		744,699
					3,417,308
TENNESSEE — 0.69%
Knox County Health Educational & Housing Facility Board RB
4.00%, 09/01/18			250		258,050
					258,050
TEXAS — 0.88%
Harris County Hospital District RB
5.00%, 02/15/20			300		328,806
					328,806
WASHINGTON — 2.68%
Tobacco Settlement Authority RB
5.00%, 06/01/17			1,000		1,003,700
					1,003,700
WEST VIRGINIA — 0.90%
Berkeley County Public Service District RB
2.00%, 12/01/17			335		336,776
					336,776

Security		Principal or Shares (000s)		Value
WYOMING — 0.43%
Wyoming Municipal Power Agency Inc. RB Series A
4.00%, 01/01/18	(BAM)	$	160	$	163,131
					163,131
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $39,360,529)					39,360,057
SHORT-TERM INVESTMENTS — 0.18%
MONEY MARKET FUNDS — 0.18%
BlackRock Liquidity Funds: MuniCash
0.71%b,c			68		68,091
					68,091
TOTAL SHORT-TERM INVESTMENTS (Cost: $68,087)					68,091
TOTAL INVESTMENTS IN SECURITIES — 105.11% (Cost: $39,428,616)d					39,428,148
Other Assets, Less Liabilities — (5.11)%					(1,915,871	)
NET ASSETS — 100.00%				$	37,512,277

COP  —  Certificates of Participation

ETM  —  Escrowed to Maturity

GO  —  General Obligation

GOL  —  General Obligation Limited

GTD  —  Guaranteed by the Commonwealth, County or State

RB  —  Revenue Bond

SAW  —  State Aid Withholding

VRDN  —  Variable Rate Demand Note

Insured by:

AGC  —  Assured Guaranty Corp.

AGM  —  Assured Guaranty Municipal Corp.

BAM  —  Build America Mutual Assurance Co.

^a  VRDNs are debt instruments that are payable on demand on each reset date, which may be daily, weekly, or monthly. Coupon rate shown reflects the rate in effect at period end.

^b  Affiliated money market fund.

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

^d  The cost of investments for federal income tax purposes was $39,428,616. Net unrealized depreciation was $468, of which $38,884 represented gross unrealized appreciation on securities and $39,352 represented gross unrealized depreciation on securities.

24 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

April 30, 2017

Schedule 1 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Municipal debt obligations	$	—	$	39,360,057	$	—	$	39,360,057
Money market funds		68,091		—		—		68,091
Total	$	68,091	$	39,360,057	$	—	$	39,428,148

See notes to financial statements.

SCHEDULESOF INVESTMENTS 25

Schedule of Investments (Unaudited)

iSHARES^® ULTRA SHORT-TERM BOND ETF

April 30, 2017

Security	Principal (000s)		Value
ASSET-BACKED SECURITIES — 0.07%
Honda Auto Receivables Owner Trust Series 2016-2, Class A2
1.13%, 09/17/18 (Call 07/15/19)	$	91	$	90,571
TOTAL ASSET-BACKED SECURITIES
(Cost: $90,594)				90,571
CERTIFICATES OF DEPOSIT — 18.52%
Bank of America N.A.
1.18%, 10/03/17		4,000		3,999,832
Bank of Nova Scotia (The)
1.46%, 04/12/19a		1,000		999,616
Bank of Tokyo-Mitsubishi UFJ Ltd. (The)
1.53%, 08/30/17		1,500		1,501,578
Canadian Imperial Bank of Commerce
1.40%, 08/08/18		1,000		999,750
Cooperatieve Rabobank UA/NV
1.58%, 09/08/17		500		500,870
Credit Industriel ET Commercial NY
1.21%, 10/05/17		2,000		2,000,482
Dexia Credit Local SA/New York NY
1.54%, 05/24/17		350		350,149
DG Bank/NY
1.20%, 08/28/17		1,000		999,684
Mitsubishi UFJ Trust & Banking Corp.
1.33%, 09/15/17		4,000		4,001,316
Mizuho Bank Ltd.
1.39%, 09/08/17		2,000		2,001,390
1.74%, 05/17/17		600		600,255
Natixis SA
1.56%, 09/18/17		250		250,238
Norinchukin Bank (The)
1.54%, 07/24/17		2,000		2,002,268
1.55%, 09/22/17		250		250,272
Toronto-Dominion Bank (The)
1.50%, 11/22/17		1,000		1,001,843
UBS AG/Stamford CT
1.53%, 05/25/17		250		250,109
1.53%, 09/01/17		250		250,319
1.57%, 09/08/17		250		250,361

Security	Principal (000s)		Value
Wells Fargo Bank N.A.
1.31%, 02/06/18	$	250	$	250,432
1.64%, 09/22/17		250		250,524
TOTAL CERTIFICATES OF DEPOSIT
(Cost: $22,701,021)				22,711,288
COMMERCIAL PAPERb — 34.26%
ABN AMRO Funding USA LLC
1.22%, 08/01/17		1,000		996,833
ASB Finance Ltd.
1.35%, 02/12/18		300		300,504
AutoZone Inc.
1.17%, 05/03/17		2,000		1,999,691
AXA Financial Inc.
1.71%, 10/10/17		250		248,398
1.54%, 02/06/18		2,500		2,467,084
Bank of Nova Scotia (The)
1.50%, 11/20/17		500		500,823
Banque et Caisse d’Epargne
1.21%, 09/07/17		1,500		1,494,247
Barclays Bank PLC
1.51%, 05/19/17		1,000		999,319
Bell Canada Inc.
1.19%, 05/18/17		250		249,846
1.23%, 06/01/17		3,000		2,996,807
Commonwealth Bank of Australia
1.50%, 09/01/17		500		500,778
Ford Motor Credit Co. LLC
1.57%, 09/01/17		1,900		1,890,078
1.70%, 10/05/17		650		645,369
GlaxoSmithKline PLC
1.26%, 06/05/17		425		424,604
HSBC Bank PLC
1.33%, 02/09/18		1,000		1,001,726
Hyundai Capital America
1.22%, 05/01/17		3,700		3,699,659
ING U.S. Funding LLC
1.71%, 06/23/17		250		250,274
Macquarie Bank Ltd.
1.30%, 01/24/18		5,400		5,402,560
Nissan Motor Acceptance Corp.
1.07%, 05/25/17		3,000		2,997,293

26 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

April 30, 2017

Security	Principal (000s)		Value
Ryder System Inc.
1.18%, 06/01/17	$	3,000	$	2,996,524
Sheffield Receivables Co. LLC
1.36%, 08/21/17		1,000		995,342
1.48%, 09/21/17		705		700,525
Southern Co. (The)
1.25%, 05/10/17		2,300		2,299,127
Svenska Handelsbanken AB
0.92%, 05/24/17		2,872		2,870,079
Victory Receivables Corp.
1.04%, 06/13/17		3,100		3,095,140
TOTAL COMMERCIAL PAPER
(Cost: $42,021,796)				42,022,630
CORPORATE BONDS & NOTES — 43.78%
AEROSPACE & DEFENSE — 3.00%
Lockheed Martin Corp.
4.25%, 11/15/19		3,000		3,172,284
United Technologies Corp. FRN, (3 mo. LIBOR US + 0.350%)
1.38%, 11/01/19		500		503,369
				3,675,653
AUTO MANUFACTURERS — 3.19%
American Honda Finance Corp.
1.55%, 12/11/17		2,500		2,505,350
Daimler Finance North America LLC FRN, (3 mo. LIBOR US + 0.620%)
1.66%, 10/30/19c		250		251,305
Ford Motor Credit Co. LLC
1.72%, 12/06/17		350		349,806
Nissan Motor Acceptance Corp.
FRN, (3 mo. LIBOR US + 0.800%)
1.95%, 04/06/18c		300		301,504
FRN, (3 mo. LIBOR US + 1.010%)
2.12%, 03/08/19c		250		252,341
Toyota Motor Credit Corp. FRN, (3 mo. LIBOR US + 0.380%)
1.53%, 04/06/18		250		250,757
				3,911,063
BANKS — 24.37%
Australia & New Zealand Banking Group Ltd. FRN, (3 mo. LIBOR US + 0.440%)
1.60%, 01/16/18c		400		400,861

Security	Principal (000s)		Value
Bank of America Corp.
2.60%, 01/15/19	$	500	$	505,103
Bank of Montreal FRN, (3 mo. LIBOR US + 0.600%)
1.72%, 12/12/19		510		513,219
Banque Federative du Credit Mutuel SA
2.50%, 10/29/18c		2,000		2,014,364
Barclays PLC
2.00%, 03/16/18		2,000		2,000,980
BB&T Corp.
1.60%, 08/15/17 (Call 07/14/17)		750		750,350
BNP Paribas SA
2.38%, 09/14/17		250		250,787
Citigroup Inc.
1.70%, 04/27/18		1,550		1,549,519
FRN, (3 mo. LIBOR US + 0.860%)
1.96%, 12/07/18		400		402,978
Commonwealth Bank of Australia
FRN, (3 mo. LIBOR US + 0.400%)
1.52%, 03/12/18c		300		300,367
FRN, (3 mo. LIBOR US + 0.450%)
1.56%, 03/10/20c		1,615		1,616,558
HSBC USA Inc.
1.63%, 01/16/18		1,800		1,799,491
FRN, (3 mo. LIBOR US + 0.880%)
2.04%, 09/24/18		2,000		2,011,288
JPMorgan Chase & Co.
FRN, (3 mo. LIBOR US + 0.550%)
1.59%, 04/25/18		400		401,661
Series H
1.70%, 03/01/18 (Call 02/01/18)		2,500		2,502,242
JPMorgan Chase Bank N.A. FRN, (3 mo. LIBOR US + 0.450%)
1.60%, 09/21/18 (Call 08/21/18)		250		250,757
National Australia Bank Ltd. FRN, (3 mo. LIBOR US + 0.420%)
1.58%, 04/17/19c		1,000		1,001,400
Royal Bank of Canada
FRN, (3 mo. LIBOR US + 0.380%)
1.48%, 03/02/20		3,000		3,002,790
2.00%, 12/10/18		390		391,480
Sumitomo Mitsui Trust Bank Ltd.
2.05%, 03/06/19c		1,635		1,634,550

SCHEDULESOF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

April 30, 2017

Security	Principal (000s)		Value
UBS AG/Stamford CT
1.80%, 03/26/18	$	325	$	325,555
Wachovia Corp.
5.75%, 06/15/17		3,000		3,015,354
Westpac Banking Corp.
FRN, (3 mo. LIBOR US + 0.430%)
1.53%, 03/06/20		3,000		3,001,794
FRN, (3 mo. LIBOR US + 0.710%)
1.74%, 05/13/19		250		251,746
				29,895,194
COMPUTERS — 0.61%
Apple Inc.
FRN, (3 mo. LIBOR US + 0.200%)
1.24%, 02/07/20		500		501,497
FRN, (3 mo. LIBOR US + 0.250%)
1.28%, 05/03/18		250		250,552
				752,049
DIVERSIFIED FINANCIAL SERVICES — 2.45%
American Express Credit Corp. FRN, (3 mo. LIBOR US + 0.430%)
1.52%, 03/03/20 (Call 02/03/20)		3,000		3,006,885
				3,006,885
INSURANCE — 0.18%
Berkshire Hathaway Finance Corp.
1.45%, 03/07/18		115		115,143
FRN, (3 mo. LIBOR US + 0.550%)
1.65%, 03/07/18		100		100,509
				215,652
INTERNET — 1.43%
Alibaba Group Holding Ltd.
2.50%, 11/28/19 (Call 10/28/19)		1,750		1,758,867
				1,758,867
MACHINERY — 0.24%
Caterpillar Financial Services Corp. FRN, (3 mo. LIBOR US + 0.700%)
1.75%, 02/23/18		300		301,187
				301,187
MANUFACTURING — 2.45%
Siemens Financieringsmaatschappij NV
FRN, (3 mo. LIBOR US + 0.340%)
1.48%, 03/16/20c		3,000		3,004,740
				3,004,740

Security	Principal (000s)		Value
MEDIA — 1.17%
Walt Disney Co. (The) FRN, (3 mo. LIBOR US + 0.130%)
1.23%, 03/04/20	$	1,435	$	1,435,963
				1,435,963
OIL & GAS — 3.55%
Chevron Corp.
FRN, (3 mo. LIBOR US + 0.090%)
1.18%, 02/28/19		2,000		2,001,636
FRN, (3 mo. LIBOR US + 0.210%)
1.30%, 03/03/20		2,000		2,003,572
Exxon Mobil Corp. FRN, (3 mo. LIBOR US + 0.600%)
1.65%, 02/28/18		350		351,935
				4,357,143
PHARMACEUTICALS — 0.33%
Bayer U.S. Finance LLC FRN, (3 mo. LIBOR US + 0.280%)
1.43%, 10/06/17c		400		400,014
				400,014
RETAIL — 0.40%
CVS Health Corp.
1.90%, 07/20/18		390		390,928
Lowe’s Companies Inc. FRN, (3 mo. LIBOR US + 0.600%)
1.72%, 09/14/18		100		100,776
				491,704
SEMICONDUCTORS — 0.41%
QUALCOMM Inc.
1.40%, 05/18/18		500		499,550
				499,550
TOTAL CORPORATE BONDS & NOTES
(Cost: $53,647,157)				53,705,664
REPURCHASE AGREEMENTS — 4.48%
Citigroup Global Markets Inc., 1.67%, 05/01/17a (Purchased on 04/30/17 to be repurchased at $2,500,116, collateralized by non-agency mortgage-backed security, 2.80%, due 04/16/49, par and fair value of $3,829,838 and $2,875,000, respectively)d		2,500		2,500,000

28 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

April 30, 2017

Security	Principal or Shares (000s)		Value
Credit Suisse Securities (USA) LLC, 1.45%, 05/01/17a (Purchased on 04/30/17 to be repurchased at $2,000,080, collateralized by non-agency asset-backed security, 0.00%, due 09/16/19, par and fair value of $2,305,000 and $2,305,000, respectively)d	$	2,000	$	2,000,000
Deutsche Bank Securities Inc., 1.39%, 05/01/17a (Purchased on 04/30/17 to be repurchased at $1,000,039, collateralized by various non-agency asset-backed securities and mortgage-backed securities, 1.46% to 9.53%, due 07/01/18 to 08/07/52, par and fair value of $151,154,892 and $1,150,000, respectively)d		1,000		1,000,000
TOTAL REPURCHASE AGREEMENTS
(Cost: $5,500,000)				5,500,000
MONEY MARKET FUNDS — 0.09%
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%e,f		108		108,161
TOTAL MONEY MARKET FUNDS
(Cost: $108,161)				108,161

	Value
TOTAL INVESTMENTS IN SECURITIES — 101.20%
(Cost: $124,068,729)g	$	124,138,314
Other Assets, Less Liabilities — (1.20)%		(1,470,957	)
NET ASSETS — 100.00%	$	122,667,357

FRN  —  Floating Rate Note

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

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

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

^d  Maturity date represents next reset date.

^e  Affiliated money market fund.

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

^g  The cost of investments for federal income tax purposes was $124,068,729. Net unrealized appreciation was $69,585, of which $87,223 represented gross unrealized appreciation on securities and $17,638 represented gross unrealized depreciation on securities.

Schedule 1 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Asset-backed securities	$	—	$	90,571	$	—	$	90,571
Certificates of deposit		—		22,711,288		—		22,711,288
Commercial paper		—		42,022,630		—		42,022,630
Corporate bonds & notes		—		52,704,264		1,001,400		53,705,664
Repurchase agreements		—		5,500,000		—		5,500,000
Money market funds		108,161		—		—		108,161
Total	$	108,161	$	123,028,753	$	1,001,400	$	124,138,314

See notes to financial statements.

