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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22649

iShares U.S. ETF Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(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, 2018

Date of reporting period: April 30, 2018

Item 1. Reports to Stockholders.

Copies of the semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company

Act of 1940 are attached.

APRIL 30, 2018

2018 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

^Ø  iShares Short Maturity Bond ETF  |  NEAR  |  Cboe BZX

^Ø  iShares Short Maturity Municipal Bond ETF  |  MEAR  |  Cboe BZX

^Ø  iShares Ultra Short-Term Bond ETF  |  ICSH  |  Cboe BZX

Table of Contents

Fund Performance Overviews	5
About Fund Performance	8
Shareholder Expenses	8
Schedule of Investments	9
iShares Short Maturity Bond ETF	9
iShares Short Maturity Municipal Bond ETF	25
iShares Ultra Short-Term Bond ETF	29
Financial Statements	37
Financial Highlights	41
Notes to Financial Statements	44
Supplemental Information	54
General Information	55

Fund Performance Overview

iSHARES^® SHORT MATURITY BOND ETF

Performance as of April 30, 2018

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, 2018, 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		1.51%		1.14%		1.51%		5.35%
Fund Market		1.47%		1.14%		1.47%		5.35%
Bloomberg Barclays Short-term Government/Corporate Index		1.18%		0.59%		1.18%		2.76%

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 is an unmanaged index that measures the performance of government and corporate securities with less than 1 year remaining to maturity.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,006.70	$	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 4/30/18

Investment Type Percentage of
Total Investments  ¹

Corporate Bonds & Notes	54.18	%
Asset-backed Securities	29.68
Commercial Paper	6.61
Collateralized Mortgage Obligations	4.41
Certificates Of Deposit	2.90
U.S. Government Agency Obligations	1.35
Repurchase Agreements	0.87
TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY

As of 4/30/18

Moody’s Credit Rating ² Percentage of
Total Investments  ¹

Aaa	23.91	%
Aa	4.98
A	24.40
Baa	24.71
Ba	0.12
P-1	7.08
P-2	1.52
P-3	0.48
Not Rated	12.80
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, 2018

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. Under normal circumstances, the effective duration of the Fund’s portfolio is expected to be 1.2 years or less, as calculated by the management team, and is not expected to exceed 1.5 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, 2018, the total return for the Fund was 0.10%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		0.61%		0.70%		0.61%		2.23%
Fund Market		0.57%		0.71%		0.57%		2.25%
Bloomberg Barclays Municipal Bond: 1 Year (1-2) Index		0.36%		0.60%		0.36%		1.90%

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 (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,001.00	$	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 4/30/18

S&P Credit Rating ¹ Percentage of
Total Investments  ²

AA	19.27	%
A	31.52
BBB	13.06
Not Rated	36.15
TOTAL	100.00	%

TEN LARGEST STATES

As of 4/30/18

State Percentage of
Total Investments  ²

New Jersey	26.14	%
New York	11.96
Connecticut	7.49
Texas	5.53
Arizona	5.44
Georgia	4.82
Michigan	4.33
Illinois	4.15
Alabama	4.07
Pennsylvania	3.93
TOTAL	77.86	%

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 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Performance Overview

iSHARES^® ULTRA SHORT-TERM BOND ETF

Performance as of April 30, 2018

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, 2018, the total return for the Fund was 0.74%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		1.54%		0.89%		1.54%		3.95%
Fund Market		1.54%		0.88%		1.54%		3.93%
ICE BofAML 6-Month US Treasury Bill Index		1.21%		0.56%		1.21%		2.47%

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

ICE BofAML 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 (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,007.40	$	0.40	$	1,000.00	$	1,024.40	$	0.40		0.08%

^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 4/30/18

Investment Type Percentage of
Total Investments  ¹

Corporate Bonds & Notes	42.16	%
Commercial Paper	38.97
Certificates Of Deposit	16.86
Repurchase Agreements	2.01
TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY

As of 4/30/18

Moody’s Credit Rating ² Percentage of
Total Investments  ¹

Aa	13.70	%
A	24.87
Baa	3.19
P-1	35.47
P-2	21.11
Not Rated	1.66
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, 2017 and held through April 30, 2018, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

8 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Security	Principal (000s)		Value
ASSET-BACKED SECURITIES — 28.41%
Adams Mill CLO Ltd. Series 2014-1A, Class A2R (3 mo. LIBOR US + 1.100%)
3.45%, 07/15/26 (Call 07/15/18)a,b	$	6,835	$	6,858,695
ALM VII Ltd. Series 2012-7A, Class A1R (3 mo. LIBOR US + 1.480%)
3.83%, 10/15/28 (Call 10/15/18)a,b		9,000		9,105,900
ALM XII Ltd. Series 2015-12A, Class A1R (3 mo. LIBOR US + 1.050%)
3.40%, 04/16/27 (Call 07/16/18)a,b		3,735		3,741,246
American Express Credit Account Master Trust
Series 2017-1, Class A
1.93%, 09/15/22		10,500		10,337,149
Series 2017-4, Class A
1.64%, 12/15/21		21,395		21,185,188
AmeriCredit Automobile Receivables Trust
Series 2016-4, Class A3
1.53%, 07/08/21 (Call 11/08/20)		23,518		23,315,529
Series 2017-1, Class A3
1.87%, 08/18/21 (Call 09/18/20)		820		812,821
Series 2017-3, Class A3
1.90%, 03/18/22 (Call 07/18/21)		19,200		18,886,969
AMMC CLO 15 Ltd. Series 2014-15A, Class AXR (3 mo. LIBOR US + 1.250%)
3.31%, 12/09/26 (Call 12/09/18)a,b		2,063		2,067,009
Apidos CLO XVII Series 2014-17A, Class A1R (3 mo. LIBOR US + 1.310%)
3.66%, 04/17/26 (Call 07/17/18)a,b		12,310		12,336,229
Apidos CLO XX Series 2015-20A, Class A1R (3 mo. LIBOR US + 1.330%)
3.68%, 01/16/27 (Call 07/16/18)a,b		1,000		1,000,741

Security	Principal (000s)		Value
Arbor Realty Collateralized Loan Obligation Ltd. Series 2015-FL2A, Class A (1 mo. LIBOR US + 1.750%)
3.65%, 09/15/25 (Call 05/15/18)a,b	$	3,850	$	3,893,306
Arbor Realty Commercial Real Estate Notes Ltd. Series 2017-FL1, Class A (1 mo. LIBOR US + 1.300%)
3.20%, 04/15/27 (Call 11/15/19)a,b		12,170		12,235,029
Ares XXIX CLO Ltd. Series 2014-1A, Class A1R (3 mo. LIBOR US + 1.190%)
3.54%, 04/17/26 (Call 07/17/18)a,b		13,564		13,581,595
Atlas Senior Loan Fund III Ltd. Series 2013-1A, Class AR (3 mo. LIBOR US + 0.830%)
2.71%, 11/17/27 (Call 11/17/18)a,b		4,350		4,340,888
Atlas Senior Loan Fund IV Ltd. Series 2013-2A, Class A1 (3 mo. LIBOR US + 0.980%)
2.82%, 02/17/26 (Call 05/15/18)a,b		5,815		5,816,177
Atrium X Series 10A, Class AR (3 mo. LIBOR US + 0.950%)
3.30%, 07/16/25 (Call 07/16/18)a,b		11,843		11,855,421
Avery Point IV CLO Ltd. (3 mo. LIBOR US + 1.100%)
3.46%, 04/25/26 (Call 07/25/18)a,b		7,920		7,930,625
Benefit Street Partners CLO V Ltd. Series 2014-VA, Class AR (3 mo. LIBOR US + 1.200%)
3.56%, 10/20/26 (Call 07/20/18)a,b		11,259		11,289,978

SCHEDULESOF INVESTMENTS 9

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Security	Principal (000s)		Value
BlueMountain CLO Ltd.
Series 2012-2A, Class AR
(3 mo. LIBOR US + 1.420%)
3.30%, 11/20/28 (Call 11/20/18)a,b	$	11,000	$	11,026,496
Series 2013-4A, Class AR
(3 mo. LIBOR US + 1.010%)
3.36%, 04/15/25 (Call 07/15/18)a,b		5,415		5,423,565
Series 2014-1A, Class A1R
(3 mo. LIBOR US + 1.260%)
3.62%, 04/30/26 (Call 07/30/18)a,b		17,982		18,002,978
Cabela’s Credit Card Master Note Trust Series 2014-2, Class A (1 mo. LIBOR US + 0.450%)
2.35%, 07/15/22b		3,500		3,509,735
Capital One Multi-Asset Execution Trust Series 2016-A1, Class A1 (1 mo. LIBOR US + 0.450%)
2.35%, 02/15/22b		38,000		38,123,633
Carlyle Global Market Strategies CLO Ltd.
Series 2012-3A, Class A1R
(3 mo. LIBOR US + 1.450%)
3.80%, 10/14/28 (Call 10/14/18)a,b		9,000		9,027,248
Series 2013-2A, Class AR
(3 mo. LIBOR US + 0.890%)
3.25%, 01/18/29 (Call 01/18/19)a,b		6,210		6,215,830
Series 2014-5A, Class A1R
(3 mo. LIBOR US + 1.140%)
3.49%, 10/16/25 (Call 07/16/18)a,b		8,750		8,767,036
CarMax Auto Owner Trust
Series 2015-1, Class A4
1.83%, 07/15/20 (Call 03/15/19)		26,155		26,011,898
Series 2018-2, Class A2
2.73%, 08/16/21 (Call 04/15/22)		11,660		11,655,376

Security	Principal (000s)		Value
Cedar Funding II CLO Ltd. Series 2013-1A, Class A1R (3 mo. LIBOR US + 1.230%)
3.29%, 06/09/30 (Call 06/09/19)a,b	$	8,000	$	8,047,624
Chase Issuance Trust
Series 2013-A9, Class A
(1 mo. LIBOR US + 0.420%)
2.32%, 11/16/20b		11,815		11,836,675
Series 2014-A5, Class A5
(1 mo. LIBOR US + 0.370%)
2.27%, 04/15/21b		7,000		7,017,550
Series 2016-A1, Class A
(1 mo. LIBOR US + 0.410%)
2.31%, 05/17/21b		36,750		36,859,875
Chesapeake Funding II LLC
Series 2016-1A, Class A1
2.11%, 03/15/28a		14,498		14,457,936
Series 2016-1A, Class A2
(1 mo. LIBOR US + 1.150%)
3.05%, 03/15/28a,b		9,978		10,012,389
Series 2016-2A, Class A1
1.88%, 06/15/28a		11,290		11,228,568
Series 2016-2A, Class A2
(1 mo. LIBOR US + 1.000%)
2.90%, 06/15/28a,b		8,402		8,426,036
Series 2017-3A, Class A1
1.91%, 08/15/29a		17,868		17,660,907
Series 2017-4A, Class A1
2.12%, 11/15/29a		22,790		22,510,223
CIFC Funding Ltd. Series 2015-2A, Class AR (3 mo. LIBOR US + 0.780%)
3.13%, 04/15/27 (Call 07/15/18)a,b		17,000		16,981,266
Citibank Credit Card Issuance Trust
Series 2016-A1, Class A1
1.75%, 11/19/21		14,385		14,165,050
Series 2017-A9, Class A9
1.80%, 09/20/21		14,535		14,348,012
CNH Equipment Trust Series 2017-B, Class A3
1.86%, 09/15/22 (Call 03/15/21)		19,320		18,967,447

10 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Discover Card Execution Note Trust
Series 2013-A6, Class A6
(1 mo. LIBOR US + 0.450%)
2.35%, 04/15/21b	$	17,061	$	17,089,326
Series 2014-A1, Class A1
(1 mo. LIBOR US + 0.430%)
2.33%, 07/15/21b		6,760		6,776,646
Series 2016-A1, Class A1
1.64%, 07/15/21		8,915		8,865,589
Drive Auto Receivables Trust Series 2017-2, Class B
2.25%, 06/15/21 (Call 04/15/20)		3,590		3,579,434
Dryden Senior Loan Fund Series 2014-34A, Class A1R (3 mo. LIBOR US + 1.160%)
3.51%, 10/15/26a,b		3,175		3,178,796
Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR (3 mo. LIBOR US + 0.900%)
3.25%, 04/15/29a,b		16,350		16,347,994
Enterprise Fleet Financing LLC
2.13%, 07/20/22a		2,725		2,710,016
2.13%, 05/22/23a		7,610		7,526,893
Series 2015-2, Class A3
2.09%, 02/22/21a		4,140		4,126,124
Series 2016-1, Class A2
1.83%, 09/20/21a		6,637		6,619,767
Series 2017-2, Class A2
1.97%, 01/20/23a		16,550		16,417,999
Ford Credit Floorplan Master Owner Trust
Series 2014-2, Class A
(1 mo. LIBOR US + 0.500%)
2.40%, 02/15/21b		11,000		11,033,001
Series 2015-4, Class A2
(1 mo. LIBOR US + 0.600%)
2.50%, 08/15/20b		5,485		5,492,811
Series 2016-1, Class A2
(1 mo. LIBOR US + 0.900%)
2.80%, 02/15/21b		10,000		10,057,821
Series 2016-3, Class A2
(1 mo. LIBOR US + 0.620%)
2.52%, 07/15/21b		10,000		10,046,172

Security	Principal (000s)		Value
Ford Credit Floorplan Master Owner Trust A Series 2016-1, Class A1
1.76%, 02/15/21	$	24,775	$	24,597,926
GoldenTree Loan Opportunities VII Ltd.
Series 2013-7A, Class A
(3 mo. LIBOR US + 1.150%)
3.51%, 04/25/25 (Call 07/25/18)a,b		8,298		8,308,312
Honda Auto Receivables Owner Trust
Series 2015-3, Class A4
1.56%, 10/18/21 (Call 11/18/18)		10,600		10,549,804
Series 2015-4, Class A4
1.44%, 01/21/22 (Call 02/21/19)		6,025		5,968,149
Series 2016-2, Class A3
1.39%, 04/15/20 (Call 07/15/19)		8,017		7,970,254
Series 2016-2, Class A4
1.62%, 08/15/22 (Call 07/15/19)		18,000		17,767,453
John Deere Owner Trust
Series 2017-B, Class A3
1.82%, 10/15/21 (Call 01/15/21)		9,890		9,726,197
LCM Xxiv Ltd.
Series 24A, Class A
(3 mo. LIBOR US + 1.310%)
3.67%, 03/20/30 (Call 04/20/19)a,b		2,000		2,009,854
Madison Park Funding X Ltd. Series 2012-10A, Class AR
(3 mo. LIBOR US + 1.450%)
3.81%, 01/20/29 (Call 01/20/19)a,b		6,250		6,287,290
Mercedes-Benz Auto Receivables Trust
Series 2016-1, Class A3
1.26%, 02/16/21 (Call 04/15/20)		8,849		8,768,072
Mercedes-Benz Master Owner Trust
Series 2016-BA, Class A
(1 mo. LIBOR US + 0.700%)
2.60%, 05/17/21a,b		11,375		11,437,559

SCHEDULESOF INVESTMENTS 11

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Series 2017-BA, Class A
(1 mo. LIBOR US + 0.420%)
2.32%, 05/16/22a,b	$	14,540	$	14,588,532
Navient Private Education Loan Trust Series 2014-CT, Class A (1 mo. LIBOR US + 0.700%)
2.60%, 09/16/24 (Call 09/15/21)a,b		1,314		1,315,766
Navient Student Loan Trust Series 2015-2, Class A2
(1 mo. LIBOR US + 0.420%)
2.32%, 08/27/29 (Call 08/25/26)b		3,352		3,356,431
Nissan Auto Receivables Owner Trust
Series 2016-B, Class A3
1.32%, 01/15/21 (Call 07/15/20)		23,300		23,078,176
Nissan Master Owner Trust Receivables
Series 2016-A, Class A1
(1 mo. LIBOR US + 0.640%)
2.54%, 06/15/21b		18,500		18,588,828
Series 2017-B, Class A
(1 mo. LIBOR US + 0.430%)
2.33%, 04/18/22b		7,300		7,326,093
Octagon Investment Partners 24 Ltd.
Series 2015-1A, Class A1R
(3 mo. LIBOR US + 0.900%)
2.79%, 05/21/27 (Call 05/21/18)a,b		18,600		18,584,564
Octagon Investment Partners XVI Ltd.
Series 2013-1A, Class A
(3 mo. LIBOR US + 1.120%)
3.47%, 07/17/25 (Call 07/17/18)a,b		590		591,286
OHA Credit Partners IX Ltd. Series 2013-9A, Class A1R (3 mo. LIBOR US + 1.010%)
3.37%, 10/20/25 (Call 07/20/18)a,b		1,399		1,401,699

Security	Principal (000s)		Value
OHA Credit Partners VIII Ltd. Series 2013-8A, Class A (3 mo. LIBOR US + 1.120%)
3.48%, 04/20/25 (Call 07/20/18)a,b	$	2,127	$	2,133,393
OHA Loan Funding Ltd. Series 2013-2A, Class A (3 mo. LIBOR US + 1.270%)
2.73%, 08/23/24 (Call 05/23/18)a,b		1,727		1,728,097
OZLM VII Ltd.
Series 2014-7A, Class A1AR
(3 mo. LIBOR US + 1.150%)
3.50%, 07/17/26 (Call 07/17/18)a,b		6,600		6,609,994
Series 2014-7A, Class A1BR
(3 mo. LIBOR US + 1.150%)
3.50%, 07/17/26 (Call 07/17/18)a,b		6,000		6,026,042
OZLM VIII Ltd.
Series 2014-8A, Class A1AR
(3 mo. LIBOR US + 1.130%)
3.48%, 10/17/26 (Call 07/17/18)a,b		2,500		2,506,654
PFS Financing Corp. Series 2017-C, Class A (1 mo. LIBOR US + 0.470%)
2.37%, 10/15/21a,b		14,850		14,887,124
Prestige Auto Receivables Trust Series 2016-2A, Class A2
1.46%, 07/15/20 (Call 09/15/20)a		4,616		4,603,927
Santander Drive Auto Receivables Trust
Series 2017-2, Class A3
1.87%, 12/15/20 (Call 04/15/20)		4,065		4,050,696
Series 2017-3, Class A3
1.87%, 06/15/21 (Call 01/15/21)		11,130		11,060,149
SLM Private Credit Student Loan Trust Series 2005-A, Class A3 (3 mo. LIBOR US + 0.200%)
2.32%, 06/15/23 (Call 12/15/27)b		9,574		9,556,657

12 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Security	Principal (000s)		Value
SLM Private Education Loan Trust
Series 2011-C, Class A2A
(1 mo. LIBOR US + 3.250%)
5.15%, 10/17/44 (Call 06/15/21)a,b	$	891	$	917,197
Series 2012-B, Class A2
3.48%, 10/15/30 (Call 07/15/19)a		95		94,780
Series 2012-C, Class A2
3.31%, 10/15/46 (Call 05/15/18)a		2,574		2,576,849
Series 2012-E, Class A2B
(1 mo. LIBOR US + 1.750%)
3.65%, 06/15/45 (Call 09/15/18)a,b		2,084		2,089,153
Series 2013-A, Class A2B
(1 mo. LIBOR US + 1.050%)
2.95%, 05/17/27 (Call 02/15/20)a,b		134		134,309
Series 2013-C, Class A2B
(1 mo. LIBOR US + 1.400%)
3.30%, 10/15/31 (Call 06/15/21)a,b		13,268		13,362,279
SLM Student Loan Trust Series 2011-2, Class A1 (1 mo. LIBOR US + 0.600%)
2.50%, 11/25/27 (Call 08/25/31)b		528		531,155
SMB Private Education Loan Trust
Series 2015-A, Class A2A
2.49%, 06/15/27 (Call 01/15/27)a		12,498		12,310,906
Series 2016-C, Class A1
(1 mo. LIBOR US + 0.550%)
2.45%, 11/15/23a,b		3,124		3,125,826
Series 2017-A, Class A2B
(1 mo. LIBOR US + 0.900%)
2.80%, 09/15/34a,b		30,000		30,364,779
Series 2017-B, Class A1
(1 mo. LIBOR US + 0.270%)
2.17%, 06/17/24a,b		3,988		3,987,094
SoFi Professional Loan Program LLC
Series 16-C, Class A1
(1 mo. LIBOR US + 1.100%)
3.00%, 10/27/36 (Call 12/25/24)a,b		4,294		4,351,817

Security	Principal (000s)		Value
Series 16-C, Class A2A
1.48%, 05/26/31 (Call 12/25/24)a	$	1,589	$	1,582,206
Series 2014-A, Class A1
(1 mo. LIBOR US + 1.600%)
3.50%, 06/25/25 (Call 05/25/18)a,b		324		327,983
Series 2014-B, Class A1
(1 mo. LIBOR US + 1.250%)
3.15%, 08/25/32 (Call 01/25/21)a,b		261		263,717
Series 2014-B, Class A2
2.55%, 08/27/29 (Call 01/25/21)a		1,407		1,390,475
Series 2015-A, Class A1
(1 mo. LIBOR US + 1.200%)
3.10%, 03/25/33 (Call 05/25/18)a,b		757		764,979
Series 2015-B, Class A1
(1 mo. LIBOR US + 1.050%)
2.95%, 04/25/35 (Call 01/25/23)a,b		3,942		3,999,491
TCI-Flatiron CLO Ltd. Series 2016-1A, Class A (3 mo. LIBOR US + 1.550%)
3.90%, 07/17/28a,b		6,850		6,898,139
TICP CLO I Ltd. Series 2015-1A, Class AR (3 mo. LIBOR US + 0.800%)
3.16%, 07/20/27 (Call 01/20/19)a,b		4,015		4,019,846
Wheels SPV 2 LLC
Series 2015-1A, Class B
1.88%, 04/20/26 (Call 02/20/21)a		1,770		1,752,441
Series 2016-1A, Class A2
1.59%, 05/20/25 (Call 12/20/19)a		753		748,594
TOTAL ASSET-BACKED SECURITIES
(Cost: $1,023,852,086)				1,021,721,230
CERTIFICATES OF DEPOSIT — 3.61%
Bank of Montreal
2.10%, 06/01/18		15,000		15,002,988
BNP Paribas SA/New York NY (3 mo. LIBOR US + 0.250%)
2.54%, 12/28/18b		9,000		9,006,983
Commonwealth Bank of Australia/New York NY (3 mo. LIBOR US + 0.200%)
2.32%, 03/18/19b		15,000		15,028,020

SCHEDULESOF INVESTMENTS 13

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Credit Suisse AG/New York NY
(3 mo. LIBOR US + 0.330%)
2.36%, 03/14/19b	$	15,000	$	15,004,425
(3 mo. LIBOR US + 0.270%)
2.63%, 05/01/19b		16,000		15,998,410
Natixis NY
2.15%, 07/31/18		15,000		14,994,033
Royal Bank of Canada/New York NY (3 mo. LIBOR US + 0.160%)
1.95%, 02/07/19b		15,000		15,002,940
Societe Generale SA (1 mo. LIBOR US + 0.200%)
2.10%, 05/31/18b		15,000		15,003,255
Standard Chartered Bank/New York (1 mo. LIBOR US + 0.220%)
2.12%, 08/16/18b		15,000		14,998,485
TOTAL CERTIFICATES OF DEPOSIT
(Cost: $129,999,995)				130,039,539
COLLATERALIZED MORTGAGE OBLIGATIONS — 4.22%
MORTGAGE-BACKED SECURITIES — 4.22%
Americold LLC Series 2010-ARTA, Class A1
3.85%, 01/14/29a		4,014		4,056,563
Aventura Mall Trust Series 2013-AVM, Class A
3.87%, 12/05/32a,b		4,650		4,719,494
BAMLL Commercial Mortgage Securities Trust
Series 2013-DSNY, Class A
(1 mo. LIBOR US + 1.050%)
2.95%, 09/15/26a,b		525		525,154
Series 2014-FL1, Class A
(1 mo. LIBOR US + 1.400%)
3.18%, 12/15/31a,b		2,560		2,564,518
Bancorp Commercial Mortgage Trust Series 2016-CRE1, Class A (1 mo. LIBOR US + 1.430%)
3.33%, 11/15/33a,b		4,928		4,933,313

Security	Principal (000s)		Value
Bear Stearns Commercial Mortgage Securities Trust Series 2005-PW10, Class AJ
5.78%, 12/11/40b	$	5,762	$	6,107,516
Brunel Residential Mortgage Securitisation No. 1 PLC Series 2007-1A, Class A4C (3 mo. LIBOR US + 0.200%)
2.54%, 01/13/39 (Call 07/13/18)a,b		76		76,053
BSPRT Issuer Ltd. Series 2017-FL2, Class A (1 mo. LIBOR US + 0.820%)
2.72%, 10/15/34a,b,c		2,330		2,330,699
COMM Mortgage Trust
Series 2014-FL5, Class A
(1 mo. LIBOR US + 1.370%)
3.27%, 10/15/31a,b		21		21,171
Series 2014-PAT, Class A
(1 mo. LIBOR US + 0.800%)
2.70%, 08/13/27a,b		13,570		13,572,134
Series 2014-TWC, Class A
(1 mo. LIBOR US + 0.850%)
2.75%, 02/13/32a,b		11,305		11,315,620
Commission Mortgage Trust Series 2013-CR6, Class A3FL (1 mo. LIBOR US + 0.630%)
2.52%, 03/10/46a,b		10,000		10,016,661
Four Times Square Trust Commercial Mortgage Pass-Through Certificates Series 2006-4TS, Class A
5.40%, 12/13/28a		11,253		11,823,022
GPMT Ltd. Series 2018-FL1, Class A (1 mo. LIBOR US + 0.900%)
2.80%, 12/19/35a,b		11,022		11,022,000
GS Mortgage Securities Corp. II Series 2013-KING, Class A
2.71%, 12/10/27a		1,857		1,847,057
Hospitality Mortgage Trust Series 2017-HIT, Class A (1 mo. LIBOR US + 0.850%)
2.75%, 05/08/30a,b		4,990		4,997,795

14 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Security	Principal (000s)		Value
InTown Hotel Portfolio Trust Series 2018-STAY, Class A (1 mo. LIBOR US + 0.700%)
2.60%, 01/15/33a,b	$	4,480	$	4,485,572
LMREC Inc. Series 2016-CRE2, Class A (1 mo. LIBOR US + 1.700%)
3.60%, 11/24/31a,b		3,410		3,392,950
Madison Avenue Trust Series 2013-650M, Class A
3.84%, 10/12/32a		2,060		2,091,539
Morgan Stanley Capital I Trust Series 2017-CLS, Class A (1 mo. LIBOR US + 0.700%)
2.60%, 11/15/34a,b		9,512		9,523,949
Natixis Commercial Mortgage Securities Trust Series 2018-RIVA, Class A (1 mo. LIBOR US + 0.750%)
2.65%, 02/15/33a,b		7,500		7,499,991
RAIT Trust Series 2016-FL6, Class A (1 mo. LIBOR US + 1.450%)
3.35%, 11/13/31a,b		435		435,613
Resource Capital Corp. Series 2017-CRE5, Class A (1 mo. LIBOR US + 0.800%)
2.70%, 07/15/34a,b		4,315		4,314,847
VNDO Mortgage Trust Series 2013-PENN, Class A
3.81%, 12/13/29a		5,200		5,257,514
WFRBS Commercial Mortgage Trust Series 2012-C8, Class AFL (1 mo. LIBOR US + 1.000%)
2.90%, 08/15/45a,b		24,520		24,929,781
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost: $152,764,670)				151,860,526
COMMERCIAL PAPER — 5.08%
American Electric Power Co. Inc.
2.64%, 06/04/18d		15,000		14,965,656
Bank of Nova Scotia (The)
2.12%, 05/31/18d		15,000		14,976,169

Security	Principal (000s)		Value
CenterPoint Energy Inc.
2.64%, 06/05/18d	$	7,500	$	7,482,300
Danske Corp.
2.09%, 06/01/18d		15,000		14,974,267
DBS Bank Ltd.
2.01%, 05/23/18d		15,000		14,981,619
Enbridge Energy Partners LP
2.85%, 05/10/18d		8,000		7,995,069
Enbridge Inc.
2.97%, 06/25/18d		8,500		8,467,473
Eni Finance USA Inc.
2.57%, 06/12/18d		15,000		14,960,494
HSBC Bank PLC (3 mo. LIBOR US + 0.240%)
2.53%, 03/27/19a,b		9,000		9,001,559
Hyundai Capital America
2.72%, 06/19/18d		15,000		14,949,375
Macquarie Bank Ltd.
2.03%, 05/15/18d		15,000		14,988,312
Nationwide Building Society
1.84%, 05/31/18d		15,000		14,973,973
Toronto-Dominion Bank (The)
(1 mo. LIBOR US + 0.270%)
2.17%, 02/08/19b		15,000		14,994,705
UBS AG/London
2.48%, 09/04/18d		15,000		14,871,615
TOTAL COMMERCIAL PAPER
(Cost: $182,565,052)				182,582,586
CORPORATE BONDS & NOTES — 52.28%
AEROSPACE & DEFENSE — 0.21%
Lockheed Martin Corp.
4.25%, 11/15/19		7,500		7,657,740
				7,657,740
AGRICULTURE — 0.95%
BAT Capital Corp. (3 mo. LIBOR US + 0.590%)
2.42%, 08/14/20a,b		14,000		14,066,038
BAT International Finance PLC (3 mo. LIBOR US + 0.510%)
2.63%, 06/15/18a,b		2,000		2,000,299
Philip Morris International Inc.
1.88%, 01/15/19e		8,000		7,960,654

SCHEDULESOF INVESTMENTS 15

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Reynolds American Inc.
2.30%, 06/12/18e	$	10,000	$	9,997,949
				34,024,940
AUTO MANUFACTURERS — 5.14%
American Honda Finance Corp.
1.50%, 11/19/18		10,000		9,950,739
BMW U.S. Capital LLC (3 mo. LIBOR US + 0.380%)
2.70%, 04/06/20a,b		4,415		4,427,150
Daimler Finance North America LLC
(3 mo. LIBOR US + 0.430%)
2.24%, 02/12/21a,b,e		5,000		5,010,836
(3 mo. LIBOR US + 0.530%)
2.32%, 05/05/20a,b		15,500		15,581,292
(3 mo. LIBOR US + 0.740%)
3.06%, 07/05/19a,b		3,500		3,523,768
Ford Motor Credit Co. LLC
2.02%, 05/03/19e		5,000		4,947,745
2.26%, 03/28/19		10,000		9,933,905
2.68%, 01/09/20e		10,000		9,916,855
2.94%, 01/08/19		3,500		3,501,917
(3 mo. LIBOR US + 0.430%)
2.21%, 11/02/20b		7,000		6,981,100
(3 mo. LIBOR US + 0.900%)
3.02%, 06/15/18b		8,495		8,503,269
General Motors Co.
3.50%, 10/02/18e		10,000		10,036,509
General Motors Financial Co. Inc.
3.20%, 07/13/20 (Call 06/13/20)		10,000		9,970,272
3.25%, 05/15/18		10,000		10,003,215
3.50%, 07/10/19		15,000		15,095,602
(3 mo. LIBOR US + 1.450%)
3.25%, 05/09/19b		8,000		8,084,569
Hyundai Capital America
(3 mo. LIBOR US + 0.800%)
3.11%, 04/03/20a,b		6,890		6,893,745
(3 mo. LIBOR US + 1.000%)
3.18%, 09/18/20a,b		3,000		3,012,525
Nissan Motor Acceptance Corp. (3 mo. LIBOR US + 0.580%)
2.92%, 01/13/20a,b		15,000		15,068,045

Security	Principal (000s)		Value
Toyota Motor Credit Corp.
(3 mo. LIBOR US + 0.260%)
2.59%, 01/09/19b	$	5,000	$	5,008,256
(3 mo. LIBOR US + 0.390%)
2.74%, 01/17/19b		3,840		3,846,617
Volkswagen Group of America Finance LLC
1.65%, 05/22/18a		8,000		7,996,880
2.13%, 05/23/19a		7,500		7,446,559
				184,741,370
BANKS — 21.49%
ABN AMRO Bank NV
2.10%, 01/18/19a		7,000		6,965,728
(3 mo. LIBOR US + 0.640%)
3.00%, 01/18/19a,b		4,700		4,716,295
Australia & New Zealand Banking Group Ltd. (3 mo. LIBOR US + 0.500%)
2.38%, 08/19/20a,b		19,745		19,851,509
Bank of America Corp.
2.60%, 01/15/19e		7,000		6,998,723
2.65%, 04/01/19		9,000		9,002,062
(3 mo. LIBOR US + 0.650%)
2.96%, 10/01/21 (Call 10/01/20)b		7,500		7,539,724
(3 mo. LIBOR US + 0.660%)
3.02%, 07/21/21 (Call 07/21/20)b		25,500		25,640,541
(3 mo. LIBOR US + 1.000%)
3.36%, 04/24/23 (Call 04/24/22)b,e		7,500		7,604,685
Series L
2.25%, 04/21/20e		2,000		1,969,225
Bank of Montreal
(3 mo. LIBOR US + 0.250%)
2.32%, 09/11/19b		3,350		3,353,354
(3 mo. LIBOR US + 0.600%)
2.67%, 12/12/19b		10,185		10,247,747
(3 mo. LIBOR US + 0.650%)
3.01%, 07/18/19b		3,500		3,520,235
(3 mo. LIBOR US + 0.790%)
2.75%, 08/27/21b		7,000		7,074,125
Bank of Nova Scotia (The) (3 mo. LIBOR US + 0.620%)
2.80%, 09/19/22b		10,000		10,023,070

16 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (3 mo. LIBOR US + 0.450%)
2.51%, 09/09/19b	$	6,000	$	6,011,951
Banque Federative du Credit Mutuel SA (3 mo. LIBOR US + 0.490%)
2.85%, 07/20/20a,b		3,215		3,227,707
Barclays PLC
2.75%, 11/08/19e		15,000		14,896,755
BB&T Corp. (3 mo. LIBOR US + 0.570%)
2.69%, 06/15/20b		9,403		9,453,177
BNP Paribas SA
2.45%, 03/17/19		28,000		27,980,046
BNP Paribas/BNP Paribas U.S. Medium-Term Note Program LLC
2.70%, 08/20/18e		4,500		4,502,862
Branch Banking & Trust Co.
2.30%, 10/15/18 (Call 09/15/18)		1,473		1,471,714
Canadian Imperial Bank of Commerce/New York NY (3 mo. LIBOR US + 0.410%)
2.61%, 09/20/19b		15,000		15,016,178
Capital One Financial Corp.
(3 mo. LIBOR US + 0.450%)
2.81%, 10/30/20 (Call 09/30/20)b		5,000		4,986,628
(3 mo. LIBOR US + 0.760%)
2.57%, 05/12/20 (Call 04/12/20)b		15,505		15,582,029
Citibank N.A.
(3 mo. LIBOR US + 0.340%)
2.54%, 03/20/19b		10,650		10,669,198
(3 mo. LIBOR US + 0.500%)
2.57%, 06/12/20b		7,060		7,091,604
Citigroup Inc.
2.45%, 01/10/20 (Call 12/10/19)		10,000		9,911,700
(3 mo. LIBOR US + 0.770%)
3.10%, 04/08/19b		8,232		8,269,590
(3 mo. LIBOR US + 0.790%)
3.13%, 01/10/20 (Call 12/10/19)b		8,286		8,344,876
(3 mo. LIBOR US + 0.930%)
2.96%, 06/07/19b		9,000		9,063,113

Security	Principal (000s)		Value
Citizens Bank N.A./Providence RI (3 mo. LIBOR US + 0.570%)
2.51%, 05/26/20b	$	8,710	$	8,757,492
Commonwealth Bank of Australia/New York NY
2.30%, 03/12/20		15,000		14,800,891
Credit Suisse Group Funding Guernsey Ltd.
2.75%, 03/26/20		19,000		18,850,436
Danske Bank A/S (3 mo. LIBOR US + 0.510%)
2.53%, 03/02/20a,b		2,500		2,511,573
Deutsche Bank AG (3 mo. LIBOR US + 1.450%)
3.81%, 01/18/19b		5,000		5,033,951
Deutsche Bank AG/London
2.50%, 02/13/19e		7,000		6,971,152
Deutsche Bank AG/New York NY (3 mo. LIBOR US + 0.815%)
3.18%, 01/22/21b		5,000		4,974,659
Discover Bank
2.60%, 11/13/18 (Call 10/12/18)e		2,300		2,299,259
Fifth Third Bank/Cincinnati OH (3 mo. LIBOR US + 0.250%)
2.61%, 10/30/20 (Call 09/30/20)b		10,000		9,975,926
Goldman Sachs Group Inc. (The)
2.55%, 10/23/19e		10,000		9,951,677
2.90%, 07/19/18e		2,500		2,502,984
(3 mo. LIBOR US + 0.780%)
3.14%, 10/31/22 (Call 10/31/21)b		4,000		4,015,019
(3 mo. LIBOR US + 1.020%)
3.38%, 10/23/19b		6,000		6,067,054
(3 mo. LIBOR US + 1.040%)
3.40%, 04/25/19b,e		14,000		14,096,150
(3 mo. LIBOR US + 1.200%)
3.32%, 09/15/20 (Call 08/15/20)b,e		1,750		1,782,372
(3 mo. LIBOR US + 1.360%)
3.72%, 04/23/21 (Call 03/23/21)b		7,000		7,167,090
Horsepower Finance Ltd.
2.15%, 12/02/19f		10,000		9,797,700

SCHEDULESOF INVESTMENTS 17

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Security	Principal (000s)		Value
HSBC USA Inc.
2.35%, 03/05/20e	$	15,000	$	14,817,230
(3 mo. LIBOR US + 0.770%)
2.56%, 08/07/18b		3,250		3,254,982
Huntington National Bank (The)
2.00%, 06/30/18		10,000		9,994,072
2.20%, 11/06/18 (Call 10/06/18)		5,000		4,990,850
(3 mo. LIBOR US + 0.510%)
2.58%, 03/10/20b		10,000		10,030,447
ING Bank NV (3 mo. LIBOR US + 0.610%)
2.45%, 08/15/19a,b		3,000		3,017,093
Intesa Sanpaolo SpA/New York NY (3 mo. LIBOR US + 0.630%)
2.98%, 07/17/19b		6,990		6,994,115
JPMorgan Chase & Co.
2.35%, 01/28/19e		4,000		3,994,106
(3 mo. LIBOR US + 0.550%)
2.61%, 03/09/21 (Call 03/09/20)b		10,000		10,042,501
(3 mo. LIBOR US + 0.680%)
2.69%, 06/01/21 (Call 06/01/20)b		19,985		20,103,875
(3 mo. LIBOR US + 0.955%)
3.32%, 01/23/20b		5,000		5,064,595
(3 mo. LIBOR US + 1.000%)
3.35%, 01/15/23 (Call 01/15/22)b,e		5,000		5,066,816
Lloyds Bank PLC (3 mo. LIBOR US + 1.000%)
3.36%, 01/22/19b		1,020		1,026,041
Mizuho Financial Group Inc.
(3 mo. LIBOR US + 0.790%)
2.81%, 03/05/23b,e		3,000		3,011,239
(3 mo. LIBOR US + 1.140%)
3.23%, 09/13/21b		10,000		10,156,600
Morgan Stanley
(3 mo. LIBOR US + 1.140%)
3.51%, 01/27/20b,e		3,000		3,041,413
(3 mo. LIBOR US + 1.180%)
3.54%, 01/20/22 (Call 01/20/21)b,e		15,000		15,226,263
(3 mo. LIBOR US + 1.375%)
3.15%, 02/01/19b		15,000		15,128,186

Security	Principal (000s)		Value
Series 3NC2
(3 mo. LIBOR US + 0.800%)
2.63%, 02/14/20 (Call 02/14/19)b,e	$	34,740	$	34,862,980
MUFG Bank Ltd.
2.35%, 09/08/19a		10,000		9,911,536
National Australia Bank Ltd. (3 mo. LIBOR US + 0.510%)
2.41%, 05/22/20a,b		10,000		10,045,085
National Australia Bank Ltd./New York
2.30%, 07/25/18		5,000		5,000,061
Nordea Bank AB (3 mo. LIBOR US + 0.470%)
2.45%, 05/29/20a,b		15,000		15,070,760
Royal Bank of Canada
(3 mo. LIBOR US + 0.240%)
2.22%, 08/29/19b,e		15,195		15,224,028
(3 mo. LIBOR US + 0.380%)
2.40%, 03/02/20b		5,000		5,013,611
(3 mo. LIBOR US + 0.480%)
2.84%, 07/29/19b		5,000		5,020,458
(3 mo. LIBOR US + 0.700%)
2.77%, 12/10/18b		2,300		2,308,088
Santander Holdings USA Inc.
2.70%, 05/24/19 (Call 04/24/19)		6,803		6,774,031
Sumitomo Mitsui Banking Corp.
1.97%, 01/11/19		6,880		6,851,572
2.45%, 01/10/19		21,000		20,978,297
(3 mo. LIBOR US + 0.940%)
3.30%, 01/18/19b,e		5,500		5,527,144
Sumitomo Mitsui Trust Bank Ltd. (3 mo. LIBOR US + 0.910%)
3.27%, 10/18/19a,b		4,400		4,433,660
SunTrust Bank/Atlanta GA (3 mo. LIBOR US + 0.530%)
2.89%, 01/31/20 (Call 12/31/19)b		10,000		10,055,433
Toronto-Dominion Bank (The)
1.45%, 09/06/18e		7,000		6,977,445
UBS AG/London
(3 mo. LIBOR US + 0.480%)
2.49%, 12/01/20 (Call 11/01/20)a,b,e		5,000		5,006,720

18 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Security	Principal (000s)		Value
(3 mo. LIBOR US + 0.580%)
2.63%, 06/08/20 (Call 05/08/20)a,b	$	5,300	$	5,320,469
UBS AG/Stamford CT
2.38%, 08/14/19e		15,000		14,917,134
(3 mo. LIBOR US + 0.640%)
2.47%, 08/14/19b,e		7,000		7,030,250
Wells Fargo & Co.
(3 mo. LIBOR US + 0.460%)
2.82%, 04/22/19b		5,599		5,609,806
(3 mo. LIBOR US + 0.880%)
3.24%, 07/22/20b		5,000		5,059,022
(3 mo. LIBOR US + 1.340%)
3.36%, 03/04/21b,e		10,000		10,249,300
				772,748,850
BEVERAGES — 0.23%
Anheuser-Busch InBev Worldwide Inc.
2.20%, 08/01/18		8,149		8,146,720
				8,146,720
BIOTECHNOLOGY — 0.89%
Amgen Inc.
2.20%, 05/22/19 (Call 04/22/19)e		5,000		4,976,054
5.70%, 02/01/19e		4,000		4,086,371
6.15%, 06/01/18		4,000		4,011,607
(3 mo. LIBOR US + 0.320%)
2.13%, 05/10/19b		10,900		10,921,462
(3 mo. LIBOR US + 0.450%)
2.26%, 05/11/20b		8,100		8,142,889
				32,138,383
CHEMICALS — 0.17%
EI du Pont de Nemours & Co. (3 mo. LIBOR US + 0.530%)
2.30%, 05/01/20b		6,015		6,031,096
				6,031,096
COMPUTERS — 0.89%
Hewlett Packard Enterprise Co.
3.60%, 10/15/20 (Call 09/15/20)e,g		10,000		10,071,641
(3 mo. LIBOR US + 1.930%)
4.25%, 10/05/18b		21,765		21,923,747
				31,995,388

Security	Principal (000s)		Value
DIVERSIFIED FINANCIAL SERVICES — 2.17%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.75%, 05/15/19	$	7,771	$	7,828,048
AIG Global Funding (3 mo. LIBOR US + 0.480%)
2.79%, 07/02/20a,b		3,695		3,699,289
Air Lease Corp.
2.63%, 09/04/18e		9,021		9,022,130
American Express Co. (3 mo. LIBOR US + 0.650%)
2.61%, 02/27/23 (Call 01/27/23)b		4,000		4,001,817
American Express Credit Corp.
2.13%, 03/18/19e		10,150		10,112,852
(3 mo. LIBOR US + 0.430%)
2.45%, 03/03/20 (Call 02/03/20)b,e		10,000		10,036,664
Capital One Bank USA N.A.
2.25%, 02/13/19 (Call 01/13/19)e		17,000		16,939,453
International Lease Finance Corp.
7.13%, 09/01/18a		16,350		16,569,272
				78,209,525
ELECTRIC — 1.67%
Dominion Energy Inc.
1.88%, 12/15/18a		10,000		9,945,836
1.88%, 01/15/19		4,845		4,814,367
Duke Energy Corp.
6.25%, 06/15/18		1,000		1,004,530
Duke Energy Florida LLC
1.85%, 01/15/20		8,000		7,852,452
Duke Energy Progress LLC (3 mo. LIBOR US + 0.180%)
2.23%, 09/08/20b		9,835		9,841,669
NextEra Energy Capital Holdings Inc.
2.30%, 04/01/19		5,000		4,980,049
Sempra Energy (3 mo. LIBOR US + 0.500%)
2.85%, 01/15/21 (Call 01/14/19)b,e		5,065		5,073,569
Southern Co. (The)
1.55%, 07/01/18		12,425		12,406,960
Southern Power Co.
1.50%, 06/01/18		4,000		3,996,559
				59,915,991

SCHEDULESOF INVESTMENTS 19

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Security	Principal (000s)		Value
ELECTRICAL COMPONENTS & EQUIPMENT — 0.03%
Emerson Electric Co.
5.25%, 10/15/18e	$	1,000	$	1,011,960
				1,011,960
ELECTRONICS — 0.12%
Amphenol Corp.
2.55%, 01/30/19 (Call 12/30/18)		4,500		4,494,804
				4,494,804
ENVIRONMENTAL CONTROL — 0.42%
Republic Services Inc.
3.80%, 05/15/18		15,000		15,007,500
				15,007,500
FOOD — 1.80%
Conagra Brands Inc. (3 mo. LIBOR US + 0.500%)
2.83%, 10/09/20b		7,000		7,008,395
General Mills Inc. (3 mo. LIBOR US + 0.540%)
2.89%, 04/16/21b		17,500		17,570,175
Kraft Heinz Foods Co.
2.00%, 07/02/18		10,000		9,990,945
(3 mo. LIBOR US + 0.420%)
2.22%, 08/09/19b,e		12,000		12,016,694
Tyson Foods Inc.
(3 mo. LIBOR US + 0.450%)
2.43%, 05/30/19b		7,000		7,012,222
(3 mo. LIBOR US + 0.550%)
2.57%, 06/02/20b		5,475		5,486,046
Wm Wrigley Jr Co.
2.40%, 10/21/18 (Call 09/21/18)a		4,046		4,037,974
2.90%, 10/21/19 (Call 09/21/19)a		1,500		1,501,420
				64,623,871
GAS — 0.13%
Korea Gas Corp.
2.88%, 07/29/18a		4,800		4,796,254
				4,796,254
HEALTH CARE – PRODUCTS — 0.66%
Abbott Laboratories
2.00%, 09/15/18e		18,478		18,431,996
Medtronic Inc. (3 mo. LIBOR US + 0.800%)
2.92%, 03/15/20b,e		5,312		5,371,430
				23,803,426

Security	Principal (000s)		Value
HEALTH CARE – SERVICES — 0.34%
Aetna Inc.
1.70%, 06/07/18	$	5,000	$	4,996,476
2.20%, 03/15/19 (Call 02/15/19)		3,000		2,984,933
UnitedHealth Group Inc.
1.90%, 07/16/18e		4,125		4,120,875
				12,102,284
HOUSEWARES — 0.33%
Newell Brands Inc.
2.15%, 10/15/18		4,940		4,925,100
2.60%, 03/29/19		7,000		6,971,631
				11,896,731
INSURANCE — 1.84%
Allstate Corp. (The) (3 mo. LIBOR US + 0.430%)
2.73%, 03/29/21b		5,710		5,729,295
American International Group Inc.
2.30%, 07/16/19 (Call 06/16/19)e		5,000		4,957,886
Metropolitan Life Global Funding I
2.30%, 04/10/19a		19,915		19,867,395
(3 mo. LIBOR US + 0.220%)
2.40%, 09/19/19a,b		10,000		10,014,928
New York Life Global Funding
1.55%, 11/02/18a		4,750		4,727,719
Pricoa Global Funding I
2.20%, 05/16/19a		10,905		10,856,979
Principal Life Global Funding II
1.50%, 04/18/19a		10,000		9,880,352
				66,034,554
LODGING — 0.27%
Marriott International Inc./MD
6.75%, 05/15/18		9,814		9,829,167
				9,829,167
MACHINERY — 0.33%
John Deere Capital Corp.
(3 mo. LIBOR US + 0.290%)
2.54%, 06/22/20b		6,000		6,017,097
(3 mo. LIBOR US + 0.300%)
2.39%, 03/13/20b		6,000		6,021,498
				12,038,595

20 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Security	Principal (000s)		Value
MANUFACTURING — 0.33%
General Electric Co. (3 mo. LIBOR US + 0.510%)
2.86%, 01/14/19b	$	10,000	$	10,013,870
Siemens Financieringsmaatschappij NV (3 mo. LIBOR US + 0.340%)
2.49%, 03/16/20a,b		2,000		2,009,322
				12,023,192
MEDIA — 0.66%
Discovery Communications LLC (3 mo. LIBOR US + 0.710%)
2.91%, 09/20/19b		20,000		20,104,450
Sky PLC
2.63%, 09/16/19a		1,425		1,417,045
Time Warner Cable LLC
6.75%, 07/01/18e		2,153		2,165,882
				23,687,377
OIL & GAS — 2.02%
BP Capital Markets PLC
2.24%, 09/26/18		10,000		9,998,741
2.24%, 05/10/19e		5,175		5,143,434
Chevron Corp. (3 mo. LIBOR US + 0.210%)
2.23%, 03/03/20b		6,500		6,517,239
CNOOC Finance 2013 Ltd.
1.75%, 05/09/18		15,000		14,996,430
Ecopetrol SA
7.63%, 07/23/19		8,000		8,436,000
Petroleos Mexicanos
3.50%, 07/18/18		10,000		9,998,000
Phillips 66 (3 mo. LIBOR US + 0.750%)
3.10%, 04/15/20 (Call 05/31/18)a,b,e		5,625		5,626,013
Sinopec Group Overseas Development 2014 Ltd.
2.75%, 04/10/19f		12,000		11,956,667
				72,672,524
PHARMACEUTICALS — 3.18%
AbbVie Inc.
1.80%, 05/14/18		17,000		16,997,280
2.50%, 05/14/20 (Call 04/14/20)		10,000		9,881,268

Security	Principal (000s)		Value
Allergan Funding SCS
3.00%, 03/12/20 (Call 02/12/20)	$	13,000	$	12,912,042
(3 mo. LIBOR US + 1.255%)
3.33%, 03/12/20b		20,505		20,735,363
AstraZeneca PLC
1.75%, 11/16/18		20,000		19,928,229
CVS Health Corp.
1.90%, 07/20/18e		3,000		2,996,430
2.25%, 12/05/18 (Call 11/05/18)e		18,500		18,457,515
3.13%, 03/09/20e		12,430		12,431,022
				114,339,149
PIPELINES — 0.34%
Andeavor Logistics LP/Tesoro Logistics Finance Corp.
6.25%, 10/15/22 (Call 10/15/18)		2,000		2,087,500
Spectra Energy Partners LP (3 mo. LIBOR US + 0.700%)
2.72%, 06/05/20b,e		10,000		10,077,896
				12,165,396
REAL ESTATE INVESTMENT TRUSTS — 0.56%
American Tower Corp.
3.40%, 02/15/19e		10,000		10,041,484
Simon Property Group LP
2.20%, 02/01/19 (Call 11/01/18)		10,000		9,968,248
				20,009,732
RETAIL — 0.63%
Alimentation Couche-Tard Inc. (3 mo. LIBOR US + 0.500%)
2.59%, 12/13/19 (Call 12/13/18)a,b		8,600		8,610,059
McDonald’s Corp.
2.10%, 12/07/18		14,000		13,993,798
				22,603,857
SEMICONDUCTORS — 1.28%
Intel Corp. (3 mo. LIBOR US + 0.080%)
1.89%, 05/11/20b,e		13,700		13,716,015
Maxim Integrated Products Inc.
2.50%, 11/15/18		4,121		4,114,896
QUALCOMM Inc.
(3 mo. LIBOR US + 0.450%)
2.33%, 05/20/20b		8,395		8,429,162
(3 mo. LIBOR US + 0.730%)
3.09%, 01/30/23b		5,000		4,996,700

SCHEDULESOF INVESTMENTS 21

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Xilinx Inc.
2.13%, 03/15/19	$	15,000	$	14,943,025
				46,199,798
SOFTWARE — 0.19%
Fidelity National Information Services Inc.
2.85%, 10/15/18		7,000		7,007,702
				7,007,702
TELECOMMUNICATIONS — 1.79%
AT&T Inc.
5.80%, 02/15/19		12,351		12,634,974
5.88%, 10/01/19		2,000		2,081,627
(3 mo. LIBOR US + 0.650%)
3.00%, 01/15/20b		12,000		12,074,040
Deutsche Telekom International Finance BV
(3 mo. LIBOR US + 0.450%)
2.63%, 09/19/19a,b		10,000		10,040,963
(3 mo. LIBOR US + 0.580%)
2.93%, 01/17/20a,b		12,000		12,042,579
Verizon Communications Inc. (3 mo. LIBOR US + 0.550%)
2.45%, 05/22/20b,e		15,440		15,528,022
				64,402,205
TRANSPORTATION — 0.37%
FedEx Corp.
8.00%, 01/15/19		1,275		1,321,269
Ryder System Inc.
2.45%, 11/15/18 (Call 10/15/18)e		4,473		4,470,635
United Parcel Service Inc. (3 mo. LIBOR US + 0.150%)
2.46%, 04/01/21b		7,500		7,515,294
				13,307,198
TRUCKING & LEASING — 0.85%
Penske Truck Leasing Co. LP/PTL Finance Corp.
2.50%, 06/15/19 (Call 05/15/19)a		23,030		22,895,137
2.88%, 07/17/18a		7,635		7,639,352
				30,534,489
TOTAL CORPORATE BONDS & NOTES
(Cost: $1,881,025,662)				1,880,201,768

Security	Principal or Shares (000s)		Value
REPURCHASE AGREEMENTS — 0.83%
Mizuho Securities USA Inc., 3.11%, 05/01/18b,h (Purchased on 04/30/18 to be repurchased at $30,002,591, collateralized by various non-agency asset-backed securities, 0.00%, due 10/03/22 to 12/01/22, par and fair value of $59,017,808 and $34,500,000, respectively)	$	30,000	$	30,000,000
TOTAL REPURCHASE AGREEMENTS
(Cost: $30,000,000)				30,000,000
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.29%
Federal National Mortgage Association
5.00%, 01/01/20		1,310		1,330,340
FHLMC Multifamily Structured Pass Through Certificates
Series K010, Class A2
4.33%, 10/25/20b		1,250		1,289,247
Series K013, Class A2
3.97%, 01/25/21 (Call 01/11/21)b		8,500		8,694,704
Series K032, Class A1
3.02%, 02/25/23		1,062		1,063,927
Series K037, Class A1
2.59%, 04/25/23		1,341		1,327,389
Series K715, Class A2
2.86%, 01/25/21		2,500		2,491,807
Series K721, Class A1
2.61%, 01/25/22		2,493		2,478,778
Series KP04, Class AG2
(1 mo. LIBOR US + 0.200%)
2.08%, 10/25/19b		27,720		27,719,989
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost: $46,818,328)				46,396,181
MONEY MARKET FUNDS — 6.22%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.93%i,j,k		34,069		34,072,453

22 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Security	Shares (000s)		Value
BlackRock Cash Funds: Treasury, SL Agency Shares
1.61%i,j		189,482	$	189,481,525
Total MONEY MARKET FUNDS
(Cost: $223,550,674)				223,553,978
TOTAL INVESTMENTS IN SECURITIES — 101.94%
(Cost: $3,670,576,467)				3,666,355,808
Other Assets, Less Liabilities — (1.94)%				(69,876,273	)
NET ASSETS — 100.00%			$	3,596,479,535

^a  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^b  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^c  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

^e  All or a portion of this security is on loan.

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

^g  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.

^h  Maturity date represents next reset date.

ⁱ  Affiliate of the Fund.

^j  Annualized 7-day yield as of period end.

^k  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 10/31/17 (000s)		Shares purchased (000s)		Shares sold (000s)		Shares held at 04/30/18 (000s)		Value at 04/30/18		Income		Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		27,343		6,726b		—		34,069	$	34,072,453	$	40,036c	$	(2,575	)	$	(352	)
BlackRock Cash Funds: Treasury, SL Agency Shares		6,185		183,297b		—		189,482		189,481,525		1,774,594		—			—
									$	223,553,978	$	1,814,630	$	(2,575	)	$	(352	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

SCHEDULESOF INVESTMENTS 23

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY BOND ETF

April 30, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Asset-backed securities	$	—	$	1,021,721,230	$	—	$	1,021,721,230
Certificates of deposit		—		130,039,539		—		130,039,539
Collateralized mortgage obligations		—		149,529,827		2,330,699		151,860,526
Commercial paper		—		182,582,586		—		182,582,586
Corporate bonds & notes		—		1,880,201,768		—		1,880,201,768
Repurchase agreements		—		30,000,000		—		30,000,000
U.S. government & agency obligations		—		46,396,181		—		46,396,181
Money market funds		223,553,978		—		—		223,553,978
Total	$	223,553,978	$	3,440,471,131	$	2,330,699	$	3,666,355,808

The following table includes a rollforward for the six months ended April 30, 2018 of investments whose values are classified as Level 3 as of the beginning or end of period.

	Asset-Backed Securities			Collateralized Mortgage Obligations
Balance at beginning of period	$	41,387,721		$	—
Realized gain (loss) and change in unrealized appreciation/depreciation		—			699
Purchases		—			2,330,000
Sales		—			—
Transfers ina		—			—
Transfers outa		(41,387,721	)		—
Balance at end of period	$	—		$	2,330,699
Net change in unrealized appreciation/depreciation on investments still held at end of period	$	—		$	699

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

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

See notes to financial statements.

24 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

April 30, 2018

Security		Principal (000s)		Value
MUNICIPAL DEBT OBLIGATIONS — 88.74%
ALABAMA — 3.61%
Bessemer Governmental Utility Services Corp. RB
5.00%, 06/01/20	(BAM)	$	515	$	544,376
Black Belt Energy Gas District RB Series A
5.00%, 12/01/19			500		522,020
State of Alabama Docks Department RB Series B
5.00%, 10/01/18			500		505,765
5.00%, 10/01/19			500		518,805
Tuscaloosa City Board of Education RB
5.00%, 08/01/19			150		155,757
					2,246,723
ARIZONA — 4.83%
Arizona Board of Regents COP Series A
5.00%, 06/01/18			1,000		1,002,580
Industrial Development Authority of the County of Yavapai (The) RB Series A
1.78%, 09/01/35	(Put 05/03/18)a,b		2,000		2,000,000
					3,002,580
CALIFORNIA — 1.15%
Lancaster Redevelopment Agency Successor Agency RB
3.00%, 08/01/20			700		714,987
					714,987
COLORADO — 0.45%
State of Colorado Department of Transportation COP
5.00%, 06/15/19			270		279,283
					279,283
CONNECTICUT — 6.64%
State of Connecticut GO Series A
5.00%, 04/15/20			1,200		1,261,512
Series C
1.83%, 05/15/34	(Put 05/03/18)a,b		1,820		1,820,000

Security		Principal (000s)		Value
University of Connecticut RB Series A
5.00%, 04/15/20		$	1,000	$	1,051,580
					4,133,092
DISTRICT OF COLUMBIA — 1.69%
District of Columbia RB Series B
1.72%, 04/01/24	(Put 05/03/18)a,b		1,050		1,050,000
					1,050,000
GEORGIA — 4.27%
Burke County Development Authority RB
2.20%, 10/01/32	(Put 04/02/19)a		1,700		1,699,218
City of Atlanta GA TA
5.00%, 12/01/19			365		381,250
Cobb County Development Authority RB
5.00%, 07/15/20			545		578,348
					2,658,816
ILLINOIS — 3.68%
Chicago Transit Authority RB
5.00%, 06/01/20			750		791,992
Illinois Development Finance Authority RB
1.73%, 06/01/29	(Put 05/02/18)a,b		1,100		1,100,000
Illinois Finance Authority RB
4.00%, 09/01/18			150		150,779
4.00%, 11/15/18			100		101,071
4.00%, 09/01/19			145		147,806
					2,291,648
INDIANA — 0.16%
City of Indianapolis Department of Public Utilities Water System Revenue RB Series B
4.00%, 10/01/18			100		100,889
					100,889
IOWA — 2.51%
Iowa Finance Authority RB
1.92%, 04/01/22	(Put 05/03/18)a,b		1,560		1,560,000
					1,560,000

SCHEDULESOF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

April 30, 2018

Security		Principal (000s)		Value
KANSAS — 1.39%
Geary County Unified School District No. 475 GO Series B
3.00%, 09/01/19		$	850	$	862,886
					862,886
KENTUCKY — 1.84%
Kentucky State Property & Building Commission RB Series D
5.00%, 05/01/21			600		645,396
Tender Option Bond Trust Receipts/Certificates RB Series 2018
1.92%, 12/01/41	(Put 05/07/18) (AGM)a,b,c		500		500,000
					1,145,396
LOUISIANA — 0.99%
City of Ruston LA RB
2.00%, 06/01/18	(AGM)		185		185,041
Louisiana Public Facilities Authority RB
5.00%, 05/15/21			400		430,884
					615,925
MARYLAND — 0.38%
Maryland Health & Higher Educational Facilities Authority RB Series B
3.00%, 07/01/18			235		235,428
					235,428
MICHIGAN — 3.84%
County of Genesee MI GOL Series B
5.00%, 02/01/19	(BAM)		100		102,249
Michigan State Building Authority RB Series I
1.79%, 10/15/52	(Put 05/03/18)a,b		1,190		1,190,000
Michigan State Housing Development Authority RB Series D
1.82%, 06/01/30	(Put 05/02/18)a,b		1,100		1,100,000
					2,392,249

Security		Principal (000s)		Value
MISSOURI — 1.45%
Health & Educational Facilities Authority of the State of Missouri RB Series B
1.71%, 02/15/33	(Put 05/01/18)a,b	$	900	$	900,000
					900,000
NEW JERSEY — 23.19%
Borough of Oceanport NJ GO
2.00%, 06/29/18			1,000		1,000,120
City of North Wildwood NJ GO
2.25%, 05/09/18			1,000		1,000,090
Hasbrouck Heights Board of Education GO
2.00%, 07/13/18			1,100		1,099,890
New Jersey Building Authority RB Series A
5.00%, 06/15/18			510		511,708
New Jersey Economic Development Authority RB
Series A
4.00%, 07/01/22			2,000		2,054,760
Series DD-1
5.00%, 12/15/18			400		406,968
Series DDD
5.00%, 06/15/19			645		664,775
Series NN
5.00%, 03/01/21			255		269,300
Series PP
5.00%, 06/15/20			1,475		1,543,455
New Jersey Health Care Facilities Financing Authority RB
5.00%, 07/01/19			160		165,584
5.00%, 10/01/20			600		631,020
Series A
5.00%, 07/01/20			500		530,285
New Jersey Transportation Trust Fund Authority RB Series A
5.25%, 12/15/19			530		554,958
Series A-1
5.00%, 06/15/19			495		510,177
Tobacco Settlement Financing Corp./NJ RB Series A
5.00%, 06/01/19			1,700		1,753,856

26 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

April 30, 2018

Security		Principal (000s)		Value
Township of Lacey NJ GO Series A
2.00%, 05/25/18		$	334	$	333,672
Township of Vernon NJ GO
2.00%, 09/14/18			900		900,549
Township of Winslow NJ GO
1.75%, 06/06/18			500		499,980
					14,431,147
NEW YORK — 10.62%
Amherst Development Corp. RB Series A
1.80%, 02/01/35	(Put 05/03/18)a,b		1,860		1,860,000
City of Glens Falls NY GO
1.40%, 06/08/18	(Call 05/31/18)		1,000		999,450
Cooperstown Central School District GO
2.00%, 06/29/18	(SAW)		860		860,103
New York State Dormitory Authority RB Series K
4.00%, 10/01/18			225		226,991
Onondaga County Trust for Cultural Resources RB
4.00%, 05/01/19			400		409,980
Skaneateles Central School District/NY GO
2.25%, 07/06/18			1,263		1,264,360
Troy Capital Resource Corp. RB
5.00%, 09/01/18			975		985,072
					6,605,956
OHIO — 2.84%
City of Kirtland OH GOL
2.00%, 06/21/18			500		500,095
City of Willoughby OH GO
2.00%, 06/22/18			750		750,135
County of Allen OH Hospital Facilities Revenue RB Series A
5.00%, 08/01/19			500		518,120
					1,768,350
OKLAHOMA — 0.61%
Norman Regional Hospital Authority RB
4.00%, 09/01/18			380		382,352
					382,352

Security		Principal (000s)		Value
PENNSYLVANIA — 3.49%
Carlisle Area School District GOL
2.00%, 09/01/19		$	165	$	165,149
City of Philadelphia PA RB Series A
2.00%, 06/29/18			1,000		1,000,430
Commonwealth of Pennsylvania GO Third Series
5.38%, 07/01/18	(AGM)		1,000		1,005,840
					2,171,419
SOUTH CAROLINA — 1.61%
Tender Option Bond Trust Receipts/Certificates RB Series 2016
1.95%, 06/01/37	(Put 05/03/18)a,b,c		1,000		1,000,000
					1,000,000
TENNESSEE — 0.99%
Jackson Energy Authority RB
5.00%, 12/01/19			350		366,643
Knox County Health Educational & Housing Facility Board RB
4.00%, 09/01/18			250		251,372
					618,015
TEXAS — 4.91%
City of Houston TX GOL Series A
5.00%, 03/01/20			1,000		1,054,000
Harris County Cultural Education Facilities Finance Corp. RB Series C-1
1.62%, 12/01/24	(Put 05/01/18)a,b		900		900,000
Harris County Health Facilities Development Corp. RB
1.62%, 12/01/41	(Put 05/01/18)a,b		1,100		1,100,000
					3,054,000
WASHINGTON — 1.60%
Grant County Public Utility District No. 2 RB
2.00%, 01/01/44	(Put 09/01/20)a		1,000		993,500
					993,500
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $55,483,957)					55,214,641

SCHEDULESOF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® SHORT MATURITY MUNICIPAL BOND ETF

April 30, 2018

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 0.11%
MONEY MARKET FUNDS — 0.11%
BlackRock Liquidity Funds: MuniCash
1.48%d,e		69	$	68,623
				68,623
TOTAL SHORT-TERM INVESTMENTS
(Cost: $68,623)				68,623
TOTAL INVESTMENTS IN SECURITIES — 88.85% (Cost: $55,552,580)				55,283,264
Other Assets, Less Liabilities — 11.15%				6,938,667
NET ASSETS — 100.00%			$	62,221,931

COP  —  Certificates of Participation

GO  —  General Obligation

GOL  —  General Obligation Limited

RB  —  Revenue Bond

SAW  —  State Aid Withholding

Insured by:

AGM  —  Assured Guaranty Municipal Corp.

BAM  —  Build America Mutual Assurance Co.

^a  Security is payable upon demand on each reset date.

^b  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^c  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^d  Affiliate of the Fund.

^e  Annualized 7-day yield as of period end.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 10/31/17 (000s)		Shares purchased (000s)		Shares sold (000s)		Shares held at 04/30/18 (000s)		Value at 04/30/18		Income		Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Liquidity Funds: MuniCash		25		44b		—		69	$	68,623	$	2,497	$	(18	)	$	—

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Municipal debt obligations	$	—	$	55,214,641	$	—	$	55,214,641
Money market funds		68,623		—		—		68,623
Total	$	68,623	$	55,214,641	$	—	$	55,283,264

See notes to financial statements.

28 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® ULTRA SHORT-TERM BOND ETF

April 30, 2018

Security	Principal (000s)		Value
CERTIFICATES OF DEPOSIT — 16.01%
Bank of Montreal (1 mo. LIBOR US + 0.240%)
2.14%, 10/25/18a	$	500	$	499,751
Bank of Montreal/Chicago IL
1.71%, 08/10/18		500		499,245
(3 mo. LIBOR US + 0.120%)
2.37%, 06/26/18a		1,000		1,000,059
Bank of Tokyo-Mitsubishi UFJ Ltd. (The)
2.01%, 10/17/18		1,000		997,866
2.34%, 06/22/18		750		750,383
Barclays Bank PLC/New York
2.41%, 08/01/18		1,000		999,990
2.43%, 08/01/18		1,000		1,000,264
BNP Paribas SA/New York NY (3 mo. LIBOR US + 0.250%)
2.30%, 12/28/18a		750		750,582
Canadian Imperial Bank of Commerce
2.00%, 09/17/18		1,000		998,865
(3 mo. LIBOR US + 0.360%)
2.21%, 08/08/18a		1,700		1,701,079
Canadian Imperial Bank of Commerce/New York NY
2.17%, 10/15/18		1,000		996,723
Citibank N.A./New York
2.30%, 08/06/18		1,000		999,884
Credit Agricole Corporate and Investment Bank
2.10%, 08/10/18		2,000		1,996,173
Credit Industriel et Commercial/New York (1 mo. LIBOR US + 0.180%)
2.07%, 08/06/18a		2,000		1,999,820
Credit Suisse AG/New York NY
1.66%, 06/29/18		600		599,672
1.86%, 11/09/18		1,000		996,684
2.40%, 08/16/18		1,600		1,596,703
(1 mo. LIBOR US + 0.200%)
2.10%, 05/11/18a		1,000		1,000,103
(3 mo. LIBOR US + 0.270%)
2.63%, 05/01/19a		1,500		1,499,851

Security	Principal (000s)		Value
DNB Bank ASA/New York (1 mo. LIBOR US + 0.160%)
2.05%, 08/06/18a	$	1,000	$	999,856
Mitsubishi Trust & Banking Corp.
2.31%, 06/22/18		803		803,000
Mitsubishi UFJ Trust & Banking Corp./NY
(1 mo. LIBOR US + 0.210%)
2.30%, 07/16/18a		1,000		1,000,174
(1 mo. LIBOR US + 0.290%)
2.19%, 08/31/18a		1,000		999,946
MUFG Bank Ltd.
2.40%, 08/20/18		1,000		1,000,074
Natixis NY
2.50%, 10/31/18		1,000		1,000,087
Natixis SA
1.81%, 11/20/18		1,000		996,216
Nordea Bank AB/New York
1.91%, 07/31/18		1,200		1,199,191
(3 mo. LIBOR US + 0.270%)
2.63%, 10/18/19a		1,000		999,842
Norinchukin Bank/New York
2.52%, 10/12/18		1,000		996,858
(1 mo. LIBOR US + 0.190%)
2.09%, 05/29/18a		1,500		1,500,303
(1 mo. LIBOR US + 0.200%)
2.10%, 07/10/18a		1,000		1,000,189
(1 mo. LIBOR US + 0.200%)
2.10%, 08/09/18a		1,000		999,930
Norinchukin Bank/NY
2.28%, 06/22/18		803		803,000
Royal Bank of Canada/New York NY
(1 mo. LIBOR US + 0.210%)
2.11%, 08/09/18a		2,600		2,599,891
(3 mo. LIBOR US + 0.130%)
2.45%, 10/04/18a		750		750,724
(3 mo. LIBOR US + 0.160%)
1.95%, 02/07/19a		1,000		1,000,196
(3 mo. LIBOR US + 0.280%)
2.55%, 03/22/19a		1,000		1,000,873
Skandinaviska Enskilda Banken AB/New York NY (1 mo. LIBOR US + 0.160%)
2.06%, 07/23/18a		1,000		1,000,005

SCHEDULESOF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Societe Generale/New York NY (3 mo. LIBOR US + 0.280%)
2.30%, 02/28/19a	$	1,000	$	999,381
Standard Chartered Bank/New York
1.74%, 08/01/18		2,000		1,997,109
2.31%, 06/25/18		1,036		1,036,000
(1 mo. LIBOR US + 0.220%)
2.12%, 07/09/18a		1,000		1,000,233
Sumitomo Mitsui Banking Corp./New York (1 mo. LIBOR US + 0.300%)
2.20%, 08/21/18a		1,000		999,994
Sumitomo Mitsui Trust Bank Ltd./New York (1 mo. LIBOR US + 0.220%)
2.12%, 06/27/18a		500		500,000
Svenska Handelsbanken/New York NY (3 mo. LIBOR US + 0.270%)
2.63%, 10/21/19a		1,000		999,854
Toronto-Dominion Bank (The)
2.30%, 07/30/18		1,000		999,938
Toronto-Dominion Bank/NY
2.65%, 01/24/19		570		568,361
(1 mo. LIBOR US + 0.180%)
2.08%, 08/10/18a		1,000		999,020
Wells Fargo Bank N.A. (1 mo. LIBOR US + 0.220%)
2.12%, 08/09/18a		500		499,988
TOTAL CERTIFICATES OF DEPOSIT
(Cost: $52,147,130)				52,133,930
COMMERCIAL PAPER — 41.56%
American Electric Power Co. Inc.
2.40%, 06/05/18b		1,000		997,640
ASB Finance Ltd. (1 mo. LIBOR US + 0.230%)
2.13%, 09/21/18a		500		499,703
Bank of Tokyo-Mitsubishi UFJ Ltd. (The)
2.35%, 08/01/18b		1,530		1,520,850
Banque et Caisse Epargne
2.10%, 07/23/18b		2,000		1,989,593

Security	Principal (000s)		Value
Barclays Bank PLC/New York
2.55%, 09/14/18b	$	1,000	$	990,635
2.60%, 09/28/18b		2,000		1,977,750
Bell Canada Inc.
2.62%, 07/18/18b		2,500		2,486,740
BPCE SA
1.65%, 07/09/18b		3,000		2,987,826
1.72%, 05/25/18b		500		499,400
2.33%, 08/01/18b		2,000		1,988,142
Canadian Imperial Bank of Commerce (1 mo. LIBOR US + 0.240%)
2.14%, 10/16/18a		250		249,860
Commonwealth Bank of Australia/New York NY (1 mo. LIBOR US + 0.230%)
2.12%, 01/18/19a		1,000		999,155
Danske Corp.
2.35%, 08/13/18b		1,695		1,683,333
Duke Energy Corp.
2.16%, 05/17/18b		3,000		2,996,800
Electricite De France SA
2.01%, 05/15/18b		2,000		1,998,125
2.36%, 06/06/18b		2,000		1,995,139
Eni Finance USA Inc.
2.57%, 06/12/18b		1,000		997,366
Federation Des Caisses Desjardins Du Quebec
(1 mo. LIBOR US + 0.240%)
2.14%, 10/19/18a		1,000		999,491
2.14%, 12/03/18b		1,000		984,967
HSBC Bank PLC
(3 mo. LIBOR US + 0.180%)
2.08%, 02/22/19a		600		600,976
(3 mo. LIBOR US + 0.210%)
2.57%, 04/17/19a		1,500		1,499,854
2.70%, 04/16/19b		1,000		973,431
Hyundai Capital America
2.13%, 05/01/18b		8,590		8,589,484
2.20%, 05/02/18b		1,650		1,649,801
2.45%, 05/03/18b		1,000		999,819
2.72%, 06/19/18b		1,000		996,625
ING U.S. Funding LLC (1 mo. LIBOR US + 0.190%)
2.08%, 08/01/18a		2,000		1,999,990

30 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

April 30, 2018

Security	Principal (000s)		Value
JPMorgan Securities LLC
2.15%, 11/02/18b	$	3,000	$	2,961,684
Lam Research Corp.
2.35%, 05/08/18b		300		299,853
2.38%, 05/10/18b		2,000		1,998,767
2.70%, 06/15/18b		2,000		1,993,282
Lma Americas LLC
2.45%, 09/21/18b		2,100		2,079,428
Macquarie Bank Ltd.
2.10%, 05/23/18b		700		699,142
(1 mo. LIBOR US + 0.220%)
2.12%, 08/09/18a		1,000		999,793
2.36%, 07/17/18b		2,000		1,990,233
Marriott International Inc./MD
2.77%, 06/04/18b		1,000		997,710
NBCUniversal Enterprise Inc.
2.31%, 05/16/18b		2,000		1,997,996
Nieuw Amsterdam Receivables Corp.
2.22%, 06/12/18b		1,000		997,625
Oncor Electric Delivery Co. LLC
2.36%, 06/18/18b		2,000		1,992,166
Ontario Teachers’ Finance Trust
1.96%, 08/24/18b		1,000		992,547
Oversea-Chinese Banking Corp. Ltd.
(1 mo. LIBOR US + 0.220%)
2.10%, 10/04/18a		1,000		999,527
(1 mo. LIBOR US + 0.220%)
2.12%, 11/07/18a		1,000		999,216
Ridgefield Funding Co. LLC
2.07%, 08/06/18b		1,500		1,490,171
Rogers Communications Inc.
2.27%, 05/22/18b		1,000		998,604
2.30%, 05/17/18b		4,500		4,495,200
Ryder System Inc.
2.40%, 05/04/18b		1,500		1,499,637
Schlumberger Holdings
2.65%, 07/09/18b		750		746,563
Sheffield Receivables Co. LLC
2.11%, 06/01/18b		1,500		1,497,396
Societe Generale SA
2.04%, 05/31/18b		1,000		998,437
Standard Chartered Bank/New York
2.33%, 06/20/18b		1,000		997,263

Security	Principal (000s)		Value
Sumitomo Mitsui Trust Bank Ltd./New York
1.98%, 08/06/18b	$	2,000	$	1,987,581
Suncor Energy Inc.
2.00%, 05/04/18b		2,009		2,008,513
2.43%, 05/02/18b		2,500		2,499,699
2.49%, 06/18/18b		1,000		996,699
2.65%, 07/26/18b		2,000		1,987,491
Suncorp Metway Ltd.
2.57%, 10/30/18b		5,000		4,935,060
Swedbank AB
1.81%, 05/09/18b		2,000		1,999,148
Time Warner Inc.
2.52%, 07/18/18b		4,000		3,977,564
2.69%, 06/18/18b		1,500		1,495,049
Toronto-Dominion Bank (The) (1 mo. LIBOR US + 0.270%)
2.17%, 02/08/19a		2,000		1,999,294
TransCanada American Investments
2.20%, 05/07/18b		4,000		3,998,584
TransCanada PipeLines Ltd.
2.43%, 05/17/18b		1,000		998,933
2.46%, 06/12/18b		1,500		1,495,709
UBS AG/London
(1 mo. LIBOR US + 0.310%)
2.21%, 08/29/18a		400		400,008
(1 mo. LIBOR US + 0.340%)
2.24%, 01/07/19a		1,000		999,063
2.48%, 09/04/18b		1,000		991,441
(3 mo. LIBOR US + 0.330%)
2.65%, 04/04/19a		2,000		2,001,084
United Overseas Bank Ltd.
1.91%, 05/21/18b		3,000		2,996,766
Verizon Communications Inc.
2.05%, 05/07/18b		4,000		3,998,289
Victory Receivables Corp.
2.22%, 06/11/18b		1,000		997,723
Virginia Electric & Power Co.
2.34%, 06/11/18b		5,000		4,987,167
VW Credit Inc.
2.66%, 06/22/18b		1,250		1,245,501
2.67%, 06/25/18b		1,250		1,245,217
Walgreens Boots Alliance Inc.
2.06%, 05/07/18b		1,500		1,499,358

SCHEDULESOF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

April 30, 2018

Security	Principal (000s)		Value
2.12%, 05/21/18b	$	1,000	$	998,671
2.13%, 05/14/18b		500		499,564
2.38%, 06/18/18b		700		697,690
2.61%, 07/09/18b		500		497,550
TOTAL COMMERCIAL PAPER
(Cost: $135,331,773)				135,309,151
CORPORATE BONDS & NOTES — 43.48%
AEROSPACE & DEFENSE — 0.78%
Lockheed Martin Corp.
1.95%, 11/15/19		2,000		2,042,064
United Technologies Corp. (3 mo. LIBOR US + 0.350%)
2.12%, 11/01/19a		500		502,320
				2,544,384
AUTO MANUFACTURERS — 5.07%
American Honda Finance Corp.
2.10%, 11/13/19		500		493,290
(3 mo. LIBOR US + 0.210%)
2.05%, 02/12/21a		1,000		998,748
BMW U.S. Capital LLC (3 mo. LIBOR US + 0.410%)
2.75%, 04/12/21a,c		2,000		2,006,816
Daimler Finance North America LLC
1.82%, 08/03/18c		1,000		998,955
3.32%, 05/04/20c		1,325		1,324,033
(3 mo. LIBOR US + 0.450%)
2.30%, 02/22/21a,c		3,000		3,005,739
(3 mo. LIBOR US + 0.620%)
2.98%, 10/30/19a,c		250		251,514
Ford Motor Credit Co. LLC (3 mo. LIBOR US + 1.580%)
2.74%, 01/08/19a		1,375		1,386,343
Hyundai Capital America
2.66%, 10/30/18c		2,000		1,992,417
(3 mo. LIBOR US + 0.82%)
2.87%, 03/12/21a,c		1,000		1,000,984
Nissan Motor Acceptance Corp.
(3 mo. LIBOR US + 0.390%)
2.69%, 09/28/20a,c		750		751,191
(3 mo. LIBOR US + 1.010%)
3.06%, 03/08/19a,c		250		251,858

Security	Principal (000s)		Value
PACCAR Financial Corp.
2.13%, 11/13/20	$	580	$	567,487
Toyota Motor Credit Corp.
2.35%, 01/10/20		1,500		1,484,179
				16,513,554
BANKS — 25.12%
ABN AMRO Bank NV
2.16%, 10/30/18c		2,000		2,000,606
2.27%, 01/18/19c		3,000		2,985,312
ANZ New Zealand Int’l Ltd./London
2.31%, 02/01/19c		1,500		1,494,588
2.75%, 01/22/21c		2,000		1,970,481
Australia & New Zealand Banking Group Ltd. (3 mo. LIBOR US + 0.320%)
2.12%, 11/09/20a,c		1,000		1,000,797
Bank of America Corp.
1.86%, 05/01/18		1,500		1,500,000
Bank of America N.A.
1.77%, 12/07/18		545		543,821
Bank of Montreal (3 mo. LIBOR US + 0.600%)
2.67%, 12/12/19a		510		513,142
Bank of Montreal/Chicago IL (1 mo. LIBOR US + 0.300%)
2.25%, 06/13/19a		500		499,449
Bank of Nova Scotia (The)
(3 mo. LIBOR US + 0.290%)
2.62%, 01/08/21a		1,000		998,000
(3 mo. LIBOR US + 0.440%)
2.80%, 04/20/21a		2,000		2,006,094
Bank of Nova Scotia/Houston (3 mo. LIBOR US + 0.280%)
2.64%, 10/15/19a		843		843,357
Bank of Tokyo-Mitsubishi UFJ Ltd. (The) (3 mo. LIBOR US + 0.450%)
2.56%, 09/09/19a		800		801,593
Banque Federative du Credit Mutuel SA
2.37%, 01/22/19c		2,000		1,999,580
BNP Paribas SA
2.76%, 03/17/19		549		548,609

32 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

April 30, 2018

Security	Principal (000s)		Value
BNP Paribas/BNP Paribas U.S. Medium-Term Note Program LLC
2.14%, 12/12/18	$	1,968	$	1,969,822
2.27%, 08/20/18		750		750,477
Branch Banking & Trust Co.
2.50%, 06/01/20 (Call 05/01/20)		1,100		1,081,798
Canadian Imperial Bank of Commerce
2.80%, 05/02/20a,d		2,000		2,000,000
Canadian Imperial Bank of Commerce/New York NY (3 mo. LIBOR US + 0.410%)
2.64%, 09/20/19a		1,500		1,501,618
Citibank N.A.
2.44%, 03/20/19 (Call 02/20/19)		1,500		1,494,816
(3 mo. LIBOR US + 0.350%)
2.19%, 02/12/21 (Call 01/12/21)a		1,000		1,000,696
Citigroup Inc. (3 mo. LIBOR US + 0.860%)
3.27%, 12/07/18a		400		401,343
Commonwealth Bank of Australia
(3 mo. LIBOR US + 0.350%)
1.89%, 08/03/18a,c		1,200		1,200,603
(3 mo. LIBOR US + 0.450%)
2.52%, 03/10/20a,c		1,615		1,622,607
Cooperatieve Rabobank UA/NY
2.22%, 01/14/19		2,840		2,833,460
(3 mo. LIBOR US + 0.430%)
2.79%, 04/26/21a,c		1,000		1,002,308
Fifth Third Bank/Cincinnati OH (3 mo. LIBOR US + 0.250%)
2.61%, 10/30/20 (Call 09/30/20)a		1,000		997,593
Goldman Sachs Group Inc. (The)
1.74%, 07/19/18		1,000		1,001,193
HSBC USA Inc. (3 mo. LIBOR US + 0.880%)
2.91%, 09/24/18a		2,000		2,006,027
ING Bank NV
2.06%, 08/17/18c		515		514,330
JPMorgan Chase Bank N.A.
(3 mo. LIBOR US + 0.250%)
2.07%, 02/13/20 (Call 02/13/19)a		2,000		2,001,554
(3 mo. LIBOR US + 0.450%)
2.67%, 09/21/18 (Call 08/21/18)a		250		250,340

Security	Principal (000s)		Value
Lloyds Bank PLC
1.88%, 05/14/18	$	2,000	$	1,999,606
2.14%, 08/17/20		1,000		991,421
Mizuho Bank Ltd./NY
(3 mo. LIBOR US + 0.300%)
1.95%, 04/30/19a		1,000		997,050
(3 mo. LIBOR US + 0.400%)
2.78%, 10/25/19a		3,000		2,999,964
(3 mo. LIBOR US + 0.450%)
2.14%, 11/19/18a		1,000		1,001,623
(3 mo. LIBOR US + 0.540%)
2.22%, 09/04/18a		1,500		1,502,231
Morgan Stanley (3 mo. LIBOR US + 0.850%)
2.59%, 01/24/19a		2,000		2,010,045
National Australia Bank Ltd. (3 mo. LIBOR US + 0.350%)
2.67%, 01/12/21a,c		2,000		2,000,121
National Australia Bank Ltd./New York (3 mo. LIBOR US + 0.190%)
2.30%, 03/14/19a		750		749,091
Royal Bank of Canada
1.90%, 12/10/18		390		389,001
Santander UK PLC
1.74%, 08/24/18		700		698,920
2.45%, 11/03/20		965		939,319
(3 mo. LIBOR US + 0.300%)
2.09%, 11/03/20a		500		499,674
Sumitomo Mitsui Banking Corp.
2.24%, 01/11/19		500		497,934
(3 mo. LIBOR US + 0.350%)
2.70%, 01/17/20a		1,000		1,000,906
(3 mo. LIBOR US + 0.540%)
2.54%, 01/11/19a		1,250		1,253,460
Sumitomo Mitsui Banking Corp./New York
(3 mo. LIBOR US + 0.370%)
2.79%, 07/11/19a		3,250		3,255,702
(3 mo. LIBOR US + 0.450%)
2.56%, 09/09/19a		800		802,234
Sumitomo Mitsui Trust Bank Ltd.
2.08%, 03/06/19c		1,635		1,625,138

SCHEDULESOF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Suncorp-Metway Ltd.
2.40%, 11/09/20c	$	1,250	$	1,220,594
Svenska Handelsbanken AB
(3 mo. LIBOR US + 0.360%)
2.41%, 09/08/20a		745		747,313
(3 mo. LIBOR US + 0.400%)
2.69%, 04/01/20a		3,000		3,000,546
Toronto-Dominion Bank (The)
2.03%, 09/06/18		1,000		996,778
United Overseas Bank Ltd. (3 mo. LIBOR US + 0.480%)
2.84%, 04/23/21a,c		2,000		2,005,020
Wells Fargo Bank N.A. (3 mo. LIBOR US + 0.310%)
2.66%, 01/15/21a		2,000		2,000,607
Westpac Banking Corp.
(3 mo. LIBOR US + 0.430%)
2.46%, 03/06/20a		3,000		3,012,690
(3 mo. LIBOR US + 0.710%)
2.53%, 05/13/19a		250		251,415
				81,784,417
BEVERAGES — 0.61%
PepsiCo Inc. (3 mo. LIBOR US)
2.35%, 10/15/18a		2,000		2,000,114
				2,000,114
BIOTECHNOLOGY — 0.31%
Gilead Sciences Inc. (3 mo. LIBOR US + 0.170%)
2.37%, 09/20/18a		1,000		1,000,148
				1,000,148
COMPUTERS — 0.99%
Apple Inc.
2.00%, 11/13/19		1,500		1,481,820
(3 mo. LIBOR US + 0.200%)
1.99%, 02/07/20a		500		501,626
(3 mo. LIBOR US + 0.250%)
1.94%, 05/03/18a		250		250,002
IBM Credit LLC (3 mo. LIBOR US + 0.150%)
2.18%, 09/06/19a		1,000		1,001,485
				3,234,933

Security	Principal (000s)		Value
DIVERSIFIED FINANCIAL SERVICES — 2.31%
AIG Global Funding
2.51%, 10/18/19c	$	555	$	546,964
American Express Co.
1.94%, 05/22/18		1,000		999,617
American Express Credit Corp.
1.62%, 11/05/18 (Call 10/05/18)		460		458,524
(3 mo. LIBOR US + 0.430%)
2.45%, 03/03/20 (Call 02/03/20)a		3,000		3,010,999
Capital One Bank USA N.A.
2.74%, 02/13/19 (Call 01/13/19)		2,500		2,491,096
				7,507,200
ELECTRIC — 0.15%
Electricite de France SA
1.75%, 01/22/19c		500		497,142
				497,142
ELECTRONICS —  0.32%
Honeywell International Inc.
1.84%, 10/30/19		310		306,039
(3 mo. LIBOR US + 0.040%)
2.40%, 10/30/19a		750		749,707
				1,055,746
HEALTH CARE – SERVICES — 0.40%
Roche Holdings Inc.
2.23%, 09/30/19 (Call 08/30/19)c		1,300		1,291,170
				1,291,170
INSURANCE — 0.26%
Metropolitan Life Global Funding I
1.90%, 09/19/19c		860		846,160
				846,160
INTERNET — 0.53%
Alibaba Group Holding Ltd.
2.30%, 11/28/19 (Call 10/28/19)		1,750		1,736,464
				1,736,464
MACHINERY — 1.62%
Caterpillar Financial Services Corp.
2.05%, 11/13/18		600		597,757
2.92%, 03/15/21		1,500		1,494,841
(3 mo. LIBOR US + 0.230%)
2.35%, 03/15/21a		1,000		1,000,460

34 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

April 30, 2018

Security	Principal (000s)		Value
John Deere Capital Corp.
(3 mo. LIBOR US + 0.120%)
2.44%, 07/05/19a	$	1,170	$	1,170,854
(3 mo. LIBOR US + 0.240%)
2.33%, 03/12/21a		1,000		1,004,326
				5,268,238
MANUFACTURING — 1.26%
Siemens Financieringsmaatschappij NV
2.84%, 09/13/19c		1,100		1,076,893
(3 mo. LIBOR US + 0.340%)
2.49%, 03/16/20a,c		3,000		3,013,983
				4,090,876
OIL & GAS — 1.23%
Chevron Corp.
(3 mo. LIBOR US + 0.090%)
2.07%, 02/28/19a		2,000		2,001,400
(3 mo. LIBOR US + 0.210%)
2.23%, 03/03/20a		2,000		2,005,304
				4,006,704
PHARMACEUTICALS — 0.89%
AstraZeneca PLC
2.53%, 11/16/18		2,500		2,491,029
CVS Health Corp.
1.70%, 07/20/18		390		389,536
				2,880,565
PIPELINES — 0.77%
Enterprise Products Operating LLC
1.68%, 05/07/18		1,000		999,850
TransCanada PipeLines Ltd. (3 mo. LIBOR US + 0.275%)
2.11%, 11/15/19a		1,500		1,499,745
				2,499,595
RETAIL — 0.41%
Home Depot Inc. (The) (3 mo. LIBOR US + 0.150%)
2.17%, 06/05/20a		1,220		1,223,284
Lowe’s Companies Inc. (3 mo. LIBOR US + 0.600%)
2.71%, 09/14/18a		100		100,215
				1,323,499

Security	Principal (000s)		Value
SEMICONDUCTORS — 0.45%
QUALCOMM Inc.
1.50%, 05/18/18	$	500	$	499,820
(3 mo. LIBOR US + 0.360%)
2.24%, 05/20/19a		970		973,318
				1,473,138
TOTAL CORPORATE BONDS & NOTES
(Cost: $141,747,824)				141,554,047
REPURCHASE AGREEMENTS — 2.07%
Citigroup Global Markets Inc., 2.86%, 05/01/18a,e (Purchased on 04/30/18 to be repurchased at $2,500,199, collateralized by non-agency mortgage-backed security, 3.11% to 4.06%, due 12/12/47 to 04/10/48, par and fair value of $3,807,056 and $2,875,000, respectively)		2,500		2,500,000
Credit Suisse Securities (USA) LLC, 2.36%, 05/01/18a,e (Purchased on 04/30/18 to be repurchased at $2,000,131, collateralized by non-agency asset-backed security, 0.00% to 3.25%, due 06/04/18, par and fair value of $2,156,720 and $2,303,960, respectively)		2,000		2,000,000
Deutsche Bank Securities Inc., 2.46%, 05/01/18a,e (Purchased on 04/30/18 to be repurchased at $2,250,153, collateralized by various non-agency mortgage-backed securities, 3.03% to 5.65%, due 10/25/21 to 01/15/49, par and fair value of $2,453,765 and $2,384,889, respectively)		2,250		2,250,000
TOTAL REPURCHASE AGREEMENTS
(Cost: $6,750,000)				6,750,000

SCHEDULESOF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® ULTRA SHORT-TERM BOND ETF

April 30, 2018

Security	Shares (000s)		Value
MONEY MARKET FUNDS — 7.53%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.61%f,g		24,522	$	24,521,849
Total MONEY MARKET FUNDS
(Cost: $24,521,849)				24,521,849
TOTAL INVESTMENTS IN SECURITIES — 110.65%
(Cost: $360,498,576)				360,268,977
Other Assets, Less Liabilities — (10.65)%				(34,689,829	)
NET ASSETS — 100.00%			$	325,579,148

^a  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

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

^c  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^d  Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. Reference index and spread are provided if the rate is currently floating.

^e  Maturity date represents next reset date.

^f  Affiliate of the Fund.

^g  Annualized 7-day yield as of period end.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 10/31/17 (000s)		Shares purchased (000s)			Shares sold (000s)		Shares held at 04/30/18 (000s)		Value at 04/30/18		Income		Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		319		24,203	b		—		24,522	$	24,521,849	$	516,601	$	—	$	—

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Certificates of deposit	$	—	$	52,133,930	$	—	$	52,133,930
Commercial paper		—		135,309,151		—		135,309,151
Corporate bonds & notes		—		141,554,047		—		141,554,047
Repurchase agreements		—		6,750,000		—		6,750,000
Money market funds		24,521,849		—		—		24,521,849
Total	$	24,521,849	$	335,747,128	$	—	$	360,268,977

See notes to financial statements.

36 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities (Unaudited)

iSHARES^® U.S. ETF TRUST

April 30, 2018

	iShares Short Maturity Bond ETF			iShares Short Maturity Municipal Bond ETF			iShares Ultra Short-Term Bond ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	3,417,025,793		$	55,483,957		$	329,226,727
Repurchase agreements — unaffiliated		30,000,000			—			6,750,000
Affiliated (Note 2)		223,550,674			68,623			24,521,849
Total cost of investments in securities	$	3,670,576,467		$	55,552,580		$	360,498,576
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	3,412,801,830		$	55,214,641		$	328,997,128
Repurchase agreements — unaffiliated		30,000,000			—			6,750,000
Affiliated (Note 2)		223,553,978			68,623			24,521,849
Foreign currency, at valueb		27,729			—			—
Cash		121,082			—			—
Receivables:
Investment securities sold		1,096			—			—
Dividends and interest		12,115,044			532,950			836,997
Capital shares sold		—			7,469,917			1
Total Assets		3,678,620,759			63,286,131			361,105,975
LIABILITIES
Payables:
Investment securities purchased		47,351,221			1,052,950			20,039,349
Collateral for securities on loan (Note 1)		34,060,722			—			—
Due to custodian		—			—			15,470,354
Investment advisory fees (Note 2)		729,281			11,250			17,124
Total Liabilities		82,141,224			1,064,200			35,526,827
NET ASSETS	$	3,596,479,535		$	62,221,931		$	325,579,148
Net assets consist of:
Paid-in capital	$	3,595,402,569		$	62,511,595		$	325,363,228
Undistributed net investment income		6,089,473			71,888			486,924
Accumulated net realized loss		(794,381	)		(92,236	)		(41,405	)
Net unrealized depreciation		(4,218,126	)		(269,316	)		(229,599	)
NET ASSETS	$	3,596,479,535		$	62,221,931		$	325,579,148
Shares outstandingc		71,700,000			1,250,000			6,500,000
Net asset value per share	$	50.16		$	49.78		$	50.09

^a  Securities on loan with values of $32,584,496, $  — and $  —, respectively. See Note 1.

^b  Cost of foreign currency: $25,196, $  — and $  —, respectively.

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

See notes to financial statements.

FINANCIAL STATEMENTS 37

Statements of Operations (Unaudited)

iSHARES^® U.S. ETF TRUST

Six months ended April 30, 2018

	iShares Short Maturity Bond ETF			iShares Short Maturity Municipal Bond ETF			iShares Ultra Short-Term Bond ETF
NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	1,774,594		$	2,497		$	516,601
Interest — unaffiliated		31,604,253			425,285			1,382,073
Securities lending income — affiliated — net (Note 2)		40,036			—			—
Total investment income		33,418,883			427,782			1,898,674
EXPENSES
Investment advisory fees (Note 2)		3,873,273			70,579			76,396
Proxy fees		258			4			13
Total expenses		3,873,531			70,583			76,409
Net investment income		29,545,352			357,199			1,822,265
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(616,250	)		(53,503	)		(20,577	)
Investments — affiliated (Note 2)		(2,575	)		(18	)		—
Foreign currency transactions		(178,023	)		—			—
Realized gain distributions from affiliated funds		—			13			—
Net realized loss		(796,848	)		(53,508	)		(20,577	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		(8,079,100	)		(227,033	)		(332,877	)
Investments — affiliated (Note 2)		(352	)		—			—
Translation of assets and liabilities in foreign currencies		994			—			—
Net change in unrealized appreciation/depreciation		(8,078,458	)		(227,033	)		(332,877	)
Net realized and unrealized loss		(8,875,306	)		(280,541	)		(353,454	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	20,670,046		$	76,658		$	1,468,811

See notes to financial statements.

38 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

iSHARES^® U.S. ETF TRUST

	iShares Short Maturity Bond ETF						iShares Short Maturity Municipal Bond ETF
	Six months ended April 30, 2018 (Unaudited)			Year ended October 31, 2017			Six months ended April 30, 2018 (Unaudited)			Year ended October 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	29,545,352		$	35,966,752		$	357,199		$	378,541
Net realized gain (loss)		(796,848	)		582,022			(53,508	)		(29,140	)
Net change in unrealized appreciation/depreciation		(8,078,458	)		1,498,943			(227,033	)		(21,983	)
Net increase in net assets resulting from operations		20,670,046			38,047,717			76,658			327,418
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(26,248,548	)		(34,147,741	)		(327,650	)		(359,533	)
Total distributions to shareholders		(26,248,548	)		(34,147,741	)		(327,650	)		(359,533	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,238,931,917			1,295,366,901			17,444,781			17,526,350
Cost of shares redeemed		(546,611,701	)		(411,421,762	)		(7,478,421	)		—
Net increase in net assets from capital share transactions		692,320,216			883,945,139			9,966,360			17,526,350
INCREASE IN NET ASSETS		686,741,714			887,845,115			9,715,368			17,494,235
NET ASSETS
Beginning of period		2,909,737,821			2,021,892,706			52,506,563			35,012,328
End of period	$	3,596,479,535		$	2,909,737,821		$	62,221,931		$	52,506,563
Undistributed net investment income included in net assets at end of period	$	6,089,473		$	2,792,669		$	71,888		$	42,339
SHARES ISSUED AND REDEEMED
Shares sold		24,700,000			25,800,000			350,000			350,000
Shares redeemed		(10,900,000	)		(8,200,000	)		(150,000	)		—
Net increase in shares outstanding		13,800,000			17,600,000			200,000			350,000

See notes to financial statements.

FINANCIAL STATEMENTS 39

Statements of Changes in Net Assets (Continued)

iSHARES^® U.S. ETF TRUST

	iShares Ultra Short-Term Bond ETF
	Six months ended April 30, 2018 (Unaudited)			Year ended October 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	1,822,265		$	1,318,869
Net realized loss		(20,577	)		(7,501	)
Net change in unrealized appreciation/depreciation		(332,877	)		66,211
Net increase in net assets resulting from operations		1,468,811			1,377,579
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,474,046	)		(1,210,368	)
Total distributions to shareholders		(1,474,046	)		(1,210,368	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		190,226,439			167,741,625
Cost of shares redeemed		(52,574,305	)		(4,994,630	)
Net increase in net assets from capital share transactions		137,652,134			162,746,995
INCREASE IN NET ASSETS		137,646,899			162,914,206
NET ASSETS
Beginning of period		187,932,249			25,018,043
End of period	$	325,579,148		$	187,932,249
Undistributed net investment income included in net assets at end of period	$	486,924		$	138,705
SHARES ISSUED AND REDEEMED
Shares sold		3,800,000			3,350,000
Shares redeemed		(1,050,000	)		(100,000	)
Net increase in shares outstanding		2,750,000			3,250,000

See notes to financial statements.

40 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

	iShares Short Maturity Bond ETF
	Six months ended Apr. 30, 2018 (Unaudited)			Year ended Oct. 31, 2017			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	$	50.25		$	50.17		$	50.04		$	50.15		$	50.07		$	50.00
Income from investment operations:
Net investment incomeb		0.47			0.74			0.50			0.44			0.44			0.02
Net realized and unrealized gain (loss)c		(0.13	)		0.04			0.14			(0.13	)		0.04			0.05
Total from investment operations		0.34			0.78			0.64			0.31			0.48			0.07
Less distributions from:
Net investment income		(0.43	)		(0.70	)		(0.51	)		(0.42	)		(0.40	)		—
Total distributions		(0.43	)		(0.70	)		(0.51	)		(0.42	)		(0.40	)		—
Net asset value, end of period	$	50.16		$	50.25		$	50.17		$	50.04		$	50.15		$	50.07
Total return		0.67	%d		1.57	%		1.28	%		0.62	%		0.96	%		0.14	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	3,596,480		$	2,909,738		$	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	%		0.25	%
Ratio of net investment income to average net assetse		1.91	%		1.47	%		1.01	%		0.87	%		0.87	%		0.42	%
Portfolio turnover ratef		22	%d		56	%		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.

FINANCIAL HIGHLIGHTS 41

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, 2018 (Unaudited)			Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Period from Mar. 3, 2015a to Oct. 31, 2015
Net asset value, beginning of period	$	50.01		$	50.02		$	50.07		$	50.00
Income from investment operations:
Net investment incomeb		0.31			0.49			0.39			0.20
Net realized and unrealized gain (loss)c		(0.25	)		(0.03	)		(0.04	)		0.04
Total from investment operations		0.06			0.46			0.35			0.24
Less distributions from:
Net investment income		(0.29	)		(0.47	)		(0.40	)		(0.17	)
Total distributions		(0.29	)		(0.47	)		(0.40	)		(0.17	)
Net asset value, end of period	$	49.78		$	50.01		$	50.02		$	50.07
Total return		0.10	%d		0.93	%		0.69	%		0.48	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	62,222		$	52,507		$	35,012		$	35,049
Ratio of expenses to average net assetse		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of expenses to average net assets prior to waived feese		n/a			n/a			0.25	%		0.25	%
Ratio of net investment income to average net assetse		1.27	%		0.99	%		0.79	%		0.59	%
Portfolio turnover ratef		87	%d		163	%		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.

42 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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, 2018 (Unaudited)			Year ended Oct. 31, 2017			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	$	50.12		$	50.04		$	49.97		$	50.08		$	49.99
Income from investment operations:
Net investment incomeb		0.47			0.71			0.47			0.24			0.16
Net realized and unrealized gain (loss)c		(0.10	)		0.02			(0.02	)		(0.07	)		0.06
Total from investment operations		0.37			0.73			0.45			0.17			0.22
Less distributions from:
Net investment income		(0.40	)		(0.65	)		(0.38	)		(0.24	)		(0.13	)
Net realized gain		—			—			—			(0.04	)		—
Total distributions		(0.40	)		(0.65	)		(0.38	)		(0.28	)		(0.13	)
Net asset value, end of period	$	50.09		$	50.12		$	50.04		$	49.97		$	50.08
Total return		0.74	%d		1.47	%		0.90	%		0.32	%		0.45	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	325,579		$	187,932		$	25,018		$	12,493		$	15,024
Ratio of expenses to average net assetse		0.08	%		0.09	%		0.18	%		0.18	%		0.18	%
Ratio of net investment income to average net assetse		1.91	%		1.43	%		0.93	%		0.47	%		0.35	%
Portfolio turnover ratef		32	%d		11	%		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.

FINANCIAL HIGHLIGHTS 43

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. Odd lots may trade at lower prices than institutional round lots.

44 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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

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

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

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

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

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

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

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

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.

NOTESTO FINANCIAL STATEMENTS 45

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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, and payment-in-kind interest income, if any are 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, 2018 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		6,750,000		6,750,000		—

^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 prevailing market rates as quoted by one or more data service providers. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

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

46 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2018, 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 for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of April 30, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of April 30, 2018 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received

NOTESTO FINANCIAL STATEMENTS 47

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

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

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of April 30, 2018:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Short Maturity Bond
BNP Paribas Prime Brokerage International Ltd.	$	483,869	$	483,869	$	—
Citigroup Global Markets Inc.		502,280		502,280		—
Credit Suisse Securities (USA) LLC		1,110,248		1,110,248		—
Goldman Sachs & Co.		3,389,490		3,389,490		—
HSBC Securities (USA) Inc.		99,972		99,972		—
JPMorgan Securities LLC		12,889,626		12,889,626		—
Merrill Lynch, Pierce, Fenner & Smith		2,441,120		2,441,120		—
Morgan Stanley & Co. LLC		8,453,578		8,453,578		—
MUFG Securities Americas Inc.		15,969		15,969		—
Wells Fargo Securities LLC		3,198,344		3,198,344		—
	$	32,584,496	$	32,584,496	$	—

^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 Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Funds.

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

48 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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

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

Pursuant to a securities lending agreement, 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, 2018, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Short Maturity Bond	$	15,275

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.

It is possible that, from time to time, BlackRock and/or funds managed by BFA or an affiliate (collectively, “Affiliates”) may purchase and hold shares of a Fund. Affiliates reserve the right, subject to compliance with applicable law, to sell into the market or redeem in Creation Units through an authorized participant at any time some or all of the shares of a Fund acquired for their

NOTESTO FINANCIAL STATEMENTS 49

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

own accounts. A large sale or redemption of shares of a Fund by Affiliates could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund. As of April 30, 2018, the number of affiliated accounts that individually that individually represent more than 10% ownership of a Fund’s total shares outstanding and the aggregate percentage of net assets represented by such holdings were as follows:

iShares ETF	Number of Affiliated Accounts		Aggregate Affiliated Ownership Percentage
Ultra Short-Term Bond		1		13	%

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, 2018 were as follows:

	U.S. Government Obligations				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
Short Maturity Bond	$	27,720,000	$	2,047,879	$	813,088,507	$	587,954,633
Short Maturity Municipal Bond		—		—		45,049,059		44,146,916
Ultra Short-Term Bond		—		500,046		43,167,667		22,689,311

There were no in-kind transactions (see Note 4) for the six months ended April 30, 2018.

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.

50 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

5. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of 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.

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 or economic changes as well as uncertainties in the municipal market related to, government regulation, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues from the project or the assets.

NOTESTO FINANCIAL STATEMENTS 51

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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.

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, 2017, the Funds’ fiscal year end, the following Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
Short Maturity Municipal Bond	$	38,713
Ultra Short-Term Bond		20,828

As of April 30, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Short Maturity Bond	$	3,670,580,632	$	4,219,319	$	(8,444,143	)	$	(4,224,824	)
Short Maturity Municipal Bond		55,552,595		323		(269,654	)		(269,331	)
Ultra Short-Term Bond		360,498,576		148,168		(377,767	)		(229,599	)

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Although the Act does not amend any provisions directly related to the qualification or taxation of regulated investment companies (“RICs”), the Act does change the taxation of entities in which some RICs invest, the tax treatment of income derived from those entities and the taxation of RIC shareholders. While management does not anticipate significant impact to the funds or to their shareholders, there is uncertainty in the application of certain provisions in the Act. Specifically, provisions in the Act may increase the amount of or accelerate the recognition of taxable income and may limit the deductibility of certain expenses by RICs. Until full clarity around these provisions is obtained, the impact on the Funds’ financial statements, if any, cannot be fully determined.

52 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

7. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a putative class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

8. SUBSEQUENT EVENTS

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

NOTESTO FINANCIAL STATEMENTS 53

Supplemental Information (Unaudited)

iSHARES^® U.S. ETF TRUST

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Short Maturity Bond	$	0.421504	$	—	$	0.004044	$	0.425548		99	%		—	%		1	%		100	%
Short Maturity Municipal Bond		0.289140		—		—		0.289140		100			—			—			100
Ultra Short-Term Bond		0.398969		—		0.000770		0.399739		100			—			0	a		100

^a  Rounds to less than 1%.

54 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

GENERAL INFORMATION 55

Notes:

56 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 57

Notes:

58 2018 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”).

©2018 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-1008-0418

APRIL 30, 2018

2018 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	27
General Information	28
Additional Financial Information	29
Schedules of Investments (Unaudited) as of April  30, 2018	30
iShares iBoxx $ High Yield Corporate Bond ETF	30
iShares iBoxx $ Investment Grade Corporate Bond ETF	57
Statements of Assets and Liabilities (Unaudited) as of April 30, 2018	100
Audited Financial Statements as of February  28, 2018	101

Fund Performance Overview

iSHARES^® INTEREST RATE HEDGED HIGH YIELD BOND ETF

Performance as of April 30, 2018

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, 2018, the total return for the Fund was 1.99%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		5.39%		2.69%		5.39%		10.99%
Fund Market		5.39%		2.68%		5.39%		10.95%
Markit iBoxx® USD Liquid High Yield Interest Rate Hedged Index		5.18%		3.36%		5.18%		13.83%

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 (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a,b		Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,019.90	$	0.25	$	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 QUALITY¹

As of 4/30/18

Moody’s Credit Rating ² Percentage of
Total Investments  ³

Baa	0.98	%
Ba	44.50
B	39.82
Caa	12.98
Ca	0.36
Not Rated	1.36
TOTAL	100.00	%

ALLOCATION BY MATURITY¹

As of 4/30/18

Maturity Percentage of
Total Investments  ³

0-1 Year	0.18	%
1-5 Years	40.81
5-10 Years	57.89
10-15 Years	0.66
More than 20 Years	0.46
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, 2018

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, 2018, the total return for the Fund was 1.16%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		4.76%		1.70%		4.76%		6.83%
Fund Market		4.87%		1.71%		4.87%		6.90%
Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Index		5.53%		2.67%		5.53%		10.90%

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 (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a,b		Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,011.60	$	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 QUALITY¹

As of 4/30/18

Moody’s Credit Rating ² Percentage of
Total Investments  ³

Aaa	3.15	%
Aa	7.80
A	40.82
Baa	44.72
Ba	3.10
Not Rated	0.41
TOTAL	100.00	%

ALLOCATION BY MATURITY¹

As of 4/30/18

Maturity Percentage of
Total Investments  ³

1-5 Years	22.94	%
5-10 Years	39.22
10-15 Years	3.57
15-20 Years	7.85
More than 20 Years	26.42
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 2018 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, 2017 and held through April 30, 2018, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 7

Schedule of Investments (Unaudited)

iSHARES^® INTEREST RATE HEDGED HIGH YIELD BOND ETF

April 30, 2018

Security	Shares		Value
INVESTMENT COMPANIES — 98.26%
EXCHANGE-TRADED FUNDS — 98.26%
iShares iBoxx $ High Yield Corporate Bond ETFa,b		3,247,509	$	278,311,521
				278,311,521
TOTAL INVESTMENT COMPANIES
(Cost: $284,281,678)				278,311,521
SHORT-TERM INVESTMENTS — 45.98%
MONEY MARKET FUNDS — 45.98%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.93%b,c,d		128,578,218		128,591,076
BlackRock Cash Funds: Treasury, SL Agency Shares
1.61%b,c		1,646,496		1,646,496
				130,237,572
TOTAL SHORT-TERM INVESTMENTS
(Cost: $130,225,816)				130,237,572

	Value
TOTAL INVESTMENTS IN SECURITIES — 144.24%
(Cost: $414,507,494)	$	408,549,093
Other Assets, Less Liabilities — (44.24)%		(125,306,704	)
NET ASSETS — 100.00%	$	283,242,389

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

^b  Affiliate of the Fund.

^c  Annualized 7-day yield as of period end.

^d  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 10/31/17		Shares purchased			Shares sold			Shares held at 04/30/18		Value at 04/30/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		45,737,039		82,841,179	b		—			128,578,218	$	128,591,076	$	613,878	c	$	(17,040	)	$	11,756
BlackRock Cash Funds: Treasury, SL Agency Shares		1,161,712		484,784	b		—			1,646,496		1,646,496		17,276			—			—
iShares iBoxx $ High Yield Corporate Bond ETF		1,526,823		1,924,262			(203,576	)		3,247,509		278,311,521		4,700,833			194,924			(6,422,372	)
											$	408,549,093	$	5,331,987		$	177,884		$	(6,410,616	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

8 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED HIGH YIELD BOND ETF

April 30, 2018

Swaps Contracts (Note 5)

Centrally cleared short interest rate swaps outstanding as of April 30, 2018 were as follows:

Paid by the Fund			Received by the Fund					Termination Date		Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency		Ratea			Frequency
1.33%		Semi-annual		2.36	%		Quarterly		12/09/2018	$	(107,543	)	$	696,310	$	342,637	$	353,673
2.17%		Semi-annual		2.36	%		Quarterly		01/12/2020		(52,100	)		455,387		225,770		229,617
1.82%		Semi-annual		2.36	%		Quarterly		12/09/2021		(84,250	)		3,040,959		504,420		2,536,539
2.38%		Semi-annual		2.36	%		Quarterly		01/12/2023		(36,491	)		855,429		414,583		440,845
2.46%		Semi-annual		2.36	%		Quarterly		01/12/2025		(47,851	)		1,437,991		428,527		1,009,464
1.44%		Semi-annual		2.36	%		Quarterly		12/08/2026		(6,000	)		710,219		663,186		47,033
2.23%		Semi-annual		2.36	%		Quarterly		12/09/2026		(23,875	)		1,372,347		264,193		1,108,155
													$	8,568,642	$	2,843,316	$	5,725,326

^a  Represents 3-month LIBOR. Rate shown is the rate in effect as of period-end.

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, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Investment companies	$	278,311,521	$	—	$	—	$	278,311,521
Money market funds		130,237,572		—		—		130,237,572
Total	$	408,549,093	$	—	$	—	$	408,549,093
Derivative financial instrumentsa
Assets
Centrally cleared interest rate swaps	$	—	$	5,725,326	$	—	$	5,725,326
Total	$	—	$	5,725,326	$	—	$	5,725,326

^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, 2018

Security	Shares		Value
INVESTMENT COMPANIES — 96.17%
EXCHANGE-TRADED FUNDS — 96.17%
iShares iBoxx $ Investment Grade Corporate Bond ETFa,b		1,770,835	$	204,035,609
				204,035,609
TOTAL INVESTMENT COMPANIES
(Cost: $208,101,097)				204,035,609
SHORT-TERM INVESTMENTS — 22.58%
MONEY MARKET FUNDS — 22.58%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.93%b,c,d		45,526,496		45,531,049
BlackRock Cash Funds: Treasury, SL Agency Shares
1.61%b,c		2,383,887		2,383,887
				47,914,936
TOTAL SHORT-TERM INVESTMENTS
(Cost: $47,910,393)				47,914,936

	Value
TOTAL INVESTMENTS IN SECURITIES — 118.75%
(Cost: $256,011,490)	$	251,950,545
Other Assets, Less Liabilities — (18.75)%		(39,773,627	)
NET ASSETS — 100.00%	$	212,176,918

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

^b  Affiliate of the Fund.

^c  Annualized 7-day yield as of period end.

^d  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 10/31/17		Shares purchased			Shares sold			Shares held at 04/30/18		Value at 04/30/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		32,012,834		13,513,662	b		—			45,526,496	$	45,531,049	$	39,758	c	$	(2,996	)	$	7,690
BlackRock Cash Funds: Treasury, SL Agency Shares		282,604		2,101,283	b		—			2,383,887		2,383,887		8,427			—			—
iShares iBoxx $ Investment Grade Corporate Bond ETF		617,766		1,203,946			(50,877	)		1,770,835		204,035,609		1,325,439			152,604			(5,901,534	)
											$	251,950,545	$	1,373,624		$	149,608		$	(5,893,844	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

10 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED CORPORATE BOND ETF

April 30, 2018

Swaps Contracts

Centrally cleared short interest rate swaps outstanding as of April 30, 2018 were as follows:

Paid by the Fund			Received by the Fund					Termination Date		Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate a			Frequency
1.01%		Semi-annual		2.36	%		Quarterly		12/08/2018	$	(8,470	)	$	71,313	$	28,398	$	42,914
1.17%		Semi-annual		2.36	%		Quarterly		12/08/2021		(62,103	)		3,628,761		2,169,664		1,459,096
2.38%		Semi-annual		2.36	%		Quarterly		01/12/2023		(16,450	)		385,624		308,410		77,214
2.46%		Semi-annual		2.36	%		Quarterly		01/12/2025		(31,660	)		951,428		712,725		238,704
1.44%		Semi-annual		2.36	%		Quarterly		12/08/2026		(49,890	)		5,905,467		3,953,604		1,951,863
1.70%		Semi-annual		2.36	%		Quarterly		12/08/2036		(13,500	)		2,697,396		1,193,791		1,503,604
2.34%		Semi-annual		2.36	%		Quarterly		12/08/2036		(24,215	)		2,574,811		2,192,055		382,757
1.77%		Semi-annual		2.36	%		Quarterly		12/08/2046		(24,291	)		6,187,291		5,237,424		949,867
													$	22,402,091	$	15,796,071	$	6,606,019

^a  Represents 3-month LIBOR. Rate shown is the rate in effect as of period-end.

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, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Investment companies	$	204,035,609	$	—	$	—	$	204,035,609
Money market funds		47,914,936		—		—		47,914,936
Total	$	251,950,545	$	—	$	—	$	251,950,545
Derivative financial instrumentsa
Assets
Centrally cleared interest rate swaps	$	—	$	6,606,019	$	—	$	6,606,019
Total	$	—	$	6,606,019	$	—	$	6,606,019

^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, 2018

	iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF
ASSETS
Investments in securities, at cost:
Affiliated (Note 2)	$	414,507,494		$	256,011,490
Total cost of investments in securities	$	414,507,494		$	256,011,490
Investments in securities, at fair value (including securities on loana) (Note 1):
Affiliated (Note 2)	$	408,549,093		$	251,950,545
Cash pledged for centrally cleared swaps		3,199,000			6,050,000
Receivables:
Dividends		183,153			21,565
Total Assets		411,931,246			258,022,110
LIABILITIES
Payables:
Collateral for securities on loan (Note 1)		128,607,599			45,526,370
Investment advisory fees (Note 2)		11,452			15,373
Variation margin on centrally cleared swaps		69,806			303,449
Total Liabilities		128,688,857			45,845,192
NET ASSETS	$	283,242,389		$	212,176,918
Net assets consist of:
Paid-in capital	$	284,523,767		$	211,784,210
Undistributed net investment income		577,038			169,689
Accumulated net realized loss		(1,625,341	)		(2,322,055	)
Net unrealized appreciation (depreciation)		(233,075	)		2,545,074
NET ASSETS	$	283,242,389		$	212,176,918
Shares outstandingb		3,100,000			2,200,000
Net asset value per share	$	91.37		$	96.44

^a  Securities on loan with values of $125,720,101 and $44,553,155, respectively. See Note 1.

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

See notes to financial statements.

12 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations (Unaudited)

iSHARES^® U.S. ETF TRUST

Six months ended April 30, 2018

	iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Corporate Bond ETF
NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	4,718,109		$	1,333,866
Securities lending income — affiliated — net (Note 2)		613,878			39,758
Total investment income		5,331,987			1,373,624
EXPENSES
Investment advisory fees (Note 2)		666,668			152,099
Proxy fees		24			7
Total expenses		666,692			152,106
Less investment advisory fees waived (Note 2)		(615,410	)		(101,406	)
Net expenses		51,282			50,700
Net investment income		5,280,705			1,322,924
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated (Note 2)		(17,040	)		(32,544	)
In-kind redemptions — affiliated (Note 2)		194,924			182,152
Swap agreements		(271,023	)		27,645
Net realized gain (loss)		(93,139	)		177,253
Net change in unrealized appreciation/depreciation on:
Investments — affiliated (Note 2)		(6,410,616	)		(5,893,844	)
Swap agreements		5,214,023			4,618,180
Net change in unrealized appreciation/depreciation		(1,196,593	)		(1,275,664	)
Net realized and unrealized loss		(1,289,732	)		(1,098,411	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,990,973		$	224,513

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, 2018 (Unaudited)			Year ended October 31, 2017			Six months ended April 30, 2018 (Unaudited)			Year ended October 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	5,280,705		$	9,097,978		$	1,322,924		$	1,780,775
Net realized gain (loss)		(93,139	)		2,697,589			177,253			(208,187	)
Net change in unrealized appreciation/depreciation		(1,196,593	)		3,509,059			(1,275,664	)		2,453,218
Net increase in net assets resulting from operations		3,990,973			15,304,626			224,513			4,025,806
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(4,703,667	)		(8,196,203	)		(1,153,235	)		(1,459,798	)
Total distributions to shareholders		(4,703,667	)		(8,196,203	)		(1,153,235	)		(1,459,798	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		164,465,162			231,902,853			140,660,306			42,356,829
Cost of shares redeemed		(18,180,166	)		(131,936,890	)		(4,849,175	)		—
Net increase in net assets fromcapital share transactions		146,284,996			99,965,963			135,811,131			42,356,829
INCREASE IN NET ASSETS		145,572,302			107,074,386			134,882,409			44,922,837
NET ASSETS
Beginning of period		137,670,087			30,595,701			77,294,509			32,371,672
End of period	$	283,242,389		$	137,670,087		$	212,176,918		$	77,294,509
Undistributed net investment income included in net assets at end of period	$	577,038		$	—		$	169,689		$	—
SHARES ISSUED AND REDEEMED
Shares sold		1,800,000			2,600,000			1,450,000			450,000
Shares redeemed		(200,000	)		(1,450,000	)		(50,000	)		—
Net increase in shares outstanding		1,600,000			1,150,000			1,400,000			450,000

See notes to financial statements.

14 2018 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, 2018 (Unaudited)			Year ended Oct. 31, 2017			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	$	91.78		$	87.42		$	87.66		$	96.93		$	100.10
Income from investment operations:
Net investment incomeb		2.33			4.57			4.86			4.80			1.86
Net realized and unrealized gain (loss)c		(0.53	)		4.21			(0.94	)		(9.29	)		(2.87	)
Total from investment operations		1.80			8.78			3.92			(4.49	)		(1.01	)
Less distributions from:
Net investment income		(2.21	)		(4.42	)		(4.16	)		(4.74	)		(2.15	)
Return of capital		—			—			—			(0.04	)		(0.01	)
Total distributions		(2.21	)		(4.42	)		(4.16	)		(4.78	)		(2.16	)
Net asset value, end of period	$	91.37		$	91.78		$	87.42		$	87.66		$	96.93
Total return		1.99	%d		10.26	%		4.73	%		(4.77	)%		(1.03	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	283,242		$	137,670		$	30,596		$	48,215		$	43,619
Ratio of expenses to average net assetse,f		0.05	%		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	%		0.65	%
Ratio of net investment income to average net assetse		5.15	%		5.04	%		5.78	%		5.21	%		4.41	%
Portfolio turnover rateg,h		0	%d		0	%		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, 2018 (Unaudited)			Year ended Oct. 31, 2017			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	$	96.62		$	92.49		$	92.13		$	97.95		$	100.32
Income from investment operations:
Net investment incomeb		1.25			2.76			2.74			2.95			1.32
Net realized and unrealized gain (loss)c		(0.15	)		3.73			(0.29	)		(5.82	)		(2.36	)
Total from investment operations		1.10			6.49			2.45			(2.87	)		(1.04	)
Less distributions from:
Net investment income		(1.28	)		(2.36	)		(2.09	)		(2.81	)		(1.32	)
Return of capital		—			—			—			(0.14	)		(0.01	)
Total distributions		(1.28	)		(2.36	)		(2.09	)		(2.95	)		(1.33	)
Net asset value, end of period	$	96.44		$	96.62		$	92.49		$	92.13		$	97.95
Total return		1.16	%d		7.11	%		2.70	%		(2.97	)%		(1.05	)%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	212,177		$	77,295		$	32,372		$	18,427		$	9,795
Ratio of expenses to average net assetse,f		0.10	%		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	%		0.30	%
Ratio of net investment income to average net assetse		2.61	%		2.91	%		3.01	%		3.12	%		3.09	%
Portfolio turnover rateg,h		2	%d		0	%i		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.

ⁱ  Rounds to less than 1%.

See notes to financial statements.

16 2018 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 ETF	Diversified
Interest Rate Hedged Corporate Bond ETF	Diversified

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an exchange-traded fund of iShares Trust (an “underlying fund”), an affiliate of the Funds. The financial statements and schedules of investments for the underlying 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. The level of a value determined for a financial instrument within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and is not necessarily an indication of the risk associated with investing in the instrument. The three levels of the fair value hierarchy are as follows:

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

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

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

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 transparency of the financial instruments and are not necessarily an indication of the risks associated with investing in those securities.

18 2018 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. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on the ex-dividend date. Interest income is accrued daily.

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of April 30, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of April 30, 2018 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (“MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, a Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount

NOTESTO FINANCIAL STATEMENTS 19

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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, 2018:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Interest Rate Hedged High Yield Bond
Citigroup Global Markets Inc.	$	2,606,737	$	2,606,737	$	—
JPMorgan Securities LLC		67,795,128		67,795,128		—
Wells Fargo Securities LLC		55,318,236		55,318,236		—
	$	125,720,101	$	125,720,101	$	—
Interest Rate Hedged Corporate Bond
Merrill Lynch, Pierce, Fenner & Smith	$	30,978,856	$	30,978,856	$	—
SG Americas Securities LLC		13,574,299		13,574,299		—
	$	44,553,155	$	44,553,155	$	—

^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.

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, a fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses is a fund’s total annual operating expenses. BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s 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 waive a portion of its investment advisory fee for the Fund through February 28, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD”), after taking into account any fee waivers by LQD, plus 0.10%.

20 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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

Pursuant to a securities lending agreement, 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, 2018, 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	$	166,161
Interest Rate Hedged Corporate Bond		14,735

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.

It is possible that, from time to time, BlackRock and/or funds managed by BFA or an affiliate (collectively, “Affiliates”) may purchase and hold shares of a Fund. Affiliates reserve the right, subject to compliance with applicable law, to sell into the market or redeem in Creation Units through an authorized participant at any time some or all of the shares of a Fund acquired for their own accounts. A large sale or redemption of shares of a Fund by Affiliates could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund. As of April 30, 2018, the number of affiliated accounts that individually that individually represent more than 10% ownership of a Fund’s total shares outstanding and the aggregate percentage of net assets represented by such holdings were as follows:

iShares ETF	Number of Affiliated Accounts		Aggregate Affiliated Ownership Percentage
Interest Rate Hedged High Yield Bond		1		27	%

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, 2018 were as follows:

iShares ETF	Purchases		Sales
Interest Rate Hedged High Yield Bond	$	7,182,822	$	—
Interest Rate Hedged Corporate Bond		6,032,541		1,513,179

In-kind transactions (see Note 4) for the six months ended April 30, 2018 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Interest Rate Hedged High Yield Bond	$	160,074,221	$	17,796,105
Interest Rate Hedged Corporate Bond		135,030,155		4,601,152

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 by each Fund to mitigate the potential impact of interest rates on the performance of the bonds held by the Fund or its underlying fund. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Interest rate swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). Swap agreements are privately negotiated in the over-the-counter market. Each Fund enters into centrally cleared interest rate swaps.

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

22 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

receipts are disclosed as upfront premiums paid and upfront premiums received in the schedule of investments and represent compensating factors between the stated terms of the swap agreement and prevailing market conditions (interest rate spreads and other relevant factors), at the time the swap was entered into by the Fund. These upfront payments and receipts are amortized over the term of the contract as a realized gain (loss) in the statement of the 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, 2018 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 appreciation (depreciation)a	$	5,725,326	$	6,606,019

^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, 2018 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	$	(271,023	)	$	27,645
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	$	5,214,023		$	4,618,180

NOTESTO FINANCIAL STATEMENTS 23

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

The following table shows the average quarter-end balances of open interest rate swaps for the six months ended April, 30, 2018:

	iShares Interest Rate Hedged High Yield Bond ETF		iShares Interest Rate Hedged Corporate Bond ETF
Average notional value – pays fixed rate	$	253,351,667	$	139,461,000

6. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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 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

24 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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

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

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

As of October 31, 2017, 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	$	1,500,936
Interest Rate Hedged Corporate Bond		2,498,799

As of April 30, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Interest Rate Hedged High Yield Bond	$	414,538,760	$	5,737,081	$	(6,001,422	)	$	(264,341	)
Interest Rate Hedged Corporate Bond		256,011,999		6,610,563		(4,065,998	)		2,544,565

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Although the Act does not amend any provisions directly related to the qualification or taxation of regulated investment companies (“RICs”), the Act does change the taxation of entities in which some RICs invest, the tax treatment of income derived from those entities and the taxation of RIC shareholders. While management does not anticipate significant impact to the funds or to their shareholders, there is uncertainty in the application of certain provisions in the Act. Specifically, provisions in the Act may increase the amount of or accelerate the recognition of taxable income and may limit the deductibility of certain expenses by RICs. Until full clarity around these provisions is obtained, the impact on the Funds’ financial statements, if any, cannot be fully determined.

8. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a putative class action lawsuit against

NOTESTO FINANCIAL STATEMENTS 25

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

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.

��

26 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® U.S. ETF TRUST

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Interest Rate Hedged High Yield Bond	$	2.211832	$	—	$	—	$	2.211832		100	%		—	%		—	%		100	%
Interest Rate Hedged Corporate Bond		1.283714		—		—		1.283714		100			—			—			100

SUPPLEMENTAL INFORMATION 27

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

28 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Additional Financial Information

Schedules of Investments (Unaudited)

April 30, 2018

Statements of Assets and Liabilities (Unaudited)

April 30, 2018

Audited Financial Statements

February 28, 2018

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, 2018

Security	Principal or Shares (000s)		Value
COMMON STOCKS — 0.05%
OIL & GAS SERVICES — 0.05%
CGG SAa
	$	3,296	$	8,044,414
				8,044,414
TOTAL COMMON STOCKS
(Cost: $6,410,677)				8,044,414
CORPORATE BONDS & NOTES — 96.79%
ADVERTISING — 0.33%
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/31/18)b		9,779		9,889,013
5.38%, 01/15/24 (Call 01/15/19)b		7,174		7,339,002
5.75%, 02/01/26 (Call 02/01/21)b		7,176		7,385,300
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 02/15/22 (Call 05/31/18)		8,440		8,557,009
5.63%, 02/15/24 (Call 02/15/19)		8,331		8,419,725
5.88%, 03/15/25 (Call 09/15/19)b		7,569		7,717,541
				49,307,590
AEROSPACE & DEFENSE — 1.25%
Arconic Inc.
5.13%, 10/01/24 (Call 07/01/24)b		22,670		22,910,755
5.40%, 04/15/21 (Call 01/15/21)		21,302		21,912,302
5.87%, 02/23/22b		10,753		11,263,768
6.15%, 08/15/20b		20,943		21,951,485
KLX Inc.
5.88%, 12/01/22 (Call 05/31/18)b,c		19,141		19,978,419
TransDigm Inc.
5.50%, 10/15/20 (Call 05/31/18)b		9,772		9,820,860
6.00%, 07/15/22 (Call 05/31/18)b		18,605		18,895,703
6.38%, 06/15/26 (Call 06/15/21)b		17,621		17,720,118
6.50%, 07/15/24 (Call 07/15/19)b		20,983		21,402,660
6.50%, 05/15/25 (Call 05/15/20)b		13,291		13,498,672
Triumph Group Inc.
7.75%, 08/15/25 (Call 08/15/20)b		8,649		8,871,712
				188,226,454

Security	Principal or Shares (000s)		Value
AIRLINES — 0.25%
Air Canada
7.75%, 04/15/21c	$	6,409	$	7,013,225
American Airlines Group Inc.
4.63%, 03/01/20c		10,338		10,383,165
5.50%, 10/01/19c		12,034		12,265,654
United Continental Holdings Inc.
4.25%, 10/01/22b		7,501		7,333,513
				36,995,557
APPAREL — 0.20%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)b,c		13,919		13,451,409
4.88%, 05/15/26 (Call 02/15/26)b,c		16,984		16,361,061
				29,812,470
AUTO MANUFACTURERS — 0.87%
Fiat Chrysler Automobiles NV
4.50%, 04/15/20		24,506		24,824,987
5.25%, 04/15/23b		26,584		27,582,756
Jaguar Land Rover Automotive PLC
3.50%, 03/15/20 (Call 12/15/19)b,c		7,880		7,837,054
4.13%, 12/15/18c		1,111		1,113,639
4.25%, 11/15/19b,c		7,634		7,655,798
4.50%, 10/01/27 (Call 07/01/27)c		8,272		7,455,255
5.63%, 02/01/23 (Call 05/31/18)b,c		8,060		8,151,395
Navistar International Corp.
6.63%, 11/01/25 (Call 11/01/20)b,c		17,878		18,575,739
Tesla Inc.
5.30%, 08/15/25 (Call 08/15/20)b,c		31,347		27,742,095
				130,938,718
AUTO PARTS & EQUIPMENT — 0.81%
Allison Transmission Inc.
4.75%, 10/01/27 (Call 10/01/22)b,c		7,114		6,678,445
5.00%, 10/01/24 (Call 10/01/19)b,c		18,182		17,824,464
American Axle & Manufacturing Inc.
6.25%, 04/01/25 (Call 04/01/20)b		11,482		11,446,119
6.25%, 03/15/26 (Call 03/15/21)b		7,382		7,298,952
6.50%, 04/01/27 (Call 04/01/22)b		9,164		9,104,542
6.63%, 10/15/22 (Call 05/31/18)b		9,229		9,522,796
Dana Financing Luxembourg Sarl
5.75%, 04/15/25 (Call 04/15/20)b,c		5,497		5,566,117
Dana Inc.
5.50%, 12/15/24 (Call 12/15/19)b		6,309		6,386,285

30 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)b	$	12,690	$	11,888,944
5.00%, 05/31/26 (Call 05/31/21)b		15,524		14,772,595
5.13%, 11/15/23 (Call 11/15/18)b		18,054		17,990,811
ZF North America Capital Inc.
4.00%, 04/29/20b,c		1,240		1,249,300
4.50%, 04/29/22c		1,429		1,458,294
4.75%, 04/29/25c		1,481		1,508,769
				122,696,433
BANKS — 1.93%
BPCE SA
12.50%, (Call 09/30/19)b,c,d,e,f		8,109		9,041,724
CIT Group Inc.
3.88%, 02/19/19b		3,696		3,705,478
4.13%, 03/09/21 (Call 02/09/21)b		1,961		1,962,780
5.00%, 08/15/22		20,767		21,208,299
5.00%, 08/01/23b		13,377		13,627,819
5.25%, 03/07/25 (Call 12/07/24)b		8,647		8,830,749
5.38%, 05/15/20		8,048		8,307,324
6.13%, 03/09/28b		7,583		7,848,405
Deutsche Bank AG
4.30%, 05/24/28 (Call 05/24/23)e,f		25,136		23,975,757
Deutsche Bank AG/New York NY
4.88%, 12/01/32 (Call 12/01/27)e,f		18,015		16,573,182
Fifth Third Bancorp.
5.10%, (Call 06/30/23)b,d,ef		10,069		9,904,012
Freedom Mortgage Corp.
8.13%, 11/15/24 (Call 11/15/20)c		2,718		2,714,603
8.25%, 04/15/25 (Call 04/15/21)c		8,055		8,065,069
Royal Bank of Scotland Group PLC
5.13%, 05/28/24b		37,881		38,507,525
6.00%, 12/19/23b		34,602		36,678,220
6.10%, 06/10/23b		19,514		20,715,383
6.13%, 12/15/22b		38,851		41,136,977
UniCredit SpA
5.86%, 06/19/32 (Call 06/19/27)c,e,f		17,466		17,429,147
				290,232,453
BUILDING MATERIALS — 0.58%
Griffon Corp.
5.25%, 03/01/22 (Call 05/31/18)b		16,613		16,608,016
Standard Industries Inc./NJ
4.75%, 01/15/28 (Call 01/15/23)c		17,817		16,593,672

Security	Principal or Shares (000s)		Value
5.00%, 02/15/27 (Call 02/15/22)c	$	9,746	$	9,371,154
5.38%, 11/15/24 (Call 11/15/19)c		17,900		18,134,938
5.50%, 02/15/23 (Call 02/15/19)b,c		7,468		7,697,486
6.00%, 10/15/25 (Call 10/15/20)b,c		17,560		18,218,500
				86,623,766
CHEMICALS — 2.01%
Ashland LLC
4.75%, 08/15/22 (Call 05/15/22)b		19,528		19,699,184
Blue Cube Spinco Inc.
9.75%, 10/15/23 (Call 10/15/20)		11,654		13,368,109
10.00%, 10/15/25 (Call 10/15/20)b		9,231		10,823,347
CF Industries Inc.
3.45%, 06/01/23b		12,902		12,216,581
7.13%, 05/01/20		8,317		8,868,001
Chemours Co. (The)
5.38%, 05/15/27 (Call 02/15/27)b		8,584		8,498,160
6.63%, 05/15/23 (Call 05/31/18)		19,517		20,517,246
7.00%, 05/15/25 (Call 05/15/20)b		12,942		13,917,554
Hexion Inc.
6.63%, 04/15/20 (Call 05/31/18)b		27,045		25,388,494
10.38%, 02/01/22 (Call 02/01/19)c		9,189		8,936,303
Hexion Inc./Hexion Nova Scotia Finance ULC
9.00%, 11/15/20 (Call 05/31/18)b		10,742		8,432,470
Huntsman International LLC
4.88%, 11/15/20 (Call 08/15/20)		11,298		11,523,960
5.13%, 11/15/22 (Call 08/15/22)		6,311		6,531,885
NOVA Chemicals Corp.
4.88%, 06/01/24 (Call 03/03/24)b,c		17,396		16,835,457
5.00%, 05/01/25 (Call 01/31/25)b,c		9,927		9,566,881
5.25%, 08/01/23 (Call 08/01/18)b,c		8,094		8,104,712
5.25%, 06/01/27 (Call 03/03/27)c		18,150		17,463,930
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)b		9,810		9,323,588
5.13%, 09/15/27 (Call 03/15/22)		9,330		9,143,400
Platform Specialty Products Corp.
5.88%, 12/01/25 (Call 12/01/20)b,c		13,485		13,134,568
6.50%, 02/01/22 (Call 05/31/18)b,c		18,566		18,968,929

SCHEDULESOF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
Tronox Finance PLC
5.75%, 10/01/25 (Call 10/01/20)b,c	$	8,574	$	8,316,780
Tronox Inc.
6.50%, 04/15/26 (Call 04/15/21)c		10,454		10,366,654
WR Grace & Co.-Conn
5.13%, 10/01/21b,c		11,979		12,353,344
				302,299,537
COAL — 0.15%
Murray Energy Corp.
11.25%, 04/15/21 (Call 05/31/18)c		15,592		6,782,520
Peabody Energy Corp.
6.00%, 03/31/22 (Call 03/31/19)c		7,170		7,365,024
6.38%, 03/31/25 (Call 03/31/20)b,c		7,450		7,766,625
				21,914,169
COMMERCIAL SERVICES — 3.36%
ADT Corp. (The)
3.50%, 07/15/22		17,471		16,290,928
4.13%, 06/15/23		12,444		11,681,805
6.25%, 10/15/21		17,587		18,378,415
APX Group Inc.
7.63%, 09/01/23 (Call 09/01/19)b		6,796		6,329,238
7.88%, 12/01/22 (Call 12/01/18)		16,741		16,933,990
8.75%, 12/01/20 (Call 05/31/18)b		16,257		16,033,466
Ashtead Capital Inc.
4.13%, 08/15/25 (Call 08/15/20)b,c		9,221		8,749,961
4.38%, 08/15/27 (Call 08/15/22)b,c		10,759		10,126,909
5.63%, 10/01/24 (Call 10/01/19)b,c		6,641		6,873,435
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.13%, 06/01/22 (Call 05/31/18)b,c		5,518		5,484,991
5.50%, 04/01/23 (Call 05/31/18)b		12,555		12,429,450
Hertz Corp. (The)
5.50%, 10/15/24 (Call 10/15/19)b,c		12,602		10,527,592

Security	Principal or Shares (000s)		Value
5.88%, 10/15/20 (Call 05/31/18)b	$	12,279	$	12,171,559
6.25%, 10/15/22 (Call 05/31/18)b		8,905		8,383,390
7.38%, 01/15/21 (Call 05/31/18)b		8,798		8,720,973
7.63%, 06/01/22 (Call 06/01/19)b,c		20,507		20,868,889
Jaguar Holding Co. II/Pharmaceutical Product Development LLC
6.38%, 08/01/23 (Call 08/01/18)b,c		17,472		17,738,649
Nielsen Co. Luxembourg Sarl (The)
5.00%, 02/01/25 (Call 02/01/20)b,c		9,492		9,349,620
5.50%, 10/01/21 (Call 05/31/18)b,c		10,873		11,022,504
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 05/31/18)b		14,533		14,551,748
5.00%, 04/15/22 (Call 05/31/18)b,c		39,240		39,485,250
Prime Security Services Borrower LLC/Prime Finance Inc.
9.25%, 05/15/23 (Call 05/15/19)b,c		45,735		49,058,412
RR Donnelley & Sons Co.
6.00%, 04/01/24b		315		307,125
7.88%, 03/15/21		8,245		8,618,724
Service Corp. International/U.S.
4.63%, 12/15/27 (Call 12/15/22)b		8,223		7,994,298
5.38%, 01/15/22 (Call 05/31/18)b		5,793		5,885,326
5.38%, 05/15/24 (Call 05/15/19)		15,311		15,712,914
ServiceMaster Co. LLC (The)
5.13%, 11/15/24 (Call 11/15/19)b,c		13,165		12,822,710
United Rentals North America Inc.
4.63%, 07/15/23 (Call 07/15/18)b		17,248		17,474,380

32 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
4.63%, 10/15/25 (Call 10/15/20)b	$	13,465	$	13,086,364
4.88%, 01/15/28 (Call 01/15/23)		29,605		27,970,558
5.50%, 07/15/25 (Call 07/15/20)b		13,940		14,270,099
5.50%, 05/15/27 (Call 05/15/22)		17,998		17,905,199
5.75%, 11/15/24 (Call 05/15/19)		14,902		15,404,942
5.88%, 09/15/26 (Call 09/15/21)b		16,882		17,543,626
				506,187,439
COMPUTERS — 1.78%
Dell Inc.
4.63%, 04/01/21b		5,227		5,282,056
5.88%, 06/15/19b		8,224		8,413,152
Dell International LLC/EMC Corp.
5.88%, 06/15/21 (Call 06/15/18)b,c		27,424		28,212,440
7.13%, 06/15/24 (Call 06/15/19)b,c		29,227		31,126,755
EMC Corp.
2.65%, 06/01/20		34,416		33,370,614
3.38%, 06/01/23 (Call 03/01/23)		16,870		15,715,055
Exela Intermediate LLC/Exela Finance Inc.
10.00%, 07/15/23 (Call 07/15/20)b,c		16,557		16,577,274
Harland Clarke Holdings Corp.
8.38%, 08/15/22 (Call 02/15/19)b,c		14,159		14,464,126
9.25%, 03/01/21 (Call 05/31/18)b,c		13,061		13,452,830
Leidos Holdings Inc.
4.45%, 12/01/20 (Call 09/01/20)b		5,809		5,834,414
NCR Corp.
4.63%, 02/15/21 (Call 05/31/18)b		8,185		8,154,306
5.00%, 07/15/22 (Call 05/31/18)b		9,547		9,495,856
5.88%, 12/15/21 (Call 05/31/18)b		7,270		7,408,130
6.38%, 12/15/23 (Call 12/15/18)b		11,408		11,800,150

Security	Principal or Shares (000s)		Value
West Corp.
8.50%, 10/15/25 (Call 10/15/20)b,c	$	18,938	$	18,322,515
Western Digital Corp.
4.75%, 02/15/26 (Call 11/15/25)b		40,394		39,838,583
				267,468,256
COSMETICS & PERSONAL CARE — 0.37%
Avon International Operations Inc.
7.88%, 08/15/22 (Call 08/15/19)c		8,893		9,054,186
Avon Products Inc.
6.35%, 03/15/20b		7,232		7,304,320
7.00%, 03/15/23b		8,864		8,154,880
Edgewell Personal Care Co.
4.70%, 05/19/21b		9,200		9,073,500
4.70%, 05/24/22b		7,511		7,320,220
First Quality Finance Co. Inc.
4.63%, 05/15/21 (Call 05/31/18)b,c		9,326		9,256,055
5.00%, 07/01/25 (Call 07/01/20)b,c		5,709		5,480,640
				55,643,801
DISTRIBUTION & WHOLESALE — 0.12%
HD Supply Inc.
5.75%, 04/15/24 (Call 04/15/19)b,c		16,618		17,437,751
				17,437,751
DIVERSIFIED FINANCIAL SERVICES — 3.53%
Aircastle Ltd.
4.13%, 05/01/24 (Call 02/01/24)b		9,226		9,029,947
5.00%, 04/01/23b		8,730		8,948,250
5.13%, 03/15/21b		8,754		8,980,184
5.50%, 02/15/22		7,825		8,132,566
6.25%, 12/01/19b		7,811		8,123,440
Ally Financial Inc.
3.75%, 11/18/19b		12,255		12,286,863
4.13%, 03/30/20b		11,357		11,413,785
4.13%, 02/13/22b		11,410		11,356,516
4.25%, 04/15/21b		8,458		8,500,290
4.63%, 05/19/22b		8,410		8,485,129
4.63%, 03/30/25b		7,367		7,318,048

SCHEDULESOF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
5.13%, 09/30/24	$	11,614	$	11,914,709
5.75%, 11/20/25 (Call 10/20/25)b		19,035		19,699,794
7.50%, 09/15/20b		10,011		10,817,495
8.00%, 12/31/18b		9		9,270
8.00%, 03/15/20b		21,126		22,761,294
Jefferies Finance LLC/JFIN Co-Issuer Corp.
6.88%, 04/15/22 (Call 05/31/18)b,c		6,879		6,861,803
7.25%, 08/15/24 (Call 08/15/20)b,c		7,244		7,176,993
7.38%, 04/01/20 (Call 05/31/18)b,c		9,649		9,731,016
7.50%, 04/15/21 (Call 05/31/18)b,c		7,194		7,301,910
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
5.25%, 03/15/22 (Call 09/15/21)b,c		9,048		9,039,983
5.25%, 10/01/25 (Call 10/01/20)b,c		7,058		6,722,745
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 07/01/21 (Call 05/31/18)		10,337		10,483,334
7.88%, 10/01/20 (Call 05/31/18)		6,261		6,363,412
Navient Corp.
4.88%, 06/17/19b		13,872		13,970,260
5.00%, 10/26/20b		8,552		8,586,742
5.50%, 01/25/23b		18,294		18,014,102
5.88%, 03/25/21b		11,308		11,576,565
5.88%, 10/25/24b		9,265		9,091,281
6.13%, 03/25/24b		15,100		15,094,919
6.50%, 06/15/22		17,256		17,730,540
6.63%, 07/26/21b		13,774		14,290,525
6.75%, 06/25/25b		8,035		8,126,982
7.25%, 01/25/22b		12,439		13,169,791
7.25%, 09/25/23b		9,395		9,826,708
8.00%, 03/25/20b		25,294		26,938,110
Quicken Loans Inc.
5.25%, 01/15/28 (Call 01/15/23)b,c		18,391		16,827,765

Security	Principal or Shares (000s)		Value
5.75%, 05/01/25 (Call 05/01/20)b,c	$	21,425	$	21,055,299
Springleaf Finance Corp.
5.25%, 12/15/19		10,517		10,674,545
5.63%, 03/15/23b		16,666		16,624,972
6.13%, 05/15/22b		16,236		16,641,958
6.88%, 03/15/25b		21,836		22,054,360
7.75%, 10/01/21b		10,169		11,071,499
8.25%, 12/15/20b		17,411		19,069,709
				531,895,408
ELECTRIC — 2.74%
AES Corp./VA
4.00%, 03/15/21b		7,014		7,042,407
4.50%, 03/15/23 (Call 03/15/20)		8,573		8,615,865
4.88%, 05/15/23 (Call 05/31/18)b		12,315		12,391,969
5.13%, 09/01/27 (Call 09/01/22)b		9,928		10,058,869
5.50%, 04/15/25 (Call 04/15/20)b		8,834		9,018,814
6.00%, 05/15/26 (Call 05/15/21)b		7,257		7,574,051
Calpine Corp.
5.25%, 06/01/26 (Call 06/01/21)b,c		19,522		18,704,516
5.38%, 01/15/23 (Call 10/15/18)b		20,902		20,002,616
5.50%, 02/01/24 (Call 02/01/19)b		12,130		11,126,748
5.75%, 01/15/25 (Call 10/15/19)b		27,424		25,066,584
5.88%, 01/15/24 (Call 11/01/18)b,c		9,871		9,943,491
6.00%, 01/15/22 (Call 05/31/18)b,c		13,261		13,483,122
DPL Inc.
7.25%, 10/15/21 (Call 07/15/21)		11,323		12,314,895
Enel SpA
8.75%, 09/24/73 (Call 09/24/23)b,c,e,f		1,121		1,325,583
IPALCO Enterprises Inc.
3.45%, 07/15/20 (Call 06/15/20)b		1,629		1,624,928

34 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
3.70%, 09/01/24 (Call 07/01/24)	$	3,719	$	3,600,293
NextEra Energy Operating Partners LP
4.25%, 09/15/24 (Call 07/15/24)b,c		9,485		9,180,568
4.50%, 09/15/27 (Call 06/15/27)b,c		10,077		9,420,595
NRG Energy Inc.
5.75%, 01/15/28 (Call 01/15/23)b,c		15,210		15,029,047
6.25%, 07/15/22 (Call 07/15/18)b		19,258		19,778,998
6.25%, 05/01/24 (Call 05/01/19)		12,967		13,356,780
6.63%, 01/15/27 (Call 07/15/21)b		21,038		21,642,842
7.25%, 05/15/26 (Call 05/15/21)b		17,765		18,944,418
Talen Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)b		10,136		8,595,539
6.50%, 06/01/25 (Call 06/01/20)b		9,894		7,253,539
9.50%, 07/15/22 (Call 07/15/20)b,c		8,138		7,754,219
10.50%, 01/15/26 (Call 01/15/22)b,c		10,747		9,351,233
Vistra Energy Corp.
5.88%, 06/01/23 (Call 06/01/18)		8,331		8,549,689
7.38%, 11/01/22 (Call 11/01/18)		31,992		33,711,570
7.63%, 11/01/24 (Call 11/01/19)		24,061		25,835,499
8.00%, 01/15/25 (Call 01/15/20)c		13,518		14,582,542
8.13%, 01/30/26 (Call 07/30/20)b,c		16,652		18,213,125
				413,094,954
ENERGY — ALTERNATE SOURCES — 0.13%
TerraForm Power Operating LLC
4.25%, 01/31/23 (Call 10/31/22)b,c		8,657		8,277,273
5.00%, 01/31/28 (Call 07/31/27)b,c		12,489		11,661,737
				19,939,010

Security	Principal or Shares (000s)		Value
ENGINEERING & CONSTRUCTION — 0.32%
AECOM
5.13%, 03/15/27 (Call 12/15/26)b	$	17,696	$	16,980,487
5.88%, 10/15/24 (Call 07/15/24)b		13,887		14,461,227
Brand Industrial Services Inc.
8.50%, 07/15/25 (Call 07/15/20)b,c		16,635		17,170,439
				48,612,153
ENTERTAINMENT — 1.89%
AMC Entertainment Holdings Inc.
5.75%, 06/15/25 (Call 06/15/20)b		9,926		9,670,612
5.88%, 11/15/26 (Call 11/15/21)b		10,300		10,005,420
6.13%, 05/15/27 (Call 05/15/22)b		8,830		8,570,745
Caesars Resort Collection LLC/CRC Finco Inc.
5.25%, 10/15/25 (Call 10/15/20)b,c		30,366		28,999,530
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/18)b		12,128		11,973,031
5.13%, 12/15/22 (Call 05/31/18)b		5,299		5,384,768
Eldorado Resorts Inc.
6.00%, 04/01/25 (Call 04/01/20)b		15,038		14,906,417
GLP Capital LP/GLP Financing II Inc.
4.38%, 04/15/21b		6,891		6,946,989
4.88%, 11/01/20 (Call 08/01/20)b		15,832		16,138,745
5.38%, 11/01/23 (Call 08/01/23)		7,242		7,486,418
5.38%, 04/15/26b		17,287		17,404,149
International Game Technology PLC
5.63%, 02/15/20 (Call 11/15/19)b,c		10,755		11,013,534
6.25%, 02/15/22 (Call 08/15/21)b,c		26,146		27,485,982

SCHEDULESOF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
6.50%, 02/15/25 (Call 08/15/24)b,c	$	19,253	$	20,502,439
Scientific Games International Inc.
5.00%, 10/15/25 (Call 10/15/20)b,c		22,302		21,549,307
10.00%, 12/01/22 (Call 12/01/18)b		36,774		39,654,456
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 07/31/19)c		17,911		17,510,510
5.50%, 04/15/27 (Call 04/15/22)b,c		8,945		8,885,654
				284,088,706
ENVIRONMENTAL CONTROL — 0.29%
Clean Harbors Inc.
5.13%, 06/01/21 (Call 05/31/18)b		13,608		13,693,050
5.25%, 08/01/20 (Call 05/31/18)b		5,252		5,270,757
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/19)b		5,785		5,718,473
5.88%, 07/01/25 (Call 07/01/20)		7,435		7,211,950
6.38%, 10/01/22 (Call 05/31/18)		4,992		5,089,500
GFL Environmental Inc.
5.38%, 03/01/23 (Call 03/01/20)b,c		7,170		7,080,375
9.88%, 02/01/21 (Call 05/31/18)b,c		342		359,573
				44,423,678
FOOD — 1.56%
Albertsons Companies LLC/Safeway Inc./New Albertson’s Inc./Albertson’s LLC
5.75%, 03/15/25 (Call 09/15/19)		22,372		19,519,570
6.63%, 06/15/24 (Call 06/15/19)		21,370		19,980,950
B&G Foods Inc.
4.63%, 06/01/21 (Call 05/31/18)b		13,857		13,690,647
5.25%, 04/01/25 (Call 04/01/20)b		15,992		14,632,680
Lamb Weston Holdings Inc.
4.63%, 11/01/24 (Call 11/01/21)b,c		16,072		15,936,192

Security	Principal or Shares (000s)		Value
4.88%, 11/01/26 (Call 11/01/21)b,c	$	13,369	$	13,252,513
Pilgrim’s Pride Corp.
5.75%, 03/15/25 (Call 03/15/20)c		19,134		18,692,125
5.88%, 09/30/27 (Call 09/30/22)b,c		13,938		13,269,854
Post Holdings Inc.
5.00%, 08/15/26 (Call 08/15/21)b,c		31,851		29,916,889
5.50%, 03/01/25 (Call 03/01/20)c		17,117		16,817,453
5.63%, 01/15/28 (Call 12/01/22)b,c		16,556		15,783,759
5.75%, 03/01/27 (Call 03/01/22)b,c		26,585		26,061,275
TreeHouse Foods Inc.
4.88%, 03/15/22 (Call 05/31/18)		5,159		5,114,575
6.00%, 02/15/24 (Call 02/15/19)b,c		12,645		12,566,712
				235,235,194
FOOD SERVICE — 0.35%
Aramark Services Inc.
4.75%, 06/01/26 (Call 06/01/21)b		9,000		8,722,211
5.00%, 04/01/25 (Call 04/01/20)b,c		8,783		8,826,000
5.00%, 02/01/28 (Call 02/01/23)b,c		21,527		20,988,825
5.13%, 01/15/24 (Call 01/15/19)		14,117		14,351,763
				52,888,799
GAS — 0.41%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)b		12,053		11,838,326
5.63%, 05/20/24 (Call 03/20/24)b		11,116		11,111,600
5.75%, 05/20/27 (Call 02/20/27)b		9,624		9,271,120
5.88%, 08/20/26 (Call 05/20/26)b		10,500		10,421,250

36 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
NGL Energy Partners LP/NGL Energy Finance Corp.
6.13%, 03/01/25 (Call 03/01/20)b	$	7,295	$	6,948,488
7.50%, 11/01/23 (Call 11/01/19)b		11,552		11,541,603
				61,132,387
HEALTH CARE — PRODUCTS — 1.33%
Avantor Inc.
6.00%, 10/01/24 (Call 10/01/20)b,c		25,677		25,805,385
9.00%, 10/01/25 (Call 10/01/20)b,c		35,022		35,338,911
DJO Finance LLC/DJO Finance Corp.
8.13%, 06/15/21 (Call 06/15/18)b,c		17,104		17,138,536
Hologic Inc.
4.38%, 10/15/25 (Call 10/15/20)b,c		15,680		15,092,000
4.63%, 02/01/28 (Call 02/01/23)b,c		7,816		7,442,298
Kinetic Concepts Inc./KCI USA Inc.
7.88%, 02/15/21 (Call 05/16/18)b,c		9,393		9,734,905
12.50%, 11/01/21 (Call 05/01/19)b,c		6,781		7,602,227
Mallinckrodt International Finance SA
4.75%, 04/15/23b		9,086		6,465,234
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
4.88%, 04/15/20 (Call 05/31/18)b,c		12,017		11,476,235
5.50%, 04/15/25 (Call 04/15/20)b,c		10,621		7,987,617
5.63%, 10/15/23 (Call 10/15/18)b,c		13,779		10,818,669
5.75%, 08/01/22 (Call 05/31/18)b,c		16,217		13,516,621
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA
6.63%, 05/15/22 (Call 05/31/18)b,c		22,325		22,009,659

Security	Principal or Shares (000s)		Value
Teleflex Inc.
4.63%, 11/15/27 (Call 11/15/22)b	$	10,542	$	10,078,592
				200,506,889
HEALTH CARE — SERVICES — 7.34%
Acadia Healthcare Co. Inc.
5.63%, 02/15/23 (Call 05/31/18)b		11,489		11,607,337
Centene Corp.
4.75%, 05/15/22 (Call 05/15/19)		16,081		16,285,362
4.75%, 01/15/25 (Call 01/15/20)b		21,535		20,908,379
5.63%, 02/15/21 (Call 05/31/18)b		22,905		23,534,887
6.13%, 02/15/24 (Call 02/15/19)b		17,617		18,453,808
CHS/Community Health Systems Inc.
5.13%, 08/01/21 (Call 05/31/18)b		17,606		16,241,535
6.25%, 03/31/23 (Call 03/31/20)		54,431		49,593,358
6.88%, 02/01/22 (Call 05/31/18)b		50,078		27,307,533
7.13%, 07/15/20 (Call 05/31/18)b		22,784		18,097,005
8.00%, 11/15/19 (Call 05/31/18)b		32,214		29,314,740
DaVita Inc.
5.00%, 05/01/25 (Call 05/01/20)b		27,236		25,792,636
5.13%, 07/15/24 (Call 07/15/19)b		31,339		30,324,835
5.75%, 08/15/22 (Call 05/31/18)b		21,417		21,898,883
Encompass Health Corp.
5.75%, 11/01/24 (Call 05/31/18)b		22,545		22,907,451
Envision Healthcare Corp.
5.13%, 07/01/22 (Call 05/11/18)b,c		14,118		13,893,524
5.63%, 07/15/22 (Call 05/31/18)b		20,289		20,299,067
6.25%, 12/01/24 (Call 12/01/19)b,c		9,754		10,144,160

SCHEDULESOF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
HCA Healthcare Inc.
6.25%, 02/15/21b	$	17,044	$	17,904,197
HCA Inc.
3.75%, 03/15/19b		7,421		7,451,055
4.25%, 10/15/19b		8,923		8,985,738
4.50%, 02/15/27 (Call 08/15/26)b		20,621		19,744,608
4.75%, 05/01/23b		20,752		20,965,953
5.00%, 03/15/24b		33,259		33,633,164
5.25%, 04/15/25b		22,284		22,590,405
5.25%, 06/15/26 (Call 12/15/25)b		25,477		25,608,877
5.38%, 02/01/25b		45,149		45,036,127
5.88%, 03/15/22b		22,595		23,779,893
5.88%, 05/01/23b		20,054		20,912,311
5.88%, 02/15/26 (Call 08/15/25)b		28,564		28,992,460
6.50%, 02/15/20b		51,795		54,190,519
7.50%, 02/15/22b		34,708		38,178,800
Kindred Healthcare Inc.
6.38%, 04/15/22 (Call 05/31/18)		8,345		8,584,919
8.00%, 01/15/20		11,540		12,351,465
8.75%, 01/15/23 (Call 05/31/18)		11,247		12,020,231
LifePoint Health Inc.
5.38%, 05/01/24 (Call 05/01/19)b		9,348		8,915,655
5.50%, 12/01/21 (Call 05/31/18)b		17,766		17,847,537
5.88%, 12/01/23 (Call 12/01/18)b		9,360		9,266,400
Molina Healthcare Inc.
5.38%, 11/15/22 (Call 08/15/22)		11,031		10,981,380
MPH Acquisition Holdings LLC
7.13%, 06/01/24 (Call 06/01/19)b,c		26,175		26,571,988
Tenet Healthcare Corp.
4.38%, 10/01/21		17,400		17,163,858
4.50%, 04/01/21b		15,209		15,094,933
4.63%, 07/15/24 (Call 07/15/20)b,c		32,698		31,631,228
4.75%, 06/01/20b		10,038		10,098,372
5.13%, 05/01/25 (Call 05/01/20)b,c		23,529		22,881,953
5.50%, 03/01/19b		506		512,325

Security	Principal or Shares (000s)		Value
6.00%, 10/01/20b	$	29,740	$	30,730,342
6.75%, 06/15/23b		33,093		32,596,605
7.00%, 08/01/25 (Call 08/01/20)b,c		7,753		7,597,940
7.50%, 01/01/22 (Call 01/01/19)b,c		12,662		13,321,250
8.13%, 04/01/22b		49,086		51,110,797
WellCare Health Plans Inc.
5.25%, 04/01/25 (Call 04/01/20)		20,336		20,457,316
				1,104,315,101
HOLDING COMPANIES — DIVERSIFIED — 0.01%
Leucadia National Corp.
5.50%, 10/18/23 (Call 01/18/23)b		774		805,409
				805,409
HOME BUILDERS — 1.66%
Beazer Homes USA Inc.
5.88%, 10/15/27 (Call 10/15/22)		6,346		5,789,734
8.75%, 03/15/22 (Call 03/15/19)b		8,669		9,311,091
Brookfield Residential Properties Inc.
6.50%, 12/15/20 (Call 05/31/18)b,c		9,042		9,138,824
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
6.13%, 07/01/22 (Call 05/31/18)b,c		7,879		8,016,882
K Hovnanian Enterprises Inc.
10.00%, 07/15/22 (Call 07/15/19)c		7,696		8,254,361
10.50%, 07/15/24 (Call 07/15/20)b,c		7,225		7,383,047
KB Home
4.75%, 05/15/19 (Call 02/15/19)b		4,922		4,951,557
7.00%, 12/15/21 (Call 09/15/21)b		7,995		8,522,634

38 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
Lennar Corp.
4.13%, 01/15/22 (Call 10/15/21)b	$	11,241	$	11,104,811
4.50%, 06/15/19 (Call 04/16/19)b		6,435		6,489,054
4.50%, 11/15/19 (Call 08/15/19)b		8,054		8,128,902
4.50%, 04/30/24 (Call 01/31/24)b		11,587		11,297,325
4.75%, 04/01/21 (Call 02/01/21)b		6,704		6,783,501
4.75%, 11/15/22 (Call 08/15/22)b		10,284		10,295,004
4.75%, 05/30/25 (Call 02/28/25)b		7,671		7,462,103
4.75%, 11/29/27 (Call 05/29/27)c		15,483		14,581,976
4.88%, 12/15/23 (Call 09/15/23)b		6,202		6,209,181
5.25%, 06/01/26 (Call 12/01/25)b,c		763		745,833
5.88%, 11/15/24 (Call 05/15/24)b,c		8,187		8,432,576
8.38%, 01/15/21b,c		2,152		2,379,645
PulteGroup Inc.
4.25%, 03/01/21 (Call 02/01/21)b		13,031		13,097,458
5.00%, 01/15/27 (Call 10/15/26)b		10,832		10,536,055
5.50%, 03/01/26 (Call 12/01/25)b		12,211		12,432,630
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc.
5.25%, 04/15/21 (Call 05/31/18)b,c		9,677		9,730,569
Toll Brothers Finance Corp.
4.35%, 02/15/28 (Call 11/15/27)b		7,313		6,742,325
4.38%, 04/15/23 (Call 01/15/23)b		6,937		6,937,000
4.88%, 03/15/27 (Call 12/15/26)		6,866		6,677,185
5.88%, 02/15/22 (Call 11/15/21)b		6,934		7,321,733

Security	Principal or Shares (000s)		Value
TRI Pointe Group Inc./TRI Pointe Homes Inc.
4.38%, 06/15/19b	$	6,371	$	6,384,538
5.88%, 06/15/24b		7,361		7,449,945
William Lyon Homes Inc.
5.88%, 01/31/25 (Call 01/31/20)b		7,743		7,485,822
				250,073,301
HOME FURNISHINGS — 0.12%
Tempur Sealy International Inc.
5.50%, 06/15/26 (Call 06/15/21)b		10,490		9,926,162
5.63%, 10/15/23 (Call 10/15/18)		7,507		7,537,923
				17,464,085
HOUSEHOLD PRODUCTS & WARES — 0.34%
Kronos Acquisition Holdings Inc.
9.00%, 08/15/23 (Call 08/15/18)b,c		15,690		14,931,651
Prestige Brands Inc.
6.38%, 03/01/24 (Call 03/01/19)b,c		10,444		10,496,220
Spectrum Brands Inc.
5.75%, 07/15/25 (Call 07/15/20)b		17,864		17,880,524
6.63%, 11/15/22 (Call 05/31/18)b		8,114		8,397,990
				51,706,385
INSURANCE — 0.52%
Genworth Holdings Inc.
4.80%, 02/15/24b		8,667		6,798,720
4.90%, 08/15/23		5,506		4,367,635
7.63%, 09/24/21		10,944		10,260,000
7.70%, 06/15/20		5,513		5,383,444
HUB International Ltd.
7.00%, 05/01/26 (Call 05/01/21)c		5,488		5,494,860
7.88%, 10/01/21 (Call 05/25/18)b,c		22,193		23,129,545
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)b		9,082		8,711,908

SCHEDULESOF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
Voya Financial Inc.
5.65%, 05/15/53 (Call 05/15/23)b,e,f	$	13,659	$	13,880,959
				78,027,071
INTERNET — 1.66%
Netflix Inc.
4.38%, 11/15/26b		16,177		15,080,038
4.88%, 04/15/28b,c		26,378		24,861,265
5.38%, 02/01/21b		8,021		8,279,009
5.50%, 02/15/22b		11,877		12,335,113
5.75%, 03/01/24		7,068		7,326,147
5.88%, 02/15/25		12,708		13,053,658
5.88%, 11/15/28c		28,487		28,415,782
Symantec Corp.
3.95%, 06/15/22 (Call 03/15/22)b		5,758		5,720,423
4.20%, 09/15/20b		11,324		11,439,412
5.00%, 04/15/25 (Call 04/15/20)b,c		19,752		19,756,938
VeriSign Inc.
4.63%, 05/01/23 (Call 05/31/18)b		14,064		14,104,569
4.75%, 07/15/27 (Call 07/15/22)b		10,366		9,951,360
5.25%, 04/01/25 (Call 01/01/25)b		8,574		8,799,067
Zayo Group LLC/Zayo Capital Inc.
5.75%, 01/15/27 (Call 01/15/22)c		28,960		28,753,805
6.00%, 04/01/23 (Call 05/31/18)b		24,883		25,613,366
6.38%, 05/15/25 (Call 05/15/20)b		15,889		16,448,293
				249,938,245
IRON & STEEL — 1.10%
AK Steel Corp.
7.00%, 03/15/27 (Call 03/15/22)b		7,172		6,956,840
7.63%, 10/01/21 (Call 05/31/18)b		7,971		8,127,354
Allegheny Technologies Inc.
5.95%, 01/15/21 (Call 10/15/20)b		8,086		8,215,376

Security	Principal or Shares (000s)		Value
7.88%, 08/15/23 (Call 05/15/23)b	$	8,151	$	8,852,394
ArcelorMittal
5.50%, 08/05/20b		10,049		10,421,706
5.75%, 03/01/21		12,833		13,437,292
6.13%, 06/01/25b		9,114		9,846,375
6.75%, 02/25/22		11,652		12,598,725
Cleveland-Cliffs Inc.
4.88%, 01/15/24 (Call 01/15/21)b,c		7,085		6,907,193
5.75%, 03/01/25 (Call 03/01/20)b		18,552		17,891,178
Steel Dynamics Inc.
5.00%, 12/15/26 (Call 12/15/21)b		6,342		6,287,003
5.13%, 10/01/21 (Call 05/31/18)b		10,587		10,788,682
5.25%, 04/15/23 (Call 05/31/18)		6,110		6,203,347
5.50%, 10/01/24 (Call 10/01/19)b		7,561		7,789,091
U.S. Steel Corp.
6.88%, 08/15/25 (Call 08/15/20)		12,786		13,041,720
7.38%, 04/01/20b		7,499		7,947,065
United States Steel Corp.
6.25%, 03/15/26 (Call 03/15/21)b		10,974		10,889,069
				166,200,410
LEISURE TIME — 0.26%
Sabre GLBL Inc.
5.25%, 11/15/23 (Call 11/15/18)b,c		6,873		6,950,321
5.38%, 04/15/23 (Call 05/31/18)b,c		7,469		7,543,690
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/22)b,c		13,565		13,081,408
VOC Escrow Ltd.
5.00%, 02/15/28 (Call 02/15/23)c		11,395		11,024,662
				38,600,081
LODGING — 1.87%
Boyd Gaming Corp.
6.38%, 04/01/26 (Call 04/01/21)b		12,816		13,350,000

40 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
6.88%, 05/15/23 (Call 05/16/18)b	$	11,775	$	12,355,562
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 09/01/19)c		8,582		9,257,833
10.75%, 09/01/24 (Call 09/01/19)c		9,129		10,161,718
Hilton Domestic Operating Co. Inc.
4.25%, 09/01/24 (Call 09/01/19)		19,400		18,777,584
5.13%, 05/01/26 (Call 05/01/21)c		15,762		15,702,892
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.63%, 04/01/25 (Call 04/01/20)b		15,392		14,957,496
4.88%, 04/01/27 (Call 04/01/22)b		10,873		10,519,628
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.
6.75%, 11/15/21 (Call 11/15/18)b,c		13,620		14,078,365
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)		8,932		8,442,196
5.25%, 03/31/20b		7,492		7,683,071
6.00%, 03/15/23b		22,229		23,257,091
6.63%, 12/15/21b		19,602		20,974,140
6.75%, 10/01/20b		17,865		18,981,562
7.75%, 03/15/22		17,621		19,559,310
8.63%, 02/01/19		261		270,714
Wyndham Hotels & Resorts Inc.
5.38%, 04/15/26 (Call 04/15/21)c		7,305		7,386,484
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)b,c		9,546		9,173,706
5.25%, 05/15/27 (Call 02/15/27)c		15,623		15,061,353
5.50%, 03/01/25 (Call 12/01/24)b,c		31,623		31,477,534
				281,428,239

Security	Principal or Shares (000s)		Value
MACHINERY — 0.35%
BlueLine Rental Finance Corp./BlueLine Rental LLC
9.25%, 03/15/24 (Call 03/15/20)b,c	$	18,922	$	20,122,601
CNH Industrial NV
3.85%, 11/15/27 (Call 08/15/27)b		8,611		8,241,675
4.50%, 08/15/23		10,512		10,693,393
Vertiv Group Corp.
9.25%, 10/15/24 (Call 10/15/19)c		13,423		13,571,213
				52,628,882
MANUFACTURING — 0.93%
Bombardier Inc.
5.75%, 03/15/22c		8,681		8,751,533
6.00%, 10/15/22 (Call 05/31/18)b,c		19,526		19,482,687
6.13%, 01/15/23b,c		21,066		21,212,661
7.50%, 12/01/24 (Call 12/01/20)b,c		18,200		19,155,500
7.50%, 03/15/25 (Call 03/15/20)b,c		26,610		27,683,152
7.75%, 03/15/20b,c		14,257		15,208,127
8.75%, 12/01/21b,c		24,350		27,097,411
Gates Global LLC/Gates Global Co.
6.00%, 07/15/22 (Call 05/16/18)b,c		926		936,752
				139,527,823
MEDIA — 11.85%
Altice Financing SA
6.63%, 02/15/23 (Call 05/31/18)c		35,131		35,087,086
7.50%, 05/15/26 (Call 05/15/21)c		47,863		47,025,397
Altice Finco SA
8.13%, 01/15/24 (Call 12/15/18)b,c		6,876		7,056,495
Altice France SA/France
6.00%, 05/15/22 (Call 05/31/18)c		68,375		67,562,705
6.25%, 05/15/24 (Call 05/15/19)c		23,312		22,149,468
7.38%, 05/01/26 (Call 05/01/21)c		90,925		88,197,250

SCHEDULESOF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
Altice Luxembourg SA
7.63%, 02/15/25 (Call 02/15/20)b,c	$	25,636	$	23,063,968
7.75%, 05/15/22 (Call 05/31/18)b,c		50,041		47,839,156
Altice U.S. Finance I Corp.
5.38%, 07/15/23 (Call 07/15/18)c		19,092		19,148,083
5.50%, 05/15/26 (Call 05/15/21)c		25,700		25,121,750
AMC Networks Inc.
4.75%, 12/15/22 (Call 05/31/18)b		10,597		10,649,985
4.75%, 08/01/25 (Call 08/01/21)b		14,737		14,000,150
5.00%, 04/01/24 (Call 04/01/20)b		17,697		17,285,205
Cablevision Systems Corp.
5.88%, 09/15/22b		11,524		11,342,908
8.00%, 04/15/20b		9,287		9,820,086
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 03/01/23 (Call 11/01/19)c		7,767		7,460,148
5.00%, 02/01/28 (Call 08/01/22)b,c		43,673		40,193,262
5.13%, 02/15/23 (Call 05/31/18)b		16,899		16,977,513
5.13%, 05/01/23 (Call 05/31/18)b,c		20,785		20,882,690
5.13%, 05/01/27 (Call 05/01/22)c		56,326		52,655,719
5.25%, 03/15/21 (Call 05/31/18)b		7,608		7,685,269
5.25%, 09/30/22 (Call 05/31/18)b		21,640		21,964,600
5.38%, 05/01/25 (Call 05/01/20)b,c		11,893		11,707,172
5.50%, 05/01/26 (Call 05/01/21)b,c		24,595		23,885,845
5.75%, 09/01/23 (Call 05/31/18)b		8,477		8,561,770
5.75%, 01/15/24 (Call 07/15/18)		16,395		16,531,223
5.75%, 02/15/26 (Call 02/15/21)b,c		44,412		44,023,395

Security	Principal or Shares (000s)		Value
5.88%, 04/01/24 (Call 04/01/19)b,c	$	29,774	$	30,168,505
5.88%, 05/01/27 (Call 05/01/21)b,c		12,484		12,256,791
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%, 12/15/21 (Call 05/31/18)b,c		20,608		20,556,481
7.50%, 04/01/28 (Call 04/01/23)c		17,359		17,619,385
7.75%, 07/15/25 (Call 07/15/20)c		10,288		10,822,473
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 05/31/18)b		12,169		12,412,380
Series B
6.50%, 11/15/22 (Call 05/31/18)b		33,537		34,291,582
7.63%, 03/15/20 (Call 05/31/18)b		32,448		32,529,120
CSC Holdings LLC
5.25%, 06/01/24		12,135		11,353,809
5.38%, 02/01/28 (Call 02/01/23)b,c		17,167		16,008,228
5.50%, 04/15/27 (Call 04/15/22)b,c		23,795		22,838,441
6.63%, 10/15/25 (Call 10/15/20)b,c		16,602		17,098,840
6.75%, 11/15/21b		16,694		17,549,568
8.63%, 02/15/19b		590		613,995
10.13%, 01/15/23 (Call 01/15/19)b,c		31,286		34,676,132
10.88%, 10/15/25 (Call 10/15/20)b,c		28,351		33,241,547
DISH DBS Corp.
5.00%, 03/15/23b		27,656		23,853,300
5.13%, 05/01/20b		18,230		18,138,850
5.88%, 07/15/22b		35,226		32,487,178
5.88%, 11/15/24b		33,853		28,859,683
6.75%, 06/01/21b		34,295		34,123,525
7.75%, 07/01/26b		34,501		31,374,347
7.88%, 09/01/19		20,989		21,776,088

42 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
Gray Television Inc.
5.13%, 10/15/24 (Call 10/15/19)b,c	$	9,385	$	8,929,571
5.88%, 07/15/26 (Call 07/15/21)b,c		12,326		11,897,000
LIN Television Corp.
5.88%, 11/15/22 (Call 05/11/18)		5,753		5,916,801
Meredith Corp.
6.88%, 02/01/26 (Call 02/01/21)b,c		23,668		23,928,615
Nexstar Broadcasting Inc.
5.63%, 08/01/24 (Call 08/01/19)b,c		16,070		15,792,428
Quebecor Media Inc.
5.75%, 01/15/23 b		13,814		14,159,350
Sinclair Television Group Inc.
5.13%, 02/15/27 (Call 08/15/21)b,c		6,058		5,602,568
5.38%, 04/01/21 (Call 05/16/18)b		9,257		9,349,570
5.63%, 08/01/24 (Call 08/01/19)b,c		12,277		12,058,347
6.13%, 10/01/22 (Call 05/16/18)b		8,203		8,434,863
Sirius XM Radio Inc.
3.88%, 08/01/22 (Call 08/01/20)c		16,409		15,937,241
4.63%, 05/15/23 (Call 05/31/18)b,c		7,258		7,158,203
5.00%, 08/01/27 (Call 08/01/22)c		26,960		25,691,777
5.38%, 04/15/25 (Call 04/15/20)c		15,793		15,701,683
5.38%, 07/15/26 (Call 07/15/21)b,c		18,759		18,430,718
6.00%, 07/15/24 (Call 07/15/19)b,c		25,288		25,917,375
TEGNA Inc.
5.13%, 07/15/20 (Call 05/31/18)b		9,420		9,534,191
6.38%, 10/15/23 (Call 10/15/18)b		10,669		11,024,633