SCHEDULESOF INVESTMENTS 29

Statements of Assets and Liabilities (Unaudited)

iSHARES^® U.S. ETF TRUST

April 30, 2017

	iShares Short Maturity Bond ETF			iShares Short Maturity Municipal Bond ETF			iShares Ultra Short-Term Bond ETF
ASSETS
Investments, at cost:
Unaffiliated	$	2,272,095,778		$	39,360,529		$	118,460,568
Repurchase agreements — unaffiliated		30,000,000			—			5,500,000
Affiliated (Note 2)		96,012,380			68,087			108,161
Total cost of investments	$	2,398,108,158		$	39,428,616		$	124,068,729
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	2,276,143,577		$	39,360,057		$	118,530,153
Repurchase agreements — unaffiliated		30,000,000			—			5,500,000
Affiliated (Note 2)		96,022,353			68,091			108,161
Total fair value of investments		2,402,165,930			39,428,148			124,138,314
Foreign currency, at valueb		25,579			—			—
Cash		86,792			—			901
Receivables:
Investment securities sold		105,865			—			—
Dividends and interest		8,137,598			369,823			344,447
Unrealized appreciation on forward currency contracts (Note 1)		144,559			—			—
Total Assets		2,410,666,323			39,797,971			124,483,662
LIABILITIES
Payables:
Investment securities purchased		6,015,000			2,277,991			1,808,244
Collateral for securities on loan (Note 1)		49,398,855			—			—
Unrealized depreciation on forward currency contracts (Note 1)		1,115,509			—			—
Investment advisory fees (Note 2)		484,362			7,703			8,061
Total Liabilities		57,013,726			2,285,694			1,816,305
NET ASSETS	$	2,353,652,597		$	37,512,277		$	122,667,357
Net assets consist of:
Paid-in capital	$	2,347,855,272		$	37,518,814		$	122,567,739
Undistributed net investment income		2,721,478			32,665			51,259
Accumulated net realized loss		(10,789	)		(38,734	)		(21,226	)
Net unrealized appreciation (depreciation)		3,086,636			(468	)		69,585
NET ASSETS	$	2,353,652,597		$	37,512,277		$	122,667,357
Shares outstandingc		46,850,000			750,000			2,450,000
Net asset value per share	$	50.24		$	50.02		$	50.07

^a  Securities on loan with values of $48,066,194, $  — and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $25,765, $  — and $  —, respectively.

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

See notes to financial statements.

30 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^® U.S. ETF TRUST

Six months ended April 30, 2017

	iShares Short Maturity Bond ETF			iShares Short Maturity Municipal Bond ETF			iShares Ultra Short-Term Bond ETF
NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	154,571		$	175		$	1,941
Interest — unaffiliated		17,771,263			208,407			384,309
Securities lending income — affiliated — net (Note 2)		62,676			—			—
Total investment income		17,988,510			208,582			386,250
EXPENSES
Investment advisory fees (Note 2)		2,799,768			43,864			25,693
Total expenses		2,799,768			43,864			25,693
Net investment income		15,188,742			164,718			360,557
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(8,467,706	)		(29,166	)		(7,903	)
Investments — affiliated (Note 2)		8,074			20			—
Foreign currency transactions		9,233,517			—			—
Realized gain distributions from affiliated funds		11,405			—			2
Net realized gain (loss)		785,290			(29,146	)		(7,901	)
Net change in unrealized appreciation/depreciation on:
Investments		5,265,980			19,832			32,518
Forward currency contracts		(4,540,583	)		—			—
Translation of assets and liabilities in foreign currencies		(150	)		—			—
Net change in unrealized appreciation/depreciation		725,247			19,832			32,518
Net realized and unrealized gain (loss)		1,510,537			(9,314	)		24,617
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,699,279		$	155,404		$	385,174

See notes to financial statements.

FINANCIAL STATEMENTS 31

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, 2017 (Unaudited)			Year ended October 31, 2016			Six months ended April 30, 2017 (Unaudited)			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	15,188,742		$	21,386,747		$	164,718		$	244,959
Net realized gain (loss)		785,290			(436,902	)		(29,146	)		(486	)
Net change in unrealized appreciation/depreciation		725,247			5,981,582			19,832			(49,031	)
Net increase in net assets resulting from operations		16,699,279			26,931,427			155,404			195,442
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(13,657,447	)		(21,492,109	)		(155,384	)		(245,082	)
Total distributions to shareholders		(13,657,447	)		(21,492,109	)		(155,384	)		(245,082	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		639,735,694			1,159,167,574			2,499,929			5,007,945
Cost of shares redeemed		(311,017,635	)		(924,020,501	)		—			(4,994,826	)
Net increase in net assets from capital share transactions		328,718,059			235,147,073			2,499,929			13,119
INCREASE (DECREASE) IN NET ASSETS		331,759,891			240,586,391			2,499,949			(36,521	)
NET ASSETS
Beginning of period		2,021,892,706			1,781,306,315			35,012,328			35,048,849
End of period	$	2,353,652,597		$	2,021,892,706		$	37,512,277		$	35,012,328
Undistributed net investment income included in net assets at end of period	$	2,721,478		$	1,190,183		$	32,665		$	23,331
SHARES ISSUED AND REDEEMED
Shares sold		12,750,000			23,150,000			50,000			100,000
Shares redeemed		(6,200,000	)		(18,450,000	)		—			(100,000	)
Net increase in shares outstanding		6,550,000			4,700,000			50,000			—

See notes to financial statements.

32 2017 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, 2017 (Unaudited)			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	360,557		$	127,279
Net realized loss		(7,901	)		(13,325	)
Net change in unrealized appreciation/depreciation		32,518			43,430
Net increase in net assets resulting from operations		385,174			157,384
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(339,500	)		(103,710	)
Total distributions to shareholders		(339,500	)		(103,710	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		102,598,270			22,457,685
Cost of shares redeemed		(4,994,630	)		(9,986,485	)
Net increase in net assets from capital share transactions		97,603,640			12,471,200
INCREASE IN NET ASSETS		97,649,314			12,524,874
NET ASSETS
Beginning of period		25,018,043			12,493,169
End of period	$	122,667,357		$	25,018,043
Undistributed net investment income included in net assets at end of period	$	51,259		$	30,202
SHARES ISSUED AND REDEEMED
Shares sold		2,050,000			450,000
Shares redeemed		(100,000	)		(200,000	)
Net increase in shares outstanding		1,950,000			250,000

See notes to financial statements.

FINANCIAL STATEMENTS 33

Financial Highlights

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

	iShares Short Maturity Bond ETF
	Six months ended Apr. 30, 2017 (Unaudited)			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Period from Sep. 25, 2013a to Oct. 31, 2013
Net asset value, beginning of period	$	50.17		$	50.04		$	50.15		$	50.07		$	50.00
Income from investment operations:
Net investment incomeb		0.34			0.50			0.44			0.44			0.02
Net realized and unrealized gain (loss)c		0.04			0.14			(0.13	)		0.04			0.05
Total from investment operations		0.38			0.64			0.31			0.48			0.07
Less distributions from:
Net investment income		(0.31	)		(0.51	)		(0.42	)		(0.40	)		—
Total distributions		(0.31	)		(0.51	)		(0.42	)		(0.40	)		—
Net asset value, end of period	$	50.24		$	50.17		$	50.04		$	50.15		$	50.07
Total return		0.73	%d		1.28	%		0.62	%		0.96	%		0.14	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	2,353,653		$	2,021,893		$	1,781,306		$	418,732		$	102,634
Ratio of expenses to average net assetse		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assetse		1.36	%		1.01	%		0.87	%		0.87	%		0.42	%
Portfolio turnover ratef		30	%d		79	%		23	%		35	%		2	%d

^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 2017 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, 2017 (Unaudited)			Year ended Oct. 31, 2016			Period from Mar. 3, 2015a to Oct. 31, 2015
Net asset value, beginning of period	$	50.02		$	50.07		$	50.00
Income from investment operations:
Net investment incomeb		0.23			0.39			0.20
Net realized and unrealized gain (loss)c		(0.01	)		(0.04	)		0.04
Total from investment operations		0.22			0.35			0.24
Less distributions from:
Net investment income		(0.22	)		(0.40	)		(0.17	)
Total distributions		(0.22	)		(0.40	)		(0.17	)
Net asset value, end of period	$	50.02		$	50.02		$	50.07
Total return		0.42	%d		0.69	%		0.48	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	37,512		$	35,012		$	35,049
Ratio of expenses to average net assetse		0.25	%		0.25	%		0.25	%
Ratio of expenses to average net assets prior to waived feese		n/a			0.25	%		0.25	%
Ratio of net investment income to average net assetse		0.94	%		0.79	%		0.59	%
Portfolio turnover ratef		54	%d		100	%		184	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 35

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, 2017 (Unaudited)			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Period from Dec. 11, 2013a to Oct. 31, 2014
Net asset value, beginning of period	$	50.04		$	49.97		$	50.08		$	49.99
Income from investment operations:
Net investment incomeb		0.32			0.47			0.24			0.16
Net realized and unrealized gain (loss)c		0.01			(0.02	)		(0.07	)		0.06
Total from investment operations		0.33			0.45			0.17			0.22
Less distributions from:
Net investment income		(0.30	)		(0.38	)		(0.24	)		(0.13	)
Net realized gain		—			—			(0.04	)		—
Total distributions		(0.30	)		(0.38	)		(0.28	)		(0.13	)
Net asset value, end of period	$	50.07		$	50.04		$	49.97		$	50.08
Total return		0.67	%d		0.90	%		0.32	%		0.45	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	122,667		$	25,018		$	12,493		$	15,024
Ratio of expenses to average net assetse		0.09	%		0.18	%		0.18	%		0.18	%
Ratio of net investment income to average net assetse		1.28	%		0.93	%		0.47	%		0.35	%
Portfolio turnover ratef		15	%d		139	%		41	%		71	%d

^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.

36 2017 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 each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

SECURITY VALUATION

Each Fund’s investments are valued at fair value each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) provides oversight of the valuation of investments for the Funds. The investments of each Fund are valued pursuant to policies and procedures developed by the Global Valuation Committee and approved by the Board of 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 37

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. Interpolated forward exchange rates are used for contracts with interim settlement dates for which quotations are not available.

• 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 by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other 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 as follows:

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

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

• Level 3 — Unobservable inputs for the asset or liability based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for each Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing

38 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

REPURCHASE AGREEMENTS

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

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

The following table summarizes the Funds’ open repurchase agreements as of April 30, 2017 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	$	30,000,000	$	30,000,000	$	—
Ultra Short-Term Bond		5,500,000		5,500,000		—

^a  Collateral received in excess of the market value of repurchase agreements is not presented in this table. The total collateral received by each Fund is disclosed in each 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.

NOTESTO FINANCIAL STATEMENTS 39

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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, 2017, if any, are disclosed in the Funds’ statements of assets and liabilities.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

Each Fund may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities 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 but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Funds may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of April 30, 2017 and the total value of the related cash collateral are disclosed in the

40 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

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

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

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of April 30, 2017:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Short Maturity Bond
BNP Paribas Prime Brokerage Inc.	$	25,035	$	25,035	$	—
BNP Paribas Prime Brokerage International Ltd.		2,498,288		2,498,288		—
Deutsche Bank Securities Inc.		1,711,060		1,711,060		—
Goldman Sachs & Co.		6,296,065		6,296,065		—
HSBC Securities (USA) Inc.		1,555,370		1,555,370		—
Jefferies LLC		34,058		34,058		—
JPMorgan Securities LLC		6,715,374		6,715,374		—
Merrill Lynch, Pierce, Fenner & Smith		7,156,375		7,156,375		—
Morgan Stanley & Co. LLC		13,184,504		13,184,504		—
MUFG Securities Americas Inc.		119,298		119,298		—
SG Americas Securities LLC		5,759,072		5,759,072		—
Wells Fargo Securities LLC		3,011,695		3,011,695		—
	$	48,066,194	$	48,066,194	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s statement of assets and liabilities.

RECENT ACCOUNTING STANDARD

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued a new rule, Investment Company Reporting Modernization, that modernizes and enhances the reporting and disclosure of information by registered investment companies. As part of these changes, the new rule amends Regulation S-X to require standardized, enhanced disclosures related to derivatives and updates to other disclosures in investment company financial statements. The compliance date for the

NOTESTO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

amendments to Regulation S-X is August 1, 2017. Management is evaluating the impact, if any, of these changes on the Funds’ financial statements.

In March 2017, the Financial Accounting Standards Board issued an update to amend the amortization period for certain purchased callable debt securities held at a premium. The amendments shorten the amortization period for premiums to the earliest call date, but do not require an accounting change for securities held at a discount. The amendments are effective for financial statements for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.

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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Trustees).

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

iShares ETF	Investment Advisory Fee
Short Maturity Bond		0.25	%
Short Maturity Municipal Bond		0.25
Ultra Short-Term Bond		0.08

Prior to December 16, 2016, for its investment advisory services to the iShares Ultra Short-Term Bond ETF, BFA was entitled to an annual investment advisory fee of 0.18% based on the average daily net assets of the Fund.

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.

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.

42 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

For the six months ended April 30, 2017, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Short Maturity Bond	$	21,233

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, 2017 were as follows:

	U.S. Government Obligations				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
Short Maturity Bond	$	—	$	2,833,514	$	975,169,511	$	499,483,410
Short Maturity Municipal Bond		—		—		21,800,111		17,122,280
Ultra Short-Term Bond		661,018		1,883,451		39,828,645		1,180,864

There were no in-kind transactions (see Note 4) for the six months ended April 30, 2017.

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.

NOTESTO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

5. FORWARD CURRENCY CONTRACTS

Forward currency contracts are entered into for the purpose of hedging against the effects of foreign currencies on the value of a portfolio 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. Non-deliverable forward currency contracts are settled with the counterparty in cash without the delivery of foreign currency. 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. A 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, 2017 and the related locations in the statements of assets and liabilities, presented by risk exposure category:

Assets
Forward currency contracts:
Unrealized appreciation on forward currency contracts/ Net assets consist of –net unrealized appreciation (depreciation)	$	144,559

Liabilities
Forward currency contracts:
Unrealized depreciation on forward currency contracts/ Net assets consist of – net unrealized appreciation (depreciation)	$	1,115,509

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 ended April 30, 2017 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	$	9,232,756	$	(4,540,583	)

For the six months ended April 30, 2017, the average quarter-end amounts purchased and sold in U.S. dollars for the iShares Short Maturity Bond ETF were $9,374,872 and $112,514,799, 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/

44 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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, 2017:

	Derivative Assets Subject to Offsetting		Derivatives Available for Offset		Net Amount of Derivative Assets
Forward currency contracts	$	144,559	$	—	$	144,559

	Derivative Liabilities Subject to Offsetting		Derivatives Available for Offset		Net Amount of Derivative Liabilities
Forward currency contracts	$	1,115,509	$	—	$	1,115,509

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 a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

NOTESTO FINANCIAL STATEMENTS 45

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.

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income 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. Mortgage-backed securities and securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than other types of bonds or securities with shorter durations. Given the environment of historically low interest rates, a 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 a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

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, 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.

Municipal securities 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.

46 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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.

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, 2016, the Funds’ fiscal-year end, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
Short Maturity Bond	$	818,332
Short Maturity Municipal Bond		9,588
Ultra Short-Term Bond		13,325

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2017, 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. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”). The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. The Defendants believe the claims are without merit and intend to vigorously defend themselves against the allegations in the lawsuit.

9. SUBSEQUENT EVENTS

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

NOTESTO FINANCIAL STATEMENTS 47

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 Municipal Bond	$	0.219317	$	—	$	—	$	0.219317		100	%		—	%		—	%		100	%
Ultra Short-Term Bond		0.271000		—		0.033865		0.304865		89			—			11			100

48 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 49

Notes:

50 2017 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.

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1008-0417

APRIL 30, 2017

2017 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	13
Consolidated Financial Highlights	16
Notes to Consolidated Financial Statements	17
Supplemental Information	27

Fund Performance Overview

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Performance as of April 30, 2017

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, 2017, the total return for the Fund was 2.99%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		3.89%		(14.02)%		3.89%		(31.88)%
Fund Market		3.73%		(14.07)%		3.73%		(31.99)%
S&P GSCI Commodity Total Return Index		(3.61)%		(21.48)%		(3.61)%		(45.92)%

The inception date of the Fund was 10/15/14. The first day of secondary market trading was 10/16/14.

The S&P GSCI^TM Commodity Total Return Index is an unmanaged index that measures the performance of general commodity price movements and inflation in the world economy.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,029.90	$	2.42	$	1,000.00	$	1,022.40	$	2.41		0.48%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 6 for more information.