Security	Principal or Shares (000s)		Value
Telenet Finance Luxembourg Note
5.50%, 03/01/28 (Call 12/01/22)c	$	19,200	$	18,224,319
Tribune Media Co.
5.88%, 07/15/22 (Call 07/15/18)b		17,406		17,659,367
Unitymedia GmbH
6.13%, 01/15/25 (Call 01/15/20)b,c		16,400		17,214,701
Unitymedia Hessen GmbH & Co.KG/Unitymedia NRW GmbH
5.00%, 01/15/25 (Call 01/15/20)c		9,592		9,807,820
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/31/18)b,c		20,373		19,456,215
5.13%, 02/15/25 (Call 02/15/20)b,c		26,110		24,021,200
UPC Holding BV
5.50%, 01/15/28 (Call 10/15/22)c		9,962		9,189,945
UPCB Finance IV Ltd.
5.38%, 01/15/25 (Call 01/15/20)b,c		18,930		18,480,413
Viacom Inc.
5.88%, 02/28/57 (Call 02/28/22)b,e,f		11,699		11,716,305
6.25%, 02/28/57 (Call 02/28/27)b,e,f		10,995		11,159,925
Videotron Ltd.
5.00%, 07/15/22 b		13,498		13,740,350
5.13%, 04/15/27 (Call 04/15/22)b,c		11,434		11,207,778
5.38%, 06/15/24 (Call 03/15/24)b,c		9,476		9,736,861
Virgin Media Finance PLC
5.75%, 01/15/25 (Call 01/15/20)b,c		6,623		6,304,030
6.00%, 10/15/24 (Call 10/15/19)b,c		8,135		8,030,872
6.38%, 04/15/23 (Call 05/11/18)b,c		8,249		8,343,197
Virgin Media Secured Finance PLC
5.25%, 01/15/21b		7,784		7,978,600

SCHEDULESOF INVESTMENTS 43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
5.25%, 01/15/26 (Call 01/15/20)b,c	$	16,899	$	16,071,872
5.50%, 01/15/25 (Call 01/15/19)b,c		6,072		5,951,509
5.50%, 08/15/26 (Call 08/15/21)b,c		12,720		12,274,800
Ziggo Bond Finance BV
5.88%, 01/15/25 (Call 01/15/20)b,c		6,884		6,512,133
6.00%, 01/15/27 (Call 01/15/22)b,c		10,741		9,996,992
Ziggo Secured Finance BV
5.50%, 01/15/27 (Call 01/15/22)c		34,941		32,931,892
				1,784,004,576
METAL FABRICATE & HARDWARE — 0.31%
Novelis Corp.
5.88%, 09/30/26 (Call 09/30/21)b,c		25,499		25,339,631
6.25%, 08/15/24 (Call 08/15/19)b,c		20,558		20,891,628
				46,231,259
MINING — 1.73%
Alcoa Nederland Holding BV
6.75%, 09/30/24 (Call 09/30/19)b,c		13,199		14,156,059
7.00%, 09/30/26 (Call 09/30/21)c		9,207		10,035,630
Aleris International Inc.
7.88%, 11/01/20 (Call 05/31/18)b		7,768		7,652,872
9.50%, 04/01/21 (Call 05/31/18)c		13,934		14,526,195
Constellium NV
5.75%, 05/15/24 (Call 05/15/19)b,c		6,792		6,679,648
5.88%, 02/15/26 (Call 11/15/20)b,c		8,490		8,347,489
6.63%, 03/01/25 (Call 03/01/20)b,c		11,441		11,589,938
FMG Resources August 2006 Pty Ltd.
4.75%, 05/15/22 (Call 02/15/22)b,c		11,979		11,889,157

Security	Principal or Shares (000s)		Value
5.13%, 03/15/23 (Call 12/15/22)b,c	$	7,180	$	7,148,636
5.13%, 05/15/24 (Call 02/15/24)b,c		12,899		12,760,368
Freeport-McMoRan Inc.
3.10%, 03/15/20		18,225		17,991,720
3.55%, 03/01/22 (Call 12/01/21)b		33,188		32,099,434
3.88%, 03/15/23 (Call 12/15/22)		34,946		33,453,806
4.00%, 11/14/21		9,693		9,618,566
4.55%, 11/14/24 (Call 08/14/24)b		13,867		13,387,071
6.88%, 02/15/23 (Call 02/15/20)b		12,618		13,502,575
Kinross Gold Corp.
4.50%, 07/15/27 (Call 04/15/27)c		1,113		1,046,220
5.13%, 09/01/21 (Call 06/01/21)		669		685,083
5.95%, 03/15/24 (Call 12/15/23)b		811		845,468
Teck Resources Ltd.
3.75%, 02/01/23 (Call 11/01/22)b		11,085		10,755,776
4.75%, 01/15/22 (Call 10/15/21)		10,626		10,785,390
8.50%, 06/01/24 (Call 06/01/19)c		9,683		10,808,649
				259,765,750
OFFICE & BUSINESS EQUIPMENT — 0.20%
CDW LLC/CDW Finance Corp.
5.00%, 09/01/23 (Call 05/31/18)b		9,431		9,601,072
5.00%, 09/01/25 (Call 03/01/20)b		9,648		9,598,037
5.50%, 12/01/24 (Call 06/01/24)b		10,931		11,318,565
				30,517,674
OIL & GAS — 9.32%
Antero Resources Corp.
5.00%, 03/01/25 (Call 03/01/20)b		10,459		10,432,036
5.13%, 12/01/22 (Call 05/31/18)b		19,463		19,572,479
5.38%, 11/01/21 (Call 05/31/18)b		16,723		16,957,958

44 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
5.63%, 06/01/23 (Call 06/01/18)b	$	13,030	$	13,306,887
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
10.00%, 04/01/22 (Call 04/01/20)b,c		25,381		27,284,575
California Resources Corp.
8.00%, 12/15/22 (Call 12/15/18)b,c		39,520		33,987,200
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.50%, 04/15/21 (Call 05/31/18)		16,003		15,800,223
Carrizo Oil & Gas Inc.
6.25%, 04/15/23 (Call 05/31/18)b		11,601		11,891,025
7.50%, 09/15/20 (Call 05/31/18)		2,982		3,011,820
Chesapeake Energy Corp.
4.88%, 04/15/22 (Call 05/31/18)b		8,031		7,695,371
6.13%, 02/15/21b		10,281		10,376,099
6.63%, 08/15/20		5,962		6,098,212
8.00%, 12/15/22 (Call 12/15/18)b,c		25,720		27,237,940
8.00%, 01/15/25 (Call 01/15/20)b,c		22,971		22,270,384
8.00%, 06/15/27 (Call 06/15/22)b,c		22,603		21,755,387
Citgo Holding Inc.
10.75%, 02/15/20c		30,299		32,124,515
CNX Resources Corp.
5.88%, 04/15/22 (Call 05/31/18)b		30,350		30,463,812
8.00%, 04/01/23 (Call 05/31/18)b		9,317		9,832,476
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)b		16,791		16,308,259
4.38%, 01/15/28 (Call 10/15/27)b,c		17,062		16,792,806
4.50%, 04/15/23 (Call 01/15/23)		25,241		25,551,464
5.00%, 09/15/22 (Call 05/31/18)b		34,279		34,836,034

Security	Principal or Shares (000s)		Value
CrownRock LP/CrownRock Finance Inc.
5.63%, 10/15/25 (Call 10/15/20)b,c	$	16,719	$	16,523,628
Denbury Resources Inc.
9.00%, 05/15/21 (Call 12/15/18)b,c		9,483		9,908,692
9.25%, 03/31/22 (Call 03/31/19)b,c		7,666		7,971,955
Diamond Offshore Drilling Inc.
7.88%, 08/15/25 (Call 05/15/25)b		8,477		8,720,714
Diamondback Energy Inc.
4.75%, 11/01/24 (Call 11/01/19)b		8,500		8,454,950
5.38%, 05/31/25 (Call 05/31/20)b		7,927		8,002,307
Endeavor Energy Resources LP/EER Finance Inc.
5.50%, 01/30/26 (Call 01/30/21)b,c		7,981		8,023,379
5.75%, 01/30/28 (Call 01/30/23)b,c		8,904		8,946,007
Ensco PLC
4.50%, 10/01/24 (Call 07/01/24)b		10,489		8,541,979
5.20%, 03/15/25 (Call 12/15/24)b		10,612		8,701,840
7.75%, 02/01/26b		18,560		17,463,091
8.00%, 01/31/24 (Call 10/31/23)		231		228,690
EP Energy LLC/Everest Acquisition Finance Inc.
6.38%, 06/15/23 (Call 06/15/18)		720		381,600
8.00%, 11/29/24 (Call 11/30/19)b,c		8,420		8,668,590
8.00%, 02/15/25 (Call 02/15/20)c		18,163		12,861,674
9.38%, 05/01/24 (Call 05/01/20)c		17,646		13,475,956
Extraction Oil & Gas Inc.
5.63%, 02/01/26 (Call 02/01/21)c		12,511		12,155,062
7.38%, 05/15/24 (Call 05/15/20)b,c		5,819		6,094,875

SCHEDULESOF INVESTMENTS 45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
Gulfport Energy Corp.
6.00%, 10/15/24 (Call 10/15/19)b	$	10,789	$	10,251,349
6.38%, 05/15/25 (Call 05/15/20)b		10,612		10,190,810
6.38%, 01/15/26 (Call 01/15/21)b		8,025		7,706,006
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 06/01/19)b,c		7,095		6,899,888
5.75%, 10/01/25 (Call 04/01/20)c		8,732		8,642,060
Jones Energy Holdings LLC/Jones Energy Finance Corp.
6.75%, 04/01/22 (Call 05/31/18)b		6,664		4,173,330
9.25%, 03/15/23 (Call 03/15/20)c		9,214		9,035,248
Jupiter Resources Inc.
8.50%, 10/01/22 (Call 05/31/18)b,c		16,556		7,201,860
MEG Energy Corp.
6.38%, 01/30/23 (Call 05/31/18)c		13,875		12,522,187
6.50%, 01/15/25 (Call 01/15/20)b,c		13,046		12,976,111
7.00%, 03/31/24 (Call 09/30/18)b,c		16,616		14,912,860
Murphy Oil Corp.
4.00%, 06/01/22 (Call 03/01/22)		6,986		6,844,097
4.45%, 12/01/22 (Call 09/01/22)b		9,827		9,667,311
5.75%, 08/15/25 (Call 08/15/20)b		10,157		10,168,542
6.88%, 08/15/24 (Call 08/15/19)b		8,122		8,585,604
Nabors Industries Inc.
4.63%, 09/15/21b		12,248		11,972,420
5.00%, 09/15/20b		12,546		12,643,715
5.50%, 01/15/23 (Call 11/15/22)b		10,280		10,068,559
5.75%, 02/01/25 (Call 11/01/24)b,c		14,005		13,300,116

Security	Principal or Shares (000s)		Value
Newfield Exploration Co.
5.38%, 01/01/26 (Call 10/01/25)b	$	12,853	$	13,338,201
5.63%, 07/01/24b		17,206		18,220,703
5.75%, 01/30/22b		12,169		12,823,084
Noble Holding International Ltd.
7.75%, 01/15/24 (Call 10/15/23)b		14,731		13,705,584
7.88%, 02/01/26 (Call 02/01/21)b,c		12,812		12,887,672
7.95%, 04/01/25 (Call 01/01/25)b		7,788		6,955,658
Oasis Petroleum Inc.
6.25%, 05/01/26		1,515		1,515,000
6.88%, 03/15/22 (Call 05/31/18)b		15,986		16,417,561
Parsley Energy LLC/Parsley Finance Corp.
5.25%, 08/15/25 (Call 08/15/20)c		6,587		6,564,872
5.38%, 01/15/25 (Call 01/15/20)b,c		12,292		12,387,263
5.63%, 10/15/27 (Call 10/15/22)b,c		11,191		11,340,505
6.25%, 06/01/24 (Call 06/01/19)b,c		7,005		7,303,104
PBF Holding Co. LLC/PBF Finance Corp.
7.00%, 11/15/23 (Call 11/15/18)		8,888		9,154,640
7.25%, 06/15/25 (Call 06/15/20)b		11,636		12,073,389
PDC Energy Inc.
5.75%, 05/15/26 (Call 05/15/21)b,c		9,909		9,983,318
6.13%, 09/15/24 (Call 09/15/19)b		5,593		5,724,562
Precision Drilling Corp.
5.25%, 11/15/24 (Call 05/15/19)b		7,585		7,146,587
7.13%, 01/15/26 (Call 11/15/20)b,c		5,213		5,258,148
Puma International Financing SA
5.00%, 01/24/26 (Call 01/24/21)c		12,175		11,451,348

46 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
5.13%, 10/06/24 (Call 10/06/20)c	$	10,194	$	10,012,694
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)b		11,270		10,988,250
5.38%, 10/01/22 (Call 07/01/22)b		7,670		7,730,909
5.63%, 03/01/26 (Call 12/01/25)b		9,044		8,682,946
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)b		13,715		12,729,234
5.00%, 08/15/22 (Call 05/15/22)b		9,049		8,890,643
5.00%, 03/15/23 (Call 12/15/22)b		12,842		12,354,004
5.75%, 06/01/21 (Call 03/01/21)b		8,448		8,641,013
Rowan Companies Inc.
4.88%, 06/01/22 (Call 03/01/22)		10,997		10,138,558
7.38%, 06/15/25 (Call 03/15/25)b		8,546		8,255,218
RSP Permian Inc.
5.25%, 01/15/25 (Call 01/15/20)b		7,996		8,231,058
6.63%, 10/01/22 (Call 05/31/18)		10,687		11,124,870
Sanchez Energy Corp.
6.13%, 01/15/23 (Call 07/15/18)b		20,212		14,653,700
7.25%, 02/15/23 (Call 02/15/20)b,c		7,136		7,221,186
7.75%, 06/15/21 (Call 05/31/18)b		9,975		9,253,198
Seven Generations Energy Ltd.
5.38%, 09/30/25 (Call 09/30/20)b,c		11,934		11,597,782
6.75%, 05/01/23 (Call 05/31/18)c		6,759		7,016,759
6.88%, 06/30/23 (Call 06/30/18)b,c		6,928		7,207,469
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/18)b		8,013		7,632,383

Security	Principal or Shares (000s)		Value
5.63%, 06/01/25 (Call 06/01/20)b	$	7,702	$	7,432,430
6.13%, 11/15/22 (Call 11/15/18)b		9,359		9,475,988
6.75%, 09/15/26 (Call 09/15/21)b		10,518		10,702,065
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)b		18,404		17,897,890
6.45%, 01/23/25 (Call 10/23/24)b		18,092		17,672,318
7.50%, 04/01/26 (Call 04/01/21)b		11,251		11,532,275
7.75%, 10/01/27 (Call 10/01/22)b		8,061		8,286,305
Sunoco LP/Sunoco Finance Corp.
4.88%, 01/15/23 (Call 01/15/20)b,c		17,621		17,347,346
5.50%, 02/15/26 (Call 02/15/21)b,c		14,134		13,686,077
5.88%, 03/15/28 (Call 03/15/23)c		7,313		7,100,923
Transocean Inc.
5.80%, 10/15/22 (Call 07/15/22)b		8,429		8,257,449
7.50%, 01/15/26 (Call 01/15/21)b,c		13,245		13,415,057
8.13%, 12/15/21b		278		298,155
9.00%, 07/15/23 (Call 07/15/20)b,c		21,721		23,396,897
Ultra Resources Inc.
6.88%, 04/15/22 (Call 04/15/19)b,c		11,761		8,673,738
7.13%, 04/15/25 (Call 04/15/20)b,c		8,905		5,971,916
Whiting Petroleum Corp.
5.75%, 03/15/21 (Call 12/15/20)b		16,114		16,496,707
6.25%, 04/01/23 (Call 01/01/23)b		5,341		5,494,554
6.63%, 01/15/26 (Call 10/15/25)b,c		17,876		18,314,516
WPX Energy Inc.
5.25%, 09/15/24 (Call 06/15/24)		10,804		10,855,319

SCHEDULESOF INVESTMENTS 47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
6.00%, 01/15/22 (Call 10/15/21)	$	18,306	$	19,147,161
8.25%, 08/01/23 (Call 06/01/23)		7,662		8,690,145
				1,403,232,328
OIL & GAS SERVICES — 0.93%
CGG SA
5.88% (12.50% PIK), 02/21/24 (Call 05/31/18)c,g		3,393		4,037,670
KCA Deutag UK Finance PLC
9.63%, 04/01/23 (Call 04/01/20)c		7,253		7,488,723
9.88%, 04/01/22 (Call 04/01/20)b,c		8,440		8,872,550
McDermott Escrow 1 Inc./McDermott Escrow 2 Inc.
10.63%, 05/01/24 (Call 05/01/21)b,c		21,804		21,924,249
SESI LLC
7.13%, 12/15/21 (Call 05/31/18)b		12,261		12,464,498
7.75%, 09/15/24 (Call 09/15/20)b,c		8,749		9,068,755
Transocean Phoenix 2 Ltd.
7.75%, 10/15/24 (Call 10/15/20)b,c		8,655		9,286,439
Transocean Proteus Ltd.
6.25%, 12/01/24 (Call 12/01/20)b,c		8,995		9,241,952
Weatherford International LLC
9.88%, 03/01/25 (Call 12/01/24)b,c		10,008		9,538,458
Weatherford International Ltd.
4.50%, 04/15/22 (Call 01/15/22)b		10,745		9,470,321
7.75%, 06/15/21 (Call 05/15/21)b		13,338		13,178,420
8.25%, 06/15/23 (Call 03/15/23)b		13,191		12,432,517
9.88%, 02/15/24 (Call 11/15/23)b		13,783		13,260,394
				140,264,946

Security	Principal or Shares (000s)		Value
PACKAGING & CONTAINERS — 2.99%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.25%, 09/15/22 (Call 03/15/19)b,c	$	12,433	$	12,336,299
4.63%, 05/15/23 (Call 05/15/19)b,c		16,479		16,503,306
6.00%, 06/30/21 (Call 05/11/18)c		6,454		6,567,010
6.00%, 02/15/25 (Call 02/15/20)b,c		28,449		28,840,174
7.25%, 05/15/24 (Call 05/15/19)b,c		29,031		30,686,170
Ball Corp.
4.00%, 11/15/23b		15,951		15,637,518
4.38%, 12/15/20b		17,753		18,049,807
4.88%, 03/15/26 (Call 12/15/25)b		13,615		13,598,691
5.00%, 03/15/22b		12,508		12,954,977
5.25%, 07/01/25b		16,530		17,010,977
Berry Global Inc.
4.50%, 02/15/26 (Call 02/15/21)b,c		9,732		9,294,060
5.13%, 07/15/23 (Call 07/15/18)b		12,338		12,419,932
5.50%, 05/15/22 (Call 05/31/18)b		7,985		8,199,637
6.00%, 10/15/22 (Call 10/15/18)		5,465		5,690,431
BWAY Holding Co.
5.50%, 04/15/24 (Call 04/15/20)c		25,619		25,785,523
7.25%, 04/15/25 (Call 04/15/20)b,c		22,764		23,346,233
Crown Americas LLC/Crown Americas Capital Corp.IV
4.50%, 01/15/23b		17,971		17,685,991
Crown Americas LLC/Crown Americas Capital Corp.V
4.25%, 09/30/26 (Call 03/31/26)b		8,534		7,904,617
Crown Americas LLC/Crown Americas Capital Corp.VI
4.75%, 02/01/26 (Call 02/01/21)b,c		13,877		13,341,976

48 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22b,c	$	9,628	$	9,772,420
5.88%, 08/15/23c		12,254		12,550,358
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.13%, 07/15/23 (Call 07/15/19)b,c		26,932		27,100,325
5.75%, 10/15/20 (Call 05/31/18)b		53,896		54,300,176
6.88%, 02/15/21 (Call 05/31/18)b		955		968,189
7.00%, 07/15/24 (Call 07/15/19)b,c		15,288		15,889,327
Sealed Air Corp.
4.88%, 12/01/22 (Call 09/01/22)b,c		6,042		6,127,775
5.13%, 12/01/24 (Call 09/01/24)b,c		7,443		7,560,370
5.25%, 04/01/23 (Call 01/01/23)b,c		7,365		7,543,460
5.50%, 09/15/25 (Call 06/15/25)b,c		5,914		6,116,242
6.50%, 12/01/20 (Call 09/01/20)b,c		6,091		6,453,325
				450,235,296
PHARMACEUTICALS — 2.50%
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 07/15/23 (Call 07/15/18)c		28,206		20,466,979
6.00%, 02/01/25 (Call 02/01/20)b,c		19,800		13,908,312
Endo Finance LLC
5.75%, 01/15/22 (Call 05/31/18)b,c		12,377		10,134,945
Endo Finance LLC/Endo Finco Inc.
5.38%, 01/15/23 (Call 05/31/18)b,c		13,131		9,509,433
Valeant Pharmaceuticals International Inc.
5.50%, 03/01/23 (Call 05/31/18)c		17,592		15,942,750

Security	Principal or Shares (000s)		Value
5.50%, 11/01/25 (Call 11/01/20)b,c	$	29,343	$	29,196,285
5.63%, 12/01/21 (Call 05/31/18)b,c		15,493		15,032,083
5.88%, 05/15/23 (Call 05/31/18)b,c		55,600		51,082,500
6.13%, 04/15/25 (Call 04/15/20)b,c		55,618		49,986,678
6.50%, 03/15/22 (Call 03/15/19)c		22,023		22,877,492
6.75%, 08/15/21 (Call 05/31/18)c		10,623		10,684,746
7.00%, 03/15/24 (Call 03/15/20)c		35,415		37,407,094
7.25%, 07/15/22 (Call 05/31/18)b,c		9,683		9,772,810
7.50%, 07/15/21 (Call 05/31/18)b,c		27,828		28,280,205
9.00%, 12/15/25 (Call 12/15/21)c		25,912		26,252,800
9.25%, 04/01/26 (Call 04/01/22)b,c		25,476		25,985,520
				376,520,632
PIPELINES — 3.22%
Buckeye Partners LP
6.38%, 01/22/78 (Call 01/22/23)b,e,f		7,434		7,238,858
Cheniere Corpus Christi Holdings LLC
5.13%, 06/30/27 (Call 01/01/27)b		26,400		25,718,584
5.88%, 03/31/25 (Call 10/02/24)b		25,181		25,930,626
7.00%, 06/30/24 (Call 01/01/24)		22,123		24,154,040
Cheniere Energy Partners LP
5.25%, 10/01/25 (Call 10/01/20)b,c		26,220		25,630,050
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.75%, 04/01/25 (Call 04/01/20)b		7,720		7,637,691

SCHEDULESOF INVESTMENTS 49

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
6.25%, 04/01/23 (Call 05/31/18)b	$	12,068	$	12,244,998
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)		8,412		8,117,580
4.75%, 09/30/21 (Call 06/30/21)b,c		8,379		8,483,737
5.35%, 03/15/20b,c		8,789		9,045,902
5.85%, 05/21/43 (Call 05/21/23)c,e,f		10,608		10,077,600
Energy Transfer Equity LP
4.25%, 03/15/23 (Call 12/15/22)b		17,306		16,716,154
5.50%, 06/01/27 (Call 03/01/27)b		17,392		17,323,436
5.88%, 01/15/24 (Call 10/15/23)b		20,727		21,193,357
7.50%, 10/15/20		20,114		21,516,591
Genesis Energy LP/Genesis Energy Finance Corp.
6.00%, 05/15/23 (Call 05/31/18)		6,699		6,546,223
6.25%, 05/15/26 (Call 02/15/21)		8,599		8,212,045
6.50%, 10/01/25 (Call 10/01/20)b		9,393		9,174,221
6.75%, 08/01/22 (Call 08/01/18)		11,797		12,000,287
NGPL PipeCo LLC
4.38%, 08/15/22 (Call 05/15/22)b,c		12,621		12,574,892
4.88%, 08/15/27 (Call 02/15/27)b,c		11,986		11,626,420
NuStar Logistics LP
4.80%, 09/01/20		7,662		7,623,690
5.63%, 04/28/27 (Call 01/28/27)b		7,377		6,961,644
Rockies Express Pipeline LLC
5.63%, 04/15/20b,c		17,872		18,497,520
SemGroup Corp./Rose Rock Finance Corp.
5.63%, 07/15/22 (Call 05/16/18)b		6,147		5,939,539
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 09/15/24 (Call 09/15/19)b,c		11,844		11,982,180

Security	Principal or Shares (000s)		Value
5.50%, 01/15/28 (Call 01/15/23)b,c	$	12,771	$	12,719,118
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.13%, 11/15/19 (Call 05/31/18)		11,338		11,348,394
4.25%, 11/15/23 (Call 05/31/18)		9,923		9,377,235
5.00%, 01/15/28 (Call 01/15/23)b,c		12,716		11,790,911
5.13%, 02/01/25 (Call 02/01/20)b		9,420		9,099,066
5.25%, 05/01/23 (Call 05/31/18)		8,225		8,225,000
5.38%, 02/01/27 (Call 02/01/22)b		8,275		7,897,752
5.88%, 04/15/26 (Call 04/15/21)c		16,346		16,223,405
6.75%, 03/15/24 (Call 09/15/19)		9,304		9,757,570
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)b		13,926		13,469,227
4.55%, 06/24/24 (Call 03/24/24)b		22,053		22,053,000
				484,128,543
PRIVATE EQUITY — 0.63%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.88%, 02/01/22 (Call 05/31/18)b		23,253		23,514,596
6.00%, 08/01/20 (Call 05/31/18)b		29,009		29,679,108
6.25%, 02/01/22 (Call 02/01/19)b		19,391		19,789,113
6.38%, 12/15/25 (Call 12/15/20)		13,371		13,437,855
6.75%, 02/01/24 (Call 02/01/20)b		8,796		8,993,910
				95,414,582
REAL ESTATE — 0.25%
Howard Hughes Corp. (The)
5.38%, 03/15/25 (Call 03/15/20)b,c		16,268		16,227,330
Kennedy-Wilson Inc.
5.88%, 04/01/24 (Call 04/01/19)c		2,047		2,016,295

50 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
5.88%, 04/01/24 (Call 04/01/19)	$	25	$	24,638
Realogy Group LLC/Realogy Co-Issuer Corp.
4.50%, 04/15/19c		3,740		3,762,557
4.88%, 06/01/23 (Call 03/01/23)b,c		8,211		7,910,249
5.25%, 12/01/21 (Call 05/31/18)b,c		8,260		8,371,510
				38,312,579
REAL ESTATE INVESTMENT TRUSTS — 2.57%
CyrusOne LP/CyrusOne Finance Corp.
5.00%, 03/15/24 (Call 03/15/20)b		10,668		10,693,337
5.38%, 03/15/27 (Call 03/15/22)		7,557		7,566,446
Equinix Inc.
5.38%, 01/01/22 (Call 05/31/18)b		12,062		12,437,877
5.38%, 04/01/23 (Call 06/05/18)b		16,538		16,992,795
5.38%, 05/15/27 (Call 05/15/22)b		21,535		21,911,863
5.75%, 01/01/25 (Call 01/01/20)b		7,562		7,865,207
5.88%, 01/15/26 (Call 01/15/21)		18,555		19,204,425
ESH Hospitality Inc.
5.25%, 05/01/25 (Call 05/01/20)b,c		23,397		22,870,568
Iron Mountain Inc.
4.38%, 06/01/21 (Call 06/01/18)b,c		9,512		9,500,110
4.88%, 09/15/27 (Call 09/15/22)b,c		17,862		16,700,339
5.25%, 03/15/28 (Call 12/27/22)b,c		14,515		13,662,244
5.75%, 08/15/24 (Call 05/11/18)b		17,302		17,078,804
6.00%, 08/15/23 (Call 08/15/18)b		9,253		9,565,289
iStar Inc.
4.63%, 09/15/20 (Call 06/15/20)		7,173		7,164,034
5.00%, 07/01/19 (Call 05/31/18)b		10,040		10,040,000

Security	Principal or Shares (000s)		Value
5.25%, 09/15/22 (Call 09/15/19)b	$	8,207	$	7,977,888
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
4.50%, 09/01/26 (Call 06/01/26)		9,179		8,674,155
5.63%, 05/01/24 (Call 02/01/24)b		18,146		18,509,283
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27 (Call 10/15/22)		24,839		23,512,371
5.25%, 08/01/26 (Call 08/01/21)b	��	7,992		7,752,240
6.38%, 03/01/24 (Call 03/01/19)b		7,444		7,780,672
SBA Communications Corp.
4.00%, 10/01/22 (Call 10/01/19)b,c		12,922		12,292,726
4.88%, 07/15/22 (Call 05/31/18)b		12,856		12,920,280
4.88%, 09/01/24 (Call 09/01/19)		19,710		19,032,469
Starwood Property Trust Inc.
3.63%, 02/01/21 (Call 11/01/20)b,c		7,515		7,388,184
4.75%, 03/15/25 (Call 09/15/24)c		9,365		9,024,056
5.00%, 12/15/21 (Call 09/15/21)b		11,657		11,757,716
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 05/31/18)b,c		9,992		9,767,180
7.13%, 12/15/24 (Call 12/15/19)b,c		10,267		9,439,223
8.25%, 10/15/23 (Call 04/15/19)b		18,126		17,427,092
				386,508,873
RETAIL — 3.35%
1011778 BC ULC/New Red Finance Inc.
4.25%, 05/15/24 (Call 05/15/20)b,c		27,246		26,050,356
4.63%, 01/15/22 (Call 05/31/18)b,c		22,518		22,602,443

SCHEDULESOF INVESTMENTS 51

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
5.00%, 10/15/25 (Call 10/15/20)b,c	$	48,369	$	46,690,596
Beacon Roofing Supply Inc.
4.88%, 11/01/25 (Call 11/01/20)b,c		22,105		20,864,063
Dollar Tree Inc.
5.75%, 03/01/23 (Call 05/05/18)b		20,675		21,568,160
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 05/31/18)b		8,932		8,526,968
6.75%, 01/15/22 (Call 05/31/18)b		7,017		6,624,508
6.75%, 06/15/23 (Call 06/15/19)b		8,734		7,872,378
Golden Nugget Inc.
6.75%, 10/15/24 (Call 10/15/19)b,c		21,449		21,770,735
8.75%, 10/01/25 (Call 10/01/20)c		11,266		11,768,275
JC Penney Corp. Inc.
5.88%, 07/01/23 (Call 07/01/19)b,c		8,916		8,578,975
8.13%, 10/01/19		14		14,700
8.63%, 03/15/25 (Call 03/15/21)b,c		6,915		6,434,792
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.75%, 06/01/27 (Call 06/01/22)b,c		12,277		11,759,524
5.00%, 06/01/24 (Call 06/01/19)b,c		17,785		17,721,086
5.25%, 06/01/26 (Call 06/01/21)b,c		18,263		18,275,841
L Brands Inc.
5.25%, 02/01/28b		9,286		8,715,444
5.63%, 02/15/22b		17,941		18,570,978
5.63%, 10/15/23b		8,463		8,781,685
6.63%, 04/01/21b		17,712		18,791,750
7.00%, 05/01/20b		6,767		7,170,200
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/21 (Call 05/31/18)b,c	��	15,405		10,382,328

Security	Principal or Shares (000s)		Value
Penske Automotive Group Inc.
5.50%, 05/15/26 (Call 05/15/21)b	$	7,548	$	7,323,276
5.75%, 10/01/22 (Call 05/31/18)b		10,151		10,392,086
PetSmart Inc.
5.88%, 06/01/25 (Call 06/01/20)b,c		23,478		16,904,160
7.13%, 03/15/23 (Call 05/31/18)c		32,392		18,787,360
8.88%, 06/01/25 (Call 06/01/20)b,c		10,354		6,005,320
QVC Inc.
3.13%, 04/01/19b		3,488		3,490,317
4.38%, 03/15/23b		12,986		12,913,555
4.45%, 02/15/25 (Call 11/15/24)b		11,177		10,904,475
4.85%, 04/01/24		10,757		10,818,586
5.13%, 07/02/22b		8,637		8,892,051
Rite Aid Corp.
6.13%, 04/01/23 (Call 05/31/18)b,c		31,503		32,014,924
6.75%, 06/15/21 (Call 05/31/18)		12,971		13,206,195
Staples Inc.
8.50%, 09/15/25 (Call 09/15/20)b,c		17,495		16,270,350
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)b		7,553		7,258,880
				504,717,320
SEMICONDUCTORS — 0.97%
Micron Technology Inc.
5.25%, 01/15/24 (Call 05/21/18)c		9,887		10,268,304
5.50%, 02/01/25 (Call 08/01/19)		7,556		7,858,240
NXP BV/NXP Funding LLC
3.88%, 09/01/22c		17,642		17,322,000
4.13%, 06/15/20b,c		10,730		10,801,257
4.13%, 06/01/21b,c		22,752		22,808,880
4.63%, 06/15/22b,c		6,100		6,155,070
4.63%, 06/01/23b,c		15,628		15,740,567

52 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
Qorvo Inc.
6.75%, 12/01/23 (Call 12/01/18)b	$	6,860	$	7,276,364
7.00%, 12/01/25 (Call 12/01/20)b		7,981		8,669,361
Sensata Technologies BV
4.88%, 10/15/23b,c		7,794		7,832,970
5.00%, 10/01/25b,c		11,536		11,480,178
5.63%, 11/01/24b,c		6,917		7,166,506
Sensata Technologies UK Financing Co. PLC
6.25%, 02/15/26 (Call 02/15/21)c		12,096		12,605,242
				145,984,939
SOFTWARE — 3.00%
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 05/31/18)c		31,249		31,170,877
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)		10,156		9,724,370
5.00%, 10/15/24 (Call 07/15/24)b		8,485		8,612,275
Change Healthcare Holdings LLC/Change Healthcare Finance Inc.
5.75%, 03/01/25 (Call 03/01/20)b,c		18,515		18,144,700
First Data Corp.
5.00%, 01/15/24 (Call 01/15/19)b,c		34,019		34,216,957
5.38%, 08/15/23 (Call 08/15/18)b,c		21,488		21,830,800
5.75%, 01/15/24 (Call 01/15/19)b,c		38,841		39,447,891
7.00%, 12/01/23 (Call 12/01/18)b,c		57,774		60,446,047
Infor U.S. Inc.
5.75%, 08/15/20 (Call 05/16/18)b,c		9,739		9,933,780
6.50%, 05/15/22 (Call 05/16/18)b		27,874		28,273,814
IQVIA Inc.
4.88%, 05/15/23 (Call 05/31/18)c		13,475		13,657,218

Security	Principal or Shares (000s)		Value
IQVIA Inc.
5.00%, 10/15/26 (Call 10/15/21)b,c	$	18,590	$	18,334,388
MSCI Inc.
4.75%, 08/01/26 (Call 08/01/21)b,c		9,447		9,382,383
5.25%, 11/15/24 (Call 11/15/19)b,c		12,871		13,188,914
5.75%, 08/15/25 (Call 08/15/20)b,c		13,282		13,875,705
Nuance Communications Inc.
5.38%, 08/15/20 (Call 05/31/18)c		6,633		6,652,899
5.63%, 12/15/26 (Call 12/15/21)		7,215		7,177,159
Open Text Corp.
5.63%, 01/15/23 (Call 05/31/18)b,c		14,251		14,815,696
5.88%, 06/01/26 (Call 06/01/21)c		14,527		15,085,055
Rackspace Hosting Inc.
8.63%, 11/15/24 (Call 11/15/19)b,c		21,033		21,283,682
Solera LLC/Solera Finance Inc.
10.50%, 03/01/24 (Call 03/01/19)c		32,790		36,478,875
Veritas U.S. Inc./Veritas Bermuda Ltd.
7.50%, 02/01/23 (Call 02/01/19)b,c		7,858		7,614,346
10.50%, 02/01/24 (Call 02/01/19)b,c		14,318		12,437,946
				451,785,777
TELECOMMUNICATIONS — 9.33%
Anixter Inc.
5.13%, 10/01/21b		7,619		7,776,142
C&W Senior Financing DAC
6.88%, 09/15/27 (Call 09/15/22)c		998		989,018
CenturyLink Inc.
5.63%, 04/01/25 (Call 01/01/25)b		9,324		8,566,425
Series S
6.45%, 06/15/21b		21,419		21,900,927

SCHEDULESOF INVESTMENTS 53

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
Series T
5.80%, 03/15/22b	$	24,158	$	24,037,210
Series V
5.63%, 04/01/20		16,973		17,156,232
Series W
6.75%, 12/01/23b		12,840		12,773,706
Series Y
7.50%, 04/01/24 (Call 01/01/24)b		17,699		18,052,980
CommScope Inc.
5.00%, 06/15/21 (Call 05/11/18)b,c		10,147		10,234,518
5.50%, 06/15/24 (Call 06/15/19)c		10,654		10,861,531
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/22)b,c		12,820		12,291,175
6.00%, 06/15/25 (Call 06/15/20)b,c		26,948		27,756,440
Frontier Communications Corp.
6.88%, 01/15/25 (Call 10/15/24)b		13,053		7,991,336
7.13%, 03/15/19		645		642,485
7.13%, 01/15/23		14,787		10,541,425
7.63%, 04/15/24b		13,279		8,730,943
8.13%, 10/01/18		5,074		5,157,975
8.50%, 04/01/26 (Call 04/01/21)b,c		26,921		26,037,256
8.75%, 04/15/22b		8,056		6,727,264
10.50%, 09/15/22 (Call 06/15/22)		38,127		33,498,699
11.00%, 09/15/25 (Call 06/15/25)		62,474		48,104,980
Hughes Satellite Systems Corp.
5.25%, 08/01/26b		12,532		12,260,967
6.50%, 06/15/19b		14,097		14,518,441
6.63%, 08/01/26b		13,783		13,772,036
7.63%, 06/15/21b		14,908		15,988,830
Inmarsat Finance PLC
4.88%, 05/15/22 (Call 05/31/18)b,c		17,566		16,931,228
6.50%, 10/01/24 (Call 10/01/19)b,c		5,636		5,518,349

Security	Principal or Shares (000s)		Value
Intelsat Connect Finance SA
12.50%, 04/01/22 (Call 06/01/18)c	$	12,719	$	11,124,233
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/18)b		35,387		29,725,080
7.25%, 10/15/20 (Call 05/31/18)		37,053		36,052,054
7.50%, 04/01/21 (Call 05/31/18)		19,853		18,835,534
8.00%, 02/15/24 (Call 02/15/19)b,c		23,856		25,142,127
9.50%, 09/30/22c		7,933		9,093,201
9.75%, 07/15/25 (Call 07/15/21)b,c		26,315		25,821,594
Intelsat Luxembourg SA
7.75%, 06/01/21 (Call 05/31/18)		34,051		23,069,552
8.13%, 06/01/23 (Call 06/15/18)		15,844		9,902,500
Koninklijke KPN NV
7.00%, 03/28/73 (Call 03/28/23)b,c,e,f		10,603		11,465,120
Level 3 Financing Inc.
5.13%, 05/01/23 (Call 05/31/18)b		12,555		12,413,756
5.25%, 03/15/26 (Call 03/15/21)b		13,880		13,388,416
5.38%, 08/15/22 (Call 05/31/18)b		17,651		17,742,785
5.38%, 01/15/24 (Call 01/15/19)b		15,345		15,191,550
5.38%, 05/01/25 (Call 05/01/20)b		14,185		13,967,970
5.63%, 02/01/23 (Call 05/31/18)b		8,883		9,005,141
6.13%, 01/15/21 (Call 05/31/18)		10,820		10,955,250
Nokia OYJ
3.38%, 06/12/22b		9,303		8,936,528
4.38%, 06/12/27		8,217		7,610,996
5.38%, 05/15/19		5,338		5,431,871
Qwest Corp.
6.75%, 12/01/21b		13,856		14,929,840
SoftBank Group Corp.
4.50%, 04/15/20c		43,834		44,984,642
Sprint Communications Inc.
6.00%, 11/15/22		38,989		39,637,800
7.00%, 03/01/20b,c		17,119		18,039,146

54 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
7.00%, 08/15/20	$	27,472	$	29,030,382
11.50%, 11/15/21		17,331		20,710,545
Sprint Corp.
7.13%, 06/15/24b		42,837		44,389,841
7.25%, 09/15/21b		37,791		40,105,699
7.63%, 02/15/25 (Call 11/15/24)b		25,913		27,226,644
7.63%, 03/01/26 (Call 11/01/25)b		26,009		27,406,984
7.88%, 09/15/23b		72,931		78,246,175
T-Mobile USA Inc.
4.00%, 04/15/22 (Call 03/16/22)b		6,863		6,848,453
4.50%, 02/01/26 (Call 02/01/21)b		16,953		16,263,803
4.75%, 02/01/28 (Call 02/01/23)b		26,471		25,519,860
5.13%, 04/15/25 (Call 04/15/20)		7,046		7,095,909
5.38%, 04/15/27 (Call 04/15/22)b		8,161		8,239,581
6.00%, 03/01/23 (Call 09/01/18)b		22,602		23,440,747
6.00%, 04/15/24 (Call 04/15/19)		17,196		17,991,315
6.38%, 03/01/25 (Call 09/01/19)b		29,708		31,119,130
6.50%, 01/15/24 (Call 01/15/19)b		14,852		15,538,905
6.50%, 01/15/26 (Call 01/15/21)b		34,743		36,892,247
Telecom Italia Capital SA
7.18%, 06/18/19b		11,267		11,704,011
Telecom Italia SpA/Milano
5.30%, 05/30/24b,c		26,323		26,809,975
Telefonaktiebolaget LM Ericsson
4.13%, 05/15/22b		17,000		16,811,752
Wind Tre SpA
5.00%, 01/20/26 (Call 11/03/20)c		34,272		28,629,163
Windstream Services LLC/Windstream Finance Corp.
6.38%, 08/01/23 (Call 05/31/18)b,c		373		213,076
6.38%, 08/01/23 (Call 05/31/18)b		7,119		4,164,615

Security	Principal or Shares (000s)		Value
7.75%, 10/15/20 (Call 05/31/18)b	$	8,621	$	7,392,508
8.63%, 10/31/25 (Call 10/31/20)b,c		10,503		9,636,503
8.75%, 12/15/24 (Call 12/15/22)b,c		19,963		11,897,948
				1,404,610,975
TOYS, GAMES & HOBBIES — 0.11%
Mattel Inc.
6.75%, 12/31/25 (Call 12/31/20)b,c		16,872		16,447,669
				16,447,669
TRANSPORTATION — 0.31%
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc.
7.38%, 01/15/22 (Call 05/31/18)b,c		10,928		8,277,960
XPO Logistics Inc.
6.13%, 09/01/23 (Call 09/01/19)b,c		8,669		8,956,161
6.50%, 06/15/22 (Call 06/15/18)c		28,182		29,097,915
				46,332,036
TRUCKING & LEASING — 0.50%
Avolon Holdings Funding Ltd.
5.50%, 01/15/23 (Call 12/15/22)b,c		8,061		7,998,864
Park Aerospace Holdings Ltd.
4.50%, 03/15/23 (Call 02/15/23)b,c		15,563		14,849,696
5.25%, 08/15/22b,c		30,437		30,322,861
5.50%, 02/15/24b,c		22,268		21,627,795
				74,799,216
TOTAL CORPORATE BONDS & NOTES
(Cost: $15,235,283,121)				14,568,131,574

SCHEDULESOF INVESTMENTS 55

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

April 30, 2018

Security	Shares (000s)		Value
WARRANTS — 0.01%
OIL & GAS SERVICES — 0.01%
CGG SA (Expires 08/21/18)a	$	833	$	2,022,140
				2,022,140
TOTAL WARRANTS
(Cost: $0)				2,022,140
SHORT-TERM INVESTMENTS — 24.17%
MONEY MARKET FUNDS — 24.17%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.93%h,i,j		3,325,397		3,325,729,808
BlackRock Cash Funds: Treasury, SL Agency Shares
1.65%h,i		311,313		311,312,856
				3,637,042,664
TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,636,716,596)				3,637,042,664

Security	Shares (000s)	Value
TOTAL INVESTMENTS IN SECURITIES — 121.02%
(Cost: $18,878,410,394)		$	18,215,240,792
Other Assets, Less Liabilities — (21.02)%			(3,163,506,355	)
NET ASSETS — 100.00%		$	15,051,734,437

^a  Non-income producing security.

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

^c  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^d  Security is perpetual in nature with no stated maturity date.

^e  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^f  Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. Reference index and spread are provided if the rate is currently floating.

^g  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.

^h  Affiliate of the Fund.

ⁱ  Annualized 7-day yield as of period end.

^j  All or a portion of this security was purchased with cash collateral received from loaned securities.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, 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, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common stocks	$	8,044,414	$	—	$	—	$	8,044,414
Corporate bonds & notes		—		14,568,131,574		—		14,568,131,574
Warrants		2,022,140		—		—		2,022,140
Money market funds		3,637,042,664		—		—		3,637,042,664
Total	$	3,647,109,218	$	14,568,131,574	$	—	$	18,215,240,792

56 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 98.87%
ADVERTISING — 0.22%
Omnicom Group Inc./Omnicom Capital Inc.
3.60%, 04/15/26 (Call 01/15/26)a	$	22,851	$	21,883,623
3.63%, 05/01/22a		15,302		15,313,204
3.65%, 11/01/24 (Call 08/01/24)a		9,467		9,278,471
WPP Finance 2010
3.75%, 09/19/24		17,195		16,609,471
4.75%, 11/21/21a		8,369		8,644,889
				71,729,658
AEROSPACE & DEFENSE — 1.42%
General Dynamics Corp.
2.25%, 11/15/22 (Call 08/15/22)a		8,889		8,490,978
Lockheed Martin Corp.
2.90%, 03/01/25 (Call 12/01/24)		11,934		11,334,151
3.35%, 09/15/21a		12,890		12,947,177
3.55%, 01/15/26 (Call 10/15/25)a		24,579		24,175,968
3.80%, 03/01/45 (Call 09/01/44)		12,020		11,114,310
4.07%, 12/15/42a		16,684		16,157,231
4.09%, 09/15/52 (Call 03/15/52)a		12,743		12,098,230
4.70%, 05/15/46 (Call 11/15/45)		16,446		17,546,280
Northrop Grumman Corp.
2.55%, 10/15/22 (Call 09/15/22)a		17,349		16,714,113
2.93%, 01/15/25 (Call 11/15/24)a		15,235		14,420,889
3.20%, 02/01/27 (Call 11/01/26)a		10,428		9,832,685
3.25%, 08/01/23a		13,109		12,928,333
3.25%, 01/15/28 (Call 10/15/27)a		26,079		24,392,927
4.03%, 10/15/47 (Call 04/15/47)a		29,015		26,953,934
4.75%, 06/01/43a		10,666		11,124,880

Security	Principal (000s)		Value
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)a	$	8,755	$	8,473,309
Rockwell Collins Inc.
2.80%, 03/15/22 (Call 02/15/22)a		14,785		14,350,768
3.20%, 03/15/24 (Call 01/15/24)		11,771		11,290,907
3.50%, 03/15/27 (Call 12/15/26)a		15,965		15,138,655
4.35%, 04/15/47 (Call 10/15/46)		13,637		13,067,273
United Technologies Corp.
1.95%, 11/01/21 (Call 10/01/21)		6,091		5,822,532
2.65%, 11/01/26 (Call 08/01/26)a		19,430		17,443,182
2.80%, 05/04/24 (Call 03/04/24)		14,782		13,899,795
3.10%, 06/01/22a		31,226		30,795,375
3.13%, 05/04/27 (Call 02/04/27)a		10,529		9,724,791
3.75%, 11/01/46 (Call 05/01/46)a		13,285		11,577,019
4.15%, 05/15/45 (Call 11/16/44)a		9,828		9,142,804
4.50%, 06/01/42		40,875		39,921,762
5.70%, 04/15/40a		13,472		15,287,398
6.13%, 07/15/38a		12,821		15,265,257
				461,432,913
AGRICULTURE — 1.56%
Altria Group Inc.
2.63%, 09/16/26 (Call 06/16/26)a		235		212,979
2.85%, 08/09/22a		28,084		27,349,182
3.88%, 09/16/46 (Call 03/16/46)		16,666		14,752,290
4.00%, 01/31/24a		19,242		19,463,770
4.25%, 08/09/42		9,769		9,172,883
4.75%, 05/05/21a		5,642		5,870,729
5.38%, 01/31/44		32,271		35,317,983

SCHEDULESOF INVESTMENTS 57

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)a	$	7,396	$	6,722,999
BAT Capital Corp.
2.76%, 08/15/22 (Call 07/15/22)b		30,757		29,563,235
3.22%, 08/15/24 (Call 06/15/24)b		32,889		31,275,051
3.56%, 08/15/27 (Call 05/15/27)a,b		50,473		47,220,601
4.39%, 08/15/37 (Call 02/15/37)b		35,599		33,979,423
4.54%, 08/15/47 (Call 02/15/47)a,b		35,640		33,795,067
Philip Morris International Inc.
1.88%, 02/25/21 (Call 01/25/21)a		2,386		2,302,547
2.38%, 08/17/22 (Call 07/17/22)a		11,406		10,924,358
2.50%, 08/22/22a		8,754		8,418,863
2.50%, 11/02/22 (Call 10/02/22)a		3,374		3,233,435
2.75%, 02/25/26 (Call 11/25/25)a		6,976		6,466,488
2.90%, 11/15/21a		9,281		9,158,914
3.25%, 11/10/24a		11,346		11,002,664
3.38%, 08/11/25 (Call 05/11/25)a		13,497		13,095,314
3.88%, 08/21/42a		7,070		6,452,368
4.13%, 03/04/43		11,741		11,139,078
4.25%, 11/10/44a		13,838		13,395,819
4.38%, 11/15/41a		5,504		5,409,939
4.88%, 11/15/43a		8,075		8,490,024
6.38%, 05/16/38a		16,149		20,299,186
Reynolds American Inc.
4.00%, 06/12/22a		6,858		6,926,341
4.45%, 06/12/25 (Call 03/12/25)		35,412		35,810,725
5.70%, 08/15/35 (Call 02/15/35)a		7,484		8,236,716
5.85%, 08/15/45 (Call 02/15/45)		27,910		31,350,069
				506,809,040

Security	Principal (000s)		Value
AIRLINES — 0.00%
Delta Air Lines Inc.
3.63%, 03/15/22 (Call 02/15/22)a	$	1,306	$	1,292,421
				1,292,421
APPAREL — 0.09%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)a		11,042		10,093,162
3.88%, 11/01/45 (Call 05/01/45)a		18,476		17,968,019
				28,061,181
AUTO MANUFACTURERS — 2.09%
American Honda Finance Corp.
1.70%, 09/09/21a		7,176		6,835,251
Daimler Finance North America LLC
8.50%, 01/18/31		19,449		27,684,026
Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)a		19,469		19,031,974
4.75%, 01/15/43a		23,476		20,973,118
5.29%, 12/08/46 (Call 06/08/46)a		19,115		18,310,937
7.45%, 07/16/31		20,542		24,314,534
Ford Motor Credit Co. LLC
3.10%, 05/04/23a		13,276		12,658,682
3.22%, 01/09/22a		17,411		17,013,792
3.34%, 03/18/21a		9,233		9,161,309
3.34%, 03/28/22 (Call 02/28/22)a		6,220		6,085,751
3.66%, 09/08/24a		11,599		11,088,898
3.81%, 01/09/24 (Call 11/09/23)a		7,042		6,854,750
3.82%, 11/02/27 (Call 08/02/27)a		11,406		10,601,783
4.13%, 08/04/25a		7,527		7,336,487
4.25%, 09/20/22		19,706		19,874,402
4.38%, 08/06/23a		13,916		13,991,730
4.39%, 01/08/26a		20,450		20,110,047
5.88%, 08/02/21		20,238		21,553,699

58 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)	$	5,157	$	4,959,311
4.88%, 10/02/23a		27,670		28,517,095
5.00%, 04/01/35		12,818		12,452,106
5.15%, 04/01/38 (Call 10/01/37)		15,489		15,030,854
5.20%, 04/01/45		19,940		18,932,737
5.40%, 04/01/48 (Call 10/01/47)a		10,039		9,874,408
6.25%, 10/02/43		17,492		18,643,388
6.60%, 04/01/36 (Call 10/01/35)		6,101		6,849,081
6.75%, 04/01/46 (Call 10/01/45)a		9,310		10,557,480
General Motors Financial Co. Inc.
3.15%, 06/30/22 (Call 05/30/22)a		18,387		17,876,693
3.20%, 07/06/21 (Call 06/06/21)		22,456		22,164,815
3.25%, 01/05/23 (Call 12/05/22)		100		96,817
3.45%, 01/14/22 (Call 12/14/21)a		17,672		17,461,401
3.45%, 04/10/22 (Call 02/10/22)a		20,622		20,333,632
3.50%, 11/07/24 (Call 09/07/24)a		6,993		6,648,511
3.70%, 05/09/23 (Call 03/09/23)		16,156		15,899,968
3.95%, 04/13/24 (Call 02/13/24)		21,423		21,012,842
4.00%, 01/15/25 (Call 10/15/24)a		10,936		10,669,853
4.00%, 10/06/26 (Call 07/06/26)a		12,253		11,723,728
4.20%, 03/01/21 (Call 02/01/21)a		11,487		11,679,198
4.30%, 07/13/25 (Call 04/13/25)a		18,636		18,373,948
4.35%, 01/17/27 (Call 10/17/26)		16,175		15,759,133

Security	Principal (000s)		Value
4.38%, 09/25/21	$	12,017	$	12,266,826
5.25%, 03/01/26 (Call 12/01/25)a		10,103		10,505,695
Toyota Motor Credit Corp.
1.90%, 04/08/21a		14,019		13,578,673
2.15%, 09/08/22a		2,735		2,607,253
2.60%, 01/11/22a		16,771		16,412,523
3.20%, 01/11/27a		7,424		7,174,271
3.30%, 01/12/22a		18,241		18,284,685
3.40%, 09/15/21a		10,560		10,628,612
				680,456,707
BANKS — 27.06%
Australia & New Zealand Banking Group Ltd./New York NY
2.30%, 06/01/21		15,676		15,215,869
2.55%, 11/23/21a		7,682		7,468,301
2.63%, 05/19/22		647		625,524
2.70%, 11/16/20a		8,099		8,001,547
3.70%, 11/16/25		11,484		11,487,886
Banco Santander SA
3.13%, 02/23/23		12,316		11,846,741
3.50%, 04/11/22a		14,402		14,217,107
3.80%, 02/23/28a		9,563		9,052,149
3.85%, 04/12/23		1,000		992,476
4.25%, 04/11/27a		24,601		24,248,298
4.38%, 04/12/28		8,400		8,316,711
5.18%, 11/19/25a		18,870		19,477,310
Bank of America Corp.
2.33%, 10/01/21 (Call 10/01/20)c,d		5,983		5,843,089
2.50%, 10/21/22 (Call 10/21/21)a		25,338		24,227,585
2.63%, 04/19/21a		32,542		31,994,907
2.82%, 07/21/23 (Call 07/21/22)a,c,d		16,139		15,606,515
2.88%, 04/24/23 (Call 04/24/22)c,d		22,089		21,458,059
3.00%, 12/20/23 (Call 12/20/22)a,b,c,d		33,608		32,585,134
3.09%, 10/01/25 (Call 10/01/24)c,d		11,556		11,012,002
3.12%, 01/20/23 (Call 01/20/22)a,c,d		16,096		15,836,532

SCHEDULESOF INVESTMENTS 59

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
3.25%, 10/21/27 (Call 10/21/26)a	$	37,320	$	34,685,372
3.30%, 01/11/23a		51,453		50,870,573
3.37%, 01/23/26 (Call 01/23/25)c,d		25,229		24,268,257
3.42%, 12/20/28 (Call 12/20/27)a,b,c,d		84,017		78,907,691
3.50%, 04/19/26a		33,745		32,506,255
3.59%, 07/21/28 (Call 07/21/27)a,c,d		30,619		29,159,744
3.71%, 04/24/28 (Call 04/24/27)a,c,d		30,918		29,773,224
3.82%, 01/20/28 (Call 01/20/27)c,d		25,984		25,277,035
3.88%, 08/01/25a		28,479		28,221,479
3.95%, 01/23/49 (Call 01/23/48)c,d		15,194		13,956,990
3.97%, 03/05/29 (Call 03/05/28)a,c,d		8,475		8,325,973
4.00%, 04/01/24		34,937		35,377,486
4.00%, 01/22/25a		37,658		37,111,048
4.10%, 07/24/23		29,488		30,118,347
4.13%, 01/22/24a		33,234		33,950,708
4.20%, 08/26/24a		39,498		39,570,155
4.24%, 04/24/38 (Call 04/24/37)a,c,d		23,368		22,893,321
4.25%, 10/22/26a		24,683		24,419,376
4.44%, 01/20/48 (Call 01/20/47)c,d		26,497		26,501,295
4.45%, 03/03/26a		18,116		18,195,790
4.88%, 04/01/44		951		1,011,804
5.00%, 01/21/44		22,523		24,376,463
5.70%, 01/24/22a		13,507		14,607,241
5.88%, 02/07/42		18,115		21,757,448
6.11%, 01/29/37a		22,646		26,401,316
7.75%, 05/14/38		14,291		19,449,335
Series L
3.95%, 04/21/25		44,340		43,434,657
4.18%, 11/25/27 (Call 11/25/26)a		31,990		31,144,907
Bank of America N.A.
6.00%, 10/15/36a		4,978		6,129,604
Bank of Montreal
1.90%, 08/27/21a		16,533		15,825,679

Security	Principal (000s)		Value
2.35%, 09/11/22	$	18,516	$	17,669,804
2.55%, 11/06/22 (Call 10/06/22)a		16,870		16,213,823
Bank of New York Mellon Corp. (The)
2.05%, 05/03/21 (Call 04/03/21)a		12,126		11,758,965
2.20%, 08/16/23 (Call 06/16/23)		13,740		12,876,927
2.45%, 08/17/26 (Call 05/17/26)a		15,887		14,385,478
2.60%, 02/07/22 (Call 01/07/22)a		11,513		11,218,344
2.66%, 05/16/23 (Call 05/16/22)a,c,d		4,362		4,224,117
2.80%, 05/04/26 (Call 02/04/26)a		13,665		12,769,173
2.95%, 01/29/23 (Call 12/29/22)		11,444		11,201,661
3.25%, 05/16/27 (Call 02/16/27)a		12,953		12,399,841
3.30%, 08/23/29 (Call 05/23/29)		19,860		18,399,472
3.40%, 01/29/28 (Call 10/29/27)		9,767		9,429,816
3.44%, 02/07/28 (Call 02/07/27)a,c,d		762		736,374
3.50%, 04/28/23		5,000		5,005,000
3.55%, 09/23/21 (Call 08/23/21)a		16,005		16,187,332
3.65%, 02/04/24 (Call 01/05/24)		12,205		12,257,732
Series G
3.00%, 02/24/25 (Call 01/24/25)a		10,053		9,625,939
Bank of Nova Scotia (The)
2.45%, 09/19/22		2,876		2,759,442
2.70%, 03/07/22a		24,002		23,400,234
2.80%, 07/21/21a		10,959		10,824,951
4.50%, 12/16/25a		17,909		18,007,043
Barclays PLC
3.20%, 08/10/21		6,720		6,626,777
3.65%, 03/16/25		31,318		29,912,636

60 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
3.68%, 01/10/23 (Call 01/10/22)	$	13,318	$	13,133,243
4.34%, 01/10/28 (Call 01/10/27)a		14,468		14,118,728
4.38%, 09/11/24a		11,562		11,286,261
4.38%, 01/12/26a		35,292		34,954,368
4.84%, 05/09/28 (Call 05/07/27)a		22,002		21,375,823
4.95%, 01/10/47a		19,236		19,138,841
5.20%, 05/12/26a		28,504		28,534,750
5.25%, 08/17/45a		15,899		16,432,553
BB&T Corp.
2.05%, 05/10/21 (Call 04/09/21)a		12,141		11,731,222
2.75%, 04/01/22 (Call 03/01/22)a		12,249		11,978,710
2.85%, 10/26/24 (Call 09/26/24)a		12,054		11,476,593
BNP Paribas SA
4.25%, 10/15/24a		13,390		13,404,299
5.00%, 01/15/21a		4,070		4,269,721
BNP Paribas/BNP Paribas U.S. Medium-Term Note Program LLC
3.25%, 03/03/23a		13,107		12,977,554
BPCE SA
2.65%, 02/03/21a		4,968		4,885,682
2.75%, 12/02/21a		15,632		15,225,171
4.00%, 04/15/24a		19,998		20,088,297
Branch Banking & Trust Co.
2.63%, 01/15/22 (Call 12/15/21)a		7,514		7,320,739
3.63%, 09/16/25 (Call 08/16/25)		13,555		13,332,510
3.80%, 10/30/26 (Call 09/30/26)a		2,574		2,561,822
Canadian Imperial Bank of Commerce
2.55%, 06/16/22		12,664		12,276,293
Capital One Financial Corp.
3.05%, 03/09/22 (Call 02/09/22)a		2,478		2,426,396
3.20%, 01/30/23 (Call 12/30/22)a		24,705		23,973,692

Security	Principal (000s)		Value
3.20%, 02/05/25 (Call 01/05/25)a	$	6,929	$	6,540,357
3.30%, 10/30/24 (Call 09/30/24)a		15,017		14,300,010
3.50%, 06/15/23		8,190		8,010,367
3.75%, 04/24/24 (Call 03/24/24)a		4,046		3,973,403
3.75%, 07/28/26 (Call 06/28/26)a		36,087		33,785,238
3.75%, 03/09/27 (Call 02/09/27)a		13,948		13,262,055
3.80%, 01/31/28 (Call 12/31/27)a		14,236		13,537,700
4.20%, 10/29/25 (Call 09/29/25)a		18,791		18,381,679
4.75%, 07/15/21		7,810		8,112,155
Capital One N.A.
2.25%, 09/13/21 (Call 08/13/21)		16,438		15,785,921
2.65%, 08/08/22 (Call 07/08/22)		4,815		4,604,363
2.95%, 07/23/21 (Call 06/23/21)a		19,725		19,396,975
Citigroup Inc.
2.35%, 08/02/21a		21,811		21,124,713
2.70%, 10/27/22 (Call 09/27/22)a		7,879		7,589,986
2.75%, 04/25/22 (Call 03/25/22)a		39,671		38,539,654
2.88%, 07/24/23 (Call 07/24/22)a,c,d		24,951		24,142,313
2.90%, 12/08/21 (Call 11/08/21)a		32,375		31,775,098
3.14%, 01/24/23 (Call 01/24/22)a,c,d		9,990		9,813,234
3.20%, 10/21/26 (Call 07/21/26)a		43,143		40,175,443
3.30%, 04/27/25a		19,527		18,696,021
3.40%, 05/01/26a		35,802		33,824,033
3.50%, 05/15/23a		22,120		21,703,352
3.52%, 10/27/28 (Call 10/27/27)a,c,d		30,313		28,553,170
3.67%, 07/24/28 (Call 07/24/27)c,d		36,645		34,960,503

SCHEDULESOF INVESTMENTS 61

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
3.70%, 01/12/26a	$	30,887	$	29,997,411
3.75%, 06/16/24a		673		669,161
3.88%, 10/25/23a		10,266		10,310,822
3.88%, 03/26/25a		16,729		16,248,441
3.88%, 01/24/39 (Call 01/24/38)a,c,d		11,238		10,416,279
3.89%, 01/10/28 (Call 01/10/27)a,c,d		28,095		27,310,236
4.00%, 08/05/24a		13,396		13,292,894
4.05%, 07/30/22a		18,341		18,551,628
4.08%, 04/23/29 (Call 04/23/28)c,d		15,000		14,725,424
4.13%, 07/25/28a		33,643		32,406,616
4.28%, 04/24/48 (Call 04/24/47)a,c,d		5,697		5,513,955
4.30%, 11/20/26a		16,907		16,636,838
4.40%, 06/10/25		23,008		22,988,137
4.45%, 09/29/27a		47,192		46,787,215
4.50%, 01/14/22		32,938		34,127,022
4.60%, 03/09/26a		20,911		21,088,553
4.65%, 07/30/45		5,835		5,996,373
4.75%, 05/18/46		20,242		19,742,668
5.30%, 05/06/44		9,496		10,078,164
5.50%, 09/13/25a		19,502		20,814,370
5.88%, 01/30/42		13,454		16,011,963
6.63%, 06/15/32a		11,658		13,881,824
6.68%, 09/13/43		11,559		14,473,781
8.13%, 07/15/39		25,621		37,135,272
Citizens Bank N.A./Providence RI
2.55%, 05/13/21 (Call 04/13/21)		2,727		2,668,329
Citizens Financial Group Inc.
4.30%, 12/03/25 (Call 11/03/25)a		10,122		10,094,404
Compass Bank
2.88%, 06/29/22 (Call 05/29/22)		300		289,141
Cooperatieve Rabobank UA
3.75%, 07/21/26a		31,151		29,566,598
3.88%, 02/08/22a		35,625		36,210,230
3.95%, 11/09/22		25,884		25,835,170
4.38%, 08/04/25a		24,367		24,241,722

Security	Principal (000s)		Value
4.63%, 12/01/23a	$	29,884	$	30,578,576
5.25%, 05/24/41a		20,316		23,680,523
5.25%, 08/04/45		11,036		11,985,493
5.75%, 12/01/43a		9,362		10,853,463
Cooperatieve Rabobank UA/NY
2.50%, 01/19/21		1,786		1,755,057
2.75%, 01/10/22a		11,886		11,626,021
2.75%, 01/10/23a		24,062		23,292,786
3.38%, 05/21/25a		19,225		18,732,728
Credit Suisse AG/New York NY
3.00%, 10/29/21a		25,138		24,859,305
3.63%, 09/09/24a		37,537		37,209,088
Credit Suisse Group Funding Guernsey Ltd.
3.75%, 03/26/25		27,561		26,658,700
3.80%, 09/15/22a		24,090		24,094,117
3.80%, 06/09/23a		22,564		22,446,011
4.55%, 04/17/26a		31,884		32,250,248
4.88%, 05/15/45a		22,539		23,328,568
Deutsche Bank AG
3.13%, 01/13/21a		4,590		4,510,092
3.38%, 05/12/21a		28,758		28,298,953
4.10%, 01/13/26		803		772,506
4.25%, 10/14/21		26,774		26,991,793
Deutsche Bank AG/London
3.70%, 05/30/24a		20,516		19,584,227
Deutsche Bank AG/New York NY
3.30%, 11/16/22a		23,936		22,991,849
3.95%, 02/27/23		16,220		15,961,560
Discover Bank
3.20%, 08/09/21 (Call 07/09/21)a		6,963		6,875,979
3.45%, 07/27/26 (Call 04/27/26)a		7,085		6,592,250
4.20%, 08/08/23		13,210		13,363,281
Fifth Third Bancorp.
3.95%, 03/14/28 (Call 02/14/28)a		15,000		14,854,675
4.30%, 01/16/24 (Call 12/16/23)a		3,826		3,896,526
8.25%, 03/01/38		12,602		17,496,277

62 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Fifth Third Bank/Cincinnati OH
2.25%, 06/14/21 (Call 05/14/21)a	$	2,550	$	2,479,904
2.88%, 10/01/21 (Call 09/01/21)a		15,818		15,591,481
3.85%, 03/15/26 (Call 02/15/26)a		8,819		8,642,242
Goldman Sachs Group Inc. (The)
2.35%, 11/15/21 (Call 11/15/20)		26,656		25,688,707
2.63%, 04/25/21 (Call 03/25/21)a		18,165		17,776,253
2.88%, 10/31/22 (Call 10/31/21)c,d		36,438		35,499,878
2.91%, 06/05/23 (Call 06/05/22)a,c,d		15,387		14,860,545
2.91%, 07/24/23 (Call 07/24/22)a,c,d		41,972		40,502,564
3.00%, 04/26/22 (Call 04/26/21)a		41,712		40,767,069
3.20%, 02/23/23 (Call 01/23/23)a		23,084		22,559,875
3.27%, 09/29/25 (Call 09/29/24)c,d		32,886		31,289,582
3.50%, 01/23/25 (Call 10/23/24)a		31,381		30,332,696
3.50%, 11/16/26 (Call 11/16/25)a		33,307		31,547,678
3.63%, 01/22/23a		28,190		28,046,073
3.69%, 06/05/28 (Call 06/05/27)a,c,d		27,217		25,911,319
3.75%, 05/22/25 (Call 02/22/25)a		35,416		34,590,063
3.75%, 02/25/26 (Call 11/25/25)		27,705		26,840,357
3.81%, 04/23/29 (Call 04/23/28)a,c,d		34,546		33,028,453
3.85%, 07/08/24 (Call 04/08/24)		33,760		33,558,541
3.85%, 01/26/27 (Call 01/26/26)		31,100		30,022,593
4.00%, 03/03/24		33,931		34,068,285

Security	Principal (000s)		Value
4.02%, 10/31/38 (Call 10/31/37)a,c,d	$	30,757	$	28,583,095
4.22%, 05/01/29 (Call 05/01/28)c,d		26,000		25,757,703
4.25%, 10/21/25a		21,696		21,478,639
4.41%, 04/23/39 (Call 04/23/38)c,d		15,250		14,800,072
4.75%, 10/21/45 (Call 04/21/45)a		27,648		28,041,630
4.80%, 07/08/44 (Call 01/08/44)a		19,648		20,079,836
5.15%, 05/22/45a		18,296		18,961,940
5.25%, 07/27/21a		40,355		42,650,554
5.75%, 01/24/22a		56,172		60,449,986
5.95%, 01/15/27		9,447		10,366,139
6.13%, 02/15/33a		22,200		25,895,423
6.25%, 02/01/41		30,513		36,847,990
6.45%, 05/01/36		855		1,009,258
6.75%, 10/01/37		66,693		80,962,327
HSBC Bank USA N.A./New York NY
5.63%, 08/15/35a		6,853		8,087,227
5.88%, 11/01/34		9,202		11,090,139
HSBC Holdings PLC
2.65%, 01/05/22a		30,929		29,971,144
2.95%, 05/25/21a		33,221		32,823,371
3.03%, 11/22/23 (Call 11/22/22)a,c,d		12,168		11,811,534
3.26%, 03/13/23 (Call 03/13/22)c,d		24,043		23,651,573
3.40%, 03/08/21		4,100		4,109,298
3.60%, 05/25/23a		21,737		21,669,467
3.90%, 05/25/26a		37,290		36,802,183
4.00%, 03/30/22a		24,988		25,475,236
4.04%, 03/13/28 (Call 03/13/27)a,c,d		7,935		7,779,157
4.25%, 03/14/24a		23,546		23,464,802
4.25%, 08/18/25a		21,437		21,201,530
4.30%, 03/08/26a		48,163		48,827,948
4.38%, 11/23/26a		24,485		24,259,016
4.88%, 01/14/22a		6,914		7,227,647
5.25%, 03/14/44a		32,102		34,570,901
6.10%, 01/14/42		7,908		10,074,220

SCHEDULESOF INVESTMENTS 63

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
6.50%, 05/02/36	$	20,159	$	24,679,978
6.50%, 09/15/37a		29,197		35,770,211
6.80%, 06/01/38a		21,174		26,944,398
HSBC USA Inc.
3.50%, 06/23/24a		12,188		11,961,419
Huntington Bancshares Inc./OH
2.30%, 01/14/22 (Call 12/14/21)		7,086		6,813,914
3.15%, 03/14/21 (Call 02/14/21)a		18,641		18,579,850
ING Groep NV
3.15%, 03/29/22		25,227		24,810,765
3.95%, 03/29/27a		23,263		22,887,303
JPMorgan Chase & Co.
2.30%, 08/15/21 (Call 08/15/20)a		26,875		26,064,627
2.40%, 06/07/21 (Call 05/07/21)a		12,539		12,200,969
2.55%, 03/01/21 (Call 02/01/21)a		25,905		25,411,246
2.70%, 05/18/23 (Call 03/18/23)a		23,725		22,734,880
2.78%, 04/25/23 (Call 04/25/22)a,c,d		16,566		16,080,446
2.95%, 10/01/26 (Call 07/01/26)a		42,416		39,260,182
2.97%, 01/15/23 (Call 01/15/22)a		16,685		16,253,886
3.13%, 01/23/25 (Call 10/23/24)a		31,447		30,025,929
3.20%, 01/25/23		31,393		30,948,638
3.20%, 06/15/26 (Call 03/15/26)		25,646		24,204,564
3.22%, 03/01/25 (Call 03/01/24)a,c,d		20,108		19,363,817
3.25%, 09/23/22a		41,806		41,324,989
3.30%, 04/01/26 (Call 01/01/26)a		35,832		34,100,010
3.38%, 05/01/23a		21,015		20,578,596
3.51%, 01/23/29 (Call 01/23/28)a,c,d		17,497		16,580,054
3.54%, 05/01/28 (Call 05/01/27)a,c,d		17,838		17,036,109

Security	Principal (000s)		Value
3.56%, 04/23/24 (Call 04/23/23)c,d	$	15,000	$	14,910,442
3.63%, 05/13/24a		24,116		23,899,769
3.63%, 12/01/27 (Call 12/01/26)a		19,169		17,995,215
3.78%, 02/01/28 (Call 02/01/27)c,d		25,738		25,057,366
3.88%, 02/01/24a		17,395		17,525,249
3.88%, 09/10/24a		35,811		35,234,045
3.88%, 07/24/38 (Call 07/24/37)c,d		31,357		29,304,154
3.90%, 07/15/25 (Call 04/15/25)a		30,842		30,664,316
3.90%, 01/23/49 (Call 01/23/48)a,c,d		25,241		22,962,078
3.96%, 11/15/48 (Call 11/15/47)c,d		18,176		16,637,382
4.01%, 04/23/29 (Call 04/23/28)c,d		12,505		12,352,718
4.03%, 07/24/48 (Call 07/24/47)a,c,d		14,708		13,666,596
4.13%, 12/15/26a		28,194		27,813,629
4.25%, 10/01/27a		19,844		19,706,888
4.26%, 02/22/48 (Call 02/22/47)c,d		24,761		23,813,644
4.35%, 08/15/21a		31,847		32,925,244
4.50%, 01/24/22a		34,130		35,409,848
4.63%, 05/10/21a		23,087		23,964,567
4.85%, 02/01/44a		11,952		12,806,917
4.95%, 06/01/45a		17,540		18,267,538
5.40%, 01/06/42a		18,179		20,695,428
5.50%, 10/15/40a		11,207		12,896,392
5.60%, 07/15/41		23,912		27,801,997
5.63%, 08/16/43		15,180		17,262,836
6.40%, 05/15/38a		33,377		41,978,049
KeyBank N.A./Cleveland OH
3.30%, 06/01/25a		3,847		3,729,765
KeyCorp.
5.10%, 03/24/21a		2,640		2,769,378
Lloyds Banking Group PLC
2.91%, 11/07/23 (Call 11/07/22)c,d		28,730		27,549,171
3.00%, 01/11/22		16,373		16,049,124
3.10%, 07/06/21a		4,501		4,464,803

64 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
3.57%, 11/07/28 (Call 11/07/27)a,c,d	$	24,869	$	23,126,566
3.75%, 01/11/27a		21,161		20,234,815
4.34%, 01/09/48a		14,589		13,195,810
4.38%, 03/22/28a		8,020		7,959,149
4.50%, 11/04/24a		11,203		11,165,784
4.58%, 12/10/25a		21,066		20,791,207
4.65%, 03/24/26a		24,272		24,078,758
5.30%, 12/01/45a		5,333		5,586,731
Manufacturers & Traders Trust Co.
2.90%, 02/06/25 (Call 01/06/25)a		1,422		1,360,609
Mitsubishi UFJ Financial Group Inc.
2.19%, 09/13/21		18,735		18,015,510
2.67%, 07/25/22a		17,530		16,947,317
2.76%, 09/13/26a		12,169		11,183,284
2.95%, 03/01/21		23,938		23,704,356
3.00%, 02/22/22a		4,277		4,208,204
3.29%, 07/25/27a		21,038		19,983,685
3.46%, 03/02/23a		3,760		3,731,548
3.68%, 02/22/27a		14,582		14,311,123
3.85%, 03/01/26		39,443		39,230,367
Mizuho Financial Group Inc.
2.27%, 09/13/21		16,025		15,395,623
2.60%, 09/11/22		7,275		6,962,648
2.84%, 09/13/26a		10,383		9,548,300
2.95%, 02/28/22		16,251		15,847,337
3.17%, 09/11/27a		18,060		16,951,087
4.02%, 03/05/28a		6,675		6,696,187
Morgan Stanley
2.50%, 04/21/21a		25,454		24,881,305
2.63%, 11/17/21a		39,237		38,185,543
2.75%, 05/19/22a		40,255		39,017,034
3.13%, 01/23/23		31,112		30,369,711
3.13%, 07/27/26a		36,369		33,855,713
3.59%, 07/22/28 (Call 07/22/27)a,c,d		38,741		36,793,420
3.63%, 01/20/27a		36,626		35,322,122
3.70%, 10/23/24a		41,322		40,748,343
3.74%, 04/24/24 (Call 04/24/23)c,d		13,530		13,515,547
3.75%, 02/25/23a		30,185		30,288,206

Security	Principal (000s)		Value
3.77%, 01/24/29 (Call 01/24/28)a,c,d	$	42,168	$	40,532,518
3.88%, 01/27/26a		40,723		40,105,509
3.95%, 04/23/27a		25,639		24,635,315
3.97%, 07/22/38 (Call 07/22/37)c,d		8,891		8,318,029
4.00%, 07/23/25a		41,882		41,705,241
4.10%, 05/22/23a		17,496		17,589,054
4.30%, 01/27/45		32,394		31,143,987
4.35%, 09/08/26a		30,432		30,230,634
4.38%, 01/22/47a		34,909		33,835,943
4.46%, 04/22/39 (Call 04/22/38)c,d		16,935		16,892,580
4.88%, 11/01/22a		22,436		23,279,136
5.00%, 11/24/25a		24,293		25,198,286
5.50%, 07/28/21		25,264		26,848,568
5.75%, 01/25/21		2,584		2,745,096
6.38%, 07/24/42		22,329		27,887,733
7.25%, 04/01/32a		11,219		14,486,078
Series F
3.88%, 04/29/24a		34,772		34,753,818
National Australia Bank Ltd./New York
1.88%, 07/12/21a		14,228		13,606,638
2.50%, 05/22/22		4,561		4,398,166
2.50%, 07/12/26a		16,650		15,059,046
2.63%, 01/14/21		3,147		3,098,492
2.80%, 01/10/22		14,078		13,791,211
3.00%, 01/20/23a		10,285		10,050,073
3.38%, 01/14/26		18,705		18,085,163
Northern Trust Corp.
3.95%, 10/30/25a		15,608		15,881,861
PNC Bank N.A.
2.15%, 04/29/21 (Call 03/30/21)a,e		13,181		12,779,262
2.45%, 07/28/22 (Call 06/28/22)a,e		1,367		1,314,787
2.55%, 12/09/21 (Call 11/09/21)a,e		7,265		7,077,077
2.63%, 02/17/22 (Call 01/18/22)a,e		14,302		13,908,609
2.70%, 11/01/22 (Call 10/01/22)e		14,399		13,844,955

SCHEDULESOF INVESTMENTS 65

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
2.95%, 01/30/23 (Call 12/30/22)a,e	$	7,076	$	6,848,667
2.95%, 02/23/25 (Call 01/24/25)e		7,740		7,376,835
3.10%, 10/25/27 (Call 09/25/27)e		2,938		2,765,348
3.25%, 06/01/25 (Call 05/02/25)e		18,440		17,865,747
3.80%, 07/25/23 (Call 06/25/23)e		7,462		7,496,971
PNC Financial Services Group Inc. (The)
3.15%, 05/19/27 (Call 04/19/27)e		3,084		2,918,646
3.30%, 03/08/22 (Call 02/06/22)e		10,630		10,577,952
3.90%, 04/29/24 (Call 03/29/24)e		3,046		3,050,306
Regions Financial Corp.
2.75%, 08/14/22 (Call 07/14/22)a		12,305		11,865,032
Royal Bank of Canada
2.50%, 01/19/21a		7,222		7,090,788
2.75%, 02/01/22a		7,402		7,251,315
4.65%, 01/27/26a		27,589		28,103,513
Royal Bank of Scotland Group PLC
3.50%, 05/15/23 (Call 05/15/22)a,c,d		566		553,572
3.88%, 09/12/23a		44,132		43,403,257
4.80%, 04/05/26a		25,402		25,908,920
Santander Holdings USA Inc.
3.40%, 01/18/23 (Call 12/18/22)		7,000		6,780,936
3.70%, 03/28/22 (Call 02/28/22)		33,988		33,720,300
4.40%, 07/13/27 (Call 06/13/27)		10,136		9,926,662
4.50%, 07/17/25 (Call 04/17/25)		4,004		4,021,166
Santander UK Group Holdings PLC
2.88%, 08/05/21a		16,354		15,985,122

Security	Principal (000s)		Value
3.13%, 01/08/21	$	7,450	$	7,399,382
3.37%, 01/05/24 (Call 01/05/23)c,d		4,860		4,708,785
3.57%, 01/10/23 (Call 01/10/22)a		13,406		13,147,928
3.82%, 11/03/28 (Call 11/03/27)a,c,d		11,961		11,233,424
Santander UK PLC
4.00%, 03/13/24a		11,634		11,722,265
Skandinaviska Enskilda Banken AB
1.88%, 09/13/21a		12,544		11,944,526
2.63%, 03/15/21a		14,953		14,693,189
State Street Corp.
1.95%, 05/19/21a		3,605		3,483,309
2.65%, 05/19/26a		13,715		12,689,199
3.10%, 05/15/23a		6,354		6,242,068
3.30%, 12/16/24a		26,273		25,815,246
3.55%, 08/18/25a		12,990		12,908,063
3.70%, 11/20/23a		10,072		10,228,994
4.38%, 03/07/21a		4,556		4,719,652
Sumitomo Mitsui Banking Corp.
3.20%, 07/18/22a		8,577		8,462,754
Sumitomo Mitsui Financial Group Inc.
2.06%, 07/14/21		19,100		18,341,394
2.44%, 10/19/21a		17,715		17,137,886
2.63%, 07/14/26		31,569		28,680,121
2.78%, 07/12/22		27,147		26,325,624
2.78%, 10/18/22a		14,483		13,994,874
2.85%, 01/11/22		10,621		10,374,855
3.01%, 10/19/26		21,780		20,353,260
3.10%, 01/17/23		10,760		10,501,363
3.35%, 10/18/27a		8,671		8,266,347
3.36%, 07/12/27		22,749		21,713,686
3.45%, 01/11/27a		17,535		16,891,853
3.54%, 01/17/28a		13,920		13,471,697
3.78%, 03/09/26		17,539		17,365,559
SunTrust Bank/Atlanta GA
2.45%, 08/01/22 (Call 07/01/22)		4,592		4,407,849
3.30%, 05/15/26 (Call 04/15/26)a		11,557		10,912,794

66 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
SunTrust Banks Inc.
2.70%, 01/27/22 (Call 12/27/21)a	$	3,109	$	3,024,025
2.90%, 03/03/21 (Call 02/03/21)a		11,898		11,775,013
4.00%, 05/01/25 (Call 03/01/25)		7,970		8,005,626
Svenska Handelsbanken AB
1.88%, 09/07/21		9,924		9,462,565
2.45%, 03/30/21a		20,312		19,856,814
Synchrony Bank
3.00%, 06/15/22 (Call 05/15/22)a		10,043		9,661,624
Toronto-Dominion Bank (The)
1.80%, 07/13/21a		10,911		10,437,317
2.13%, 04/07/21		25,285		24,523,322
U.S. Bancorp.
2.35%, 01/29/21 (Call 12/29/20)a		6,368		6,246,516
2.95%, 07/15/22 (Call 06/15/22)a		13,275		13,002,116
3.00%, 03/15/22 (Call 02/15/22)a		1,873		1,855,132
3.10%, 04/27/26 (Call 03/27/26)a		8,414		7,910,600
3.60%, 09/11/24 (Call 08/11/24)		8,359		8,283,498
3.70%, 01/30/24 (Call 12/29/23)a		10,412		10,510,866
4.13%, 05/24/21 (Call 04/23/21)a		3,109		3,196,664
Series V
2.38%, 07/22/26 (Call 06/22/26)a		23,022		20,671,210
2.63%, 01/24/22 (Call 12/23/21)a		11,538		11,293,227
Series X
3.15%, 04/27/27 (Call 03/27/27)a		21,902		20,750,371
U.S. Bank N.A./Cincinnati OH
2.80%, 01/27/25 (Call 12/27/24)		12,388		11,740,049
2.85%, 01/23/23 (Call 12/23/22)		15,294		14,996,507

Security	Principal (000s)		Value
Wachovia Corp.
5.50%, 08/01/35	$	9,504	$	10,374,089
Wells Fargo & Co.
2.10%, 07/26/21a		32,064		30,825,672
2.50%, 03/04/21a		3,751		3,673,249
2.55%, 12/07/20a		500		491,860
2.63%, 07/22/22		48,352		46,517,109
3.00%, 01/22/21a		1,632		1,622,730
3.00%, 02/19/25a		31,824		29,882,154
3.00%, 04/22/26a		51,364		47,424,890
3.00%, 10/23/26		45,457		41,795,280
3.07%, 01/24/23 (Call 01/24/22)a		45,226		43,973,244
3.30%, 09/09/24a		19,624		18,921,231
3.50%, 03/08/22a		30,656		30,600,445
3.55%, 09/29/25		39,193		37,882,394
3.58%, 05/22/28 (Call 05/22/27)a,c,d		35,145		33,415,697
3.90%, 05/01/45a		9,501		8,709,840
4.10%, 06/03/26a		28,118		27,505,537
4.13%, 08/15/23a		11,081		11,111,301
4.30%, 07/22/27a		25,903		25,550,178
4.40%, 06/14/46a		11,829		11,021,235
4.60%, 04/01/21a		4,969		5,146,337
4.65%, 11/04/44a		32,648		31,430,510
4.75%, 12/07/46a		39,716		39,096,220
4.90%, 11/17/45		24,295		24,718,991
5.38%, 02/07/35		11,116		12,508,281
5.38%, 11/02/43		29,050		31,099,518
5.61%, 01/15/44		26,988		29,744,711
Series M
3.45%, 02/13/23a		29,592		28,950,212
Wells Fargo Bank N.A.
5.85%, 02/01/37a		11,165		13,260,596
6.60%, 01/15/38		15,476		19,800,137
Westpac Banking Corp.
2.00%, 08/19/21		17,572		16,862,156
2.10%, 05/13/21a		15,497		14,975,201
2.50%, 06/28/22a		4,439		4,276,190
2.70%, 08/19/26a		15,914		14,575,303
2.80%, 01/11/22		15,457		15,178,629
2.85%, 05/13/26a		25,947		24,064,133

SCHEDULESOF INVESTMENTS 67

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
3.35%, 03/08/27a	$	14,604	$	13,971,783
3.40%, 01/25/28a		19,597		18,741,432
				8,808,718,323
BEVERAGES — 3.44%
Anheuser-Busch InBev Finance Inc.
2.63%, 01/17/23		13,485		12,991,958
2.65%, 02/01/21 (Call 01/01/21)		1,700		1,680,827
3.30%, 02/01/23 (Call 12/01/22)a		65,533		65,016,895
3.65%, 02/01/26 (Call 11/01/25)a		141,791		138,805,491
3.70%, 02/01/24a		4,608		4,623,563
4.00%, 01/17/43a		7,896		7,234,883
4.63%, 02/01/44a		7,011		7,033,372
4.70%, 02/01/36 (Call 08/01/35)a		77,362		79,468,451
4.90%, 02/01/46 (Call 08/01/45)a		137,802		142,883,821
Anheuser-Busch InBev Worldwide Inc.
2.50%, 07/15/22a		33,554		32,446,728
3.50%, 01/12/24 (Call 12/12/23)		20,000		19,887,724
3.75%, 01/15/22a		35,623		36,179,848
3.75%, 07/15/42a		5,857		5,183,053
4.00%, 04/13/28 (Call 01/13/28)		30,410		30,275,928
4.38%, 04/15/38 (Call 10/15/37)		20,000		19,761,056
4.44%, 10/06/48 (Call 04/06/48)		16,089		15,645,201
4.60%, 04/15/48 (Call 10/15/47)		32,475		32,273,635
4.75%, 04/15/58 (Call 10/15/57)		20,000		19,979,528
4.95%, 01/15/42a		14,126		14,808,053
8.20%, 01/15/39a		15,843		23,114,245
Coca-Cola Co. (The)
1.55%, 09/01/21		1,750		1,669,268
2.25%, 09/01/26a		10,829		9,810,307
2.50%, 04/01/23a		9,728		9,402,127
2.88%, 10/27/25		18,450		17,648,521

Security	Principal (000s)		Value
3.15%, 11/15/20a	$	12,919	$	13,013,607
3.20%, 11/01/23a		13,923		13,888,500
3.30%, 09/01/21a		12,539		12,668,502
Constellation Brands Inc.
4.25%, 05/01/23a		3,748		3,821,984
Diageo Capital PLC
2.63%, 04/29/23 (Call 01/29/23)a		12,951		12,477,092
Diageo Investment Corp.
2.88%, 05/11/22a		10,299		10,130,215
Molson Coors Brewing Co.
2.10%, 07/15/21 (Call 06/15/21)a		11,265		10,796,411
3.00%, 07/15/26 (Call 04/15/26)a		30,092		27,549,370
4.20%, 07/15/46 (Call 01/15/46)a		28,385		25,931,999
5.00%, 05/01/42		6,736		6,928,863
Pepsi-Cola Metropolitan Bottling Co. Inc.
Series B
7.00%, 03/01/29		13,287		17,080,056
PepsiCo Inc.
1.70%, 10/06/21 (Call 09/06/21)		2,254		2,158,199
2.25%, 05/02/22 (Call 04/02/22)a		12,691		12,275,447
2.38%, 10/06/26 (Call 07/06/26)a		18,964		17,225,407
2.75%, 03/05/22a		15,252		15,070,449
2.75%, 03/01/23a		20,519		20,092,227
2.75%, 04/30/25 (Call 01/30/25)a		22,367		21,238,800
2.85%, 02/24/26 (Call 11/24/25)		12,265		11,611,381
3.00%, 08/25/21a		2,804		2,802,947
3.00%, 10/15/27 (Call 07/15/27)a		16,270		15,386,043
3.10%, 07/17/22 (Call 05/17/22)		5,491		5,477,076
3.45%, 10/06/46 (Call 04/06/46)a		20,662		18,398,718
3.60%, 03/01/24 (Call 12/01/23)		11,611		11,759,520

68 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
4.00%, 03/05/42a	$	5,689	$	5,692,334
4.00%, 05/02/47 (Call 11/02/46)a		9,435		9,228,370
4.45%, 04/14/46 (Call 10/14/45)a		19,041		19,905,989
4.88%, 11/01/40a		11,860		13,225,416
5.50%, 01/15/40a		12,848		15,468,645
				1,119,128,050
BIOTECHNOLOGY — 2.43%
Amgen Inc.
1.85%, 08/19/21 (Call 07/19/21)a		1,746		1,667,529
2.25%, 08/19/23 (Call 06/19/23)a		11,299		10,558,805
2.60%, 08/19/26 (Call 05/19/26)a		21,852		19,685,813
2.65%, 05/11/22 (Call 04/11/22)		34,510		33,427,791
3.13%, 05/01/25 (Call 02/01/25)a		19,032		18,152,607
3.20%, 11/02/27 (Call 08/02/27)a		2,120		1,980,572
3.63%, 05/15/22 (Call 02/15/22)a		10,070		10,127,964
3.63%, 05/22/24 (Call 02/22/24)a		20,039		19,967,024
3.88%, 11/15/21 (Call 08/15/21)a		10,353		10,533,550
4.10%, 06/15/21 (Call 03/15/21)		22,841		23,353,490
4.40%, 05/01/45 (Call 11/01/44)a		23,383		22,572,672
4.56%, 06/15/48 (Call 12/15/47)a		18,376		18,170,689
4.66%, 06/15/51 (Call 12/15/50)a		43,308		43,287,771
5.15%, 11/15/41 (Call 05/15/41)a		15,443		16,722,992
Baxalta Inc.
4.00%, 06/23/25 (Call 03/23/25)		21,263		20,811,291
5.25%, 06/23/45 (Call 12/23/44)a		12,095		12,732,439

Security	Principal (000s)		Value
Biogen Inc.
3.63%, 09/15/22a	$	10,703	$	10,706,169
4.05%, 09/15/25 (Call 06/15/25)		28,717		28,774,471
5.20%, 09/15/45 (Call 03/15/45)a		25,806		27,144,206
Celgene Corp.
2.75%, 02/15/23 (Call 01/15/23)a		6,776		6,469,920
3.25%, 08/15/22a		11,397		11,206,136
3.25%, 02/20/23 (Call 01/20/23)a		8,383		8,193,106
3.45%, 11/15/27 (Call 08/15/27)a		15,929		14,862,474
3.55%, 08/15/22a		7,232		7,193,924
3.63%, 05/15/24 (Call 02/15/24)a		13,563		13,255,932
3.88%, 08/15/25 (Call 05/15/25)a		31,272		30,641,769
3.90%, 02/20/28 (Call 11/20/27)a		19,808		19,090,568
4.35%, 11/15/47 (Call 05/15/47)a		19,180		17,479,041
4.55%, 02/20/48 (Call 08/20/47)		20,315		19,153,240
4.63%, 05/15/44 (Call 11/15/43)a		16,443		15,747,154
5.00%, 08/15/45 (Call 02/15/45)		24,506		24,779,494
Gilead Sciences Inc.
2.50%, 09/01/23 (Call 07/01/23)a		1,501		1,433,545
2.95%, 03/01/27 (Call 12/01/26)a		18,464		17,256,142
3.25%, 09/01/22 (Call 07/01/22)a		3,586		3,580,837
3.50%, 02/01/25 (Call 11/01/24)a		27,041		26,773,002
3.65%, 03/01/26 (Call 12/01/25)		35,755		35,349,277
3.70%, 04/01/24 (Call 01/01/24)a		23,660		23,835,581
4.00%, 09/01/36 (Call 03/01/36)a		9,487		9,151,734

SCHEDULESOF INVESTMENTS 69

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
4.15%, 03/01/47 (Call 09/01/46)a	$	17,599	$	16,751,804
4.40%, 12/01/21 (Call 09/01/21)a		8,486		8,792,129
4.50%, 04/01/21 (Call 01/01/21)a		7,032		7,277,160
4.50%, 02/01/45 (Call 08/01/44)		24,139		24,188,287
4.60%, 09/01/35 (Call 03/01/35)a		12,355		12,763,508
4.75%, 03/01/46 (Call 09/01/45)a		28,891		29,894,722
4.80%, 04/01/44 (Call 10/01/43)a		17,353		18,140,930
5.65%, 12/01/41 (Call 06/01/41)		15,506		17,984,791
				791,624,052
CHEMICALS — 1.07%
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)a		19,085		18,582,563
3.50%, 10/01/24 (Call 07/01/24)		11,841		11,575,136
4.13%, 11/15/21 (Call 08/15/21)a		7,332		7,492,494
4.25%, 11/15/20 (Call 08/15/20)a		5,758		5,890,296
4.38%, 11/15/42 (Call 05/15/42)a		17,668		16,978,715
5.25%, 11/15/41 (Call 05/15/41)		9,386		10,114,603
7.38%, 11/01/29a		13,378		17,025,093
9.40%, 05/15/39		10,712		16,794,862
Eastman Chemical Co.
3.60%, 08/15/22 (Call 05/15/22)		7,083		7,077,959
3.80%, 03/15/25 (Call 12/15/24)a		645		644,077
4.65%, 10/15/44 (Call 04/15/44)		11,914		12,074,872
EI du Pont de Nemours & Co.
2.80%, 02/15/23		11,627		11,234,222
3.63%, 01/15/21a		3,148		3,189,019

Security	Principal (000s)		Value
4.15%, 02/15/43a	$	5,947	$	5,639,415
LYB International Finance BV
4.00%, 07/15/23a		13,130		13,228,778
4.88%, 03/15/44 (Call 09/15/43)		13,647		13,985,341
5.25%, 07/15/43		11,111		11,880,132
LYB International Finance II BV
3.50%, 03/02/27 (Call 12/02/26)a		13,593		12,886,436
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)		8,879		8,470,625
5.75%, 04/15/24 (Call 01/15/24)		12,701		13,802,357
6.00%, 11/15/21 (Call 08/17/21)		12,531		13,459,171
Monsanto Co.
3.38%, 07/15/24 (Call 04/15/24)a		11,774		11,415,926
4.40%, 07/15/44 (Call 01/15/44)a		9,749		9,210,614
4.70%, 07/15/64 (Call 01/15/64)		6,334		5,874,931
Mosaic Co. (The)
4.25%, 11/15/23 (Call 08/15/23)a		13,413		13,428,976
Nutrien Ltd.
3.63%, 03/15/24 (Call 12/15/23)		8,094		7,914,036
Rohm & Haas Co.
7.85%, 07/15/29a		10,122		13,248,692
Sherwin-Williams Co. (The)
2.75%, 06/01/22 (Call 05/01/22)		19,862		19,242,095
3.45%, 06/01/27 (Call 03/01/27)a		22,429		21,191,509
4.50%, 06/01/47 (Call 12/01/46)a		15,621		15,307,715
				348,860,660
COMMERCIAL SERVICES — 0.19%
Automatic Data Processing Inc.
3.38%, 09/15/25 (Call 06/15/25)		12,171		12,053,039

70 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Ecolab Inc.
2.70%, 11/01/26 (Call 08/01/26)a	$	13,567	$	12,515,665
3.95%, 12/01/47 (Call 06/01/47)		301		283,984
4.35%, 12/08/21a		5,538		5,730,112
5.50%, 12/08/41		703		828,141
S&P Global Inc.
4.40%, 02/15/26 (Call 11/15/25)a		13,760		14,249,848
Total System Services Inc.
3.80%, 04/01/21 (Call 03/01/21)a		5,997		6,032,256
4.80%, 04/01/26 (Call 01/01/26)		8,706		9,035,627
				60,728,672
COMPUTERS — 3.77%
Apple Inc.
1.55%, 08/04/21 (Call 07/04/21)a		16,686		15,942,720
2.10%, 09/12/22 (Call 08/12/22)a		7,877		7,537,905
2.15%, 02/09/22a		12,088		11,685,512
2.30%, 05/11/22 (Call 04/11/22)a		16,065		15,560,834
2.40%, 01/13/23 (Call 12/13/22)a		8,486		8,176,415
2.40%, 05/03/23a		68,639		65,831,466
2.45%, 08/04/26 (Call 05/04/26)a		38,868		35,632,880
2.50%, 02/09/22 (Call 01/09/22)a		15,979		15,643,932
2.50%, 02/09/25a		23,072		21,648,054
2.70%, 05/13/22		12,008		11,812,900
2.75%, 01/13/25 (Call 11/13/24)		17,478		16,665,570
2.85%, 05/06/21a		36,410		36,292,691
2.85%, 02/23/23 (Call 12/23/22)a		13,421		13,179,995
2.85%, 05/11/24 (Call 03/11/24)a		26,988		26,123,561
2.90%, 09/12/27 (Call 06/12/27)a		27,452		25,798,934

Security	Principal (000s)		Value
3.00%, 02/09/24 (Call 12/09/23)a	$	20,528	$	20,094,516
3.00%, 06/20/27 (Call 03/20/27)a		7,542		7,156,406
3.00%, 11/13/27 (Call 08/13/27)a		17,995		17,017,954
3.20%, 05/13/25a		19,756		19,314,527
3.20%, 05/11/27 (Call 02/11/27)a		39,526		38,106,874
3.25%, 02/23/26 (Call 11/23/25)a		43,253		42,177,856
3.35%, 02/09/27 (Call 11/09/26)a		36,362		35,441,260
3.45%, 05/06/24a		27,357		27,356,122
3.45%, 02/09/45		25,997		23,184,005
3.75%, 09/12/47 (Call 03/12/47)		17,222		16,040,976
3.75%, 11/13/47 (Call 05/13/47)a		17,593		16,323,431
3.85%, 05/04/43a		38,828		37,128,689
3.85%, 08/04/46 (Call 02/04/46)a		19,342		18,306,572
4.25%, 02/09/47 (Call 08/09/46)		20,209		20,436,941
4.38%, 05/13/45a		25,674		26,422,746
4.45%, 05/06/44a		11,261		11,723,403
4.50%, 02/23/36 (Call 08/23/35)a		17,144		18,403,738
4.65%, 02/23/46 (Call 08/23/45)		40,801		43,483,013
Dell International LLC/EMC Corp.
4.42%, 06/15/21 (Call 05/15/21)a,b		43,955		44,799,723
5.45%, 06/15/23 (Call 04/15/23)a,b		47,995		50,447,175
6.02%, 06/15/26 (Call 03/15/26)b		51,394		54,532,842
8.10%, 07/15/36 (Call 01/15/36)b		18,550		21,931,721
8.35%, 07/15/46 (Call 01/15/46)b		25,986		31,855,032

SCHEDULESOF INVESTMENTS 71

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Hewlett Packard Enterprise Co.
4.40%, 10/15/22 (Call 08/15/22)a	$	11,434	$	11,753,456
4.90%, 10/15/25 (Call 07/15/25)a		39,105		40,204,308
6.20%, 10/15/35 (Call 04/15/35)a		12,970		13,591,705
6.35%, 10/15/45 (Call 04/15/45)		17,158		17,644,462
HP Inc.
4.30%, 06/01/21		9,222		9,456,565
6.00%, 09/15/41a		16,758		17,484,531
International Business Machines Corp.
1.88%, 08/01/22		13,222		12,466,822
2.25%, 02/19/21a		10,611		10,386,210
2.50%, 01/27/22a		10,482		10,223,675
2.88%, 11/09/22a		11,055		10,843,001
3.30%, 01/27/27a		1,282		1,244,543
3.38%, 08/01/23a		12,616		12,575,239
3.45%, 02/19/26a		23,123		22,774,460
3.63%, 02/12/24a		21,040		21,167,326
4.00%, 06/20/42		19,769		19,415,275
4.70%, 02/19/46a		1,372		1,503,819
Seagate HDD Cayman
4.25%, 03/01/22 (Call 02/01/22)a		9,253		9,170,751
4.75%, 06/01/23a		5,038		5,047,446
4.75%, 01/01/25a		12,270		11,901,900
				1,228,074,385
COSMETICS & PERSONAL CARE — 0.36%
Procter & Gamble Co. (The)
1.70%, 11/03/21a		3,760		3,605,571
2.15%, 08/11/22a		6,903		6,642,740
2.30%, 02/06/22a		8,169		7,955,650
2.45%, 11/03/26a		12,080		11,127,773
2.85%, 08/11/27a		11,588		10,930,683
3.10%, 08/15/23a		15,351		15,315,608
5.55%, 03/05/37		17,137		21,289,090
Unilever Capital Corp.
2.20%, 05/05/22 (Call 04/05/22)a		7,437		7,150,809

Security	Principal (000s)		Value
2.90%, 05/05/27 (Call 02/05/27)a	$	12,896	$	12,111,491
4.25%, 02/10/21		7,973		8,237,534
5.90%, 11/15/32a		11,529		14,115,713
				118,482,662
DIVERSIFIED FINANCIAL SERVICES — 2.38%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.50%, 01/15/25 (Call 11/15/24)a		545		516,905
3.65%, 07/21/27 (Call 04/21/27)a		14,295		13,253,884
3.95%, 02/01/22 (Call 01/01/22)a		17,945		17,949,660
4.50%, 05/15/21		14,480		14,810,935
5.00%, 10/01/21a		4,453		4,625,402
Air Lease Corp.
3.00%, 09/15/23 (Call 07/15/23)a		10,900		10,396,264
American Express Co.
2.50%, 08/01/22 (Call 07/01/22)		23,193		22,253,129
2.65%, 12/02/22a		19,270		18,528,976
3.00%, 10/30/24 (Call 09/29/24)a		21,333		20,320,079
3.40%, 02/27/23 (Call 01/27/23)		18,450		18,307,616
4.05%, 12/03/42a		12,731		12,376,220
American Express Credit Corp.
2.25%, 05/05/21 (Call 04/04/21)a		4,808		4,675,388
2.70%, 03/03/22 (Call 01/31/22)a		24,587		24,046,578
3.30%, 05/03/27 (Call 04/03/27)a		24,200		23,242,636
Ameriprise Financial Inc.
4.00%, 10/15/23a		9,854		10,093,633
Brookfield Finance Inc.
4.70%, 09/20/47 (Call 03/20/47)		15,855		15,116,920
Brookfield Finance LLC
4.00%, 04/01/24 (Call 02/01/24)		300		298,687

72 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Capital One Bank USA N.A.
3.38%, 02/15/23	$	13,757	$	13,359,241
Charles Schwab Corp. (The)
2.65%, 01/25/23 (Call 12/25/22)		300		290,724
CME Group Inc.
3.00%, 09/15/22a		4,289		4,212,153
3.00%, 03/15/25 (Call 12/15/24)		11,672		11,267,056
5.30%, 09/15/43 (Call 03/15/43)a		8,246		9,802,070
Discover Financial Services
4.10%, 02/09/27 (Call 11/09/26)		15,381		14,885,738
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/25a		29,512		28,161,746
4.42%, 11/15/35a		150,219		144,100,730
Intercontinental Exchange Inc.
3.75%, 12/01/25 (Call 09/01/25)a		25,681		25,708,828
4.00%, 10/15/23a		7,030		7,168,014
International Lease Finance Corp.
5.88%, 08/15/22		7,235		7,745,071
Jefferies Group LLC
6.88%, 04/15/21		2,264		2,457,615
Jefferies Group LLC/Jefferies Group Capital Finance Inc.
4.15%, 01/23/30		11,107		10,192,675
4.85%, 01/15/27		8,810		8,790,295
Mastercard Inc.
2.95%, 11/21/26 (Call 08/21/26)a		15,094		14,451,026
3.38%, 04/01/24a		12,314		12,332,956
Synchrony Financial
3.70%, 08/04/26 (Call 05/04/26)		329		303,726
3.75%, 08/15/21 (Call 06/15/21)		5,107		5,124,238
3.95%, 12/01/27 (Call 09/01/27)a		5,145		4,779,791
4.25%, 08/15/24 (Call 05/15/24)a		17,400		17,120,290

Security	Principal (000s)		Value
4.50%, 07/23/25 (Call 04/24/25)a	$	27,037	$	26,628,236
TD Ameritrade Holding Corp.
2.95%, 04/01/22 (Call 02/01/22)a		3,865		3,798,961
3.30%, 04/01/27 (Call 01/01/27)a		14,240		13,750,358
Visa Inc.
2.15%, 09/15/22 (Call 08/15/22)a		10,690		10,239,987
2.75%, 09/15/27 (Call 06/15/27)		9,153		8,543,050
2.80%, 12/14/22 (Call 10/14/22)a		21,964		21,564,578
3.15%, 12/14/25 (Call 09/14/25)a		48,411		47,207,851
3.65%, 09/15/47 (Call 03/15/47)a		7,830		7,374,770
4.15%, 12/14/35 (Call 06/14/35)		19,953		20,764,417
4.30%, 12/14/45 (Call 06/14/45)a		39,261		40,733,079
				773,672,182
ELECTRIC — 2.18%
Berkshire Hathaway Energy Co.
3.80%, 07/15/48 (Call 01/15/48)a,b		8,024		7,494,739
4.50%, 02/01/45 (Call 08/01/44)a		12,501		12,976,848
5.15%, 11/15/43 (Call 05/15/43)a		7,901		8,967,355
6.13%, 04/01/36		21,811		27,345,173
Consolidated Edison Co. of New York Inc.
4.45%, 03/15/44 (Call 09/15/43)a		9,565		9,978,800
4.63%, 12/01/54 (Call 06/01/54)		10,677		11,326,652
Dominion Energy Inc.
3.90%, 10/01/25 (Call 07/01/25)		18,417		18,195,989
Duke Energy Carolinas LLC
3.88%, 03/15/46 (Call 09/15/45)		597		582,863

SCHEDULESOF INVESTMENTS 73

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
5.30%, 02/15/40a	$	2,181	$	2,554,148
Duke Energy Corp.
1.80%, 09/01/21 (Call 08/01/21)		3,873		3,680,373
2.65%, 09/01/26 (Call 06/01/26)a		26,311		23,809,690
3.15%, 08/15/27 (Call 05/15/27)a		10,717		9,988,273
3.75%, 04/15/24 (Call 01/15/24)a		11,262		11,218,579
3.75%, 09/01/46 (Call 03/01/46)a		29,328		26,256,499
Duke Energy Florida LLC
6.40%, 06/15/38		8,378		11,051,200
Emera U.S. Finance LP
2.70%, 06/15/21 (Call 05/15/21)		12,827		12,499,110
3.55%, 06/15/26 (Call 03/15/26)a		10,301		9,782,507
4.75%, 06/15/46 (Call 12/15/45)a		15,124		15,001,662
Entergy Corp.
2.95%, 09/01/26 (Call 06/01/26)		2,079		1,908,332
Exelon Corp.
3.40%, 04/15/26 (Call 01/15/26)a		16,037		15,292,771
3.50%, 06/01/22 (Call 05/01/22)a		16,742		16,492,295
3.95%, 06/15/25 (Call 03/15/25)a		12,747		12,664,420
4.45%, 04/15/46 (Call 10/15/45)		5,813		5,803,366
5.10%, 06/15/45 (Call 12/15/44)		1,784		1,949,523
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)a		13,507		13,667,242
6.25%, 10/01/39		10,162		10,926,948
FirstEnergy Corp.
Series B
3.90%, 07/15/27 (Call 04/15/27)a		18,938		18,512,346

Security	Principal (000s)		Value
4.25%, 03/15/23 (Call 12/15/22)	$	11,958	$	12,137,308
Series C
4.85%, 07/15/47 (Call 01/15/47)		13,407		13,984,832
7.38%, 11/15/31a		19,163		25,053,413
Fortis Inc./Canada
3.06%, 10/04/26 (Call 07/04/26)a		17,620		16,164,773
Georgia Power Co.
4.30%, 03/15/42a		12,045		12,059,884
NextEra Energy Capital Holdings Inc.
3.55%, 05/01/27 (Call 02/01/27)a		23,157		22,231,739
Oncor Electric Delivery Co. LLC
7.00%, 09/01/22a		9,945		11,333,051
Pacific Gas & Electric Co.
3.30%, 12/01/27 (Call 09/01/27)a,b		16,384		15,257,697
3.95%, 12/01/47 (Call 06/01/47)a,b		10,215		9,244,739
5.40%, 01/15/40a		10,604		11,602,300
5.80%, 03/01/37a		12,160		13,832,773
6.05%, 03/01/34a		35,068		41,064,912
Sempra Energy
2.90%, 02/01/23 (Call 01/01/23)a		1,385		1,343,417
3.25%, 06/15/27 (Call 03/15/27)a		15,593		14,643,801
3.40%, 02/01/28 (Call 10/01/27)a		16,627		15,711,225
3.80%, 02/01/38 (Call 08/01/37)		5,880		5,444,405
4.00%, 02/01/48 (Call 08/01/47)a		12,562		11,541,484
6.00%, 10/15/39		10,615		12,747,301
Southern California Edison Co.
4.00%, 04/01/47 (Call 10/01/46)		7,540		7,374,526
4.65%, 10/01/43 (Call 04/01/43)a		11,273		12,115,545

74 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Southern Co. (The)
2.35%, 07/01/21 (Call 06/01/21)a	$	18,701	$	18,145,060
2.95%, 07/01/23 (Call 05/01/23)		22,183		21,362,520
3.25%, 07/01/26 (Call 04/01/26)a		25,931		24,322,591
4.40%, 07/01/46 (Call 01/01/46)a		27,316		26,893,585
Virginia Electric & Power Co.
Series A
3.15%, 01/15/26 (Call 10/15/25)a		8,435		8,092,649
3.50%, 03/15/27 (Call 12/15/26)		4,855		4,742,104
				708,375,337
ELECTRONICS — 0.19%
Fortive Corp.
2.35%, 06/15/21 (Call 05/15/21)		4,071		3,944,288
3.15%, 06/15/26 (Call 03/15/26)a		15,126		14,257,128
Honeywell International Inc.
1.85%, 11/01/21 (Call 10/01/21)a		22,172		21,307,700
2.50%, 11/01/26 (Call 08/01/26)a		14,670		13,417,555
4.25%, 03/01/21a		8,957		9,248,183
Koninklijke Philips NV
6.88%, 03/11/38a		392		516,061
				62,690,915
ENVIRONMENTAL CONTROL — 0.08%
Republic Services Inc.
3.55%, 06/01/22 (Call 03/01/22)a		10,117		10,132,807
Waste Management Inc.
3.15%, 11/15/27 (Call 08/15/27)a		11,058		10,412,625
4.10%, 03/01/45 (Call 09/01/44)a		7,024		6,987,893
				27,533,325

Security	Principal (000s)		Value
FOOD — 1.37%
Campbell Soup Co.
3.65%, 03/15/23 (Call 02/15/23)	$	23,085	$	22,909,665
3.95%, 03/15/25 (Call 01/15/25)		6,995		6,885,762
4.15%, 03/15/28 (Call 12/15/27)a		12,855		12,505,758
4.80%, 03/15/48 (Call 09/15/47)a		5,000		4,817,668
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)a		15,784		15,632,283
3.20%, 02/10/27 (Call 11/10/26)a		6,380		5,872,463
3.70%, 10/17/23 (Call 09/17/23)		10,710		10,673,045
4.00%, 04/17/25 (Call 02/17/25)		10,000		9,911,250
4.20%, 04/17/28 (Call 01/17/28)		10,620		10,461,762
JM Smucker Co. (The)
3.50%, 10/15/21a		6,733		6,732,989
3.50%, 03/15/25a		15,973		15,456,258
Kellogg Co.
3.25%, 04/01/26a		9,901		9,318,608
Series B
7.45%, 04/01/31a		1,688		2,162,354
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)a		26,159		23,744,001
3.50%, 06/06/22a		17,242		17,137,260
3.50%, 07/15/22 (Call 05/15/22)		11,108		11,049,244
3.95%, 07/15/25 (Call 04/15/25)a		27,681		27,203,816
4.38%, 06/01/46 (Call 12/01/45)a		38,456		34,323,384
5.00%, 07/15/35 (Call 01/15/35)a		17,402		17,568,529
5.00%, 06/04/42		19,892		19,402,510
5.20%, 07/15/45 (Call 01/15/45)a		19,333		19,261,079

SCHEDULESOF INVESTMENTS 75

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
6.50%, 02/09/40	$	8,587	$	9,944,122
6.88%, 01/26/39a		8,058		9,675,719
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)a		11,403		10,094,516
4.45%, 02/01/47 (Call 08/01/46)a		13,588		12,473,815
McCormick & Co. Inc./MD
2.70%, 08/15/22 (Call 07/15/22)		6,602		6,357,527
3.40%, 08/15/27 (Call 05/15/27)a		6,448		6,095,216
Sysco Corp.
3.25%, 07/15/27 (Call 04/15/27)		6,600		6,217,834
3.30%, 07/15/26 (Call 04/15/26)		16,855		16,069,213
3.75%, 10/01/25 (Call 07/01/25)a		7,618		7,544,111
Tyson Foods Inc.
3.55%, 06/02/27 (Call 03/02/27)a		19,695		18,712,820
3.95%, 08/15/24 (Call 05/15/24)a		16,324		16,273,894
4.50%, 06/15/22 (Call 03/15/22)a		12,471		12,903,575
4.55%, 06/02/47 (Call 12/02/46)a		9,674		9,328,245
				444,720,295
FOREST PRODUCTS & PAPER — 0.20%
International Paper Co.
3.00%, 02/15/27 (Call 11/15/26)a		11,447		10,356,388
3.65%, 06/15/24 (Call 03/15/24)a		13,946		13,709,746
4.35%, 08/15/48 (Call 02/15/48)a		9,103		8,272,158
4.40%, 08/15/47 (Call 02/15/47)a		9,645		8,850,617
4.75%, 02/15/22 (Call 11/15/21)		7,831		8,142,768

Security	Principal (000s)		Value
4.80%, 06/15/44 (Call 12/15/43)a	$	13,700	$	13,350,687
7.30%, 11/15/39a		1,042		1,325,463
				64,007,827
GAS — 0.11%
NiSource Inc.
3.49%, 05/15/27 (Call 02/15/27)a		8,318		7,958,010
3.95%, 03/30/48 (Call 09/30/47)		3,602		3,324,831
4.38%, 05/15/47 (Call 11/15/46)a		16,576		16,362,352
4.80%, 02/15/44 (Call 08/15/43)a		8,263		8,592,631
				36,237,824
HEALTH CARE — PRODUCTS — 2.11%
Abbott Laboratories
2.55%, 03/15/22a		2,631		2,553,253
2.90%, 11/30/21 (Call 10/30/21)a		34,302		33,823,000
2.95%, 03/15/25 (Call 12/15/24)a		9,243		8,757,309
3.25%, 04/15/23 (Call 01/15/23)a		7,036		6,918,711
3.40%, 11/30/23 (Call 09/30/23)a		19,121		18,870,603
3.75%, 11/30/26 (Call 08/30/26)		46,835		46,135,088
4.75%, 11/30/36 (Call 05/30/36)a		17,607		18,650,859
4.90%, 11/30/46 (Call 05/30/46)a		38,495		41,660,232
Becton Dickinson and Co.
2.89%, 06/06/22 (Call 05/06/22)a		18,818		18,205,843
3.13%, 11/08/21a		14,258		14,014,679
3.36%, 06/06/24 (Call 04/06/24)a		17,246		16,576,464
3.70%, 06/06/27 (Call 03/06/27)		31,601		29,923,913
3.73%, 12/15/24 (Call 09/15/24)a		25,123		24,475,143

76 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
4.67%, 06/06/47 (Call 12/06/46)a	$	18,804	$	18,266,243
4.69%, 12/15/44 (Call 06/15/44)		15,143		14,757,950
Boston Scientific Corp.
3.85%, 05/15/25		13,851		13,766,351
4.00%, 03/01/28 (Call 12/01/27)		8,467		8,335,083
Medtronic Global Holdings SCA
3.35%, 04/01/27 (Call 01/01/27)		12,596		12,234,598
Medtronic Inc.
3.15%, 03/15/22a		21,311		21,266,128
3.50%, 03/15/25a		52,911		52,385,409
3.63%, 03/15/24 (Call 12/15/23)a		9,901		9,922,480
4.38%, 03/15/35a		30,633		31,664,334
4.63%, 03/15/45a		53,048		56,074,813
Stryker Corp.
2.63%, 03/15/21 (Call 02/15/21)		6,610		6,502,061
3.38%, 11/01/25 (Call 08/01/25)a		12,561		12,288,804
3.50%, 03/15/26 (Call 12/15/25)a		10,290		10,095,459
4.63%, 03/15/46 (Call 09/15/45)a		12,375		12,871,083
Thermo Fisher Scientific Inc.
2.95%, 09/19/26 (Call 06/19/26)a		15,892		14,715,921
3.00%, 04/15/23 (Call 02/15/23)a		15,983		15,460,396
3.15%, 01/15/23 (Call 10/15/22)a		5,837		5,696,852
3.20%, 08/15/27 (Call 05/15/27)		7,526		7,043,197
3.30%, 02/15/22		6,857		6,802,338
3.60%, 08/15/21 (Call 05/15/21)a		8,456		8,509,923
4.10%, 08/15/47 (Call 02/15/47)a		8,171		7,759,912
4.15%, 02/01/24 (Call 11/01/23)		7,460		7,580,812

Security	Principal (000s)		Value
4.50%, 03/01/21a	$	10,765	$	11,119,870
Zimmer Biomet Holdings Inc.
3.15%, 04/01/22 (Call 02/01/22)a		11,749		11,531,077
3.55%, 04/01/25 (Call 01/01/25)a		29,420		28,306,585
				685,522,776
HEALTH CARE — SERVICES — 1.60%
Aetna Inc.
2.75%, 11/15/22 (Call 08/15/22)		12,001		11,555,470
2.80%, 06/15/23 (Call 04/15/23)a		15,906		15,171,749
3.50%, 11/15/24 (Call 08/15/24)		10,976		10,654,505
3.88%, 08/15/47 (Call 02/15/47)a		8,964		7,939,801
6.63%, 06/15/36		9,030		11,459,667
Anthem Inc.
2.95%, 12/01/22 (Call 11/01/22)		11,387		11,021,197
3.13%, 05/15/22a		12,604		12,324,353
3.30%, 01/15/23a		12,397		12,156,886
3.35%, 12/01/24 (Call 10/01/24)a		5,210		5,002,158
3.50%, 08/15/24 (Call 05/15/24)a		15,300		14,855,411
3.65%, 12/01/27 (Call 09/01/27)a		16,399		15,596,902
4.10%, 03/01/28 (Call 12/01/27)		18,470		18,150,899
4.38%, 12/01/47 (Call 06/01/47)		16,424		15,371,158
4.55%, 03/01/48 (Call 09/01/47)a		11,060		10,644,525
4.63%, 05/15/42		10,370		10,031,800
4.65%, 01/15/43		18,660		18,263,287
4.65%, 08/15/44 (Call 02/15/44)a		9,676		9,493,507
5.85%, 01/15/36		553		640,308
Cigna Corp.
3.05%, 10/15/27 (Call 07/15/27)		1,407		1,270,925

SCHEDULESOF INVESTMENTS 77

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
3.25%, 04/15/25 (Call 01/15/25)a	$	4,520	$	4,264,586
3.88%, 10/15/47 (Call 04/15/47)a		17,612		15,389,286
4.00%, 02/15/22 (Call 11/15/21)a		3,946		3,997,882
Humana Inc.
4.95%, 10/01/44 (Call 04/01/44)		10,814		11,327,776
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)		2,424		2,445,315
Laboratory Corp. of America Holdings
3.60%, 02/01/25 (Call 11/01/24)		18,006		17,503,134
4.70%, 02/01/45 (Call 08/01/44)		19,710		19,151,917
UnitedHealth Group Inc.
2.38%, 10/15/22a		12,863		12,350,384
2.88%, 12/15/21a		9,441		9,320,378
2.88%, 03/15/22 (Call 12/15/21)a		12,171		11,991,716
2.88%, 03/15/23a		12,534		12,234,118
2.95%, 10/15/27a		12,283		11,469,681
3.10%, 03/15/26a		14,108		13,468,404
3.35%, 07/15/22a		11,529		11,534,922
3.38%, 04/15/27a		1,620		1,566,533
3.45%, 01/15/27		13,409		13,058,108
3.75%, 07/15/25		37,153		37,155,567
3.75%, 10/15/47 (Call 04/15/47)a		8,496		7,839,306
4.20%, 01/15/47 (Call 07/15/46)		13,123		12,986,930
4.25%, 03/15/43 (Call 09/15/42)a		10,704		10,636,391
4.25%, 04/15/47 (Call 10/15/46)a		2,410		2,411,160
4.63%, 07/15/35a		15,854		16,895,953
4.75%, 07/15/45		24,315		26,139,474
5.80%, 03/15/36		6,118		7,375,602
6.88%, 02/15/38		12,981		17,410,043
				521,529,074

Security	Principal (000s)		Value
HOUSEWARES — 0.25%
Newell Brands Inc.
3.15%, 04/01/21 (Call 03/01/21)	$	13,327	$	13,175,088
3.85%, 04/01/23 (Call 02/01/23)a		20,366		20,185,012
4.20%, 04/01/26 (Call 01/01/26)a		23,434		22,973,454
5.50%, 04/01/46 (Call 10/01/45)a		23,202		24,002,768
				80,336,322
INSURANCE — 1.82%
Aflac Inc.
3.63%, 11/15/24a		11,502		11,427,727
American International Group Inc.
3.30%, 03/01/21 (Call 02/01/21)a		15,432		15,380,945
3.75%, 07/10/25 (Call 04/10/25)		16,861		16,448,249
3.88%, 01/15/35 (Call 07/15/34)		12,113		11,085,981
3.90%, 04/01/26 (Call 01/01/26)a		18,672		18,273,549
4.13%, 02/15/24a		14,388		14,477,820
4.20%, 04/01/28 (Call 01/01/28)a		6,465		6,403,332
4.38%, 01/15/55 (Call 07/15/54)a		5,562		4,995,926
4.50%, 07/16/44 (Call 01/16/44)a		24,020		23,089,970
4.75%, 04/01/48 (Call 10/01/47)		9,440		9,421,004
4.80%, 07/10/45 (Call 01/10/45)a		8,064		8,098,728
4.88%, 06/01/22a		20,815		21,779,634
6.25%, 05/01/36		6,819		8,009,488
Aon PLC
3.88%, 12/15/25 (Call 09/15/25)		8,921		8,831,894
Athene Holding Ltd.
4.13%, 01/12/28 (Call 10/12/27)		3,735		3,498,037

78 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
AXA Equitable Holdings Inc.
3.90%, 04/20/23 (Call 03/20/23)b	$	10,000	$	9,948,183
4.35%, 04/20/28 (Call 01/20/28)b		10,000		9,766,375
5.00%, 04/20/48 (Call 10/20/47)b		15,000		14,369,476
Berkshire Hathaway Finance Corp.
3.00%, 05/15/22a		4,886		4,859,588
4.25%, 01/15/21a		2,520		2,607,298
5.75%, 01/15/40a		12,431		15,160,922
Berkshire Hathaway Inc.
2.20%, 03/15/21 (Call 02/15/21)a		5,029		4,934,754
2.75%, 03/15/23 (Call 01/15/23)a		30,825		30,026,854
3.13%, 03/15/26 (Call 12/15/25)a		30,448		29,292,380
4.50%, 02/11/43a		5,125		5,405,010
Brighthouse Financial Inc.
3.70%, 06/22/27 (Call 03/22/27)		10,000		9,054,399
4.70%, 06/22/47 (Call 12/22/46)b		150		130,492
4.70%, 06/22/47 (Call 12/22/46)		11,940		10,394,007
Chubb Corp. (The)
6.00%, 05/11/37		11,833		14,658,994
Chubb INA Holdings Inc.
2.88%, 11/03/22 (Call 09/03/22)		8,744		8,585,359
3.15%, 03/15/25a		12,589		12,197,007
3.35%, 05/03/26 (Call 02/03/26)		10,413		10,131,812
4.35%, 11/03/45 (Call 05/03/45)a		17,009		17,582,508
Manulife Financial Corp.
4.15%, 03/04/26		11,720		11,766,818
5.38%, 03/04/46a		9,263		10,588,018
MetLife Inc.
3.60%, 04/10/24a		17,359		17,352,721
4.05%, 03/01/45		14,494		13,641,267

Security	Principal (000s)		Value
4.13%, 08/13/42	$	9,836	$	9,400,741
4.60%, 05/13/46 (Call 11/13/45)a		5,390		5,514,450
4.88%, 11/13/43a		11,433		12,126,814
5.70%, 06/15/35a		15,966		18,779,473
5.88%, 02/06/41a		7,110		8,472,308
6.38%, 06/15/34		8,128		10,040,452
Series D
4.37%, 09/15/23a		13,898		14,372,089
Progressive Corp. (The)
4.13%, 04/15/47 (Call 10/15/46)		3,995		3,924,213
Prudential Financial Inc.
3.91%, 12/07/47 (Call 06/07/47)b		14,916		13,726,058
3.94%, 12/07/49 (Call 06/07/49)b		14,368		13,218,570
4.60%, 05/15/44a		11,556		11,932,329
5.70%, 12/14/36		4,327		5,099,766
Travelers Companies Inc. (The)
5.35%, 11/01/40a		8,015		9,388,019
6.25%, 06/15/37		10,163		13,000,773
				592,672,581
INTERNET — 1.23%
Alphabet Inc.
2.00%, 08/15/26 (Call 05/15/26)		30,322		27,115,406
3.38%, 02/25/24a		15,097		15,169,887
3.63%, 05/19/21a		4,567		4,675,355
Amazon.com Inc.
2.40%, 02/22/23 (Call 01/22/23)a,b		18,811		18,038,079
2.50%, 11/29/22 (Call 08/29/22)a		7,331		7,109,490
2.80%, 08/22/24 (Call 06/22/24)a,b		28,243		27,149,259
3.15%, 08/22/27 (Call 05/22/27)a,b		49,675		47,689,739
3.30%, 12/05/21 (Call 10/05/21)a		7,676		7,729,185
3.80%, 12/05/24 (Call 09/05/24)a		18,373		18,714,216
3.88%, 08/22/37 (Call 02/22/37)a,b		36,842		36,427,925

SCHEDULESOF INVESTMENTS 79

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
4.05%, 08/22/47 (Call 02/22/47)b	$	39,751	$	39,059,460
4.25%, 08/22/57 (Call 02/22/57)a,b		27,503		27,152,823
4.80%, 12/05/34 (Call 06/05/34)a		11,206		12,311,259
4.95%, 12/05/44 (Call 06/05/44)a		16,979		19,135,729
Booking Holdings Inc.
3.60%, 06/01/26 (Call 03/01/26)		8,133		7,886,255
eBay Inc.
2.60%, 07/15/22 (Call 04/15/22)a		8,932		8,594,777
2.75%, 01/30/23 (Call 12/30/22)a		7,926		7,615,409
2.88%, 08/01/21 (Call 06/01/21)a		6,729		6,625,801
3.45%, 08/01/24 (Call 05/01/24)a		9,746		9,519,554
3.60%, 06/05/27 (Call 03/05/27)		12,111		11,448,641
3.80%, 03/09/22 (Call 02/09/22)		10,808		10,921,207
4.00%, 07/15/42 (Call 01/15/42)a		10,078		8,857,589
Expedia Group Inc.
3.80%, 02/15/28 (Call 11/15/27)a		25,041		22,769,175
				401,716,220
MACHINERY — 0.36%
ABB Finance USA Inc.
2.88%, 05/08/22a		17,975		17,643,891
4.38%, 05/08/42a		4,344		4,467,052
Caterpillar Financial Services Corp.
1.70%, 08/09/21a		11,960		11,416,534
Caterpillar Inc.
3.40%, 05/15/24 (Call 02/15/24)a		9,696		9,625,355
3.80%, 08/15/42a		18,859		18,229,168
3.90%, 05/27/21a		1,443		1,474,890
5.20%, 05/27/41a		14,104		16,474,530

Security	Principal (000s)		Value
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)	$	12,226	$	11,896,424
3.90%, 06/09/42 (Call 12/09/41)a		13,379		13,216,995
John Deere Capital Corp.
2.80%, 03/06/23		11,744		11,437,815
				115,882,654
MANUFACTURING — 1.01%
3M Co.
5.70%, 03/15/37		3,381		4,155,200
Eaton Corp.
2.75%, 11/02/22		22,015		21,323,962
4.15%, 11/02/42a		13,352		12,906,709
General Electric Co.
2.70%, 10/09/22a		32,467		31,309,191
3.10%, 01/09/23a		13,651		13,348,353
3.15%, 09/07/22a		13,709		13,457,433
3.38%, 03/11/24a		3,020		2,942,319
3.45%, 05/15/24 (Call 02/13/24)		1,322		1,290,328
4.13%, 10/09/42		19,157		17,419,399
4.50%, 03/11/44a		26,954		26,093,472
4.63%, 01/07/21a		1,357		1,402,186
4.65%, 10/17/21a		16,464		17,163,702
5.30%, 02/11/21a		4,027		4,225,049
5.88%, 01/14/38a		35,219		39,940,713
6.15%, 08/07/37		19,254		22,436,030
6.88%, 01/10/39		25,859		32,648,818
Series A
6.75%, 03/15/32		31,532		38,625,666
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)a		14,151		13,049,498
3.90%, 09/01/42 (Call 03/01/42)a		15,130		15,023,093
				328,761,121
MEDIA — 4.22%
21st Century Fox America Inc.
3.00%, 09/15/22a		14,460		14,190,382
4.50%, 02/15/21		13,470		13,947,938
6.15%, 03/01/37		15,972		19,696,476
6.15%, 02/15/41		13,295		16,548,477

80 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
6.20%, 12/15/34	$	9,052	$	11,065,312
6.40%, 12/15/35		11,513		14,322,858
6.65%, 11/15/37		8,536		10,978,097
CBS Corp.
3.50%, 01/15/25 (Call 10/15/24)		195		187,535
4.00%, 01/15/26 (Call 10/15/25)a		25,652		25,157,727
7.88%, 07/30/30		4,947		6,246,385
Charter Communications Operating LLC/Charter Communications Operating Capital
3.75%, 02/15/28 (Call 11/15/27)a		15,586		14,215,991
4.20%, 03/15/28 (Call 12/15/27)		12,038		11,398,299
4.46%, 07/23/22 (Call 05/23/22)a		34,759		35,443,429
4.91%, 07/23/25 (Call 04/23/25)a		57,348		58,330,423
5.38%, 04/01/38 (Call 10/01/37)		15,000		14,756,920
5.38%, 05/01/47 (Call 11/01/46)a		26,939		25,458,255
5.75%, 04/01/48 (Call 10/01/47)		22,565		22,378,909
6.38%, 10/23/35 (Call 04/23/35)a		21,072		23,001,831
6.48%, 10/23/45 (Call 04/23/45)a		39,909		42,956,343
Comcast Cable Communications Holdings Inc.
9.46%, 11/15/22a		13,723		17,147,689
Comcast Corp.
2.35%, 01/15/27 (Call 10/15/26)		17,757		15,708,899
2.75%, 03/01/23 (Call 02/01/23)a		10,661		10,305,985
2.85%, 01/15/23a		7,409		7,207,639
3.00%, 02/01/24 (Call 01/01/24)		25,630		24,771,118

Security	Principal (000s)		Value
3.13%, 07/15/22a	$	14,350	$	14,213,359
3.15%, 03/01/26 (Call 12/01/25)a		20,806		19,787,663
3.15%, 02/15/28 (Call 11/15/27)a		31,528		29,412,689
3.20%, 07/15/36 (Call 01/15/36)		12,109		10,445,906
3.30%, 02/01/27 (Call 11/01/26)a		13,117		12,491,517
3.38%, 02/15/25 (Call 11/15/24)a		14,906		14,505,687
3.38%, 08/15/25 (Call 05/15/25)a		20,499		19,906,581
3.40%, 07/15/46 (Call 01/15/46)a		20,599		17,122,344
3.55%, 05/01/28 (Call 02/01/28)a		17,550		16,931,205
3.60%, 03/01/24a		8,783		8,753,034
3.90%, 03/01/38 (Call 09/01/37)a		29,610		27,866,371
3.97%, 11/01/47 (Call 05/01/47)a		30,812		28,080,689
4.00%, 08/15/47 (Call 02/15/47)a		4,724		4,338,715
4.00%, 03/01/48 (Call 09/01/47)a		17,772		16,270,868
4.00%, 11/01/49 (Call 05/01/49)a		28,868		26,321,196
4.05%, 11/01/52 (Call 05/01/52)		32,273		29,299,843
4.20%, 08/15/34 (Call 02/15/34)a		12,081		11,895,619
4.25%, 01/15/33a		13,177		13,292,865
4.40%, 08/15/35 (Call 02/15/35)a		4,616		4,644,283
4.60%, 08/15/45 (Call 02/15/45)		22,056		22,109,468
4.65%, 07/15/42a		18,851		19,140,057
4.75%, 03/01/44		13,371		13,727,280
5.65%, 06/15/35a		858		985,041
6.40%, 05/15/38		386		478,463
6.45%, 03/15/37		9,422		11,731,459
6.50%, 11/15/35		3,011		3,757,941

SCHEDULESOF INVESTMENTS 81

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
6.95%, 08/15/37a	$	12,166	$	15,970,369
7.05%, 03/15/33		7,977		10,321,980
Discovery Communications LLC
2.95%, 03/20/23 (Call 02/20/23)a		16,987		16,275,061
3.95%, 03/20/28 (Call 12/20/27)a		18,659		17,690,178
4.88%, 04/01/43a		7,053		6,627,709
5.00%, 09/20/37 (Call 03/20/37)a		21,667		21,227,840
5.20%, 09/20/47 (Call 03/20/47)a		23,118		22,591,192
6.35%, 06/01/40		1,462		1,627,430
NBCUniversal Media LLC
2.88%, 01/15/23a		9,313		9,070,072
4.38%, 04/01/21a		22,364		23,141,818
4.45%, 01/15/43a		14,501		14,254,995
5.95%, 04/01/41a		1,481		1,760,900
Time Warner Cable LLC
4.00%, 09/01/21 (Call 06/01/21)		10,562		10,607,692
4.50%, 09/15/42 (Call 03/15/42)		23,639		20,138,322
5.50%, 09/01/41 (Call 03/01/41)		6,253		6,113,552
5.88%, 11/15/40 (Call 05/15/40)a		8,649		8,838,938
6.55%, 05/01/37a		17,030		18,708,363
6.75%, 06/15/39a		17,972		20,086,974
7.30%, 07/01/38		18,945		22,367,717
Time Warner Entertainment Co. LP
8.38%, 03/15/23		13,712		16,138,965
8.38%, 07/15/33		10,656		13,608,545
Time Warner Inc.
2.95%, 07/15/26 (Call 04/15/26)		9,338		8,526,837
3.55%, 06/01/24 (Call 03/01/24)a		18,214		17,804,338
3.60%, 07/15/25 (Call 04/15/25)		21,829		21,101,926
3.80%, 02/15/27 (Call 11/15/26)a		27,504		26,601,044

Security	Principal (000s)		Value
4.85%, 07/15/45 (Call 01/15/45)a	$	4,692	$	4,600,360
Viacom Inc.
4.25%, 09/01/23 (Call 06/01/23)		16,935		17,030,561
4.38%, 03/15/43a		7,723		6,876,005
5.85%, 09/01/43 (Call 03/01/43)a		17,360		18,451,133
6.88%, 04/30/36		17,780		20,670,141
Walt Disney Co. (The)
1.85%, 07/30/26a		15,085		13,265,115
2.30%, 02/12/21a		9,197		9,026,874
2.35%, 12/01/22a		13,369		12,869,290
2.75%, 08/16/21a		6,830		6,764,131
2.95%, 06/15/27a		9,812		9,330,529
3.00%, 02/13/26a		10,654		10,270,785
3.15%, 09/17/25a		9,525		9,320,923
4.13%, 06/01/44a		9,785		9,856,229
				1,372,467,893
METAL FABRICATE & HARDWARE — 0.08%
Precision Castparts Corp.
2.50%, 01/15/23 (Call 10/15/22)a		12,712		12,296,719
3.25%, 06/15/25 (Call 03/15/25)		14,533		14,207,993
				26,504,712
MINING — 0.64%
Barrick Gold Corp.
5.25%, 04/01/42a		7,118		7,666,120
Barrick North America Finance LLC
5.70%, 05/30/41a		16,703		18,825,101
5.75%, 05/01/43a		9,400		10,763,498
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39		17,263		19,874,842
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22a		1,956		1,930,112
4.13%, 02/24/42a		13,590		13,696,528
5.00%, 09/30/43a		34,969		39,413,273
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)		4,531		4,503,783

82 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
4.88%, 03/15/42 (Call 09/15/41)a	$	13,294	$	13,694,224
6.25%, 10/01/39		8,533		10,190,259
Rio Tinto Alcan Inc.
6.13%, 12/15/33		4,248		5,184,094
Rio Tinto Finance USA Ltd.
3.75%, 06/15/25 (Call 03/15/25)		16,526		16,641,029
5.20%, 11/02/40a		16,639		19,112,818
7.13%, 07/15/28		5,348		6,751,638
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)a		21,150		21,189,967
				209,437,286
OFFICE & BUSINESS EQUIPMENT — 0.03%
Xerox Corp.
3.63%, 03/15/23 (Call 02/15/23)a		7,177		6,954,970
4.50%, 05/15/21a		3,754		3,828,911
				10,783,881
OIL & GAS — 6.17%
Anadarko Finance Co.
7.50%, 05/01/31		9,674		12,144,715
Anadarko Petroleum Corp.
4.85%, 03/15/21 (Call 02/15/21)		8,315		8,604,542
5.55%, 03/15/26 (Call 12/15/25)		15,977		17,218,693
6.20%, 03/15/40a		9,417		10,958,345
6.45%, 09/15/36		18,882		22,362,028
6.60%, 03/15/46 (Call 09/15/45)a		17,470		21,524,738
Apache Corp.
3.25%, 04/15/22 (Call 01/15/22)		13,734		13,524,120
4.25%, 01/15/44 (Call 07/15/43)		14,982		13,609,670
4.75%, 04/15/43 (Call 10/15/42)		19,755		19,497,039
5.10%, 09/01/40 (Call 03/01/40)		20,182		20,467,234
6.00%, 01/15/37		8,543		9,604,137

Security	Principal (000s)		Value
BP Capital Markets PLC
2.11%, 09/16/21 (Call 08/16/21)a	$	10,070	$	9,732,076
2.50%, 11/06/22		11,213		10,799,938
2.75%, 05/10/23a		22,986		22,234,179
3.02%, 01/16/27 (Call 10/16/26)a		11,575		10,921,569
3.06%, 03/17/22		14,649		14,526,832
3.12%, 05/04/26 (Call 02/04/26)		23,670		22,636,608
3.22%, 11/28/23 (Call 09/28/23)		5,876		5,782,111
3.22%, 04/14/24 (Call 02/14/24)		10,591		10,396,659
3.25%, 05/06/22a		20,316		20,250,068
3.28%, 09/19/27 (Call 06/19/27)a		16,103		15,455,078
3.51%, 03/17/25a		16,972		16,808,086
3.54%, 11/04/24a		10,472		10,406,546
3.56%, 11/01/21a		13,356		13,548,620
3.59%, 04/14/27 (Call 01/14/27)a		13,070		12,885,109
3.72%, 11/28/28 (Call 08/28/28)a		11,739		11,662,149
3.81%, 02/10/24a		16,460		16,655,441
3.99%, 09/26/23a		13,954		14,293,918
Canadian Natural Resources Ltd.
2.95%, 01/15/23 (Call 12/15/22)		12,144		11,731,172
3.85%, 06/01/27 (Call 03/01/27)a		23,934		23,124,320
4.95%, 06/01/47 (Call 12/01/46)a		9,356		9,646,657
6.25%, 03/15/38a		13,793		16,380,447
Cenovus Energy Inc.
4.25%, 04/15/27 (Call 01/15/27)a		20,923		20,074,001
4.45%, 09/15/42 (Call 03/15/42)		50		43,730
5.25%, 06/15/37 (Call 12/15/36)		1,860		1,834,619

SCHEDULESOF INVESTMENTS 83

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
5.40%, 06/15/47 (Call 12/15/46)a	$	24,088	$	23,890,370
6.75%, 11/15/39		8,460		9,639,840
Chevron Corp.
2.10%, 05/16/21 (Call 04/15/21)		6,290		6,128,233
2.36%, 12/05/22 (Call 09/05/22)a		19,801		19,120,016
2.57%, 05/16/23 (Call 03/16/23)		15,751		15,224,102
2.90%, 03/03/24 (Call 01/03/24)a		14,094		13,719,290
2.95%, 05/16/26 (Call 02/16/26)a		30,912		29,570,942
3.19%, 06/24/23 (Call 03/24/23)a		27,761		27,561,818
3.33%, 11/17/25 (Call 08/17/25)		2,619		2,583,482
Concho Resources Inc.
3.75%, 10/01/27 (Call 07/01/27)a		14,071		13,500,252
4.88%, 10/01/47 (Call 04/01/47)a		20,108		20,526,836
ConocoPhillips
6.50%, 02/01/39a		33,733		43,737,452
ConocoPhillips Co.
2.40%, 12/15/22 (Call 09/15/22)		14,085		13,464,250
3.35%, 11/15/24 (Call 08/15/24)		16,106		15,801,772
4.30%, 11/15/44 (Call 05/15/44)		7,455		7,624,255
4.95%, 03/15/26 (Call 12/15/25)a		28,267		30,437,436
ConocoPhillips Holding Co.
6.95%, 04/15/29		18,729		23,393,909
Devon Energy Corp.
3.25%, 05/15/22 (Call 02/15/22)		6,167		6,070,750
4.75%, 05/15/42 (Call 11/15/41)		14,395		14,436,135
5.00%, 06/15/45 (Call 12/15/44)		13,844		14,349,288

Security	Principal (000s)		Value
5.60%, 07/15/41 (Call 01/15/41)	$	17,761	$	19,652,390
5.85%, 12/15/25 (Call 09/15/25)a		947		1,056,502
Encana Corp.
6.50%, 08/15/34		8,923		10,548,619
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)a		15,390		14,727,794
4.10%, 02/01/21a		4,791		4,890,469
4.15%, 01/15/26 (Call 10/15/25)a		5,347		5,449,078
EQT Corp.
3.00%, 10/01/22 (Call 09/01/22)		12,578		12,147,102
3.90%, 10/01/27 (Call 07/01/27)a		17,030		16,194,285
4.88%, 11/15/21		5,710		5,919,648
Exxon Mobil Corp.
2.22%, 03/01/21 (Call 02/01/21)a		11,887		11,683,373
2.40%, 03/06/22 (Call 01/06/22)a		17,906		17,485,793
2.71%, 03/06/25 (Call 12/06/24)		30,985		29,642,829
2.73%, 03/01/23 (Call 01/01/23)a		11,771		11,538,577
3.04%, 03/01/26 (Call 12/01/25)a		32,253		31,263,601
3.18%, 03/15/24 (Call 12/15/23)a		3,433		3,424,916
3.57%, 03/06/45 (Call 09/06/44)a		10,784		10,094,373
4.11%, 03/01/46 (Call 09/01/45)a		29,617		30,309,286
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)a		15,184		14,728,047
5.60%, 02/15/41		14,371		14,560,280
6.00%, 01/15/40		10,516		11,044,147
Husky Energy Inc.
4.00%, 04/15/24 (Call 01/15/24)a		5,363		5,380,909

84 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Marathon Oil Corp.
2.80%, 11/01/22 (Call 08/01/22)a	$	11,360	$	10,872,107
3.85%, 06/01/25 (Call 03/01/25)		10,728		10,485,184
4.40%, 07/15/27 (Call 04/15/27)a		14,145		14,213,845
6.60%, 10/01/37		13,280		15,921,004
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 06/15/24)		6,391		6,275,037
4.75%, 09/15/44 (Call 03/15/44)		13,910		13,720,949
5.13%, 03/01/21		9,255		9,691,646
6.50%, 03/01/41 (Call 09/01/40)a		13,228		15,823,402
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)a		13,518		13,732,443
5.05%, 11/15/44 (Call 05/15/44)		9,551		9,820,142
5.25%, 11/15/43 (Call 05/15/43)		12,314		12,991,824
6.00%, 03/01/41 (Call 09/01/40)		16,213		18,438,481
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)		9,905		9,600,285
3.00%, 02/15/27 (Call 11/15/26)a		10,789		10,207,716
3.13%, 02/15/22 (Call 11/15/21)		7,244		7,214,609
3.40%, 04/15/26 (Call 01/15/26)		11,272		11,023,579
3.50%, 06/15/25 (Call 03/15/25)a		11,456		11,352,777
4.10%, 02/15/47 (Call 08/15/46)a		9,256		9,114,796
4.20%, 03/15/48 (Call 09/15/47)		700		693,643
4.40%, 04/15/46 (Call 10/15/45)a		15,509		15,871,120

Security	Principal (000s)		Value
4.63%, 06/15/45 (Call 12/15/44)	$	10,830	$	11,406,519
Series 1
4.10%, 02/01/21 (Call 11/01/20)a		7,885		8,084,584
Petro-Canada
6.80%, 05/15/38		12,260		15,988,100
Phillips 66
3.90%, 03/15/28 (Call 12/15/27)a		10,055		9,864,170
4.30%, 04/01/22a		23,807		24,642,233
4.65%, 11/15/34 (Call 05/15/34)		15,760		16,289,944
4.88%, 11/15/44 (Call 05/15/44)		19,012		19,835,531
5.88%, 05/01/42		16,409		19,315,941
Shell International Finance BV
1.75%, 09/12/21a		8,540		8,178,374
1.88%, 05/10/21		17,183		16,619,676
2.25%, 01/06/23a		10,931		10,453,183
2.38%, 08/21/22a		11,441		11,050,091
2.50%, 09/12/26		16,372		15,142,422
2.88%, 05/10/26a		21,784		20,689,755
3.25%, 05/11/25		38,146		37,476,046
3.40%, 08/12/23		4,388		4,402,369
3.75%, 09/12/46a		14,475		13,644,147
4.00%, 05/10/46		30,486		29,832,066
4.13%, 05/11/35a		16,176		16,475,601
4.38%, 05/11/45a		33,671		34,854,532
4.55%, 08/12/43a		12,447		13,198,069
5.50%, 03/25/40		8,159		9,720,743
6.38%, 12/15/38a		29,044		38,222,482
Statoil ASA
2.45%, 01/17/23		9,466		9,087,569
2.65%, 01/15/24		16,022		15,343,915
2.75%, 11/10/21		379		373,422
3.15%, 01/23/22a		4,259		4,245,796
3.70%, 03/01/24a		14,960		15,148,643
3.95%, 05/15/43		5,758		5,650,415
4.80%, 11/08/43		7,537		8,343,320
5.10%, 08/17/40		10,066		11,485,153

SCHEDULESOF INVESTMENTS 85

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Suncor Energy Inc.
3.60%, 12/01/24 (Call 09/01/24)	$	10,344	$	10,193,534
4.00%, 11/15/47 (Call 05/15/47)a		2,564		2,448,187
6.50%, 06/15/38a		18,014		22,847,769
6.85%, 06/01/39		13,706		18,070,126
Total Capital Canada Ltd.
2.75%, 07/15/23		9,212		8,894,883
Total Capital International SA
2.70%, 01/25/23a		16,881		16,365,596
2.75%, 06/19/21a		9,987		9,886,789
2.88%, 02/17/22a		16,101		15,890,938
3.70%, 01/15/24		10,023		10,135,045
3.75%, 04/10/24		14,775		14,957,816
Valero Energy Corp.
3.40%, 09/15/26 (Call 06/15/26)a		14,745		14,059,163
6.63%, 06/15/37a		17,665		21,950,647
7.50%, 04/15/32a		13,249		17,097,477
				2,008,795,010
OIL & GAS SERVICES — 0.68%
Baker Hughes a GE Co. LLC
5.13%, 09/15/40a		2,134		2,278,105
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc.
2.77%, 12/15/22 (Call 11/15/22)		11,292		10,960,687
3.34%, 12/15/27 (Call 09/15/27)a		31,052		29,153,313
4.08%, 12/15/47 (Call 06/15/47)		21,535		19,687,058
Halliburton Co.
3.50%, 08/01/23 (Call 05/01/23)a		14,992		14,929,076
3.80%, 11/15/25 (Call 08/15/25)a		33,967		33,695,740
4.75%, 08/01/43 (Call 02/01/43)a		8,889		9,144,624
4.85%, 11/15/35 (Call 05/15/35)a		11,909		12,574,957

Security	Principal (000s)		Value
5.00%, 11/15/45 (Call 05/15/45)a	$	20,779	$	22,103,424
6.70%, 09/15/38a		6,680		8,389,962
7.45%, 09/15/39a		5,606		7,617,197
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)a		19,533		18,599,207
3.95%, 12/01/42 (Call 06/01/42)		11,731		10,203,895
Schlumberger Investment SA
3.65%, 12/01/23 (Call 09/01/23)a		20,618		20,754,075
				220,091,320
PHARMACEUTICALS — 7.15%
AbbVie Inc.
2.30%, 05/14/21 (Call 04/14/21)a		22,549		21,915,233
2.85%, 05/14/23 (Call 03/14/23)a		17,437		16,774,765
2.90%, 11/06/22a		39,055		37,976,961
3.20%, 11/06/22 (Call 09/06/22)a		8,025		7,892,672
3.20%, 05/14/26 (Call 02/14/26)a		31,777		29,702,985
3.60%, 05/14/25 (Call 02/14/25)a		46,692		45,219,554
4.30%, 05/14/36 (Call 11/14/35)		21,111		20,472,682
4.40%, 11/06/42		38,547		36,669,846
4.45%, 05/14/46 (Call 11/14/45)a		29,045		27,769,869
4.50%, 05/14/35 (Call 11/14/34)		30,647		30,494,596
4.70%, 05/14/45 (Call 11/14/44)		26,679		26,421,846
Allergan Finance LLC
3.25%, 10/01/22 (Call 07/01/22)		24,793		24,023,239
Allergan Funding SCS
3.45%, 03/15/22 (Call 01/15/22)		36,155		35,507,077
3.80%, 03/15/25 (Call 12/15/24)a		53,407		51,328,533

86 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
3.85%, 06/15/24 (Call 03/15/24)a	$	19,777	$	19,215,025
4.55%, 03/15/35 (Call 09/15/34)		35,375		33,219,555
4.75%, 03/15/45 (Call 09/15/44)		15,476		14,526,555
4.85%, 06/15/44 (Call 12/15/43)		21,484		20,459,172
AstraZeneca PLC
2.38%, 06/12/22 (Call 05/12/22)a		9,649		9,248,198
3.13%, 06/12/27 (Call 03/12/27)a		7,527		7,094,040
3.38%, 11/16/25a		26,005		25,278,309
4.00%, 09/18/42a		17,703		16,592,154
4.38%, 11/16/45a		10,168		10,029,523
6.45%, 09/15/37a		31,757		40,371,810
Bristol-Myers Squibb Co.
2.00%, 08/01/22a		3,446		3,279,682
3.25%, 02/27/27a		9,791		9,462,854
Cardinal Health Inc.
2.62%, 06/15/22 (Call 05/15/22)a		10,761		10,321,992
3.08%, 06/15/24 (Call 04/15/24)		6,120		5,795,016
3.41%, 06/15/27 (Call 03/15/27)a		18,103		16,805,489
CVS Health Corp.
2.13%, 06/01/21 (Call 05/01/21)		15,598		15,046,208
2.75%, 12/01/22 (Call 09/01/22)a		13,397		12,842,947
2.88%, 06/01/26 (Call 03/01/26)a		37,559		34,277,786
3.50%, 07/20/22 (Call 05/20/22)a		14,120		14,053,949
3.70%, 03/09/23 (Call 02/09/23)a		73,860		73,454,834
3.88%, 07/20/25 (Call 04/20/25)a		28,780		28,286,498
4.00%, 12/05/23 (Call 09/05/23)a		20,835		20,947,726
4.10%, 03/25/25 (Call 01/25/25)a		65,755		65,512,857

Security	Principal (000s)		Value
4.30%, 03/25/28 (Call 12/25/27)a	$	104,385	$	103,255,314
4.78%, 03/25/38 (Call 09/25/37)		67,375		66,587,076
4.88%, 07/20/35 (Call 01/20/35)		128		130,195
5.05%, 03/25/48 (Call 09/25/47)		104,800		106,971,770
5.13%, 07/20/45 (Call 01/20/45)a		36,259		37,476,527
5.30%, 12/05/43 (Call 06/05/43)		2,982		3,158,280
Eli Lilly & Co.
2.35%, 05/15/22a		8,241		7,986,839
2.75%, 06/01/25 (Call 03/01/25)a		9,138		8,729,488
3.10%, 05/15/27 (Call 02/15/27)a		10,154		9,750,571
3.70%, 03/01/45 (Call 09/01/44)		14,283		13,614,526
3.95%, 05/15/47 (Call 11/15/46)		8,441		8,396,880
Express Scripts Holding Co.
3.00%, 07/15/23 (Call 05/15/23)a		18,368		17,464,750
3.40%, 03/01/27 (Call 12/01/26)a		21,369		19,675,639
3.50%, 06/15/24 (Call 03/15/24)a		13,896		13,327,538
3.90%, 02/15/22a		20,401		20,463,050
4.50%, 02/25/26 (Call 11/27/25)a		17,976		18,022,074
4.75%, 11/15/21		10,725		11,108,413
4.80%, 07/15/46 (Call 01/15/46)a		10,728		10,489,954
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23a		7,709		7,504,436
6.38%, 05/15/38a		34,070		44,046,279
GlaxoSmithKline Capital PLC
2.85%, 05/08/22a		23,674		23,290,460
Johnson & Johnson
1.65%, 03/01/21 (Call 02/01/21)		3,979		3,856,110

SCHEDULESOF INVESTMENTS 87

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
2.25%, 03/03/22 (Call 02/03/22)	$	3,643	$	3,546,020
2.45%, 03/01/26 (Call 12/01/25)a		25,382		23,599,496
2.63%, 01/15/25 (Call 11/15/24)		11,550		11,033,408
2.90%, 01/15/28 (Call 10/15/27)a		13,407		12,663,609
2.95%, 03/03/27 (Call 12/03/26)a		11,739		11,247,864
3.38%, 12/05/23a		4,611		4,651,805
3.40%, 01/15/38 (Call 07/15/37)a		18,111		17,080,718
3.50%, 01/15/48 (Call 07/15/47)a		8,446		7,854,234
3.55%, 03/01/36 (Call 09/01/35)a		8,915		8,626,159
3.63%, 03/03/37 (Call 09/03/36)a		18,915		18,441,472
3.70%, 03/01/46 (Call 09/01/45)a		27,066		26,137,441
3.75%, 03/03/47 (Call 09/03/46)a		12,642		12,347,493
4.38%, 12/05/33 (Call 06/05/33)a		5,469		5,848,461
5.95%, 08/15/37a		11,440		14,622,436
Mead Johnson Nutrition Co.
4.13%, 11/15/25 (Call 08/15/25)a		10,202		10,324,006
Merck & Co. Inc.
2.35%, 02/10/22a		5,792		5,637,385
2.40%, 09/15/22 (Call 06/15/22)a		9,446		9,141,054
2.75%, 02/10/25 (Call 11/10/24)a		31,367		29,981,971
2.80%, 05/18/23		25,134		24,539,425
3.70%, 02/10/45 (Call 08/10/44)a		28,172		26,889,802
3.88%, 01/15/21 (Call 10/15/20)a		2,490		2,553,983
4.15%, 05/18/43		12,437		12,692,391
Mylan NV
3.15%, 06/15/21 (Call 05/15/21)a		22,869		22,444,714

Security	Principal (000s)		Value
3.95%, 06/15/26 (Call 03/15/26)a	$	32,483	$	30,860,861
3.95%, 06/15/26 (Call 03/15/26)b		1,938		1,841,061
5.25%, 06/15/46 (Call 12/15/45)		15,521		15,116,765
Novartis Capital Corp.
2.40%, 05/17/22 (Call 04/17/22)a		6,974		6,767,964
2.40%, 09/21/22a		15,324		14,803,154
3.00%, 11/20/25 (Call 08/20/25)		23,861		22,986,743
3.10%, 05/17/27 (Call 02/17/27)a		19,375		18,587,838
3.40%, 05/06/24		23,563		23,479,801
4.00%, 11/20/45 (Call 05/20/45)a		19,311		19,476,001
4.40%, 05/06/44a		17,068		18,240,720
Pfizer Inc.
1.95%, 06/03/21a		9,767		9,492,803
2.20%, 12/15/21a		10,366		10,096,529
2.75%, 06/03/26a		20,208		18,930,517
3.00%, 06/15/23a		10,720		10,626,979
3.00%, 12/15/26a		19,812		18,883,077
3.40%, 05/15/24a		13,093		12,997,847
4.00%, 12/15/36a		12,023		12,048,216
4.13%, 12/15/46a		16,040		15,952,526
4.30%, 06/15/43		11,138		11,319,479
4.40%, 05/15/44a		13,007		13,450,844
7.20%, 03/15/39		30,928		43,439,527
Shire Acquisitions Investments Ireland DAC
2.40%, 09/23/21 (Call 08/23/21)		36,004		34,559,383
2.88%, 09/23/23 (Call 07/23/23)a		30,708		28,912,476
3.20%, 09/23/26 (Call 06/23/26)a		32,217		29,391,482
Wyeth LLC
5.95%, 04/01/37		24,049		30,007,286
6.50%, 02/01/34		8,731		11,182,172
Zoetis Inc.
3.00%, 09/12/27 (Call 06/12/27)a		6,891		6,369,693

88 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
3.25%, 02/01/23 (Call 11/01/22)a	$	14,472	$	14,234,070
3.95%, 09/12/47 (Call 03/12/47)a		903		843,374
4.50%, 11/13/25 (Call 08/13/25)a		9,942		10,336,886
4.70%, 02/01/43 (Call 08/01/42)a		15,144		15,781,028
				2,326,520,655
PIPELINES — 3.17%
Columbia Pipeline Group Inc.
4.50%, 06/01/25 (Call 03/01/25)		10,597		10,697,432
Enbridge Inc.
4.25%, 12/01/26 (Call 09/01/26)a		20,068		19,851,452
5.50%, 12/01/46 (Call 05/29/46)a		12,145		13,358,141
Energy Transfer Partners LP
3.60%, 02/01/23 (Call 11/01/22)		9,543		9,291,001
4.05%, 03/15/25 (Call 12/15/24)a		14,881		14,385,995
4.65%, 06/01/21 (Call 03/01/21)a		7,944		8,136,385
4.75%, 01/15/26 (Call 10/15/25)a		18,229		18,175,175
5.15%, 03/15/45 (Call 09/15/44)		13,537		12,359,871
5.20%, 02/01/22 (Call 11/01/21)		5,049		5,243,456
5.30%, 04/15/47 (Call 10/15/46)a		8,593		8,048,102
6.13%, 12/15/45 (Call 06/15/45)a		9,392		9,584,441
6.50%, 02/01/42 (Call 08/01/41)a		14,653		15,592,744
Energy Transfer Partners LP/Regency Energy Finance Corp.
5.88%, 03/01/22 (Call 12/01/21)a		12,310		13,047,632

Security	Principal (000s)		Value
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)	$	2,313	$	2,238,893
Enterprise Products Operating LLC
3.35%, 03/15/23 (Call 12/15/22)		2,835		2,800,413
3.70%, 02/15/26 (Call 11/15/25)a		14,863		14,546,571
3.75%, 02/15/25 (Call 11/15/24)		13,756		13,632,350
3.90%, 02/15/24 (Call 11/15/23)		9,433		9,484,026
3.95%, 02/15/27 (Call 11/15/26)a		10		9,943
4.25%, 02/15/48 (Call 08/15/47)a		15,965		15,083,205
4.45%, 02/15/43 (Call 08/15/42)		11,928		11,593,980
4.85%, 08/15/42 (Call 02/15/42)		6,849		7,026,840
4.85%, 03/15/44 (Call 09/15/43)		15,850		16,343,989
4.90%, 05/15/46 (Call 11/15/45)		12,089		12,579,074
5.10%, 02/15/45 (Call 08/15/44)		13,790		14,620,911
5.95%, 02/01/41		8,598		10,022,654
Kinder Morgan Energy Partners LP
3.50%, 03/01/21 (Call 01/01/21)a		11,725		11,689,023
3.95%, 09/01/22 (Call 06/01/22)		10,588		10,611,638
5.50%, 03/01/44 (Call 09/01/43)		8,407		8,454,523
6.95%, 01/15/38		13,801		16,280,682
Kinder Morgan Inc./DE
3.15%, 01/15/23 (Call 12/15/22)a		13,863		13,366,196
4.30%, 06/01/25 (Call 03/01/25)		28,221		28,162,416
4.30%, 03/01/28 (Call 12/01/27)a		15,495		15,093,703

SCHEDULESOF INVESTMENTS 89

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
5.05%, 02/15/46 (Call 08/15/45)	$	11,810	$	11,355,340
5.20%, 03/01/48 (Call 09/01/47)		5,110		5,015,453
5.30%, 12/01/34 (Call 06/01/34)a		8,935		9,039,641
5.55%, 06/01/45 (Call 12/01/44)		18,834		19,287,965
7.75%, 01/15/32		11,699		14,577,712
MPLX LP
4.00%, 03/15/28 (Call 12/15/27)a		16,000		15,384,570
4.13%, 03/01/27 (Call 12/01/26)		18,035		17,584,583
4.50%, 07/15/23 (Call 04/15/23)		10,394		10,653,906
4.50%, 04/15/38 (Call 10/15/37)a		19,515		18,588,953
4.70%, 04/15/48 (Call 10/15/47)a		20,313		19,175,992
4.88%, 12/01/24 (Call 09/01/24)		19,056		19,777,900
4.88%, 06/01/25 (Call 03/01/25)a		11,547		11,919,604
5.20%, 03/01/47 (Call 09/01/46)a		18,764		19,039,315
ONEOK Partners LP
3.38%, 10/01/22 (Call 07/01/22)		6,369		6,260,467
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24 (Call 08/01/24)		6,628		6,268,984
3.65%, 06/01/22 (Call 03/01/22)		7,995		7,847,992
4.50%, 12/15/26 (Call 09/15/26)a		10,921		10,762,904
4.65%, 10/15/25 (Call 07/15/25)a		11,471		11,470,607
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)a		18,088		17,598,891
5.00%, 03/15/27 (Call 09/15/26)a		25,037		25,781,831

Security	Principal (000s)		Value
5.63%, 02/01/21 (Call 11/01/20)a	$	3,219	$	3,374,735
5.63%, 04/15/23 (Call 01/15/23)a		17,122		18,247,722
5.63%, 03/01/25 (Call 12/01/24)a		23,135		24,661,496
5.75%, 05/15/24 (Call 02/15/24)a		24,537		26,366,278
5.88%, 06/30/26 (Call 12/31/25)a		20,515		22,230,333
6.25%, 03/15/22 (Call 12/15/21)a		6,299		6,798,902
Spectra Energy Partners LP
4.75%, 03/15/24 (Call 12/15/23)		15,613		16,025,478
Sunoco Logistics Partners Operations LP
4.00%, 10/01/27 (Call 07/01/27)a		11,891		11,119,076
5.35%, 05/15/45 (Call 11/15/44)		11,213		10,434,155
5.40%, 10/01/47 (Call 04/01/47)a		18,476		17,518,108
TransCanada PipeLines Ltd.
2.50%, 08/01/22a		12,502		12,051,157
4.63%, 03/01/34 (Call 12/01/33)a		11,406		11,686,117
4.88%, 01/15/26 (Call 10/15/25)a		8,971		9,480,326
6.10%, 06/01/40		11,085		13,109,188
6.20%, 10/15/37		9,669		11,458,193
7.63%, 01/15/39a		14,102		19,177,568
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26 (Call 11/01/25)a		13,460		16,431,116
Williams Partners LP
3.35%, 08/15/22 (Call 05/15/22)		11,302		11,021,047
3.60%, 03/15/22 (Call 01/15/22)		14,619		14,469,661
3.75%, 06/15/27 (Call 03/15/27)a		24,264		22,826,751

90 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
3.90%, 01/15/25 (Call 10/15/24)	$	6,538	$	6,367,268
4.00%, 09/15/25 (Call 06/15/25)a		4,744		4,624,964
4.30%, 03/04/24 (Call 12/04/23)		16,600		16,662,791
4.85%, 03/01/48 (Call 09/01/47)		6,520		6,245,040
5.10%, 09/15/45 (Call 03/15/45)		13,715		13,537,319
6.30%, 04/15/40		15,597		17,540,888
				1,032,271,144
REAL ESTATE INVESTMENT TRUSTS — 1.16%
American Tower Corp.
3.30%, 02/15/21 (Call 01/15/21)a		6,412		6,383,126
3.38%, 10/15/26 (Call 07/15/26)		12,323		11,425,016
3.50%, 01/31/23		10,312		10,160,393
3.55%, 07/15/27 (Call 04/15/27)		3,395		3,168,738
4.00%, 06/01/25 (Call 03/01/25)a		14,871		14,664,127
4.70%, 03/15/22		374		387,530
5.00%, 02/15/24a		16,755		17,567,365
Boston Properties LP
2.75%, 10/01/26 (Call 07/01/26)a		14,659		13,167,508
3.65%, 02/01/26 (Call 11/03/25)a		19,996		19,314,708
3.85%, 02/01/23 (Call 11/01/22)a		7,310		7,371,761
4.13%, 05/15/21 (Call 02/15/21)a		2,290		2,334,475
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23		14,185		14,138,060
Crown Castle International Corp.
2.25%, 09/01/21 (Call 08/01/21)a		904		868,388

Security	Principal (000s)		Value
3.15%, 07/15/23 (Call 06/15/23)a	$	9,173	$	8,841,764
3.20%, 09/01/24 (Call 07/01/24)a		13,568		12,900,564
3.65%, 09/01/27 (Call 06/01/27)		16,916		15,901,837
3.70%, 06/15/26 (Call 03/15/26)a		14,719		14,003,925
3.80%, 02/15/28 (Call 11/15/27)		1,935		1,838,329
4.45%, 02/15/26 (Call 11/15/25)		16,316		16,330,717
4.88%, 04/15/22		19,995		20,811,096
5.25%, 01/15/23a		20,981		22,116,328
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		8,686		8,820,646
4.63%, 12/15/21 (Call 09/15/21)		2,038		2,116,121
HCP Inc.
3.88%, 08/15/24 (Call 05/17/24)a		9,776		9,553,106
4.00%, 06/01/25 (Call 03/01/25)a		15,732		15,425,284
4.25%, 11/15/23 (Call 08/15/23)a		7,593		7,660,686
5.38%, 02/01/21 (Call 11/03/20)a		1,602		1,669,483
Simon Property Group LP
3.25%, 11/30/26 (Call 08/30/26)a		12,588		11,936,455
3.30%, 01/15/26 (Call 10/15/25)a		19,864		19,000,754
3.38%, 10/01/24 (Call 07/01/24)a		21,261		20,702,063
3.38%, 06/15/27 (Call 03/15/27)a		1,732		1,643,518
3.38%, 12/01/27 (Call 09/01/27)a		550		520,585
4.38%, 03/01/21 (Call 12/01/20)a		10,967		11,294,234
Welltower Inc.
4.00%, 06/01/25 (Call 03/01/25)a		18,142		17,795,618

SCHEDULESOF INVESTMENTS 91

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Weyerhaeuser Co.
7.38%, 03/15/32a	$	12,737	$	16,484,098
				378,318,406
RETAIL — 2.77%
Costco Wholesale Corp.
2.15%, 05/18/21 (Call 04/18/21)a		3,651		3,565,289
2.30%, 05/18/22 (Call 04/18/22)a		5,282		5,108,730
2.75%, 05/18/24 (Call 03/18/24)a		13,890		13,396,687
3.00%, 05/18/27 (Call 02/18/27)a		11,528		10,973,852
Dollar Tree Inc.
3.70%, 05/15/23 (Call 04/15/23)		15,000		14,891,625
4.00%, 05/15/25 (Call 03/15/25)		10,000		9,905,495
4.20%, 05/15/28 (Call 02/15/28)		10,000		9,837,454
Home Depot Inc. (The)
2.13%, 09/15/26 (Call 06/15/26)a		11,598		10,339,718
2.63%, 06/01/22 (Call 05/01/22)a		11,290		11,052,784
2.70%, 04/01/23 (Call 01/01/23)a		27,133		26,456,705
2.80%, 09/14/27 (Call 06/14/27)a		14,962		13,938,497
3.00%, 04/01/26 (Call 01/01/26)a		18,046		17,253,268
3.35%, 09/15/25 (Call 06/15/25)a		13,552		13,353,994
3.50%, 09/15/56 (Call 03/15/56)a		8,837		7,671,132
3.75%, 02/15/24 (Call 11/15/23)a		11,152		11,353,288
3.90%, 06/15/47 (Call 12/15/46)		4,185		4,045,598
4.20%, 04/01/43 (Call 10/01/42)a		12,288		12,445,376
4.25%, 04/01/46 (Call 10/01/45)		16,781		17,067,082

Security	Principal (000s)		Value
4.40%, 03/15/45 (Call 09/15/44)	$	10,537	$	11,000,915
4.88%, 02/15/44 (Call 08/15/43)		13,955		15,572,856
5.88%, 12/16/36		34,673		43,059,310
5.95%, 04/01/41 (Call 10/01/40)a		17,059		21,505,290
Lowe’s Companies Inc.
2.50%, 04/15/26 (Call 01/15/26)a		18,301		16,755,296
3.10%, 05/03/27 (Call 02/03/27)a		18,895		17,974,524
3.12%, 04/15/22 (Call 01/15/22)a		3,750		3,743,248
3.38%, 09/15/25 (Call 06/15/25)a		9,833		9,645,261
3.70%, 04/15/46 (Call 10/15/45)a		17,935		16,260,350
4.05%, 05/03/47 (Call 11/03/46)		26,122		25,143,799
4.38%, 09/15/45 (Call 03/15/45)a		7,192		7,239,330
4.65%, 04/15/42 (Call 10/15/41)a		8,419		8,875,887
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)a		10,202		9,552,413
McDonald’s Corp.
2.63%, 01/15/22a		17,931		17,555,060
3.50%, 03/01/27 (Call 12/01/26)a		11,879		11,587,613
3.70%, 01/30/26 (Call 10/30/25)a		21,946		21,871,035
4.45%, 03/01/47 (Call 09/01/46)a		4,115		4,129,907
4.70%, 12/09/35 (Call 06/09/35)a		7,219		7,580,928
4.88%, 12/09/45 (Call 06/09/45)a		24,333		25,756,298
6.30%, 10/15/37		11,344		14,179,214
6.30%, 03/01/38		15,742		19,696,631
Starbucks Corp.
2.10%, 02/04/21 (Call 01/04/21)a		5,935		5,791,560

92 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
3.10%, 03/01/23 (Call 02/01/23)	$	8,190	$	8,118,849
3.50%, 03/01/28 (Call 12/01/27)a		5,000		4,908,670
3.85%, 10/01/23 (Call 07/01/23)a		12,844		13,146,409
Target Corp.
2.50%, 04/15/26a		18,429		16,810,175
2.90%, 01/15/22a		8,960		8,894,947
3.50%, 07/01/24a		9,252		9,269,409
3.63%, 04/15/46a		8,842		7,902,899
3.90%, 11/15/47 (Call 05/15/47)a		11,505		10,711,706
4.00%, 07/01/42a		17,356		16,628,815
TJX Companies Inc. (The)
2.25%, 09/15/26 (Call 06/15/26)a		19,365		17,268,326
2.75%, 06/15/21 (Call 04/15/21)a		954		946,870
Walgreen Co.
3.10%, 09/15/22a		13,512		13,223,311
Walgreens Boots Alliance Inc.
3.30%, 11/18/21 (Call 09/18/21)a		13,545		13,476,483
3.45%, 06/01/26 (Call 03/01/26)a		20,027		18,794,450
3.80%, 11/18/24 (Call 08/18/24)a		26,701		26,284,387
4.80%, 11/18/44 (Call 05/18/44)a		25,732		24,885,646
Walmart Inc.
2.35%, 12/15/22 (Call 11/15/22)a		16,264		15,732,432
2.55%, 04/11/23 (Call 01/11/23)a		23,299		22,596,200
2.65%, 12/15/24 (Call 10/15/24)a		13,994		13,387,002
3.30%, 04/22/24 (Call 01/22/24)a		16,706		16,706,531
3.63%, 12/15/47 (Call 06/15/47)a		21,426		20,116,173
4.00%, 04/11/43 (Call 10/11/42)		1,327		1,322,314

Security	Principal (000s)		Value
4.30%, 04/22/44 (Call 10/22/43)a	$	1,852	$	1,932,275
5.25%, 09/01/35		17,858		20,967,630
5.63%, 04/01/40		6,092		7,475,578
5.63%, 04/15/41		18,811		23,175,156
5.88%, 04/05/27		1,302		1,514,604
6.20%, 04/15/38		120		156,240
				903,486,786
SEMICONDUCTORS — 1.86%
Analog Devices Inc.
3.50%, 12/05/26 (Call 09/05/26)a		11,663		11,140,877
3.90%, 12/15/25 (Call 09/15/25)		9,773		9,707,486
Applied Materials Inc.
3.30%, 04/01/27 (Call 01/01/27)a		14,410		13,962,301
4.30%, 06/15/21		3,861		3,991,619
4.35%, 04/01/47 (Call 10/01/46)a		10,924		11,272,341
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65%, 01/15/23 (Call 12/15/22)a		6,477		6,137,305
3.00%, 01/15/22 (Call 12/15/21)		49,729		48,456,112
3.13%, 01/15/25 (Call 11/15/24)		14,160		13,207,865
3.50%, 01/15/28 (Call 10/15/27)		19,810		18,284,695
3.63%, 01/15/24 (Call 11/15/23)a		24,377		23,669,765
3.88%, 01/15/27 (Call 10/15/26)a		62,112		59,301,904
Intel Corp.
2.35%, 05/11/22 (Call 04/11/22)a		9,689		9,405,141
2.60%, 05/19/26 (Call 02/19/26)a		17,446		16,194,429
2.70%, 12/15/22a		17,112		16,742,458
2.88%, 05/11/24 (Call 03/11/24)		21,813		21,113,167
3.10%, 07/29/22a		18,703		18,636,956

SCHEDULESOF INVESTMENTS 93

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
3.15%, 05/11/27 (Call 02/11/27)a	$	14,544	$	13,998,119
3.30%, 10/01/21a		16,847		16,992,824
3.70%, 07/29/25 (Call 04/29/25)a		28,347		28,609,456
3.73%, 12/08/47 (Call 06/08/47)b		40,044		37,472,539
4.00%, 12/15/32		11,598		11,747,215
4.10%, 05/19/46 (Call 11/19/45)a		15,196		15,186,642
4.10%, 05/11/47 (Call 11/11/46)a		22,386		22,256,766
4.80%, 10/01/41		305		335,760
NVIDIA Corp.
2.20%, 09/16/21 (Call 08/16/21)a		7,729		7,500,609
3.20%, 09/16/26 (Call 06/16/26)a		9,102		8,692,099
QUALCOMM Inc.
2.60%, 01/30/23 (Call 12/30/22)a		12,003		11,347,555
2.90%, 05/20/24 (Call 03/20/24)		23,968		22,521,205
3.00%, 05/20/22a		17,114		16,662,507
3.25%, 05/20/27 (Call 02/20/27)a		24,030		22,153,461
3.45%, 05/20/25 (Call 02/20/25)		17,056		16,317,134
4.30%, 05/20/47 (Call 11/20/46)a		21,526		19,578,015
4.65%, 05/20/35 (Call 11/20/34)		19,238		19,048,804
4.80%, 05/20/45 (Call 11/20/44)a		15,609		15,260,080
				606,905,211
SOFTWARE — 4.12%
Activision Blizzard Inc.
3.40%, 09/15/26 (Call 06/15/26)a		10,305		9,843,926
Fidelity National Information Services Inc.
2.25%, 08/15/21 (Call 07/15/21)		3,897		3,761,450

Security	Principal (000s)		Value
3.00%, 08/15/26 (Call 05/15/26)	$	15,482	$	14,210,990
3.50%, 04/15/23 (Call 01/15/23)		2,025		2,007,275
5.00%, 10/15/25 (Call 07/15/25)a		17,180		18,130,257
Fiserv Inc.
3.85%, 06/01/25 (Call 03/01/25)		12,076		12,066,432
Microsoft Corp.
1.55%, 08/08/21 (Call 07/08/21)		32,943		31,553,860
2.00%, 08/08/23 (Call 06/08/23)a		19,293		18,162,313
2.13%, 11/15/22a		3,197		3,064,499
2.38%, 02/12/22 (Call 01/12/22)a		20,527		20,021,397
2.38%, 05/01/23 (Call 02/01/23)a		4,861		4,678,906
2.40%, 02/06/22 (Call 01/06/22)a		16,019		15,640,526
2.40%, 08/08/26 (Call 05/08/26)a		51,189		47,045,414
2.65%, 11/03/22 (Call 09/03/22)a		3,989		3,912,001
2.70%, 02/12/25 (Call 11/12/24)a		31,393		29,997,321
2.88%, 02/06/24 (Call 12/06/23)a		26,582		25,923,136
3.13%, 11/03/25 (Call 08/03/25)a		33,629		32,728,637
3.30%, 02/06/27 (Call 11/06/26)a		57,769		56,503,507
3.45%, 08/08/36 (Call 02/08/36)a		25,726		24,575,533
3.50%, 02/12/35 (Call 08/12/34)		30,815		29,762,803
3.50%, 11/15/42		7,917		7,401,948
3.63%, 12/15/23 (Call 09/15/23)a		17,823		18,122,761
3.70%, 08/08/46 (Call 02/08/46)		57,412		54,781,342
3.75%, 02/12/45 (Call 08/12/44)a		19,030		18,304,517