ALLOCATION BY SECTOR

As of 4/30/17

Sector/Investment Type	% of Net Assets
Agriculture Equities		15.72	%
Base Metal Equities		5.74
Timber Equities		4.04
Precious Metals Equities		3.27
Energy Equities		1.99
Short-term		66.86
Cash		4.02
Other Assets, Less Liabilities		(1.64	)
TOTAL		100.00	%

COMMODITY-LINKED FUTURES

As of 4/30/17

Sector Exposure 1	% of Net Assets
Energy Futures		41.76	%
Agriculture Futures		15.28
Base Metals Futures		6.53
Livestock Futures		4.61
Precious Metals Futures		1.04
TOTAL		69.22	%

¹  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

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

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

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

Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on November 1, 2016 and held through April 30, 2017, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

6 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2017

Security	Shares		Value
COMMON STOCKS — 30.75%
AGRICULTURAL & FARM MACHINERY — 3.28%
AGCO Corp.		10,164	$	650,394
CNH Industrial NV		151,327		1,679,730
Deere & Co.		44,634		4,981,601
				7,311,725
AGRICULTURAL PRODUCTS — 3.12%
Archer-Daniels-Midland Co.		82,566		3,777,394
Bunge Ltd.		20,162		1,593,403
Fresh Del Monte Produce Inc.		4,746		290,930
Ingredion Inc.		10,379		1,285,128
				6,946,855
ALUMINUM — 0.07%
Aluminum Corp. of China Ltd.a		9,433		116,497
Constellium NVa		5,424		37,697
				154,194
COAL & CONSUMABLE FUELS — 0.00%
Cameco Corp.		691		6,627
				6,627
COPPER — 0.54%
Freeport-McMoRan Inc.a		91,390		1,165,222
Nevsun Resources Ltd.		20,714		47,021
				1,212,243
DIVERSIFIED METALS & MINING — 5.13%
BHP Billiton Ltd. ADRb		117,408		4,179,725
BHP Billiton PLC		77,270		2,374,507
Ferroglobe PLC		4,770		46,031
HudBay Minerals Inc.b		17,334		103,137
Northern Dynasty Minerals Ltd.a,b		21,617		34,587
Rio Tinto PLC ADR		87,524		3,485,206
Teck Resources Ltd. Class B		34,052		706,238
Turquoise Hill Resources Ltd.a		72,218		197,155
Vedanta Ltd. ADR		20,073		305,110
				11,431,696
FERTILIZERS & AGRICULTURAL CHEMICALS — 9.32%
Agrium Inc.		18,798		1,765,696
CF Industries Holdings Inc.		31,714		848,032
FMC Corp.		18,188		1,331,907
Israel Chemicals Ltd.a		69,463		300,080
Monsanto Co.		59,653		6,956,136
Mosaic Co. (The)		47,642		1,282,999
Potash Corp. of Saskatchewan Inc.		114,251		1,928,557

Security	Shares		Value
Sociedad Quimica y Minera de Chile SA ADR		12,610	$	448,286
Syngenta AG ADR		63,346		5,893,079
				20,754,772
FOREST PRODUCTS — 0.10%
Deltic Timber Corp.		1,094		84,643
Norbord Inc.		4,191		130,214
				214,857
GOLD — 2.89%
Agnico Eagle Mines Ltd.		12,236		585,248
Alamos Gold Inc. Class Ab		16,163		115,727
AngloGold Ashanti Ltd.		22,131		252,957
Asanko Gold Inc.a,b		10,998		26,945
B2Gold Corp.a,b		52,416		133,137
Barrick Gold Corp.		63,177		1,056,319
Cia. de Minas Buenaventura SAA ADR		10,025		120,400
Eldorado Gold Corp.		38,840		142,154
Franco-Nevada Corp.		9,674		658,993
Gold Fields Ltd.		40,610		131,983
Goldcorp Inc.		46,279		646,055
Harmony Gold Mining Co. Ltd.		20,048		43,705
IAMGOLD Corp.a		24,586		101,786
Kinross Gold Corp.a		67,525		235,662
Klondex Mines Ltd.a		9,516		34,162
New Gold Inc.a		31,137		88,429
Newmont Mining Corp.		28,809		974,032
NovaGold Resources Inc.a		11,832		49,458
Osisko Gold Royalties Ltd.b		5,765		61,513
Pretium Resources Inc.a		8,112		80,390
Randgold Resources Ltd. ADR		5,083		447,253
Sandstorm Gold Ltd.a,b		8,222		28,613
Sibanye Gold Ltd.		8,923		71,473
Silver Standard Resources Inc.a,b		6,461		66,613
Tahoe Resources Inc.		16,925		136,416
Yamana Gold Inc.		51,483		139,004
				6,428,427
INTEGRATED OIL & GAS — 1.12%
BP PLC ADR		6,364		218,413
Cenovus Energy Inc.		1,691		16,876
Chevron Corp.		3,849		410,688
China Petroleum & Chemical Corp.		518		42,150
Ecopetrol SA ADR		493		4,506
Eni SpA		2,729		84,544

CONSOLIDATED SCHEDULEOF INVESTMENTS 7

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2017

Security	Shares		Value
Exxon Mobil Corp.		8,431	$	688,391
Imperial Oil Ltd.		516		15,000
Occidental Petroleum Corp.		1,551		95,449
PetroChina Co. Ltd.		428		30,067
Petroleo Brasileiro SA ADRa		3,021		27,219
Royal Dutch Shell PLC Class A ADR		4,505		235,116
Royal Dutch Shell PLC Class B ADR		3,812		206,306
Statoil ASA		2,161		35,505
Suncor Energy Inc.		3,387		106,216
Total SA ADR		4,990		255,338
YPF SA ADR		391		10,100
				2,481,884
OIL & GAS DRILLING — 0.02%
Ensco PLC Class A		646		5,097
Helmerich & Payne Inc.		231		14,008
Nabors Industries Ltd.		608		6,287
Noble Corp. PLC		521		2,501
Precision Drilling Corp.a		624		2,477
Rowan Companies PLC Class Aa		267		3,756
Seadrill Ltd.a,b		444		306
Transocean Ltd.a		829		9,144
				43,576
OIL & GAS EQUIPMENT & SERVICES — 0.19%
Amec Foster Wheeler PLC ADR		730		5,059
Baker Hughes Inc.		808		47,971
Core Laboratories NV		84		9,309
Frank’s International NV		119		1,083
Halliburton Co.		1,647		75,564
McDermott International Inc.a		463		3,028
National Oilwell Varco Inc.		720		25,178
Schlumberger Ltd.		2,652		192,509
TechnipFMC PLCa		886		26,695
Tenaris SA ADR		448		13,991
Weatherford International PLCa,b		1,922		11,090
				411,477
OIL & GAS EXPLORATION & PRODUCTION — 0.39%
Advantage Oil & Gas Ltd.a		408		2,550
Anadarko Petroleum Corp.		1,164		66,371
Antero Resources Corp.a		307		6,505
Apache Corp.		791		38,474
Baytex Energy Corp.a,b		507		1,531
Cabot Oil & Gas Corp.		990		23,008

Security	Shares		Value
Canadian Natural Resources Ltd.		2,315	$	73,779
Cimarex Energy Co.		198		23,103
CNOOC Ltd.		335		38,910
Concho Resources Inc.a		309		39,138
ConocoPhillips		2,585		123,847
Continental Resources Inc./OKa,b		180		7,634
Crescent Point Energy Corp.		1,129		11,188
Devon Energy Corp.		1,093		43,163
Diamondback Energy Inc.a		188		18,770
Encana Corp.		2,027		21,689
Enerplus Corp.		524		3,778
EOG Resources Inc.		1,202		111,185
EQT Corp.		361		20,989
Hess Corp.		560		27,345
Kosmos Energy Ltd.a		395		2,374
Marathon Oil Corp.		1,765		26,246
Murphy Oil Corp.		339		8,875
Newfield Exploration Co.a		414		14,333
Noble Energy Inc.		908		29,356
Pengrowth Energy Corp.a		875		862
Penn West Petroleum Ltd.a		994		1,481
Pioneer Natural Resources Co.		354		61,238
Range Resources Corp.		392		10,384
Southwestern Energy Co.a		1,042		7,825
Vermilion Energy Inc.		246		8,659
				874,590
OIL & GAS REFINING & MARKETING — 0.09%
Cosan Ltd.		281		2,161
HollyFrontier Corp.		350		9,849
Marathon Petroleum Corp.		1,042		53,080
Phillips 66		870		69,217
Tesoro Corp.		230		18,333
Valero Energy Corp.		889		57,438
				210,078
OIL & GAS STORAGE & TRANSPORTATION — 0.17%
Cheniere Energy Inc.a		378		17,142
Enbridge Inc. New		2,531		104,910
Euronav SAa		193		1,525
Frontline Ltd./Bermuda		90		598
GasLog Ltd.		66		924
Golar LNG Ltd.		157		4,005
Kinder Morgan Inc./DE		2,979		61,457
Navigator Holdings Ltd.a		56		675
Nordic American Tankers Ltd.b		155		1,286

8 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2017

Security	Shares		Value
ONEOK Inc.		328	$	17,256
Pembina Pipeline Corp.		618		19,702
Plains GP Holdings LP Class A		212		6,311
Scorpio Tankers Inc.		262		1,153
Ship Finance International Ltd.		91		1,279
Targa Resources Corp.		299		16,484
TransCanada Corp.		1,342		62,322
Ultrapar Participacoes SA ADR		659		14,617
Williams Companies Inc. (The)		1,283		39,298
				370,944
PAPER PACKAGING — 2.33%
International Paper Co.		42,627		2,300,579
Packaging Corp. of America		9,765		964,587
Sonoco Products Co.		10,287		538,113
WestRock Co.		25,955		1,390,150
				5,193,429
PAPER PRODUCTS — 0.18%
Fibria Celulose SA ADR		23,558		216,262
KapStone Paper and Packaging Corp.		9,130		192,552
				408,814
PRECIOUS METALS & MINERALS — 0.04%
Dominion Diamond Corp.		5,376		65,372
Mountain Province Diamondsa		7,702		21,951
				87,323
SILVER — 0.34%
First Majestic Silver Corp.a,b		8,686		70,617
Fortuna Silver Mines Inc.a		8,454		38,973
MAG Silver Corp.a		3,708		45,312
Pan American Silver Corp.		8,110		136,005
Silver Wheaton Corp.		23,352		466,339
				757,246
SPECIALIZED REITS — 1.43%
Potlatch Corp.		4,207		189,525
Rayonier Inc.		12,744		359,636
Weyerhaeuser Co.		77,635		2,629,498
				3,178,659
TOTAL COMMON STOCKS (Cost: $69,025,652)				68,479,416

Security	Shares or Principal		Value
PREFERRED STOCKS — 0.02%
INTEGRATED OIL & GAS — 0.02%
Petroleo Brasileiro SA ADR, Preference Sharesa		4,151	$	36,238
				36,238
TOTAL PREFERRED STOCKS (Cost: $38,056)				36,238
SHORT-TERM INVESTMENTS — 66.85%
COMMERCIAL PAPERc — 55.07%
AutoZone Inc.
1.17%, 05/16/17	$	1,365,000		1,364,209
Bank of Montreal
1.19%, 08/16/17		6,000,000		6,002,015
Bell Canada Inc.
1.37%, 07/05/17		5,000,000		4,988,770
Bennington Sark Capital Co.
1.07%, 05/10/17		6,000,000		5,998,176
Ciesco LLC
1.16%, 06/09/17		4,700,000		4,694,418
Coca-Cola Co. (The)
1.02%, 09/25/17		2,000,000		1,991,167
Collateralized Commercial Paper Co., LLC
1.15%, 05/03/17		4,500,000		4,499,441
Crown Point Cap Co.
1.10%, 06/05/17		4,000,000		3,995,740
Duke Energy Corp.
1.20%, 05/05/17		4,500,000		4,499,020
Enterprise Products Operating LLC
1.23%, 05/15/17		4,500,000		4,497,543
Ford Motor Credit Co. LLC
1.29%, 07/03/17		4,100,000		4,090,018
Gotham Funding Corp.
1.01%, 05/04/17		6,000,000		5,999,102
Hyundai Capital America
1.21%, 05/08/17		4,000,000		3,998,743
La Fayette Asset Securitization LLC
1.20%, 06/19/17		4,500,000		4,493,233
LMA SA/LMA Americas LLC
1.18%, 07/05/17		1,025,000		1,022,901

CONSOLIDATED SCHEDULEOF INVESTMENTS 9

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2017

Security	Principal		Value
LyondellBasell Industries NV
1.10%, 06/06/17	$	4,000,000	$	3,994,648
1.01%, 05/02/17		2,000,000		1,999,754
Macquarie Bank Ltd.
1.07%, 05/04/17		2,000,000		1,999,732
Matchpoint Finance PLC
1.00%, 05/02/17		3,500,000		3,499,622
Mizuho Bank Ltd.
1.08%, 05/25/17		1,700,000		1,698,846
Mondelez International Inc.
1.20%, 05/23/17		4,500,000		4,496,278
National Australia Bank Ltd.
1.30%, 04/05/18		4,000,000		4,001,488
1.16%, 07/28/17		1,700,000		1,695,673
NBCUniversal Enterprise Inc.
1.15%, 05/17/17		4,500,000		4,497,240
Nederlandse Waterschapsbank NV
0.99%, 06/27/17		3,700,000		3,694,512
NextEra Energy Capital Holdings Inc.
1.21%, 05/18/17		6,000,000		5,996,117
Omnicom Capital Inc.
1.20%, 05/08/17		2,000,000		1,999,372
Oversea-Chinese Banking Corp. Ltd.
1.01%, 05/16/17		2,000,000		1,999,116
Southern Co. (The)
1.20%, 05/25/17		2,500,000		2,497,744
Svenska Handelsbanken AB
1.23%, 11/06/17		5,000,000		4,966,693
United Technologies Corp.
1.14%, 05/02/17		2,500,000		2,499,692
UnitedHealth Group Inc.
1.20%, 06/01/17		4,200,000		4,195,530
Victory Receivables Corp.
1.18%, 06/20/17		4,800,000		4,791,209
TOTAL COMMERCIAL PAPER (Cost: $122,270,795)				122,657,762

Security	Shares or Principal		Value
MONEY MARKET FUNDS — 8.78%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.13%d,e,f		4,388,104	$	4,389,859
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%d,e,g		15,176,315		15,176,315
				19,566,174
U.S. GOVERNMENT OBLIGATIONS — 3.00%
U.S. Treasury Billc
0.76%, 05/04/17	$	2,000,000		1,999,894
0.80%, 07/27/17		4,700,000		4,691,042
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost: $6,690,436)				6,690,936
TOTAL SHORT-TERM INVESTMENTS
(Cost: $148,527,347)				148,914,872
TOTAL INVESTMENTS IN SECURITIES — 97.62%
(Cost: $217,591,055)h				217,430,526
Other Assets, Less Liabilities — 2.38%				5,297,412
NET ASSETS — 100.00%			$	222,727,938

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

^d  Affiliated money market fund.

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

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

^g  Includes portion held by the Subsidiary in the amount of $15,052,444.

^h  The cost of investments for federal income tax purposes was $220,655,498. Net unrealized depreciation was $3,224,972, of which $4,050,329 represented gross unrealized appreciation on securities and $7,275,301 represented gross unrealized depreciation on securities.

10 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2017

Schedule 1 — Futures Contracts (Note 5)

Futures contracts outstanding as of April 30, 2017 were as follows:ⁱ

Issue	Number of long (short) contracts		Expiration date		Exchange		Initial notional value		Current notional value		Unrealized appreciation (depreciation)
Aluminum		103		Oct. 2017		London Metal	$	4,978,062	$	4,946,575	$	(31,487	)
Brent Crude Oil		548		Feb. 2018		New York Mercantile		30,927,640		29,076,880		(1,850,760	)
Cattle Feeder		21		Nov. 2017		Chicago Mercantile		1,318,107		1,594,687		276,580
Cocoa		46		Jul. 2017		ICE Futures U.S.		900,026		846,860		(53,166	)
Coffee		36		Dec. 2017		ICE Futures U.S.		1,982,660		1,881,225		(101,435	)
Copper		41		Dec. 2017		London Metal		5,898,182		5,908,612		10,430
Corn		461		Dec. 2017		Chicago Board of Trade		8,994,136		8,874,250		(119,886	)
Cotton		68		Dec. 2017		ICE Futures U.S.		2,489,292		2,537,080		47,788
Gasoline RBOB		128		Oct. 2017		New York Mercantile		8,514,580		7,715,097		(799,483	)
Gold		16		Dec. 2017		COMEX		2,042,426		2,045,280		2,854
KC HRW Wheat		67		Jul. 2017		Chicago Board of Trade		1,443,961		1,464,788		20,827
Lead		20		Dec. 2017		London Metal		1,126,271		1,128,750		2,479
Lean Hogs		128		Oct. 2017		Chicago Mercantile		3,391,531		3,412,480		20,949
Live Cattle		106		Jun. 2017		Chicago Mercantile		4,027,860		5,258,660		1,230,800
Low Sulphur Gasoil		171		Dec. 2017		ICE Futures U.S.		8,594,744		8,019,900		(574,844	)
Natural Gas		177		Sep. 2017		New York Mercantile		5,864,048		5,954,280		90,232
Nickel		16		Dec. 2017		London Metal		955,016		916,464		(38,552	)
NY Harbor ULSD		110		Jun. 2017		New York Mercantile		7,604,447		6,963,264		(641,183	)
Silver		3		Dec. 2017		COMEX		275,022		261,645		(13,377	)
Soybean		154		Nov. 2017		Chicago Board of Trade		7,558,576		7,340,025		(218,551	)
Sugar		283		Jul. 2017		ICE Futures U.S.		5,708,736		5,112,565		(596,171	)
Wheat		277		Jul. 2017		Chicago Board of Trade		6,110,188		5,986,662		(123,526	)
WTI Crude Oil		696		Jan. 2018		ICE Futures Europe		37,726,552		35,280,240		(2,446,312	)
Zinc		25		Dec. 2017		London Metal		1,641,801		1,645,625		3,824
								Net unrealized depreciation			$	(5,901,970	)

ⁱ  Represents positions held in the Subsidiary.