94 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
3.95%, 08/08/56 (Call 02/08/56)a	$	23,572	$	22,929,651
4.00%, 02/12/55 (Call 08/12/54)		25,009		24,561,587
4.10%, 02/06/37 (Call 08/06/36)a		29,445		30,511,595
4.20%, 11/03/35 (Call 05/03/35)a		16,646		17,508,118
4.45%, 11/03/45 (Call 05/03/45)		36,936		39,501,405
4.50%, 10/01/40		10,763		11,637,188
4.50%, 02/06/57 (Call 08/06/56)		23,624		25,343,258
4.75%, 11/03/55 (Call 05/03/55)a		11,587		12,979,467
5.20%, 06/01/39a		7,541		8,882,528
5.30%, 02/08/41		12,511		14,946,267
Series 30Y
4.25%, 02/06/47 (Call 08/06/46)a		33,555		35,013,193
Oracle Corp.
1.90%, 09/15/21 (Call 08/15/21)a		44,399		42,864,682
2.40%, 09/15/23 (Call 07/15/23)a		26,061		24,847,988
2.50%, 05/15/22 (Call 03/15/22)a		22,896		22,310,783
2.50%, 10/15/22a		18,485		17,949,893
2.63%, 02/15/23 (Call 01/15/23)a		17,699		17,185,600
2.65%, 07/15/26 (Call 04/15/26)		38,295		35,413,401
2.80%, 07/08/21a		7,611		7,577,314
2.95%, 11/15/24 (Call 09/15/24)		27,825		26,853,635
2.95%, 05/15/25 (Call 02/15/25)a		35,265		33,799,175
3.25%, 11/15/27 (Call 08/15/27)		35,122		33,764,900
3.40%, 07/08/24 (Call 04/08/24)a		28,796		28,620,992
3.63%, 07/15/23a		15,137		15,354,452
3.80%, 11/15/37 (Call 05/15/37)a		25,960		25,132,782

Security	Principal (000s)		Value
3.85%, 07/15/36 (Call 01/15/36)a	$	13,223	$	12,934,780
3.90%, 05/15/35 (Call 11/15/34)a		15,372		15,146,705
4.00%, 07/15/46 (Call 01/15/46)a		36,891		35,687,822
4.00%, 11/15/47 (Call 05/15/47)a		29,142		28,192,425
4.13%, 05/15/45 (Call 11/15/44)a		25,155		24,778,389
4.30%, 07/08/34 (Call 01/08/34)a		23,787		24,669,448
4.38%, 05/15/55 (Call 11/15/54)		11,218		11,299,118
4.50%, 07/08/44 (Call 01/08/44)a		9,575		9,981,283
5.38%, 07/15/40a		28,944		33,689,511
6.13%, 07/08/39		19,375		24,753,347
6.50%, 04/15/38a		13,297		17,471,637
VMware Inc.
2.95%, 08/21/22 (Call 07/21/22)a		9,420		9,029,667
3.90%, 08/21/27 (Call 05/21/27)a		16,871		15,924,874
				1,341,249,611
TELECOMMUNICATIONS — 7.22%
AT&T Inc.
2.63%, 12/01/22 (Call 09/01/22)		15,942		15,255,220
2.80%, 02/17/21 (Call 01/17/21)a		1,459		1,441,055
3.00%, 02/15/22a		17,582		17,271,753
3.00%, 06/30/22 (Call 04/30/22)		30,100		29,393,041
3.20%, 03/01/22 (Call 02/01/22)a		18,797		18,575,669
3.40%, 08/14/24 (Call 05/23/18)		5,510		5,566,367
3.40%, 05/15/25 (Call 02/15/25)a		58,845		56,046,785
3.60%, 02/17/23 (Call 12/17/22)a		22,584		22,465,527
3.80%, 03/15/22a		15,924		16,079,402

SCHEDULESOF INVESTMENTS 95

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
3.80%, 03/01/24 (Call 01/01/24)a	$	15,670	$	15,550,438
3.88%, 08/15/21a		14,015		14,217,204
3.90%, 03/11/24 (Call 12/11/23)		22,013		21,960,052
3.90%, 08/14/27 (Call 05/23/18)		31,039		31,380,429
3.95%, 01/15/25 (Call 10/15/24)a		19,760		19,535,287
4.10%, 02/15/28 (Call 11/15/27)a,b		43,801		42,494,416
4.13%, 02/17/26 (Call 11/17/25)a		39,372		38,953,917
4.25%, 03/01/27 (Call 12/01/26)a		21,265		21,071,182
4.30%, 02/15/30 (Call 11/15/29)b		30,443		29,455,746
4.30%, 12/15/42 (Call 06/15/42)a		27,898		24,902,112
4.35%, 06/15/45 (Call 12/15/44)a		36,459		32,086,811
4.45%, 05/15/21a		11,969		12,337,328
4.45%, 04/01/24 (Call 01/01/24)a		18,098		18,552,756
4.50%, 05/15/35 (Call 11/15/34)		27,326		26,016,852
4.50%, 03/09/48 (Call 09/09/47)a		52,463		46,650,703
4.55%, 03/09/49 (Call 09/09/48)a		24,148		21,686,029
4.75%, 05/15/46 (Call 11/15/45)a		39,225		36,548,412
4.80%, 06/15/44 (Call 12/15/43)a		27,097		25,495,318
4.90%, 08/14/37 (Call 05/23/18)		32,580		32,945,307
5.00%, 03/01/21		6,276		6,559,914
5.15%, 03/15/42		8,179		8,130,142
5.15%, 11/15/46 (Call 05/15/46)a,b		22,965		22,593,354
5.15%, 02/14/50 (Call 05/23/18)		48,995		49,542,632
5.15%, 02/15/50 (Call 08/14/49)b		15,000		14,659,500

Security	Principal (000s)		Value
5.25%, 03/01/37 (Call 09/01/36)a	$	31,086	$	31,775,257
5.30%, 08/14/58 (Call 05/23/18)		27,926		28,255,527
5.35%, 09/01/40		23,700		24,102,867
5.45%, 03/01/47 (Call 09/01/46)a		18,581		18,938,630
5.55%, 08/15/41		15,343		15,978,001
5.65%, 02/15/47 (Call 08/15/46)a		11,184		11,765,311
5.70%, 03/01/57 (Call 09/01/56)		8,987		9,403,198
6.00%, 08/15/40 (Call 05/15/40)a		17,598		19,259,385
6.38%, 03/01/41a		15,071		17,258,619
British Telecommunications PLC
9.13%, 12/15/30a		31,689		45,586,845
Cisco Systems Inc.
1.85%, 09/20/21 (Call 08/20/21)a		16,408		15,781,531
2.20%, 02/28/21		4,832		4,742,498
2.20%, 09/20/23 (Call 07/20/23)a		4,536		4,293,887
2.50%, 09/20/26 (Call 06/20/26)a		20,000		18,477,934
2.95%, 02/28/26a		11,270		10,796,909
3.63%, 03/04/24a		9,536		9,670,598
5.50%, 01/15/40a		31,303		38,001,645
5.90%, 02/15/39a		25,585		32,284,483
Deutsche Telekom International Finance BV
8.75%, 06/15/30		42,253		58,261,343
Motorola Solutions Inc.
3.75%, 05/15/22a		2,515		2,499,701
Orange SA
4.13%, 09/14/21		12,114		12,464,422
5.38%, 01/13/42a		8,919		10,029,510
5.50%, 02/06/44 (Call 08/06/43)a		6,261		7,131,488
9.00%, 03/01/31		28,970		41,277,061
Rogers Communications Inc.
4.10%, 10/01/23 (Call 07/01/23)a		9,877		10,086,719

96 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
4.30%, 02/15/48 (Call 08/15/47)a	$	1,705	$	1,650,731
5.00%, 03/15/44 (Call 09/15/43)a		28,442		30,123,465
Telefonica Emisiones SAU
4.10%, 03/08/27a		21,888		21,604,058
4.57%, 04/27/23		6,494		6,765,514
4.67%, 03/06/38		9,670		9,543,111
4.90%, 03/06/48a		12,475		12,479,557
5.21%, 03/08/47a		21,033		21,866,677
5.46%, 02/16/21a		8,615		9,107,688
7.05%, 06/20/36a		19,757		24,904,187
Telefonica Europe BV
8.25%, 09/15/30a		14,121		18,832,607
Verizon Communications Inc.
1.75%, 08/15/21a		10,581		10,083,664
2.45%, 11/01/22 (Call 08/01/22)		15,804		15,107,224
2.63%, 08/15/26a		26,350		23,640,430
2.95%, 03/15/22		36,784		36,096,996
3.00%, 11/01/21 (Call 09/01/21)		13,222		13,086,223
3.13%, 03/16/22a		24,263		23,981,435
3.38%, 02/15/25a		56,263		54,458,944
3.50%, 11/01/21a		10,445		10,500,987
3.50%, 11/01/24 (Call 08/01/24)a		35,416		34,713,425
3.85%, 11/01/42 (Call 05/01/42)		12,075		10,289,749
4.13%, 03/16/27a		42,230		42,135,147
4.13%, 08/15/46a		23,914		20,911,121
4.15%, 03/15/24 (Call 12/15/23)a		16,254		16,566,423
4.27%, 01/15/36a		36,250		34,037,699
4.40%, 11/01/34 (Call 05/01/34)a		33,251		31,894,931
4.50%, 08/10/33		14,788		14,541,040
4.52%, 09/15/48a		61,807		57,334,133
4.67%, 03/15/55a		67,800		62,075,043
4.75%, 11/01/41a		7,018		6,857,988
4.81%, 03/15/39a		19,764		19,679,531
4.86%, 08/21/46a		52,992		51,666,866
5.01%, 04/15/49		45,830		45,640,099

Security	Principal (000s)		Value
5.01%, 08/21/54	$	66,291	$	64,379,088
5.15%, 09/15/23		71,181		76,552,119
5.25%, 03/16/37a		36,450		38,073,443
5.50%, 03/16/47a		13,913		14,821,424
6.55%, 09/15/43		12,200		14,629,482
Vodafone Group PLC
2.50%, 09/26/22		7,041		6,714,750
2.95%, 02/19/23a		17,437		16,786,677
4.38%, 02/19/43a		15,579		14,230,560
6.15%, 02/27/37a		17,412		19,912,046
				2,351,820,311
TRANSPORTATION — 0.97%
Burlington Northern Santa Fe LLC
3.85%, 09/01/23 (Call 06/01/23)a		2,381		2,423,151
3.90%, 08/01/46 (Call 02/01/46)		10,342		9,965,091
4.05%, 06/15/48 (Call 12/15/47)a		6,695		6,593,498
4.13%, 06/15/47 (Call 12/15/46)a		10,995		11,012,892
4.15%, 04/01/45 (Call 10/01/44)a		16,460		16,457,202
4.45%, 03/15/43 (Call 09/15/42)a		8,738		9,065,519
4.55%, 09/01/44 (Call 03/01/44)		9,774		10,228,326
4.90%, 04/01/44 (Call 10/01/43)		12,781		14,076,490
5.75%, 05/01/40 (Call 11/01/39)a		8,715		10,503,007
Canadian Pacific Railway Co.
6.13%, 09/15/15 (Call 03/15/15)		9,304		11,335,961
CSX Corp.
2.60%, 11/01/26 (Call 08/01/26)		439		397,125
3.25%, 06/01/27 (Call 03/01/27)		10,616		10,034,894
3.80%, 03/01/28 (Call 12/01/27)a		12,325		12,125,125

SCHEDULESOF INVESTMENTS 97

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Security	Principal (000s)		Value
3.80%, 11/01/46 (Call 05/01/46)a	$	2,699	$	2,440,584
4.10%, 03/15/44 (Call 09/15/43)a		12,253		11,627,211
4.30%, 03/01/48 (Call 09/01/47)a		13,690		13,342,386
FedEx Corp.
3.25%, 04/01/26 (Call 01/01/26)a		9,548		9,127,219
4.00%, 01/15/24		3,286		3,358,684
4.05%, 02/15/48 (Call 08/15/47)		12,770		11,609,100
4.40%, 01/15/47 (Call 07/15/46)		12,758		12,294,049
4.55%, 04/01/46 (Call 10/01/45)		12,747		12,565,079
4.75%, 11/15/45 (Call 05/15/45)a		16,837		17,063,022
5.10%, 01/15/44		7,715		8,193,602
Union Pacific Corp.
3.80%, 10/01/51 (Call 04/01/51)		14,649		13,403,625
4.16%, 07/15/22 (Call 04/15/22)a		6,783		7,012,412
United Parcel Service Inc.
2.45%, 10/01/22a		8,932		8,663,434
2.50%, 04/01/23 (Call 03/01/23)a		3,725		3,593,770
3.05%, 11/15/27 (Call 08/15/27)		14,768		14,028,079
3.13%, 01/15/21a		4,915		4,940,549
3.75%, 11/15/47 (Call 05/15/47)a		12,509		11,668,802
6.20%, 01/15/38		20,322		25,854,994
				315,004,882
WATER — 0.04%
American Water Capital Corp.
3.75%, 09/01/47 (Call 03/01/47)a		14,021		13,117,690
6.59%, 10/15/37a		1,052		1,380,780
				14,498,470
TOTAL CORPORATE BONDS & NOTES
(Cost: $33,706,733,712)				32,187,212,755

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 10.06%
MONEY MARKET FUNDS — 10.06%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.93%e,f,g		3,175,617	$	3,175,934,958
BlackRock Cash Funds: Treasury, SL Agency Shares
1.65%e,f		100,493		100,492,846
				3,276,427,804
TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,276,157,496)				3,276,427,804
TOTAL INVESTMENTS IN SECURITIES — 108.93%
(Cost: $36,982,891,208)				35,463,640,559
Other Assets, Less Liabilities — (8.93)%				(2,906,648,829	)
NET ASSETS — 100.00%			$	32,556,991,730

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

^b  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c  Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. Reference index and spread are provided if the rate is currently floating.

^d  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^e  Affiliate of the Fund.

^f  Annualized 7-day yield as of period end.

^g  All or a portion of this security was purchased with cash collateral received from loaned securities.

98 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

April 30, 2018

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, 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, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate bonds & notes	$	—	$	32,187,212,755	$	—	$	32,187,212,755
Money market funds		3,276,427,804		—		—		3,276,427,804
Total	$	3,276,427,804	$	32,187,212,755	$	—	$	35,463,640,559

SCHEDULESOF INVESTMENTS 99

Statements of Assets and Liabilities (Unaudited)

iSHARES^® TRUST

April 30, 2018

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	15,241,693,798		$	33,594,190,213
Affiliated		3,636,716,596			3,388,700,995
Total cost of investments in securities	$	18,878,410,394		$	36,982,891,208
Investments in securities, at fair value (including securities on loana):
Unaffiliated	$	14,578,198,128		$	32,079,387,593
Affiliated		3,637,042,664			3,384,252,966
Cash		—			1,577,017
Receivables:
Investment securities sold		4,567,213			201,185,045
Due from custodian		14,486,606			8,757,656
Dividends and interest		229,178,971			335,277,121
Capital shares sold		14,910,246			8,049,290
Total Assets		18,478,383,828			36,018,486,688
LIABILITIES
Payables:
Investment securities purchased		91,007,497			281,549,244
Collateral for securities on loan		3,325,038,074			3,175,674,150
Capital shares redeemed		389			400,196
Due to custodian		41,495			—
Securities related to in-kind transactions		4,567,213			—
Investment advisory fees		5,994,723			3,871,368
Total Liabilities		3,426,649,391			3,461,494,958
NET ASSETS	$	15,051,734,437		$	32,556,991,730
Net assets consist of:
Paid-in capital	$	16,499,048,902		$	34,160,121,430
Undistributed net investment income		65,801,661			100,961,762
Accumulated net realized loss		(849,946,524	)		(184,840,813	)
Net unrealized depreciation		(663,169,602	)		(1,519,250,649	)
NET ASSETS	$	15,051,734,437		$	32,556,991,730
Shares outstandingb		175,900,000			282,200,000
Net asset value per share	$	85.57		$	115.37

^a  Securities on loan with values of $3,195,418,489 and $3,064,954,863, respectively.

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

100 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 97.41%
ADVERTISING — 0.36%
Lamar Media Corp.
5.00%, 05/01/23 (Call 05/01/18)a	$	8,605	$	8,787,857
5.38%, 01/15/24 (Call 01/15/19)a		7,711		7,951,969
5.75%, 02/01/26 (Call 02/01/21)a		5,753		5,955,553
5.88%, 02/01/22 (Call 03/19/18)a		9,231		9,417,928
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 02/15/22 (Call 04/02/18)a		8,669		8,874,889
5.63%, 02/15/24 (Call 02/15/19)		7,744		7,840,800
5.88%, 03/15/25 (Call 09/15/19)a		6,245		6,338,675
				55,167,671
AEROSPACE & DEFENSE — 1.25%
Arconic Inc.
5.13%, 10/01/24 (Call 07/01/24)a		20,588		21,250,334
5.40%, 04/15/21 (Call 01/15/21)		21,794		22,615,634
5.72%, 02/23/19		5,041		5,204,833
5.87%, 02/23/22a		9,913		10,477,545
6.15%, 08/15/20a		22,495		23,810,957
KLX Inc.
5.88%, 12/01/22 (Call 04/02/18)a,b		19,302		19,904,182
TransDigm Inc.
5.50%, 10/15/20 (Call 04/02/18)a		7,948		8,017,545
6.00%, 07/15/22 (Call 04/02/18)a		18,232		18,665,010
6.38%, 06/15/26 (Call 06/15/21)a		17,665		18,052,159
6.50%, 07/15/24 (Call 07/15/19)a		21,967		22,624,953
6.50%, 05/15/25 (Call 05/15/20)a		11,622		11,912,550

Security	Principal (000s)		Value
Triumph Group Inc.
7.75%, 08/15/25 (Call 08/15/20)	$	8,721	$	9,026,235
				191,561,937
AIRLINES — 0.22%
Air Canada
7.75%, 04/15/21a,b		6,145		6,764,389
American Airlines Group Inc.
4.63%, 03/01/20b		7,520		7,595,200
5.50%, 10/01/19b		11,436		11,689,943
United Continental Holdings Inc.
4.25%, 10/01/22a		7,784		7,782,784
				33,832,316
APPAREL — 0.21%
Hanesbrands Inc.
4.63%, 05/15/24 (Call 02/15/24)a,b		16,487		16,365,408
4.88%, 05/15/26 (Call 02/15/26)a,b		15,935		15,656,138
				32,021,546
AUTO MANUFACTURERS — 0.89%
Fiat Chrysler Automobiles NV
4.50%, 04/15/20a		24,900		25,169,652
5.25%, 04/15/23a		25,705		26,456,293
Jaguar Land Rover Automotive PLC
3.50%, 03/15/20 (Call 12/15/19)a,b		8,445		8,337,749
4.13%, 12/15/18a,b		1,371		1,376,762
4.25%, 11/15/19a,b		6,922		6,960,648
4.50%, 10/01/27 (Call 07/01/27)b		8,367		7,980,026
5.63%, 02/01/23 (Call 04/02/18)a,b		9,272		9,454,129
Navistar International Corp.
6.63%, 11/01/25 (Call 11/01/20)a,b		19,356		19,892,806
Tesla Inc.
5.30%, 08/15/25 (Call 08/15/20)a,b		32,045		30,363,118
				135,991,183

SCHEDULESOF INVESTMENTS 101

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
AUTO PARTS & EQUIPMENT — 1.07%
Allison Transmission Inc.
4.75%, 10/01/27 (Call 10/01/22)a,b	$	8,174	$	7,999,026
5.00%, 10/01/24 (Call 10/01/19)a,b		17,809		18,053,874
American Axle & Manufacturing Inc.
6.25%, 03/15/21 (Call 04/02/18)a		6,048		6,134,365
6.25%, 04/01/25 (Call 04/01/20)a		14,213		14,676,344
6.50%, 04/01/27 (Call 04/01/22)a		8,469		8,748,213
6.63%, 10/15/22 (Call 04/02/18)a		8,006		8,246,180
Dana Financing Luxembourg Sarl
5.75%, 04/15/25 (Call 04/15/20)a,b		5,460		5,603,352
Dana Inc.
5.50%, 12/15/24 (Call 12/15/19)a		7,405		7,545,731
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)a		12,679		12,491,351
5.00%, 05/31/26 (Call 05/31/21)a		18,043		18,004,940
5.13%, 11/15/23 (Call 11/15/18)a		16,032		16,341,188
ZF North America Capital Inc.
4.00%, 04/29/20a,b		9,397		9,536,644
4.50%, 04/29/22b		9,291		9,523,958
4.75%, 04/29/25b		20,033		20,572,088
				163,477,254
BANKS — 1.76%
BPCE SA
(3 mo. LIBOR US + 12.980%)
12.50%, (Call  09/30/19)a,b,c,d		7,428		8,421,495
CIT Group Inc.
3.88%, 02/19/19a		13,588		13,668,169

Security	Principal (000s)		Value
5.00%, 08/15/22	$	18,336	$	18,892,191
5.00%, 08/01/23		11,978		12,333,257
5.38%, 05/15/20		7,634		7,894,510
Deutsche Bank AG
(5 year USD Swap + 2.248%)
4.30%, 05/24/28 (Call 05/24/23)a,d		26,195		25,361,245
Deutsche Bank AG/New York NY
(5 year USD ICE Swap + 2.553%)
4.88%, 12/01/32 (Call 12/01/27)d		18,501		17,284,054
Fifth Third Bancorp.
(3 mo. LIBOR US + 3.033%) 5.10%, (Call 06/30/23)a,c,d		11,300		11,215,250
Royal Bank of Scotland Group PLC
5.13%, 05/28/24a		38,573		39,488,981
6.00%, 12/19/23a		34,469		36,769,244
6.10%, 06/10/23a		16,805		17,948,767
6.13%, 12/15/22		39,802		42,355,927
UniCredit SpA
(5 year USD ICE Swap + 3.703%)
5.86%, 06/19/32 (Call 06/19/27)a,b,d		17,194		17,638,259
				269,271,349
BEVERAGES — 0.00%
Cott Holdings Inc.
5.50%, 04/01/25 (Call 04/01/20)b		425		423,343
				423,343
BIOTECHNOLOGY — 0.01%
Concordia International Corp.
9.50%, 10/21/22 (Call 12/15/18)b,e		9,503		855,270
				855,270
BUILDING MATERIALS — 0.55%
Builders FirstSource Inc.
5.63%, 09/01/24 (Call 09/01/19)a,b		271		275,743

102 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
Griffon Corp.
5.25%, 03/01/22 (Call 04/02/18)a	$	13,370	$	13,376,685
Standard Industries Inc./NJ
4.75%, 01/15/28 (Call 01/15/23)b		16,727		16,099,737
5.00%, 02/15/27 (Call 02/15/22)b		9,095		8,998,366
5.38%, 11/15/24 (Call 11/15/19)a,b		17,468		17,861,030
5.50%, 02/15/23 (Call 02/15/19)a,b		8,064		8,300,492
6.00%, 10/15/25 (Call 10/15/20)a,b		18,745		19,705,681
				84,617,734
CHEMICALS — 1.95%
Ashland LLC
4.75%, 08/15/22 (Call 05/15/22)a		18,527		18,851,222
Blue Cube Spinco Inc.
9.75%, 10/15/23 (Call 10/15/20)a		12,556		14,550,246
10.00%, 10/15/25 (Call 10/15/20)a		7,977		9,512,573
CF Industries Inc.
3.45%, 06/01/23a		12,153		11,757,314
7.13%, 05/01/20		8,603		9,180,980
Chemours Co. (The)
5.38%, 05/15/27 (Call 02/15/27)a		9,194		9,216,985
6.63%, 05/15/23 (Call 05/15/18)		19,801		20,768,067
7.00%, 05/15/25 (Call 05/15/20)a		12,016		12,935,687
Hexion Inc.
6.63%, 04/15/20 (Call 04/02/18)a		24,786		23,195,168
10.38%, 02/01/22 (Call 02/01/19)b		10,314		10,067,059
Hexion Inc./Hexion Nova Scotia Finance ULC
9.00%, 11/15/20 (Call 04/02/18)a		10,065		8,096,034

Security	Principal (000s)		Value
Huntsman International LLC
4.88%, 11/15/20 (Call 08/15/20)	$	9,797	$	10,054,171
5.13%, 11/15/22 (Call 08/15/22)		6,379		6,571,095
NOVA Chemicals Corp.
4.88%, 06/01/24 (Call 03/03/24)a,b		19,945		19,695,687
5.00%, 05/01/25 (Call 01/31/25)a,b		8,368		8,272,553
5.25%, 08/01/23 (Call 08/01/18)a,b		6,980		7,103,557
5.25%, 06/01/27 (Call 03/03/27)a,b		17,539		17,039,081
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)		9,232		8,915,804
5.13%, 09/15/27 (Call 03/15/22)		7,626		7,537,928
Platform Specialty Products Corp.
5.88%, 12/01/25 (Call 12/01/20)a,b		14,341		14,247,274
6.50%, 02/01/22 (Call 04/02/18)a,b		17,207		17,680,192
Tronox Finance LLC
7.50%, 03/15/22 (Call 04/02/18)b		14,245		14,751,793
Tronox Finance PLC
5.75%, 10/01/25 (Call 10/01/20)a,b		6,606		6,566,175
WR Grace & Co.-Conn
5.13%, 10/01/21a,b		10,449		10,814,715
				297,381,360
COAL — 0.15%
Murray Energy Corp.
11.25%, 04/15/21 (Call 04/15/18)b		16,806		7,562,700
Peabody Energy Corp.
6.00%, 03/31/22 (Call 03/31/19)b		6,900		7,084,959
6.38%, 03/31/25 (Call 03/31/20)a,b		7,352		7,643,782
				22,291,441

SCHEDULESOF INVESTMENTS 103

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
COMMERCIAL SERVICES — 3.43%
ADT Corp. (The)
3.50%, 07/15/22	$	17,920	$	17,116,801
4.13%, 06/15/23		13,581		13,232,733
6.25%, 10/15/21		16,547		17,612,213
APX Group Inc.
6.38%, 12/01/19 (Call 04/02/18)a		317		321,755
7.63%, 09/01/23 (Call 09/01/19)a		9,060		9,610,207
7.88%, 12/01/22 (Call 12/01/18)		14,646		15,451,530
8.75%, 12/01/20 (Call 04/02/18)		14,350		14,507,408
Ashtead Capital Inc.
4.13%, 08/15/25 (Call 08/15/20)a,b		11,307		11,052,592
4.38%, 08/15/27 (Call 08/15/22)a,b		8,483		8,218,530
5.63%, 10/01/24 (Call 10/01/19)a,b		9,716		10,138,218
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
5.13%, 06/01/22 (Call 04/02/18)a,b		6,263		6,262,511
5.50%, 04/01/23 (Call 04/02/18)a		12,140		12,087,334
Hertz Corp. (The)
5.50%, 10/15/24 (Call 10/15/19)a,b		14,159		12,243,405
5.88%, 10/15/20 (Call 04/02/18)a		10,563		10,479,678
6.25%, 10/15/22 (Call 04/02/18)a		7,372		6,977,368
7.38%, 01/15/21 (Call 04/02/18)a		7,550		7,510,362
7.63%, 06/01/22 (Call 06/01/19)a,b		21,957		22,573,818
Jaguar Holding Co. II/Pharmaceutical Product Development LLC
6.38%, 08/01/23 (Call 08/01/18)a,b		19,716		19,863,870

Security	Principal (000s)		Value
Nielsen Co. Luxembourg Sarl (The)
5.00%, 02/01/25 (Call 02/01/20)a,b	$	9,593	$	9,576,612
5.50%, 10/01/21 (Call 04/02/18)a,b		9,618		9,834,405
Nielsen Finance LLC/Nielsen Finance Co.
4.50%, 10/01/20 (Call 04/02/18)a		12,099		12,137,314
5.00%, 04/15/22 (Call 04/02/18)a,b		39,483		39,927,184
Prime Security Services Borrower LLC/Prime Finance Inc.
9.25%, 05/15/23 (Call 05/15/19)a,b		57,138		62,208,997
RR Donnelley & Sons Co.
6.00%, 04/01/24a		362		350,688
7.88%, 03/15/21		6,316		6,587,062
Service Corp. International/U.S.
4.63%, 12/15/27 (Call 12/15/22)a		9,524		9,283,505
5.38%, 01/15/22 (Call 04/02/18)a		6,482		6,590,573
5.38%, 05/15/24 (Call 05/15/19)a		14,016		14,471,520
ServiceMaster Co. LLC (The)
5.13%, 11/15/24 (Call 11/15/19)a,b		13,698		13,458,285
United Rentals North America Inc.
4.63%, 07/15/23 (Call 07/15/18)a		16,753		17,129,942
4.63%, 10/15/25 (Call 10/15/20)a		12,999		12,664,208
4.88%, 01/15/28 (Call 01/15/23)a		29,054		28,297,678
5.50%, 07/15/25 (Call 07/15/20)a		13,921		14,356,031
5.50%, 05/15/27 (Call 05/15/22)		19,811		20,219,941

104 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
5.75%, 11/15/24 (Call 05/15/19)a	$	14,997	$	15,507,648
5.88%, 09/15/26 (Call 09/15/21)a		15,851		16,610,203
				524,472,129
COMPUTERS — 1.63%
Dell Inc.
4.63%, 04/01/21a		5,754		5,790,721
5.88%, 06/15/19a		8,858		9,095,217
Dell International LLC/EMC Corp.
5.88%, 06/15/21 (Call 06/15/18)a,b		28,324		29,067,505
7.13%, 06/15/24 (Call 06/15/19)a,b		27,466		29,643,230
EMC Corp.
2.65%, 06/01/20		32,567		31,646,982
3.38%, 06/01/23 (Call 03/01/23)		16,956		15,557,130
Exela Intermediate LLC/Exela Finance Inc.
10.00%, 07/15/23 (Call 07/15/20)a,b		18,595		18,525,269
Harland Clarke Holdings Corp.
8.38%, 08/15/22 (Call 02/15/19)a,b		15,725		16,295,031
9.25%, 03/01/21 (Call 04/02/18)a,b		11,006		11,391,210
Leidos Holdings Inc.
4.45%, 12/01/20 (Call 09/01/20)a		6,649		6,807,978
NCR Corp.
4.63%, 02/15/21 (Call 04/02/18)a		7,835		7,780,435
5.00%, 07/15/22 (Call 04/02/18)a		9,292		9,321,867
5.88%, 12/15/21 (Call 04/02/18)a		5,779		5,899,740
6.38%, 12/15/23 (Call 12/15/18)a		10,831		11,264,240
West Corp.
8.50%, 10/15/25 (Call 10/15/20)a,b		18,623		18,064,310

Security	Principal (000s)		Value
Western Digital Corp.
4.75%, 02/15/26 (Call 11/15/25)a	$	22,119	$	22,312,541
				248,463,406
COSMETICS & PERSONAL CARE — 0.38%
Avon International Operations Inc.
7.88%, 08/15/22 (Call 08/15/19)a,b		8,361		8,622,281
Avon Products Inc.
6.60%, 03/15/20a		6,997		7,012,743
7.00%, 03/15/23a		7,794		7,068,184
Edgewell Personal Care Co.
4.70%, 05/19/21a		9,632		9,660,094
4.70%, 05/24/22a		9,031		9,031,000
First Quality Finance Co. Inc.
4.63%, 05/15/21 (Call 04/02/18)a,b		9,803		9,775,769
5.00%, 07/01/25 (Call 07/01/20)a,b		7,172		7,010,630
				58,180,701
DISTRIBUTION & WHOLESALE — 0.12%
HD Supply Inc.
5.75%, 04/15/24 (Call 04/15/19)a,b		16,892		17,710,206
				17,710,206
DIVERSIFIED FINANCIAL SERVICES — 3.96%
Aircastle Ltd.
4.13%, 05/01/24 (Call 02/01/24)a		10,210		10,031,697
4.63%, 12/15/18a		201		202,720
5.00%, 04/01/23a		9,091		9,385,457
5.13%, 03/15/21a		7,140		7,344,000
5.50%, 02/15/22		7,913		8,248,412
6.25%, 12/01/19a		7,228		7,526,155
Ally Financial Inc.
3.50%, 01/27/19a		222		222,788
3.75%, 11/18/19a		11,385		11,447,617
4.13%, 03/30/20a		11,099		11,209,990
4.13%, 02/13/22a		9,896		9,905,719
4.25%, 04/15/21a		8,552		8,626,744
4.63%, 05/19/22a		5,880		5,978,000
4.63%, 03/30/25a		7,790		7,827,559

SCHEDULESOF INVESTMENTS 105

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
5.13%, 09/30/24a	$	13,330	$	13,817,058
5.75%, 11/20/25 (Call 10/20/25)a		17,819		18,652,038
7.50%, 09/15/20a		11,060		12,032,359
8.00%, 12/31/18a		9		9,341
8.00%, 03/15/20a		22,731		24,630,509
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
5.88%, 02/01/22 (Call 04/02/18)a		23,596		23,654,990
6.00%, 08/01/20 (Call 04/02/18)a		28,119		28,593,148
6.25%, 02/01/22 (Call 02/01/19)a		15,629		15,863,435
6.38%, 12/15/25 (Call 12/15/20)a		13,006		13,030,922
6.75%, 02/01/24 (Call 02/01/20)a		7,924		8,073,401
Intelsat Connect Finance SA
12.50%, 04/01/22 (Call 06/01/18)b		12,614		10,185,805
Jefferies Finance LLC/JFIN Co-Issuer Corp.
6.88%, 04/15/22 (Call 04/02/18)a,b		7,163		7,185,384
7.25%, 08/15/24 (Call 08/15/20)a,b		7,550		7,673,173
7.38%, 04/01/20 (Call 04/02/18)a,b		8,631		8,671,031
7.50%, 04/15/21 (Call 04/02/18)a,b		6,154		6,330,928
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
5.25%, 03/15/22 (Call 09/15/21)a,b		7,460		7,479,471
5.25%, 10/01/25 (Call 10/01/20)b		8,154		7,922,352
Nationstar Mortgage LLC/Nationstar Capital Corp.
6.50%, 07/01/21 (Call 04/02/18)a		9,034		9,215,583
7.88%, 10/01/20 (Call 04/02/18)		5,630		5,774,269

Security	Principal (000s)		Value
Navient Corp.
4.88%, 06/17/19a	$	15,898	$	16,054,198
5.00%, 10/26/20a		6,954		7,001,441
5.50%, 01/25/23a		16,227		16,076,813
5.88%, 03/25/21a		9,371		9,625,618
5.88%, 10/25/24a		9,714		9,612,445
6.13%, 03/25/24a		14,550		14,687,706
6.50%, 06/15/22		15,574		16,213,183
6.63%, 07/26/21		13,549		14,141,769
6.75%, 06/25/25a		9,200		9,450,010
7.25%, 01/25/22a		13,078		13,965,200
7.25%, 09/25/23a		11,198		11,883,478
8.00%, 03/25/20a		25,424		27,235,460
8.45%, 06/15/18a		189		191,454
OneMain Financial Holdings LLC
7.25%, 12/15/21 (Call 04/02/18)b		428		442,552
Quicken Loans Inc.
5.25%, 01/15/28 (Call 01/15/23)a,b		18,689		18,034,885
5.75%, 05/01/25 (Call 05/01/20)a,b		21,090		21,218,297
Springleaf Finance Corp.
5.25%, 12/15/19a		10,699		10,892,346
5.63%, 03/15/23a		14,451		14,306,490
6.13%, 05/15/22a		16,934		17,349,791
7.75%, 10/01/21a		11,710		12,746,452
8.25%, 12/15/20a		15,915		17,331,121
				605,212,764
ELECTRIC — 2.78%
AES Corp./VA
4.88%, 05/15/23 (Call 05/15/18)a		12,432		12,560,464
5.13%, 09/01/27 (Call 09/01/22)a		10,108		10,246,985
5.50%, 03/15/24 (Call 03/15/19)		12,860		13,144,857
5.50%, 04/15/25 (Call 04/15/20)a		8,866		9,087,650
6.00%, 05/15/26 (Call 05/15/21)		10,154		10,663,973

106 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
7.38%, 07/01/21 (Call 06/01/21)	$	11,286	$	12,379,155
8.00%, 06/01/20		204		223,380
Calpine Corp.
5.25%, 06/01/26 (Call 06/01/21)a,b		21,400		20,799,668
5.38%, 01/15/23 (Call 10/15/18)a		19,756		19,254,075
5.50%, 02/01/24 (Call 02/01/19)a		10,201		9,561,313
5.75%, 01/15/25 (Call 10/15/19)a		27,455		25,694,327
5.88%, 01/15/24 (Call 11/01/18)a,b		7,610		7,743,907
6.00%, 01/15/22 (Call 04/02/18)a,b		11,833		12,202,781
DPL Inc.
7.25%, 10/15/21 (Call 07/15/21)a		12,277		13,366,584
Dynegy Inc.
5.88%, 06/01/23 (Call 06/01/18)		9,452		9,688,300
7.38%, 11/01/22 (Call 11/01/18)a		31,442		33,134,815
7.63%, 11/01/24 (Call 11/01/19)		21,489		23,091,194
8.00%, 01/15/25 (Call 01/15/20)b		12,849		13,938,758
8.13%, 01/30/26 (Call 07/30/20)a,b		16,047		17,581,494
Enel SpA
(5 year USD Swap + 5.880%)
8.75%, 09/24/73 (Call 09/24/23)b,d		1,407		1,692,621
IPALCO Enterprises Inc.
3.45%, 07/15/20 (Call 06/15/20)a		6,022		6,008,526
3.70%, 09/01/24 (Call 07/01/24)		6,728		6,570,632
NextEra Energy Operating Partners LP
4.25%, 09/15/24 (Call 07/15/24)a,b		9,349		9,195,780

Security	Principal (000s)		Value
4.50%, 09/15/27 (Call 06/15/27)a,b	$	9,696	$	9,289,307
NRG Energy Inc.
5.75%, 01/15/28 (Call 01/15/23)a,b		14,953		14,708,846
6.25%, 07/15/22 (Call 07/15/18)a		15,577		16,110,028
6.25%, 05/01/24 (Call 05/01/19)		11,932		12,344,648
6.63%, 01/15/27 (Call 07/15/21)a		22,403		23,131,098
7.25%, 05/15/26 (Call 05/15/21)a		16,361		17,409,740
Talen Energy Supply LLC
4.60%, 12/15/21 (Call 09/15/21)a		9,291		8,501,265
6.50%, 06/01/25 (Call 06/01/20)a		12,312		9,516,150
9.50%, 07/15/22 (Call 07/15/20)a,b		6,062		6,062,000
10.50%, 01/15/26 (Call 01/15/22)b		11,006		10,318,125
				425,222,446
ELECTRONICS — 0.00%
Ingram Micro Inc.
5.45%, 12/15/24 (Call 09/15/24)a		345		341,759
				341,759
ENERGY – ALTERNATE SOURCES — 0.12%
TerraForm Power Operating LLC
4.25%, 01/31/23 (Call 10/31/22)b		7,002		6,841,829
5.00%, 01/31/28 (Call 07/31/27)b		11,964		11,650,843
				18,492,672
ENGINEERING & CONSTRUCTION — 0.42%
AECOM
5.13%, 03/15/27 (Call 12/15/26)a		16,829		16,256,346
5.75%, 10/15/22 (Call 03/16/18)a		13,410		13,997,676

SCHEDULESOF INVESTMENTS 107

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
5.88%, 10/15/24 (Call 07/15/24)a	$	16,163	$	16,889,850
Brand Industrial Services Inc.
8.50%, 07/15/25 (Call 07/15/20)a,b		16,355		16,820,095
				63,963,967
ENTERTAINMENT — 2.11%
AMC Entertainment Holdings Inc.
5.75%, 06/15/25 (Call 06/15/20)a		9,442		9,149,733
5.88%, 11/15/26 (Call 11/15/21)a		10,985		10,614,256
6.13%, 05/15/27 (Call 05/15/22)a		8,328		8,082,446
Caesars Resort Collection LLC/CRC Finco Inc.
5.25%, 10/15/25 (Call 10/15/20)a,b		29,868		29,195,970
Cinemark USA Inc.
4.88%, 06/01/23 (Call 06/01/18)a		15,638		15,559,810
5.13%, 12/15/22 (Call 04/02/18)a		5,721		5,811,821
Eldorado Resorts Inc.
6.00%, 04/01/25 (Call 04/01/20)a		15,660		16,095,788
GLP Capital LP/GLP Financing II Inc.
4.38%, 04/15/21		5,330		5,367,957
4.88%, 11/01/20 (Call 08/01/20)a		15,710		16,063,475
5.38%, 11/01/23 (Call 08/01/23)		10,441		10,897,794
5.38%, 04/15/26		17,548		18,094,808
International Game Technology PLC
5.63%, 02/15/20 (Call 11/15/19)a,b		10,948		11,309,284
6.25%, 02/15/22 (Call 08/15/21)a,b		26,367		27,822,271
6.50%, 02/15/25 (Call 08/15/24)a,b		18,840		20,277,935

Security	Principal (000s)		Value
Regal Entertainment Group
5.75%, 03/15/22 (Call 04/02/18)a	$	11,594	$	11,909,523
Scientific Games International Inc.
5.00%, 10/15/25 (Call 10/15/20)a,b		15,041		14,871,789
7.00%, 01/01/22 (Call 03/02/18)b		14,779		15,554,898
10.00%, 12/01/22 (Call 12/01/18)a		36,606		39,797,128
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 07/31/19)b		16,958		16,925,196
5.50%, 04/15/27 (Call 04/15/22)a,b		8,269		8,292,939
WMG Acquisition Corp.
6.75%, 04/15/22 (Call 04/02/18)a,b		10,276		10,661,350
				322,356,171
ENVIRONMENTAL CONTROL — 0.29%
Clean Harbors Inc.
5.13%, 06/01/21 (Call 04/02/18)a		12,466		12,528,330
5.25%, 08/01/20 (Call 04/02/18)a		5,827		5,848,851
Covanta Holding Corp.
5.88%, 03/01/24 (Call 03/01/19)a		7,281		7,332,877
5.88%, 07/01/25 (Call 07/01/20)		6,678		6,686,348
6.38%, 10/01/22 (Call 04/02/18)a		5,368		5,479,020
GFL Environmental Inc.
5.38%, 03/01/23 (Call 03/01/20)b		6,987		6,978,266
				44,853,692
FOOD — 1.54%
Albertsons Companies LLC/Safeway Inc./New Albertson’s Inc./Albertson’s LLC
5.75%, 03/15/25 (Call 09/15/19)a		21,558		18,755,460

108 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
6.63%, 06/15/24 (Call 06/15/19)a	$	22,221	$	20,469,707
B&G Foods Inc.
4.63%, 06/01/21 (Call 04/02/18)a		11,409		11,363,047
5.25%, 04/01/25 (Call 04/01/20)a		16,882		16,248,925
Lamb Weston Holdings Inc.
4.63%, 11/01/24 (Call 11/01/21)a,b		15,554		15,690,098
4.88%, 11/01/26 (Call 11/01/21)a,b		14,570		14,570,000
Pilgrim’s Pride Corp.
5.75%, 03/15/25 (Call 03/15/20)a,b		14,635		14,561,825
5.88%, 09/30/27 (Call 09/30/22)a,b		13,940		13,553,862
Post Holdings Inc.
5.00%, 08/15/26 (Call 08/15/21)a,b		31,629		30,038,061
5.50%, 03/01/25 (Call 03/01/20)a,b		16,551		16,629,321
5.63%, 01/15/28 (Call 12/01/22)a,b		17,879		17,446,082
5.75%, 03/01/27 (Call 03/01/22)a,b		25,385		25,112,111
TreeHouse Foods Inc.
4.88%, 03/15/22 (Call 04/02/18)a		5,681		5,659,696
6.00%, 02/15/24 (Call 02/15/19)a,b		14,448		14,755,020
				234,853,215
FOOD SERVICE — 0.39%
Aramark Services Inc.
4.75%, 06/01/26 (Call 06/01/21)a		9,760		9,632,876
5.00%, 04/01/25 (Call 04/01/20)b		11,353		11,423,048
5.00%, 02/01/28 (Call 02/01/23)b		19,052		18,980,555
5.13%, 01/15/24 (Call 01/15/19)		19,035		19,401,355
				59,437,834

Security	Principal (000s)		Value
GAS — 0.42%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)	$	13,408	$	13,273,920
5.63%, 05/20/24 (Call 03/20/24)a		12,176		12,230,653
5.75%, 05/20/27 (Call 02/20/27)a		9,164		9,049,450
5.88%, 08/20/26 (Call 05/20/26)a		11,064		11,050,170
NGL Energy Partners LP/NGL Energy Finance Corp.
6.13%, 03/01/25 (Call 03/01/20)a		8,028		7,726,244
7.50%, 11/01/23 (Call 11/01/19)		10,093		10,152,139
				63,482,576
HEALTH CARE – PRODUCTS — 1.32%
Avantor Inc.
6.00%, 10/01/24 (Call 10/01/20)a,b		26,809		26,809,000
9.00%, 10/01/25 (Call 10/01/20)a,b		35,041		35,128,017
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp.
8.13%, 06/15/21 (Call 06/15/18)a,b		17,852		17,316,440
Hologic Inc.
4.38%, 10/15/25 (Call 10/15/20)a,b		14,272		13,933,040
4.63%, 02/01/28 (Call 02/01/23)b		6,844		6,607,169
Kinetic Concepts Inc./KCI USA Inc.
7.88%, 02/15/21 (Call 03/16/18)a,b		9,347		9,623,162
12.50%, 11/01/21 (Call 05/01/19)a,b		6,670		7,518,757
Mallinckrodt International Finance SA
4.75%, 04/15/23a		8,676		6,845,698

SCHEDULESOF INVESTMENTS 109

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
4.88%, 04/15/20 (Call 04/02/18)a,b	$	11,403	$	11,103,671
5.50%, 04/15/25 (Call 04/15/20)a,b		12,268		9,850,342
5.63%, 10/15/23 (Call 10/15/18)a,b		12,970		10,894,800
5.75%, 08/01/22 (Call 04/02/18)a,b		13,906		12,313,130
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA
6.63%, 05/15/22 (Call 04/02/18)a,b		23,364		23,217,975
Teleflex Inc.
4.63%, 11/15/27 (Call 11/15/22)a		11,380		11,089,404
				202,250,605
HEALTH CARE – SERVICES — 7.41%
Acadia Healthcare Co. Inc.
5.63%, 02/15/23 (Call 04/02/18)a		11,603		11,904,098
Centene Corp.
4.75%, 05/15/22 (Call 05/15/19)		16,121		16,386,173
4.75%, 01/15/25 (Call 01/15/20)a		23,421		23,327,848
5.63%, 02/15/21 (Call 04/02/18)a		24,009		24,649,601
6.13%, 02/15/24 (Call 02/15/19)a		16,035		16,809,250
CHS/Community Health Systems Inc.
5.13%, 08/01/21 (Call 04/02/18)a		17,946		16,569,495
6.25%, 03/31/23 (Call 03/31/20)		54,949		49,742,203
6.88%, 02/01/22 (Call 04/02/18)a		49,275		32,028,750
7.13%, 07/15/20 (Call 04/02/18)a		20,078		16,954,365
8.00%, 11/15/19 (Call 04/02/18)a		32,897		30,993,810

Security	Principal (000s)		Value
DaVita Inc.
5.00%, 05/01/25 (Call 05/01/20)a	$	27,102	$	26,550,282
5.13%, 07/15/24 (Call 07/15/19)a		32,633		32,337,169
5.75%, 08/15/22 (Call 04/02/18)a		20,962		21,523,019
Encompass Health Corp.
5.75%, 11/01/24 (Call 04/02/18)a		20,955		21,125,259
Envision Healthcare Corp.
5.13%, 07/01/22 (Call 04/02/18)a,b		13,167		13,247,922
5.63%, 07/15/22 (Call 04/02/18)a		16,879		17,168,053
6.25%, 12/01/24 (Call 12/01/19)a,b		8,537		8,947,823
HCA Healthcare Inc.
6.25%, 02/15/21a		16,241		17,113,954
HCA Inc.
3.75%, 03/15/19a		23,675		23,823,679
4.25%, 10/15/19a		8,858		8,966,352
4.50%, 02/15/27 (Call 08/15/26)a		19,121		18,617,580
4.75%, 05/01/23a		19,696		20,040,680
5.00%, 03/15/24a		33,066		33,689,936
5.25%, 04/15/25a		22,143		22,755,190
5.25%, 06/15/26 (Call 12/15/25)a		23,610		24,155,981
5.38%, 02/01/25a		44,863		45,648,102
5.88%, 03/15/22a		25,996		27,602,217
5.88%, 05/01/23a		24,573		25,859,964
5.88%, 02/15/26 (Call 08/15/25)a		25,771		26,710,567
6.50%, 02/15/20		49,951		52,579,117
7.50%, 02/15/22		33,772		37,444,705
Kindred Healthcare Inc.
6.38%, 04/15/22 (Call 04/02/18)		9,087		9,215,808
8.00%, 01/15/20		11,339		12,114,007
8.75%, 01/15/23 (Call 04/02/18)a		9,444		10,029,389

110 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
LifePoint Health Inc.
5.38%, 05/01/24 (Call 05/01/19)a	$	8,163	$	7,903,938
5.50%, 12/01/21 (Call 04/02/18)a		17,539		17,678,765
5.88%, 12/01/23 (Call 12/01/18)a		9,751		9,745,442
Molina Healthcare Inc.
5.38%, 11/15/22 (Call 08/15/22)		12,125		12,140,156
MPH Acquisition Holdings LLC
7.13%, 06/01/24 (Call 06/01/19)a,b		28,257		29,650,584
Tenet Healthcare Corp.
4.38%, 10/01/21a		17,767		17,678,165
4.50%, 04/01/21a		14,531		14,495,537
4.63%, 07/15/24 (Call 07/15/20)b		34,454		33,032,772
4.75%, 06/01/20		7,026		7,115,581
5.13%, 05/01/25 (Call 05/01/20)a,b		24,770		24,034,641
5.50%, 03/01/19a		7,229		7,330,042
6.00%, 10/01/20a		30,485		31,761,255
6.75%, 06/15/23a		31,573		31,484,201
7.00%, 08/01/25 (Call 08/01/20)a,b		7,606		7,586,985
7.50%, 01/01/22 (Call 01/01/19)a,b		11,279		11,921,198
8.13%, 04/01/22a		46,370		48,919,423
WellCare Health Plans Inc.
5.25%, 04/01/25 (Call 04/01/20)a		21,706		21,924,241
				1,131,035,274
HOLDING COMPANIES – DIVERSIFIED — 0.07%
Leucadia National Corp.
5.50%, 10/18/23 (Call 01/18/23)a		10,042		10,562,745
				10,562,745
HOME BUILDERS — 1.67%
Beazer Homes USA Inc.
5.88%, 10/15/27 (Call 10/15/22)a		7,371		7,015,226

Security	Principal (000s)		Value
8.75%, 03/15/22 (Call 03/15/19)a	$	8,445	$	9,099,487
Brookfield Residential Properties Inc.
6.50%, 12/15/20 (Call 04/02/18)a,b		8,930		9,086,275
Brookfield Residential Properties Inc./Brookfield Residential U.S. Corp.
6.13%, 07/01/22 (Call 04/02/18)a,b		7,535		7,764,190
K Hovnanian Enterprises Inc.
10.00%, 07/15/22 (Call 07/15/19)b		8,565		9,346,556
10.50%, 07/15/24 (Call 07/15/20)a,b		8,385		9,186,816
KB Home
4.75%, 05/15/19 (Call 02/15/19)a		5,287		5,339,870
7.00%, 12/15/21 (Call 09/15/21)a		7,890		8,514,625
Lennar Corp.
4.13%, 01/15/22 (Call 10/15/21)a		9,158		9,066,420
4.50%, 06/15/19 (Call 04/16/19)a		6,914		6,993,777
4.50%, 11/15/19 (Call 08/15/19)a		8,691		8,788,774
4.50%, 04/30/24 (Call 01/31/24)a		10,190		10,122,066
4.75%, 04/01/21 (Call 02/01/21)a		7,562		7,703,788
4.75%, 11/15/22 (Call 08/15/22)		9,009		9,104,345
4.75%, 05/30/25 (Call 02/28/25)		7,882		7,852,443
4.75%, 11/29/27 (Call 05/29/27)b		14,749		14,306,530
4.88%, 12/15/23 (Call 09/15/23)a		5,989		6,070,788
5.25%, 06/01/26 (Call 12/01/25)a,b		6,740		6,874,800

SCHEDULESOF INVESTMENTS 111

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
5.88%, 11/15/24 (Call 05/15/24)b	$	7,337	$	7,832,248
8.38%, 05/15/18b		286		288,860
8.38%, 01/15/21a,b		7,239		8,075,105
PulteGroup Inc.
4.25%, 03/01/21 (Call 02/01/21)		9,808		9,911,738
5.00%, 01/15/27 (Call 10/15/26)a		12,427		12,293,668
5.50%, 03/01/26 (Call 12/01/25)a		11,839		12,037,858
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc.
5.25%, 04/15/21 (Call 04/02/18)a,b		8,379		8,454,221
Toll Brothers Finance Corp.
4.35%, 02/15/28 (Call 11/15/27)		1,264		1,188,818
4.38%, 04/15/23 (Call 01/15/23)a		7,426		7,441,250
4.88%, 03/15/27 (Call 12/15/26)a		9,753		9,704,235
5.88%, 02/15/22 (Call 11/15/21)a		8,809		9,345,193
TRI Pointe Group Inc./TRI Pointe Homes Inc.
4.38%, 06/15/19a		7,076		7,085,828
5.88%, 06/15/24a		8,332		8,568,879
				254,464,677
HOME FURNISHINGS — 0.11%
Tempur Sealy International Inc.
5.50%, 06/15/26 (Call 06/15/21)a		10,731		10,570,035
5.63%, 10/15/23 (Call 10/15/18)		6,527		6,571,601
				17,141,636
HOUSEHOLD PRODUCTS & WARES — 0.28%
Kronos Acquisition Holdings Inc.
9.00%, 08/15/23 (Call 08/15/18)a,b		15,332		14,850,480

Security	Principal (000s)		Value
Spectrum Brands Inc.
5.75%, 07/15/25 (Call 07/15/20)a	$	19,273	$	19,935,509
6.63%, 11/15/22 (Call 04/02/18)a		8,255		8,546,505
				43,332,494
INSURANCE — 0.46%
Genworth Holdings Inc.
4.80%, 02/15/24a		9,221		7,883,955
4.90%, 08/15/23		5,136		4,407,330
7.20%, 02/15/21		364		355,037
7.63%, 09/24/21		10,327		10,120,460
7.70%, 06/15/20		5,757		5,752,572
HUB International Ltd.
7.88%, 10/01/21 (Call 04/02/18)b		20,456		21,063,287
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)a		7,851		7,833,728
Voya Financial Inc.
(3 mo. LIBOR US + 3.580%)
5.65%, 05/15/53 (Call 05/15/23)a,d		12,375		12,777,187
				70,193,556
INTERNET — 1.48%
Netflix Inc.
4.38%, 11/15/26a		15,932		15,294,720
4.88%, 04/15/28a,b		28,502		27,942,529
5.38%, 02/01/21a		8,461		8,785,338
5.50%, 02/15/22		11,183		11,631,873
5.75%, 03/01/24		6,003		6,314,747
5.88%, 02/15/25		13,885		14,671,030
Symantec Corp.
3.95%, 06/15/22 (Call 03/15/22)a		6,806		6,803,676
4.20%, 09/15/20 a		10,148		10,354,318
5.00%, 04/15/25 (Call 04/15/20)a,b		19,354		19,668,502
VeriSign Inc.
4.63%, 05/01/23 (Call 05/01/18)a		11,536		11,665,780
4.75%, 07/15/27 (Call 07/15/22)a		10,673		10,406,175

112 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
5.25%, 04/01/25 (Call 01/01/25)a	$	10,550	$	10,815,399
Zayo Group LLC/Zayo Capital Inc.
5.75%, 01/15/27 (Call 01/15/22)b		29,008		29,153,040
6.00%, 04/01/23 (Call 04/02/18)a		25,720		26,703,255
6.38%, 05/15/25 (Call 05/15/20)a		14,884		15,516,570
				225,726,952
IRON & STEEL — 1.13%
AK Steel Corp.
7.00%, 03/15/27 (Call 03/15/22)a		7,007		7,115,937
7.63%, 10/01/21 (Call 04/02/18)a		6,269		6,472,743
Allegheny Technologies Inc.
5.95%, 01/15/21 (Call 10/15/20)a		6,988		7,135,767
7.88%, 08/15/23 (Call 05/15/23)a		8,045		8,764,740
ArcelorMittal
5.50%, 08/05/20a		10,914		11,391,488
5.75%, 03/01/21		13,185		13,888,749
6.13%, 06/01/25a		10,385		11,441,551
6.50%, 02/25/22		11,279		12,252,547
Cleveland-Cliffs Inc.
4.88%, 01/15/24 (Call 01/15/21)b		7,034		6,886,803
5.75%, 03/01/25 (Call 03/01/20)a,b		18,980		18,283,276
Steel Dynamics Inc.
5.00%, 12/15/26 (Call 12/15/21)a		7,906		8,033,484
5.13%, 10/01/21 (Call 04/02/18)a		10,281		10,442,559
5.25%, 04/15/23 (Call 04/15/18)		5,989		6,097,839
5.50%, 10/01/24 (Call 10/01/19)a		8,208		8,503,488
U.S. Steel Corp.
6.88%, 08/15/25 (Call 08/15/20)a		14,781		15,497,828

Security	Principal (000s)		Value
7.38%, 04/01/20a	$	5,928	$	6,336,921
8.38%, 07/01/21 (Call 07/01/18)b		12,677		13,636,293
				172,182,013
LEISURE TIME — 0.18%
Sabre GLBL Inc.
5.25%, 11/15/23 (Call 11/15/18)a,b		7,452		7,507,890
5.38%, 04/15/23 (Call 04/15/18)a,b		8,026		8,086,195
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/22)b		5,443		5,306,925
VOC Escrow Ltd.
5.00%, 02/15/28 (Call 02/15/23)b		6,045		5,886,319
				26,787,329
LODGING — 1.79%
Boyd Gaming Corp.
6.38%, 04/01/26 (Call 04/01/21)a		14,311		15,049,943
6.88%, 05/15/23 (Call 05/15/18)a		11,526		12,150,325
Diamond Resorts International Inc.
7.75%, 09/01/23 (Call 09/01/19)b		8,240		8,900,986
10.75%, 09/01/24 (Call 09/01/19)b		9,730		10,569,212
Hilton Domestic Operating Co. Inc.
4.25%, 09/01/24 (Call 09/01/19)a		17,804		17,494,210
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.63%, 04/01/25 (Call 04/01/20)a		16,310		16,391,550
4.88%, 04/01/27 (Call 04/01/22)		12,342		12,318,859
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp.
6.75%, 11/15/21 (Call 11/15/18)a,b		14,365		14,899,183

SCHEDULESOF INVESTMENTS 113

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)	$	8,650	$	8,437,147
5.25%, 03/31/20a		7,468		7,684,572
6.00%, 03/15/23		22,426		23,824,120
6.63%, 12/15/21a		20,474		22,123,181
6.75%, 10/01/20a		16,470		17,561,137
7.75%, 03/15/22a		16,237		18,163,791
8.63%, 02/01/19		10,464		10,974,120
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
4.25%, 05/30/23 (Call 02/28/23)a,b		8,718		8,789,154
5.25%, 05/15/27 (Call 02/15/27)a,b		15,309		15,080,838
5.50%, 03/01/25 (Call 12/01/24)b		32,331		32,694,724
				273,107,052
MACHINERY — 0.31%
BlueLine Rental Finance Corp./BlueLine Rental LLC
9.25%, 03/15/24 (Call 03/15/20)a,b		18,920		20,480,900
CNH Industrial NV
4.50%, 08/15/23		11,751		12,004,099
Vertiv Group Corp.
9.25%, 10/15/24 (Call 10/15/19)a,b		13,723		14,529,226
				47,014,225
MANUFACTURING — 0.98%
Bombardier Inc.
5.75%, 03/15/22b		7,322		7,278,783
6.00%, 10/15/22 (Call 04/02/18)a,b		20,534		20,482,665
6.13%, 01/15/23a,b		23,007		23,064,517
7.50%, 12/01/24 (Call 12/01/20)a,b		18,337		19,081,941
7.50%, 03/15/25 (Call 03/15/20)a,b		26,435		27,087,849
7.75%, 03/15/20a,b		13,737		14,679,077
8.75%, 12/01/21a,b		24,843		27,288,572

Security	Principal (000s)		Value
Gates Global LLC/Gates Global Co.
6.00%, 07/15/22 (Call 03/16/18)a,b	$	11,215	$	11,411,262
				150,374,666
MEDIA — 12.46%
Altice Financing SA
6.63%, 02/15/23 (Call 04/02/18)b		35,928		35,827,833
7.50%, 05/15/26 (Call 05/15/21)b		48,589		48,978,426
Altice Finco SA
8.13%, 01/15/24 (Call 12/15/18)a,b		5,863		5,987,065
Altice Luxembourg SA
7.63%, 02/15/25 (Call 02/15/20)a,b		24,692		21,780,648
7.75%, 05/15/22 (Call 04/02/18)a,b		52,466		49,055,710
Altice U.S. Finance I Corp.
5.38%, 07/15/23 (Call 07/15/18)b		19,370		19,708,975
5.50%, 05/15/26 (Call 05/15/21)b		26,126		25,885,641
AMC Networks Inc.
4.75%, 12/15/22 (Call 04/02/18)		9,872		9,969,980
4.75%, 08/01/25 (Call 08/01/21)a		12,252		11,853,810
5.00%, 04/01/24 (Call 04/01/20)a		16,088		16,058,749
Cablevision Systems Corp.
5.88%, 09/15/22a		10,784		10,818,448
8.00%, 04/15/20a		8,552		9,071,133
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 03/01/23 (Call 11/01/19)a,b		7,555		7,356,681
5.00%, 02/01/28 (Call 08/01/22)a,b		43,447		41,124,758
5.13%, 02/15/23 (Call 04/02/18)a		17,438		17,743,165
5.13%, 05/01/23 (Call 05/01/18)a,b		21,656		22,062,050

114 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security		Principal (000s)		Value
5.13%, 05/01/27 (Call 05/01/22)b		$	54,885	$	52,849,864
5.25%, 03/15/21 (Call 04/02/18)a			7,206		7,300,579
5.25%, 09/30/22 (Call 04/02/18)a			22,377		22,796,569
5.38%, 05/01/25 (Call 05/01/20)a,b			14,066		14,094,923
5.50%, 05/01/26 (Call 05/01/21)b			26,201		26,170,979
5.75%, 09/01/23 (Call 04/02/18)a			7,479		7,631,696
5.75%, 01/15/24 (Call 07/15/18)			15,620		15,939,234
5.75%, 02/15/26 (Call 02/15/21)b			41,750		42,324,062
5.88%, 04/01/24 (Call 04/01/19)a,b			27,684		28,594,804
5.88%, 05/01/27 (Call 05/01/21)a,b			12,056		12,236,840
Cequel Communications Holdings I LLC/Cequel Capital Corp.
5.13%, 12/15/21 (Call 04/02/18)a,b	��		21,282		21,214,470
6.38%, 09/15/20 (Call 04/02/18)b			17,263		17,478,787
7.75%, 07/15/25 (Call 07/15/20)b			11,044		11,789,470
Clear Channel Worldwide Holdings Inc.
6.50%, 11/15/22 (Call 04/02/18)a			47,073		48,427,270
Series B
7.63%, 03/15/20 (Call 04/02/18)a			33,109		32,892,136
CSC Holdings LLC
5.25%, 06/01/24			13,987		13,451,199
5.38%, 02/01/28 (Call 02/01/23)b			16,117		15,704,002
5.50%, 04/15/27 (Call 04/15/22)a,b			22,091		21,759,635
6.63%, 10/15/25 (Call 10/15/20)b			16,601		17,493,304

Security	Principal (000s)		Value
6.75%, 11/15/21a	$	16,889	$	17,789,332
8.63%, 02/15/19a		6,476		6,751,230
10.13%, 01/15/23 (Call 01/15/19)b		28,186		31,481,995
10.88%, 10/15/25 (Call 10/15/20)a,b		26,223		30,975,919
DISH DBS Corp.
5.00%, 03/15/23a		26,339		24,149,571
5.13%, 05/01/20a		17,688		17,694,803
5.88%, 07/15/22a		34,112		33,109,960
5.88%, 11/15/24a		34,697		32,360,289
6.75%, 06/01/21a		34,567		35,578,085
7.75%, 07/01/26a		36,784		36,278,220
7.88%, 09/01/19a		23,052		24,319,860
Gray Television Inc.
5.13%, 10/15/24 (Call 10/15/19)a,b		7,914		7,754,929
5.88%, 07/15/26 (Call 07/15/21)a,b		11,277		11,150,134
iHeartCommunications Inc.
9.00%, 12/15/19 (Call 04/02/18)e		30,084		23,843,920
9.00%, 03/01/21 (Call 04/02/18)e		30,440		24,199,800
9.00%, 09/15/22 (Call 04/02/18)e		17,715		13,979,349
10.63%, 03/15/23 (Call 04/02/18)e		19,578		15,494,356
11.25%, 03/01/21 (Call 04/02/18)e		10,911		8,674,245
11.25%, 03/01/21 (Call 04/02/18)b,e		11,032		8,274,000
LIN Television Corp.
5.88%, 11/15/22 (Call 03/12/18)		5,842		6,028,546
Meredith Corp.
6.88%, 02/01/26 (Call 02/01/21)b		23,977		24,677,639
Nexstar Broadcasting Inc.
5.63%, 08/01/24 (Call 08/01/19)a,b		15,602		15,661,158
Quebecor Media Inc.
5.75%, 01/15/23a		15,333		15,888,821

SCHEDULESOF INVESTMENTS 115

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
SFR Group SA
6.00%, 05/15/22 (Call 04/03/18)b	$	68,707	$	66,838,170
6.25%, 05/15/24 (Call 05/15/19)b		24,037		22,315,576
7.38%, 05/01/26 (Call 05/01/21)b		90,033		86,845,328
Sinclair Television Group Inc.
5.13%, 02/15/27 (Call 08/15/21)a,b		6,320		6,079,614
5.38%, 04/01/21 (Call 03/16/18)a		8,665		8,763,466
5.63%, 08/01/24 (Call 08/01/19)a,b		13,256		13,436,764
6.13%, 10/01/22 (Call 03/16/18)a		7,585		7,797,802
Sirius XM Radio Inc.
3.88%, 08/01/22 (Call 08/01/20)b		18,251		17,954,421
4.63%, 05/15/23 (Call 05/15/18)a,b		7,353		7,334,618
5.00%, 08/01/27 (Call 08/01/22)b		27,194		26,457,497
5.38%, 04/15/25 (Call 04/15/20)b		17,506		17,746,707
5.38%, 07/15/26 (Call 07/15/21)a,b		17,302		17,506,020
6.00%, 07/15/24 (Call 07/15/19)a,b		23,600		24,685,968
TEGNA Inc.
5.13%, 10/15/19 (Call 04/02/18)		361		365,964
5.13%, 07/15/20 (Call 04/02/18)a		8,848		8,964,130
6.38%, 10/15/23 (Call 10/15/18)a		10,061		10,478,811
Telenet Finance Luxembourg Note
5.50%, 03/01/28 (Call 12/01/22)b		20,600		19,835,740
Tribune Media Co.
5.88%, 07/15/22 (Call 07/15/18)a		17,379		17,683,132

Security	Principal (000s)		Value
Unitymedia GmbH
6.13%, 01/15/25 (Call 01/15/20)a,b	$	14,993	$	15,742,650
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.00%, 01/15/25 (Call 01/15/20)a,b		9,207		9,369,912
Univision Communications Inc.
5.13%, 05/15/23 (Call 05/15/18)a,b		23,083		21,871,142
5.13%, 02/15/25 (Call 02/15/20)a,b		25,017		23,109,454
UPC Holding BV
5.50%, 01/15/28 (Call 10/15/22)b		8,530		8,018,200
UPCB Finance IV Ltd.
5.38%, 01/15/25 (Call 01/15/20)a,b		19,473		19,326,952
Viacom Inc.
(3 mo. LIBOR US + 3.895%)
5.88%, 02/28/57 (Call 02/28/22)d		12,911		13,004,357
(3 mo. LIBOR US + 3.899%)
6.25%, 02/28/57 (Call 02/28/27)a,d		9,698		9,940,450
Videotron Ltd.
5.00%, 07/15/22a		13,125		13,387,500
5.13%, 04/15/27 (Call 04/15/22)a,b		9,926		10,005,904
5.38%, 06/15/24 (Call 03/15/24)a,b		9,649		10,011,899
Virgin Media Finance PLC
5.75%, 01/15/25 (Call 01/15/20)a,b		6,178		6,073,746
6.00%, 10/15/24 (Call 10/15/19)a,b		7,991		8,028,467
6.38%, 04/15/23 (Call 04/15/18)a,b		8,503		8,747,461
Virgin Media Secured Finance PLC
5.25%, 01/15/21a		7,971		8,236,700
5.25%, 01/15/26 (Call 01/15/20)a,b		19,023		18,629,330

116 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
5.50%, 01/15/25 (Call 01/15/19)a,b	$	5,779	$	5,807,895
5.50%, 08/15/26 (Call 08/15/21)a,b		12,559		12,353,660
Ziggo Bond Finance BV
5.88%, 01/15/25 (Call 01/15/20)a,b		6,957		6,692,286
6.00%, 01/15/27 (Call 01/15/22)a,b		12,157		11,565,942
Ziggo Secured Finance BV
5.50%, 01/15/27 (Call 01/15/22)a,b		34,451		33,029,896
				1,903,592,587
METAL FABRICATE & HARDWARE — 0.32%
Novelis Corp.
5.88%, 09/30/26 (Call 09/30/21)a,b		28,127		28,408,270
6.25%, 08/15/24 (Call 08/15/19)a,b		19,969		20,542,895
				48,951,165
MINING — 1.83%
Alcoa Nederland Holding BV
6.75%, 09/30/24 (Call 09/30/19)a,b		13,865		14,881,246
7.00%, 09/30/26 (Call 09/30/21)a,b		9,599		10,362,421
Aleris International Inc.
7.88%, 11/01/20 (Call 04/02/18)a		8,506		8,418,813
9.50%, 04/01/21 (Call 04/02/18)b		13,038		13,647,526
Constellium NV
5.75%, 05/15/24 (Call 05/15/19)a,b		7,624		7,680,386
5.88%, 02/15/26 (Call 11/15/20)a,b		8,604		8,690,040
6.63%, 03/01/25 (Call 03/01/20)a,b		9,852		10,209,135
FMG Resources August 2006 Pty Ltd.
4.75%, 05/15/22 (Call 02/15/22)a,b		11,559		11,573,449
5.13%, 05/15/24 (Call 02/15/24)a,b		11,726		11,697,532

Security	Principal (000s)		Value
Freeport-McMoRan Inc.
3.10%, 03/15/20	$	15,995	$	15,775,569
3.55%, 03/01/22 (Call 12/01/21)a		33,854		32,894,960
3.88%, 03/15/23 (Call 12/15/22)a		34,860		33,845,574
4.00%, 11/14/21		9,636		9,570,355
4.55%, 11/14/24 (Call 08/14/24)a		15,001		14,700,165
6.75%, 02/01/22 (Call 04/02/18)a		3,411		3,516,883
6.88%, 02/15/23 (Call 02/15/20)		11,825		12,717,861
Kinross Gold Corp.
4.50%, 07/15/27 (Call 04/15/27)a,b		8,400		8,137,374
5.13%, 09/01/21 (Call 06/01/21)		8,578		8,856,785
5.95%, 03/15/24 (Call 12/15/23)a		7,890		8,421,694
Lundin Mining Corp.
7.88%, 11/01/22 (Call 11/01/18)b		147		155,444
Teck Resources Ltd.
3.75%, 02/01/23 (Call 11/01/22)a		12,168		11,857,777
4.75%, 01/15/22 (Call 10/15/21)		10,774		10,999,608
8.50%, 06/01/24 (Call 06/01/19)b		9,191		10,227,429
				278,838,026
OFFICE & BUSINESS EQUIPMENT — 0.21%
CDW LLC/CDW Finance Corp.
5.00%, 09/01/23 (Call 04/02/18)a		7,902		8,004,597
5.00%, 09/01/25 (Call 03/01/20)a		11,367		11,431,585
5.50%, 12/01/24 (Call 06/01/24)		11,914		12,390,560
				31,826,742
OIL & GAS — 9.31%
Antero Resources Corp.
5.00%, 03/01/25 (Call 03/01/20)a		11,522		11,599,552

SCHEDULESOF INVESTMENTS 117

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
5.13%, 12/01/22 (Call 04/02/18)a	$	17,618	$	17,807,732
5.38%, 11/01/21 (Call 04/02/18)a		15,542		15,878,402
5.63%, 06/01/23 (Call 06/01/18)a		12,830		13,135,656
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
10.00%, 04/01/22 (Call 04/01/20)a,b		27,288		29,224,397
California Resources Corp.
8.00%, 12/15/22 (Call 12/15/18)a,b		39,828		31,563,690
Calumet Specialty Products Partners LP/Calumet Finance Corp.
6.50%, 04/15/21 (Call 04/02/18)a		14,864		14,529,560
11.50%, 01/15/21 (Call 04/15/18)a,b		5,923		6,637,380
Carrizo Oil & Gas Inc.
6.25%, 04/15/23 (Call 04/15/18)a		10,843		10,838,072
7.50%, 09/15/20 (Call 04/02/18)a		8,587		8,758,740
Chesapeake Energy Corp.
4.88%, 04/15/22 (Call 04/02/18)a		8,939		8,383,665
6.13%, 02/15/21a		10,689		10,760,260
6.63%, 08/15/20		6,070		6,250,279
8.00%, 12/15/22 (Call 12/15/18)a,b		23,109		24,639,971
8.00%, 01/15/25 (Call 01/15/20)a,b		22,949		22,538,335
8.00%, 06/15/27 (Call 06/15/22)a,b		22,401		21,490,959
Citgo Holding Inc.
10.75%, 02/15/20b		27,799		29,786,628
CNX Resources Corp.
5.88%, 04/15/22 (Call 04/02/18)a		32,528		32,763,828
8.00%, 04/01/23 (Call 04/02/18)a		7,431		7,846,672

Security	Principal (000s)		Value
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)a	$	16,840	$	16,286,929
4.38%, 01/15/28 (Call 10/15/27)a,b		18,398		17,961,047
4.50%, 04/15/23 (Call 01/15/23)a		26,644		26,853,446
5.00%, 09/15/22 (Call 04/02/18)a		31,823		32,301,141
CrownRock LP/CrownRock Finance Inc.
5.63%, 10/15/25 (Call 10/15/20)a,b		17,006		16,696,271
Denbury Resources Inc.
9.00%, 05/15/21 (Call 12/15/18)a,b		12,821		13,142,526
9.25%, 03/31/22 (Call 03/31/19)a,b		14,109		14,427,810
Diamond Offshore Drilling Inc.
7.88%, 08/15/25 (Call 05/15/25)a		9,983		10,160,822
Diamondback Energy Inc.
4.75%, 11/01/24 (Call 11/01/19)a		9,426		9,337,396
5.38%, 05/31/25 (Call 05/31/20)a		9,070		9,141,804
Endeavor Energy Resources LP/EER Finance Inc.
5.50%, 01/30/26 (Call 01/30/21)a,b		11,458		11,372,065
5.75%, 01/30/28 (Call 01/30/23)a,b		8,304		8,304,000
Ensco PLC
4.50%, 10/01/24 (Call 07/01/24)a		10,659		8,610,104
5.20%, 03/15/25 (Call 12/15/24)a		12,898		10,697,279
7.75%, 02/01/26		17,163		16,144,445
8.00%, 01/31/24 (Call 10/31/23)		270		267,300
EP Energy LLC/Everest Acquisition Finance Inc.
6.38%, 06/15/23 (Call 06/15/18)		888		479,520

118 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
8.00%, 11/29/24 (Call 11/30/19)a,b	$	7,919	$	8,156,570
8.00%, 02/15/25 (Call 02/15/20)b		16,959		11,701,710
9.38%, 05/01/24 (Call 05/01/20)b		18,403		13,526,205
Extraction Oil & Gas Inc.
5.63%, 02/01/26 (Call 02/01/21)b		10,014		9,816,849
Gulfport Energy Corp.
6.00%, 10/15/24 (Call 10/15/19)a		11,315		11,094,357
6.38%, 05/15/25 (Call 05/15/20)a		9,537		9,384,775
6.38%, 01/15/26 (Call 01/15/21)a,b		7,973		7,858,587
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (Call 06/01/19)a,b		8,054		8,104,338
5.75%, 10/01/25 (Call 04/01/20)b		8,946		9,045,524
Jones Energy Holdings LLC/Jones Energy Finance Corp.
6.75%, 04/01/22 (Call 04/02/18)		6,600		4,273,500
9.25%, 03/15/23 (Call 03/15/20)b		7,336		7,207,620
Jupiter Resources Inc.
8.50%, 10/01/22 (Call 04/02/18)a,b		18,109		8,601,775
MEG Energy Corp.
6.38%, 01/30/23 (Call 04/02/18)a,b		13,137		11,245,570
6.50%, 01/15/25 (Call 01/15/20)a,b		13,517		13,263,556
7.00%, 03/31/24 (Call 09/30/18)a,b		18,541		15,787,799
Murphy Oil Corp.
4.00%, 06/01/22 (Call 03/01/22)		8,138		7,945,853
4.45%, 12/01/22 (Call 09/01/22)a		10,334		10,199,658

Security	Principal (000s)		Value
5.75%, 08/15/25 (Call 08/15/20)a	$	9,900	$	9,853,470
6.88%, 08/15/24 (Call 08/15/19)a		9,193		9,645,337
Nabors Industries Inc.
4.63%, 09/15/21a		10,888		10,630,260
5.00%, 09/15/20a		11,053		11,081,696
5.50%, 01/15/23 (Call 11/15/22)a		9,247		9,162,477
5.75%, 02/01/25 (Call 11/01/24)a,b		15,054		14,367,161
Newfield Exploration Co.
5.38%, 01/01/26 (Call 10/01/25)a		12,468		12,868,223
5.63%, 07/01/24a		18,496		19,456,009
5.75%, 01/30/22a		11,463		12,075,829
Noble Holding International Ltd.
7.70%, 04/01/25 (Call 01/01/25)a		7,362		6,515,370
7.75%, 01/15/24 (Call 10/15/23)a		16,248		14,826,300
7.88%, 02/01/26 (Call 02/01/21)a,b		11,145		11,127,614
Oasis Petroleum Inc.
6.88%, 03/15/22 (Call 04/02/18)a		14,451		14,830,339
Parsley Energy LLC/Parsley Finance Corp.
5.25%, 08/15/25 (Call 08/15/20)b		8,700		8,569,500
5.38%, 01/15/25 (Call 01/15/20)a,b		11,577		11,488,688
5.63%, 10/15/27 (Call 10/15/22)a,b		12,062		11,984,900
6.25%, 06/01/24 (Call 06/01/19)a,b		5,606		5,806,032
PBF Holding Co. LLC/PBF Finance Corp.
7.00%, 11/15/23 (Call 11/15/18)		7,749		8,020,215
7.25%, 06/15/25 (Call 06/15/20)a		12,881		13,299,925

SCHEDULESOF INVESTMENTS 119

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
PDC Energy Inc.
5.75%, 05/15/26 (Call 05/15/21)a,b	$	11,015	$	10,901,545
6.13%, 09/15/24 (Call 09/15/19)a		6,077		6,213,733
Precision Drilling Corp.
5.25%, 11/15/24 (Call 05/15/19)a		8,145		7,742,501
7.13%, 01/15/26 (Call 11/15/20)b		6,074		6,115,759
Puma International Financing SA
5.00%, 01/24/26 (Call 01/24/21)b		4,825		4,712,417
5.13%, 10/06/24 (Call 10/06/20)b		12,725		12,849,705
QEP Resources Inc.
5.25%, 05/01/23 (Call 02/01/23)a		13,583		13,453,163
5.38%, 10/01/22 (Call 07/01/22)a		7,430		7,515,909
5.63%, 03/01/26 (Call 12/01/25)a		8,598		8,447,535
6.88%, 03/01/21a		333		354,090
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)a		13,998		13,387,708
5.00%, 08/15/22 (Call 05/15/22)		9,064		8,889,500
5.00%, 03/15/23 (Call 12/15/22)a		14,609		14,206,987
5.75%, 06/01/21 (Call 03/01/21)a		7,369		7,545,242
Rowan Companies Inc.
4.88%, 06/01/22 (Call 03/01/22)a		11,132		10,431,191
7.38%, 06/15/25 (Call 03/15/25)a		9,319		9,206,396
RSP Permian Inc.
5.25%, 01/15/25 (Call 01/15/20)a		8,242		8,293,512
6.63%, 10/01/22 (Call 04/03/18)		10,937		11,386,722

Security	Principal (000s)		Value
Sanchez Energy Corp.
6.13%, 01/15/23 (Call 07/15/18)a	$	21,125	$	16,028,594
7.25%, 02/15/23 (Call 02/15/20)b		8,000		8,090,635
7.75%, 06/15/21 (Call 04/02/18)a		11,833		11,263,537
Seven Generations Energy Ltd.
5.38%, 09/30/25 (Call 09/30/20)a,b		13,416		13,181,220
6.75%, 05/01/23 (Call 05/01/18)b		6,688		6,971,480
6.88%, 06/30/23 (Call 06/30/18)a,b		6,224		6,510,564
SM Energy Co.
5.00%, 01/15/24 (Call 07/15/18)a		9,475		8,966,508
5.63%, 06/01/25 (Call 06/01/20)a		9,663		9,194,344
6.13%, 11/15/22 (Call 11/15/18)a		8,631		8,703,202
6.75%, 09/15/26 (Call 09/15/21)a		8,339		8,361,286
Southwestern Energy Co.
4.10%, 03/15/22 (Call 12/15/21)a		16,826		15,776,712
6.70%, 01/23/25 (Call 10/23/24)		17,088		16,718,947
7.50%, 04/01/26 (Call 04/01/21)a		10,969		11,071,834
7.75%, 10/01/27 (Call 10/01/22)a		8,405		8,554,089
Sunoco LP/Sunoco Finance Corp.
4.88%, 01/15/23 (Call 01/15/20)b		13,560		13,461,676
5.50%, 02/15/26 (Call 02/15/21)b		12,605		12,593,577
5.88%, 03/15/28 (Call 03/15/23)b		8,171		8,174,972
Transocean Inc.
5.80%, 10/15/22 (Call 07/15/22)a		8,219		8,013,525

120 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
7.50%, 01/15/26 (Call 01/15/21)a,b	$	13,084	$	13,210,751
8.38%, 12/15/21a		321		349,890
9.00%, 07/15/23 (Call 07/15/20)b		21,885		23,476,221
Ultra Resources Inc.
6.88%, 04/15/22 (Call 04/15/19)a,b		11,214		10,176,705
7.13%, 04/15/25 (Call 04/15/20)a,b		11,146		9,699,342
Whiting Petroleum Corp.
5.75%, 03/15/21 (Call 12/15/20)a		13,242		13,573,050
6.25%, 04/01/23 (Call 01/01/23)a		7,668		7,811,775
6.63%, 01/15/26 (Call 10/15/25)b		19,052		19,375,884
WPX Energy Inc.
5.25%, 09/15/24 (Call 06/15/24)		12,293		12,300,013
6.00%, 01/15/22 (Call 10/15/21)		17,834		18,522,444
7.50%, 08/01/20 (Call 07/01/20)		418		448,590
8.25%, 08/01/23 (Call 06/01/23)		9,303		10,540,009
				1,422,216,265
OIL & GAS SERVICES — 0.66%
CGG SA
6.50%, 06/01/21a,e,f		6,202		3,318,070
6.88%, 01/15/22a,e,f		5,118		2,738,130
SESI LLC
7.13%, 12/15/21 (Call 04/02/18)a		12,072		12,309,442
7.75%, 09/15/24 (Call 09/15/20)a,b		8,067		8,385,554
Transocean Phoenix 2 Ltd.
7.75%, 10/15/24 (Call 10/15/20)a,b		7,788		8,386,379
Transocean Proteus Ltd.
6.25%, 12/01/24 (Call 12/01/20)a,b		7,746		7,946,155

Security	Principal (000s)		Value
Weatherford International LLC
9.88%, 03/01/25 (Call 12/01/24)b	$	10,395	$	10,291,050
Weatherford International Ltd.
4.50%, 04/15/22 (Call 01/15/22)a		9,650		8,468,803
7.75%, 06/15/21 (Call 05/15/21)a		12,962		12,962,000
8.25%, 06/15/23 (Call 03/15/23)a		12,928		12,477,048
9.88%, 02/15/24 (Call 11/15/23)a		12,892		12,847,431
				100,130,062
PACKAGING & CONTAINERS — 2.82%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.25%, 09/15/22 (Call 03/15/19)a,b		11,619		11,577,992
4.63%, 05/15/23 (Call 05/15/19)a,b		17,617		17,592,882
6.00%, 06/30/21 (Call 03/12/18)b		6,344		6,472,100
6.00%, 02/15/25 (Call 02/15/20)a,b		29,516		30,239,142
7.25%, 05/15/24 (Call 05/15/19)a,b		25,673		27,566,384
Ball Corp.
4.00%, 11/15/23a		15,986		15,819,004
4.38%, 12/15/20a		16,061		16,373,436
5.00%, 03/15/22a		12,309		12,760,776
5.25%, 07/01/25a		18,663		19,578,683
Berry Global Inc.
4.50%, 02/15/26 (Call 02/15/21)b		10,951		10,649,847
5.13%, 07/15/23 (Call 07/15/18)a		12,501		12,745,825
5.50%, 05/15/22 (Call 04/02/18)a		7,590		7,789,238
6.00%, 10/15/22 (Call 10/15/18)		5,319		5,529,386
BWAY Holding Co.
5.50%, 04/15/24 (Call 04/15/20)a,b		26,254		26,844,715

SCHEDULESOF INVESTMENTS 121

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
7.25%, 04/15/25 (Call 04/15/20)a,b	$	22,218	$	22,876,208
Crown Americas LLC/Crown Americas Capital Corp. IV
4.50%, 01/15/23a		19,799		19,957,392
Crown Americas LLC/Crown Americas Capital Corp. V
4.25%, 09/30/26 (Call 03/31/26)a		7,754		7,329,911
Crown Americas LLC/Crown Americas Capital Corp. VI
4.75%, 02/01/26 (Call 02/01/21)b		2,300		2,265,822
Owens-Brockway Glass Container Inc.
5.00%, 01/15/22a,b		7,361		7,508,220
5.88%, 08/15/23b		14,131		14,688,211
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.13%, 07/15/23 (Call 07/15/19)a,b		28,251		28,780,706
5.75%, 10/15/20 (Call 04/03/18)a		52,244		52,889,573
6.88%, 02/15/21 (Call 04/02/18)a		3,987		4,036,525
7.00%, 07/15/24 (Call 07/15/19)a,b		12,933		13,628,149
Sealed Air Corp.
4.88%, 12/01/22 (Call 09/01/22)a,b		6,168		6,340,870
5.13%, 12/01/24 (Call 09/01/24)a,b		7,510		7,735,300
5.25%, 04/01/23 (Call 01/01/23)a,b		6,482		6,660,255
5.50%, 09/15/25 (Call 06/15/25)a,b		7,380		7,716,293
6.50%, 12/01/20 (Call 09/01/20)a,b		6,180		6,579,125
				430,531,970

Security	Principal (000s)		Value
PHARMACEUTICALS — 2.44%
Endo Dac/Endo Finance LLC/Endo Finco Inc.
6.00%, 07/15/23 (Call 07/15/18)b	$	26,702	$	20,026,500
6.00%, 02/01/25 (Call 02/01/20)a,b		21,295		15,279,163
Endo Finance LLC
5.75%, 01/15/22 (Call 04/02/18)a,b		11,565		9,454,388
Endo Finance LLC/Endo Finco Inc.
5.38%, 01/15/23 (Call 04/02/18)a,b		12,442		9,318,644
Valeant Pharmaceuticals International Inc.
5.38%, 03/15/20 (Call 04/02/18)b		27,359		27,290,602
5.50%, 03/01/23 (Call 04/02/18)b		15,595		13,821,069
5.50%, 11/01/25 (Call 11/01/20)b		28,509		28,153,615
5.63%, 12/01/21 (Call 04/02/18)a,b		15,277		14,448,701
5.88%, 05/15/23 (Call 05/15/18)b		56,596		50,370,440
6.13%, 04/15/25 (Call 04/15/20)a,b		56,434		49,661,920
6.50%, 03/15/22 (Call 03/15/19)b		20,426		21,319,638
6.75%, 08/15/21 (Call 04/02/18)b		11,323		11,066,210
7.00%, 03/15/24 (Call 03/15/20)a,b		35,176		37,154,650
7.25%, 07/15/22 (Call 04/02/18)b		11,653		11,333,175
7.50%, 07/15/21 (Call 04/02/18)a,b		26,887		26,996,992
9.00%, 12/15/25 (Call 12/15/21)a,b		26,594		26,774,610
				372,470,317