CONSOLIDATED SCHEDULEOF INVESTMENTS 11

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2017

Schedule 2 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1			Level 2		Level 3		Total
Investments:
Assets:
Common stocks	$	68,479,416		$	—	$	—	$	68,479,416
Preferred stocks		36,238			—		—		36,238
Commercial paper		—			122,657,762		—		122,657,762
Money market funds		19,566,174			—		—		19,566,174
U.S. government obligations		—			6,690,936		—		6,690,936
Total	$	88,081,828		$	129,348,698	$	—	$	217,430,526
Derivative financial instrumentsa:
Assets:
Futures contracts	$	1,706,763		$	—	$	—	$	1,706,763
Liabilities:
Futures contracts		(7,608,733	)		—		—		(7,608,733	)
Total	$	(5,901,970	)	$	—	$	—	$	(5,901,970	)

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

See notes to consolidated financial statements.

12 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statement of Assets and Liabilities (Unaudited)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2017

ASSETS
Investments, at cost:
Unaffiliated		$	198,024,939
Affiliated (Note 2)			19,566,116
Total cost of investments		$	217,591,055
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated		$	197,864,352
Affiliated (Note 2)			19,566,174
Total fair value of investments			217,430,526
Foreign currency, at valueb			241
Cash pledged to brokerc			9,173,727
Receivables:
Due from custodian (Note 4)			195,125
Dividends and interest			92,600
Futures variation marginc			874,310
Tax reclaims			19,932
Total Assets			227,786,461
LIABILITIES
Payables:
Investment securities purchased			314,590
Collateral for securities on loan (Note 1)			4,389,492
Futures variation marginc			52,630
Due to custodian			218,745
Deferred foreign capital gains taxes (Note 1)			261
Investment advisory fees (Note 2)			82,805
Total Liabilities			5,058,523
NET ASSETS		$	222,727,938
Net assets consist of:
Paid-in capital		$	241,530,723
Distributions in excess of net investment income			(708,589	)
Accumulated net realized loss			(12,032,178	)
Net unrealized depreciation	��		(6,062,018	)
NET ASSETS		$	222,727,938
Shares outstandingd			6,700,000
Net asset value per share		$	33.24

^a  Securities on loan with a value of $4,327,408. See Note 1.

^b  Cost of foreign currency: $241.

^c  Represents assets or liabilities held in the Subsidiary.

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

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 13

Consolidated Statement of Operations (Unaudited)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Six months ended April 30, 2017

NET INVESTMENT INCOME
Dividends — unaffiliateda	$	716,182
Dividends — affiliated (Note 2)		105,889
Interest — unaffiliated		523,437
Securities lending income — affiliated — net (Note 2)		5,682
Total investment income		1,351,190
EXPENSES
Investment advisory fees (Note 2)		479,170
Total expenses		479,170
Less investment advisory fees waived (Note 2)		(1,045	)
Net expenses		478,125
Net investment income		873,065
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(4,335,194	)
In-kind redemptions — unaffiliated		11,513,588
Futures contracts		(144,879	)
Foreign currency transactions		(54	)
Realized gain distributions from affiliated funds		660
Net realized gain		7,034,121
Net change in unrealized appreciation/depreciation on:
Investmentsb		(1,938,961	)
Futures contracts		(1,623,500	)
Net change in unrealized appreciation/depreciation		(3,562,461	)
Net realized and unrealized gain		3,471,660
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,344,725

^a  Net of foreign withholding tax of $21,868.

^b  Net of deferred foreign capital gains taxes of $194.

See notes to consolidated financial statements.

14 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets

iSHARES^® COMMODITIES SELECT STRATEGY ETF

	Six months ended April 30, 2017 (Unaudited)			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	873,065		$	1,365,409
Net realized gain (loss)		7,034,121			(22,811,655	)
Net change in unrealized appreciation/depreciation		(3,562,461	)		27,060,888
Net increase in net assets resulting from operations		4,344,725			5,614,642
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(728,667	)		(1,347,562	)
Total distributions to shareholders		(728,667	)		(1,347,562	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		94,819,179			110,450,896
Cost of shares redeemed		(196,527,113	)		(47,754,983	)
Net increase (decrease) in net assets from capital share transactions		(101,707,934	)		62,695,913
INCREASE (DECREASE) IN NET ASSETS		(98,091,876	)		66,962,993
NET ASSETS
Beginning of period		320,819,814			253,856,821
End of period	$	222,727,938		$	320,819,814
Distributions in excess of net investment income included in net assets at end of period	$	(708,589	)	$	(852,987	)
SHARES ISSUED AND REDEEMED
Shares sold		2,800,000			3,800,000
Shares redeemed		(6,000,000	)		(1,600,000	)
Net increase (decrease) in shares outstanding		(3,200,000	)		2,200,000

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 15

Consolidated Financial Highlights

iSHARES^® COMMODITIES SELECT STRATEGY ETF

(For a share outstanding throughout each period)

	Six months ended Apr. 30, 2017 (Unaudited)			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Period from Oct. 15, 2014a to Oct. 31, 2014
Net asset value, beginning of period	$	32.41		$	32.97		$	50.68		$	50.04
Income from investment operations:
Net investment income (loss)b		0.15			0.16			0.26			(0.01	)
Net realized and unrealized gain (loss)c		0.82			(0.57	)		(17.35	)		0.65
Total from investment operations		0.97			(0.41	)		(17.09	)		0.64
Less distributions from:
Net investment income		(0.14	)		(0.15	)		(0.61	)		—
Return of capital		—			—			(0.01	)		—
Total distributions		(0.14	)		(0.15	)		(0.62	)		—
Net asset value, end of period	$	33.24		$	32.41		$	32.97		$	50.68
Total return		2.99	%d		(1.23	)%		(33.88	)%		1.28	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	222,728		$	320,820		$	253,857		$	20,273
Ratio of expenses to average net assetse		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of expenses to average net assets prior to waived feese		0.48	%		0.48	%		0.48	%		n/a
Ratio of net investment income (loss) to average net assetse		0.87	%		0.51	%		0.68	%		(0.23	)%
Portfolio turnover ratef		29	%d		43	%		76	%		0	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout each period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to consolidated financial statements.

16 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

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

These consolidated financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
Commodities Select Strategy	Non-diversified

The Fund carries out its investment strategies associated with investment in commodity-linked futures contracts and other derivatives (“commodity-linked investments”) by investing up to 25% of its total assets in iShares Commodities Strategy Cayman Ltd., a wholly-owned subsidiary organized in the Cayman Islands (the “Subsidiary”). The investment adviser of the Fund also serves as the investment adviser to the Subsidiary. Investments in the Subsidiary enable the Fund to hold the commodity-linked investments and satisfy regulated investment company tax requirements. The accompanying consolidated schedule of investments and consolidated financial statements for the Fund include the positions and accounts, respectively, of its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated.

The following table shows a summary of selected financial information of the Subsidiary included in the consolidated financial statements of the Fund, as of and for the six months ended April 30, 2017:

Consolidated Statement of Assets and Liabilities
Total Assets	$	25,106,386
Total Liabilities		52,630
Net Assets	$	25,053,756

Consolidated Statement of Operations
Net investment income	$	26,803
Net realized gain (loss) from:
Futures contracts		(144,879	)
Net change in unrealized appreciation/depreciation on:
Futures contracts		(1,623,500	)
Net increase (decrease) in net assets resulting from operations	$	(1,741,576	)

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

1. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistently followed by the Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 17

Notes to Consolidated Financial Statements (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.

SECURITY VALUATION

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

• Equity investments traded on a recognized securities exchange are valued at that day’s last reported trade price or the official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Fixed income investments are valued 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”).

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

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

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

18 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

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 based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its consolidated schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. 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, 2017 are reflected in tax reclaims receivable. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated and recorded as a reduction of cost of the related investment and/or reclassified to capital gains. 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 capital gains. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis. 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.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 19

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

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, 2017, 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 an approved 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 but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Fund may be exposed to additional risks when reinvesting the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the consolidated schedule of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund are also disclosed in its consolidated schedule of investments. The total value of any securities on loan as of April 30, 2017 and the total value of the related cash 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.

20 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

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. 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 April 30, 2017:

Counterparty	Market Value of Securities on Loan		Cash Collateral Received a		Net Amount  b
BNP Paribas New York Branch	$	117	$	117	$	—
BNP Paribas Prime Brokerage Inc.		2,757		2,757		—
Citigroup Global Markets Inc.		9,953		9,920		(33	)
Credit Suisse Securities (USA) LLC		3,970,775		3,970,775		—
Deutsche Bank Securities Inc.		212,008		212,008		—
Jefferies LLC		11,822		11,822		—
JPMorgan Securities LLC		23,586		23,586		—
Merrill Lynch, Pierce, Fenner & Smith		96,390		96,390		—
	$	4,327,408	$	4,327,375	$	(33	)

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s consolidated statement of assets and liabilities.

^b  Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

RECENT ACCOUNTING STANDARD

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued a new rule, Investment Company Reporting Modernization, that modernizes and enhances the reporting and disclosure of information by registered investment companies. As part of these changes, the new rule amends Regulation S-X to require standardized, enhanced disclosures related to derivatives and updates to other disclosures in investment company financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is evaluating the impact, if any, of these changes on the Fund’s financial statements.

In March 2017, the Financial Accounting Standards Board issued an update to amend the amortization period for certain purchased callable debt securities held at a premium. The amendments shorten the amortization period for premiums to the earliest call date, but do not require an accounting change for securities held at a discount. The amendments are effective for financial statements for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Fund’s financial statements and disclosures.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 21

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Trustees).

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%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur 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 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.

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, 2017, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $1,494.

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.

22 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY 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.

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, 2017, were $18,257,492 and $22,757,929, respectively.

In-kind purchases and sales (see Note 4) for the six months ended April 30, 2017, were $29,573,037 and $61,241,882, respectively.

4. CAPITAL SHARE TRANSACTIONS

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

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

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 consolidated statement of assets and liabilities.

5. FUTURES CONTRACTS

Futures contracts are purchased or sold to gain or manage exposure to changes in the value of commodities (commodity risk), interest rates (interest rate risk), foreign currencies (foreign currency risk) and/or equities (market risk). 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, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Pursuant to the contract, the fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the fund as unrealized appreciation or depreciation. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Losses may arise if the value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 23

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

The following table shows the value of futures contracts held as of April 30, 2017 and the related locations in the consolidated statement of assets and liabilities, presented by risk exposure category:

Assets
Commodity contracts:
Variation margin / Net assets consist of – net unrealized depreciationa	$	1,706,763

^a  Represents cumulative appreciation of futures contracts as reported in the consolidated schedule of investments. Only current day’s variation margin is reported separately within the consolidated statement of assets and liabilities.

Liabilities
Commodity contracts:
Variation margin / Net assets consist of – net unrealized depreciationb	$	7,608,733

^b  Represents cumulative depreciation of futures contracts as reported in the consolidated schedule of investments. Only current day’s variation margin is reported separately within the consolidated statement of assets and liabilities.

The following table shows the realized and unrealized gains (losses) on futures contracts held during the six months ended April 30, 2017 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	$	(144,879	)	$	(1,623,500	)

The following table shows the average quarter-end balances of open futures contracts for the six months ended April 30, 2017:

Average value of contracts purchased $ 164,613,313

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 a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

24 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

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

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: 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 concentrates its investments 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 a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

7. INCOME TAX INFORMATION

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

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 25

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

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, 2016, the Fund’s fiscal year-end, the Fund had non-expiring capital loss carryforwards in the amount of $16,864,975 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.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2017, 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. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”). The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. The Defendants believe the claims are without merit and intend to vigorously defend themselves against the allegations in the lawsuit.

9. SUBSEQUENT EVENTS

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

26 2017 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 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
$	0.138738	$	—	$	—	$	0.138738		100	%		—	%		—	%		100	%

SUPPLEMENTAL INFORMATION 27

Notes:

28 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 29

Notes:

30 2017 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.

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1011-0417

APRIL 30, 2017

2017 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	22
Financial Highlights	25
Notes to Financial Statements	26
Supplemental Information	35

Fund Performance Overview

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

Performance as of April 30, 2017

The iShares Edge U.S. Fixed Income Balanced Risk ETF (the “Fund”) seeks total return and preservation of capital by investing, under normal circumstances, at least 80% of its net assets in U.S. dollar denominated investment-grade and high-yield fixed-income securities that in the aggregate has approximately equal exposure to credit spread risk and interest rate risk. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the six-month reporting period ended April 30, 2017, the total return for the Fund was 0.79%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		3.37%		2.99%		3.37%		6.64%
Fund Market		3.70%		3.10%		3.70%		6.88%
Bloomberg Barclays U.S. Aggregate Bond Index		0.83%		1.66%		0.83%		3.65%

The inception date of the Fund was 2/24/15. The first day of secondary market trading was 2/26/15.

The Bloomberg Barclays U.S. Aggregate Bond Index is a widely recognized unmanaged market-weighted index, comprised of investment-grade corporate bonds rated BBB or better, mortgages and U.S. Treasury and U.S. Government agency issues with at least one year to maturity.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Beginning Account Value (11/1/16)		Ending Account Value (4/30/17)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,007.90	$	1.19	$	1,000.00	$	1,023.60	$	1.20		0.24%

^a  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 6 for more information.

ALLOCATION BY SECTOR

As of 4/30/17

Sector/Investment Type Percentage of
Total Investments  ¹

Mortgage-Backed Securities	37.43	%
Financial	23.05
Consumer Non-Cyclical	9.77
Communications	6.18
Consumer Cyclical	5.43
Energy	5.00
Technology	4.76
Industrial	3.95
Utilities	2.73
Basic Materials	1.70
TOTAL	100.00	%

��

ALLOCATION BY CREDIT QUALITY

As of 4/30/17

Moody’s Credit Rating 2	Percentage of Total Investments 1
Aaa		38.31	%
Aa		4.79
A		16.83
Baa		26.78
Ba		7.28
B		4.19
Caa		0.99
Not Rated		0.83
TOTAL		100.00	%

¹  Excludes money market funds.

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

FUND PERFORMANCE OVERVIEW 5

About Fund Performance

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

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

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

Shareholder Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested on November 1, 2016 and held through April 30, 2017, is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

6 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 81.71%
ADVERTISING — 0.09%
Omnicom Group Inc.
3.63%, 05/01/22	$	100	$	104,245
				104,245
AEROSPACE & DEFENSE — 1.77%
Arconic Inc.
5.13%, 10/01/24 (Call 07/01/24)a		100		104,750
Harris Corp.
2.00%, 04/27/18		45		45,099
L3 Technologies Inc.
3.85%, 12/15/26 (Call 09/15/26)a		40		41,059
4.95%, 02/15/21 (Call 11/15/20)		200		215,194
5.20%, 10/15/19		100		107,071
Lockheed Martin Corp.
2.50%, 11/23/20 (Call 10/23/20)a		540		545,260
3.35%, 09/15/21		200		208,136
3.55%, 01/15/26 (Call 10/15/25)		225		231,822
Northrop Grumman Corp.
1.75%, 06/01/18		200		200,384
StandardAero Aviation Holdings Inc.
10.00%, 07/15/23 (Call 07/15/18)a,b		35		38,237
United Technologies Corp.
4.50%, 04/15/20		200		215,438
				1,952,450
AGRICULTURE — 2.10%
Alliance One International Inc.
9.88%, 07/15/21 (Call 07/15/17)a		50		43,175
Altria Group Inc.
2.63%, 01/14/20 (Call 12/14/19)		150		152,250
2.85%, 08/09/22		150		151,592
9.25%, 08/06/19		650		751,718
Philip Morris International Inc.
2.00%, 02/21/20		300		300,288
2.13%, 05/10/23 (Call 03/10/23)		70		67,314
2.63%, 02/18/22 (Call 01/18/22)		150		151,062
2.75%, 02/25/26 (Call 11/25/25)a		270		262,721
Reynolds American Inc.
2.30%, 06/12/18		140		140,764
4.00%, 06/12/22		100		105,781
8.13%, 06/23/19		100		112,302

Security	Principal (000s)		Value
Vector Group Ltd.
6.13%, 02/01/25 (Call 02/01/20)b	$	70	$	72,450
				2,311,417
AIRLINES — 0.09%
United Continental Holdings Inc.
5.00%, 02/01/24a		100		100,500
				100,500
AUTO MANUFACTURERS — 2.60%
Ford Motor Credit Co. LLC
1.72%, 12/06/17		250		249,861
2.46%, 03/27/20		200		199,960
5.00%, 05/15/18		950		979,051
General Motors Co.
4.00%, 04/01/25		100		100,378
General Motors Financial Co. Inc.
2.40%, 05/09/19		65		65,205
3.20%, 07/06/21 (Call 06/06/21)		55		55,474
3.45%, 04/10/22 (Call 02/10/22)		100		101,024
3.50%, 07/10/19		650		666,582
4.00%, 01/15/25 (Call 10/15/24)		100		100,764
4.20%, 03/01/21 (Call 02/01/21)		100		104,574
5.25%, 03/01/26 (Call 12/01/25)		60		64,756
Toyota Motor Credit Corp.
2.15%, 03/12/20		180		181,262
				2,868,891
AUTO PARTS & EQUIPMENT — 0.57%
Allison Transmission Inc.
5.00%, 10/01/24 (Call 10/01/19)b		100		101,875
American Axle & Manufacturing Inc.
6.25%, 04/01/25 (Call 04/01/20)b		65		64,675
IHO Verwaltungs GmbH
4.50% (5.25% PIK), 09/15/23 (Call 09/15/19)b,c		200		199,750
Lear Corp.
5.25%, 01/15/25 (Call 01/15/20)		100		106,042
ZF North America Capital Inc.
4.75%, 04/29/25b		150		156,011
				628,353
BANKS — 19.50%
Australia & New Zealand Banking Group Ltd./New York NY
2.05%, 09/23/19		250		249,872
Banco Santander SA
3.50%, 04/11/22		200		202,108

SCHEDULEOF INVESTMENTS 7

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

Security	Principal (000s)		Value
Bank of America Corp.
1.70%, 08/25/17	$	100	$	100,098
VRN, (3 mo. LIBOR US + 1.021%)
2.88%, 04/24/23 (Call 04/24/22)		200		199,722
VRN, (3 mo. LIBOR US + 1.160%)
3.12%, 01/20/23 (Call 01/20/22)		300		302,865
3.30%, 01/11/23		200		203,312
VRN, (3 mo. LIBOR US + 1.575%)
3.82%, 01/20/28 (Call 01/20/27)		200		201,596
4.25%, 10/22/26		100		102,356
5.65%, 05/01/18a		250		259,430
5.88%, 01/05/21		250		278,995
7.63%, 06/01/19		400		444,428
Bank of Montreal
1.50%, 07/18/19		140		138,804
1.90%, 08/27/21		100		98,353
2.10%, 12/12/19		100		100,395
Bank of New York Mellon Corp. (The)
2.30%, 09/11/19 (Call 08/11/19)a		250		252,447
2.60%, 08/17/20 (Call 07/17/20)		120		121,775
Bank of Nova Scotia (The)
1.45%, 04/25/18		250		249,795
2.45%, 03/22/21		100		100,455
2.70%, 03/07/22		300		302,613
BB&T Corp.
2.05%, 06/19/18 (Call 05/15/18)		200		200,802
BNP Paribas SA
2.40%, 12/12/18		100		100,756
Capital One Financial Corp.
3.50%, 06/15/23		250		253,670
Capital One N.A./Mclean VA
1.50%, 09/05/17 (Call 08/05/17)		250		249,975
2.35%, 01/31/20 (Call 12/31/19)		250		250,288
Citigroup Inc.
1.70%, 04/27/18		100		99,947
2.05%, 12/07/18a		100		100,151
2.05%, 06/07/19		100		99,980
2.50%, 09/26/18		250		252,010
2.75%, 04/25/22 (Call 03/25/22)		200		199,506
2.90%, 12/08/21 (Call 11/08/21)		300		302,019
4.50%, 01/14/22		350		376,638
Cooperatieve Rabobank UA/NY
2.75%, 01/10/22		250		253,065
Credit Suisse AG/New York NY
2.30%, 05/28/19		250		251,300

Security	Principal (000s)		Value
Credit Suisse Group Funding Guernsey Ltd.
3.45%, 04/16/21	$	250	$	255,030
Discover Bank
2.00%, 02/21/18		250		250,396
Fifth Third Bank/Cincinnati OH
2.15%, 08/20/18 (Call 07/20/18)		200		201,162
Goldman Sachs Group Inc. (The)
2.35%, 11/15/21 (Call 11/15/20)		45		44,357
2.55%, 10/23/19		250		252,283
2.63%, 01/31/19a		250		252,868
2.75%, 09/15/20 (Call 08/15/20)		130		131,340
3.50%, 01/23/25 (Call 10/23/24)		300		301,170
3.50%, 11/16/26 (Call 11/16/25)		75		74,092
3.75%, 02/25/26 (Call 11/25/25)		300		304,566
3.85%, 01/26/27 (Call 01/26/26)		200		203,226
5.25%, 07/27/21		700		769,846
5.95%, 01/18/18		250		257,527
HSBC Holdings PLC
3.40%, 03/08/21		1,200		1,232,352
3.90%, 05/25/26		200		205,062
HSBC USA Inc.
1.50%, 11/13/17		200		199,969
1.70%, 03/05/18		180		180,058
JPMorgan Chase & Co.
1.63%, 05/15/18		350		349,807
2.55%, 03/01/21 (Call 02/01/21)		100		100,439
VRN, (3 mo. LIBOR US + 0.935%)
2.78%, 04/25/23 (Call 04/25/22)		150		149,958
2.97%, 01/15/23 (Call 01/15/22)		300		301,632
3.13%, 01/23/25 (Call 10/23/24)		850		842,537
VRN, (3 mo. LIBOR US + 1.337%)
3.78%, 02/01/28 (Call 02/01/27)		100		101,587
3.88%, 09/10/24		100		102,270
4.63%, 05/10/21		100		108,123
6.30%, 04/23/19		350		379,032
JPMorgan Chase Bank N.A.
6.00%, 10/01/17		250		254,602
KeyBank N.A./Cleveland OH
2.50%, 11/22/21		250		249,963
Mitsubishi UFJ Financial Group Inc.
2.19%, 09/13/21		200		196,638
3.00%, 02/22/22		50		50,734
Mizuho Financial Group Inc.
2.95%, 02/28/22		200		201,272

8 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

Security	Principal (000s)		Value
Morgan Stanley
2.20%, 12/07/18	$	550	$	552,651
2.38%, 07/23/19		300		301,260
2.63%, 11/17/21		100		99,849
3.13%, 07/27/26		485		467,724
3.63%, 01/20/27		200		200,416
3.75%, 02/25/23		200		207,540
3.88%, 01/27/26		400		408,856
4.88%, 11/01/22		150		162,946
Royal Bank of Scotland Group PLC
6.13%, 12/15/22		100		107,699
Skandinaviska Enskilda Banken AB
2.30%, 03/11/20		400		401,716
State Street Corp.
4.96%, 03/15/18		100		102,681
Sumitomo Mitsui Banking Corp.
1.97%, 01/11/19a		250		249,910
Sumitomo Mitsui Financial Group Inc.
2.44%, 10/19/21a		100		99,291
Svenska Handelsbanken AB
1.50%, 09/06/19		250		247,310
1.88%, 09/07/21		250		244,168
U.S. Bancorp.
2.63%, 01/24/22 (Call 12/23/21)a		200		201,854
3.00%, 03/15/22 (Call 02/15/22)		100		102,502
Wells Fargo & Co.
2.15%, 01/15/19		250		251,373
2.50%, 03/04/21		100		100,376
3.00%, 01/22/21		100		102,191
4.48%, 01/16/24		100		106,960
Wells Fargo Bank N.A.
1.75%, 05/24/19		500		498,930
2.15%, 12/06/19		300		301,284
Westpac Banking Corp.
1.60%, 08/19/19		100		98,991
1.65%, 05/13/19		60		59,588
2.15%, 03/06/20		200		200,438
2.80%, 01/11/22a		200		202,356
				21,484,284
BEVERAGES — 0.54%
Anheuser-Busch InBev Finance Inc.
2.63%, 01/17/23		125		124,178
2.65%, 02/01/21 (Call 01/01/21)		65		65,766
3.30%, 02/01/23 (Call 12/01/22)		100		102,739

Security	Principal (000s)		Value
PepsiCo Inc.
2.25%, 05/02/22	$	300	$	299,700
				592,383
BIOTECHNOLOGY — 0.55%
AMAG Pharmaceuticals Inc.
7.88%, 09/01/23 (Call 09/01/18)b		50		47,500
Amgen Inc.
2.20%, 05/22/19 (Call 04/22/19)		100		100,657
Baxalta Inc.
2.88%, 06/23/20 (Call 05/23/20)		45		45,727
Biogen Inc.
2.90%, 09/15/20		30		30,600
Celgene Corp.
2.88%, 08/15/20		200		203,688
Gilead Sciences Inc.
2.35%, 02/01/20		100		100,907
2.55%, 09/01/20		75		75,992
				605,071
BUILDING MATERIALS — 0.69%
Eagle Materials Inc.
4.50%, 08/01/26 (Call 08/01/21)		100		99,500
Louisiana-Pacific Corp.
4.88%, 09/15/24 (Call 09/15/19)a		100		101,250
Masco Corp.
3.50%, 04/01/21 (Call 03/01/21)a		40		40,969
Owens Corning
3.40%, 08/15/26 (Call 05/15/26)		100		97,545
RSI Home Products Inc.
6.50%, 03/15/23 (Call 03/15/18)a,b		50		51,750
Standard Industries Inc./NJ
5.38%, 11/15/24 (Call 11/15/19)b		100		104,250
Summit Materials LLC/Summit Materials Finance Corp.
6.13%, 07/15/23 (Call 07/15/18)a		15		15,713
Vulcan Materials Co.
4.50%, 04/01/25 (Call 01/01/25)		125		132,190
7.50%, 06/15/21		100		117,892
				761,059
CHEMICALS — 0.72%
Chemours Co. (The)
7.00%, 05/15/25 (Call 05/15/20)a		100		109,875
EI du Pont de Nemours & Co.
2.20%, 05/01/20		40		40,109

SCHEDULEOF INVESTMENTS 9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

Security	Principal (000s)		Value
Monsanto Co.
2.75%, 07/15/21	$	300	$	301,476
Olin Corp.
5.13%, 09/15/27 (Call 03/15/22)		100		104,125
PolyOne Corp.
5.25%, 03/15/23		100		102,750
RPM International Inc.
6.13%, 10/15/19		100		109,139
Tronox Finance LLC
7.50%, 03/15/22 (Call 03/15/18)a,b		25		26,125
				793,599
COMMERCIAL SERVICES — 0.49%
ADT Corp. (The)
5.25%, 03/15/20		100		105,250
Live Nation Entertainment Inc.
4.88%, 11/01/24 (Call 11/01/19)a,b		40		40,300
Moody’s Corp.
2.75%, 12/15/21 (Call 11/15/21)		25		25,112
Nielsen Finance LLC/Nielsen Finance Co.
5.00%, 04/15/22 (Call 05/30/17)a,b		50		51,437
S&P Global Inc.
2.95%, 01/22/27 (Call 10/22/26)		25		23,599
Service Corp. International/U.S.
5.38%, 05/15/24 (Call 05/15/19)		35		36,969
ServiceMaster Co. LLC (The)
5.13%, 11/15/24 (Call 11/15/19)b		50		51,625
Total System Services Inc.
3.80%, 04/01/21 (Call 03/01/21)		25		26,024
United Rentals North America Inc.
5.50%, 05/15/27 (Call 05/15/22)		30		30,863
Verisk Analytics Inc.
4.00%, 06/15/25 (Call 03/15/25)		150		153,411
				544,590
COMPUTERS — 2.56%
Apple Inc.
2.25%, 02/23/21 (Call 01/23/21)		95		95,835
2.50%, 02/09/22 (Call 01/09/22)		300		303,798
2.85%, 02/23/23 (Call 12/23/22)		75		76,420
3.00%, 02/09/24 (Call 12/09/23)		60		61,182
3.35%, 02/09/27 (Call 11/09/26)		145		148,350

Security	Principal (000s)		Value
Dell International LLC/EMC Corp.
3.48%, 06/01/19b	$	50	$	51,155
6.02%, 06/15/26 (Call 03/15/26)b		25		27,497
7.13%, 06/15/24 (Call 06/15/19)a,b		50		55,267
DXC Technology Co.
4.25%, 04/15/24 (Call 02/15/24)b		50		51,191
Everi Payments Inc.
10.00%, 01/15/22 (Call 01/15/18)		65		69,794
Hewlett Packard Enterprise Co.
2.85%, 10/05/18		150		151,730
3.60%, 10/15/20 (Call 09/15/20)		600		620,100
4.90%, 10/15/25 (Call 07/15/25)a		100		104,736
HP Inc.
2.75%, 01/14/19		200		202,241
International Business Machines Corp.
7.63%, 10/15/18		250		271,335
Riverbed Technology Inc.
8.88%, 03/01/23 (Call 03/01/18)b		100		103,000
Seagate HDD Cayman
4.25%, 03/01/22 (Call 02/01/22)b		150		149,734
4.75%, 06/01/23		50		50,703
Western Digital Corp.
10.50%, 04/01/24 (Call 04/01/19)		195		229,612
				2,823,680
COSMETICS & PERSONAL CARE — 0.05%
Avon International Operations Inc.
7.88%, 08/15/22 (Call 08/15/19)b		50		53,750
				53,750
DISTRIBUTION & WHOLESALE — 0.10%
HD Supply Inc.
5.25%, 12/15/21 (Call 12/15/17)b		100		105,875
				105,875
DIVERSIFIED FINANCIAL SERVICES — 5.63%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
5.00%, 10/01/21		150		162,144
Ally Financial Inc.
4.13%, 03/30/20		100		102,432
5.13%, 09/30/24		150		153,187
American Express Credit Corp.
1.80%, 07/31/18 (Call 06/30/18)		85		85,100
1.88%, 05/03/19		50		50,040

10 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

Security	Principal (000s)		Value
2.20%, 03/03/20 (Call 02/01/20)	$	300	$	301,566
2.25%, 08/15/19		200		201,536
Capital One Bank USA N.A.
2.25%, 02/13/19 (Call 01/13/19)		250		250,755
CIT Group Inc.
3.88%, 02/19/19		100		102,750
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/20		200		201,448
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 02/01/22 (Call 02/01/19)b		125		130,000
Intercontinental Exchange Inc.
3.75%, 12/01/25 (Call 09/01/25)		35		36,474
4.00%, 10/15/23		150		159,804
International Lease Finance Corp.
3.88%, 04/15/18		1,000		1,018,180
Jefferies Group LLC
4.85%, 01/15/27		100		103,743
Mastercard Inc.
2.95%, 11/21/26 (Call 08/21/26)		385		386,579
Nasdaq Inc.
3.85%, 06/30/26 (Call 03/30/26)		40		40,352
4.25%, 06/01/24 (Call 03/01/24)		100		104,397
5.25%, 01/16/18		200		205,223
National Rural Utilities Cooperative Finance Corp.
10.38%, 11/01/18		200		225,322
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 07/01/21 (Call 05/30/17)		100		101,500
6.50%, 06/01/22 (Call 12/01/17)		50		50,250
Navient Corp.
5.00%, 10/26/20		100		101,875
6.13%, 03/25/24a		100		99,000
NFP Corp.
9.00%, 07/15/21 (Call 05/30/17)b		100		105,750
Quicken Loans Inc.
5.75%, 05/01/25 (Call 05/01/20)b		40		40,400
Synchrony Financial
1.88%, 08/15/17 (Call 07/15/17)		200		200,059
2.70%, 02/03/20 (Call 01/03/20)		650		654,153
TD Ameritrade Holding Corp.
2.95%, 04/01/22 (Call 02/01/22)		200		203,672