122 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
PIPELINES — 3.10%
Andeavor Logistics LP/Tesoro Logistics Finance Corp.
5.25%, 01/15/25 (Call 01/15/21)	$	573	$	588,070
5.50%, 10/15/19 (Call 09/15/19)		368		379,518
6.25%, 10/15/22 (Call 10/15/18)a		145		151,887
Buckeye Partners LP
(3 mo. LIBOR US + 2.084%)
6.38%, 01/22/78 (Call 01/22/23)d		6,966		6,943,923
Cheniere Corpus Christi Holdings LLC
5.13%, 06/30/27 (Call 01/01/27)a		25,131		25,367,528
5.88%, 03/31/25 (Call 10/02/24)		25,623		27,061,245
7.00%, 06/30/24 (Call 01/01/24)a		22,678		25,399,360
Cheniere Energy Partners LP
5.25%, 10/01/25 (Call 10/01/20)a,b		26,605		26,871,050
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.75%, 04/01/25 (Call 04/01/20)a		8,323		8,424,957
6.25%, 04/01/23 (Call 04/02/18)a		10,550		10,870,621
DCP Midstream Operating LP
3.88%, 03/15/23 (Call 12/15/22)		11,545		11,254,932
4.75%, 09/30/21 (Call 06/30/21)a,b		9,420		9,578,056
5.35%, 03/15/20a,b		9,480		9,711,312
(3 mo. LIBOR US + 3.850%)
5.85%, 05/21/43 (Call 05/21/23)b,d		8,369		7,908,705
Energy Transfer Equity LP
4.25%, 03/15/23 (Call 12/15/22)a		16,340		16,033,625

Security	Principal (000s)		Value
5.50%, 06/01/27 (Call 03/01/27)a	$	16,459	$	16,964,140
5.88%, 01/15/24 (Call 10/15/23)a		19,726		20,796,135
7.50%, 10/15/20		19,548		21,144,900
Genesis Energy LP/Genesis Energy Finance Corp.
6.00%, 05/15/23 (Call 05/15/18)		6,274		6,266,157
6.25%, 05/15/26 (Call 02/15/21)a		7,839		7,582,092
6.50%, 10/01/25 (Call 10/01/20)a		8,635		8,591,054
6.75%, 08/01/22 (Call 08/01/18)		11,139		11,431,399
NGPL PipeCo LLC
4.38%, 08/15/22 (Call 05/15/22)a,b		10,886		10,914,349
4.88%, 08/15/27 (Call 02/15/27)a,b		11,640		11,756,400
NuStar Logistics LP
4.80%, 09/01/20		6,856		6,881,710
5.63%, 04/28/27 (Call 01/28/27)a		9,901		9,814,366
Rockies Express Pipeline LLC
5.63%, 04/15/20a,b		19,217		19,961,659
6.00%, 01/15/19a,b		177		181,425
SemGroup Corp./Rose Rock Finance Corp.
5.63%, 07/15/22 (Call 03/16/18)a		5,836		5,773,712
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 09/15/24 (Call 09/15/19)a,b		11,809		12,207,318
5.50%, 01/15/28 (Call 01/15/23)b		13,164		13,216,656
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.13%, 11/15/19 (Call 04/02/18)		10,847		10,894,908

SCHEDULESOF INVESTMENTS 123

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
4.25%, 11/15/23 (Call 05/15/18)	$	9,552	$	9,315,759
5.00%, 01/15/28 (Call 01/15/23)a,b		13,108		12,731,145
5.13%, 02/01/25 (Call 02/01/20)a		7,275		7,228,882
5.25%, 05/01/23 (Call 04/02/18)		8,918		9,068,536
5.38%, 02/01/27 (Call 02/01/22)a		8,031		8,050,249
6.75%, 03/15/24 (Call 09/15/19)a		9,122		9,671,854
Williams Companies Inc. (The)
3.70%, 01/15/23 (Call 10/15/22)		15,485		15,020,286
4.55%, 06/24/24 (Call 03/24/24)a		20,702		20,810,087
				472,819,967
REAL ESTATE — 0.30%
Howard Hughes Corp. (The)
5.38%, 03/15/25 (Call 03/15/20)a,b		18,159		17,863,916
Kennedy-Wilson Inc.
5.88%, 04/01/24b		2,810		2,771,363
Realogy Group LLC/Realogy Co-Issuer Corp.
4.50%, 04/15/19b		6,196		6,288,940
4.88%, 06/01/23 (Call 03/01/23)a,b		9,828		9,491,279
5.25%, 12/01/21 (Call 04/02/18)a,b		9,500		9,618,750
				46,034,248
REAL ESTATE INVESTMENT TRUSTS — 2.59%
CyrusOne LP/CyrusOne Finance Corp.
5.00%, 03/15/24 (Call 03/15/20)		11,617		11,718,649
5.38%, 03/15/27 (Call 03/15/22)		10,105		10,154,959
Equinix Inc.
5.38%, 01/01/22 (Call 04/02/18)a		12,038		12,489,425

Security	Principal (000s)		Value
5.38%, 04/01/23 (Call 04/02/18)	$	16,598	$	17,009,924
5.38%, 05/15/27 (Call 05/15/22)a		22,577		23,056,761
5.75%, 01/01/25 (Call 01/01/20)a		8,315		8,686,947
5.88%, 01/15/26 (Call 01/15/21)a		19,473		20,397,967
ESH Hospitality Inc.
5.25%, 05/01/25 (Call 05/01/20)a,b		24,150		24,089,625
Felcor Lodging LP
5.63%, 03/01/23 (Call 03/09/18)		346		352,488
6.00%, 06/01/25 (Call 06/01/20)		152		155,610
Iron Mountain Inc.
4.38%, 06/01/21 (Call 06/01/18)a,b		7,745		7,791,646
4.88%, 09/15/27 (Call 09/15/22)b		17,639		16,624,757
5.25%, 03/15/28 (Call 12/27/22)a,b		14,243		13,572,826
5.75%, 08/15/24 (Call 04/02/18)a		15,496		15,422,042
6.00%, 08/15/23 (Call 08/15/18)a		9,246		9,604,283
iStar Inc.
4.63%, 09/15/20 (Call 06/15/20)a		5,891		5,902,782
5.00%, 07/01/19 (Call 04/02/18)a		10,765		10,762,309
5.25%, 09/15/22 (Call 09/15/19)a		8,373		8,190,887
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.
4.50%, 09/01/26 (Call 06/01/26)a		8,068		7,725,110
5.63%, 05/01/24 (Call 02/01/24)a		19,937		20,607,382

124 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27 (Call 10/15/22)a	$	23,811	$	23,104,787
5.25%, 08/01/26 (Call 08/01/21)a		8,156		8,074,440
6.38%, 03/01/24 (Call 03/01/19)a		7,522		7,902,801
SBA Communications Corp.
4.00%, 10/01/22 (Call 10/01/19)a,b		14,659		14,326,883
4.88%, 07/15/22 (Call 04/02/18)a		12,762		12,914,688
4.88%, 09/01/24 (Call 09/01/19)a		19,900		19,601,500
Starwood Property Trust Inc.
3.63%, 02/01/21 (Call 11/01/20)b		7,511		7,445,279
4.75%, 03/15/25 (Call 09/15/24)a,b		10,097		9,740,163
5.00%, 12/15/21 (Call 09/15/21)a		10,921		11,140,195
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
7.13%, 12/15/24 (Call 12/15/19)b		9,435		8,456,119
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
6.00%, 04/15/23 (Call 04/15/18)a,b		9,211		8,911,643
8.25%, 10/15/23 (Call 04/15/19)a		20,793		19,441,455
				395,376,332
RETAIL — 3.73%
1011778 BC ULC/New Red Finance Inc.
4.25%, 05/15/24 (Call 05/15/20)a,b		28,593		27,383,753
4.63%, 01/15/22 (Call 04/02/18)b		21,236		21,364,302
5.00%, 10/15/25 (Call 10/15/20)b		50,027		48,784,665

Security	Principal (000s)		Value
Beacon Escrow Corp.
4.88%, 11/01/25 (Call 11/01/20)b	$	21,695	$	21,155,337
Claire’s Stores Inc.
9.00%, 03/15/19 (Call 04/02/18)a,b		17,628		12,119,250
Dollar Tree Inc.
5.25%, 03/01/20 (Call 03/01/18)		12,065		12,214,808
5.75%, 03/01/23 (Call 04/02/18)a		41,017		42,570,215
Ferrellgas LP/Ferrellgas Finance Corp.
6.50%, 05/01/21 (Call 04/02/18)a		7,962		7,535,148
6.75%, 01/15/22 (Call 04/02/18)a		7,113		6,612,665
6.75%, 06/15/23 (Call 06/15/19)a		8,200		7,482,500
Golden Nugget Inc.
6.75%, 10/15/24 (Call 10/15/19)a,b		23,233		23,784,784
8.75%, 10/01/25 (Call 10/01/20)b		10,568		11,098,601
JC Penney Corp. Inc.
5.65%, 06/01/20a		5,625		5,593,359
5.88%, 07/01/23 (Call 07/01/19)a,b		10,307		9,852,461
8.13%, 10/01/19		67		70,266
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.75%, 06/01/27 (Call 06/01/22)a,b		12,201		11,892,519
5.00%, 06/01/24 (Call 06/01/19)a,b		17,119		17,262,207
5.25%, 06/01/26 (Call 06/01/21)a,b		17,457		17,633,249
L Brands Inc.
5.25%, 02/01/28		9,101		8,743,054
5.63%, 02/15/22a		15,984		16,642,141
5.63%, 10/15/23a		8,531		8,943,687
6.63%, 04/01/21a		16,139		17,243,553
7.00%, 05/01/20		6,716		7,163,734

SCHEDULESOF INVESTMENTS 125

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/21 (Call 04/02/18)a,b	$	15,308	$	9,261,340
Penske Automotive Group Inc.
5.50%, 05/15/26 (Call 05/15/21)a		7,495		7,457,525
5.75%, 10/01/22 (Call 04/02/18)a		8,524		8,745,091
PetSmart Inc.
5.88%, 06/01/25 (Call 06/01/20)a,b		24,215		18,778,733
7.13%, 03/15/23 (Call 04/02/18)a,b		30,660		19,542,684
8.88%, 06/01/25 (Call 06/01/20)a,b		12,901		8,208,261
QVC Inc.
3.13%, 04/01/19a		5,310		5,307,835
4.38%, 03/15/23a		13,071		13,046,270
4.45%, 02/15/25 (Call 11/15/24)a		12,308		12,174,826
4.85%, 04/01/24a		10,523		10,658,728
5.13%, 07/02/22a		8,473		8,761,018
Rite Aid Corp.
6.13%, 04/01/23 (Call 04/02/18)a,b		31,001		31,233,508
6.75%, 06/15/21 (Call 04/02/18)a		13,702		13,982,549
9.25%, 03/15/20 (Call 04/02/18)a		13,968		14,125,140
Staples Inc.
8.50%, 09/15/25 (Call 09/15/20)a,b		18,435		17,697,600
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24 (Call 06/01/19)a		7,927		7,728,825
				569,856,191
SEMICONDUCTORS — 1.09%
Micron Technology Inc.
5.25%, 01/15/24 (Call 05/01/18)b		8,269		8,489,753
5.50%, 02/01/25 (Call 08/01/19)		7,092		7,352,308

Security	Principal (000s)		Value
5.63%, 01/15/26 (Call 05/01/20)b	$	362	$	374,670
NXP BV/NXP Funding LLC
3.75%, 06/01/18b		400		400,250
3.88%, 09/01/22a,b		18,318		18,316,855
4.13%, 06/15/20a,b		9,966		10,135,847
4.13%, 06/01/21a,b		20,940		21,264,570
4.63%, 06/15/22a,b		6,551		6,735,701
4.63%, 06/01/23a,b		15,305		15,756,077
5.75%, 03/15/23 (Call 04/02/18)a,b		7,377		7,595,795
Qorvo Inc.
6.75%, 12/01/23 (Call 12/01/18)a		7,771		8,263,973
7.00%, 12/01/25 (Call 12/01/20)a		9,308		10,122,450
Sensata Technologies BV
4.88%, 10/15/23a,b		11,489		11,675,696
5.00%, 10/01/25a,b		15,403		15,528,149
5.63%, 11/01/24a,b		7,833		8,373,869
Sensata Technologies UK Financing Co. PLC
6.25%, 02/15/26 (Call 02/15/21)a,b		15,813		16,783,743
				167,169,706
SHIPBUILDING — 0.01%
Huntington Ingalls Industries Inc.
5.00%, 11/15/25 (Call 11/15/20)a,b		1,260		1,336,381
				1,336,381
SOFTWARE — 3.02%
BMC Software Finance Inc.
8.13%, 07/15/21 (Call 04/02/18)b		32,817		32,908,366
CDK Global Inc.
4.88%, 06/01/27 (Call 06/01/22)b		10,269		10,188,902
5.00%, 10/15/24 (Call 07/15/24)a		7,332		7,423,650

126 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
Change Healthcare Holdings LLC/Change Healthcare Finance Inc.
5.75%, 03/01/25 (Call 03/01/20)a,b	$	17,927	$	17,882,182
First Data Corp.
5.00%, 01/15/24 (Call 01/15/19)a,b		34,456		34,734,167
5.38%, 08/15/23 (Call 08/15/18)a,b		21,819		22,282,654
5.75%, 01/15/24 (Call 01/15/19)a,b		39,653		40,446,060
7.00%, 12/01/23 (Call 12/01/18)a,b		56,137		59,084,192
Infor U.S. Inc.
5.75%, 08/15/20 (Call 03/16/18)a,b		7,459		7,628,900
6.50%, 05/15/22 (Call 05/15/18)a		30,024		30,702,542
MSCI Inc.
4.75%, 08/01/26 (Call 08/01/21)a,b		9,025		8,974,234
5.25%, 11/15/24 (Call 11/15/19)a,b		13,347		13,636,057
5.75%, 08/15/25 (Call 08/15/20)a,b		14,554		15,245,315
Nuance Communications Inc.
5.38%, 08/15/20 (Call 04/02/18)a,b		6,200		6,251,150
5.63%, 12/15/26 (Call 12/15/21)		9,186		9,298,992
Open Text Corp.
5.63%, 01/15/23 (Call 04/02/18)a,b		12,674		13,174,623
5.88%, 06/01/26 (Call 06/01/21)a,b		17,050		17,668,063
Quintiles IMS Inc.
4.88%, 05/15/23 (Call 05/15/18)b		12,071		12,327,173
5.00%, 10/15/26 (Call 10/15/21)b		19,021		19,062,276
Rackspace Hosting Inc.
8.63%, 11/15/24 (Call 11/15/19)a,b		22,395		23,322,377

Security	Principal (000s)		Value
Solera LLC/Solera Finance Inc.
10.50%, 03/01/24 (Call 03/01/19)b	$	33,400	$	37,626,770
Veritas U.S. Inc./Veritas Bermuda Ltd.
7.50%, 02/01/23 (Call 02/01/19)a,b		7,521		7,590,795
10.50%, 02/01/24 (Call 02/01/19)a,b		13,700		13,083,500
				460,542,940
TELECOMMUNICATIONS — 9.42%
Anixter Inc.
5.13%, 10/01/21a		6,318		6,491,745
C&W Senior Financing DAC
6.88%, 09/15/27 (Call 09/15/22)b		12,235		12,647,931
CenturyLink Inc.
5.63%, 04/01/25 (Call 01/01/25)a		10,090		9,149,243
5.80%, 03/15/22a		24,422		24,052,278
6.45%, 06/15/21a		21,257		21,765,584
Series V 5.63%, 04/01/20		18,182		18,445,374
Series W 6.75%, 12/01/23a		11,944		11,752,625
Series Y
7.50%, 04/01/24 (Call 01/01/24)a		17,091		17,210,282
CommScope Inc.
5.00%, 06/15/21 (Call 04/02/18)a,b		9,634		9,790,553
5.50%, 06/15/24 (Call 06/15/19)b		11,476		11,690,288
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/22)a,b		13,099		12,786,534
6.00%, 06/15/25 (Call 06/15/20)a,b		24,881		25,737,698
Frontier Communications Corp.
6.25%, 09/15/21 (Call 06/15/21)a		12,073		10,322,415
6.88%, 01/15/25 (Call 10/15/24)a		13,594		8,296,338

SCHEDULESOF INVESTMENTS 127

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
7.13%, 03/15/19	$	5,993	$	6,082,895
7.13%, 01/15/23a		16,761		11,162,028
7.63%, 04/15/24a		12,287		7,787,695
8.13%, 10/01/18		6,968		7,077,964
8.50%, 04/15/20		10,531		10,308,413
8.75%, 04/15/22		8,138		6,408,675
8.88%, 09/15/20 (Call 06/15/20)a		345		344,244
9.25%, 07/01/21		8,880		8,192,910
10.50%, 09/15/22 (Call 06/15/22)a		38,630		32,997,607
11.00%, 09/15/25 (Call 06/15/25)a		62,620		48,608,775
Hughes Satellite Systems Corp.
5.25%, 08/01/26a		13,736		13,432,664
6.50%, 06/15/19a		15,148		15,667,661
6.63%, 08/01/26a		14,394		14,789,835
7.63%, 06/15/21a		14,398		15,500,989
Inmarsat Finance PLC
4.88%, 05/15/22 (Call 04/02/18)a,b		16,705		16,542,961
6.50%, 10/01/24 (Call 10/01/19)a,b		6,510		6,660,544
Intelsat Jackson Holdings SA
5.50%, 08/01/23 (Call 08/01/18)a		34,942		28,907,227
7.25%, 10/15/20 (Call 04/02/18)		38,259		35,593,744
7.50%, 04/01/21 (Call 04/02/18)		18,808		17,134,218
8.00%, 02/15/24 (Call 02/15/19)a,b		22,520		23,646,000
9.50%, 09/30/22b		8,132		9,311,140
9.75%, 07/15/25 (Call 07/15/21)b		26,493		25,084,614
Intelsat Luxembourg SA
7.75%, 06/01/21 (Call 04/03/18)		31,784		17,957,960
8.13%, 06/01/23 (Call 06/01/18)		16,526		8,717,465
Koninklijke KPN NV
(10 year USD Swap + 5.330%)
7.00%, 03/28/73 (Call 03/28/23)a,b,d		11,447		12,690,635

Security	Principal (000s)		Value
Level 3 Financing Inc.
5.13%, 05/01/23 (Call 05/01/18)	$	12,388	$	12,357,030
5.25%, 03/15/26 (Call 03/15/21)a		13,426		12,862,854
5.38%, 08/15/22 (Call 04/02/18)		16,923		17,090,115
5.38%, 01/15/24 (Call 01/15/19)a		14,282		14,204,215
5.38%, 05/01/25 (Call 05/01/20)a		14,067		13,984,133
5.63%, 02/01/23 (Call 04/02/18)a		10,389		10,505,876
6.13%, 01/15/21 (Call 04/02/18)		9,707		9,858,672
Level 3 Parent LLC
5.75%, 12/01/22 (Call 04/02/18)a		424		427,127
Nokia OYJ
3.38%, 06/12/22		11,136		10,842,566
4.38%, 06/12/27a		9,697		9,330,211
5.38%, 05/15/19		5,754		5,901,206
Qwest Corp.
6.75%, 12/01/21		7,467		7,967,523
SoftBank Group Corp.
4.50%, 04/15/20a,b		43,485		43,919,850
Sprint Communications Inc.
6.00%, 11/15/22		40,241		39,670,487
7.00%, 03/01/20a,b		17,510		18,540,901
7.00%, 08/15/20		24,633		25,731,220
11.50%, 11/15/21		16,177		19,092,537
Sprint Corp.
7.13%, 06/15/24a		42,074		41,783,689
7.25%, 09/15/21a		38,190		39,846,713
7.63%, 02/15/25 (Call 11/15/24)a		26,070		26,101,821
7.63%, 03/01/26 (Call 11/01/25)		27,376		27,341,780
7.88%, 09/15/23a		71,814		74,143,230
T-Mobile USA Inc.
4.00%, 04/15/22 (Call 03/16/22)		8,540		8,550,675
4.50%, 02/01/26 (Call 02/01/21)		16,802		16,441,726

128 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
4.75%, 02/01/28 (Call 02/01/23)a	$	28,949	$	28,169,852
5.13%, 04/15/25 (Call 04/15/20)		9,018		9,103,349
5.38%, 04/15/27 (Call 04/15/22)		8,998		9,204,472
6.00%, 03/01/23 (Call 09/01/18)a		20,600		21,347,741
6.00%, 04/15/24 (Call 04/15/19)		17,646		18,379,412
6.38%, 03/01/25 (Call 09/01/19)a		28,104		29,613,623
6.50%, 01/15/24 (Call 01/15/19)a		15,396		16,150,997
6.50%, 01/15/26 (Call 01/15/21)a		34,014		36,468,392
6.63%, 04/01/23 (Call 04/01/18)a		29,543		30,588,822
6.84%, 04/28/23 (Call 04/28/18)		8,668		9,029,889
Telecom Italia Capital SA
7.18%, 06/18/19a		13,133		13,760,757
Telecom Italia SpA/Milano
5.30%, 05/30/24a,b		25,696		26,663,454
Telefonaktiebolaget LM Ericsson
4.13%, 05/15/22a		15,961		15,802,469
Wind Tre SpA
5.00%, 01/20/26 (Call 11/03/20)a,b		35,884		30,949,950
Windstream Services LLC/Windstream Finance Corp.
6.38%, 08/01/23 (Call 04/02/18)a		7,540		4,335,500
6.38%, 08/01/23 (Call 04/02/18)a,b		412		236,900
7.75%, 10/15/20 (Call 04/02/18)a		8,743		7,455,836
8.63%, 10/31/25 (Call 10/31/20)a,b		10,199		9,536,065
8.75%, 12/15/24 (Call 12/15/22)a,b		22,246		14,237,440
				1,438,278,828

Security	Principal or Shares (000s)		Value
TOYS, GAMES & HOBBIES — 0.13%
Mattel Inc.
6.75%, 12/31/25 (Call 12/31/20)a,b	$	18,847	$	19,176,823
				19,176,823
TRANSPORTATION — 0.32%
Navios Maritime Holdings Inc./Navios Maritime Finance II U.S. Inc.
7.38%, 01/15/22 (Call 04/02/18)a,b		13,278		10,879,661
XPO Logistics Inc.
6.13%, 09/01/23 (Call 09/01/19)a,b		10,818		11,241,706
6.50%, 06/15/22 (Call 06/15/18)b		25,919		26,923,361
				49,044,728
TRUCKING & LEASING — 0.45%
Park Aerospace Holdings Ltd.
4.50%, 03/15/23 (Call 02/15/23)a,b		15,096		14,567,640
5.25%, 08/15/22a,b		31,229		31,307,072
5.50%, 02/15/24a,b		23,020		23,135,100
				69,009,812
TOTAL CORPORATE BONDS & NOTES
(Cost: $15,509,332,324)				14,875,312,256
SHORT-TERM INVESTMENTS — 24.37%
MONEY MARKET FUNDS — 24.37%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%g,h,i		3,511,252		3,511,603,089
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%g,h		210,259		210,258,882
				3,721,861,971
TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,721,516,722)				3,721,861,971

SCHEDULESOF INVESTMENTS 129

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

	Value
TOTAL INVESTMENTS IN SECURITIES — 121.78%
(Cost: $19,230,849,046)	$	18,597,174,227
Other Assets, Less Liabilities — (21.78)%		(3,325,719,294	)
NET ASSETS — 100.00%	$	15,271,454,933

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

^b  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c  Security is perpetual in nature with no stated maturity date.

^d  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^e  Issuer is in default of interest payments.

^f  CGG, as part of the implementation of its financial restructuring plan, issued on February 21, 2018 second lien secured senior notes in exchange for part of the accrued interest claim under the senior notes held by the Fund. CGG also issued warrants in favor of the subscribers to the second lien notes. The holdings of CGG disclosed in the schedule of investments represents the pre-restructure senior notes.

^g  Affiliate of the Fund.

^h  Annualized 7-day yield as of period end.

ⁱ  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the year ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 02/28/17 (000s)		Shares purchased (000s)			Shares sold (000s)			Shares held at 02/28/18 (000s)		Value at 02/28/18		Income			Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		4,921,986		—			(1,410,734	)b		3,511,252	$	3,511,603,089	$	26,256,146	c	$	158,098	$	(1,286,322	)
BlackRock Cash Funds: Treasury, SL Agency Shares		196,104		14,155	b		—			210,259		210,258,882		1,695,537			—		—
											$	3,721,861,971	$	27,951,683		$	158,098	$	(1,286,322	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

130 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ HIGH YIELD CORPORATE BOND ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate bonds & notes	$	—	$	14,875,312,256	$	—	$	14,875,312,256
Money market funds		3,721,861,971		—		—		3,721,861,971
Total	$	3,721,861,971	$	14,875,312,256	$	—	$	18,597,174,227

See notes to financial statements.

SCHEDULESOF INVESTMENTS 131

Schedule of Investments

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 99.08%
ADVERTISING — 0.20%
Omnicom Group Inc.
3.60%, 04/15/26 (Call 01/15/26)	$	20,367	$	19,880,251
3.63%, 05/01/22a		14,977		15,148,246
3.65%, 11/01/24 (Call 08/01/24)		9,417		9,368,973
WPP Finance 2010
3.75%, 09/19/24		11,899		11,886,608
4.75%, 11/21/21		7,970		8,386,298
				64,670,376
AEROSPACE & DEFENSE — 1.43%
General Dynamics Corp.
2.25%, 11/15/22 (Call 08/15/22)a		7,283		7,026,764
Lockheed Martin Corp.
2.90%, 03/01/25 (Call 12/01/24)		4,254		4,092,944
3.35%, 09/15/21a		15,873		16,033,686
3.55%, 01/15/26 (Call 10/15/25)a		27,124		27,123,873
3.80%, 03/01/45 (Call 09/01/44)a		17,325		16,327,690
4.07%, 12/15/42a		15,574		15,341,043
4.09%, 09/15/52 (Call 03/15/52)a		11,539		11,198,294
4.70%, 05/15/46 (Call 11/15/45)		18,656		20,211,403
Northrop Grumman Corp.
2.55%, 10/15/22 (Call 09/15/22)		19,999		19,340,339
2.93%, 01/15/25 (Call 11/15/24)a		13,140		12,603,977
3.20%, 02/01/27 (Call 11/01/26)a		8,613		8,264,481
3.25%, 08/01/23a		16,379		16,275,270
3.25%, 01/15/28 (Call 10/15/27)		23,654		22,591,209
4.03%, 10/15/47 (Call 04/15/47)a		23,507		22,601,778
4.75%, 06/01/43a		10,666		11,420,359

Security	Principal (000s)		Value
Raytheon Co.
2.50%, 12/15/22 (Call 09/15/22)a	$	8,310	$	8,110,056
Rockwell Collins Inc.
2.80%, 03/15/22 (Call 02/15/22)a		14,798		14,447,601
3.20%, 03/15/24 (Call 01/15/24)		13,371		13,091,346
3.50%, 03/15/27 (Call 12/15/26)a		22,930		22,279,237
4.35%, 04/15/47 (Call 10/15/46)		9,318		9,315,933
United Technologies Corp.
1.95%, 11/01/21 (Call 10/01/21)a		6,018		5,785,383
2.65%, 11/01/26 (Call 08/01/26)a		16,025		14,787,290
2.80%, 05/04/24 (Call 03/04/24)a		8,292		7,940,840
3.10%, 06/01/22a		30,589		30,484,116
3.13%, 05/04/27 (Call 02/04/27)		16,749		15,887,983
3.75%, 11/01/46 (Call 05/01/46)		11,660		10,650,723
4.15%, 05/15/45 (Call 11/16/44)		9,618		9,383,128
4.50%, 06/01/42a		43,519		44,659,320
5.70%, 04/15/40a		13,387		15,901,938
6.13%, 07/15/38		11,560		14,301,474
				467,479,478
AGRICULTURE — 1.51%
Altria Group Inc.
2.63%, 09/16/26 (Call 06/16/26)a		235		217,291
2.85%, 08/09/22a		29,243		28,731,019
3.88%, 09/16/46 (Call 03/16/46)a		14,001		12,932,575
4.00%, 01/31/24		20,587		21,172,494
4.25%, 08/09/42a		8,559		8,411,789
4.75%, 05/05/21a		10,492		11,048,575
5.38%, 01/31/44		22,902		26,157,036
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)a		7,032		6,441,994

132 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
BAT Capital Corp.
2.76%, 08/15/22 (Call 07/15/22)b	$	25,274	$	24,558,953
3.22%, 08/15/24 (Call 06/15/24)b		34,219		33,043,454
3.56%, 08/15/27 (Call 05/15/27)b		43,803		41,859,430
4.39%, 08/15/37 (Call 02/15/37)a,b		34,994		34,583,128
4.54%, 08/15/47 (Call 02/15/47)a,b		28,720		27,935,327
Philip Morris International Inc.
1.88%, 02/25/21 (Call 01/25/21)a		2,386		2,310,201
2.38%, 08/17/22 (Call 07/17/22)a		11,731		11,307,200
2.50%, 08/22/22a		8,479		8,215,523
2.50%, 11/02/22 (Call 10/02/22)		899		868,880
2.75%, 02/25/26 (Call 11/25/25)a		5,221		4,927,020
2.90%, 11/15/21a		7,367		7,317,027
3.25%, 11/10/24		13,450		13,237,034
3.38%, 08/11/25 (Call 05/11/25)		13,080		12,874,194
3.88%, 08/21/42a		13,961		13,099,382
4.13%, 03/04/43		9,626		9,334,249
4.25%, 11/10/44a		16,988		16,919,228
4.38%, 11/15/41a		9,854		9,932,251
4.88%, 11/15/43a		7,936		8,555,455
6.38%, 05/16/38		17,671		22,767,230
Reynolds American Inc.
4.00%, 06/12/22a		5,633		5,753,572
4.45%, 06/12/25 (Call 03/12/25)		32,857		33,890,041
5.70%, 08/15/35 (Call 02/15/35)a		5,309		6,041,499
5.85%, 08/15/45 (Call 02/15/45)		25,115		29,144,350
				493,587,401
APPAREL — 0.07%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)a		11,772		10,883,779

Security	Principal (000s)		Value
3.88%, 11/01/45 (Call 05/01/45)a	$	11,091	$	10,890,357
				21,774,136
AUTO MANUFACTURERS — 2.17%
American Honda Finance Corp.
1.70%, 09/09/21a		7,176		6,870,399
Daimler Finance North America LLC
8.50%, 01/18/31a		17,849		25,939,331
Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)a		18,780		18,476,694
4.75%, 01/15/43a		27,812		25,600,248
5.29%, 12/08/46 (Call 06/08/46)a		17,714		17,383,173
7.45%, 07/16/31a		18,467		22,529,576
Ford Motor Credit Co. LLC
3.10%, 05/04/23a		10,726		10,318,934
3.20%, 01/15/21a		11,563		11,478,503
3.22%, 01/09/22a		20,381		20,055,601
3.34%, 03/18/21		22,683		22,569,020
3.34%, 03/28/22 (Call 02/28/22)		3,097		3,050,515
3.66%, 09/08/24a		20,874		20,215,160
3.81%, 01/09/24 (Call 11/09/23)a		8,992		8,857,126
3.82%, 11/02/27 (Call 08/02/27)a		10,996		10,289,964
4.13%, 08/04/25a		7,272		7,140,735
4.25%, 09/20/22a		18,025		18,342,474
4.38%, 08/06/23a		13,760		14,020,126
4.39%, 01/08/26a		12,235		12,152,906
5.75%, 02/01/21a		17,248		18,305,906
5.88%, 08/02/21a		23,658		25,364,321
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)		5,007		4,921,626
4.88%, 10/02/23a		21,516		22,526,919
5.00%, 04/01/35		13,556		13,509,956
5.15%, 04/01/38 (Call 10/01/37)		7,389		7,386,164
5.20%, 04/01/45a		17,173		16,902,354
5.40%, 04/01/48 (Call 10/01/47)a		8,659		8,757,894

SCHEDULESOF INVESTMENTS 133

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
6.25%, 10/02/43	$	25,589	$	28,811,251
6.60%, 04/01/36 (Call 10/01/35)		11,996		13,915,806
6.75%, 04/01/46 (Call 10/01/45)		11,570		13,610,040
General Motors Financial Co. Inc.
3.15%, 06/30/22 (Call 05/30/22)a		12,062		11,790,183
3.20%, 07/06/21 (Call 06/06/21)a		22,456		22,284,198
3.45%, 01/14/22 (Call 12/14/21)		14,472		14,390,759
3.45%, 04/10/22 (Call 02/10/22)		16,419		16,291,635
3.50%, 11/07/24 (Call 09/07/24)a		4,783		4,619,888
3.70%, 05/09/23 (Call 03/09/23)a		14,601		14,508,859
3.95%, 04/13/24 (Call 02/13/24)		19,734		19,681,004
4.00%, 01/15/25 (Call 10/15/24)a		9,371		9,278,121
4.00%, 10/06/26 (Call 07/06/26)a		10,138		9,880,567
4.20%, 03/01/21 (Call 02/01/21)a		21,487		21,979,706
4.30%, 07/13/25 (Call 04/13/25)a		13,606		13,641,106
4.35%, 01/17/27 (Call 10/17/26)		14,675		14,596,019
4.38%, 09/25/21a		14,737		15,153,400
5.25%, 03/01/26 (Call 12/01/25)a		10,093		10,683,017
Toyota Motor Credit Corp.
1.90%, 04/08/21a		14,019		13,618,372
2.15%, 09/08/22a		2,435		2,343,368
2.60%, 01/11/22		14,376		14,160,190
3.20%, 01/11/27a		7,319		7,188,917
3.30%, 01/12/22a		13,491		13,621,633
3.40%, 09/15/21a		10,313		10,470,425
				709,484,089

Security	Principal (000s)		Value
BANKS — 27.93%
Australia & New Zealand Banking Group Ltd./New York NY
2.30%, 06/01/21a	$	15,676	$	15,287,477
2.55%, 11/23/21a		7,307		7,145,113
2.63%, 05/19/22a		647		631,024
2.70%, 11/16/20		11,979		11,886,556
3.70%, 11/16/25a		10,709		10,835,871
Banco Santander SA
3.13%, 02/23/23		7,766		7,553,443
3.50%, 04/11/22a		12,602		12,565,699
3.80%, 02/23/28a		7,763		7,458,051
4.25%, 04/11/27a		19,381		19,341,507
5.18%, 11/19/25a		16,470		17,255,716
Bank of America Corp.
2.15%, 11/09/20 (Call 11/09/19)		2,158		2,114,354
2.50%, 10/21/22 (Call 10/21/21)a		32,533		31,387,357
2.63%, 04/19/21a		36,892		36,396,551
3.25%, 10/21/27 (Call 10/21/26)a		48,360		45,820,147
3.30%, 01/11/23a		59,218		58,996,519
3.50%, 04/19/26a		39,681		39,084,495
3.88%, 08/01/25		32,047		32,440,185
4.00%, 04/01/24		33,332		34,144,727
4.00%, 01/22/25a		36,583		36,776,564
4.10%, 07/24/23		31,423		32,488,117
4.13%, 01/22/24		33,119		34,266,441
4.18%, 11/25/27 (Call 11/25/26)a		13,250		13,234,859
4.20%, 08/26/24a		34,133		34,842,878
4.25%, 10/22/26a		22,305		22,513,469
4.45%, 03/03/26a		21,211		21,721,328
4.88%, 04/01/44		951		1,045,923
5.00%, 01/21/44		23,480		26,269,022
5.70%, 01/24/22		10,857		11,834,659
5.88%, 02/07/42		17,640		21,874,283
6.11%, 01/29/37a		25,016		30,171,142
7.75%, 05/14/38		13,512		19,215,503
(3 mo. LIBOR US + 0.630%)
2.33%, 10/01/21 (Call 10/01/20)c		5,983		5,872,977

134 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
(3 mo. LIBOR US + 0.790%)
3.00%, 12/20/23 (Call 12/20/22)a,b,c	$	36,569	$	35,844,096
(3 mo. LIBOR US + 0.810%)
3.37%, 01/23/26 (Call 01/23/25)c		25,983		25,409,106
(3 mo. LIBOR US + 0.930%)
2.82%, 07/21/23 (Call 07/21/22)c		15,117		14,753,687
(3 mo. LIBOR US + 1.021%)
2.88%, 04/24/23 (Call 04/24/22)c		19,496		19,105,899
(3 mo. LIBOR US + 1.040%)
3.42%, 12/20/28 (Call 12/20/27)a,b,c		77,626		74,586,337
(3 mo. LIBOR US + 1.090%)
3.09%, 10/01/25 (Call 10/01/24)c		11,276		10,850,676
(3 mo. LIBOR US + 1.160%)
3.12%, 01/20/23 (Call 01/20/22)c		15,084		14,964,603
(3 mo. LIBOR US + 1.190%)
3.95%, 01/23/49 (Call 01/23/48)a,c		21,014		20,033,558
(3 mo. LIBOR US + 1.370%)
3.59%, 07/21/28 (Call 07/21/27)a,c		26,968		26,277,997
(3 mo. LIBOR US + 1.512%)
3.71%, 04/24/28 (Call 04/24/27)a,c		29,323		28,843,270
(3 mo. LIBOR US + 1.575%)
3.82%, 01/20/28 (Call 01/20/27)a,c		23,296		23,095,228
(3 mo. LIBOR US + 1.814%)
4.24%, 04/24/38 (Call 04/24/37)a,c		19,605		19,910,871
(3 mo. LIBOR US + 1.990%)
4.44%, 01/20/48 (Call 01/20/47)a,c		25,347		26,243,822
Series L
3.95%, 04/21/25		38,987		38,923,892
Bank of America N.A.
6.00%, 10/15/36a		2,903		3,595,508

Security	Principal (000s)		Value
Bank of Montreal
1.90%, 08/27/21a	$	17,083	$	16,406,433
2.35%, 09/11/22a		20,396		19,631,807
2.55%, 11/06/22 (Call 10/06/22)a		14,205		13,777,903
Bank of New York Mellon Corp. (The)
2.05%, 05/03/21 (Call 04/03/21)a		12,126		11,773,641
2.20%, 08/16/23 (Call 06/16/23)		20,099		18,978,867
2.45%, 11/27/20 (Call 10/27/20)		1,884		1,858,563
2.45%, 08/17/26 (Call 05/17/26)a		13,378		12,237,958
2.50%, 04/15/21 (Call 03/15/21)a		13,809		13,596,230
2.60%, 02/07/22 (Call 01/07/22)a		11,295		11,061,924
2.80%, 05/04/26 (Call 02/04/26)a		10,150		9,569,890
2.95%, 01/29/23 (Call 12/29/22)		6,984		6,901,612
3.00%, 02/24/25 (Call 01/24/25)a		15,661		15,180,846
3.25%, 05/16/27 (Call 02/16/27)a		9,858		9,547,130
3.30%, 08/23/29 (Call 05/23/29)		10,259		9,724,156
3.40%, 01/29/28 (Call 10/29/27)		9,738		9,507,384
3.55%, 09/23/21 (Call 08/23/21)a		15,605		15,851,841
3.65%, 02/04/24 (Call 01/05/24)a		13,725		13,952,143
(3 mo. LIBOR US + 0.634%)
2.66%, 05/16/23 (Call 05/16/22)a,c		2,662		2,594,752
(3 mo. LIBOR US + 1.069%)
3.44%, 02/07/28 (Call 02/07/27)a,c		762		748,901
Bank of Nova Scotia (The)
2.45%, 03/22/21a		18,701		18,393,311
2.45%, 09/19/22a		2,669		2,579,923

SCHEDULESOF INVESTMENTS 135

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
2.70%, 03/07/22a	$	26,185	$	25,668,674
2.80%, 07/21/21a		10,959		10,861,910
4.38%, 01/13/21a		4,564		4,732,765
4.50%, 12/16/25a		17,909		18,271,433
Barclays PLC
3.20%, 08/10/21a		6,720		6,645,833
3.25%, 01/12/21a		6,567		6,525,383
3.65%, 03/16/25a		34,488		33,215,807
3.68%, 01/10/23 (Call 01/10/22)		12,988		12,870,269
4.34%, 01/10/28 (Call 01/10/27)a		9,443		9,381,367
4.38%, 09/11/24a		10,712		10,512,195
4.38%, 01/12/26a		28,932		28,977,117
4.84%, 05/09/28 (Call 05/07/27)a		28,847		28,396,381
4.95%, 01/10/47a		24,061		24,682,334
5.20%, 05/12/26a		30,034		30,497,821
5.25%, 08/17/45a		18,199		19,536,879
BB&T Corp.
2.05%, 05/10/21 (Call 04/09/21)a		14,091		13,681,327
2.75%, 04/01/22 (Call 03/01/22)a		15,909		15,656,389
2.85%, 10/26/24 (Call 09/26/24)a		7,879		7,603,989
BNP Paribas SA
4.25%, 10/15/24a		13,190		13,465,443
5.00%, 01/15/21		11,070		11,640,649
BNP Paribas/BNP Paribas U.S. Medium-Term Note Program LLC
3.25%, 03/03/23a		17,957		17,831,170
BPCE SA
2.65%, 02/03/21a		8,848		8,798,886
2.75%, 12/02/21		20,232		19,801,651
4.00%, 04/15/24a		22,218		22,753,985
Branch Banking & Trust Co.
2.63%, 01/15/22 (Call 12/15/21)a		15,784		15,495,914
3.63%, 09/16/25 (Call 08/16/25)		9,505		9,513,768
3.80%, 10/30/26 (Call 09/30/26)a		2,574		2,599,133

Security	Principal (000s)		Value
Canadian Imperial Bank of Commerce
2.55%, 06/16/22a	$	11,122	$	10,829,925
Capital One Financial Corp.
3.05%, 03/09/22 (Call 02/09/22)		2,292		2,255,696
3.20%, 01/30/23 (Call 12/30/22)		24,380		23,923,331
3.20%, 02/05/25 (Call 01/05/25)a		5,705		5,484,044
3.30%, 10/30/24 (Call 09/30/24)		11,654		11,309,998
3.50%, 06/15/23a		6,075		6,046,653
3.75%, 04/24/24 (Call 03/24/24)a		3,036		3,029,261
3.75%, 07/28/26 (Call 06/28/26)a		36,472		34,789,324
3.75%, 03/09/27 (Call 02/09/27)a		12,823		12,452,678
3.80%, 01/31/28 (Call 12/31/27)		19,381		18,812,768
4.20%, 10/29/25 (Call 09/29/25)a		21,721		21,602,922
4.75%, 07/15/21a		7,810		8,184,621
Capital One N.A.
2.25%, 09/13/21 (Call 08/13/21)		17,958		17,322,906
2.65%, 08/08/22 (Call 07/08/22)		4,565		4,403,338
2.95%, 07/23/21 (Call 06/23/21)a		19,725		19,504,402
Citigroup Inc.
2.35%, 08/02/21a		27,641		26,901,907
2.70%, 03/30/21		30,359		29,982,670
2.70%, 10/27/22 (Call 09/27/22)		7,779		7,555,253
2.75%, 04/25/22 (Call 03/25/22)a		33,806		33,038,269
2.90%, 12/08/21 (Call 11/08/21)a		30,010		29,617,106
3.20%, 10/21/26 (Call 07/21/26)a		46,198		44,078,353
3.30%, 04/27/25a		24,537		23,874,776
3.40%, 05/01/26a		31,482		30,601,363

136 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
3.50%, 05/15/23a	$	22,095	$	21,969,969
3.70%, 01/12/26a		38,657		38,443,536
3.75%, 06/16/24		673		676,968
3.88%, 10/25/23a		10,156		10,337,171
3.88%, 03/26/25a		11,669		11,581,918
4.00%, 08/05/24a		14,166		14,288,136
4.05%, 07/30/22a		18,341		18,711,175
4.13%, 07/25/28a		36,663		36,330,639
4.30%, 11/20/26a		18,302		18,495,330
4.40%, 06/10/25		15,713		16,081,883
4.45%, 09/29/27a		53,947		54,977,525
4.50%, 01/14/22a		38,628		40,300,952
4.60%, 03/09/26a		18,348		18,922,691
4.65%, 07/30/45a		3,260		3,474,999
4.75%, 05/18/46		31,272		32,016,302
5.30%, 05/06/44		12,089		13,333,709
5.50%, 09/13/25a		14,084		15,382,601
5.88%, 01/30/42a		14,644		18,148,418
6.63%, 06/15/32a		14,163		17,387,683
6.68%, 09/13/43a		10,834		14,056,443
8.13%, 07/15/39		24,248		36,666,186
(3 mo. LIBOR US + 0.722%)
3.14%, 01/24/23 (Call 01/24/22)c		9,990		9,905,787
(3 mo. LIBOR US + 0.950%)
2.88%, 07/24/23 (Call 07/24/22)a,c		13,901		13,572,001
(3 mo. LIBOR US + 1.151%)
3.52%, 10/27/28 (Call 10/27/27)c		25,113		24,233,500
(3 mo. LIBOR US + 1.168%)
3.88%, 01/24/39 (Call 01/24/38)c		15,708		15,147,812
(3 mo. LIBOR US + 1.390%)
3.67%, 07/24/28 (Call 07/24/27)c		23,455		22,973,933
(3 mo. LIBOR US + 1.563%)
3.89%, 01/10/28 (Call 01/10/27)a,c		27,205		27,114,290
(3 mo. LIBOR US + 1.839%)
4.28%, 04/24/48 (Call 04/24/47)a,c		4,167		4,196,590

Security	Principal (000s)		Value
Citizens Bank N.A./Providence RI
2.55%, 05/13/21 (Call 04/13/21)	$	2,727	$	2,674,601
Citizens Financial Group Inc.
4.30%, 12/03/25 (Call 11/03/25)a		9,880		10,053,014
Commonwealth Bank of Australia/New York NY
2.40%, 11/02/20		5,241		5,158,924
2.55%, 03/15/21		2,180		2,148,600
Cooperatieve Rabobank UA
3.75%, 07/21/26a		21,286		20,660,343
3.88%, 02/08/22a		41,340		42,266,905
3.95%, 11/09/22a		22,484		22,772,740
4.38%, 08/04/25a		20,617		20,972,738
4.63%, 12/01/23a		25,399		26,441,162
5.25%, 05/24/41a		18,076		21,439,620
5.25%, 08/04/45a		8,286		9,187,363
5.75%, 12/01/43a		9,362		11,065,784
Cooperatieve Rabobank UA/NY
2.50%, 01/19/21a		8,211		8,073,858
2.75%, 01/10/22a		10,881		10,702,882
2.75%, 01/10/23		17,707		17,262,066
3.38%, 05/21/25a		16,175		15,956,696
Credit Suisse AG/New York NY
3.00%, 10/29/21		24,638		24,495,484
3.63%, 09/09/24a		39,237		39,156,709
Credit Suisse Group Funding Guernsey Ltd.
3.45%, 04/16/21a		18,015		18,079,330
3.75%, 03/26/25a		26,811		26,442,909
3.80%, 09/15/22a		26,510		26,748,028
3.80%, 06/09/23a		22,314		22,427,150
4.55%, 04/17/26a		28,829		29,838,574
4.88%, 05/15/45a		20,884		22,230,199
Deutsche Bank AG
3.13%, 01/13/21		7,155		7,088,979
3.38%, 05/12/21a		28,758		28,603,541
4.10%, 01/13/26a		803		785,300
4.25%, 10/14/21a		22,726		23,198,905
Deutsche Bank AG/London
3.70%, 05/30/24a		15,701		15,332,520

SCHEDULESOF INVESTMENTS 137

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
Deutsche Bank AG/New York NY
3.30%, 11/16/22a	$	12,986	$	12,676,949
3.95%, 02/27/23		15,000		14,955,502
Discover Bank
3.20%, 08/09/21 (Call 07/09/21)		6,963		6,922,640
3.45%, 07/27/26 (Call 04/27/26)a		5,255		4,980,232
4.20%, 08/08/23		7,427		7,640,714
Fifth Third Bancorp.
4.30%, 01/16/24 (Call 12/16/23)a		3,401		3,510,947
8.25%, 03/01/38		13,241		19,160,086
Fifth Third Bank/Cincinnati OH
2.25%, 06/14/21 (Call 05/14/21)a		2,550		2,485,583
2.88%, 10/01/21 (Call 09/01/21)a		15,518		15,389,089
3.85%, 03/15/26 (Call 02/15/26)a		3,029		3,013,107
Goldman Sachs Group Inc. (The)
2.35%, 11/15/21 (Call 11/15/20)a		31,211		30,199,086
2.60%, 12/27/20 (Call 12/27/19)		2,932		2,896,782
2.63%, 04/25/21 (Call 03/25/21)a		22,715		22,332,557
2.88%, 02/25/21 (Call 01/25/21)a		16,884		16,765,093
3.00%, 04/26/22 (Call 04/26/21)a		38,652		38,084,152
3.20%, 02/23/23 (Call 01/23/23)		25,234		24,852,787
3.50%, 01/23/25 (Call 10/23/24)a		29,092		28,506,884
3.50%, 11/16/26 (Call 11/16/25)a		31,861		30,682,780
3.63%, 01/22/23a		37,065		37,300,033
3.75%, 05/22/25 (Call 02/22/25)a		37,804		37,587,387
3.75%, 02/25/26 (Call 11/25/25)a		27,620		27,271,869
3.85%, 07/08/24 (Call 04/08/24)a		32,895		33,115,683

Security	Principal (000s)		Value
3.85%, 01/26/27 (Call 01/26/26)a	$	29,511	$	29,104,471
4.00%, 03/03/24a		33,681		34,283,711
4.25%, 10/21/25a		11,801		11,891,463
4.75%, 10/21/45 (Call 04/21/45)a		29,238		31,068,714
4.80%, 07/08/44 (Call 01/08/44)a		21,158		22,604,545
5.15%, 05/22/45a		11,746		12,653,349
5.25%, 07/27/21a		39,355		41,893,787
5.75%, 01/24/22a		53,819		58,366,474
5.95%, 01/15/27		9,352		10,543,827
6.13%, 02/15/33a		22,887		27,567,936
6.25%, 02/01/41a		31,418		39,993,967
6.45%, 05/01/36		855		1,045,676
6.75%, 10/01/37		68,691		86,568,588
(3 mo. LIBOR US + 0.821%)
2.88%, 10/31/22 (Call 10/31/21)c		41,288		40,490,551
(3 mo. LIBOR US + 0.990%)
2.91%, 07/24/23 (Call 07/24/22)c		25,848		25,154,085
(3 mo. LIBOR US + 1.053%)
2.91%, 06/05/23 (Call 06/05/22)a,c		15,123		14,739,284
(3 mo. LIBOR US + 1.158%)
3.81%, 04/23/29 (Call 04/23/28)a,c		33,941		33,161,351
(3 mo. LIBOR US + 1.201%)
3.27%, 09/29/25 (Call 09/29/24)c		32,861		31,753,571
(3 mo. LIBOR US + 1.373%)
4.02%, 10/31/38 (Call 10/31/37)c		27,392		26,415,453
(3 mo. LIBOR US + 1.510%)
3.69%, 06/05/28 (Call 06/05/27)a,c		31,202		30,262,658
HSBC Bank USA N.A./New York NY
5.63%, 08/15/35a		6,572		7,821,596
5.88%, 11/01/34a		10,377		12,625,507
HSBC Holdings PLC
2.65%, 01/05/22a		28,104		27,358,488
2.95%, 05/25/21a		33,221		32,895,192

138 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
3.40%, 03/08/21a	$	40,750	$	40,956,953
3.60%, 05/25/23a		20,037		20,115,257
3.90%, 05/25/26a		34,010		34,032,154
4.00%, 03/30/22a		24,988		25,602,150
4.25%, 03/14/24a		22,271		22,516,981
4.25%, 08/18/25a		21,437		21,380,576
4.30%, 03/08/26a		48,108		49,477,620
4.38%, 11/23/26a		17,615		17,697,683
4.88%, 01/14/22a		6,914		7,284,526
5.10%, 04/05/21a		31,856		33,594,700
5.25%, 03/14/44a		29,807		32,671,637
6.10%, 01/14/42		6,948		8,923,960
6.50%, 05/02/36a		24,039		29,626,015
6.50%, 09/15/37a		25,497		31,701,445
6.80%, 06/01/38a		25,049		32,199,708
(3 mo. LIBOR US + 0.923%)
3.03%, 11/22/23 (Call 11/22/22)a,c		11,968		11,718,555
(3 mo. LIBOR US + 1.055%)
3.26%, 03/13/23 (Call 03/13/22)a,c		17,348		17,214,389
(3 mo. LIBOR US + 1.546%)
4.04%, 03/13/28 (Call 03/13/27)a,c		6,735		6,750,443
HSBC USA Inc.
3.50%, 06/23/24a		12,088		12,024,265
Huntington Bancshares Inc./OH
2.30%, 01/14/22 (Call 12/14/21)a		7,028		6,770,077
3.15%, 03/14/21 (Call 02/14/21)a		22,061		22,089,794
ING Groep NV
3.15%, 03/29/22a		19,677		19,455,718
3.95%, 03/29/27a		23,133		23,115,188
JPMorgan Chase & Co.
2.30%, 08/15/21 (Call 08/15/20)a		25,875		25,183,993
2.40%, 06/07/21 (Call 05/07/21)a		18,379		18,015,752
2.55%, 03/01/21 (Call 02/01/21)a		33,665		33,224,860
2.70%, 05/18/23 (Call 03/18/23)a		28,327		27,509,055

Security	Principal (000s)		Value
2.95%, 10/01/26 (Call 07/01/26)a	$	46,123	$	43,384,479
2.97%, 01/15/23 (Call 01/15/22)a		23,800		23,418,162
3.13%, 01/23/25 (Call 10/23/24)a		33,278		32,307,946
3.20%, 01/25/23a		30,673		30,533,778
3.20%, 06/15/26 (Call 03/15/26)		25,486		24,495,112
3.25%, 09/23/22a		36,040		36,003,899
3.30%, 04/01/26 (Call 01/01/26)a		33,991		32,911,871
3.38%, 05/01/23a		26,835		26,647,877
3.63%, 05/13/24a		25,631		25,736,830
3.63%, 12/01/27 (Call 12/01/26)a		19,801		19,104,668
3.88%, 02/01/24a		21,445		21,925,544
3.88%, 09/10/24a		37,305		37,607,797
3.90%, 07/15/25 (Call 04/15/25)a		35,446		35,981,819
4.13%, 12/15/26a		27,005		27,325,798
4.25%, 10/01/27a		18,694		19,059,511
4.35%, 08/15/21a		36,977		38,428,595
4.50%, 01/24/22a		44,200		46,261,705
4.63%, 05/10/21a		23,087		24,194,082
4.85%, 02/01/44		10,791		11,866,539
4.95%, 06/01/45a		15,154		16,329,729
5.40%, 01/06/42a		19,179		22,578,679
5.50%, 10/15/40		8,425		10,014,133
5.60%, 07/15/41a		23,332		28,116,658
5.63%, 08/16/43		14,520		16,897,527
6.40%, 05/15/38a		31,304		40,769,966
(3 mo. LIBOR US + 0.935%)
2.78%, 04/25/23 (Call 04/25/22)c		16,551		16,218,990
(3 mo. LIBOR US + 0.945%)
3.51%, 01/23/29 (Call 01/23/28)c		11,022		10,677,127
(3 mo. LIBOR US + 1.155%)
3.22%, 03/01/25 (Call 03/01/24)a,c		20,088		19,695,115
(3 mo. LIBOR US + 1.220%)
3.90%, 01/23/49 (Call 01/23/48)a,c		20,396		19,252,141

SCHEDULESOF INVESTMENTS 139

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
(3 mo. LIBOR US + 1.337%)
3.78%, 02/01/28 (Call 02/01/27)a,c	$	23,697	$	23,578,724
(3 mo. LIBOR US + 1.360%)
3.88%, 07/24/38 (Call 07/24/37)a,c		35,357		34,223,274
(3 mo. LIBOR US + 1.380%)
3.54%, 05/01/28 (Call 05/01/27)a,c		16,073		15,700,357
3.96%, 11/15/48 (Call 11/15/47)a,c		21,983		20,990,125
(3 mo. LIBOR US + 1.460%)
4.03%, 07/24/48 (Call 07/24/47)a,c		20,968		20,252,056
(3 mo. LIBOR US + 1.580%)
4.26%, 02/22/48 (Call 02/22/47)a,c		23,961		23,918,853
KeyBank N.A./Cleveland OH
3.30%, 06/01/25a		3,847		3,799,486
KeyCorp
5.10%, 03/24/21a		2,640		2,796,521
Lloyds Banking Group PLC
3.00%, 01/11/22a		15,323		15,079,631
3.10%, 07/06/21		7,921		7,864,663
3.57%, 11/07/28 (Call 11/07/27)a		27,334		25,937,424
3.75%, 01/11/27a		20,951		20,388,432
4.34%, 01/09/48a		19,184		18,126,597
4.50%, 11/04/24a		12,923		13,112,428
4.58%, 12/10/25		20,346		20,562,075
4.65%, 03/24/26a		24,022		24,421,265
5.30%, 12/01/45a		1,981		2,165,832
(3 mo. LIBOR US + 0.810%)
2.91%, 11/07/23 (Call 11/07/22)a,c		28,330		27,396,640
Manufacturers & Traders Trust Co.
2.90%, 02/06/25 (Call 01/06/25)a		1,422		1,373,241
Mitsubishi UFJ Financial Group Inc.
2.19%, 09/13/21		18,735		18,116,691
2.67%, 07/25/22a		16,508		16,043,549
2.76%, 09/13/26a		11,715		10,831,854

Security	Principal (000s)		Value
2.95%, 03/01/21a	$	41,223	$	41,094,475
3.00%, 02/22/22a		4,277		4,226,001
3.29%, 07/25/27a		22,238		21,279,031
3.68%, 02/22/27a		17,403		17,201,571
3.85%, 03/01/26a		38,893		39,008,660
Mizuho Financial Group Inc.
2.27%, 09/13/21		16,025		15,487,352
2.60%, 09/11/22a		15,480		14,910,986
2.84%, 09/13/26a		9,023		8,375,527
2.95%, 02/28/22		19,471		19,139,495
3.17%, 09/11/27a		19,770		18,693,873
Morgan Stanley
2.50%, 04/21/21a		32,644		32,081,319
2.63%, 11/17/21a		37,702		36,898,186
2.75%, 05/19/22a		39,730		38,841,756
3.13%, 01/23/23		33,772		33,274,062
3.13%, 07/27/26		41,423		39,277,993
3.63%, 01/20/27		36,301		35,541,100
3.70%, 10/23/24a		35,399		35,406,051
3.75%, 02/25/23a		26,372		26,746,609
3.88%, 01/27/26a		42,943		43,080,366
3.95%, 04/23/27a		24,154		23,750,964
4.00%, 07/23/25a		41,410		41,997,186
4.10%, 05/22/23a		17,396		17,704,671
4.30%, 01/27/45a		30,669		30,774,753
4.35%, 09/08/26		30,297		30,805,990
4.38%, 01/22/47a		40,989		41,536,588
4.88%, 11/01/22a		25,151		26,532,295
5.00%, 11/24/25a		21,393		22,772,183
5.50%, 07/28/21a		36,464		39,104,829
5.75%, 01/25/21a		15,654		16,782,860
6.38%, 07/24/42a		24,959		32,277,104
7.25%, 04/01/32a		12,084		16,002,659
(3 mo. LIBOR US + 1.140%)
3.77%, 01/24/29 (Call 01/24/28)a,c		38,249		37,444,539
(3 mo. LIBOR US + 1.340%)
3.59%, 07/22/28 (Call 07/22/27)a,c		33,516		32,412,033
(3 mo. LIBOR US + 1.455%)
3.97%, 07/22/38 (Call 07/22/37)a,c		8,891		8,643,160
Series F
3.88%, 04/29/24a		36,284		36,684,877

140 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
National Australia Bank Ltd./New York
1.88%, 07/12/21	$	13,879	$	13,334,294
2.50%, 05/22/22		2,831		2,745,421
2.50%, 07/12/26a		23,925		21,875,522
2.63%, 01/14/21		3,147		3,111,004
2.80%, 01/10/22		14,078		13,882,738
3.00%, 01/20/23		9,603		9,450,511
3.38%, 01/14/26		8,460		8,281,413
Northern Trust Corp.
3.95%, 10/30/25a		20,638		21,188,250
PNC Bank N.A.
2.15%, 04/29/21 (Call 03/30/21)d		14,331		13,953,359
2.45%, 07/28/22 (Call 06/28/22)a,d		1,367		1,325,817
2.55%, 12/09/21 (Call 11/09/21)a,d		11,815		11,571,759
2.63%, 02/17/22 (Call 01/18/22)a,d		17,722		17,366,403
2.70%, 11/01/22 (Call 10/01/22)d		21,889		21,260,576
2.95%, 01/30/23 (Call 12/30/22)d		11,926		11,697,578
2.95%, 02/23/25 (Call 01/24/25)d		13,200		12,746,573
3.10%, 10/25/27 (Call 09/25/27)d		2,938		2,805,908
3.25%, 06/01/25 (Call 05/02/25)d		18,440		18,083,479
3.80%, 07/25/23 (Call 06/25/23)a,d		12,012		12,220,101
PNC Financial Services Group Inc. (The)
3.15%, 05/19/27 (Call 04/19/27)d		3,494		3,356,304
3.30%, 03/08/22 (Call 02/06/22)a,d		10,630		10,687,939
3.90%, 04/29/24 (Call 03/29/24)d		7,596		7,729,985
Regions Financial Corp.
2.75%, 08/14/22 (Call 07/14/22)a		15,289		14,924,256

Security	Principal (000s)		Value
Royal Bank of Canada
2.50%, 01/19/21a	$	13,222	$	13,082,037
2.75%, 02/01/22a		6,302		6,228,320
4.65%, 01/27/26a		27,895		28,918,163
Royal Bank of Scotland Group PLC
3.88%, 09/12/23a		40,882		40,605,760
4.80%, 04/05/26a		22,482		23,242,505
(3 mo. LIBOR US + 1.480%)
3.50%, 05/15/23 (Call 05/15/22)a,c		366		360,422
Santander Holdings USA Inc.
3.70%, 03/28/22 (Call 02/28/22)b		23,538		23,524,899
4.40%, 07/13/27 (Call 06/13/27)a,b		5,831		5,798,142
4.50%, 07/17/25 (Call 04/17/25)		3,804		3,858,587
Santander UK Group Holdings PLC
2.88%, 08/05/21		21,204		20,781,008
3.13%, 01/08/21		11,330		11,270,207
3.57%, 01/10/23 (Call 01/10/22)a		23,531		23,329,603
(3 mo. LIBOR US + 1.400%)
3.82%, 11/03/28 (Call 11/03/27)a,c		18,876		18,049,278
Santander UK PLC
4.00%, 03/13/24a		9,950		10,127,797
Skandinaviska Enskilda Banken AB
1.88%, 09/13/21a		15,964		15,242,414
2.63%, 03/15/21a		14,953		14,746,614
State Street Corp.
1.95%, 05/19/21		3,605		3,491,836
2.65%, 05/19/26a		7,831		7,313,222
3.10%, 05/15/23a		6,306		6,207,361
3.30%, 12/16/24a		18,011		17,949,862
3.55%, 08/18/25a		12,943		12,979,200
3.70%, 11/20/23a		9,692		9,947,238
4.38%, 03/07/21a		4,556		4,743,555
Sumitomo Mitsui Banking Corp.
3.20%, 07/18/22a		8,577		8,514,107

SCHEDULESOF INVESTMENTS 141

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
Sumitomo Mitsui Financial Group Inc.
2.06%, 07/14/21	$	19,100	$	18,441,273
2.44%, 10/19/21a		17,640		17,182,362
2.63%, 07/14/26a		30,794		28,206,032
2.78%, 07/12/22a		27,022		26,371,780
2.78%, 10/18/22a		15,993		15,549,089
2.85%, 01/11/22		13,028		12,806,217
2.93%, 03/09/21a		18,174		18,101,924
3.01%, 10/19/26a		19,905		18,743,653
3.10%, 01/17/23		750		739,580
3.35%, 10/18/27a		10,571		10,166,606
3.36%, 07/12/27a		26,029		25,087,221
3.45%, 01/11/27a		17,535		17,047,320
3.54%, 01/17/28		14,695		14,338,327
3.78%, 03/09/26		15,289		15,263,788
SunTrust Bank/Atlanta GA
2.45%, 08/01/22 (Call 07/01/22)		2,361		2,286,111
3.30%, 05/15/26 (Call 04/15/26)		9,987		9,596,128
SunTrust Banks Inc.
2.70%, 01/27/22 (Call 12/27/21)		2,809		2,755,541
2.90%, 03/03/21 (Call 02/03/21)		11,898		11,846,248
Svenska Handelsbanken AB
1.88%, 09/07/21a		9,924		9,500,327
2.45%, 03/30/21a		23,732		23,257,229
Synchrony Bank
3.00%, 06/15/22 (Call 05/15/22)a		17,303		16,897,712
Toronto-Dominion Bank (The)
1.80%, 07/13/21		10,911		10,499,472
2.13%, 04/07/21a		25,285		24,653,730
2.50%, 12/14/20a		5,488		5,433,912
U.S. Bancorp.
2.35%, 01/29/21 (Call 12/29/20)a		6,368		6,275,693
2.63%, 01/24/22 (Call 12/23/21)a		10,748		10,569,734
2.95%, 07/15/22 (Call 06/15/22)a		12,275		12,140,579

Security	Principal (000s)		Value
3.00%, 03/15/22 (Call 02/15/22)a	$	1,623	$	1,620,020
3.10%, 04/27/26 (Call 03/27/26)a		7,864		7,501,867
3.70%, 01/30/24 (Call 12/29/23)a		13,074		13,316,476
4.13%, 05/24/21 (Call 04/23/21)a		3,109		3,221,876
Series F
3.60%, 09/11/24 (Call 08/11/24)a		13,134		13,257,022
Series V
2.38%, 07/22/26 (Call 06/22/26)a		24,999		22,745,210
Series X
3.15%, 04/27/27 (Call 03/27/27)a		19,835		19,071,237
U.S. Bank N.A./Cincinnati OH
2.80%, 01/27/25 (Call 12/27/24)a		14,698		14,102,296
2.85%, 01/23/23 (Call 12/23/22)a		13,139		12,971,319
Wachovia Corp.
5.50%, 08/01/35a		9,244		10,456,959
Wells Fargo & Co.
2.10%, 07/26/21a		37,194		35,904,741
2.50%, 03/04/21a		32,051		31,479,845
2.63%, 07/22/22a		44,577		43,249,359
3.00%, 01/22/21a		6,952		6,936,877
3.00%, 02/19/25a		41,179		39,526,034
3.00%, 04/22/26		55,224		52,242,451
3.00%, 10/23/26a		52,199		49,206,478
3.07%, 01/24/23 (Call 01/24/22)a		47,687		47,045,948
3.30%, 09/09/24a		25,814		25,429,356
3.50%, 03/08/22a		29,471		29,667,707
3.55%, 09/29/25		38,003		37,652,696
3.90%, 05/01/45a		13,661		13,148,327
4.10%, 06/03/26		24,888		24,926,835
4.13%, 08/15/23		14,706		15,044,316
4.30%, 07/22/27a		27,368		27,775,583
4.40%, 06/14/46a		11,824		11,627,472
4.60%, 04/01/21a		33,389		34,840,153

142 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
4.65%, 11/04/44	$	30,098	$	30,663,298
4.75%, 12/07/46a		34,622		35,812,768
4.90%, 11/17/45a		21,485		22,719,745
5.38%, 02/07/35a		10,780		12,595,310
5.38%, 11/02/43a		32,692		36,632,125
5.61%, 01/15/44		22,778		26,294,960
(3 mo. LIBOR US + 1.310%)
3.58%, 05/22/28 (Call 05/22/27)a,c		27,135		26,471,503
Series M
3.45%, 02/13/23a		26,217		26,030,692
Wells Fargo Bank N.A.
5.85%, 02/01/37		11,165		13,577,966
6.60%, 01/15/38a		14,951		19,716,823
Westpac Banking Corp.
2.00%, 08/19/21		19,992		19,325,679
2.10%, 05/13/21		15,497		15,044,957
2.50%, 06/28/22a		4,389		4,256,553
2.60%, 11/23/20		19,802		19,604,265
2.70%, 08/19/26a		18,413		17,062,707
2.80%, 01/11/22		14,899		14,717,219
2.85%, 05/13/26a		24,072		22,631,077
3.35%, 03/08/27a		14,349		13,910,446
3.40%, 01/25/28a		17,097		16,587,773
				9,120,956,609
BEVERAGES — 3.40%
Anheuser-Busch InBev Finance Inc.
2.63%, 01/17/23a		5,850		5,669,454
2.65%, 02/01/21 (Call 01/01/21)a		89,340		88,542,623
3.30%, 02/01/23 (Call 12/01/22)a		67,310		67,116,369
3.65%, 02/01/26 (Call 11/01/25)a		143,396		141,886,298
3.70%, 02/01/24a		4,066		4,127,445
4.00%, 01/17/43a		9,856		9,255,503
4.63%, 02/01/44		6,200		6,374,598
4.70%, 02/01/36 (Call 08/01/35)a		78,815		83,047,894
4.90%, 02/01/46 (Call 08/01/45)a		145,832		155,337,356

Security	Principal (000s)		Value
Anheuser-Busch InBev Worldwide Inc.
2.50%, 07/15/22a	$	33,489	$	32,547,996
3.75%, 01/15/22a		36,848		37,628,061
3.75%, 07/15/42a		14,762		13,363,548
4.44%, 10/06/48 (Call 04/06/48)a		19,809		19,795,623
4.95%, 01/15/42		12,671		13,611,666
8.20%, 01/15/39		18,213		27,145,014
Coca-Cola Co. (The)
1.55%, 09/01/21a		1,750		1,679,579
2.25%, 09/01/26a		15,924		14,724,316
2.50%, 04/01/23a		8,739		8,528,283
2.88%, 10/27/25a		23,607		22,946,955
3.15%, 11/15/20		12,919		13,068,916
3.20%, 11/01/23a		6,500		6,565,898
3.30%, 09/01/21		11,439		11,612,007
Constellation Brands Inc.
4.25%, 05/01/23a		2,723		2,818,388
Diageo Capital PLC
2.63%, 04/29/23 (Call 01/29/23)		11,511		11,170,055
Diageo Investment Corp.
2.88%, 05/11/22a		14,774		14,654,604
Molson Coors Brewing Co.
2.10%, 07/15/21 (Call 06/15/21)		15,785		15,226,831
3.00%, 07/15/26 (Call 04/15/26)a		25,187		23,513,576
4.20%, 07/15/46 (Call 01/15/46)a		31,765		29,757,357
5.00%, 05/01/42a		6,561		6,920,385
Pepsi-Cola Metropolitan Bottling Co. Inc.
Series B
7.00%, 03/01/29a		12,522		16,411,000
PepsiCo Inc.
1.70%, 10/06/21 (Call 09/06/21)		2,254		2,160,589
2.25%, 05/02/22 (Call 04/02/22)a		12,497		12,153,980
2.38%, 10/06/26 (Call 07/06/26)a		8,487		7,800,024
2.75%, 03/05/22a		17,072		16,905,133

SCHEDULESOF INVESTMENTS 143

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
2.75%, 03/01/23a	$	19,119	$	18,906,292
2.75%, 04/30/25 (Call 01/30/25)a		13,868		13,329,727
2.85%, 02/24/26 (Call 11/24/25)a		10,452		10,015,078
3.00%, 08/25/21a		2,804		2,814,253
3.00%, 10/15/27 (Call 07/15/27)a		16,598		15,944,772
3.10%, 07/17/22 (Call 05/17/22)		5,391		5,413,125
3.13%, 11/01/20a		3,758		3,795,370
3.45%, 10/06/46 (Call 04/06/46)a		19,872		18,099,712
3.60%, 03/01/24 (Call 12/01/23)a		9,981		10,170,452
4.00%, 03/05/42a		5,638		5,662,267
4.00%, 05/02/47 (Call 11/02/46)a		9,435		9,438,256
4.45%, 04/14/46 (Call 10/14/45)a		23,363		25,005,403
4.88%, 11/01/40a		11,640		13,200,446
5.50%, 01/15/40a		12,838		15,762,245
				1,111,624,722
BIOTECHNOLOGY — 2.36%
Amgen Inc.
1.85%, 08/19/21 (Call 07/19/21)a		1,646		1,579,331
2.25%, 08/19/23 (Call 06/19/23)a		9,399		8,868,706
2.60%, 08/19/26 (Call 05/19/26)a		22,452		20,531,840
2.65%, 05/11/22 (Call 04/11/22)a		20,130		19,660,808
3.13%, 05/01/25 (Call 02/01/25)		18,162		17,556,755
3.63%, 05/15/22 (Call 02/15/22)a		13,631		13,806,695
3.63%, 05/22/24 (Call 02/22/24)a		18,524		18,621,503
3.88%, 11/15/21 (Call 08/15/21)a		9,116		9,334,831
4.10%, 06/15/21 (Call 03/15/21)a		27,971		28,849,130

Security	Principal (000s)		Value
4.40%, 05/01/45 (Call 11/01/44)a	$	19,188	$	18,953,145
4.56%, 06/15/48 (Call 12/15/47)		16,091		16,162,373
4.66%, 06/15/51 (Call 12/15/50)a		45,933		46,395,086
5.15%, 11/15/41 (Call 05/15/41)a		12,206		13,641,722
Baxalta Inc.
4.00%, 06/23/25 (Call 03/23/25)		21,183		21,095,124
5.25%, 06/23/45 (Call 12/23/44)a		10,035		10,832,314
Biogen Inc.
3.63%, 09/15/22a		15,652		15,858,581
4.05%, 09/15/25 (Call 06/15/25)a		23,877		24,427,009
5.20%, 09/15/45 (Call 03/15/45)		19,796		21,547,863
Celgene Corp.
2.75%, 02/15/23 (Call 01/15/23)a		5,117		4,953,143
3.25%, 08/15/22a		14,037		13,938,314
3.25%, 02/20/23 (Call 01/20/23)		10,000		9,905,194
3.45%, 11/15/27 (Call 08/15/27)a		13,724		13,037,615
3.55%, 08/15/22a		12,869		12,932,636
3.63%, 05/15/24 (Call 02/15/24)a		12,238		12,155,214
3.88%, 08/15/25 (Call 05/15/25)a		32,563		32,475,741
3.90%, 02/20/28 (Call 11/20/27)		10,000		9,836,344
4.35%, 11/15/47 (Call 05/15/47)a		15,435		14,558,030
4.55%, 02/20/48 (Call 08/20/47)		10,000		9,721,357
4.63%, 05/15/44 (Call 11/15/43)a		14,088		13,860,872
5.00%, 08/15/45 (Call 02/15/45)		24,741		25,601,398
Gilead Sciences Inc.
2.50%, 09/01/23 (Call 07/01/23)a		1,451		1,390,553

144 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
2.95%, 03/01/27 (Call 12/01/26)a	$	20,779	$	19,576,253
3.25%, 09/01/22 (Call 07/01/22)a		3,556		3,564,353
3.50%, 02/01/25 (Call 11/01/24)a		24,921		24,822,450
3.65%, 03/01/26 (Call 12/01/25)a		36,180		36,133,773
3.70%, 04/01/24 (Call 01/01/24)a		27,655		28,082,773
4.00%, 09/01/36 (Call 03/01/36)a		13,174		13,005,570
4.15%, 03/01/47 (Call 09/01/46)a		21,039		20,350,520
4.40%, 12/01/21 (Call 09/01/21)a		7,486		7,830,620
4.50%, 04/01/21 (Call 01/01/21)a		7,032		7,335,732
4.50%, 02/01/45 (Call 08/01/44)		23,935		24,402,819
4.60%, 09/01/35 (Call 03/01/35)a		15,505		16,436,644
4.75%, 03/01/46 (Call 09/01/45)		26,216		27,679,582
4.80%, 04/01/44 (Call 10/01/43)		21,868		23,167,569
5.65%, 12/01/41 (Call 06/01/41)		12,811		15,057,034
				769,534,919
CHEMICALS — 1.08%
Dow Chemical Co. (The)
3.00%, 11/15/22 (Call 08/15/22)a		13,235		13,035,333
3.50%, 10/01/24 (Call 07/01/24)a		17,266		17,220,133
4.13%, 11/15/21 (Call 08/15/21)a		3,112		3,214,896
4.25%, 11/15/20 (Call 08/15/20)a		10,888		11,212,553
4.38%, 11/15/42 (Call 05/15/42)a		13,858		13,853,071
5.25%, 11/15/41 (Call 05/15/41)		10,804		11,905,217

Security	Principal (000s)		Value
7.38%, 11/01/29a	$	7,774	$	10,109,276
9.40%, 05/15/39		10,193		16,452,810
Eastman Chemical Co.
3.60%, 08/15/22 (Call 05/15/22)a		6,779		6,852,092
3.80%, 03/15/25 (Call 12/15/24)a		645		655,102
4.65%, 10/15/44 (Call 04/15/44)a		9,954		10,312,809
EI du Pont de Nemours & Co.
2.80%, 02/15/23a		15,465		15,198,221
3.63%, 01/15/21a		9,218		9,409,765
4.15%, 02/15/43a		8,367		8,229,722
LYB International Finance BV
4.00%, 07/15/23a		11,135		11,356,598
4.88%, 03/15/44 (Call 09/15/43)		13,177		13,811,437
5.25%, 07/15/43a		9,691		10,686,236
LYB International Finance II BV
3.50%, 03/02/27 (Call 12/02/26)a		15,833		15,383,477
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)a		8,054		7,872,642
5.75%, 04/15/24 (Call 01/15/24)		15,216		16,849,327
6.00%, 11/15/21 (Call 08/17/21)		8,921		9,696,762
Monsanto Co.
3.38%, 07/15/24 (Call 04/15/24)a		11,674		11,546,138
4.40%, 07/15/44 (Call 01/15/44)a		9,724		9,604,908
4.70%, 07/15/64 (Call 01/15/64)		10,714		10,671,058
Mosaic Co. (The)
4.25%, 11/15/23 (Call 08/15/23)a		8,613		8,839,721
Potash Corp. of Saskatchewan Inc.
3.63%, 03/15/24 (Call 12/15/23)		8,081		8,090,877
Rohm & Haas Co.
7.85%, 07/15/29a		10,122		13,559,771

SCHEDULESOF INVESTMENTS 145

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
Sherwin-Williams Co. (The)
2.75%, 06/01/22 (Call 05/01/22)a	$	17,831	$	17,378,802
3.45%, 06/01/27 (Call 03/01/27)a		22,167		21,350,603
4.50%, 06/01/47 (Call 12/01/46)a		12,921		12,881,918
Westlake Chemical Corp.
3.60%, 08/15/26 (Call 05/15/26)		6,290		6,118,628
				353,359,903
COMMERCIAL SERVICES — 0.18%
Automatic Data Processing Inc.
3.38%, 09/15/25 (Call 06/15/25)		13,646		13,686,942
Ecolab Inc.
2.70%, 11/01/26 (Call 08/01/26)a		13,567		12,597,018
3.95%, 12/01/47 (Call 06/01/47)b		596		569,162
4.35%, 12/08/21		5,538		5,784,304
5.50%, 12/08/41		703		830,348
S&P Global Inc.
4.40%, 02/15/26 (Call 11/15/25)		11,711		12,330,813
Total System Services Inc.
3.80%, 04/01/21 (Call 03/01/21)a		5,997		6,072,897
4.80%, 04/01/26 (Call 01/01/26)a		7,694		8,093,361
				59,964,845
COMPUTERS — 3.87%
Apple Inc.
1.55%, 08/04/21 (Call 07/04/21)		16,686		15,976,104
2.10%, 09/12/22 (Call 08/12/22)		4,337		4,165,835
2.15%, 02/09/22a		8,788		8,530,171
2.25%, 02/23/21 (Call 01/23/21)		24,322		23,951,072
2.30%, 05/11/22 (Call 04/11/22)		15,039		14,631,678
2.40%, 01/13/23 (Call 12/13/22)a		8,461		8,203,611

Security	Principal (000s)		Value
2.40%, 05/03/23a	$	64,649	$	62,523,871
2.45%, 08/04/26 (Call 05/04/26)a		45,623		42,186,270
2.50%, 02/09/22 (Call 01/09/22)a		13,774		13,543,974
2.50%, 02/09/25a		21,343		20,169,314
2.70%, 05/13/22a		10,498		10,378,008
2.75%, 01/13/25 (Call 11/13/24)		17,478		16,790,756
2.85%, 05/06/21a		36,900		36,932,970
2.85%, 02/23/23 (Call 12/23/22)a		13,346		13,201,208
2.85%, 05/11/24 (Call 03/11/24)a		23,698		23,116,212
2.90%, 09/12/27 (Call 06/12/27)a		24,073		22,789,960
3.00%, 02/09/24 (Call 12/09/23)a		22,126		21,793,411
3.00%, 06/20/27 (Call 03/20/27)a		12,967		12,406,049
3.00%, 11/13/27 (Call 08/13/27)a		17,745		16,950,196
3.20%, 05/13/25a		17,221		16,981,186
3.20%, 05/11/27 (Call 02/11/27)		34,141		33,198,169
3.25%, 02/23/26 (Call 11/23/25)a		34,407		33,846,145
3.35%, 02/09/27 (Call 11/09/26)		34,317		33,803,858
3.45%, 05/06/24a		34,302		34,555,567
3.45%, 02/09/45a		24,282		22,076,706
3.75%, 09/12/47 (Call 03/12/47)a		12,821		12,202,651
3.75%, 11/13/47 (Call 05/13/47)a		18,417		17,561,494
3.85%, 05/04/43a		38,578		37,574,640
3.85%, 08/04/46 (Call 02/04/46)a		26,469		25,611,632
4.25%, 02/09/47 (Call 08/09/46)		15,892		16,361,648
4.38%, 05/13/45		27,939		29,296,749
4.45%, 05/06/44a		8,806		9,333,550
4.50%, 02/23/36 (Call 08/23/35)a		14,498		15,743,941

146 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
4.65%, 02/23/46 (Call 08/23/45)	$	41,906	$	45,632,713
Dell International LLC/EMC Corp.
4.42%, 06/15/21 (Call 05/15/21)a,b		47,485		48,503,473
5.45%, 06/15/23 (Call 04/15/23)a,b		45,275		47,784,140
6.02%, 06/15/26 (Call 03/15/26)a,b		50,393		53,765,451
8.10%, 07/15/36 (Call 01/15/36)b		21,880		26,828,267
8.35%, 07/15/46 (Call 01/15/46)a,b		27,254		34,511,064
Hewlett Packard Enterprise Co.
4.40%, 10/15/22 (Call 08/15/22)a		17,138		17,796,351
4.90%, 10/15/25 (Call 07/15/25)a		31,884		32,999,959
6.20%, 10/15/35 (Call 04/15/35)a		11,745		12,476,799
6.35%, 10/15/45 (Call 04/15/45)a		11,153		11,698,510
HP Inc.
4.30%, 06/01/21		14,222		14,698,002
4.38%, 09/15/21a		13,490		13,978,061
4.65%, 12/09/21a		21,209		22,226,302
6.00%, 09/15/41a		14,792		15,698,689
International Business Machines Corp.
1.88%, 08/01/22		12,697		12,057,116
2.25%, 02/19/21a		10,611		10,425,409
2.50%, 01/27/22a		10,366		10,166,238
2.88%, 11/09/22a		9,415		9,289,055
3.30%, 01/27/27a		1,282		1,264,848
3.38%, 08/01/23a		11,816		11,901,613
3.45%, 02/19/26a		21,024		21,072,301
3.63%, 02/12/24a		20,146		20,471,894
4.00%, 06/20/42a		14,480		14,560,145
4.70%, 02/19/46a		1,372		1,538,873
Seagate HDD Cayman
4.25%, 03/01/22 (Call 02/01/22)a,b		15,222		15,063,996
4.75%, 06/01/23a		4,209		4,220,274
4.75%, 01/01/25a		6,645		6,436,495
				1,263,454,644

Security	Principal (000s)		Value
COSMETICS & PERSONAL CARE — 0.37%
Procter & Gamble Co. (The)
1.70%, 11/03/21a	$	3,685	$	3,542,123
2.15%, 08/11/22a		6,313		6,113,493
2.30%, 02/06/22		4,079		3,987,457
2.45%, 11/03/26a		13,177		12,214,074
2.85%, 08/11/27a		11,588		11,027,480
3.10%, 08/15/23a		14,846		14,891,401
5.55%, 03/05/37		15,962		20,062,820
Unilever Capital Corp.
2.20%, 05/05/22 (Call 04/05/22)a		11,512		11,168,466
2.90%, 05/05/27 (Call 02/05/27)a		14,716		14,014,828
4.25%, 02/10/21		7,973		8,300,051
5.90%, 11/15/32a		11,429		14,282,281
				119,604,474
DIVERSIFIED FINANCIAL SERVICES — 2.43%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.65%, 07/21/27 (Call 04/21/27)a		21,690		20,420,309
3.95%, 02/01/22 (Call 01/01/22)a		8,584		8,673,603
4.50%, 05/15/21		12,680		13,079,081
5.00%, 10/01/21a		4,043		4,233,752
Air Lease Corp.
3.00%, 09/15/23 (Call 07/15/23)a		10,990		10,656,816
American Express Co.
2.50%, 08/01/22 (Call 07/01/22)		18,058		17,455,153
2.65%, 12/02/22a		19,015		18,483,101
3.00%, 10/30/24 (Call 09/29/24)a		27,064		26,053,612
3.40%, 02/27/23 (Call 01/27/23)		15,000		14,982,892
4.05%, 12/03/42		12,631		12,501,242
American Express Credit Corp.
2.25%, 05/05/21 (Call 04/04/21)a		4,808		4,689,522
2.70%, 03/03/22 (Call 01/31/22)a		23,293		22,856,340

SCHEDULESOF INVESTMENTS 147

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
3.30%, 05/03/27 (Call 04/03/27)a	$	21,035	$	20,376,954
Ameriprise Financial Inc.
4.00%, 10/15/23a		9,743		10,071,970
Brookfield Finance Inc.
4.70%, 09/20/47 (Call 03/20/47)		11,555		11,285,945
Capital One Bank USA N.A.
3.38%, 02/15/23a		12,907		12,739,674
CME Group Inc.
3.00%, 09/15/22a		4,289		4,269,120
3.00%, 03/15/25 (Call 12/15/24)a		9,732		9,484,530
5.30%, 09/15/43 (Call 03/15/43)a		8,246		9,935,975
Discover Financial Services
4.10%, 02/09/27 (Call 11/09/26)a		14,408		14,236,659
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/25a		22,842		21,948,734
4.42%, 11/15/35a		150,983		148,015,474
Intercontinental Exchange Inc.
2.75%, 12/01/20 (Call 11/01/20)		1,408		1,403,271
3.75%, 12/01/25 (Call 09/01/25)a		20,186		20,489,531
4.00%, 10/15/23a		10,830		11,218,037
International Lease Finance Corp.
5.88%, 08/15/22a		13,814		15,060,468
8.25%, 12/15/20a		1,540		1,732,284
Jefferies Group LLC
6.88%, 04/15/21		6,814		7,493,878
Jefferies Group LLC/Jefferies Group Capital Finance Inc.
4.15%, 01/23/30		16,866		16,002,699
4.85%, 01/15/27		8,030		8,285,355
Mastercard Inc.
2.95%, 11/21/26 (Call 08/21/26)a		12,721		12,233,160
3.38%, 04/01/24		13,924		13,950,861
Synchrony Financial
3.70%, 08/04/26 (Call 05/04/26)a		329		313,841

Security	Principal (000s)		Value
3.75%, 08/15/21 (Call 06/15/21)a	$	9,957	$	10,082,309
4.25%, 08/15/24 (Call 05/15/24)a		25,195		25,379,906
4.50%, 07/23/25 (Call 04/24/25)a		15,569		15,786,354
TD Ameritrade Holding Corp.
2.95%, 04/01/22 (Call 02/01/22)a		1,940		1,924,964
3.30%, 04/01/27 (Call 01/01/27)a		20,200		19,665,534
Visa Inc.
2.15%, 09/15/22 (Call 08/15/22)a		10,690		10,280,958
2.75%, 09/15/27 (Call 06/15/27)a		13,408		12,617,605
2.80%, 12/14/22 (Call 10/14/22)a		24,169		23,852,850
3.15%, 12/14/25 (Call 09/14/25)a		51,711		50,695,644
3.65%, 09/15/47 (Call 03/15/47)a		11,405		10,895,352
4.15%, 12/14/35 (Call 06/14/35)a		23,283		24,462,067
4.30%, 12/14/45 (Call 06/14/45)a		40,498		43,042,218
				793,319,604
ELECTRIC — 1.92%
Berkshire Hathaway Energy Co.
3.80%, 07/15/48 (Call 01/15/48)a,b		5,969		5,644,668
4.50%, 02/01/45 (Call 08/01/44)a		11,451		12,078,074
5.15%, 11/15/43 (Call 05/15/43)a		7,892		9,099,447
6.13%, 04/01/36		24,352		31,018,233
Consolidated Edison Co. of New York Inc.
4.45%, 03/15/44 (Call 09/15/43)a		10,750		11,441,436
4.63%, 12/01/54 (Call 06/01/54)a		9,932		10,658,031

148 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
Dominion Energy Inc.
3.90%, 10/01/25 (Call 07/01/25)	$	8,953	$	9,037,199
Duke Energy Carolinas LLC
3.88%, 03/15/46 (Call 09/15/45)		597		585,933
5.30%, 02/15/40a		5,227		6,236,709
Duke Energy Corp.
1.80%, 09/01/21 (Call 08/01/21)		3,873		3,705,638
2.65%, 09/01/26 (Call 06/01/26)		24,011		22,000,280
3.15%, 08/15/27 (Call 05/15/27)		2,669		2,524,431
3.75%, 04/15/24 (Call 01/15/24)a		15,062		15,252,454
3.75%, 09/01/46 (Call 03/01/46)a		29,813		27,253,664
Duke Energy Florida LLC
6.40%, 06/15/38a		12,250		16,283,219
Emera U.S. Finance LP
2.70%, 06/15/21 (Call 05/15/21)		17,677		17,373,771
3.55%, 06/15/26 (Call 03/15/26)		14,153		13,587,275
4.75%, 06/15/46 (Call 12/15/45)		13,974		14,031,847
Entergy Corp.
2.95%, 09/01/26 (Call 06/01/26)		1,684		1,582,207
Exelon Corp.
3.40%, 04/15/26 (Call 01/15/26)a		12,627		12,270,762
3.50%, 06/01/22 (Call 05/01/22)		14,492		14,457,889
3.95%, 06/15/25 (Call 03/15/25)		9,118		9,194,365
4.45%, 04/15/46 (Call 10/15/45)a		1,961		1,990,548
5.10%, 06/15/45 (Call 12/15/44)a		1,784		1,982,313
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)a		16,282		17,032,087