Security	Principal (000s)		Value
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.
6.75%, 06/01/25 (Call 06/01/20)b	$	35	$	35,963
Visa Inc.
2.80%, 12/14/22 (Call 10/14/22)		75		76,333
3.15%, 12/14/25 (Call 09/14/25)		505		513,110
				6,203,097
ELECTRIC — 3.39%
AES Corp./VA
5.50%, 04/15/25 (Call 04/15/20)		100		102,500
7.38%, 07/01/21 (Call 06/01/21)		200		228,000
Baltimore Gas & Electric Co.
2.80%, 08/15/22 (Call 05/15/22)		100		100,469
Berkshire Hathaway Energy Co.
3.75%, 11/15/23 (Call 08/15/23)		50		52,574
Black Hills Corp.
2.50%, 01/11/19		45		45,252
3.95%, 01/15/26 (Call 07/15/25)		50		51,444
Consolidated Edison Inc.
2.00%, 05/15/21 (Call 04/15/21)		100		98,528
Dominion Resources Inc./VA
5.20%, 08/15/19		100		106,800
Series A
1.40%, 09/15/17		100		100,003
Series B
1.60%, 08/15/19		55		54,296
Duke Energy Carolinas LLC
2.95%, 12/01/26 (Call 09/01/26)		400		397,412
Duke Energy Corp.
2.10%, 06/15/18 (Call 05/15/18)		200		200,706
3.55%, 09/15/21 (Call 06/15/21)		100		104,166
Dynegy Inc.
7.38%, 11/01/22 (Call 11/01/18)a		100		95,750
Exelon Corp.
1.55%, 06/09/17		30		30,003
Exelon Generation Co. LLC
2.95%, 01/15/20 (Call 12/15/19)		100		101,476
MidAmerican Energy Co.
2.40%, 03/15/19 (Call 02/15/19)		100		101,148
NextEra Energy Capital Holdings Inc.
1.65%, 09/01/18		90		89,744
NRG Energy Inc.
6.63%, 01/15/27 (Call 07/15/21)a		300		297,000

SCHEDULEOF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

Security	Principal (000s)		Value
Ohio Power Co. Series M
5.38%, 10/01/21	$	100	$	111,622
Pacific Gas & Electric Co.
2.45%, 08/15/22 (Call 05/15/22)		100		99,293
PPL Electric Utilities Corp.
2.50%, 09/01/22 (Call 06/01/22)		100		99,475
PSEG Power LLC
3.00%, 06/15/21 (Call 05/15/21)		150		151,902
4.15%, 09/15/21 (Call 06/15/21)		300		315,403
Public Service Electric & Gas Co.
2.00%, 08/15/19 (Call 07/15/19)		150		150,199
Southern Co. (The)
2.45%, 09/01/18		150		150,900
Southern Power Co.
1.85%, 12/01/17		100		100,110
1.95%, 12/15/19		90		89,467
4.15%, 12/01/25 (Call 09/01/25)		50		52,219
Talen Energy Supply LLC
4.63%, 07/15/19 (Call 04/15/19)a,b		18		17,730
6.50%, 06/01/25 (Call 06/01/20)a		45		35,775
				3,731,366
ELECTRICAL COMPONENTS & EQUIPMENT — 0.14%
Energizer Holdings Inc.
5.50%, 06/15/25 (Call 06/15/20)b		50		52,125
General Cable Corp.
5.75%, 10/01/22 (Call 10/01/17)a		100		99,000
				151,125
ELECTRONICS — 0.67%
Amphenol Corp.
2.20%, 04/01/20		60		60,160
2.55%, 01/30/19 (Call 12/30/18)		100		101,021
Flex Ltd.
4.63%, 02/15/20		150		157,827
4.75%, 06/15/25 (Call 03/15/25)a		90		95,495
Fortive Corp.
1.80%, 06/15/19b		35		34,816
Keysight Technologies Inc.
4.60%, 04/06/27 (Call 01/06/27)		75		77,883
Tech Data Corp.
3.70%, 02/15/22 (Call 01/15/22)		110		111,818
Tyco Electronics Group SA
6.55%, 10/01/17		100		102,044
				741,064

Security	Principal (000s)		Value
ENGINEERING & CONSTRUCTION — 0.09%
AECOM
5.13%, 03/15/27 (Call 12/15/26)b	$	100	$	100,115
				100,115
ENTERTAINMENT — 0.37%
GLP Capital LP/GLP Financing II Inc.
4.88%, 11/01/20 (Call 08/01/20)		100		106,500
International Game Technology PLC
6.50%, 02/15/25 (Call 08/15/24)a,b		200		219,000
Scientific Games International Inc.
10.00%, 12/01/22 (Call 12/01/18)		75		81,375
				406,875
ENVIRONMENTAL CONTROL — 0.14%
Waste Management Inc.
6.10%, 03/15/18		150		155,909
				155,909
FOOD — 2.67%
Conagra Brands Inc.
3.20%, 01/25/23 (Call 10/25/22)		79		79,763
JBS USA LUX SA/JBS USA Finance Inc.
5.88%, 07/15/24 (Call 07/15/19)a,b		100		104,250
JM Smucker Co. (The)
1.75%, 03/15/18		125		125,140
Kellogg Co.
2.65%, 12/01/23		100		98,308
Kraft Heinz Foods Co.
2.00%, 07/02/18		450		451,071
2.25%, 06/05/17		100		100,092
2.80%, 07/02/20 (Call 06/02/20)		250		253,805
3.95%, 07/15/25 (Call 04/15/25)		300		308,010
Kroger Co. (The)
2.30%, 01/15/19 (Call 12/15/18)		150		150,930
Lamb Weston Holdings Inc.
4.88%, 11/01/26 (Call 11/01/21)b		100		103,125
Pilgrim’s Pride Corp.
5.75%, 03/15/25 (Call 03/15/20)a,b		100		104,000
Post Holdings Inc.
5.50%, 03/01/25 (Call 03/01/20)b		125		130,625
8.00%, 07/15/25 (Call 07/15/20)b		25		28,437

12 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

Security	Principal (000s)		Value
Sysco Corp.
2.50%, 07/15/21 (Call 06/15/21)	$	150	$	150,222
2.60%, 10/01/20 (Call 09/01/20)		690		697,114
3.75%, 10/01/25 (Call 07/01/25)		55		56,534
				2,941,426
FOOD SERVICE — 0.03%
Aramark Services Inc.
5.13%, 01/15/24 (Call 01/15/19)		35		36,925
				36,925
FOREST PRODUCTS & PAPER — 0.19%
Clearwater Paper Corp.
5.38%, 02/01/25a,b		100		98,500
International Paper Co.
4.75%, 02/15/22 (Call 11/15/21)		100		109,195
				207,695
GAS — 0.18%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)		100		101,000
5.63%, 05/20/24 (Call 03/20/24)		45		45,788
NGL Energy Partners LP/NGL Energy Finance Corp.
7.50%, 11/01/23 (Call 11/01/19)b		50		50,000
				196,788
HAND & MACHINE TOOLS — 0.08%
Stanley Black & Decker Inc.
1.62%, 11/17/18		85		84,529
				84,529
HEALTH CARE – PRODUCTS — 3.35%
Abbott Laboratories
2.00%, 09/15/18		35		35,019
2.00%, 03/15/20a		325		324,711
2.35%, 11/22/19a		535		538,082
2.55%, 03/15/22a		90		89,061
2.90%, 11/30/21 (Call 10/30/21)a		100		100,916
3.40%, 11/30/23 (Call 09/30/23)		100		101,602
Baxter International Inc.
2.60%, 08/15/26 (Call 05/15/26)		250		237,190
Becton Dickinson and Co.
1.80%, 12/15/17		116		115,925
Boston Scientific Corp.
2.85%, 05/15/20		25		25,352
3.38%, 05/15/22		150		154,065

Security	Principal (000s)		Value
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp.
8.13%, 06/15/21 (Call 06/15/18)b	$	150	$	132,375
Greatbatch Ltd.
9.13%, 11/01/23 (Call 11/01/18)b		45		47,250
Hill-Rom Holdings Inc.
5.75%, 09/01/23 (Call 09/01/18)b		85		88,825
Medtronic Global Holdings SCA
1.70%, 03/28/19		125		124,954
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA
6.63%, 05/15/22 (Call 05/30/17)b		50		46,000
Stryker Corp.
1.30%, 04/01/18		650		648,264
2.00%, 03/08/19		175		175,649
Teleflex Inc.
4.88%, 06/01/26 (Call 06/01/21)a		100		101,500
Thermo Fisher Scientific Inc.
3.00%, 04/15/23 (Call 02/15/23)		165		165,678
Universal Hospital Services Inc.
7.63%, 08/15/20 (Call 05/30/17)		50		50,687
Zimmer Biomet Holdings Inc.
2.00%, 04/01/18		150		150,339
2.70%, 04/01/20 (Call 03/01/20)		230		232,643
				3,686,087
HEALTH CARE – SERVICES — 1.15%
Anthem Inc.
2.30%, 07/15/18		100		100,551
Centene Corp.
4.75%, 01/15/25 (Call 01/15/20)		25		25,406
5.63%, 02/15/21 (Call 02/15/18)		30		31,537
Envision Healthcare Corp.
6.25%, 12/01/24 (Call 12/01/19)a,b		50		52,625
Fresenius Medical Care U.S. Finance II Inc.
5.63%, 07/31/19b		100		106,750
HCA Inc.
3.75%, 03/15/19		100		102,125
5.38%, 02/01/25		200		208,250
Humana Inc.
2.63%, 10/01/19		50		50,531
Laboratory Corp. of America Holdings
2.63%, 02/01/20		100		100,545

SCHEDULEOF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

Security	Principal (000s)		Value
MPH Acquisition Holdings LLC
7.13%, 06/01/24 (Call 06/01/19)b	$	50	$	53,750
Quest Diagnostics Inc.
2.50%, 03/30/20 (Call 02/29/20)a		145		146,011
UnitedHealth Group Inc.
2.13%, 03/15/21a		75		74,808
2.88%, 03/15/22 (Call 12/15/21)a		100		102,441
3.10%, 03/15/26		25		24,999
WellCare Health Plans Inc.
5.25%, 04/01/25 (Call 04/01/20)		80		83,200
				1,263,529
HOME BUILDERS — 0.40%
Brookfield Residential Properties Inc.
6.38%, 05/15/25 (Call 05/15/20)b		100		104,250
Lennar Corp.
4.50%, 06/15/19 (Call 04/16/19)		100		103,250
PulteGroup Inc.
5.50%, 03/01/26 (Call 12/01/25)		150		158,250
Shea Homes LP/Shea Homes Funding Corp.
5.88%, 04/01/23 (Call 04/01/18)b		45		45,450
6.13%, 04/01/25 (Call 04/01/20)b		25		25,250
				436,450
HOUSEWARES — 0.14%
Newell Brands Inc.
2.15%, 10/15/18		150		150,434
				150,434
INSURANCE — 2.52%
Aflac Inc.
2.40%, 03/16/20		800		809,048
Allstate Corp. (The)
3.28%, 12/15/26 (Call 09/15/26)a		25		25,317
VRN, (3 mo. LIBOR US + 2.938%)
5.75%, 08/15/53 (Call 08/15/23)		25		27,176
American Financial Group Inc./OH
3.50%, 08/15/26 (Call 05/15/26)		250		247,285
American International Group Inc.
3.30%, 03/01/21 (Call 02/01/21)a		30		30,736
5.85%, 01/16/18		250		257,380
Aon PLC
2.80%, 03/15/21 (Call 02/15/21)a		100		100,669
Berkshire Hathaway Finance Corp.
4.25%, 01/15/21		150		161,726
Berkshire Hathaway Inc.
2.20%, 03/15/21 (Call 02/15/21)a		25		25,170

Security	Principal (000s)		Value
Chubb INA Holdings Inc.
3.35%, 05/15/24	$	75	$	77,056
CNO Financial Group Inc.
4.50%, 05/30/20		25		25,875
Marsh & McLennan Companies Inc.
2.35%, 09/10/19 (Call 08/10/19)		150		151,005
2.35%, 03/06/20 (Call 02/06/20)		200		201,308
MetLife Inc.
4.75%, 02/08/21		150		163,036
Radian Group Inc.
5.25%, 06/15/20		200		209,000
Unum Group
3.00%, 05/15/21 (Call 04/15/21)		40		40,320
Willis Towers Watson PLC
5.75%, 03/15/21		100		110,000
XLIT Ltd.
5.75%, 10/01/21		100		111,838
				2,773,945
INTERNET — 1.47%
Alibaba Group Holding Ltd.
1.63%, 11/28/17		200		199,810
3.60%, 11/28/24 (Call 08/28/24)		400		406,768
Baidu Inc.
2.75%, 06/09/19		250		252,188
eBay Inc.
1.35%, 07/15/17		100		99,975
2.20%, 08/01/19 (Call 07/01/19)		100		100,432
2.50%, 03/09/18		100		100,737
Expedia Inc.
4.50%, 08/15/24 (Call 05/15/24)		100		105,187
Priceline Group Inc. (The)
3.60%, 06/01/26 (Call 03/01/26)		170		171,212
VeriSign Inc.
4.63%, 05/01/23 (Call 05/01/18)		100		102,350
Zayo Group LLC/Zayo Capital Inc.
6.38%, 05/15/25 (Call 05/15/20)		80		86,500
				1,625,159
IRON & STEEL — 0.37%
ArcelorMittal
6.25%, 03/01/21		200		218,000
U.S. Steel Corp.
7.38%, 04/01/20a		48		51,600
8.38%, 07/01/21 (Call 07/01/18)b		125		137,656
				407,256

14 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

Security	Principal (000s)		Value
LODGING — 0.23%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower Inc.
6.13%, 12/01/24 (Call 12/01/21)b	$	100	$	106,500
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)		35		34,913
6.63%, 12/15/21		100		112,250
				253,663
MACHINERY — 0.17%
Caterpillar Financial Services Corp.
2.00%, 03/05/20		150		149,781
Roper Technologies Inc.
3.85%, 12/15/25 (Call 09/15/25)		35		35,881
				185,662
MANUFACTURING — 0.71%
3M Co.
2.25%, 09/19/26 (Call 06/19/26)a		150		141,872
Bombardier Inc.
8.75%, 12/01/21b		50		55,625
General Electric Co.
4.38%, 09/16/20		200		215,176
Ingersoll-Rand Global Holding Co. Ltd.
6.88%, 08/15/18		300		319,470
Textron Inc.
3.65%, 03/15/27 (Call 12/15/26)		45		44,838
				776,981
MEDIA — 2.61%
Altice U.S. Finance I Corp.
5.50%, 05/15/26 (Call 05/15/21)b		200		206,750
Charter Communications Operating LLC/Charter Communications Operating Capital
3.58%, 07/23/20 (Call 06/23/20)		345		356,368
4.91%, 07/23/25 (Call 04/23/25)		300		320,940
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 11/15/17)		50		51,813
Comcast Corp.
1.63%, 01/15/22 (Call 12/15/21)		25		24,263
3.30%, 02/01/27 (Call 11/01/26)a		100		100,507
CSC Holdings LLC
5.25%, 06/01/24		300		303,561

Security	Principal (000s)		Value
DISH DBS Corp.
5.00%, 03/15/23	$	100	$	100,250
6.75%, 06/01/21		100		108,750
7.75%, 07/01/26		100		117,125
SFR Group SA
6.00%, 05/15/22 (Call 05/29/17)b		200		208,500
Sirius XM Radio Inc.
5.38%, 07/15/26 (Call 07/15/21)b		150		153,562
Time Warner Cable LLC
4.00%, 09/01/21 (Call 06/01/21)		50		52,197
6.75%, 07/01/18		100		105,439
Time Warner Inc.
2.10%, 06/01/19		150		150,313
Univision Communications Inc.
5.13%, 02/15/25 (Call 02/15/20)b		50		49,813
Walt Disney Co. (The)
5.50%, 03/15/19		200		214,280
WideOpenWest Finance LLC/WideOpenWest Capital Corp.
10.25%, 07/15/19 (Call 05/30/17)		89		92,560
Ziggo Secured Finance BV
5.50%, 01/15/27 (Call 01/15/22)b		150		153,754
				2,870,745
METAL FABRICATE & HARDWARE — 0.09%
Novelis Corp.
5.88%, 09/30/26 (Call 09/30/21)b		100		102,750
				102,750
MINING — 0.94%
Alcoa Nederland Holding BV
7.00%, 09/30/26 (Call 09/30/21)b		200		221,000
Aleris International Inc.
7.88%, 11/01/20 (Call 05/30/17)		42		41,580
FMG Resources August 2006 Pty Ltd.
9.75%, 03/01/22 (Call 03/01/18)b		100		115,063
Freeport-McMoRan Inc.
3.88%, 03/15/23 (Call 12/15/22)a		150		139,125
6.88%, 02/15/23 (Call 02/15/20)b		200		210,500
Hudbay Minerals Inc.
7.63%, 01/15/25 (Call 01/15/20)b		100		107,125
Southern Copper Corp.
3.88%, 04/23/25		100		101,432
Teck Resources Ltd.
4.75%, 01/15/22 (Call 10/15/21)		100		103,500
				1,039,325