Security	Principal (000s)		Value
6.25%, 10/01/39 a	$	9,862	$	11,043,085
FirstEnergy Corp.
Series B
3.90%, 07/15/27 (Call 04/15/27)		12,129		11,995,718
4.25%, 03/15/23 (Call 12/15/22)		14,108		14,496,012
Series C
4.85%, 07/15/47 (Call 01/15/47)a		11,306		11,854,263
7.38%, 11/15/31		18,963		24,879,456
Fortis Inc./Canada
3.06%, 10/04/26 (Call 07/04/26)		24,785		23,023,411
Georgia Power Co.
4.30%, 03/15/42a		15,390		15,719,331
NextEra Energy Capital Holdings Inc.
3.55%, 05/01/27 (Call 02/01/27)a		14,317		14,013,324
Oncor Electric Delivery Co. LLC
7.00%, 09/01/22		9,945		11,469,645
Pacific Gas & Electric Co.
3.30%, 12/01/27 (Call 09/01/27)a,b		9,990		9,414,287
3.95%, 12/01/47 (Call 06/01/47)a,b		9,990		9,011,071
5.40%, 01/15/40a		8,954		9,971,683
5.80%, 03/01/37a		11,407		13,199,137
6.05%, 03/01/34a		40,167		47,139,622
Southern California Edison Co.
4.00%, 04/01/47 (Call 10/01/46)		7,240		7,211,763
4.65%, 10/01/43 (Call 04/01/43)a		10,243		11,110,096
Southern Co. (The)
2.35%, 07/01/21 (Call 06/01/21)		16,971		16,493,406
2.95%, 07/01/23 (Call 05/01/23)a		15,883		15,401,300
3.25%, 07/01/26 (Call 04/01/26)a		27,016		25,693,180
4.40%, 07/01/46 (Call 01/01/46)a		25,256		25,266,565

SCHEDULESOF INVESTMENTS 149

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
Virginia Electric & Power Co.
Series A
3.15%, 01/15/26 (Call 10/15/25)	$	7,385	$	7,183,860
3.50%, 03/15/27 (Call 12/15/26)a		4,605		4,567,881
				626,480,576
ELECTRONICS — 0.25%
Fortive Corp.
2.35%, 06/15/21 (Call 05/15/21)		4,071		3,966,103
3.15%, 06/15/26 (Call 03/15/26)a		13,707		13,279,269
Honeywell International Inc.
1.85%, 11/01/21 (Call 10/01/21)a		20,114		19,424,148
2.50%, 11/01/26 (Call 08/01/26)a		13,945		12,878,823
4.25%, 03/01/21a		8,957		9,310,192
Koninklijke Philips NV
3.75%, 03/15/22		22,459		22,892,991
6.88%, 03/11/38a		47		61,827
				81,813,353
ENGINEERING & CONSTRUCTION — 0.07%
ABB Finance USA Inc.
2.88%, 05/08/22a		19,527		19,413,363
4.38%, 05/08/42		4,344		4,477,270
				23,890,633
ENVIRONMENTAL CONTROL — 0.09%
Republic Services Inc.
3.55%, 06/01/22 (Call 03/01/22)a		10,117		10,210,915
Waste Management Inc.
3.15%, 11/15/27 (Call 08/15/27)a		13,499		12,912,426
4.10%, 03/01/45 (Call 09/01/44)		5,649		5,598,953
				28,722,294
FOOD — 1.18%
General Mills Inc.
3.15%, 12/15/21 (Call 09/15/21)a		19,472		19,474,450

Security	Principal (000s)		Value
3.20%, 02/10/27 (Call 11/10/26)a	$	4,955	$	4,721,668
JM Smucker Co. (The)
3.50%, 10/15/21a		5,575		5,658,065
3.50%, 03/15/25a		19,293		19,152,966
Kellogg Co.
3.25%, 04/01/26		10,551		10,056,113
Series B
7.45%, 04/01/31a		1,188		1,536,150
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)a		25,279		23,243,181
3.50%, 06/06/22 a		21,432		21,457,663
3.50%, 07/15/22 (Call 05/15/22)a		10,733		10,724,844
3.95%, 07/15/25 (Call 04/15/25)a		26,556		26,300,072
4.38%, 06/01/46 (Call 12/01/45)a		30,921		28,258,609
5.00%, 07/15/35 (Call 01/15/35)a		16,564		17,114,014
5.00%, 06/04/42a		26,034		25,883,201
5.20%, 07/15/45 (Call 01/15/45)a		24,088		24,543,680
6.50%, 02/09/40a		12,862		15,247,125
6.88%, 01/26/39		10,468		12,864,692
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)a		15,594		14,073,930
4.45%, 02/01/47 (Call 08/01/46)a		11,283		10,614,473
McCormick & Co. Inc./MD
2.70%, 08/15/22 (Call 07/15/22)a		9,412		9,206,237
3.40%, 08/15/27 (Call 05/15/27)a		1,007		978,378
Sysco Corp.
3.25%, 07/15/27 (Call 04/15/27)a		4,600		4,432,782
3.30%, 07/15/26 (Call 04/15/26)		14,905		14,502,195
3.75%, 10/01/25 (Call 07/01/25)a		7,618		7,703,536
Tyson Foods Inc.
3.55%, 06/02/27 (Call 03/02/27)a		16,610		16,164,292

150 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
3.95%, 08/15/24 (Call 05/15/24)	$	13,574	$	13,776,007
4.50%, 06/15/22 (Call 03/15/22)a		16,331		17,057,829
4.55%, 06/02/47 (Call 12/02/46)a		10,354		10,463,963
				385,210,115
FOREST PRODUCTS & PAPER — 0.22%
International Paper Co.
3.00%, 02/15/27 (Call 11/15/26)		13,483		12,563,617
3.65%, 06/15/24 (Call 03/15/24)a		13,946		14,039,098
4.35%, 08/15/48 (Call 02/15/48)a		8,603		8,392,868
4.40%, 08/15/47 (Call 02/15/47)a		16,304		16,012,915
4.75%, 02/15/22 (Call 11/15/21)		7,831		8,243,943
4.80%, 06/15/44 (Call 12/15/43)a		10,695		11,137,975
7.30%, 11/15/39a		1,042		1,392,925
				71,783,341
GAS — 0.28%
NiSource Inc.
3.49%, 05/15/27 (Call 02/15/27)a		6,218		6,080,210
3.95%, 03/30/48 (Call 09/30/47)		3,092		2,924,585
4.38%, 05/15/47 (Call 11/15/46)a		23,791		24,130,133
4.80%, 02/15/44 (Call 08/15/43)a		7,828		8,389,419
Sempra Energy
2.90%, 02/01/23 (Call 01/01/23)		1,385		1,354,250
3.25%, 06/15/27 (Call 03/15/27)a		12,163		11,610,440
3.40%, 02/01/28 (Call 10/01/27)		14,747		14,102,841
4.00%, 02/01/48 (Call 08/01/47)		10,352		9,695,239
6.00%, 10/15/39		10,615		12,930,916
				91,218,033

Security	Principal (000s)		Value
HEALTH CARE – PRODUCTS — 2.16%
Abbott Laboratories
2.55%, 03/15/22a	$	2,411	$	2,348,797
2.90%, 11/30/21 (Call 10/30/21)a		36,407		36,126,404
2.95%, 03/15/25 (Call 12/15/24)a		16,499		15,667,652
3.25%, 04/15/23 (Call 01/15/23)		11,536		11,457,444
3.40%, 11/30/23 (Call 09/30/23)		17,560		17,507,483
3.75%, 11/30/26 (Call 08/30/26)a		43,894		43,487,814
4.75%, 11/30/36 (Call 05/30/36)		13,802		14,736,451
4.90%, 11/30/46 (Call 05/30/46)a		39,226		42,316,252
Becton Dickinson and Co.
2.89%, 06/06/22 (Call 05/06/22)a		18,743		18,233,320
3.13%, 11/08/21a		11,883		11,739,103
3.36%, 06/06/24 (Call 04/06/24)a		23,228		22,435,821
3.70%, 06/06/27 (Call 03/06/27)a		28,218		27,048,240
3.73%, 12/15/24 (Call 09/15/24)a		18,261		18,003,797
4.67%, 06/06/47 (Call 12/06/46)a		18,664		18,569,103
4.69%, 12/15/44 (Call 06/15/44)a		13,479		13,471,243
Boston Scientific Corp.
3.85%, 05/15/25		9,061		9,080,752
4.00%, 03/01/28 (Call 12/01/27)		5,000		4,981,194
Medtronic Global Holdings SCA
3.35%, 04/01/27 (Call 01/01/27)		7,591		7,479,143
Medtronic Inc.
3.15%, 03/15/22a		23,301		23,342,462
3.50%, 03/15/25		43,746		43,679,545
3.63%, 03/15/24 (Call 12/15/23)a		14,626		14,850,965

SCHEDULESOF INVESTMENTS 151

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
4.38%, 03/15/35a	$	31,147	$	32,850,028
4.63%, 03/15/45a		56,927		62,065,578
Stryker Corp.
2.63%, 03/15/21 (Call 02/15/21)		6,610		6,534,754
3.38%, 11/01/25 (Call 08/01/25)		11,944		11,796,830
3.50%, 03/15/26 (Call 12/15/25)a		13,388		13,309,106
4.63%, 03/15/46 (Call 09/15/45)		12,135		12,842,094
Thermo Fisher Scientific Inc.
2.95%, 09/19/26 (Call 06/19/26)a		17,001		15,916,941
3.00%, 04/15/23 (Call 02/15/23)a		16,153		15,866,651
3.15%, 01/15/23 (Call 10/15/22)a		12,732		12,590,437
3.20%, 08/15/27 (Call 05/15/27)		6,801		6,453,074
3.30%, 02/15/22a		11,463		11,479,126
3.60%, 08/15/21 (Call 05/15/21)a		13,306		13,518,638
4.10%, 08/15/47 (Call 02/15/47)a		7,311		7,010,147
4.15%, 02/01/24 (Call 11/01/23)a		16,715		17,210,050
4.50%, 03/01/21a		10,765		11,220,602
Zimmer Biomet Holdings Inc.
3.15%, 04/01/22 (Call 02/01/22)a		10,427		10,271,267
3.55%, 04/01/25 (Call 01/01/25)a		28,708		27,821,615
				705,319,923
HEALTH CARE – SERVICES — 1.43%
Aetna Inc.
2.75%, 11/15/22 (Call 08/15/22)a		10,933		10,584,091
2.80%, 06/15/23 (Call 04/15/23)		18,436		17,683,205
3.50%, 11/15/24 (Call 08/15/24)		10,991		10,762,963

Security	Principal (000s)		Value
3.88%, 08/15/47 (Call 02/15/47)a	$	8,964	$	7,965,417
6.63%, 06/15/36		9,006		11,254,106
Anthem Inc.
2.95%, 12/01/22 (Call 11/01/22)a		7,337		7,170,002
3.13%, 05/15/22a		14,504		14,352,935
3.30%, 01/15/23a		10,272		10,181,770
3.35%, 12/01/24 (Call 10/01/24)		5,210		5,088,991
3.50%, 08/15/24 (Call 05/15/24)a		14,295		14,164,271
3.65%, 12/01/27 (Call 09/01/27)a		15,044		14,578,320
4.38%, 12/01/47 (Call 06/01/47)a		15,214		14,872,262
4.63%, 05/15/42a		13,340		13,527,756
4.65%, 01/15/43a		10,916		11,097,071
4.65%, 08/15/44 (Call 02/15/44)a		8,656		8,801,259
5.85%, 01/15/36		553		644,444
Cigna Corp.
3.05%, 10/15/27 (Call 07/15/27)		1,407		1,295,299
3.25%, 04/15/25 (Call 01/15/25)		2,915		2,800,235
3.88%, 10/15/47 (Call 04/15/47)		18,702		16,612,435
4.00%, 02/15/22 (Call 11/15/21)a		3,946		4,045,988
Humana Inc.
4.95%, 10/01/44 (Call 04/01/44)		8,899		9,400,530
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)a		2,284		2,349,421
Laboratory Corp. of America Holdings
3.60%, 02/01/25 (Call 11/01/24)a		19,065		18,786,763
4.70%, 02/01/45 (Call 08/01/44)a		11,030		11,047,070
UnitedHealth Group Inc.
2.13%, 03/15/21a		9,713		9,517,037

152 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
2.38%, 10/15/22	$	14,783	$	14,270,550
2.88%, 12/15/21a		9,441		9,397,105
2.88%, 03/15/22 (Call 12/15/21)a		14,576		14,463,727
2.88%, 03/15/23a		9,984		9,796,332
2.95%, 10/15/27a		10,397		9,874,269
3.10%, 03/15/26a		16,633		16,108,946
3.35%, 07/15/22a		7,964		8,037,926
3.38%, 04/15/27a		1,620		1,592,571
3.45%, 01/15/27a		19,654		19,471,188
3.75%, 07/15/25a		26,938		27,298,013
3.75%, 10/15/47 (Call 04/15/47)a		4,920		4,613,627
4.20%, 01/15/47 (Call 07/15/46)a		13,939		14,110,996
4.25%, 03/15/43 (Call 09/15/42)		11,464		11,704,297
4.25%, 04/15/47 (Call 10/15/46)a		2,410		2,457,379
4.63%, 07/15/35		8,071		8,789,650
4.75%, 07/15/45a		22,375		24,574,342
5.80%, 03/15/36		5,918		7,280,798
6.88%, 02/15/38a		10,157		13,906,935
				466,332,292
HOUSEWARES — 0.24%
Newell Brands Inc.
3.15%, 04/01/21 (Call 03/01/21)		13,327		13,200,280
3.85%, 04/01/23 (Call 02/01/23)a		19,249		19,148,747
4.20%, 04/01/26 (Call 01/01/26)a		17,377		17,199,882
5.50%, 04/01/46 (Call 10/01/45)a		25,957		27,520,974
				77,069,883
INSURANCE — 1.74%
Aflac Inc.
3.63%, 11/15/24a		12,118		12,241,387
American International Group Inc.
3.30%, 03/01/21 (Call 02/01/21)a		18,852		18,907,193
3.75%, 07/10/25 (Call 04/10/25)		15,636		15,554,698

Security	Principal (000s)		Value
3.88%, 01/15/35 (Call 07/15/34)a	$	20,928	$	19,774,463
3.90%, 04/01/26 (Call 01/01/26)a		17,662		17,618,338
4.13%, 02/15/24a		15,598		15,993,924
4.38%, 01/15/55 (Call 07/15/54)		5,562		5,178,500
4.50%, 07/16/44 (Call 01/16/44)a		25,842		25,624,423
4.80%, 07/10/45 (Call 01/10/45)		12,364		12,805,622
4.88%, 06/01/22a		17,016		17,980,654
6.25%, 05/01/36		10,130		12,299,328
Aon PLC
3.88%, 12/15/25 (Call 09/15/25)		4,600		4,653,136
Berkshire Hathaway Finance Corp.
3.00%, 05/15/22a		6,070		6,070,304
4.25%, 01/15/21		2,520		2,618,196
5.75%, 01/15/40a		12,291		15,257,700
Berkshire Hathaway Inc.
2.20%, 03/15/21 (Call 02/15/21)a		5,029		4,940,639
2.75%, 03/15/23 (Call 01/15/23)a		36,100		35,510,653
3.13%, 03/15/26 (Call 12/15/25)a		31,950		31,132,083
4.50%, 02/11/43a		4,860		5,239,758
Chubb Corp. (The)
6.00%, 05/11/37a		11,833		14,959,889
Chubb INA Holdings Inc.
2.30%, 11/03/20 (Call 10/03/20)a		1,219		1,205,758
2.88%, 11/03/22 (Call 09/03/22)a		8,744		8,661,528
3.15%, 03/15/25a		14,299		14,051,953
3.35%, 05/03/26 (Call 02/03/26)		10,413		10,263,252
4.35%, 11/03/45 (Call 05/03/45)		17,009		17,860,073
Manulife Financial Corp.
4.15%, 03/04/26a		14,488		14,806,777
5.38%, 03/04/46a		7,893		9,217,944

SCHEDULESOF INVESTMENTS 153

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
MetLife Inc.
3.60%, 04/10/24a	$	21,480	$	21,579,605
4.05%, 03/01/45a		14,069		13,607,836
4.13%, 08/13/42a		8,884		8,726,597
4.60%, 05/13/46 (Call 11/13/45)a		5,340		5,621,727
4.75%, 02/08/21a		13,321		13,967,375
4.88%, 11/13/43a		8,993		9,799,756
5.70%, 06/15/35a		12,966		15,595,345
5.88%, 02/06/41a		6,762		8,269,459
6.38%, 06/15/34a		11,448		14,558,339
Series D
4.37%, 09/15/23a		17,278		18,131,595
Prudential Financial Inc.
3.91%, 12/07/47 (Call 06/07/47)b		14,861		14,028,304
3.94%, 12/07/49 (Call 06/07/49)b		13,868		13,069,639
4.60%, 05/15/44a		11,531		12,223,826
5.70%, 12/14/36a		4,302		5,178,785
Travelers Companies Inc. (The)
5.35%, 11/01/40		8,015		9,609,447
6.25%, 06/15/37a		9,654		12,529,206
				566,925,014
INTERNET — 1.28%
Alphabet Inc.
2.00%, 08/15/26 (Call 05/15/26)a		22,678		20,571,597
3.38%, 02/25/24a		14,397		14,622,290
3.63%, 05/19/21a		4,567		4,710,064
Amazon.com Inc.
2.40%, 02/22/23 (Call 01/22/23)b		17,237		16,653,846
2.50%, 11/29/22 (Call 08/29/22)a		16,429		16,013,529
2.80%, 08/22/24 (Call 06/22/24)a,b		29,809		28,850,721
3.15%, 08/22/27 (Call 05/22/27)a,b		45,490		43,829,856
3.30%, 12/05/21 (Call 10/05/21)a		12,513		12,683,323
3.80%, 12/05/24 (Call 09/05/24)a		18,148		18,599,058

Security	Principal (000s)		Value
3.88%, 08/22/37 (Call 02/22/37)a,b	$	43,201	$	43,093,084
4.05%, 08/22/47 (Call 02/22/47)a,b		35,491		35,274,980
4.25%, 08/22/57 (Call 02/22/57)a,b		29,998		29,906,971
4.80%, 12/05/34 (Call 06/05/34)a		12,426		13,726,554
4.95%, 12/05/44 (Call 06/05/44)a		23,369		26,383,872
eBay Inc.
2.60%, 07/15/22 (Call 04/15/22)a		16,262		15,750,191
2.75%, 01/30/23 (Call 12/30/22)		6,226		6,020,920
2.88%, 08/01/21 (Call 06/01/21)a		11,579		11,460,756
3.45%, 08/01/24 (Call 05/01/24)		9,671		9,538,659
3.60%, 06/05/27 (Call 03/05/27)a		10,091		9,730,123
3.80%, 03/09/22 (Call 02/09/22)		12,703		12,934,861
4.00%, 07/15/42 (Call 01/15/42)a		11,206		9,932,583
Expedia Inc.
3.80%, 02/15/28 (Call 11/15/27)a		20,126		18,713,843
				419,001,681
LODGING — 0.06%
Marriott International Inc./MD
2.30%, 01/15/22 (Call 12/15/21)		11,024		10,712,905
Series R
3.13%, 06/15/26 (Call 03/15/26)a		8,928		8,471,018
				19,183,923
MACHINERY — 0.29%
Caterpillar Financial Services Corp.
1.70%, 08/09/21		11,960		11,463,664

154 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
Caterpillar Inc.
3.40%, 05/15/24 (Call 02/15/24)a	$	5,936	$	5,994,245
3.80%, 08/15/42a		21,549		21,450,051
3.90%, 05/27/21		1,443		1,487,325
5.20%, 05/27/41a		13,819		16,509,080
Deere & Co.
2.60%, 06/08/22 (Call 03/08/22)a		16,016		15,710,890
3.90%, 06/09/42 (Call 12/09/41)a		9,828		10,035,436
John Deere Capital Corp.
2.80%, 03/06/23		11,744		11,522,380
				94,173,071
MANUFACTURING — 1.09%
3M Co.
5.70%, 03/15/37		3,381		4,239,434
Eaton Corp.
2.75%, 11/02/22a		23,600		23,137,162
4.15%, 11/02/42a		9,832		9,659,545
General Electric Co.
2.70%, 10/09/22a		39,287		38,068,313
3.10%, 01/09/23a		15,846		15,566,795
3.15%, 09/07/22a		18,459		18,231,137
3.38%, 03/11/24		2,855		2,804,003
3.45%, 05/15/24 (Call 02/13/24)		1,322		1,302,270
4.13%, 10/09/42a		20,567		19,222,763
4.50%, 03/11/44a		23,419		23,152,410
4.63%, 01/07/21a		5,322		5,525,890
4.65%, 10/17/21a		15,389		16,122,820
5.30%, 02/11/21		14,577		15,387,841
5.88%, 01/14/38a		29,059		33,895,455
6.15%, 08/07/37a		19,925		23,781,021
6.88%, 01/10/39		30,318		39,215,278
Series A
6.75%, 03/15/32a		32,200		39,974,777
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)a		15,956		14,978,853
3.90%, 09/01/42 (Call 03/01/42)a		12,982		13,076,400
				357,342,167

Security	Principal (000s)		Value
MEDIA — 4.12%
21st Century Fox America Inc.
3.00%, 09/15/22	$	12,115	$	11,975,905
4.50%, 02/15/21a		16,890		17,636,602
6.15%, 03/01/37		14,037		17,476,805
6.15%, 02/15/41a		14,610		18,291,955
6.20%, 12/15/34		12,147		15,048,456
6.40%, 12/15/35a		15,031		19,011,606
6.65%, 11/15/37a		14,206		18,483,154
CBS Corp.
3.50%, 01/15/25 (Call 10/15/24)a		195		190,611
4.00%, 01/15/26 (Call 10/15/25)a		9,311		9,278,528
7.88%, 07/30/30a		7,967		10,442,454
Charter Communications Operating LLC/Charter Communications Operating Capital
3.75%, 02/15/28 (Call 11/15/27)		11,594		10,710,370
4.20%, 03/15/28 (Call 12/15/27)a		9,235		8,865,143
4.46%, 07/23/22 (Call 05/23/22)a		38,575		39,456,215
4.91%, 07/23/25 (Call 04/23/25)a		57,163		58,845,198
5.38%, 05/01/47 (Call 11/01/46)a		32,695		32,533,032
6.38%, 10/23/35 (Call 04/23/35)a		25,606		28,803,455
6.48%, 10/23/45 (Call 04/23/45)a		45,788		51,563,781
Comcast Cable Communications Holdings Inc.
9.46%, 11/15/22		13,723		17,411,609
Comcast Corp.
2.35%, 01/15/27 (Call 10/15/26)a		19,052		17,096,825
2.75%, 03/01/23 (Call 02/01/23)a		10,176		9,947,019
2.85%, 01/15/23a		5,467		5,375,291
3.00%, 02/01/24 (Call 01/01/24)a		30,018		29,348,794
3.13%, 07/15/22a		10,310		10,302,863

SCHEDULESOF INVESTMENTS 155

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
3.15%, 03/01/26 (Call 12/01/25)a	$	25,608	$	24,684,378
3.15%, 02/15/28 (Call 11/15/27)a		31,411		29,852,154
3.20%, 07/15/36 (Call 01/15/36)a		12,866		11,308,771
3.30%, 02/01/27 (Call 11/01/26)		16,502		15,962,107
3.38%, 02/15/25 (Call 11/15/24)a		10,896		10,734,296
3.38%, 08/15/25 (Call 05/15/25)a		16,906		16,636,266
3.40%, 07/15/46 (Call 01/15/46)a		20,469		17,499,010
3.55%, 05/01/28 (Call 02/01/28)		14,985		14,706,756
3.60%, 03/01/24		8,783		8,856,191
3.90%, 03/01/38 (Call 09/01/37)		24,985		23,874,477
3.97%, 11/01/47 (Call 05/01/47)a		28,972		27,096,735
4.00%, 08/15/47 (Call 02/15/47)a		3,469		3,253,238
4.00%, 03/01/48 (Call 09/01/47)		17,572		16,438,641
4.00%, 11/01/49 (Call 05/01/49)		36,023		33,478,649
4.05%, 11/01/52 (Call 05/01/52)		29,003		27,014,679
4.20%, 08/15/34 (Call 02/15/34)a		7,662		7,694,996
4.25%, 01/15/33a		13,177		13,502,531
4.40%, 08/15/35 (Call 02/15/35)a		3,806		3,870,704
4.60%, 08/15/45 (Call 02/15/45)a		20,631		21,303,719
4.65%, 07/15/42a		16,021		16,643,212
4.75%, 03/01/44a		11,071		11,662,075
5.65%, 06/15/35		481		565,291
6.40%, 05/15/38		386		490,487
6.45%, 03/15/37		9,413		12,051,334
6.50%, 11/15/35		1,761		2,246,621
6.95%, 08/15/37		12,166		16,406,574
7.05%, 03/15/33		7,763		10,113,481

Security	Principal (000s)		Value
Discovery Communications LLC
2.95%, 03/20/23 (Call 02/20/23)a	$	19,762	$	19,134,677
3.95%, 03/20/28 (Call 12/20/27)a		14,409		13,868,426
4.88%, 04/01/43a		3,835		3,658,193
5.00%, 09/20/37 (Call 03/20/37)		19,449		19,397,970
5.20%, 09/20/47 (Call 03/20/47)a		23,108		22,907,970
6.35%, 06/01/40		955		1,078,435
NBCUniversal Media LLC
2.88%, 01/15/23a		9,238		9,090,270
4.38%, 04/01/21a		22,364		23,298,214
4.45%, 01/15/43		12,726		12,841,785
5.95%, 04/01/41a		1,025		1,247,180
Time Warner Cable LLC
4.00%, 09/01/21 (Call 06/01/21)a		8,892		9,003,353
4.50%, 09/15/42 (Call 03/15/42)		24,034		21,464,160
5.50%, 09/01/41 (Call 03/01/41)a		6,203		6,235,669
5.88%, 11/15/40 (Call 05/15/40)a		7,549		7,951,553
6.55%, 05/01/37		12,845		14,498,152
6.75%, 06/15/39		19,647		22,586,270
7.30%, 07/01/38a		18,395		22,189,020
Time Warner Entertainment Co. LP
8.38%, 03/15/23		13,112		15,744,803
8.38%, 07/15/33a		10,631		14,028,175
Time Warner Inc.
2.95%, 07/15/26 (Call 04/15/26)		8,878		8,139,904
3.55%, 06/01/24 (Call 03/01/24)		12,625		12,482,176
3.60%, 07/15/25 (Call 04/15/25)		17,597		17,127,401
3.80%, 02/15/27 (Call 11/15/26)a		34,454		33,434,417
4.75%, 03/29/21a		7,238		7,575,768
4.85%, 07/15/45 (Call 01/15/45)a		8,832		8,858,265

156 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
6.10%, 07/15/40	$	1,462	$	1,692,353
6.25%, 03/29/41		1,036		1,223,335
Viacom Inc.
4.25%, 09/01/23 (Call 06/01/23)		16,365		16,795,504
4.38%, 03/15/43a		3,378		3,050,411
5.85%, 09/01/43 (Call 03/01/43)a		17,340		18,892,199
6.88%, 04/30/36a		19,685		23,402,026
Walt Disney Co. (The)
1.85%, 07/30/26a		14,710		13,056,452
2.30%, 02/12/21a		9,197		9,072,164
2.35%, 12/01/22a		11,260		10,912,759
2.75%, 08/16/21		6,830		6,807,908
2.95%, 06/15/27a		14,042		13,509,930
3.00%, 02/13/26a		10,154		9,893,226
3.15%, 09/17/25a		7,800		7,705,744
4.13%, 06/01/44a		6,805		7,051,332
				1,346,950,593
METAL FABRICATE & HARDWARE — 0.06%
Precision Castparts Corp.
2.50%, 01/15/23 (Call 10/15/22)a		12,693		12,417,906
3.25%, 06/15/25 (Call 03/15/25)		8,052		7,990,562
				20,408,468
MINING — 0.60%
Barrick Gold Corp.
5.25%, 04/01/42		6,248		6,937,875
Barrick North America Finance LLC
5.70%, 05/30/41		13,218		15,379,327
5.75%, 05/01/43a		5,545		6,570,081
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39a		14,103		16,598,489
BHP Billiton Finance USA Ltd.
2.88%, 02/24/22a		1,656		1,647,279
4.13%, 02/24/42a		13,278		13,566,875
5.00%, 09/30/43a		31,354		36,145,017
Newmont Mining Corp.
3.50%, 03/15/22 (Call 12/15/21)		4,481		4,487,536

Security	Principal (000s)		Value
4.88%, 03/15/42 (Call 09/15/41)a	$	13,824	$	14,659,965
6.25%, 10/01/39a		11,813		14,479,481
Rio Tinto Alcan Inc.
6.13%, 12/15/33a		4,232		5,219,130
Rio Tinto Finance USA Ltd.
3.75%, 06/15/25 (Call 03/15/25)		19,921		20,285,718
5.20%, 11/02/40a		17,736		20,725,486
7.13%, 07/15/28		5,298		6,828,314
Rio Tinto Finance USA PLC
2.88%, 08/21/22 (Call 05/21/22)		35		34,627
4.13%, 08/21/42 (Call 02/21/42)		13,370		13,653,317
				197,218,517
OFFICE & BUSINESS EQUIPMENT — 0.03%
Xerox Corp.
3.63%, 03/15/23 (Call 02/15/23)a		6,602		6,446,766
4.50%, 05/15/21a		3,754		3,846,040
				10,292,806
OIL & GAS — 6.22%
Anadarko Finance Co.
7.50%, 05/01/31		9,649		12,082,945
Anadarko Petroleum Corp.
4.85%, 03/15/21 (Call 02/15/21)a		8,315		8,674,226
5.55%, 03/15/26 (Call 12/15/25)a		16,117		17,565,615
6.20%, 03/15/40a		8,458		9,884,415
6.45%, 09/15/36		20,712		24,727,833
6.60%, 03/15/46 (Call 09/15/45)a		11,275		14,003,794
Apache Corp.
3.25%, 04/15/22 (Call 01/15/22)		15,879		15,737,448
4.25%, 01/15/44 (Call 07/15/43)		10,497		9,646,630
4.75%, 04/15/43 (Call 10/15/42)		22,467		22,015,317
5.10%, 09/01/40 (Call 03/01/40)		14,957		15,357,406

SCHEDULESOF INVESTMENTS 157

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
6.00%, 01/15/37	$	7,438	$	8,425,978
BP Capital Markets PLC
2.11%, 09/16/21 (Call 08/16/21)		12,742		12,352,102
2.50%, 11/06/22a		14,783		14,350,449
2.75%, 05/10/23a		24,478		23,910,176
3.02%, 01/16/27 (Call 10/16/26)a		17,157		16,359,407
3.06%, 03/17/22		14,624		14,610,353
3.12%, 05/04/26 (Call 02/04/26)		21,670		20,950,989
3.22%, 11/28/23 (Call 09/28/23)a		5,716		5,676,749
3.22%, 04/14/24 (Call 02/14/24)		9,407		9,319,017
3.25%, 05/06/22a		22,823		22,910,574
3.28%, 09/19/27 (Call 06/19/27)a		12,663		12,278,339
3.51%, 03/17/25a		14,804		14,804,299
3.54%, 11/04/24a		8,742		8,762,364
3.56%, 11/01/21		11,856		12,092,926
3.59%, 04/14/27 (Call 01/14/27)a		11,180		11,119,252
3.72%, 11/28/28 (Call 08/28/28)a		6,097		6,119,790
3.81%, 02/10/24a		14,440		14,779,262
3.99%, 09/26/23a		13,954		14,448,238
4.74%, 03/11/21a		17,142		18,013,606
Canadian Natural Resources Ltd.
2.95%, 01/15/23 (Call 12/15/22)		11,893		11,584,002
3.85%, 06/01/27 (Call 03/01/27)		18,548		18,191,593
4.95%, 06/01/47 (Call 12/01/46)a		8,171		8,535,733
6.25%, 03/15/38a		14,138		16,990,587
Cenovus Energy Inc.
4.25%, 04/15/27 (Call 01/15/27)a		20,721		20,200,721
5.25%, 06/15/37 (Call 12/15/36)a		1,860		1,855,438
5.40%, 06/15/47 (Call 12/15/46)a		23,058		23,086,696
6.75%, 11/15/39		8,451		9,720,568

Security	Principal (000s)		Value
Chevron Corp.
2.10%, 05/16/21 (Call 04/15/21)	$	6,290	$	6,179,804
2.36%, 12/05/22 (Call 09/05/22)a		19,746		19,140,270
2.57%, 05/16/23 (Call 03/16/23)a		20,181		19,603,579
2.90%, 03/03/24 (Call 01/03/24)a		22,004		21,550,698
2.95%, 05/16/26 (Call 02/16/26)a		30,077		28,849,097
3.19%, 06/24/23 (Call 03/24/23)a		28,641		28,713,058
3.33%, 11/17/25 (Call 08/17/25)		1,869		1,851,505
Concho Resources Inc.
3.75%, 10/01/27 (Call 07/01/27)a		10,353		10,060,282
4.88%, 10/01/47 (Call 04/01/47)		11,322		11,738,372
ConocoPhillips
6.50%, 02/01/39a		32,728		42,671,153
ConocoPhillips Co.
2.40%, 12/15/22 (Call 09/15/22)		14,670		14,199,149
3.35%, 11/15/24 (Call 08/15/24)		12,563		12,464,519
4.30%, 11/15/44 (Call 05/15/44)a		7,455		7,640,744
4.95%, 03/15/26 (Call 12/15/25)a		20,561		22,370,845
ConocoPhillips Holding Co.
6.95%, 04/15/29		18,729		23,737,528
Devon Energy Corp.
3.25%, 05/15/22 (Call 02/15/22)		6,167		6,124,837
4.75%, 05/15/42 (Call 11/15/41)a		14,059		14,164,769
5.00%, 06/15/45 (Call 12/15/44)		12,341		12,925,386
5.60%, 07/15/41 (Call 01/15/41)		19,246		21,470,574
5.85%, 12/15/25 (Call 09/15/25)a		947		1,075,366

158 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
7.95%, 04/15/32	$	5,787	$	7,774,019
Devon Financing Co. LLC
7.88%, 09/30/31		1,800		2,399,133
Encana Corp.
6.50%, 08/15/34		7,933		9,505,315
EOG Resources Inc.
2.63%, 03/15/23 (Call 12/15/22)a		16,609		16,023,923
4.10%, 02/01/21a		4,791		4,924,396
4.15%, 01/15/26 (Call 10/15/25)a		4,673		4,813,415
EQT Corp.
3.00%, 10/01/22 (Call 09/01/22)a		11,628		11,323,186
3.90%, 10/01/27 (Call 07/01/27)a		17,050		16,271,674
4.88%, 11/15/21		5,210		5,450,096
Exxon Mobil Corp.
2.22%, 03/01/21 (Call 02/01/21)a		21,887		21,542,188
2.40%, 03/06/22 (Call 01/06/22)		14,423		14,097,336
2.71%, 03/06/25 (Call 12/06/24)a		25,679		24,703,475
2.73%, 03/01/23 (Call 01/01/23)a		9,251		9,135,213
3.04%, 03/01/26 (Call 12/01/25)a		29,788		29,179,655
3.18%, 03/15/24 (Call 12/15/23)a		3,383		3,395,661
3.57%, 03/06/45 (Call 09/06/44)a		15,054		14,274,472
4.11%, 03/01/46 (Call 09/01/45)a		34,547		36,006,611
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)a		12,880		12,589,819
5.60%, 02/15/41		15,866		16,302,055
6.00%, 01/15/40		10,224		10,826,593
Husky Energy Inc.
4.00%, 04/15/24 (Call 01/15/24)a		5,263		5,334,384

Security	Principal (000s)		Value
Marathon Oil Corp.
2.80%, 11/01/22 (Call 08/01/22)a	$	10,499	$	10,126,378
3.85%, 06/01/25 (Call 03/01/25)		10,628		10,492,818
4.40%, 07/15/27 (Call 04/15/27)a		11,485		11,663,145
6.60%, 10/01/37		13,455		16,205,481
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 06/15/24)		6,091		6,083,115
4.75%, 09/15/44 (Call 03/15/44)		12,810		12,567,076
5.13%, 03/01/21a		11,180		11,804,321
6.50%, 03/01/41 (Call 09/01/40)a		14,768		17,957,260
Noble Energy Inc.
4.15%, 12/15/21 (Call 09/15/21)		11,488		11,774,961
5.05%, 11/15/44 (Call 05/15/44)		9,541		9,941,091
5.25%, 11/15/43 (Call 05/15/43)		9,779		10,421,935
6.00%, 03/01/41 (Call 09/01/40)		11,803		13,613,966
Occidental Petroleum Corp.
2.70%, 02/15/23 (Call 11/15/22)		9,905		9,718,633
3.00%, 02/15/27 (Call 11/15/26)a		15,079		14,377,079
3.13%, 02/15/22 (Call 11/15/21)		3,304		3,311,588
3.40%, 04/15/26 (Call 01/15/26)a		17,543		17,319,799
3.50%, 06/15/25 (Call 03/15/25)		15,617		15,609,543
4.10%, 02/15/47 (Call 08/15/46)a		9,006		8,884,094
4.40%, 04/15/46 (Call 10/15/45)a		15,404		15,856,463
4.63%, 06/15/45 (Call 12/15/44)		8,215		8,693,516

SCHEDULESOF INVESTMENTS 159

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
Series 1
4.10%, 02/01/21 (Call 11/01/20)a	$	11,345	$	11,717,783
Phillips 66
4.30%, 04/01/22a		23,670		24,580,478
4.65%, 11/15/34 (Call 05/15/34)a		13,005		13,489,843
4.88%, 11/15/44 (Call 05/15/44)a		20,137		21,181,885
5.88%, 05/01/42a		16,409		19,438,387
Shell International Finance BV
1.75%, 09/12/21a		7,540		7,230,454
1.88%, 05/10/21		16,183		15,663,647
2.25%, 11/10/20a		1,558		1,535,553
2.25%, 01/06/23a		10,181		9,763,127
2.38%, 08/21/22a		8,781		8,535,961
2.50%, 09/12/26		14,607		13,572,091
2.88%, 05/10/26a		27,290		26,128,398
3.25%, 05/11/25		40,670		40,162,666
3.40%, 08/12/23a		3,427		3,461,635
3.75%, 09/12/46a		17,400		16,559,924
4.00%, 05/10/46a		29,002		28,716,899
4.13%, 05/11/35		18,521		19,068,807
4.38%, 05/11/45a		36,526		38,220,799
4.55%, 08/12/43a		16,337		17,514,777
5.50%, 03/25/40a		12,039		14,505,512
6.38%, 12/15/38a		35,450		46,751,460
Statoil ASA
2.45%, 01/17/23a		14,639		14,165,452
2.65%, 01/15/24		16,022		15,507,522
2.75%, 11/10/21		379		376,014
3.15%, 01/23/22a		3,509		3,524,549
3.70%, 03/01/24a		11,797		12,016,338
3.95%, 05/15/43		5,202		5,144,647
4.80%, 11/08/43a		10,868		12,146,767
5.10%, 08/17/40		9,741		11,217,210
Suncor Energy Inc.
3.60%, 12/01/24 (Call 09/01/24)		8,986		8,891,155
4.00%, 11/15/47 (Call 05/15/47)		429		413,530
6.50%, 06/15/38a		17,364		22,316,473
6.80%, 05/15/38		14,425		18,986,618

Security	Principal (000s)		Value
6.85%, 06/01/39a	$	13,366	$	18,145,279
Total Capital Canada Ltd.
2.75%, 07/15/23a		16,988		16,597,225
Total Capital International SA
2.70%, 01/25/23a		13,856		13,562,010
2.75%, 06/19/21a		9,987		9,942,213
2.88%, 02/17/22a		7,891		7,833,287
3.70%, 01/15/24a		10,978		11,209,672
3.75%, 04/10/24a		19,313		19,768,586
Valero Energy Corp.
3.40%, 09/15/26 (Call 06/15/26)a		17,825		17,072,229
6.63%, 06/15/37a		15,960		19,775,709
7.50%, 04/15/32		11,424		14,870,325
				2,031,254,149
OIL & GAS SERVICES — 0.69%
Baker Hughes a GE Co. LLC
5.13%, 09/15/40		1,139		1,255,237
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc.
2.77%, 12/15/22 (Call 11/15/22)		10,072		9,835,410
3.34%, 12/15/27 (Call 09/15/27)		19,916		19,013,088
4.08%, 12/15/47 (Call 06/15/47)		14,245		13,376,918
Halliburton Co.
3.50%, 08/01/23 (Call 05/01/23)a		18,892		18,951,177
3.80%, 11/15/25 (Call 08/15/25)a		30,582		30,604,704
4.75%, 08/01/43 (Call 02/01/43)a		15,639		16,207,883
4.85%, 11/15/35 (Call 05/15/35)a		14,159		15,086,223
5.00%, 11/15/45 (Call 05/15/45)a		25,207		27,241,815
6.70%, 09/15/38a		10,400		13,278,445
7.45%, 09/15/39a		7,872		10,823,816
National Oilwell Varco Inc.
2.60%, 12/01/22 (Call 09/01/22)		20,647		19,751,484

160 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
3.95%, 12/01/42 (Call 06/01/42)	$	10,901	$	9,403,197
Schlumberger Investment SA
3.65%, 12/01/23 (Call 09/01/23)a		19,678		20,066,210
				224,895,607
PHARMACEUTICALS — 6.20%
AbbVie Inc.
2.30%, 05/14/21 (Call 04/14/21)a		22,549		22,024,458
2.85%, 05/14/23 (Call 03/14/23)a		19,017		18,463,352
2.90%, 11/06/22a		39,745		38,906,516
3.20%, 11/06/22 (Call 09/06/22)a		7,495		7,448,154
3.20%, 05/14/26 (Call 02/14/26)a		25,957		24,773,205
3.60%, 05/14/25 (Call 02/14/25)a		42,097		41,601,325
4.30%, 05/14/36 (Call 11/14/35)a		16,611		16,697,979
4.40%, 11/06/42		31,603		31,257,810
4.45%, 05/14/46 (Call 11/14/45)a		25,105		25,057,361
4.50%, 05/14/35 (Call 11/14/34)a		33,407		34,347,748
4.70%, 05/14/45 (Call 11/14/44)		29,879		30,795,840
Actavis Inc.
3.25%, 10/01/22 (Call 07/01/22)		17,918		17,667,689
Allergan Funding SCS
3.45%, 03/15/22 (Call 01/15/22)a		35,359		35,286,394
3.80%, 03/15/25 (Call 12/15/24)a		50,637		49,922,745
3.85%, 06/15/24 (Call 03/15/24)a		18,032		17,997,819
4.55%, 03/15/35 (Call 09/15/34)		32,015		31,846,054
4.75%, 03/15/45 (Call 09/15/44)		14,571		14,520,730
4.85%, 06/15/44 (Call 12/15/43)		18,880		19,044,941

Security	Principal (000s)		Value
AstraZeneca PLC
2.38%, 06/12/22 (Call 05/12/22)a	$	8,984	$	8,698,972
3.13%, 06/12/27 (Call 03/12/27)a		13,147		12,578,536
3.38%, 11/16/25 a		30,079		29,551,817
4.00%, 09/18/42a		18,343		17,474,564
4.38%, 11/16/45a		8,888		8,959,541
6.45%, 09/15/37a		30,097		38,582,148
Bristol-Myers Squibb Co.
2.00%, 08/01/22a		3,446		3,297,626
3.25%, 02/27/27a		17,761		17,518,053
Cardinal Health Inc.
2.62%, 06/15/22 (Call 05/15/22)a		5,791		5,598,509
3.08%, 06/15/24 (Call 04/15/24)a		4,513		4,327,183
3.41%, 06/15/27 (Call 03/15/27)a		28,693		27,001,189
CVS Health Corp.
2.13%, 06/01/21 (Call 05/01/21)a		20,468		19,738,836
2.75%, 12/01/22 (Call 09/01/22)a		20,037		19,297,953
2.88%, 06/01/26 (Call 03/01/26)a		38,759		35,414,098
3.50%, 07/20/22 (Call 05/20/22)a		22,170		22,101,628
3.88%, 07/20/25 (Call 04/20/25)a		38,535		38,060,422
4.00%, 12/05/23 (Call 09/05/23)a		8,864		8,975,775
4.88%, 07/20/35 (Call 01/20/35)		128		132,171
5.13%, 07/20/45 (Call 01/20/45)a		40,264		42,087,025
5.30%, 12/05/43 (Call 06/05/43)		1,432		1,528,661
Eli Lilly & Co.
2.35%, 05/15/22a		9,301		9,050,942
2.75%, 06/01/25 (Call 03/01/25)a		9,128		8,807,928
3.10%, 05/15/27 (Call 02/15/27)a		11,693		11,387,536

SCHEDULESOF INVESTMENTS 161

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
3.70%, 03/01/45 (Call 09/01/44)	$	13,858	$	13,375,349
3.95%, 05/15/47 (Call 11/15/46)a		8,441		8,463,433
Express Scripts Holding Co.
3.00%, 07/15/23 (Call 05/15/23)a		15,648		15,118,659
3.40%, 03/01/27 (Call 12/01/26)a		21,528		20,365,423
3.50%, 06/15/24 (Call 03/15/24)		17,593		17,223,953
3.90%, 02/15/22a		14,281		14,535,679
4.50%, 02/25/26 (Call 11/27/25)a		24,121		24,881,709
4.75%, 11/15/21a		13,730		14,385,200
4.80%, 07/15/46 (Call 01/15/46)a		5,901		5,880,484
GlaxoSmithKline Capital Inc.
2.80%, 03/18/23a		20,039		19,660,616
6.38%, 05/15/38a		32,065		42,456,289
GlaxoSmithKline Capital PLC
2.85%, 05/08/22		26,974		26,741,260
Johnson & Johnson
1.65%, 03/01/21 (Call 02/01/21)a		3,979		3,871,826
2.25%, 03/03/22 (Call 02/03/22)a		3,643		3,565,466
2.45%, 03/01/26 (Call 12/01/25)a		36,010		33,954,333
2.63%, 01/15/25 (Call 11/15/24)		11,430		11,027,625
2.90%, 01/15/28 (Call 10/15/27)a		14,473		13,899,037
2.95%, 03/03/27 (Call 12/03/26)a		15,939		15,453,431
3.38%, 12/05/23a		4,611		4,722,873
3.40%, 01/15/38 (Call 07/15/37)a		15,286		14,610,582
3.50%, 01/15/48 (Call 07/15/47)a		11,807		11,081,815
3.55%, 03/01/36 (Call 09/01/35)a		13,706		13,416,391
3.63%, 03/03/37 (Call 09/03/36)a		21,400		21,156,072

Security	Principal (000s)		Value
3.70%, 03/01/46 (Call 09/01/45)a	$	21,708	$	21,197,532
3.75%, 03/03/47 (Call 09/03/46)a		10,372		10,205,621
4.38%, 12/05/33 (Call 06/05/33)		10,219		11,106,290
5.95%, 08/15/37a		14,122		18,182,679
McKesson Corp.
3.80%, 03/15/24 (Call 12/15/23)a		4,024		4,062,180
Mead Johnson Nutrition Co.
4.13%, 11/15/25 (Call 08/15/25)a		10,077		10,254,795
Merck & Co. Inc.
2.35%, 02/10/22a		4,297		4,213,805
2.40%, 09/15/22 (Call 06/15/22)a		7,516		7,342,389
2.75%, 02/10/25 (Call 11/10/24)a		30,347		29,274,910
2.80%, 05/18/23a		22,229		21,968,294
3.70%, 02/10/45 (Call 08/10/44)a		29,897		28,955,098
3.88%, 01/15/21 (Call 10/15/20)a		2,490		2,562,457
4.15%, 05/18/43		16,997		17,614,761
Mylan NV
3.15%, 06/15/21 (Call 05/15/21)a		26,289		26,055,438
3.95%, 06/15/26 (Call 03/15/26)b		1,938		1,878,910
3.95%, 06/15/26 (Call 03/15/26)a		36,063		34,944,423
5.25%, 06/15/46 (Call 12/15/45)a		9,926		10,017,642
Novartis Capital Corp.
2.40%, 05/17/22 (Call 04/17/22)a		5,346		5,225,703
2.40%, 09/21/22a		15,199		14,811,661
3.00%, 11/20/25 (Call 08/20/25)a		22,886		22,370,539
3.10%, 05/17/27 (Call 02/17/27)		19,943		19,525,503
3.40%, 05/06/24a		28,543		28,826,061

162 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
4.00%, 11/20/45 (Call 05/20/45)a	$	18,811	$	19,066,892
4.40%, 05/06/44a		19,923		21,499,254
Pfizer Inc.
1.95%, 06/03/21a		8,851		8,634,861
2.20%, 12/15/21a		10,126		9,896,486
2.75%, 06/03/26a		19,219		18,244,483
3.00%, 06/15/23a		9,895		9,882,913
3.00%, 12/15/26a		17,797		17,172,888
3.40%, 05/15/24a		16,513		16,700,735
4.00%, 12/15/36a		12,023		12,338,244
4.13%, 12/15/46a		14,505		14,877,825
4.30%, 06/15/43a		10,948		11,443,511
4.40%, 05/15/44a		12,677		13,488,693
7.20%, 03/15/39a		28,441		41,096,070
Sanofi
4.00%, 03/29/21a		19,837		20,472,030
Shire Acquisitions Investments Ireland DAC
2.40%, 09/23/21 (Call 08/23/21)a		44,024		42,529,332
2.88%, 09/23/23 (Call 07/23/23)a		35,249		33,806,858
3.20%, 09/23/26 (Call 06/23/26)a		40,097		37,352,789
Wyeth LLC
5.95%, 04/01/37a		23,199		29,506,305
6.50%, 02/01/34a		8,731		11,344,070
Zoetis Inc.
3.00%, 09/12/27 (Call 06/12/27)a		6,631		6,218,303
3.25%, 02/01/23 (Call 11/01/22)a		17,487		17,397,877
3.95%, 09/12/47 (Call 03/12/47)a		903		857,018
4.50%, 11/13/25 (Call 08/13/25)		9,842		10,385,171
4.70%, 02/01/43 (Call 08/01/42)		12,839		13,525,919
				2,026,013,956
PIPELINES — 3.22%
Columbia Pipeline Group Inc.
4.50%, 06/01/25 (Call 03/01/25)		12,062		12,399,933

Security	Principal (000s)		Value
Enbridge Inc.
4.25%, 12/01/26 (Call 09/01/26)a	$	15,583	$	15,696,588
5.50%, 12/01/46 (Call 05/29/46)a		9,284		10,481,786
Energy Transfer LP
3.60%, 02/01/23 (Call 11/01/22)		14,293		14,073,691
4.05%, 03/15/25 (Call 12/15/24)a		17,476		17,232,406
4.65%, 06/01/21 (Call 03/01/21)a		7,944		8,213,184
4.75%, 01/15/26 (Call 10/15/25)a		11,674		11,861,807
5.15%, 03/15/45 (Call 09/15/44)		15,637		14,682,349
5.20%, 02/01/22 (Call 11/01/21)a		11,471		12,066,205
5.30%, 04/15/47 (Call 10/15/46)a		8,593		8,252,841
6.13%, 12/15/45 (Call 06/15/45)		9,297		9,871,384
6.50%, 02/01/42 (Call 08/01/41)		14,353		15,847,434
Energy Transfer LP/Regency Energy Finance Corp.
5.88%, 03/01/22 (Call 12/01/21)		13,660		14,620,711
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)		2,313		2,268,115
Enterprise Products Operating LLC
3.35%, 03/15/23 (Call 12/15/22)a		2,835		2,828,256
3.70%, 02/15/26 (Call 11/15/25)		12,121		12,062,986
3.75%, 02/15/25 (Call 11/15/24)		13,861		13,922,877
3.90%, 02/15/24 (Call 11/15/23)		9,083		9,227,589
3.95%, 02/15/27 (Call 11/15/26)a		10		10,103
4.25%, 02/15/48 (Call 08/15/47)		15,000		14,384,756

SCHEDULESOF INVESTMENTS 163

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
4.45%, 02/15/43 (Call 08/15/42)	$	14,545	$	14,363,971
4.85%, 08/15/42 (Call 02/15/42)		6,734		7,006,864
4.85%, 03/15/44 (Call 09/15/43)		17,530		18,274,762
4.90%, 05/15/46 (Call 11/15/45)		12,036		12,729,589
5.10%, 02/15/45 (Call 08/15/44)		16,785		18,168,928
5.95%, 02/01/41		8,489		10,049,137
Kinder Morgan Energy Partners LP
3.50%, 03/01/21 (Call 01/01/21)		11,725		11,766,523
3.95%, 09/01/22 (Call 06/01/22)		13,401		13,582,160
5.50%, 03/01/44 (Call 09/01/43)		7,613		7,922,350
6.95%, 01/15/38		11,171		13,488,492
Kinder Morgan Inc./DE
3.15%, 01/15/23 (Call 12/15/22)a		15,813		15,452,764
4.30%, 06/01/25 (Call 03/01/25)		16,996		17,187,599
4.30%, 03/01/28 (Call 12/01/27)		5,000		4,983,100
5.05%, 02/15/46 (Call 08/15/45)		9,835		9,643,105
5.30%, 12/01/34 (Call 06/01/34)		11,363		11,724,702
5.55%, 06/01/45 (Call 12/01/44)a		17,969		18,777,341
7.75%, 01/15/32		11,599		14,759,947
MPLX LP
4.00%, 03/15/28 (Call 12/15/27)		15,000		14,740,452
4.13%, 03/01/27 (Call 12/01/26)a		13,690		13,605,661
4.50%, 07/15/23 (Call 04/15/23)a		9,311		9,634,332
4.50%, 04/15/38 (Call 10/15/37)		20,000		19,468,436
4.70%, 04/15/48 (Call 10/15/47)		15,000		14,521,306

Security	Principal (000s)		Value
4.88%, 12/01/24 (Call 09/01/24)a	$	15,036	$	15,829,692
4.88%, 06/01/25 (Call 03/01/25)a		11,801		12,376,517
5.20%, 03/01/47 (Call 09/01/46)a		16,089		16,705,894
ONEOK Partners LP
3.38%, 10/01/22 (Call 07/01/22)		6,369		6,291,148
Plains All American Pipeline LP/PAA Finance Corp.
3.60%, 11/01/24 (Call 08/01/24)		6,013		5,739,663
3.65%, 06/01/22 (Call 03/01/22)		8,955		8,855,680
4.50%, 12/15/26 (Call 09/15/26)a		10,782		10,707,797
4.65%, 10/15/25 (Call 07/15/25)a		10,306		10,412,835
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)		15,873		15,560,743
5.00%, 03/15/27 (Call 09/15/26)a		20,672		21,435,522
5.63%, 02/01/21 (Call 11/01/20)a		17,449		18,406,950
5.63%, 04/15/23 (Call 01/15/23)a		24,592		26,310,632
5.63%, 03/01/25 (Call 12/01/24)a		27,655		29,804,734
5.75%, 05/15/24 (Call 02/15/24)a		24,637		26,569,093
5.88%, 06/30/26 (Call 12/31/25)a		21,690		23,690,909
6.25%, 03/15/22 (Call 12/15/21)a		9,364		10,203,628
Spectra Energy Partners LP
4.75%, 03/15/24 (Call 12/15/23)		14,790		15,526,477
Sunoco Logistics Partners Operations LP
4.00%, 10/01/27 (Call 07/01/27)a		10,615		10,116,178
5.35%, 05/15/45 (Call 11/15/44)		8,624		8,309,948

164 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
5.40%, 10/01/47 (Call 04/01/47)a	$	19,946	$	19,535,124
TransCanada PipeLines Ltd.
2.50%, 08/01/22a		12,712		12,357,396
4.63%, 03/01/34 (Call 12/01/33)a		17,921		18,964,904
4.88%, 01/15/26 (Call 10/15/25)a		8,313		9,011,398
6.10%, 06/01/40a		9,135		11,293,564
6.20%, 10/15/37a		13,190		16,232,329
7.63%, 01/15/39a		15,552		22,153,824
Transcontinental Gas Pipe Line Co. LLC
7.85%, 02/01/26 (Call 11/01/25)a		17,365		21,568,830
Williams Partners LP
3.35%, 08/15/22 (Call 05/15/22)		8,501		8,389,729
3.60%, 03/15/22 (Call 01/15/22)		17,915		17,939,443
3.75%, 06/15/27 (Call 03/15/27)a		19,604		19,041,828
3.90%, 01/15/25 (Call 10/15/24)		6,106		6,064,015
4.00%, 09/15/25 (Call 06/15/25)a		11,799		11,752,809
4.30%, 03/04/24 (Call 12/04/23)		16,175		16,541,909
5.10%, 09/15/45 (Call 03/15/45)		11,675		12,097,208
6.30%, 04/15/40		16,262		19,226,177
Williams Partners LP/ACMP Finance Corp.
4.88%, 03/15/24 (Call 03/28/18)		4,470		4,670,584
				1,051,551,633
REAL ESTATE INVESTMENT TRUSTS — 1.12%
American Tower Corp.
3.30%, 02/15/21 (Call 01/15/21)a		10,687		10,722,664
3.38%, 10/15/26 (Call 07/15/26)a		16,256		15,384,027
3.50%, 01/31/23a		2,576		2,575,974
3.55%, 07/15/27 (Call 04/15/27)a		8,097		7,713,814

Security	Principal (000s)		Value
4.00%, 06/01/25 (Call 03/01/25)a	$	22,768	$	22,809,779
4.70%, 03/15/22a		374		392,112
5.00%, 02/15/24		8,791		9,396,432
Boston Properties LP
2.75%, 10/01/26 (Call 07/01/26)a		22,715		20,925,590
3.65%, 02/01/26 (Call 11/03/25)a		18,131		17,959,593
3.85%, 02/01/23 (Call 11/01/22)		6,260		6,409,079
4.13%, 05/15/21 (Call 02/15/21)		2,290		2,363,255
CC Holdings GS V LLC/Crown Castle GS III Corp.
3.85%, 04/15/23a		9,702		9,766,971
Crown Castle International Corp.
2.25%, 09/01/21 (Call 08/01/21)a		459		445,003
3.15%, 07/15/23 (Call 06/15/23)		475		464,628
3.20%, 09/01/24 (Call 07/01/24)a		4,328		4,166,553
3.40%, 02/15/21 (Call 01/15/21)a		5,095		5,126,915
3.65%, 09/01/27 (Call 06/01/27)a		13,944		13,340,045
3.70%, 06/15/26 (Call 03/15/26)a		7,044		6,808,270
4.45%, 02/15/26 (Call 11/15/25)		13,791		14,044,486
4.88%, 04/15/22		22,404		23,567,935
5.25%, 01/15/23a		26,309		28,198,020
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)a		7,886		8,215,684
4.63%, 12/15/21 (Call 09/15/21)		5,125		5,405,445
HCP Inc.
3.88%, 08/15/24 (Call 05/17/24)a		12,864		12,887,665
4.00%, 06/01/25 (Call 03/01/25)a		13,070		13,114,927

SCHEDULESOF INVESTMENTS 165

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
4.25%, 11/15/23 (Call 08/15/23)	$	7,593	$	7,829,448
5.38%, 02/01/21 (Call 11/03/20)a		1,602		1,695,186
Simon Property Group LP
3.25%, 11/30/26 (Call 08/30/26)a		12,588		12,137,397
3.30%, 01/15/26 (Call 10/15/25)a		18,689		18,173,522
3.38%, 10/01/24 (Call 07/01/24)a		15,996		15,868,817
3.38%, 06/15/27 (Call 03/15/27)a		1,732		1,678,631
4.38%, 03/01/21 (Call 12/01/20)a		10,967		11,413,686
Welltower Inc.
4.00%, 06/01/25 (Call 03/01/25)a		19,727		19,898,161
Weyerhaeuser Co.
7.38%, 03/15/32a		11,727		15,402,584
				366,302,298
RETAIL — 2.69%
Costco Wholesale Corp.
2.15%, 05/18/21 (Call 04/18/21)a		3,651		3,584,682
2.30%, 05/18/22 (Call 04/18/22)a		3,007		2,925,198
2.75%, 05/18/24 (Call 03/18/24)		12,635		12,320,948
3.00%, 05/18/27 (Call 02/18/27)a		10,836		10,482,949
Home Depot Inc. (The)
2.00%, 04/01/21 (Call 03/01/21)a		17,135		16,744,634
2.13%, 09/15/26 (Call 06/15/26)a		18,173		16,369,204
2.63%, 06/01/22 (Call 05/01/22)		9,650		9,520,649
2.70%, 04/01/23 (Call 01/01/23)a		13,102		12,857,289
2.80%, 09/14/27 (Call 06/14/27)a		15,847		14,944,778
3.00%, 04/01/26 (Call 01/01/26)a		20,746		20,098,136

Security	Principal (000s)		Value
3.35%, 09/15/25 (Call 06/15/25)a	$	18,262	$	18,185,332
3.50%, 09/15/56 (Call 03/15/56)a		13,157		11,560,574
3.75%, 02/15/24 (Call 11/15/23)a		6,135		6,311,829
3.90%, 06/15/47 (Call 12/15/46)a		3,460		3,399,606
4.20%, 04/01/43 (Call 10/01/42)a		8,263		8,481,554
4.25%, 04/01/46 (Call 10/01/45)a		15,991		16,558,853
4.40%, 04/01/21 (Call 01/01/21)a		11,602		12,130,120
4.40%, 03/15/45 (Call 09/15/44)		11,817		12,505,200
4.88%, 02/15/44 (Call 08/15/43)		13,255		14,963,501
5.88%, 12/16/36a		34,752		44,406,815
5.95%, 04/01/41 (Call 10/01/40)a		14,962		19,154,269
Lowe’s Companies Inc.
2.50%, 04/15/26 (Call 01/15/26)a		16,686		15,405,289
3.10%, 05/03/27 (Call 02/03/27)a		20,470		19,594,781
3.12%, 04/15/22 (Call 01/15/22)		3,500		3,527,561
3.38%, 09/15/25 (Call 06/15/25)		9,756		9,628,950
3.70%, 04/15/46 (Call 10/15/45)		20,150		18,644,392
4.05%, 05/03/47 (Call 11/03/46)a		16,870		16,719,729
4.38%, 09/15/45 (Call 03/15/45)a		6,942		7,193,347
4.65%, 04/15/42 (Call 10/15/41)a		8,169		8,793,478
Macy’s Retail Holdings Inc.
2.88%, 02/15/23 (Call 11/15/22)a		9,371		8,728,355
McDonald’s Corp.
2.63%, 01/15/22a		17,241		16,946,310
3.50%, 03/01/27 (Call 12/01/26)a		14,639		14,402,440

166 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
3.70%, 01/30/26 (Call 10/30/25)a	$	20,554	$	20,586,681
4.70%, 12/09/35 (Call 06/09/35)a		8,015		8,568,570
4.88%, 12/09/45 (Call 06/09/45)a		22,619		24,515,574
6.30%, 10/15/37a		11,344		14,456,024
6.30%, 03/01/38a		9,977		12,710,724
Starbucks Corp.
2.10%, 02/04/21 (Call 01/04/21)a		5,935		5,825,385
3.10%, 03/01/23 (Call 02/01/23)		5,000		4,990,950
3.50%, 03/01/28 (Call 12/01/27)		5,000		4,963,700
3.85%, 10/01/23 (Call 07/01/23)a		14,304		14,874,771
Target Corp.
2.50%, 04/15/26a		18,000		16,704,428
2.90%, 01/15/22a		7,185		7,190,326
3.50%, 07/01/24a		8,778		8,920,331
3.63%, 04/15/46a		11,847		10,817,263
3.90%, 11/15/47 (Call 05/15/47)		9,855		9,419,601
4.00%, 07/01/42a		16,256		15,886,345
TJX Companies Inc. (The)
2.25%, 09/15/26 (Call 06/15/26)a		21,511		19,440,756
2.75%, 06/15/21 (Call 04/15/21)a		504		503,476
Walgreen Co.
3.10%, 09/15/22a		17,947		17,632,260
Walgreens Boots Alliance Inc.
3.30%, 11/18/21 (Call 09/18/21)a		18,284		18,324,088
3.45%, 06/01/26 (Call 03/01/26)a		22,058		20,866,566
3.80%, 11/18/24 (Call 08/18/24)a		25,521		25,305,738
4.80%, 11/18/44 (Call 05/18/44)a		17,178		17,074,953
Walmart Inc.
2.35%, 12/15/22 (Call 11/15/22)a		18,519		18,009,894

Security	Principal (000s)		Value
2.55%, 04/11/23 (Call 01/11/23)a	$	27,049	$	26,475,096
2.65%, 12/15/24 (Call 10/15/24)		18,294		17,753,553
3.30%, 04/22/24 (Call 01/22/24)		16,406		16,576,056
3.63%, 12/15/47 (Call 06/15/47)a		16,981		16,486,596
4.00%, 04/11/43 (Call 10/11/42)		2,507		2,590,704
4.30%, 04/22/44 (Call 10/22/43)a		4,832		5,211,542
5.25%, 09/01/35		16,463		19,723,856
5.63%, 04/01/40		5,037		6,404,078
5.63%, 04/15/41		17,701		22,640,777
5.88%, 04/05/27		1,302		1,543,716
				880,085,130
SEMICONDUCTORS — 1.97%
Analog Devices Inc.
3.50%, 12/05/26 (Call 09/05/26)a		11,123		10,850,428
3.90%, 12/15/25 (Call 09/15/25)		11,203		11,329,396
Applied Materials Inc.
3.30%, 04/01/27 (Call 01/01/27)a		13,500		13,198,584
4.30%, 06/15/21a		8,651		9,069,926
4.35%, 04/01/47 (Call 10/01/46)a		12,174		12,685,942
Broadcom Corp./Broadcom Cayman Finance Ltd.
2.65%, 01/15/23 (Call 12/15/22)a		11,522		10,926,140
3.00%, 01/15/22 (Call 12/15/21)		54,592		53,347,805
3.13%, 01/15/25 (Call 11/15/24)		21,247		19,937,547
3.50%, 01/15/28 (Call 10/15/27)		19,315		17,891,316
3.63%, 01/15/24 (Call 11/15/23)		26,462		25,841,294
3.88%, 01/15/27 (Call 10/15/26)		65,689		63,041,674

SCHEDULESOF INVESTMENTS 167

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
Intel Corp.
2.35%, 05/11/22 (Call 04/11/22)a	$	8,539	$	8,344,199
2.60%, 05/19/26 (Call 02/19/26)		17,090		16,083,698
2.70%, 12/15/22a		15,682		15,469,426
2.88%, 05/11/24 (Call 03/11/24)a		19,118		18,692,179
3.10%, 07/29/22a		16,732		16,839,583
3.15%, 05/11/27 (Call 02/11/27)a		14,194		13,840,929
3.30%, 10/01/21a		16,077		16,372,540
3.70%, 07/29/25 (Call 04/29/25)a		27,121		27,689,882
3.73%, 12/08/47 (Call 06/08/47)b		43,904		42,063,487
4.00%, 12/15/32a		10,531		10,937,101
4.10%, 05/19/46 (Call 11/19/45)a		16,692		17,017,788
4.10%, 05/11/47 (Call 11/11/46)a		16,636		16,972,501
NVIDIA Corp.
2.20%, 09/16/21 (Call 08/16/21)a		15,993		15,546,637
3.20%, 09/16/26 (Call 06/16/26)a		8,436		8,173,483
QUALCOMM Inc.
2.60%, 01/30/23 (Call 12/30/22)a		21,057		20,039,227
2.90%, 05/20/24 (Call 03/20/24)a		29,743		28,124,609
3.00%, 05/20/22a		18,829		18,446,502
3.25%, 05/20/27 (Call 02/20/27)a		26,040		24,356,644
3.45%, 05/20/25 (Call 02/20/25)a		16,501		15,986,966
4.30%, 05/20/47 (Call 11/20/46)a		17,813		16,457,933
4.65%, 05/20/35 (Call 11/20/34)		16,064		16,292,920
4.80%, 05/20/45 (Call 11/20/44)a		12,623		12,660,095
				644,528,381

Security	Principal (000s)		Value
SOFTWARE — 4.23%
Activision Blizzard Inc.
3.40%, 09/15/26 (Call 06/15/26)a	$	7,527	$	7,304,417
Fidelity National Information Services Inc.
2.25%, 08/15/21 (Call 07/15/21)		9,357		9,069,494
3.00%, 08/15/26 (Call 05/15/26)		15,622		14,560,679
3.50%, 04/15/23 (Call 01/15/23)		2,025		2,028,475
5.00%, 10/15/25 (Call 07/15/25)		6,012		6,443,735
Fiserv Inc.
3.85%, 06/01/25 (Call 03/01/25)		10,719		10,818,321
Microsoft Corp.
1.55%, 08/08/21 (Call 07/08/21)		36,218		34,785,238
2.00%, 11/03/20 (Call 10/03/20)a		1,130		1,111,933
2.00%, 08/08/23 (Call 06/08/23)a		17,448		16,537,197
2.13%, 11/15/22a		2,447		2,364,798
2.38%, 02/12/22 (Call 01/12/22)		19,152		18,775,690
2.38%, 05/01/23 (Call 02/01/23)a		2,901		2,810,719
2.40%, 02/06/22 (Call 01/06/22)a		16,019		15,720,681
2.40%, 08/08/26 (Call 05/08/26)a		52,539		48,746,546
2.65%, 11/03/22 (Call 09/03/22)		2,582		2,544,184
2.70%, 02/12/25 (Call 11/12/24)a		30,217		29,144,393
2.88%, 02/06/24 (Call 12/06/23)		29,532		29,016,673
3.13%, 11/03/25 (Call 08/03/25)a		33,629		33,174,437
3.30%, 02/06/27 (Call 11/06/26)a		52,681		52,202,098
3.45%, 08/08/36 (Call 02/08/36)		28,556		27,663,991

168 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
3.50%, 02/12/35 (Call 08/12/34)a	$	31,379	$	30,730,333
3.50%, 11/15/42		11,537		10,966,753
3.63%, 12/15/23 (Call 09/15/23)a		16,333		16,755,002
3.70%, 08/08/46 (Call 02/08/46)a		59,945		58,268,908
3.75%, 02/12/45 (Call 08/12/44)		20,670		20,287,152
3.95%, 08/08/56 (Call 02/08/56)a		25,757		25,524,396
4.00%, 02/12/55 (Call 08/12/54)		25,463		25,486,189
4.10%, 02/06/37 (Call 08/06/36)		31,710		33,335,730
4.20%, 11/03/35 (Call 05/03/35)		11,146		11,847,645
4.45%, 11/03/45 (Call 05/03/45)		35,575		38,985,600
4.50%, 10/01/40		10,503		11,547,781
4.50%, 02/06/57 (Call 08/06/56)a		21,214		23,188,815
4.75%, 11/03/55 (Call 05/03/55)a		16,337		18,576,968
5.20%, 06/01/39		11,309		13,517,945
5.30%, 02/08/41a		12,511		15,200,660
Series 30Y
4.25%, 02/06/47 (Call 08/06/46)		34,722		37,003,965
Oracle Corp.
1.90%, 09/15/21 (Call 08/15/21)a		49,529		47,825,153
2.40%, 09/15/23 (Call 07/15/23)a		26,537		25,354,065
2.50%, 05/15/22 (Call 03/15/22)a		26,846		26,255,082
2.50%, 10/15/22a		22,171		21,610,324
2.63%, 02/15/23 (Call 01/15/23)a		15,404		15,025,856
2.65%, 07/15/26 (Call 04/15/26)a		37,726		35,255,849
2.80%, 07/08/21a		7,611		7,592,190
2.95%, 11/15/24 (Call 09/15/24)a		30,500		29,631,894

Security	Principal (000s)		Value
2.95%, 05/15/25 (Call 02/15/25)a	$	34,000	$	32,924,784
3.25%, 11/15/27 (Call 08/15/27)a		40,012		38,876,059
3.40%, 07/08/24 (Call 04/08/24)a		25,246		25,331,031
3.63%, 07/15/23a		15,122		15,433,624
3.80%, 11/15/37 (Call 05/15/37)a		22,754		22,446,737
3.85%, 07/15/36 (Call 01/15/36)a		16,433		16,378,066
3.90%, 05/15/35 (Call 11/15/34)		15,612		15,658,816
4.00%, 07/15/46 (Call 01/15/46)a		34,571		34,214,290
4.00%, 11/15/47 (Call 05/15/47)a		26,578		26,318,665
4.13%, 05/15/45 (Call 11/15/44)a		27,305		27,511,000
4.30%, 07/08/34 (Call 01/08/34)		22,297		23,477,595
4.38%, 05/15/55 (Call 11/15/54)a		14,773		15,335,275
4.50%, 07/08/44 (Call 01/08/44)a		12,445		13,260,085
5.38%, 07/15/40		29,999		35,934,563
6.13%, 07/08/39a		14,060		18,331,580
6.50%, 04/15/38		17,127		23,036,942
VMware Inc.
2.95%, 08/21/22 (Call 07/21/22)a		17,233		16,579,635
3.90%, 08/21/27 (Call 05/21/27)a		15,996		15,146,361
				1,380,793,062
TELECOMMUNICATIONS — 7.63%
AT&T Inc.
2.63%, 12/01/22 (Call 09/01/22)		21,532		20,746,140
2.80%, 02/17/21 (Call 01/17/21)a		14,419		14,313,979
2.85%, 02/14/23 (Call��01/14/23)a		4,784		4,752,616
3.00%, 02/15/22a		16,462		16,238,614

SCHEDULESOF INVESTMENTS 169

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
3.00%, 06/30/22 (Call 04/30/22)	$	35,685	$	35,065,298
3.20%, 03/01/22 (Call 02/01/22)a		17,247		17,129,936
3.40%, 08/14/24 (Call 06/14/24)		3,255		3,234,600
3.40%, 05/15/25 (Call 02/15/25)a		56,431		54,211,693
3.60%, 02/17/23 (Call 12/17/22)a		34,369		34,485,559
3.80%, 03/15/22		16,319		16,572,560
3.80%, 03/01/24 (Call 01/01/24)a		12,345		12,352,540
3.88%, 08/15/21a		18,000		18,365,380
3.90%, 03/11/24 (Call 12/11/23)		20,298		20,416,289
3.90%, 08/14/27 (Call 05/14/27)a		27,059		26,862,749
3.95%, 01/15/25 (Call 10/15/24)a		17,910		17,876,892
4.10%, 02/15/28 (Call 11/15/27)b		40,756		39,948,685
4.13%, 02/17/26 (Call 11/17/25)a		34,354		34,330,852
4.25%, 03/01/27 (Call 12/01/26)a		20,296		20,330,020
4.30%, 02/15/30 (Call 11/15/29)a,b		26,258		25,590,175
4.30%, 12/15/42 (Call 06/15/42)a		27,838		25,393,576
4.35%, 06/15/45 (Call 12/15/44)		33,408		29,860,141
4.45%, 05/15/21		11,969		12,420,648
4.45%, 04/01/24 (Call 01/01/24)a		22,318		23,050,267
4.50%, 05/15/35 (Call 11/15/34)a		30,391		29,253,720
4.50%, 03/09/48 (Call 09/09/47)a		50,797		46,190,058
4.55%, 03/09/49 (Call 09/09/48)a		29,864		27,290,246
4.75%, 05/15/46 (Call 11/15/45)a		37,390		35,312,256

Security	Principal (000s)		Value
4.80%, 06/15/44 (Call 12/15/43)	$	30,367	$	29,016,233
4.90%, 08/14/37 (Call 02/14/37)a		29,190		29,163,402
5.00%, 03/01/21		6,276		6,599,610
5.15%, 03/15/42a		7,446		7,479,295
5.15%, 11/15/46 (Call 05/15/46)a,b		34,570		34,572,070
5.15%, 02/14/50 (Call 08/14/49)a		48,573		48,319,716
5.25%, 03/01/37 (Call 09/01/36)a		31,965		33,179,267
5.30%, 08/14/58 (Call 02/14/58)a		24,897		24,797,833
5.35%, 09/01/40a		22,700		23,448,160
5.45%, 03/01/47 (Call 09/01/46)a		18,414		19,158,305
5.55%, 08/15/41a		17,684		18,971,335
5.65%, 02/15/47 (Call 08/15/46)a		11,025		11,774,409
5.70%, 03/01/57 (Call 09/01/56)a		6,827		7,252,069
6.00%, 08/15/40 (Call 05/15/40)a		17,133		19,046,340
6.38%, 03/01/41a		13,971		16,221,035
British Telecommunications PLC
9.13%, 12/15/30		32,304		46,941,505
Cisco Systems Inc.
1.85%, 09/20/21 (Call 08/20/21)a		18,793		18,135,766
2.20%, 02/28/21a		24,832		24,387,698
2.20%, 09/20/23 (Call 07/20/23)a		2,646		2,521,473
2.50%, 09/20/26 (Call 06/20/26)a		19,160		17,877,272
2.95%, 02/28/26a		12,524		12,138,283
3.63%, 03/04/24a		9,236		9,438,942
5.50%, 01/15/40a		26,500		33,001,147
5.90%, 02/15/39a		25,748		33,369,817
Deutsche Telekom International Finance BV
8.75%, 06/15/30		41,833		59,666,688

170 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
Orange SA
4.13%, 09/14/21	$	12,114	$	12,606,840
5.38%, 01/13/42a		13,334		15,253,776
5.50%, 02/06/44 (Call 08/06/43)a		9,716		11,264,297
9.00%, 03/01/31a		31,536		46,672,656
Rogers Communications Inc.
4.10%, 10/01/23 (Call 07/01/23)a		9,077		9,361,490
5.00%, 03/15/44 (Call 09/15/43)a		14,112		15,411,334
Telefonica Emisiones SAU
4.10%, 03/08/27a		25,403		25,221,165
4.57%, 04/27/23a		6,262		6,615,878
5.21%, 03/08/47a		26,113		27,418,444
5.46%, 02/16/21a		18,615		19,833,812
7.05%, 06/20/36a		21,807		27,693,333
Telefonica Europe BV
8.25%, 09/15/30a		17,718		24,023,276
Verizon Communications Inc.
1.75%, 08/15/21		10,581		10,126,328
2.45%, 11/01/22 (Call 08/01/22)		15,539		14,965,393
2.63%, 08/15/26a		23,425		21,342,143
2.95%, 03/15/22a		41,964		41,478,611
3.00%, 11/01/21 (Call 09/01/21)a		9,102		9,064,807
3.13%, 03/16/22a		26,438		26,287,407
3.38%, 02/15/25		68,320		66,813,394
3.45%, 03/15/21a		5,758		5,836,042
3.50%, 11/01/21a		15,220		15,388,931
3.50%, 11/01/24 (Call 08/01/24)a		38,111		37,750,241
3.85%, 11/01/42 (Call 05/01/42)a		12,075		10,503,700
4.13%, 03/16/27a		43,195		43,793,458
4.13%, 08/15/46a		28,330		25,267,853
4.15%, 03/15/24 (Call 12/15/23)a		24,854		25,587,228
4.27%, 01/15/36a		37,670		36,363,073
4.40%, 11/01/34 (Call 05/01/34)a		36,731		35,889,996
4.50%, 08/10/33a		10,563		10,590,276
4.52%, 09/15/48		60,465		57,073,180
4.60%, 04/01/21		17,207		17,995,786

Security	Principal (000s)		Value
4.67%, 03/15/55a	$	73,555	$	68,819,801
4.75%, 11/01/41a		7,978		7,941,568
4.81%, 03/15/39a		22,496		22,845,646
4.86%, 08/21/46a		60,336		60,113,976
5.01%, 04/15/49a		43,010		43,493,325
5.01%, 08/21/54a		61,486		60,635,759
5.15%, 09/15/23		72,111		78,111,255
5.25%, 03/16/37		39,125		41,536,168
5.50%, 03/16/47a		17,573		19,168,103
6.55%, 09/15/43		9,019		11,285,475
Vodafone Group PLC
2.50%, 09/26/22		14,741		14,286,395
2.95%, 02/19/23a		24,482		24,035,598
4.38%, 02/19/43a		16,884		16,253,906
6.15%, 02/27/37a		18,652		22,281,125
				2,492,375,407
TRANSPORTATION — 0.95%
Burlington Northern Santa Fe LLC
3.85%, 09/01/23 (Call 06/01/23)		1,756		1,813,983
3.90%, 08/01/46 (Call 02/01/46)		9,816		9,620,662
4.13%, 06/15/47 (Call 12/15/46)a		10,795		10,982,095
4.15%, 04/01/45 (Call 10/01/44)a		16,320		16,502,206
4.45%, 03/15/43 (Call 09/15/42)a		7,018		7,405,062
4.55%, 09/01/44 (Call 03/01/44)		8,794		9,392,982
4.90%, 04/01/44 (Call 10/01/43)a		15,181		16,989,517
5.75%, 05/01/40 (Call 11/01/39)a		7,344		9,023,397
Canadian Pacific Railway Co.
6.13%, 09/15/15 (Call 03/15/15)a		10,914		13,359,743
CSX Corp.
2.60%, 11/01/26 (Call 08/01/26)a		439		400,815
3.25%, 06/01/27 (Call 03/01/27)a		10,576		10,108,093
3.80%, 03/01/28 (Call 12/01/27)		10,000		9,950,982

SCHEDULESOF INVESTMENTS 171

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Security	Principal (000s)		Value
3.80%, 11/01/46 (Call 05/01/46)a	$	1,890	$	1,725,435
4.10%, 03/15/44 (Call 09/15/43)a		11,028		10,561,722
4.30%, 03/01/48 (Call 09/01/47)		10,000		9,861,330
FedEx Corp.
3.25%, 04/01/26 (Call 01/01/26)a		3,248		3,161,744
4.00%, 01/15/24a		7,226		7,450,808
4.05%, 02/15/48 (Call 08/15/47)		10,000		9,379,362
4.40%, 01/15/47 (Call 07/15/46)a		17,862		17,708,492
4.55%, 04/01/46 (Call 10/01/45)a		17,047		17,269,509
4.75%, 11/15/45 (Call 05/15/45)		11,552		12,031,675
5.10%, 01/15/44		7,299		7,960,821
Union Pacific Corp.
3.80%, 10/01/51 (Call 04/01/51)a		13,994		13,317,365
4.16%, 07/15/22 (Call 04/15/22)		5,558		5,807,237
United Parcel Service Inc.
2.45%, 10/01/22a		13,447		13,114,160
2.50%, 04/01/23 (Call 03/01/23)		600		581,846
3.05%, 11/15/27 (Call 08/15/27)		15,893		15,228,263
3.13%, 01/15/21a		11,915		12,039,446
3.75%, 11/15/47 (Call 05/15/47)a		15,263		14,551,283
6.20%, 01/15/38a		18,686		24,194,575
				311,494,610
WATER — 0.05%
American Water Capital Corp.
3.75%, 09/01/47 (Call 03/01/47)		14,007		13,447,794
6.59%, 10/15/37		1,037		1,382,323
				14,830,117
TOTAL CORPORATE BONDS & NOTES
(Cost: $33,490,821,284)				32,362,276,233

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 10.82%
MONEY MARKET FUNDS — 10.82%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%d,e,f		3,425,888	$	3,426,231,013
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%d,e		107,658		107,657,990
				3,533,889,003
TOTAL SHORT-TERM INVESTMENTS
(Cost: $3,533,713,532)				3,533,889,003
TOTAL INVESTMENTS IN SECURITIES — 109.90%
(Cost: $37,024,534,816)				35,896,165,236
Other Assets, Less Liabilities — (9.90)%				(3,233,884,839	)
NET ASSETS — 100.00%			$	32,662,280,397

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

^b  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^d  Affiliate of the Fund.

^e  Annualized 7-day yield as of period end.

^f  All or a portion of this security was purchased with cash collateral received from loaned securities.

172 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the year ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Principal/ shares held at 02/28/17 (000s)		Principal/ shares purchased (000s)			Principal/ shares sold (000s)			Principal/ shares held at 02/28/18 (000s)		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		2,651,900		773,988	b		—			3,425,888	$	3,426,231,013	$	8,933,002	c	$	(161,621	)	$	(740,478	)
BlackRock Cash Funds: Treasury, SL Agency Shares		212,138		—			(104,480	)b		107,658		107,657,990		1,499,106			—			—
PNC Bank N.A.
2.15%, 04/29/21	$	16,670	$	6,675		$	(9,014	)	$	14,331		13,953,359		255,628			(134,241	)		(125,436	)
2.30%, 06/01/20		9,030		6,850			(15,880	)		—		—		62,991			(16,335	)		51,307
2.40%, 10/18/19		3,720		—			(3,720	)		—		—		1,880			19,172			(33,375	)
2.45%, 11/05/20		6,910		4,421			(11,331	)		—		—		166,256			(84,632	)		67,194
2.45%, 07/28/22		—		1,375			(8	)		1,367		1,325,817		13,427			(97	)		(43,371	)
2.55%, 12/09/21		8,460		8,500			(5,145	)		11,815		11,571,759		332,084			(91,476	)		(251,768	)
2.60%, 07/21/20		7,440		550			(7,990	)		—		—		138,222			13,129			(28,418	)
2.63%, 02/17/22		—		19,056			(1,334	)		17,722		17,366,403		379,429			(20,686	)		(455,641	)
2.70%, 11/01/22		6,492		16,740			(1,343	)		21,889		21,260,576		337,776			(12,744	)		(585,978	)
2.95%, 01/30/23		12,353		4,313			(4,740	)		11,926		11,697,578		332,656			76,807			(280,569	)
2.95%, 02/23/25		12,330		4,345			(3,475	)		13,200		12,746,573		346,969			(23,747	)		(337,275	)
3.10%, 10/25/27		—		2,960			(22	)		2,938		2,805,908		22,607			(97	)		(113,138	)
3.25%, 06/01/25		13,240		7,605			(2,405	)		18,440		18,083,479		391,078			(2,373	)		(573,390	)
3.80%, 07/25/23		10,023		2,850			(861	)		12,012		12,220,101		323,162			(350	)		(278,380	)
PNC Financial Services Group Inc. (The)
3.15%, 05/19/27		—		11,720			(8,226	)		3,494		3,356,304		196,259			(180,425	)		(158,115	)
3.30%, 03/08/22		10,229		500			(99	)		10,630		10,687,939		281,505			171			(226,932	)
3.90%, 04/29/24		10,260		4,035			(6,699	)		7,596		7,729,985		231,059			116,089			(269,044	)
4.38%, 08/11/20		8,704		—			(8,704	)		—		—		159,489			8,396			10,501
5.13%, 02/08/20		5,025		—			(5,025	)		—		—		59,751			86,547			(66,686	)
											$	3,678,694,784	$	14,464,336		$	(408,513	)	$	(4,438,992	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

SCHEDULESOF INVESTMENTS 173

Schedule of Investments (Continued)

iSHARES^® iBOXX $ INVESTMENT GRADE CORPORATE BOND ETF

February 28, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate bonds & notes	$	—	$	32,362,276,233	$	—	$	32,362,276,233
Money market funds		3,533,889,003		—		—		3,533,889,003
Total	$	3,533,889,003	$	32,362,276,233	$	—	$	35,896,165,236

See notes to financial statements.

174 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities

iSHARES^® TRUST

February 28, 2018

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	15,509,332,324		$	33,341,550,588
Affiliated (Note 2)		3,721,516,722			3,682,984,228
Total cost of investments in securities	$	19,230,849,046		$	37,024,534,816
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	14,875,312,256		$	32,217,470,452
Affiliated (Note 2)		3,721,861,971			3,678,694,784
Cash		9,660,987			24,293
Receivables:
Investment securities sold		3,078,054			35,464,724
Due from custodian (Note 4)		16,798,347			1,469,678
Dividends and interest		245,715,479			326,675,097
Capital shares sold		10,772,574			502,905
Capital shares redeemed		8,000			—
Total Assets		18,883,207,668			36,260,301,933
LIABILITIES
Payables:
Investment securities purchased		92,544,259			166,632,803
Collateral for securities on loan (Note 1)		3,510,925,856			3,425,958,133
Capital shares redeemed		—			1,460,907
Securities related to in-kind transactions (Note 4)		2,613,506			145,620
Investment advisory fees (Note 2)		5,669,114			3,824,073
Total Liabilities		3,611,752,735			3,598,021,536
NET ASSETS	$	15,271,454,933		$	32,662,280,397
Net assets consist of:
Paid-in capital	$	16,631,872,292		$	33,780,770,634
Undistributed net investment income		62,019,010			102,140,732
Accumulated net realized loss		(788,761,550	)		(92,261,389	)
Net unrealized depreciation		(633,674,819	)		(1,128,369,580	)
NET ASSETS	$	15,271,454,933		$	32,662,280,397
Shares outstandingb		177,300,000			278,900,000
Net asset value per share	$	86.13		$	117.11

^a  Securities on loan with values of $3,361,283,974 and $3,277,481,901, respectively. See Note 1.

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

See notes to financial statements.

FINANCIAL STATEMENTS 175

Statements of Operations

iSHARES^® TRUST

Year ended February 28, 2018

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	1,695,537		$	1,499,106
Interest — unaffiliated		978,643,794			1,194,867,523
Interest — affiliated (Note 2)		—			4,032,228
Securities lending income — affiliated — net (Note 2)		26,256,146			8,933,002
Total investment income		1,006,595,477			1,209,331,859
EXPENSES
Investment advisory fees (Note 2)		89,108,367			52,238,868
Proxy fees		419,641			683,525
Total expenses		89,528,008			52,922,393
Net investment income		917,067,469			1,156,409,466
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(26,132,028	)		11,583,728
Investments — affiliated (Note 2)		158,098			(309,458	)
In-kind redemptions — unaffiliated		237,872,825			262,688,840
In-kind redemptions — affiliated (Note 2)		—			(99,055	)
Net realized gain		211,898,895			273,864,055
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		(570,992,133	)		(748,625,142	)
Investments — affiliated (Note 2)		(1,286,322	)		(4,438,992	)
Net change in unrealized appreciation/depreciation		(572,278,455	)		(753,064,134	)
Net realized and unrealized loss		(360,379,560	)		(479,200,079	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	556,687,909		$	677,209,387

See notes to financial statements.