SCHEDULEOF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

Security	Principal (000s)		Value
OFFICE & BUSINESS EQUIPMENT — 0.10%
CDW LLC/CDW Finance Corp.
5.50%, 12/01/24 (Call 06/01/24)	$	100	$	106,500
				106,500
OIL & GAS — 3.08%
Antero Resources Corp.
5.13%, 12/01/22 (Call 06/01/17)		100		101,500
BP Capital Markets PLC
1.85%, 05/05/17		200		200,007
2.52%, 01/15/20		150		152,089
3.02%, 01/16/27 (Call 10/16/26)		200		195,100
Canadian Natural Resources Ltd.
3.90%, 02/01/25 (Call 11/01/24)a		36		36,402
Chevron Corp.
1.96%, 03/03/20 (Call 02/03/20)		150		150,317
Cimarex Energy Co.
4.38%, 06/01/24 (Call 03/01/24)		50		52,497
ConocoPhillips
5.75%, 02/01/19		150		160,111
Denbury Resources Inc.
9.00%, 05/15/21 (Call 12/15/18)b		50		52,750
Ensco PLC
4.50%, 10/01/24 (Call 07/01/24)		100		82,500
EP Energy LLC/Everest Acquisition Finance Inc.
8.00%, 11/29/24 (Call 11/30/19)b		50		52,313
Exxon Mobil Corp.
2.22%, 03/01/21 (Call 02/01/21)		55		55,360
2.73%, 03/01/23 (Call 01/01/23)		70		70,729
3.04%, 03/01/26 (Call 12/01/25)a		250		252,833
Gulfport Energy Corp.
6.00%, 10/15/24 (Call 10/15/19)a,b		25		24,625
Laredo Petroleum Inc.
7.38%, 05/01/22 (Call 05/30/17)		50		51,938
Marathon Petroleum Corp.
2.70%, 12/14/18		100		101,036
3.40%, 12/15/20 (Call 11/15/20)		95		97,822
Newfield Exploration Co.
5.63%, 07/01/24		50		52,844
5.75%, 01/30/22		50		53,125
Occidental Petroleum Corp.
2.60%, 04/15/22 (Call 03/15/22)		85		85,215
3.40%, 04/15/26 (Call 01/15/26)		155		156,796
3.50%, 06/15/25 (Call 03/15/25)		60		61,181

Security	Principal (000s)		Value
Parsley Energy LLC/Parsley Finance Corp.
5.38%, 01/15/25 (Call 01/15/20)b	$	50	$	50,500
PDC Energy Inc.
6.13%, 09/15/24 (Call 09/15/19)a,b		50		51,250
Precision Drilling Corp.
7.75%, 12/15/23 (Call 12/15/19)a,b		50		53,000
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)		50		48,875
Rowan Companies Inc.
7.38%, 06/15/25 (Call 03/15/25)a		100		98,750
Sanchez Energy Corp.
6.13%, 01/15/23 (Call 07/15/18)a		50		46,000
Shell International Finance BV
1.38%, 05/10/19		100		99,246
2.13%, 05/11/20		40		40,182
4.30%, 09/22/19		250		264,260
Total Capital SA
2.13%, 08/10/18		250		251,737
Transocean Inc.
8.13%, 12/15/21		50		52,000
WPX Energy Inc.
7.50%, 08/01/20 (Call 07/01/20)		35		37,100
				3,391,990
OIL & GAS SERVICES — 0.33%
Halliburton Co.
3.25%, 11/15/21 (Call 08/15/21)a		300		309,006
McDermott International Inc.
8.00%, 05/01/21 (Call 05/29/17)b		50		52,025
				361,031
PACKAGING & CONTAINERS — 0.48%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
7.25%, 05/15/24 (Call 05/15/19)b		200		217,750
Ball Corp.
4.00%, 11/15/23		50		50,750
BWAY Holding Co.
5.50%, 04/15/24 (Call 04/15/20)b		25		25,281
PaperWorks Industries Inc.
9.50%, 08/15/19 (Call 05/30/17)b		30		23,100
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC
6.88%, 02/15/21 (Call 05/30/17)		97		99,894

16 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

Security	Principal (000s)		Value
Sealed Air Corp.
5.50%, 09/15/25 (Call 06/15/25)a,b	$	100	$	107,000
				523,775
PHARMACEUTICALS — 1.86%
AbbVie Inc.
1.80%, 05/14/18		50		50,066
2.30%, 05/14/21 (Call 04/14/21)		55		54,675
2.50%, 05/14/20 (Call 04/14/20)		30		30,283
Actavis Funding SCS
3.00%, 03/12/20 (Call 02/12/20)		185		188,720
AmerisourceBergen Corp.
4.88%, 11/15/19		100		106,616
Cardinal Health Inc.
1.95%, 06/15/18		75		75,180
Express Scripts Holding Co.
3.30%, 02/25/21 (Call 01/25/21)		25		25,524
Johnson & Johnson
2.25%, 03/03/22 (Call 02/03/22)a		195		196,732
2.95%, 03/03/27 (Call 12/03/26)		260		262,179
McKesson Corp.
1.40%, 03/15/18		150		149,674
Mead Johnson Nutrition Co.
3.00%, 11/15/20		55		56,131
Novartis Capital Corp.
3.00%, 11/20/25 (Call 08/20/25)		200		201,610
3.40%, 05/06/24		150		156,273
Shire Acquisitions Investments Ireland DAC
1.90%, 09/23/19		200		198,848
2.40%, 09/23/21 (Call 08/23/21)		95		93,831
Teva Pharmaceutical Finance Netherlands III BV
1.40%, 07/20/18		50		49,740
1.70%, 07/19/19a		25		24,755
Zoetis Inc.
3.45%, 11/13/20 (Call 10/13/20)		130		133,890
				2,054,727
PIPELINES — 3.12%
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)		60		59,779
4.15%, 07/01/23 (Call 04/01/23)		50		51,590
Enable Midstream Partners LP
4.40%, 03/15/27 (Call 12/15/26)a		100		99,756

Security	Principal (000s)		Value
Energy Transfer Partners LP
4.15%, 10/01/20 (Call 08/01/20)	$	100	$	104,063
9.00%, 04/15/19		100		112,233
Enterprise Products Operating LLC
5.25%, 01/31/20		200		215,902
Kinder Morgan Inc./DE
3.05%, 12/01/19 (Call 11/01/19)		100		102,020
4.30%, 06/01/25 (Call 03/01/25)		100		103,938
Magellan Midstream Partners LP
5.00%, 03/01/26 (Call 12/01/25)a		100		111,274
MPLX LP
4.13%, 03/01/27 (Call 12/01/26)		185		187,340
ONEOK Inc.
7.50%, 09/01/23 (Call 06/01/23)		100		118,292
ONEOK Partners LP
3.20%, 09/15/18 (Call 08/15/18)		1,000		1,013,710
PBF Logistics LP/PBF Logistics Finance Corp.
6.88%, 05/15/23 (Call 05/15/18)		35		35,875
Sabine Pass Liquefaction LLC
5.63%, 03/01/25 (Call 12/01/24)		200		218,446
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
5.75%, 04/15/25 (Call 04/15/20)		35		35,437
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.25%, 11/15/23 (Call 05/15/18)		150		148,500
Tesoro Logistics LP/Tesoro Logistics Finance Corp.
6.13%, 10/15/21 (Call 05/15/17)		100		104,375
TransCanada PipeLines Ltd.
3.13%, 01/15/19		60		61,198
Western Gas Partners LP
3.95%, 06/01/25 (Call 03/01/25)		200		199,408
Williams Partners LP
3.60%, 03/15/22 (Call 01/15/22)		250		255,105
4.00%, 09/15/25 (Call 06/15/25)a		100		101,875
				3,440,116
REAL ESTATE INVESTMENT TRUSTS — 2.45%
American Tower Corp.
2.80%, 06/01/20 (Call 05/01/20)		100		100,969
3.40%, 02/15/19		100		102,129
3.50%, 01/31/23		100		101,798
5.90%, 11/01/21		100		112,505

SCHEDULEOF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

Security	Principal (000s)		Value
Boston Properties LP
5.88%, 10/15/19 (Call 07/17/19)	$	100	$	107,974
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23		100		103,900
Crown Castle International Corp.
3.40%, 02/15/21 (Call 01/15/21)		100		102,209
4.88%, 04/15/22		100		108,825
Digital Realty Trust LP
3.40%, 10/01/20 (Call 09/01/20)		200		205,666
DuPont Fabros Technology LP
5.63%, 06/15/23 (Call 06/15/18)a		30		31,725
ERP Operating LP
2.85%, 11/01/26 (Call 08/01/26)a		80		76,377
ESH Hospitality Inc.
5.25%, 05/01/25 (Call 05/01/20)b		100		101,250
HCP Inc.
2.63%, 02/01/20 (Call 11/01/19)		250		251,600
Hospitality Properties Trust
4.50%, 06/15/23 (Call 12/15/22)a		200		208,888
4.95%, 02/15/27 (Call 08/15/26)		50		52,106
5.00%, 08/15/22 (Call 02/15/22)		200		213,098
Simon Property Group LP
2.50%, 09/01/20 (Call 06/01/20)		100		100,806
4.38%, 03/01/21 (Call 12/01/20)a		150		160,195
Uniti Group Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 04/15/18)b		45		46,828
Ventas Realty LP/Ventas Capital Corp.
4.00%, 04/30/19 (Call 01/30/19)		200		206,350
VEREIT Operating Partnership LP
4.88%, 06/01/26 (Call 03/01/26)a		40		42,445
Welltower Inc.
5.25%, 01/15/22 (Call 10/15/21)		150		164,967
				2,702,610
RETAIL — 2.52%
1011778 BC ULC/New Red Finance Inc.
4.63%, 01/15/22 (Call 10/01/17)b		100		103,030
Advance Auto Parts Inc.
5.75%, 05/01/20		200		217,850
AutoZone Inc.
2.50%, 04/15/21 (Call 03/15/21)		230		229,846
CVS Health Corp.
4.13%, 05/15/21 (Call 02/15/21)		200		211,818

Security	Principal (000s)		Value
Darden Restaurants Inc.
3.85%, 05/01/27 (Call 02/01/27)	$	145	$	146,581
Home Depot Inc. (The)
2.13%, 09/15/26 (Call 06/15/26)a		50		46,980
3.35%, 09/15/25 (Call 06/15/25)		35		36,283
L Brands Inc.
6.63%, 04/01/21		150		165,000
McDonald’s Corp.
2.10%, 12/07/18		500		503,125
2.63%, 01/15/22		200		201,104
3.38%, 05/26/25 (Call 02/26/25)a		300		305,307
3.63%, 05/20/21		100		104,872
Party City Holdings Inc.
6.13%, 08/15/23 (Call 08/15/18)b		45		46,350
QVC Inc.
3.13%, 04/01/19		250		252,900
Rite Aid Corp.
6.75%, 06/15/21 (Call 05/30/17)a		100		100,750
Sally Holdings LLC/Sally Capital Inc.
5.75%, 06/01/22 (Call 06/01/17)a		50		51,500
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)		50		49,625
				2,772,921
SEMICONDUCTORS — 2.00%
Analog Devices Inc.
2.50%, 12/05/21 (Call 11/05/21)		60		59,892
3.50%, 12/05/26 (Call 09/05/26)		25		25,061
Applied Materials Inc.
2.63%, 10/01/20 (Call 09/01/20)		50		50,871
3.30%, 04/01/27 (Call 01/01/27)		70		71,112
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.38%, 01/15/20b		200		200,228
3.00%, 01/15/22 (Call 12/15/21)b		350		352,600
3.63%, 01/15/24 (Call 11/15/23)b		75		76,096
Micron Technology Inc.
5.25%, 08/01/23 (Call 02/01/18)b		100		103,500
5.50%, 02/01/25 (Call 08/01/19)		150		156,750
NVIDIA Corp.
2.20%, 09/16/21 (Call 08/16/21)		1,035		1,022,549
QUALCOMM Inc.
3.00%, 05/20/22		85		86,753
				2,205,412

18 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

Security	Principal (000s)		Value
SOFTWARE — 1.56%
Activision Blizzard Inc.
2.30%, 09/15/21 (Call 08/15/21)b	$	25	$	24,618
3.40%, 09/15/26 (Call 06/15/26)b		60		58,835
Autodesk Inc.
3.13%, 06/15/20 (Call 05/15/20)		30		30,568
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 05/30/17)b		50		50,844
CA Inc.
3.60%, 08/15/22 (Call 07/15/22)		80		82,106
Electronic Arts Inc.
3.70%, 03/01/21 (Call 02/01/21)		30		31,217
Fidelity National Information Services Inc.
2.00%, 04/15/18		200		200,478
First Data Corp.
5.00%, 01/15/24 (Call 01/15/19)b		95		97,161
7.00%, 12/01/23 (Call 12/01/18)b		80		85,776
Fiserv Inc.
3.85%, 06/01/25 (Call 03/01/25)		50		51,755
Infor U.S. Inc.
6.50%, 05/15/22 (Call 05/15/18)		100		104,000
Microsoft Corp.
2.00%, 08/08/23 (Call 06/08/23)		175		170,019
2.40%, 08/08/26 (Call 05/08/26)		95		91,022
2.88%, 02/06/24 (Call 12/06/23)		75		76,184
3.30%, 02/06/27 (Call 11/06/26)		100		102,679
Open Text Corp.
5.63%, 01/15/23 (Call 01/15/18)b		250		261,875
Oracle Corp.
1.90%, 09/15/21 (Call 08/15/21)		200		197,704
				1,716,841
TELECOMMUNICATIONS — 3.89%
AT&T Inc.
1.70%, 06/01/17		350		350,127
2.80%, 02/17/21 (Call 01/17/21)		100		100,740
3.00%, 06/30/22 (Call 04/30/22)		50		49,992
3.20%, 03/01/22 (Call 02/01/22)		165		167,026
3.40%, 05/15/25 (Call 02/15/25)		400		389,292
3.90%, 03/11/24 (Call 12/11/23)		150		153,693
5.80%, 02/15/19		300		319,482
5.88%, 10/01/19		300		325,800
CenturyLink Inc.
6.45%, 06/15/21		150		162,000

Security	Principal (000s)		Value
Cincinnati Bell Inc.
7.00%, 07/15/24 (Call 09/15/19)a,b	$	40	$	42,340
Cisco Systems Inc.
1.85%, 09/20/21 (Call 08/20/21)		100		98,775
Frontier Communications Corp.
6.88%, 01/15/25 (Call 10/15/24)a		100		83,275
8.50%, 04/15/20		100		106,375
11.00%, 09/15/25 (Call 06/15/25)		50		48,188
Hughes Satellite Systems Corp.
5.25%, 08/01/26b		85		86,488
6.63%, 08/01/26b		80		82,400
Intelsat Jackson Holdings SA
7.25%, 10/15/20 (Call 05/30/17)		100		93,620
Juniper Networks Inc.
3.30%, 06/15/20 (Call 05/15/20)		30		30,754
Level 3 Financing Inc.
5.38%, 01/15/24 (Call 01/15/19)		200		207,868
Motorola Solutions Inc.
3.50%, 03/01/23		150		150,075
Plantronics Inc.
5.50%, 05/31/23 (Call 05/15/18)b		50		50,875
Sprint Communications Inc.
9.00%, 11/15/18 b		100		109,375
Sprint Corp.
7.63%, 02/15/25 (Call 11/15/24)a		100		111,625
7.88%, 09/15/23		175		196,437
T-Mobile USA Inc.
6.50%, 01/15/26 (Call 01/15/21)		45		49,894
6.63%, 04/01/23 (Call 04/01/18)		150		160,312
Verizon Communications Inc.
2.95%, 03/15/22b		38		38,193
3.50%, 11/01/21		250		258,195
4.50%, 09/15/20		100		106,973
5.15%, 09/15/23		100		110,605
Windstream Services LLC
6.38%, 08/01/23 (Call 02/01/18)		50		44,125
				4,284,919
TOYS, GAMES & HOBBIES — 0.04%
Mattel Inc.
2.35%, 08/15/21 (Call 07/15/21)		45		44,037
				44,037
TRANSPORTATION — 0.05%
Kenan Advantage Group Inc. (The)
7.88%, 07/31/23 (Call 07/31/18)b		35		36,138

SCHEDULEOF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

Security	Principal (000s)		Value
XPO Logistics Inc.
6.50%, 06/15/22 (Call 06/15/18)a,b	$	15	$	15,881
				52,019
TRUCKING & LEASING — 0.08%
Park Aerospace Holdings Ltd.
5.50%, 02/15/24b		85		89,888
				89,888
TOTAL CORPORATE BONDS & NOTES
(Cost: $89,102,300)				90,005,833
U.S. GOVERNMENT & AGENCY OBLIGATIONS — 48.87%
MORTGAGE-BACKED SECURITIES — 48.87%
Federal Home Loan Mortgage Corp.
2.50%, 05/01/32d		1,500		1,509,609
2.50%, 05/01/47d		75		72,000
3.00%, 05/01/32d		1,500		1,543,828
3.00%, 05/01/47d		4,225		4,219,059
3.50%, 05/01/32d		650		679,859
3.50%, 01/01/46		28		29,213
3.50%, 03/01/46		34		35,123
3.50%, 09/01/46		29		29,370
3.50%, 12/01/46		269		277,237
3.50%, 01/01/47		1,230		1,266,007
3.50%, 05/01/47d		3,101		3,188,700
4.00%, 05/01/32d		25		25,906
4.00%, 04/01/46		307		323,165
4.00%, 03/01/47		372		392,409
4.00%, 05/01/47d		2,036		2,143,208
4.50%, 05/01/32d		25		25,520
4.50%, 05/01/47d		500		537,578
5.00%, 05/01/47d		350		381,391
Federal National Mortgage Association
2.50%, 05/01/32d		1,970		1,981,697
2.50%, 05/01/47d		125		120,156
3.00%, 02/01/31		934		960,867
3.00%, 05/01/32d		809		832,259
3.00%, 05/01/47d		4,925		4,920,383
3.50%, 05/01/32d		804		840,306
3.50%, 11/01/45		173		177,625
3.50%, 01/01/47		111		113,909
3.50%, 02/01/47		428		440,302

Security	Principal or Shares (000s)		Value
3.50%, 04/01/47	$	133	$	137,264
3.50%, 05/01/47d		4,489		4,615,955
4.00%, 05/01/32d		525		544,031
4.00%, 01/01/46		895		944,495
4.00%, 02/01/46		81		85,346
4.00%, 03/01/46		38		40,030
4.00%, 04/01/46		193		203,329
4.00%, 10/01/46		33		35,150
4.00%, 03/01/47		124		131,020
4.00%, 05/01/47d		1,938		2,040,956
4.50%, 05/01/32d		100		102,047
4.50%, 05/01/47d		1,700		1,828,828
5.00%, 05/01/32d		25		25,535
5.00%, 05/01/47d		475		519,234
5.50%, 05/01/47d		1,775		1,966,922
Government National Mortgage Association
2.50%, 05/01/47d		150		146,391
3.00%, 05/01/47d		4,300		4,357,563
3.50%, 12/20/46		238		247,433
3.50%, 05/01/47d		4,518		4,695,081
4.00%, 09/20/46		27		28,384
4.00%, 04/20/47		208		219,886
4.00%, 05/01/47d		1,819		1,923,121
4.50%, 10/20/46		35		37,613
4.50%, 05/01/47d		1,145		1,222,283
5.00%, 05/01/47d		625		671,484
				53,836,067
TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS
(Cost: $53,698,411)				53,836,067
SHORT-TERM INVESTMENTS — 19.66%
MONEY MARKET FUNDS — 19.66%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.13%e,f,g		21,552		21,560,171
BlackRock Cash Funds: Treasury, SL Agency Shares
0.67%e,f		100		100,000
				21,660,171
TOTAL SHORT-TERM INVESTMENTS
(Cost: $21,654,546)				21,660,171

20 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

	Value
TOTAL INVESTMENTS IN SECURITIES — 150.24%
(Cost: $164,455,257)h	$	165,502,071
Other Assets, Less Liabilities — (50.24)%		(55,342,080	)
NET ASSETS — 100.00%	$	110,159,991

VRN  —  Variable Rate Note

^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  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 money market fund.

^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.

^h  The cost of investments for federal income tax purposes was $164,456,068. Net unrealized appreciation was $1,046,003, of which $1,296,435 represented gross unrealized appreciation on securities and $250,432 represented gross unrealized depreciation on securities.

Schedule 1 — Futures Contracts (Note 5)

Futures contracts outstanding as of April 30, 2017 were as follows:

Issue	Number of long (short) contracts			Expiration date		Exchange		Initial notional value			Current notional value			Unrealized appreciation (depreciation)
2-Year U.S. Treasury Note		(11	)		Jun. 2017		Chicago Board of Trade	$	(2,380,485	)	$	(2,382,703	)	$	(2,218	)
5-Year U.S. Treasury Note		15			Jun. 2017		Chicago Board of Trade		1,771,408			1,776,094			4,686
10-Year U.S. Treasury Note		(24	)		Jun. 2017		Chicago Board of Trade		(2,993,651	)		(3,017,250	)		(23,599	)
Ultra Long U.S. Treasury Bond		(19	)		Jun. 2017		Chicago Board of Trade		(3,044,983	)		(3,095,813	)		(50,830	)
Net unrealized depreciation														$	(71,961	)

Schedule 2 — Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2017. The breakdown of the Fund’s investments into major categories is disclosed in the schedule of investments above.

	Level 1			Level 2		Level 3		Total
Investments:
Assets:
Corporate bonds & notes	$	—		$	90,005,833	$	—	$	90,005,833
U.S. government & agency obligations		—			53,836,067		—		53,836,067
Money market funds		21,660,171			—		—		21,660,171
Total	$	21,660,171		$	143,841,900	$	—	$	165,502,071
Derivative financial instrumentsa:
Assets:
Futures contracts	$	4,686		$	—	$	—	$	4,686
Liabilities:
Futures contracts		(76,647	)		—		—		(76,647	)
Total	$	(71,961	)	$	—	$	—	$	(71,961	)

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

See notes to financial statements.

SCHEDULEOF INVESTMENTS 21

Statement of Assets and Liabilities (Unaudited) 

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

April 30, 2017

ASSETS
Investments, at cost:
Unaffiliated	$	142,800,711
Affiliated (Note 2)		21,654,546
Total cost of investments	$	164,455,257
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	143,841,900
Affiliated (Note 2)		21,660,171
Total fair value of investments		165,502,071
Cash pledged to broker		154,980
Receivables:
Investment securities sold		735,180
Dividends and interest		960,675
Total Assets		167,352,906
LIABILITIES
Payables:
Investment securities purchased		48,732,996
Collateral for securities on loan (Note 1)		8,427,728
Futures variation margin		9,379
Due to custodian		1,221
Investment advisory fees (Note 2)		21,591
Total Liabilities		57,192,915
NET ASSETS	$	110,159,991
Net assets consist of:
Paid-in capital	$	109,586,883
Undistributed net investment income		83,352
Accumulated net realized loss		(485,097	)
Net unrealized appreciation		974,853
NET ASSETS	$	110,159,991
Shares outstandingb		1,100,000
Net asset value per share	$	100.15

^a  Securities on loan with a value of $8,154,346. See Note 1.

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

See notes to financial statements.

22 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Operations (Unaudited) 

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

Six months ended April 30, 2017

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	58,100
Interest — unaffiliated		1,359,774
Securities lending income — affiliated — net (Note 2)		15,237
Total investment income		1,433,111
EXPENSES
Investment advisory fees (Note 2)		123,452
Total expenses		123,452
Less investment advisory fees waived (Note 2)		(5,371	)
Net expenses		118,081
Net investment income		1,315,030
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(384,865	)
Investments — affiliated (Note 2)		585
Futures contracts		288,963
Realized gain distributions from affiliated funds		7
Net realized loss		(95,310	)
Net change in unrealized appreciation/depreciation on:
Investments		358,182
Futures contracts		(200,225	)
Net change in unrealized appreciation/depreciation		157,957
Net realized and unrealized gain		62,647
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,377,677

See notes to financial statements.

FINANCIAL STATEMENTS 23

Statements of Changes in Net Assets

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

		Six months ended April 30, 2017 (Unaudited)			Year ended October 31, 2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income		$	1,315,030		$	1,939,179
Net realized loss			(95,310	)		(375,411	)
Net change in unrealized appreciation/depreciation			157,957			1,997,914
Net increase in net assets resulting from operations			1,377,677			3,561,682
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income			(1,231,678	)		(1,954,073	)
Return of capital			—			(64,951	)
Total distributions to shareholders			(1,231,678	)		(2,019,024	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold			39,596,339			10,007,595
Cost of shares redeemed			—			(14,882,946	)
Net increase (decrease) in net assets from capital share transactions			39,596,339			(4,875,351	)
INCREASE (DECREASE) IN NET ASSETS			39,742,338			(3,332,693	)
NET ASSETS
Beginning of period			70,417,653			73,750,346
End of period		$	110,159,991		$	70,417,653
Undistributed net investment income included in net assets at end of period	��	$	83,352		$	—
SHARES ISSUED AND REDEEMED
Shares sold			400,000			100,000
Shares redeemed			—			(150,000	)
Net increase (decrease) in shares outstanding			400,000			(50,000	)

See notes to financial statements.

24 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

(For a share outstanding throughout each period)

	Six months ended Apr. 30, 2017 (Unaudited)			Year ended Oct. 31, 2016			Period from Feb. 24, 2015a to Oct. 31, 2015
Net asset value, beginning of period	$	100.60		$	98.33		$	99.60
Income from investment operations:
Net investment incomeb		1.31			2.75			1.74
Net realized and unrealized gain (loss)c		(0.51	)		2.40			(1.29	)
Total from investment operations		0.80			5.15			0.45
Less distributions from:
Net investment income		(1.25	)		(2.79	)		(1.72	)
Return of capital		—			(0.09	)		—
Total distributions		(1.25	)		(2.88	)		(1.72	)
Net asset value, end of period	$	100.15		$	100.60		$	98.33
Total return		0.79	%d		5.32	%		0.46	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	110,160		$	70,418		$	73,750
Ratio of expenses to average net assetse		0.24	%		0.25	%		0.25	%
Ratio of expenses to average net assets prior to waived feese		0.25	%		0.25	%		0.26	%
Ratio of net investment income to average net assetse		2.66	%		2.78	%		2.58	%
Portfolio turnover ratef,g		331	%d		569	%		362	%d

^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.

FINANCIAL HIGHLIGHTS 25

Notes to Financial Statements (Unaudited)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

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

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
Edge U.S. Fixed Income Balanced Risk	Non-diversified

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

1. SIGNIFICANT ACCOUNTING POLICIES

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

SECURITY VALUATION

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

• Fixed income investments are valued 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”).

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

26 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the fair value of such investment or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with policies approved by the Board. The fair valuation approaches that may be utilized by the Global Valuation Committee to determine fair value include market approach, income approach and the cost approach. The valuation techniques used under these approaches take into consideration factors that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other 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 as follows:

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

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

• Level 3 — Unobservable inputs for the asset or liability based on the best information available in the circumstances, to the extent observable inputs are not available, including the Global Valuation Committee’s assumptions used in determining the fair value of investments.

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value hierarchy for the Fund’s investments is included in its schedule of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of values determined for financial instruments are based on the pricing transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

NOTESTO FINANCIAL STATEMENTS 27

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

SECURITY TRANSACTIONS AND INCOME RECOGNITION

Security transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on the accrual basis. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source.

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

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 an approved 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 but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

On October 11, 2016, BlackRock, Inc. (“BlackRock”) implemented changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Fund may be exposed to additional risks when reinvesting

28 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

the cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

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, 2017, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedule of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for the Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of April 30, 2017 and the total value of the related cash 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. 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 April 30, 2017:

Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Barclays Capital Inc.	$	739,498	$	739,498	$	—
BMO Capital Markets		256,321		256,321		—
BNP Paribas New York Branch		46,010		46,010		—
BNP Paribas Prime Brokerage Inc.		219,000		219,000		—
BNP Paribas Prime Brokerage International Ltd.		636,237		636,237		—
Citigroup Global Markets Inc.		626,665		626,665		—
Credit Suisse Securities (USA) LLC		1,319,566		1,319,566		—
Deutsche Bank Securities Inc.		505,655		505,655		—
HSBC Securities (USA) Inc.		125,610		125,610		—
Jefferies LLC		833,600		833,600		—
JPMorgan Securities LLC		1,350,410		1,350,410		—
Merrill Lynch, Pierce, Fenner & Smith		759,805		759,805		—
Mizuho Securities USA Inc.		30,738		30,738		—
Wells Fargo Securities LLC		705,231		705,231		—
	$	8,154,346	$	8,154,346	$	—

^a  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s statement of assets and liabilities.

NOTESTO FINANCIAL STATEMENTS 29

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

RECENT ACCOUNTING STANDARD

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued a new rule, Investment Company Reporting Modernization, that modernizes and enhances the reporting and disclosure of information by registered investment companies. As part of these changes, the new rule amends Regulation S-X to require standardized, enhanced disclosures related to derivatives and updates to other disclosures in investment company financial statements. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is evaluating the impact, if any, of these changes on the Funds’ financial statements.

In March 2017, the Financial Accounting Standards Board issued an update to amend the amortization period for certain purchased callable debt securities held at a premium. The amendments shorten the amortization period for premiums to the earliest call date, but do not require an accounting change for securities held at a discount. The amendments are effective for financial statements for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.

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 (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent Trustees).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. In addition, the Fund may incur 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 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other registered investment companies advised by BFA or its affiliates.

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.

30 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

For the six months ended April 30, 2017, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $4,979.

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 statement of operations.

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

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

3. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments (excluding in-kind transactions and short-term investments) for the six months ended April 30, 2017 were as follows:

U.S. Government Obligations				Other Securities
Purchases		Sales		Purchases		Sales
$	436,072,961	$	414,817,607	$	39,102,801	$	6,206,621

There were no in-kind transactions (see Note 4) for the six months ended April 30, 2017.

4. CAPITAL SHARE TRANSACTIONS

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

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

5. FUTURES CONTRACTS

Futures contracts are purchased or sold to gain or manage exposure to changes in the value of commodities (commodity risk), interest rates (interest rate risk), foreign currencies (foreign currency risk) and/or equities (market risk). 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, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of

NOTESTO FINANCIAL STATEMENTS 31

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

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, 2017 and the related locations in the statement of assets and liabilities, presented by risk exposure category:

Assets
Interest rate contracts:
Variation margin/Net assets consist of – net unrealized appreciationa	$	4,686

^a  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.

Liabilities
Interest rate contracts:
Variation margin/Net assets consist of – net unrealized appreciationb	$	76,647

^b  Represents cumulative depreciation 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 during the six months ended April 30, 2017 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		$	288,963	$	(200,225	)
	��

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	$	985,899
Average value of contracts sold		7,092,281

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.

32 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK 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 a fund may suffer through holding market positions in the face of market movements. A fund is exposed to market risk by its investment in equity, fixed income and/or financial derivative instruments or by its investment in underlying funds. The fair value of securities held by a fund may decline due to general market conditions, economic trends or events that are not specifically related to the issuers of the securities including local, regional or global political, social or economic instability or to factors that affect a particular industry or group of industries. The extent of a fund’s exposure to market risk is the market value of the investments held as shown in the fund’s schedule of investments.

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

Changes in market interest rates or economic conditions may affect the value and/or liquidity of fixed income 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. Mortgage-backed securities and securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than other types of bonds or securities with shorter durations. Given the environment of historically low interest rates, a 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 a fund to issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of a fund’s exposure to credit and counterparty risks with respect to those financial assets is approximated by their value recorded in its statement of assets and liabilities.

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, may be more volatile than higher-rated securities of similar maturity. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities and high yield securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.

7. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

NOTESTO FINANCIAL STATEMENTS 33

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® EDGE U.S. FIXED INCOME BALANCED RISK ETF

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, 2016, the Fund’s fiscal year-end, the Fund had non-expiring capital loss carryforwards in the amount of $260,711 available to offset future realized capital gain.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2017, 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.

8. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”). The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. The Defendants believe the claims are without merit and intend to vigorously defend themselves against the allegations in the lawsuit.

9. SUBSEQUENT EVENTS

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

34 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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
$	1.128063	$	—	$	0.118485	$	1.246548		90	%		—	%		10	%		100	%

SUPPLEMENTAL INFORMATION 35

Notes:

36 2017 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 37

Notes:

38 2017 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”).

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.

©2017 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1013-0417

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/ Martin Small

Martin Small, President (Principal Executive Officer)

Date:     May 4, 2018

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/ Martin Small

Martin Small, President (Principal Executive Officer)

Date:     May 4, 2018

By: /s/ Jack Gee

Jack Gee, Treasurer and Chief Financial Officer

(Principal Financial Officer)

Date:     May 4, 2018