176 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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, 2018			Year ended February 28, 2017			Year ended February 28, 2018			Year ended February 28, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	917,067,469		$	913,370,596		$	1,156,409,466		$	958,129,337
Net realized gain		211,898,895			163,704,895			273,864,055			651,742,555
Net change in unrealized appreciation/depreciation		(572,278,455	)		1,590,409,253			(753,064,134	)		47,173,262
Net increase in net assets resulting from operations		556,687,909			2,667,484,744			677,209,387			1,657,045,154
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(936,329,183	)		(894,276,174	)		(1,129,426,920	)		(950,827,137	)
Total distributions to shareholders		(936,329,183	)		(894,276,174	)		(1,129,426,920	)		(950,827,137	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		20,454,486,063			26,246,586,037			25,559,315,034			25,263,588,527
Cost of shares redeemed		(23,397,888,488	)		(24,969,218,372	)		(23,683,010,110	)		(19,802,911,391	)
Net increase (decrease) in net assets from capital share transactions		(2,943,402,425	)		1,277,367,665			1,876,304,924			5,460,677,136
INCREASE (DECREASE) IN NET ASSETS		(3,323,043,699	)		3,050,576,235			1,424,087,391			6,166,895,153
NET ASSETS
Beginning of year		18,594,498,632			15,543,922,397			31,238,193,006			25,071,297,853
End of year	$	15,271,454,933		$	18,594,498,632		$	32,662,280,397		$	31,238,193,006
Undistributed net investment income included in net assets at end of year	$	62,019,010		$	81,280,724		$	102,140,732		$	75,158,186
SHARES ISSUED AND REDEEMED
Shares sold		234,300,000			310,500,000			213,200,000			210,900,000
Shares redeemed		(268,100,000	)		(295,900,000	)		(198,100,000	)		(165,500,000	)
Net increase (decrease) in shares outstanding		(33,800,000	)		14,600,000			15,100,000			45,400,000

See notes to financial statements.

FINANCIAL STATEMENTS 177

Financial Highlights

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares iBoxx $ High Yield Corporate Bond ETF
	Year ended Feb. 28, 2018			Year ended Feb. 28, 2017			Year ended Feb. 29, 2016			Year ended Feb. 28, 2015			Year ended Feb. 28, 2014
Net asset value, beginning of year	$	88.08		$	79.10		$	91.71		$	94.64		$	93.71
Income from investment operations:
Net investment incomea		4.42			4.64			4.79			4.96			5.58
Net realized and unrealized gain (loss)b		(1.92	)		8.89			(12.62	)		(2.89	)		0.98
Total from investment operations		2.50			13.53			(7.83	)		2.07			6.56
Less distributions from:
Net investment income		(4.45	)		(4.55	)		(4.78	)		(5.00	)		(5.63	)
Total distributions		(4.45	)		(4.55	)		(4.78	)		(5.00	)		(5.63	)
Net asset value, end of year	$	86.13		$	88.08		$	79.10		$	91.71		$	94.64
Total return		2.87	%		17.54	%		(8.76	)%		2.22	%		7.31	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	15,271,455		$	18,594,499		$	15,543,922		$	18,021,179		$	13,580,859
Ratio of expenses to average net assets		0.49	%		0.49	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		5.05	%		5.46	%		5.60	%		5.37	%		6.01	%
Portfolio turnover ratec		17	%		13	%		11	%		11	%		11	%

^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.

178 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights (Continued)

iSHARES^® TRUST

(For a share outstanding throughout each period)

	iShares iBoxx $ Investment Grade Corporate Bond ETF
	Year ended Feb. 28, 2018			Year ended Feb. 28, 2017			Year ended Feb. 29, 2016			Year ended Feb. 28, 2015			Year ended Feb. 28, 2014
Net asset value, beginning of year	$	118.42		$	114.80		$	121.46		$	117.02		$	120.06
Income from investment operations:
Net investment incomea		3.86			3.88			4.00			4.06			4.25
Net realized and unrealized gain (loss)b		(1.39	)		3.63			(6.70	)		4.42			(2.94	)
Total from investment operations		2.47			7.51			(2.70	)		8.48			1.31
Less distributions from:
Net investment income		(3.78	)		(3.89	)		(3.96	)		(4.04	)		(4.35	)
Total distributions		(3.78	)		(3.89	)		(3.96	)		(4.04	)		(4.35	)
Net asset value, end of year	$	117.11		$	118.42		$	114.80		$	121.46		$	117.02
Total return		2.06	%		6.57	%		(2.19	)%		7.35	%		1.19	%
Ratios/Supplemental data:
Net assets, end of year (000s)	$	32,662,280		$	31,238,193		$	25,071,298		$	22,044,157		$	16,898,301
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		3.22	%		3.24	%		3.44	%		3.42	%		3.66	%
Portfolio turnover ratec		10	%		11	%		13	%		9	%		6	%

^a   Based on average shares outstanding throughout each period.

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

^c   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 179

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

180 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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. Odd lots may trade at lower prices than institutional round lots.

• 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 inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the 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 to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may 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.

NOTESTO FINANCIAL STATEMENTS 181

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, and payment-in-kind interest income, if any, are 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 for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Funds. Any additional required collateral is delivered to the Funds and any excess collateral is returned by the Funds on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of February 28, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund are also disclosed in its schedule of investments. The total value of any securities on loan as of February 28, 2018 and the total value of the related cash collateral are disclosed in the statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the statements of operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an

182 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

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

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of February 28, 2018:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received a		Net Amount
iBoxx $ High Yield Corporate Bond
Barclays Capital Inc.	$	609,064,269	$	609,064,269	$	—
BMO Capital Markets		18,790,453		18,790,453		—
BNP Paribas New York Branch		99,059,381		99,059,381		—
BNP Paribas Prime Brokerage Inc.		9,630,226		9,630,226		—
BNP Paribas Prime Brokerage International Ltd.		46,694,888		46,694,888		—
Citigroup Global Markets Inc.		471,665,321		471,665,321		—
Credit Suisse Securities (USA) LLC		255,555,497		255,555,497		—
Deutsche Bank Securities Inc.		146,639,870		146,639,870		—
Goldman Sachs & Co.		612,171,103		612,171,103		—
HSBC Securities (USA) Inc.		25,994,715		25,994,715		—
Jefferies LLC		17,065,053		17,065,053		—
JPMorgan Securities LLC		335,720,249		335,720,249		—
Merrill Lynch, Pierce, Fenner & Smith		83,067,186		83,067,186		—
Morgan Stanley & Co. LLC		73,616,664		73,616,664		—
MUFG Securities Americas Inc.		906,293		906,293		—
Nomura Securities International Inc.		27,370,076		27,370,076		—
RBC Capital Markets LLC		427,671,486		427,671,486		—
Scotia Capital (USA) Inc.		2,217,966		2,217,966		—
SG Americas Securities LLC		12,068,250		12,068,250		—
State Street Bank & Trust Company		1,679,720		1,679,720		—
UBS Securities LLC		15,439,452		15,439,452		—
Wells Fargo Securities LLC		69,195,856		69,195,856		—
	$	3,361,283,974	$	3,361,283,974	$	—

NOTESTO FINANCIAL STATEMENTS 183

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.	$	134,784,716	$	134,784,716	$	—
BMO Capital Markets		55,062,234		55,062,234		—
BNP Paribas New York Branch		105,746,757		105,746,757		—
BNP Paribas Prime Brokerage Inc.		14,858,485		14,858,485		—
BNP Paribas Prime Brokerage International Ltd.		61,867,682		61,867,682		—
Citigroup Global Markets Inc.		263,552,270		263,552,270		—
Credit Suisse Securities (USA) LLC		119,656,580		119,656,580		—
Deutsche Bank Securities Inc.		159,377,869		159,377,869		—
Goldman Sachs & Co.		191,399,812		191,399,812		—
HSBC Securities (USA) Inc.		392,589,106		392,589,106		—
Jefferies LLC		53,184,523		53,184,523		—
JPMorgan Securities LLC		407,662,710		407,662,710		—
Merrill Lynch, Pierce, Fenner & Smith		109,721,186		109,721,186		—
Morgan Stanley & Co. LLC		325,921,220		325,921,220		—
MUFG Securities Americas Inc.		75,692,060		75,692,060		—
Nomura Securities International Inc.		9,974,885		9,974,885		—
RBC Capital Markets LLC		560,300,854		560,300,854		—
RBS Securities Inc.		5,765,594		5,765,594		—
Scotia Capital (USA) Inc.		1,935,724		1,935,724		—
SG Americas Securities LLC		12,050,081		12,050,081		—
State Street Bank & Trust Company		1,398,340		1,398,340		—
UBS Securities LLC		27,234,318		27,234,318		—
Wells Fargo Securities LLC		187,744,895		187,744,895		—
	$	3,277,481,901	$	3,277,481,901	$	—

^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 Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Funds.

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).

184 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

For its investment advisory services to the iShares iBoxx $ High Yield Corporate Bond ETF, BFA is entitled to an annual investment advisory fee, 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
	0.5000	%	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  billion
	0.4287	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.

For its investment advisory services to the iShares iBoxx $ Investment Grade Corporate Bond ETF, 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
	0.1500	%	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 has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. The Funds retain a portion of securities lending income and remit the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, 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.

NOTESTO FINANCIAL STATEMENTS 185

Notes to Financial Statements (Continued)

iSHARES^® TRUST

For the year ended February 28, 2018, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
iBoxx $ High Yield Corporate Bond	$	7,683,835
iBoxx $ Investment Grade Corporate Bond		3,279,008

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, 2018, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Sales
iBoxx $ High Yield Corporate Bond	$	20,084
iBoxx $ Investment Grade Corporate Bond		1,359,786,147

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, 2018 were as follows:

	U.S. Government Obligations				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
iBoxx $ High Yield Corporate Bond	$	—	$	—	$	3,240,342,667	$	3,028,213,411
iBoxx $ Investment Grade Corporate Bond		97,755,671		98,536,640		4,376,217,275		3,257,521,884

In-kind transactions (see Note 4) for the year ended February 28, 2018 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
iBoxx $ High Yield Corporate Bond	$	19,821,965,493	$	22,862,475,294
iBoxx $ Investment Grade Corporate Bond		24,357,401,244		23,362,573,520

186 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

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 invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

MARKET RISK

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

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

NOTESTO FINANCIAL STATEMENTS 187

Notes to Financial Statements (Continued)

iSHARES^® TRUST

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

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. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of 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 (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

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.

188 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® TRUST

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The following permanent differences as of February 28, 2018, 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 Realized Gain/Accumulated Net Realized Loss
iBoxx $ High Yield Corporate Bond	$	236,635,659	$	(236,635,659	)
iBoxx $ Investment Grade Corporate Bond		251,876,729		(251,876,729	)

The tax character of distributions paid during the years ended February 28, 2018 and February 28, 2017 was as follows:

iShares ETF	2018		2017
iBoxx $ High Yield Corporate Bond
Ordinary income	$	936,329,183	$	894,276,174
iBoxx $ Investment Grade Corporate Bond
Ordinary income	$	1,129,426,920	$	950,827,137

As of February 28, 2018, 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	$	66,631,496	$	(790,277,051	)	$	(636,771,804	)	$	(1,360,417,359	)
iBoxx $ Investment Grade Corporate Bond		102,140,732		(86,788,495	)		(1,133,842,474	)		(1,118,490,237	)

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

As of February 28, 2018, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
iBoxx $ High Yield Corporate Bond	$	790,277,051
iBoxx $ Investment Grade Corporate Bond		86,788,495

For the year ended February 28, 2018, the iShares iBoxx $ Investment Grade Corporate Bond ETF utilized $18,455,658 of its capital loss carryforwards.

NOTESTO FINANCIAL STATEMENTS 189

Notes to Financial Statements (Continued)

iSHARES^® TRUST

As of February 28, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
iBoxx $ High Yield Corporate Bond	$	19,232,274,645	$	8,010,815	$	(643,111,233	)	$	(635,100,418	)
iBoxx $ Investment Grade Corporate Bond		37,030,007,710		40,635,663		(1,174,478,137	)		(1,133,842,474	)

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

7. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a putative class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

8. SUBSEQUENT EVENTS

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

190 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of

iShares iBoxx $ High Yield Corporate Bond ETF and

iShares iBoxx $ Investment Grade Corporate Bond ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares iBoxx $ High Yield Corporate Bond ETF and iShares iBoxx $ Investment Grade Corporate Bond ETF (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of February 28, 2018, the related statements of operations for the year ended February 28, 2018, the statements of changes in net assets for each of the two years in the period ended February 28, 2018, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2018 and each of the financial highlights for each of the five years in the period ended February 28, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2018 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

San Francisco, California

April 19, 2018

We have served as the auditor of one or more BlackRock investment companies since 2000.

REPORT OF INDEPENDENT REGISTERED  PUBLIC ACCOUNTING FIRM 191

Notes:

192 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes:

NOTES 193

Notes:

194 2018 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”).

©2018 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-1010-0418

APRIL 30, 2018

2018 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	21
General Information	22
Additional Financial Information –  iShares 10+ Year Credit Bond ETF	23
Schedule of Investments (Unaudited) as of April  30, 2018	24
Statement of Assets and Liabilities (Unaudited) as of April 30, 2018	55
Audited Financial Statements as of February  28, 2018	56

Fund Performance Overview

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

Performance as of April 30, 2018

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, 2018, the total return for the Fund was 2.12%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		8.22%		4.44%		8.22%		12.84%
Fund Market		7.95%		4.47%		7.95%		12.93%
Bloomberg Barclays U.S. Long Credit Interest Rate Swaps Hedged Index		9.09%		5.31%		9.09%		15.42%

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 (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a,b		Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,021.20	$	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 funds 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 TYPE¹

As of 4/30/18

Investment Type Percentage of
Total Investments  ²

Corporate Bonds & Notes	88.05	%
Municipal Debt Obligations	6.60
Foreign Government Obligations	5.35
TOTAL	100.00	%

ALLOCATION BY CREDIT QUALITY¹

As of 4/30/18

Moody’s Credit Rating³ Percentage of
Total Investments  ²

Aaa	3.89	%
Aa	10.80
A	36.79
Baa	44.04
Ba	3.64
Not Rated	0.84
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, 2017 and held through April 30, 2018, 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 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited)

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

April 30, 2018

Security	Shares		Value
INVESTMENT COMPANIES — 94.49%
EXCHANGE-TRADED FUNDS — 94.49%
iShares 10+ Year Credit Bond ETFa		609,744	$	35,755,388
				35,755,388
TOTAL INVESTMENT COMPANIES
(Cost: $36,744,419)				35,755,388
SHORT-TERM INVESTMENTS — 0.76%
MONEY MARKET FUNDS — 0.76%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.61%a,b		285,786		285,786
				285,786
TOTAL SHORT-TERM INVESTMENTS
(Cost: $285,786)				285,786

	Value
TOTAL INVESTMENTS IN SECURITIES — 95.25%
(Cost: $37,030,205)	$	36,041,174
Other Assets, Less Liabilities — 4.75%		1,797,309
NET ASSETS — 100.00%	$	37,838,483

^a  Affiliate of the Fund.

^b  Annualized 7-day yield as of period end.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 10/31/17		Shares purchased			Shares sold			Shares held at 04/30/18		Value at 04/30/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		—	b		—			—	$	—	$	20,540	c	$	—		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		13,582		272,204	b		—			285,786		285,786		2,823			—			—
iShares 10+ Year Credit Bond ETF		237,854		389,627			(17,737	)		609,744		35,755,388		456,952			(38,089	)		(1,789,655	)
											$	36,041,174	$	480,315		$	(38,089	)	$	(1,789,655	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

SCHEDULEOF INVESTMENTS 7

Schedule of Investments (Unaudited) (Continued)

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

April 30, 2018

Swaps Contracts (Note 5)

Centrally cleared short interest rate swaps outstanding as of April 30, 2018 were as follows:

Paid by the Fund			Received by the Fund			Termination Date		Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency		Ratea	Frequency
1.17%		Semi-annual	2.36%		Quarterly		12/08/2021	$	(3,237	)	$	189,142	$	126,114	$	63,028
2.38%		Semi-annual	2.36%		Quarterly		01/12/2023		(160	)		3,751		2,505		1,246
2.46%		Semi-annual	2.36%		Quarterly		01/12/2025		(10	)		300		23		277
1.44%		Semi-annual	2.36%		Quarterly		12/08/2026		(8,636	)		1,022,241		619,649		402,592
1.70%		Semi-annual	2.36%		Quarterly		12/08/2036		(4,823	)		963,670		418,827		544,843
2.34%		Semi-annual	2.36%		Quarterly		12/08/2036		(12,435	)		1,322,229		704,102		618,127
1.77%		Semi-annual	2.36%		Quarterly		12/08/2046		(10,189	)		2,595,295		1,981,945		613,350
											$	6,096,628	$	3,853,165	$	2,243,463

^a  Represents 3-month LIBOR. Rate shown is the rate in effect as of period-end.

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, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Investment companies	$	35,755,388	$	—	$	—	$	35,755,388
Money market funds		285,786		—		—		285,786
Total	$	36,041,174	$	—	$	—	$	36,041,174
Derivative financial instrumentsa
Assets
Centrally cleared interest rate swaps	$	—	$	2,243,463	$	—	$	2,243,463
Total	$	—	$	2,243,463	$	—	$	2,243,463

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

See notes to financial statements.

8 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Assets and Liabilities (Unaudited)

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

April 30, 2018

ASSETS
Investments in securities, at cost:
Affiliated (Note 2)	$	37,030,205
Total cost of investments in securities	$	37,030,205
Investments in securities, at fair value (Note 1):
Affiliated (Note 2)	$	36,041,174
Cash pledged for centrally cleared swaps		1,832,000
Receivables:
Dividends and interest		1,239
Capital shares sold		75,646
Total Assets		37,950,059
LIABILITIES
Payables:
Investment advisory fees (Note 2)		2,903
Variation margin on centrally cleared swaps		108,673
Total Liabilities		111,576
NET ASSETS	$	37,838,483
Net assets consist of:
Paid-in capital	$	37,130,479
Undistributed net investment income		68,200
Accumulated net realized loss		(614,628	)
Net unrealized appreciation		1,254,432
NET ASSETS	$	37,838,483
Shares outstandinga		1,450,000
Net asset value per share	$	26.10

^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, 2018

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	459,775
Securities lending income — affiliated — net (Note 2)		20,540
Total investment income		480,315
EXPENSES
Investment advisory fees (Note 2)		44,950
Proxy fees		1
Total expenses		44,951
Less investment advisory fees waived (Note 2)		(32,108	)
Net expenses		12,843
Net investment income		467,472
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated (Note 2)		(38,089	)
Swap agreements		213,118
Net realized gain		175,029
Net change in unrealized appreciation/depreciation on:
Investments — affiliated (Note 2)		(1,789,655	)
Swap agreements		1,455,706
Net change in unrealized appreciation/depreciation		(333,949	)
Net realized and unrealized loss		(158,920	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	308,552

See notes to financial statements.

10 2018 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, 2018 (Unaudited)			Year ended October 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	467,472		$	429,980
Net realized gain (loss)		175,029			(29,043	)
Net change in unrealized appreciation/depreciation		(333,949	)		825,105
Net increase in net assets resulting from operations		308,552			1,226,042
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(399,272	)		(352,551	)
Return of capital		—			(7,976	)
Total distributions to shareholders		(399,272	)		(360,527	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		22,343,512			6,296,970
Net increase in net assets from capital share transactions		22,343,512			6,296,970
INCREASE IN NET ASSETS		22,252,792			7,162,485
NET ASSETS
Beginning of period		15,585,691			8,423,206
End of period	$	37,838,483		$	15,585,691
Undistributed net investment income included in net assets at end of period	$	68,200		$	—
SHARES ISSUED
Shares sold		850,000			250,000
Net increase in shares outstanding		850,000			250,000

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, 2018 (Unaudited)			Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Period from Jul. 22, 2015a to Oct. 31, 2015
Net asset value, beginning of period	$	25.98		$	24.07		$	24.08		$	25.10
Income from investment operations:
Net investment incomeb		0.48			0.91			0.89			0.26
Net realized and unrealized gain (loss)c		0.07			1.78			(0.28	)		(1.09	)
Total from investment operations		0.55			2.69			0.61			(0.83	)
Less distributions from:
Net investment income		(0.43	)		(0.76	)		(0.60	)		(0.13	)
Return of capital		—			(0.02	)		(0.02	)		(0.06	)
Total distributions		(0.43	)		(0.78	)		(0.62	)		(0.19	)
Net asset value, end of period	$	26.10		$	25.98		$	24.07		$	24.08
Total return		2.12	%d		11.36	%		2.49	%e		(3.19	)%d,e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	37,838		$	15,586		$	8,423		$	8,429
Ratio of expenses to average net assetsf,g		0.10	%		0.10	%		0.10	%		0.12	%
Ratio of expenses to average net assets prior to waived feesf,g		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of net investment income to average net assetsf		3.64	%		3.62	%		3.78	%		3.80	%
Portfolio turnover rateh,i		4	%d		6	%		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 2018 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 inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the 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 to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may 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 2018 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. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on the ex-dividend date. Interest income is accrued daily.

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.

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, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the 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, 2018 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, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

Securities lending transactions are entered into by the 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.

NOTESTO FINANCIAL STATEMENTS 15

Notes to Financial Statements (Unaudited) (Continued)

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

Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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, 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, a fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses is a fund’s total annual operating expenses. BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares 10+ Year Credit Bond ETF (“CLY”), after taking into account any fee waivers by CLY, plus 0.10%.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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, 2018, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $5,299.

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.

16 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

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

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, 2018, were $2,902,244 and $1,079,669, respectively.

In-kind purchases and sales (see Note 4) for the six months ended April 30, 2018, were $20,947,010 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 by the Fund to mitigate the potential impact of interest rates on the performance of the bonds held by the Fund or its underlying fund. 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. Upfront payments and receipts are disclosed as upfront premiums paid and upfont premiums received in the schedule of investments and represent compensating factors between the stated terms of the swap agreement and prevailing market conditions (interest rate spreads and other relevant factors), at the time the swap was entered into by the Fund. These upfront payments and receipts are amortized over the term of the contract as a realized gain (loss) in the statement of the operations.

NOTESTO FINANCIAL STATEMENTS 17

Notes to Financial Statements (Unaudited) (continued)

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

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, 2018 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	$	2,243,463

^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.

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, 2018 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)		Net Change in Unrealized Appreciation/Depreciation
Swap agreements:
Centrally cleared interest rate swaps	$	213,118	$	1,455,706

For the six months ended April 30, 2018, the average quarter-end notional amount of open interest rate swaps for the Fund (where the Fund pays the fixed rate), was $30,545,667.

6. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.

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.

18 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED 10+ YEAR CREDIT BOND 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 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, 2017, the Fund’s fiscal year-end, the Fund had non-expiring capital loss carryforwards in the amount of $758,135 available to offset future realized capital gains.

As of April 30, 2018, the cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $37,061,727. Net unrealized appreciation was $1,222,910, of which $2,243,463 represented gross unrealized appreciation on securities and $1,020,553 represented gross unrealized depreciation on securities.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Although the Act does not amend any provisions directly related to the qualification or taxation of regulated investment companies (“RICs”), the Act does change the taxation of entities in which some RICs invest, the tax treatment of income derived from those entities and the taxation of RIC shareholders. While management does not anticipate significant impact to the funds or to their shareholders, there is uncertainty in the application of certain provisions in the Act. Specifically, provisions in the Act may increase the amount of or

NOTESTO FINANCIAL STATEMENTS 19

Notes to Financial Statements (Unaudited) (Continued)

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

accelerate the recognition of taxable income and may limit the deductibility of certain expenses by RICs. Until full clarity around these provisions is obtained, the impact on the Fund’s financial statements, if any, cannot be fully determined.

8. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a putative class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

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.

20 2018 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
$0.429656	$	—	$	0.000067	$	0.429723		100	%		—	%		0	%a		100	%

^a  Rounds to less than 1%.

SUPPLEMENTAL INFORMATION 21

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

22 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Additional Financial Information

Schedule of Investments (Unaudited)

April 30, 2018

Statement of Assets and Liabilities (Unaudited)

April 30, 2018

Audited Financial Statements

February 28, 2018

iShares Trust

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

Schedule of Investments (Unaudited)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
CORPORATE BONDS & NOTES — 86.78%
ADVERTISING — 0.05%
WPP Finance 2010
5.13%, 09/07/42	$	55	$	53,202
5.63%, 11/15/43		229		238,116
				291,318
AEROSPACE & DEFENSE — 1.74%
Boeing Co. (The)
3.38%, 06/15/46 (Call 12/15/45)		125		112,805
3.55%, 03/01/38 (Call 09/01/37)		130		125,076
3.65%, 03/01/47 (Call 09/01/46)		200		189,412
5.88%, 02/15/40		250		316,047
6.63%, 02/15/38		16		21,504
6.88%, 03/15/39		182		254,247
General Dynamics Corp.
3.60%, 11/15/42 (Call 05/15/42)a		300		283,161
Harris Corp.
4.85%, 04/27/35 (Call 10/27/34)		175		184,007
5.05%, 04/27/45 (Call 10/27/44)		200		216,794
6.15%, 12/15/40		100		124,350
Lockheed Martin Corp.
3.60%, 03/01/35 (Call 09/01/34)		400		375,016
3.80%, 03/01/45 (Call 09/01/44)		350		323,792
4.07%, 12/15/42a		325		314,600
4.09%, 09/15/52 (Call 03/15/52)		500		474,510
4.50%, 05/15/36 (Call 11/15/35)		250		260,652
4.70%, 05/15/46 (Call 11/15/45)		600		638,760
Series B
6.15%, 09/01/36		250		310,495
Northrop Grumman Corp.
3.85%, 04/15/45 (Call 10/15/44)		345		314,095
4.03%, 10/15/47 (Call 04/15/47)		675		628,627
4.75%, 06/01/43		250		261,090
5.05%, 11/15/40		100		108,386
Northrop Grumman Systems Corp.
7.75%, 02/15/31		250		333,865
Raytheon Co.
4.20%, 12/15/44 (Call 06/15/44)a		100		104,320
4.70%, 12/15/41		250		279,067
4.88%, 10/15/40		137		156,077
Rockwell Collins Inc.
4.35%, 04/15/47 (Call 10/15/46)		350		336,294
4.80%, 12/15/43 (Call 06/15/43)		211		216,627

Security	Principal (000s)		Value
United Technologies Corp.
3.75%, 11/01/46 (Call 05/01/46)	$	670	$	584,153
4.05%, 05/04/47 (Call 11/04/46)		250		228,898
4.15%, 05/15/45 (Call 11/16/44)a		400		372,312
4.50%, 06/01/42		1,240		1,218,362
5.40%, 05/01/35		121		133,007
5.70%, 04/15/40		280		317,604
6.05%, 06/01/36		100		118,040
6.13%, 07/15/38		200		237,398
6.70%, 08/01/28		500		599,655
7.50%, 09/15/29		164		208,597
				11,281,702
AGRICULTURE — 1.34%
Altria Group Inc.
3.88%, 09/16/46 (Call 03/16/46)		250		221,355
4.25%, 08/09/42		550		518,430
4.50%, 05/02/43		350		340,830
5.38%, 01/31/44		650		713,654
Archer-Daniels-Midland Co.
4.02%, 04/16/43		599		572,806
4.54%, 03/26/42		378		390,308
BAT Capital Corp.
4.39%, 08/15/37 (Call 02/15/37)b		1,000		957,330
4.54%, 08/15/47 (Call 02/15/47)b		1,000		951,170
Philip Morris International Inc.
3.88%, 08/21/42		76		69,646
4.13%, 03/04/43		325		307,986
4.25%, 11/10/44		600		581,766
4.38%, 11/15/41		436		429,547
4.50%, 03/20/42		100		100,339
4.88%, 11/15/43		200		210,974
6.38%, 05/16/38		625		787,237
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		225		247,939
5.85%, 08/15/45 (Call 02/15/45)		800		900,024
6.15%, 09/15/43		100		116,352
7.25%, 06/15/37		203		262,607
				8,680,300
AIRLINES — 0.14%
American Airlines Pass Through Trust
Series 2016-2, Class AA
3.20%, 12/15/29		80		75,810
Series 2016-3, Class AA
3.00%, 04/15/30		379		355,332

24 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
United Airlines Pass Through Trust Series 2016-2, Class AA
2.88%, 04/07/30	$	487	$	452,169
				883,311
APPAREL — 0.12%
NIKE Inc.
3.38%, 11/01/46 (Call 05/01/46)a		200		179,766
3.63%, 05/01/43 (Call 11/01/42)		300		281,448
3.88%, 11/01/45 (Call 05/01/45)		175		170,592
VF Corp.
6.45%, 11/01/37		125		159,715
				791,521
AUTO MANUFACTURERS — 0.94%
Daimler Finance North America LLC
8.50%, 01/18/31		825		1,179,346
Ford Motor Co.
4.75%, 01/15/43		800		715,096
5.29%, 12/08/46 (Call 06/08/46)a		550		528,280
6.63%, 10/01/28		16		18,138
7.40%, 11/01/46		114		138,597
7.45%, 07/16/31		650		771,049
General Motors Co.
5.00%, 04/01/35		400		389,160
5.15%, 04/01/38 (Call 10/01/37)a		150		145,520
5.20%, 04/01/45		400		379,840
5.40%, 04/01/48 (Call 10/01/47)a		250		245,170
6.25%, 10/02/43		400		425,876
6.60%, 04/01/36 (Call 10/01/35)		600		674,802
6.75%, 04/01/46 (Call 10/01/45)		400		454,704
				6,065,578
AUTO PARTS & EQUIPMENT — 0.05%
Aptiv PLC
4.40%, 10/01/46 (Call 04/01/46)		150		141,968
BorgWarner Inc.
4.38%, 03/15/45 (Call 09/15/44)		185		179,631
				321,599
BANKS — 7.81%
Bank of America Corp.
3.95%, 01/23/49 (Call 01/23/48)a,c,d		400		368,400
4.24%, 04/24/38 (Call 04/24/37)c,d		500		491,445

Security	Principal (000s)		Value
4.44%, 01/20/48 (Call 01/20/47)c,d	$	800	$	802,456
4.88%, 04/01/44		150		159,441
5.00%, 01/21/44		800		863,560
5.88%, 02/07/42		650		781,027
6.11%, 01/29/37		1,050		1,221,990
7.75%, 05/14/38		600		818,484
Series L
4.75%, 04/21/45		8		8,174
Bank of America N.A.
6.00%, 10/15/36		350		428,757
Bank of New York Mellon Corp. (The)
3.00%, 10/30/28 (Call 07/30/28)		135		122,884
3.30%, 08/23/29 (Call 05/23/29)		150		138,771
Barclays PLC
4.95%, 01/10/47		500		499,695
5.25%, 08/17/45a		400		413,488
Citigroup Inc.
4.13%, 07/25/28		575		554,139
4.28%, 04/24/48 (Call 04/24/47)a,c,d		325		314,022
4.65%, 07/30/45		475		490,077
4.75%, 05/18/46		700		682,542
5.30%, 05/06/44		300		319,104
5.88%, 01/30/42		600		716,682
6.00%, 10/31/33		200		228,778
6.13%, 08/25/36		282		325,845
6.63%, 01/15/28		—		—
6.63%, 06/15/32		525		627,291
6.68%, 09/13/43		375		470,723
8.13%, 07/15/39		750		1,088,212
Cooperatieve Rabobank UA
5.25%, 05/24/41		625		727,356
5.25%, 08/04/45		541		587,223
5.75%, 12/01/43a		350		405,972
Credit Suisse Group Funding Guernsey Ltd.
4.88%, 05/15/45a		536		553,881
Fifth Third Bancorp.
8.25%, 03/01/38		300		418,938
First Republic Bank/CA
4.38%, 08/01/46 (Call 02/01/46)		250		242,140
Goldman Sachs Capital I
6.35%, 02/15/34a		575		672,164

SCHEDULEOF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Goldman Sachs Group Inc. (The)
4.41%, 04/23/39 (Call 04/23/38)c,d	$	500	$	488,250
3.81%, 04/23/29 (Call 04/23/28)c,d		850		812,498
4.02%, 10/31/38 (Call 10/31/37)c,d		1,025		950,626
4.75%, 10/21/45 (Call 04/21/45)		650		660,303
4.80%, 07/08/44 (Call 01/08/44)		550		562,892
5.15%, 05/22/45		740		770,569
6.13%, 02/15/33		850		991,270
6.25%, 02/01/41		900		1,088,856
6.75%, 10/01/37		2,100		2,548,329
HSBC Bank USA N.A./New York NY
5.63%, 08/15/35		350		416,542
HSBC Holdings PLC
5.25%, 03/14/44		550		591,630
6.10%, 01/14/42		225		288,205
6.50%, 05/02/36		800		981,240
6.50%, 09/15/37		800		984,328
6.80%, 06/01/38		750		954,442
7.63%, 05/17/32		300		385,740
JPMorgan Chase & Co.
3.88%, 07/24/38 (Call 07/24/37)c,d		750		700,223
3.96%, 11/15/48 (Call 11/15/47)c,d		750		687,750
4.03%, 07/24/48 (Call 07/24/47)c,d		709		661,341
4.26%, 02/22/48 (Call 02/22/47)c,d		750		726,765
4.85%, 02/01/44		200		213,862
4.95%, 06/01/45		775		808,712
5.40%, 01/06/42		675		771,457
5.50%, 10/15/40		587		676,365
5.60%, 07/15/41		960		1,116,566
5.63%, 08/16/43		475		541,149
6.40%, 05/15/38		825		1,036,505
KfW
0.00%, 04/18/36e		450		253,224
0.00%, 06/29/37e		750		404,745
Lloyds Banking Group PLC
4.34%, 01/09/48		600		544,998
5.30%, 12/01/45		200		210,028

Security	Principal (000s)		Value
Morgan Stanley
4.46%, 04/22/39 (Call 04/22/38)c,d	$	250	$	247,155
4.30%, 01/27/45		1,000		964,370
4.38%, 01/22/47		950		924,853
6.38%, 07/24/42		800		1,003,080
7.25%, 04/01/32		600		774,036
Regions Financial Corp.
7.38%, 12/10/37		235		306,207
Wachovia Corp.
5.50%, 08/01/35		400		439,404
Wells Fargo & Co.
3.90%, 05/01/45a		900		825,714
4.40%, 06/14/46		900		840,510
4.65%, 11/04/44		1,100		1,062,435
4.75%, 12/07/46a		750		739,710
4.90%, 11/17/45		750		763,147
5.38%, 02/07/35		300		337,542
5.38%, 11/02/43		625		671,488
5.61%, 01/15/44		1,020		1,126,845
Wells Fargo Capital X
5.95%, 12/01/86		200		213,842
				50,613,409
BEVERAGES — 2.86%
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43		200		183,988
4.63%, 02/01/44		445		447,639
4.70%, 02/01/36 (Call 08/01/35)		2,350		2,415,071
4.90%, 02/01/46 (Call 08/01/45)		4,100		4,247,846
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42		600		534,270
4.38%, 04/15/38 (Call 10/15/37)		165		163,073
4.44%, 10/06/48 (Call 04/06/48)		498		486,093
4.60%, 04/15/48 (Call 10/15/47)		1,350		1,343,412
4.95%, 01/15/42		750		784,035
8.00%, 11/15/39		136		196,925
8.20%, 01/15/39		600		873,612
Brown-Forman Corp.
4.50%, 07/15/45 (Call 01/15/45)		118		125,663
Coca-Cola FEMSA SAB de CV
5.25%, 11/26/43		271		306,219

26 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Constellation Brands Inc.
4.10%, 02/15/48 (Call 08/15/47)a	$	125	$	113,461
4.50%, 05/09/47 (Call 11/09/46)		200		194,482
Diageo Capital PLC
3.88%, 04/29/43 (Call 10/29/42)		136		132,799
5.88%, 09/30/36		350		432,194
Diageo Investment Corp.
4.25%, 05/11/42		250		257,922
7.45%, 04/15/35		11		15,563
Dr Pepper Snapple Group Inc.
4.50%, 11/15/45 (Call 05/15/45)b		250		235,153
Fomento Economico Mexicano SAB de CV
4.38%, 05/10/43		364		361,670
Molson Coors Brewing Co.
4.20%, 07/15/46 (Call 01/15/46)		450		412,146
5.00%, 05/01/42		650		670,065
Pepsi-Cola Metropolitan Bottling Co. Inc. Series B
7.00%, 03/01/29		601		772,736
PepsiCo Inc.
3.45%, 10/06/46 (Call 04/06/46)		605		540,574
3.60%, 08/13/42		400		376,712
4.00%, 03/05/42		207		208,528
4.00%, 05/02/47 (Call 11/02/46)a		300		293,103
4.25%, 10/22/44 (Call 04/22/44)		350		356,643
4.45%, 04/14/46 (Call 10/14/45)a		225		235,843
4.60%, 07/17/45 (Call 01/17/45)a		250		268,790
4.88%, 11/01/40		200		223,840
5.50%, 01/15/40		246		297,990
				18,508,060
BIOTECHNOLOGY — 1.67%
Amgen Inc.
4.40%, 05/01/45 (Call 11/01/44)		1,100		1,067,275
4.56%, 06/15/48 (Call 12/15/47)		750		741,892
4.66%, 06/15/51 (Call 12/15/50)		1,575		1,575,488
4.95%, 10/01/41		150		160,125
5.15%, 11/15/41 (Call 05/15/41)		175		190,365
Baxalta Inc.
5.25%, 06/23/45 (Call 12/23/44)		350		368,540
Biogen Inc.
5.20%, 09/15/45 (Call 03/15/45)		700		734,335

Security	Principal (000s)		Value
Celgene Corp.
4.35%, 11/15/47 (Call 05/15/47)	$	250	$	228,430
4.55%, 02/20/48 (Call 08/20/47)		250		235,533
4.63%, 05/15/44 (Call 11/15/43)a		500		475,850
5.00%, 08/15/45 (Call 02/15/45)		800		804,312
5.25%, 08/15/43		450		469,543
Gilead Sciences Inc.
4.00%, 09/01/36 (Call 03/01/36)		50		48,311
4.15%, 03/01/47 (Call 09/01/46)a		650		620,841
4.50%, 02/01/45 (Call 08/01/44)		650		646,659
4.60%, 09/01/35 (Call 03/01/35)		450		467,181
4.75%, 03/01/46 (Call 09/01/45)		775		801,598
4.80%, 04/01/44 (Call 10/01/43)		600		629,424
5.65%, 12/01/41 (Call 06/01/41)		450		525,280
				10,790,982
BUILDING MATERIALS — 0.34%
Johnson Controls International PLC
4.50%, 02/15/47 (Call 08/15/46)a		175		172,580
4.63%, 07/02/44 (Call 01/02/44)f		225		225,067
4.95%, 07/02/64 (Call 01/02/64)f		107		103,577
5.13%, 09/14/45 (Call 03/14/45)		250		269,847
6.00%, 01/15/36		100		116,578
Martin Marietta Materials Inc.
4.25%, 12/15/47 (Call 06/15/47)		300		269,604
Masco Corp.
4.50%, 05/15/47 (Call 11/15/46)		150		139,388
Owens Corning
4.30%, 07/15/47 (Call 01/15/47)		300		263,706
7.00%, 12/01/36		173		213,292
Vulcan Materials Co.
4.50%, 06/15/47 (Call 12/15/46)		200		185,408
4.70%, 03/01/48 (Call 09/01/47)b		250		237,305
				2,196,352
CHEMICALS — 1.44%
Albemarle Corp.
5.45%, 12/01/44 (Call 06/01/44)		110		116,601
Dow Chemical Co. (The)
4.25%, 10/01/34 (Call 04/01/34)		225		220,604
4.38%, 11/15/42 (Call 05/15/42)		400		388,160
4.63%, 10/01/44 (Call 04/01/44)a		251		251,592
5.25%, 11/15/41 (Call 05/15/41)		300		324,210
7.38%, 11/01/29		333		423,942
9.40%, 05/15/39		300		470,874

SCHEDULEOF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Eastman Chemical Co.
4.65%, 10/15/44 (Call 04/15/44)	$	275	$	278,660
4.80%, 09/01/42 (Call 03/01/42)		208		215,781
EI du Pont de Nemours & Co.
4.15%, 02/15/43a		248		234,809
4.90%, 01/15/41		345		360,546
5.60%, 12/15/36		11		12,756
International Flavors & Fragrances Inc.
4.38%, 06/01/47 (Call 12/01/46)		200		195,362
Lubrizol Corp. (The)
6.50%, 10/01/34		120		157,040
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		375		383,434
5.25%, 07/15/43		275		294,508
LyondellBasell Industries NV
4.63%, 02/26/55 (Call 08/26/54)a		380		361,699
Methanex Corp.
5.65%, 12/01/44 (Call 06/01/44)		150		145,745
Monsanto Co.
3.95%, 04/15/45 (Call 10/15/44)		150		132,182
4.20%, 07/15/34 (Call 01/15/34)		350		337,456
4.40%, 07/15/44 (Call 01/15/44)a		475		448,148
4.65%, 11/15/43 (Call 05/15/43)		24		23,431
4.70%, 07/15/64 (Call 01/15/64)		250		230,953
Mosaic Co. (The)
5.45%, 11/15/33 (Call 05/15/33)		208		213,202
5.63%, 11/15/43 (Call 05/15/43)		200		198,816
Nutrien Ltd.
4.13%, 03/15/35 (Call 09/15/34)		87		82,225
4.90%, 06/01/43 (Call 12/01/42)		250		253,012
5.25%, 01/15/45 (Call 07/15/44)		254		269,410
5.63%, 12/01/40		350		392,262
5.88%, 12/01/36		101		114,116
6.13%, 01/15/41 (Call 07/15/40)		225		260,181
Praxair Inc.
3.55%, 11/07/42 (Call 05/07/42)		300		281,178
Rohm & Haas Co.
7.85%, 07/15/29		100		131,159
RPM International Inc.
4.25%, 01/15/48 (Call 07/15/47)		150		137,384
Sherwin-Williams Co. (The)
4.00%, 12/15/42 (Call 06/15/42)a		200		181,184
4.50%, 06/01/47 (Call 12/01/46)		500		489,665

Security	Principal (000s)		Value
Westlake Chemical Corp.
4.38%, 11/15/47 (Call 05/15/47)	$	105	$	98,338
5.00%, 08/15/46 (Call 02/15/46)		225		229,725
				9,340,350
COMMERCIAL SERVICES — 0.69%
California Institute of Technology
4.32%, 08/01/45		12		12,651
4.70%, 11/01/11		100		104,772
Cleveland Clinic Foundation (The)
4.86%, 01/01/14		200		208,488
Ecolab Inc.
3.95%, 12/01/47 (Call 06/01/47)		400		379,160
5.50%, 12/08/41		41		48,298
George Washington University (The)
4.87%, 09/15/45		16		17,742
Johns Hopkins University Series 2013
4.08%, 07/01/53		11		11,095
Massachusetts Institute of Technology
3.96%, 07/01/38		9		9,249
4.68%, 12/31/99		400		429,176
5.60%, 07/01/11		375		485,314
Moody’s Corp.
5.25%, 07/15/44		250		285,062
President and Fellows of Harvard College
3.15%, 07/15/46 (Call 01/15/46)		375		334,695
3.30%, 07/15/56 (Call 01/15/56)		250		226,897
Princeton University
5.70%, 03/01/39		350		446,894
S&P Global Inc.
6.55%, 11/15/37		161		204,245
University of Notre Dame du Lac Series 2015
3.44%, 02/15/45		9		8,535
University of Southern California
3.03%, 10/01/39		275		244,808
5.25%, 10/01/11		250		297,957
Verisk Analytics Inc.
5.50%, 06/15/45 (Call 12/15/44)		111		121,215
Western Union Co. (The)
6.20%, 11/17/36		175		180,245

28 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
William Marsh Rice University
3.57%, 05/15/45	$	451	$	437,366
				4,493,864
COMPUTERS — 1.67%
Apple Inc.
3.45%, 02/09/45		750		670,252
3.75%, 09/12/47 (Call 03/12/47)		400		373,456
3.75%, 11/13/47 (Call 05/13/47)a		500		466,370
3.85%, 05/04/43		750		717,180
3.85%, 08/04/46 (Call 02/04/46)		800		759,168
4.25%, 02/09/47 (Call 08/09/46)		400		406,124
4.38%, 05/13/45		750		774,607
4.45%, 05/06/44		425		444,822
4.50%, 02/23/36 (Call 08/23/35)		500		537,955
4.65%, 02/23/46 (Call 08/23/45)a		1,300		1,392,391
Dell International LLC/EMC Corp.
8.10%, 07/15/36 (Call 01/15/36)b		600		711,072
8.35%, 07/15/46 (Call 01/15/46)b		700		858,354
Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)		250		263,418
6.35%, 10/15/45 (Call 04/15/45)		550		566,775
HP Inc.
6.00%, 09/15/41		350		366,716
International Business Machines Corp.
4.00%, 06/20/42		425		418,502
4.70%, 02/19/46a		325		356,096
5.60%, 11/30/39		300		362,322
5.88%, 11/29/32		241		293,924
Seagate HDD Cayman
5.75%, 12/01/34 (Call 06/01/34)a		100		94,339
				10,833,843
COSMETICS & PERSONAL CARE — 0.41%
Colgate-Palmolive Co.
3.70%, 08/01/47 (Call 02/01/47)a		175		164,355
4.00%, 08/15/45		250		249,047
Estee Lauder Companies Inc. (The)
4.15%, 03/15/47 (Call 09/15/46)a		125		128,314
4.38%, 06/15/45 (Call 12/15/44)		250		264,182
6.00%, 05/15/37		150		187,034
Procter & Gamble Co. (The)
3.50%, 10/25/47a		300		278,604
5.55%, 03/05/37		700		869,316

Security	Principal (000s)		Value
Unilever Capital Corp.
5.90%, 11/15/32	$	425	$	522,992
				2,663,844
DISTRIBUTION & WHOLESALE — 0.12%
WW Grainger Inc.
3.75%, 05/15/46 (Call 11/15/45)		250		225,952
4.20%, 05/15/47 (Call 11/15/46)		150		146,130
4.60%, 06/15/45 (Call 12/15/44)		400		413,536
				785,618
DIVERSIFIED FINANCIAL SERVICES — 1.42%
American Express Co.
4.05%, 12/03/42a		250		243,528
Brookfield Finance Inc.
4.70%, 09/20/47 (Call 03/20/47)		350		335,023
CME Group Inc.
5.30%, 09/15/43 (Call 03/15/43)		100		119,600
Credit Suisse USA Inc.
7.13%, 07/15/32		368		479,103
GE Capital International Funding Co. Unlimited Co.
4.42%, 11/15/35		4,050		3,881,763
Invesco Finance PLC
5.38%, 11/30/43		41		46,874
Jefferies Group LLC
6.25%, 01/15/36		100		106,731
6.50%, 01/20/43		150		160,119
Jefferies Group LLC/Jefferies Group Capital Finance Inc.
4.15%, 01/23/30		350		320,894
Legg Mason Inc.
5.63%, 01/15/44		250		261,773
Mastercard Inc.
3.80%, 11/21/46 (Call 05/21/46)		150		147,693
3.95%, 02/26/48 (Call 08/26/47)a		145		146,636
National Rural Utilities Cooperative Finance Corp.
4.02%, 11/01/32 (Call 05/01/32)		50		50,271
Series C
8.00%, 03/01/32		271		377,170
Raymond James Financial Inc.
4.95%, 07/15/46		250		261,315
Visa Inc.
3.65%, 09/15/47 (Call 03/15/47)a		300		282,774

SCHEDULEOF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
4.15%, 12/14/35 (Call 06/14/35)	$	650	$	677,943
4.30%, 12/14/45 (Call 06/14/45)		1,250		1,299,587
				9,198,797
ELECTRIC — 9.38%
AEP Transmission Co. LLC
3.75%, 12/01/47 (Call 06/01/47)b		300		279,000
4.00%, 12/01/46 (Call 06/01/46)a		150		146,361
Alabama Power Co.
3.75%, 03/01/45 (Call 09/01/44)		400		378,392
3.85%, 12/01/42		50		48,290
4.15%, 08/15/44 (Call 02/15/44)		302		304,310
4.30%, 01/02/46 (Call 07/02/45)		325		336,528
6.00%, 03/01/39		270		333,763
6.13%, 05/15/38		200		250,814
Ameren Illinois Co.
3.70%, 12/01/47 (Call 06/01/47)a		225		213,273
4.15%, 03/15/46 (Call 09/15/45)		350		355,596
Appalachian Power Co.
4.40%, 05/15/44 (Call 11/15/43)		11		11,297
4.45%, 06/01/45 (Call 12/01/44)		200		207,170
7.00%, 04/01/38		100		134,409
Arizona Public Service Co.
3.75%, 05/15/46 (Call 11/15/45)		275		259,534
4.50%, 04/01/42 (Call 10/01/41)		251		265,500
5.05%, 09/01/41 (Call 03/01/41)		100		112,493
Berkshire Hathaway Energy Co.
4.50%, 02/01/45 (Call 08/01/44)a		400		414,820
5.15%, 11/15/43 (Call 05/15/43)a		370		420,853
5.95%, 05/15/37		350		429,961
6.13%, 04/01/36		1,250		1,565,762
Black Hills Corp.
4.20%, 09/15/46 (Call 03/15/46)		150		144,923
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		325		303,153
3.95%, 03/01/48 (Call 09/01/47)		140		139,238
4.50%, 04/01/44 (Call 10/01/43)		200		216,628
Cleco Corporate Holdings LLC
4.97%, 05/01/46 (Call 11/01/45)		150		148,058
CMS Energy Corp.
4.88%, 03/01/44 (Call 09/01/43)		150		161,529
Commonwealth Edison Co.
3.70%, 03/01/45 (Call 09/01/44)		200		188,376

Security	Principal (000s)		Value
3.80%, 10/01/42 (Call 04/01/42)	$	311	$	298,237
4.35%, 11/15/45 (Call 05/15/45)		100		104,187
4.60%, 08/15/43 (Call 02/15/43)		233		250,447
4.70%, 01/15/44 (Call 07/15/43)		261		284,594
5.90%, 03/15/36		400		496,052
Consolidated Edison Co. of New York Inc.
4.30%, 12/01/56 (Call 06/01/56)a		130		130,828
5.50%, 12/01/39		200		236,912
6.30%, 08/15/37		8		10,222
3.85%, 06/15/46 (Call 12/15/45)		250		239,440
3.95%, 03/01/43 (Call 09/01/42)a		450		436,608
4.45%, 03/15/44 (Call 09/15/43)		476		496,349
4.50%, 12/01/45 (Call 06/01/45)		207		217,704
5.70%, 06/15/40		235		286,232
Series 05-A
5.30%, 03/01/35		100		113,511
Series 06-A
5.85%, 03/15/36		375		453,814
Series 06-B
6.20%, 06/15/36		311		388,654
Series 08-B
6.75%, 04/01/38		200		269,250
Series 12-A
4.20%, 03/15/42		8		8,047
Series 2017
3.88%, 06/15/47 (Call 12/15/46)		150		143,678
Consumers Energy Co.
3.25%, 08/15/46 (Call 02/15/46)		200		176,760
3.95%, 05/15/43 (Call 11/15/42)		75		74,659
3.95%, 07/15/47 (Call 01/15/47)a		250		248,777
Delmarva Power & Light Co.
4.15%, 05/15/45 (Call 11/15/44)		250		251,897
Dominion Energy Inc.
4.70%, 12/01/44 (Call 06/01/44)a		75		78,067
6.30%, 03/15/33a		275		329,631
7.00%, 06/15/38		230		300,148
Series B
5.95%, 06/15/35		375		438,877
Series C
4.05%, 09/15/42 (Call 03/15/42)		155		146,870
4.90%, 08/01/41 (Call 02/01/41)		62		66,313
Series F
5.25%, 08/01/33		375		410,599

30 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
DTE Electric Co.
3.70%, 03/15/45 (Call 09/15/44)	$	316	$	300,494
3.70%, 06/01/46 (Call 12/01/45)		135		128,081
4.05%, 05/15/48		90		89,596
4.30%, 07/01/44 (Call 01/01/44)		103		107,043
Series A
4.00%, 04/01/43 (Call 10/01/42)a		208		206,681
DTE Energy Co.
6.38%, 04/15/33		135		164,460
Duke Energy Carolinas LLC
3.70%, 12/01/47 (Call 06/01/47)		250		237,225
3.75%, 06/01/45 (Call 12/01/44)		315		300,652
3.88%, 03/15/46 (Call 09/15/45)		250		244,557
3.95%, 03/15/48 (Call 09/15/47)a		250		248,885
4.00%, 09/30/42 (Call 03/30/42)		250		248,785
4.25%, 12/15/41 (Call 06/15/41)		300		309,042
5.30%, 02/15/40		510		599,852
6.00%, 01/15/38		57		71,845
6.05%, 04/15/38		300		381,519
6.10%, 06/01/37		350		436,985
6.45%, 10/15/32		86		108,106
Series A
6.00%, 12/01/28		16		18,863
Duke Energy Corp.
3.75%, 09/01/46 (Call 03/01/46)		250		224,190
4.80%, 12/15/45 (Call 06/15/45)a		351		372,351
Duke Energy Florida LLC
3.40%, 10/01/46 (Call 04/01/46)		230		206,041
3.85%, 11/15/42 (Call 05/15/42)		280		271,342
5.65%, 04/01/40		100		122,618
6.35%, 09/15/37		100		131,531
6.40%, 06/15/38		200		264,058
Duke Energy Indiana LLC
3.75%, 05/15/46 (Call 11/15/45)		350		330,554
6.12%, 10/15/35		250		308,002
6.35%, 08/15/38		46		60,707
6.45%, 04/01/39		300		397,956
Duke Energy Progress LLC
3.70%, 10/15/46 (Call 04/15/46)a		300		283,914
4.10%, 05/15/42 (Call 11/15/41)		150		151,515
4.10%, 03/15/43 (Call 09/15/42)		186		186,999
4.15%, 12/01/44 (Call 06/01/44)a		300		304,440
4.20%, 08/15/45 (Call 02/15/45)a		250		255,870

Security	Principal (000s)		Value
4.38%, 03/30/44 (Call 09/30/43)a	$	300	$	314,802
6.30%, 04/01/38		250		328,422
El Paso Electric Co.
5.00%, 12/01/44 (Call 06/01/44)		200		202,732
6.00%, 05/15/35		150		173,292
Emera U.S. Finance LP
4.75%, 06/15/46 (Call 12/15/45)a		450		447,988
Entergy Louisiana LLC
3.05%, 06/01/31 (Call 03/01/31)a		150		137,405
4.95%, 01/15/45 (Call 01/15/25)		100		100,747
Entergy Mississippi Inc.
2.85%, 06/01/28 (Call 03/01/28)		250		230,693
Exelon Corp.
4.45%, 04/15/46 (Call 10/15/45)		500		500,010
4.95%, 06/15/35 (Call 12/15/34)		375		405,480
5.10%, 06/15/45 (Call 12/15/44)		69		75,672
5.63%, 06/15/35		300		349,788
Exelon Generation Co. LLC
5.60%, 06/15/42 (Call 12/15/41)		450		458,379
5.75%, 10/01/41 (Call 04/01/41)		20		20,278
6.25%, 10/01/39		325		349,433
FirstEnergy Corp.
Series C
4.85%, 07/15/47 (Call 01/15/47)		375		390,810
7.38%, 11/15/31		450		588,393
Florida Power & Light Co.
3.70%, 12/01/47 (Call 06/01/47)		525		500,755
3.80%, 12/15/42 (Call 06/15/42)		200		194,726
4.05%, 06/01/42 (Call 12/01/41)		200		202,740
4.05%, 10/01/44 (Call 04/01/44)		400		404,808
4.13%, 02/01/42 (Call 08/01/41)		225		229,820
4.95%, 06/01/35		200		224,126
5.25%, 02/01/41 (Call 08/01/40)		200		235,974
5.65%, 02/01/37		96		116,753
5.69%, 03/01/40		124		155,009
5.95%, 02/01/38		350		444,136
Georgia Power Co.
4.30%, 03/15/42		475		475,356
4.30%, 03/15/43		21		20,909
5.40%, 06/01/40		350		399,479
5.95%, 02/01/39a		114		138,801
Series 10-C
4.75%, 09/01/40		263		278,551

SCHEDULEOF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Iberdrola International BV
6.75%, 07/15/36	$	150	$	188,549
Indiana Michigan Power Co.
6.05%, 03/15/37		105		129,033
Series K
4.55%, 03/15/46 (Call 09/15/45)		300		316,092
Interstate Power & Light Co.
3.70%, 09/15/46 (Call 03/15/46)		325		303,462
6.25%, 07/15/39		5		6,318
John Sevier Combined Cycle Generation LLC
4.63%, 01/15/42		229		239,355
Kansas City Power & Light Co.
4.20%, 03/15/48 (Call 09/15/47)		225		222,487
5.30%, 10/01/41 (Call 04/01/41)		250		281,927
Kentucky Utilities Co.
5.13%, 11/01/40 (Call 05/01/40)		214		247,744
MidAmerican Energy Co.
3.65%, 08/01/48 (Call 02/01/48)		450		422,127
4.25%, 05/01/46 (Call 11/01/45)		111		114,583
4.40%, 10/15/44 (Call 04/15/44)		225		237,371
4.80%, 09/15/43 (Call 03/15/43)a		200		222,838
5.75%, 11/01/35		11		13,322
6.75%, 12/30/31		11		14,078
Mississippi Power Co.
Series 12-A
4.25%, 03/15/42		250		240,142
Nevada Power Co.
6.65%, 04/01/36		100		131,146
Northern States Power Co./MN
3.40%, 08/15/42 (Call 02/15/42)a		350		319,935
3.60%, 05/15/46 (Call 11/15/45)		50		46,870
4.00%, 08/15/45 (Call 02/15/45)		90		90,096
4.13%, 05/15/44 (Call 11/15/43)		7		7,137
5.35%, 11/01/39		5		5,909
6.25%, 06/01/36		106		136,037
NorthWestern Corp.
4.18%, 11/15/44 (Call 05/15/44)		161		160,942
NSTAR Electric Co.
4.40%, 03/01/44 (Call 09/01/43)a		100		104,906
5.50%, 03/15/40		241		287,658
Oglethorpe Power Corp.
5.25%, 09/01/50a		25		26,816
5.38%, 11/01/40		175		198,137
5.95%, 11/01/39		5		5,989

Security	Principal (000s)		Value
Ohio Edison Co.
6.88%, 07/15/36	$	200	$	261,172
Ohio Power Co.
4.15%, 04/01/48 (Call 10/01/47)a		250		252,527
Oklahoma Gas & Electric Co.
4.15%, 04/01/47 (Call 10/01/46)		200		202,954
Oncor Electric Delivery Co. LLC
3.80%, 09/30/47 (Call 03/30/47)b		100		96,500
4.55%, 12/01/41 (Call 06/01/41)a		150		161,483
5.25%, 09/30/40		305		356,106
5.30%, 06/01/42 (Call 12/01/41)		225		266,848
7.25%, 01/15/33		200		271,398
Pacific Gas & Electric Co.
3.95%, 12/01/47 (Call 06/01/47)b		300		273,147
4.00%, 12/01/46 (Call 06/01/46)		350		323,197
4.25%, 03/15/46 (Call 09/15/45)		11		10,413
4.30%, 03/15/45 (Call 09/15/44)		107		102,185
4.45%, 04/15/42 (Call 10/15/41)		200		196,830
4.60%, 06/15/43 (Call 12/15/42)		13		12,916
4.75%, 02/15/44 (Call 08/15/43)		225		228,857
5.13%, 11/15/43 (Call 05/15/43)		300		318,606
5.40%, 01/15/40		275		302,217
5.80%, 03/01/37a		466		531,855
6.05%, 03/01/34a		1,000		1,174,530
6.25%, 03/01/39		400		479,076
6.35%, 02/15/38		71		86,541
PacifiCorp
4.10%, 02/01/42 (Call 08/01/41)		245		247,889
6.00%, 01/15/39		300		380,007
6.10%, 08/01/36		105		133,176
6.25%, 10/15/37		50		64,525
6.35%, 07/15/38		150		196,613
PECO Energy Co.
3.90%, 03/01/48 (Call 09/01/47)		250		245,237
4.15%, 10/01/44 (Call 04/01/44)		200		204,230
5.95%, 10/01/36		111		138,115
Potomac Electric Power Co.
4.15%, 03/15/43 (Call 09/15/42)		116		117,984
6.50%, 11/15/37		175		231,159
PPL Capital Funding Inc.
4.00%, 09/15/47 (Call 03/15/47)a		250		234,170
4.70%, 06/01/43 (Call 12/01/42)		300		309,384
5.00%, 03/15/44 (Call 09/15/43)		300		322,290

32 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
PPL Electric Utilities Corp.
3.95%, 06/01/47 (Call 12/01/46)	$	200	$	197,828
6.25%, 05/15/39		61		78,952
Progress Energy Inc.
7.75%, 03/01/31		34		45,562
PSEG Power LLC
8.63%, 04/15/31		200		259,920
Public Service Co. of Colorado
3.60%, 09/15/42 (Call 03/15/42)		200		187,572
3.80%, 06/15/47 (Call 12/15/46)		300		289,923
4.30%, 03/15/44 (Call 09/15/43)		300		311,211
6.25%, 09/01/37a		60		77,711
6.50%, 08/01/38		100		132,736
Public Service Electric & Gas Co.
3.60%, 12/01/47 (Call 06/01/47)		220		205,601
3.65%, 09/01/42 (Call 03/01/42)		75		71,119
3.80%, 03/01/46 (Call 09/01/45)		225		218,689
3.95%, 05/01/42 (Call 11/01/41)		200		198,648
5.50%, 03/01/40a		107		128,221
5.80%, 05/01/37		100		122,754
Puget Sound Energy Inc.
4.30%, 05/20/45 (Call 11/20/44)a		111		115,644
5.64%, 04/15/41 (Call 10/15/40)		235		285,833
5.76%, 10/01/39		200		244,792
5.80%, 03/15/40		56		69,436
6.27%, 03/15/37		5		6,380
San Diego Gas & Electric Co.
4.50%, 08/15/40a		100		107,156
6.00%, 06/01/39		163		206,761
Series RRR
3.75%, 06/01/47 (Call 12/01/46)a		200		192,720
Sempra Energy
3.80%, 02/01/38 (Call 08/01/37)		435		403,341
4.00%, 02/01/48 (Call 08/01/47)		450		413,707
6.00%, 10/15/39		250		301,115
South Carolina Electric & Gas Co.
4.10%, 06/15/46 (Call 12/15/45)a		250		229,058
4.35%, 02/01/42 (Call 08/01/41)		100		94,985
4.50%, 06/01/64 (Call 12/01/63)		250		228,758
4.60%, 06/15/43 (Call 12/15/42)a		116		114,497
5.10%, 06/01/65 (Call 12/01/64)		150		152,151
5.30%, 05/15/33a		5		5,336
6.05%, 01/15/38		248		283,072

Security	Principal (000s)		Value
Southern California Edison Co.
4.00%, 04/01/47 (Call 10/01/46)	$	400	$	391,116
4.05%, 03/15/42 (Call 09/15/41)		50		49,224
4.50%, 09/01/40 (Call 03/01/40)a		48		50,320
4.65%, 10/01/43 (Call 04/01/43)		350		377,734
5.50%, 03/15/40		217		257,557
5.63%, 02/01/36		75		89,155
5.75%, 04/01/35		105		124,947
6.00%, 01/15/34		266		322,701
6.05%, 03/15/39		150		188,328
6.65%, 04/01/29		250		301,815
Series 05-E
5.35%, 07/15/35		300		343,293
Series 06-E
5.55%, 01/15/37		130		153,236
Series 08-A
5.95%, 02/01/38		150		185,037
Series 13-A
3.90%, 03/15/43 (Call 09/15/42)		205		197,327
Series C
3.60%, 02/01/45 (Call 08/01/44)a		200		183,160
Southern Co. (The)
4.25%, 07/01/36 (Call 01/01/36)		250		250,607
4.40%, 07/01/46 (Call 01/01/46)		300		296,163
Southern Power Co.
5.15%, 09/15/41		325		341,321
Southwestern Electric Power Co.
3.90%, 04/01/45 (Call 10/01/44)		300		283,569
6.20%, 03/15/40		100		124,098
Series L
3.85%, 02/01/48 (Call 08/01/47)		100		94,091
Southwestern Public Service Co.
3.40%, 08/15/46 (Call 02/15/46)		250		224,433
3.70%, 08/15/47 (Call 02/15/47)		250		236,030
4.50%, 08/15/41 (Call 02/15/41)		100		105,935
Tampa Electric Co.
4.10%, 06/15/42 (Call 12/15/41)		75		72,983
4.35%, 05/15/44 (Call 11/15/43)		150		150,116
Toledo Edison Co. (The)
6.15%, 05/15/37		200		245,044
TransAlta Corp.
6.50%, 03/15/40		100		99,419
Union Electric Co.
3.90%, 09/15/42 (Call 03/15/42)		250		244,212
8.45%, 03/15/39		111		170,851

SCHEDULEOF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Virginia Electric & Power Co.
4.00%, 01/15/43 (Call 07/15/42)	$	116	$	113,349
4.20%, 05/15/45 (Call 11/15/44)		7		7,068
4.45%, 02/15/44 (Call 08/15/43)		300		312,084
8.88%, 11/15/38		300		477,981
Series A
6.00%, 05/15/37		470		580,774
Series B
6.00%, 01/15/36		250		306,705
Series D
4.65%, 08/15/43 (Call 02/15/43)a		71		76,512
Westar Energy Inc.
4.10%, 04/01/43 (Call 10/01/42)a		5		4,980
4.13%, 03/01/42 (Call 09/01/41)		300		302,646
4.25%, 12/01/45 (Call 06/01/45)		200		205,736
Wisconsin Power & Light Co.
6.38%, 08/15/37		140		180,939
Wisconsin Public Service Corp.
4.75%, 11/01/44 (Call 05/01/44)		205		227,341
Xcel Energy Inc.
6.50%, 07/01/36		50		64,640
				60,779,330
ELECTRONICS — 0.31%
Corning Inc.
4.38%, 11/15/57 (Call 05/15/57)		250		223,495
4.75%, 03/15/42		100		104,167
5.75%, 08/15/40		200		234,040
Fortive Corp.
4.30%, 06/15/46 (Call 12/15/45)		225		218,995
Honeywell International Inc.
3.81%, 11/21/47 (Call 05/21/47)a		501		481,586
Koninklijke Philips NV
5.00%, 03/15/42		419		460,012
Tyco Electronics Group SA
7.13%, 10/01/37		200		274,050
				1,996,345
ENVIRONMENTAL CONTROL — 0.10%
Waste Management Inc.
3.90%, 03/01/35 (Call 09/01/34)		250		244,858
4.10%, 03/01/45 (Call 09/01/44)		413		410,303
7.00%, 07/15/28		18		22,366
				677,527

Security	Principal (000s)		Value
FOOD — 1.45%
Ahold Finance USA LLC
6.88%, 05/01/29	$	11	$	13,072
Campbell Soup Co.
3.80%, 08/02/42		6		5,122
4.80%, 03/15/48 (Call 09/15/47)		300		289,194
Conagra Brands Inc.
7.00%, 10/01/28		150		178,176
8.25%, 09/15/30		100		131,390
General Mills Inc.
4.15%, 02/15/43 (Call 08/15/42)		5		4,561
4.70%, 04/17/48 (Call 10/17/47)		250		242,190
5.40%, 06/15/40		401		430,217
Hershey Co. (The)
3.38%, 08/15/46 (Call 02/15/46)		100		88,007
JM Smucker Co. (The)
4.25%, 03/15/35		400		389,528
4.38%, 03/15/45		100		95,851
Kellogg Co.
4.50%, 04/01/46		175		169,923
Series B
7.45%, 04/01/31		275		351,150
Koninklijke Ahold Delhaize NV
5.70%, 10/01/40		400		444,188
Kraft Heinz Foods Co.
4.38%, 06/01/46 (Call 12/01/45)		1,060		946,972
5.00%, 07/15/35 (Call 01/15/35)		350		354,239
5.00%, 06/04/42		500		491,015
5.20%, 07/15/45 (Call 01/15/45)		750		743,767
6.50%, 02/09/40		500		580,195
6.88%, 01/26/39		300		360,651
Kroger Co. (The)
3.88%, 10/15/46 (Call 04/15/46)		100		84,002
4.45%, 02/01/47 (Call 08/01/46)a		225		206,397
5.00%, 04/15/42 (Call 10/15/41)		100		98,454
5.15%, 08/01/43 (Call 02/01/43)		250		251,980
5.40%, 07/15/40 (Call 01/15/40)		200		210,860
6.90%, 04/15/38		300		369,660
7.50%, 04/01/31		150		186,480
McCormick & Co. Inc./MD
4.20%, 08/15/47 (Call 02/15/47)		200		192,964
Sysco Corp.
4.45%, 03/15/48 (Call 09/15/47)a		150		146,459
4.50%, 04/01/46 (Call 10/01/45)a		226		222,031

34 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
4.85%, 10/01/45 (Call 04/01/45)	$	100	$	102,779
5.38%, 09/21/35		258		291,179
Tyson Foods Inc.
4.88%, 08/15/34 (Call 02/15/34)		376		389,671
5.15%, 08/15/44 (Call 02/15/44)		295		311,429
				9,373,753
FOREST PRODUCTS & PAPER — 0.39%
Celulosa Arauco y Constitucion SA
5.50%, 11/02/47 (Call 05/02/47)b		200		202,064
Georgia-Pacific LLC
7.75%, 11/15/29a		250		334,990
8.88%, 05/15/31		14		20,608
International Paper Co.
4.35%, 08/15/48 (Call 02/15/48)		276		251,074
4.40%, 08/15/47 (Call 02/15/47)		525		479,073
4.80%, 06/15/44 (Call 12/15/43)		200		193,800
5.00%, 09/15/35 (Call 03/15/35)		50		51,352
5.15%, 05/15/46 (Call 11/15/45)		175		177,238
6.00%, 11/15/41 (Call 05/15/41)a		325		364,107
7.30%, 11/15/39		330		421,262
				2,495,568
GAS — 0.65%
Atmos Energy Corp.
4.13%, 10/15/44 (Call 04/15/44)		400		405,036
4.15%, 01/15/43 (Call 07/15/42)		100		100,527
5.50%, 06/15/41 (Call 12/15/40)		5		5,914
CenterPoint Energy Resources Corp.
4.10%, 09/01/47 (Call 03/01/47)		165		155,866
5.85%, 01/15/41 (Call 07/15/40)		100		119,811
Dominion Energy Gas Holdings LLC
4.60%, 12/15/44 (Call 06/15/44)		225		229,552
4.80%, 11/01/43 (Call 05/01/43)		115		120,522
KeySpan Corp.
5.80%, 04/01/35		180		210,256
NiSource Inc.
4.80%, 02/15/44 (Call 08/15/43)		415		433,887
5.25%, 02/15/43 (Call 08/15/42)		475		521,555
5.65%, 02/01/45 (Call 08/01/44)		276		317,659
5.95%, 06/15/41 (Call 12/15/40)		200		235,278
ONE Gas Inc.
4.66%, 02/01/44 (Call 08/01/43)a		225		242,019
Piedmont Natural Gas Co. Inc.
4.65%, 08/01/43 (Call 02/01/43)		153		162,383

Security	Principal (000s)		Value
Southern California Gas Co.
3.75%, 09/15/42 (Call 03/15/42)	$	5	$	4,853
Southern Co. Gas Capital Corp.
3.95%, 10/01/46 (Call 04/01/46)		250		229,998
4.40%, 06/01/43 (Call 12/01/42)		6		5,962
4.40%, 05/30/47 (Call 11/30/46)		90		89,685
5.88%, 03/15/41 (Call 09/15/40)		450		532,201
Southwest Gas Corp.
3.80%, 09/29/46 (Call 03/29/46)		100		93,715
				4,216,679
HAND & MACHINE TOOLS — 0.07%
Snap-On Inc.
4.10%, 03/01/48 (Call 09/01/47)		195		194,994
Stanley Black & Decker Inc.
5.20%, 09/01/40		200		225,126
				420,120
HEALTH CARE – PRODUCTS — 1.49%
Abbott Laboratories
4.75%, 11/30/36 (Call 05/30/36)		850		899,929
4.75%, 04/15/43 (Call 10/15/42)		350		369,229
4.90%, 11/30/46 (Call 05/30/46)a		900		973,989
5.30%, 05/27/40		400		448,256
6.00%, 04/01/39		250		300,040
Baxter International Inc.
3.50%, 08/15/46 (Call 02/15/46)		200		171,552
Becton Dickinson and Co.
4.67%, 06/06/47 (Call 12/06/46)		500		486,620
4.69%, 12/15/44 (Call 06/15/44)		500		488,095
5.00%, 11/12/40		100		102,684
Boston Scientific Corp.
7.00%, 11/15/35		100		128,318
7.38%, 01/15/40		150		200,899
Danaher Corp.
4.38%, 09/15/45 (Call 03/15/45)		100		104,613
Medtronic Inc.
4.38%, 03/15/35		1,000		1,036,940
4.50%, 03/15/42 (Call 09/15/41)		86		89,790
4.63%, 03/15/44 (Call 09/15/43)		350		369,131
4.63%, 03/15/45		1,550		1,642,907
5.55%, 03/15/40		300		352,044
6.50%, 03/15/39		100		129,998
Stryker Corp.
4.10%, 04/01/43 (Call 10/01/42)		350		340,536
4.38%, 05/15/44 (Call 11/15/43)		100		99,491
4.63%, 03/15/46 (Call 09/15/45)		250		260,605

SCHEDULEOF INVESTMENTS 35

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Thermo Fisher Scientific Inc.
4.10%, 08/15/47 (Call 02/15/47)a	$	300	$	285,621
5.30%, 02/01/44 (Call 08/01/43)a		150		167,174
Zimmer Biomet Holdings Inc.
4.45%, 08/15/45 (Call 02/15/45)		50		47,013
5.75%, 11/30/39		150		168,261
				9,663,735
HEALTH CARE – SERVICES — 2.11%
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)		285		253,462
4.13%, 11/15/42 (Call 05/15/42)		200		185,698
4.50%, 05/15/42 (Call 11/15/41)		250		247,965
4.75%, 03/15/44 (Call 09/15/43)		225		229,358
6.63%, 06/15/36		200		249,132
6.75%, 12/15/37a		85		109,525
Anthem Inc.
4.38%, 12/01/47 (Call 06/01/47)		500		468,475
4.55%, 03/01/48 (Call 09/01/47)		250		241,290
4.63%, 05/15/42		600		586,224
4.65%, 01/15/43		300		293,721
4.65%, 08/15/44 (Call 02/15/44)		200		196,202
5.10%, 01/15/44		375		389,194
Ascension Health
3.95%, 11/15/46		508		496,225
4.85%, 11/15/53		11		12,317
Baylor Scott & White Holdings
3.97%, 11/15/46 (Call 05/15/46)		250		240,488
4.19%, 11/15/45 (Call 05/15/45)		16		15,991
Catholic Health Initiatives
4.35%, 11/01/42		400		369,892
Cigna Corp.
3.88%, 10/15/47 (Call 04/15/47)		425		371,718
Dignity Health
4.50%, 11/01/42		100		95,307
5.27%, 11/01/64		100		100,720
Humana Inc.
4.63%, 12/01/42 (Call 06/01/42)		200		200,392
4.80%, 03/15/47 (Call 09/15/46)		175		181,267
4.95%, 10/01/44 (Call 04/01/44)		250		264,852
Johns Hopkins Health System Corp. (The)
3.84%, 05/15/46		60		57,976
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)		650		655,869
4.88%, 04/01/42a		350		389,592

Security	Principal (000s)		Value
Laboratory Corp. of America Holdings
4.70%, 02/01/45 (Call 08/01/44)	$	398	$	386,530
Mayo Clinic Series 2013
4.00%, 11/15/47		11		10,701
Memorial Sloan-Kettering Cancer Center
4.13%, 07/01/52		25		24,735
Series 2015
4.20%, 07/01/55		550		552,816
New York and Presbyterian Hospital (The)
4.02%, 08/01/45		21		20,663
4.06%, 08/01/56a		350		336,472
Northwell Healthcare Inc.
3.98%, 11/01/46 (Call 11/01/45)		400		370,080
Providence St Joseph Health Obligated Group
Series I
3.74%, 10/01/47		250		231,788
Quest Diagnostics Inc.
4.70%, 03/30/45 (Call 09/30/44)		22		22,263
Stanford Health Care
Series 2018
3.80%, 11/15/48 (Call 05/15/48)		250		242,088
Texas Health Resources
4.33%, 11/15/55		9		8,747
UnitedHealth Group Inc.
3.75%, 10/15/47 (Call 04/15/47)a		250		230,773
3.95%, 10/15/42 (Call 04/15/42)		82		79,083
4.20%, 01/15/47 (Call 07/15/46)		250		247,530
4.25%, 03/15/43 (Call 09/15/42)		450		447,466
4.25%, 04/15/47 (Call 10/15/46)		276		276,282
4.38%, 03/15/42 (Call 09/15/41)		200		203,452
4.63%, 07/15/35		200		214,686
4.63%, 11/15/41 (Call 05/15/41)		100		106,079
4.75%, 07/15/45		700		752,563
5.70%, 10/15/40 (Call 04/15/40)		100		120,297
5.80%, 03/15/36		500		599,950
5.95%, 02/15/41 (Call 08/15/40)		275		339,971
6.50%, 06/15/37		100		130,158
6.63%, 11/15/37		111		145,663
6.88%, 02/15/38		500		672,255
				13,675,943

36 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
HOME FURNISHINGS — 0.01%
Whirlpool Corp.
4.50%, 06/01/46 (Call 12/01/45)	$	100	$	95,960
				95,960
HOUSEHOLD PRODUCTS & WARES — 0.12%
Kimberly-Clark Corp.
3.20%, 07/30/46 (Call 01/30/46)		150		128,711
3.90%, 05/04/47 (Call 11/04/46)a		250		243,122
5.30%, 03/01/41		6		7,012
6.63%, 08/01/37a		275		369,306
				748,151
HOUSEWARES — 0.13%
Newell Brands Inc.
5.38%, 04/01/36 (Call 10/01/35)a		200		205,396
5.50%, 04/01/46 (Call 10/01/45)		600		621,432
				826,828
INSURANCE — 3.65%
ACE Capital Trust II
9.70%, 04/01/30		100		144,117
Aflac Inc.
4.00%, 10/15/46 (Call 04/15/46)a		250		237,930
Alleghany Corp.
4.90%, 09/15/44 (Call 03/15/44)		125		125,873
Allstate Corp. (The)
4.20%, 12/15/46 (Call 06/15/46)		45		44,695
4.50%, 06/15/43		400		415,668
5.35%, 06/01/33		68		77,277
5.55%, 05/09/35		376		436,269
5.95%, 04/01/36		50		59,914
American Financial Group Inc./OH
4.50%, 06/15/47 (Call 12/15/46)		200		192,702
American International Group Inc.
3.88%, 01/15/35 (Call 07/15/34)		650		595,263
4.38%, 01/15/55 (Call 07/15/54)		425		384,463
4.50%, 07/16/44 (Call 01/16/44)		725		696,783
4.70%, 07/10/35 (Call 01/10/35)		475		476,140
4.75%, 04/01/48 (Call 10/01/47)		250		249,813
4.80%, 07/10/45 (Call 01/10/45)		250		251,435
6.25%, 05/01/36		400		471,844
Aon PLC
4.60%, 06/14/44 (Call 03/14/44)		200		199,390
4.75%, 05/15/45 (Call 11/15/44)a		246		250,428

Security	Principal (000s)		Value
Arch Capital Group U.S. Inc.
5.14%, 11/01/43	$	470	$	509,419
Assurant Inc.
6.75%, 02/15/34		100		116,194
AXA Equitable Holdings Inc.
5.00%, 04/20/48 (Call 10/20/47)b		500		477,570
AXA SA
8.60%, 12/15/30		550		743,875
Berkshire Hathaway Finance Corp.
4.30%, 05/15/43a		118		120,929
4.40%, 05/15/42		325		337,597
5.75%, 01/15/40		250		304,557
Berkshire Hathaway Inc.
4.50%, 02/11/43a		425		448,447
Brighthouse Financial Inc.
4.70%, 06/22/47 (Call 12/22/46)		575		500,549
Chubb Corp. (The)
6.00%, 05/11/37		460		574,172
Chubb INA Holdings Inc.
4.15%, 03/13/43		350		352,467
4.35%, 11/03/45 (Call 05/03/45)		600		621,732
Cincinnati Financial Corp.
6.92%, 05/15/28		11		13,436
Everest Reinsurance Holdings Inc.
4.87%, 06/01/44a		200		201,998
Hartford Financial Services Group Inc. (The)
4.30%, 04/15/43		14		13,809
4.40%, 03/15/48 (Call 09/15/47)a		220		219,542
5.95%, 10/15/36		200		237,304
6.10%, 10/01/41		200		247,150
Lincoln National Corp.
6.15%, 04/07/36		175		203,324
6.30%, 10/09/37		16		19,304
7.00%, 06/15/40		395		515,005
Loews Corp.
4.13%, 05/15/43 (Call 11/15/42)		200		190,728
6.00%, 02/01/35		150		176,211
Manulife Financial Corp.
5.38%, 03/04/46a		300		343,200
Markel Corp.
4.30%, 11/01/47 (Call 05/01/47)		100		93,481
5.00%, 04/05/46		150		157,104

SCHEDULEOF INVESTMENTS 37

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Marsh & McLennan Companies Inc.
4.20%, 03/01/48 (Call 09/01/47)	$	185	$	181,570
4.35%, 01/30/47 (Call 07/30/46)		172		172,351
5.88%, 08/01/33		150		176,769
MetLife Inc.
4.05%, 03/01/45		550		518,936
4.13%, 08/13/42		400		381,648
4.60%, 05/13/46 (Call 11/13/45)a		350		358,760
4.72%, 12/15/44		250		261,080
4.88%, 11/13/43		400		424,988
5.70%, 06/15/35		450		530,419
6.40%, 12/15/66 (Call 12/15/31)		445		485,219
6.50%, 12/15/32		475		598,053
10.75%, 08/01/69 (Call 08/01/34)		16		24,574
Principal Financial Group Inc.
4.35%, 05/15/43		300		294,261
4.63%, 09/15/42		5		5,093
6.05%, 10/15/36		191		228,935
Progressive Corp. (The)
3.70%, 01/26/45		150		137,507
4.13%, 04/15/47 (Call 10/15/46)		476		466,171
4.20%, 03/15/48 (Call 09/15/47)		150		149,490
4.35%, 04/25/44		136		138,244
6.25%, 12/01/32		100		121,292
Prudential Financial Inc.
3.91%, 12/07/47 (Call 06/07/47)b		400		370,252
3.94%, 12/07/49 (Call 06/07/49)b		455		419,132
4.42%, 03/27/48 (Call 09/27/47)		250		251,203
4.60%, 05/15/44		300		309,756
5.70%, 12/14/36		300		358,143
6.63%, 06/21/40		5		6,548
Sompo International Holdings Ltd.
7.00%, 07/15/34		175		211,390
Transatlantic Holdings Inc.
8.00%, 11/30/39		150		202,613
Travelers Companies Inc. (The)
3.75%, 05/15/46 (Call 11/15/45)		200		187,772
4.00%, 05/30/47 (Call 11/30/46)		350		341,957
4.05%, 03/07/48 (Call 09/07/47)		210		205,829
4.30%, 08/25/45 (Call 02/25/45)		175		178,623
4.60%, 08/01/43		66		70,396
5.35%, 11/01/40		200		235,258
6.25%, 06/15/37		425		543,137
6.75%, 06/20/36		50		66,867

Security	Principal (000s)		Value
Travelers Property Casualty Corp.
6.38%, 03/15/33	$	110	$	136,764
Unum Group
5.75%, 08/15/42		210		238,520
Voya Financial Inc.
4.80%, 06/15/46		100		99,307
5.70%, 07/15/43		200		223,226
WR Berkley Corp.
4.75%, 08/01/44		50		50,642
XLIT Ltd.
5.50%, 03/31/45		226		236,617
				23,648,420
INTERNET — 0.90%
Alibaba Group Holding Ltd.
4.00%, 12/06/37 (Call 06/06/37)		300		283,788
4.20%, 12/06/47 (Call 06/06/47)		700		658,441
4.50%, 11/28/34 (Call 05/28/34)		600		608,310
Amazon.com Inc.
4.05%, 08/22/47 (Call 02/22/47)b		1,250		1,235,687
4.25%, 08/22/57 (Call 02/22/57)b		1,150		1,136,476
4.80%, 12/05/34 (Call 06/05/34)		860		948,159
4.95%, 12/05/44 (Call 06/05/44)		560		632,156
eBay Inc.
4.00%, 07/15/42 (Call 01/15/42)		350		309,187
				5,812,204
IRON & STEEL — 0.49%
Nucor Corp.
5.20%, 08/01/43 (Call 02/01/43)a		199		224,983
6.40%, 12/01/37		246		308,668
Vale Overseas Ltd.
6.88%, 11/21/36a		850		983,076
6.88%, 11/10/39		525		612,103
8.25%, 01/17/34		255		326,974
Vale SA
5.63%, 09/11/42		705		730,493
				3,186,297
LEISURE TIME — 0.02%
Harley-Davidson Inc.
4.63%, 07/28/45 (Call 01/28/45)a		100		97,931
				97,931
MACHINERY — 0.50%
ABB Finance USA Inc.
4.38%, 05/08/42		357		367,467

38 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Caterpillar Inc.
3.80%, 08/15/42	$	610	$	592,060
4.30%, 05/15/44 (Call 11/15/43)		100		104,934
4.75%, 05/15/64 (Call 11/15/63)		225		242,267
5.20%, 05/27/41		425		497,734
5.30%, 09/15/35		11		12,822
6.05%, 08/15/36		111		139,944
Cummins Inc.
4.88%, 10/01/43 (Call 04/01/43)		150		167,207
Deere & Co.
3.90%, 06/09/42 (Call 12/09/41)		590		584,371
5.38%, 10/16/29		200		229,574
7.13%, 03/03/31		101		131,868
Xylem Inc./NY
4.38%, 11/01/46 (Call 05/01/46)		200		199,738
				3,269,986
MANUFACTURING — 1.40%
3M Co.
3.13%, 09/19/46 (Call 03/19/46)		250		215,360
3.63%, 10/15/47 (Call 04/15/47)		155		146,385
3.88%, 06/15/44		150		146,976
5.70%, 03/15/37		150		183,930
Crane Co.
4.20%, 03/15/48 (Call 09/15/47)		45		43,553
Dover Corp.
5.38%, 03/01/41 (Call 12/01/40)		300		345,159
Eaton Corp.
4.00%, 11/02/32		800		785,136
4.15%, 11/02/42		100		96,642
General Electric Co.
4.13%, 10/09/42		725		660,642
4.50%, 03/11/44a		800		769,600
5.88%, 01/14/38		950		1,079,190
6.15%, 08/07/37a		350		408,170
6.88%, 01/10/39		700		882,728
Series A
6.75%, 03/15/32		1,100		1,348,688
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)		450		448,898
4.88%, 09/15/41 (Call 03/15/41)		200		227,928
Ingersoll-Rand Global Holding Co. Ltd.
4.30%, 02/21/48 (Call 08/21/47)		150		145,634
5.75%, 06/15/43		216		253,990

Security	Principal (000s)		Value
Ingersoll-Rand Luxembourg Finance SA
4.65%, 11/01/44 (Call 05/01/44)	$	140	$	143,424
Parker-Hannifin Corp.
4.10%, 03/01/47 (Call 09/01/46)		300		298,419
4.20%, 11/21/34 (Call 05/21/34)		100		103,015
4.45%, 11/21/44 (Call 05/21/44)		200		209,710
Series A
6.25%, 05/15/38		100		126,892
				9,070,069
MEDIA — 4.89%
21st Century Fox America Inc.
4.75%, 09/15/44 (Call 03/15/44)		200		212,228
4.95%, 10/15/45 (Call 04/15/45)		200		217,786
5.40%, 10/01/43		300		345,636
6.15%, 03/01/37		450		550,872
6.15%, 02/15/41		500		625,690
6.20%, 12/15/34		500		609,680
6.40%, 12/15/35		302		375,667
6.55%, 03/15/33		275		339,919
6.65%, 11/15/37		350		450,467
6.90%, 08/15/39		11		14,643
7.75%, 12/01/45		350		521,255
7.85%, 03/01/39		200		284,734
8.15%, 10/17/36		100		144,380
CBS Corp.
4.60%, 01/15/45 (Call 07/15/44)		200		190,002
4.85%, 07/01/42 (Call 01/01/42)		250		246,945
4.90%, 08/15/44 (Call 02/15/44)		225		222,874
5.50%, 05/15/33		150		158,030
5.90%, 10/15/40 (Call 04/15/40)		50		55,770
7.88%, 07/30/30		200		252,518
Charter Communications Operating LLC/Charter Communications Operating Capital
5.75%, 04/01/48 (Call 10/01/47)		295		292,348
Charter Communications Operating LLC/Charter Communications Operating Capital
5.38%, 04/01/38 (Call 10/01/37)		500		491,475
5.38%, 05/01/47 (Call 11/01/46)		800		754,960
6.38%, 10/23/35 (Call 04/23/35)		750		817,920
6.48%, 10/23/45 (Call 04/23/45)		1,250		1,343,612
6.83%, 10/23/55 (Call 04/23/55)		250		276,940

SCHEDULEOF INVESTMENTS 39

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Comcast Corp.
3.20%, 07/15/36 (Call 01/15/36)	$	850	$	729,988
3.40%, 07/15/46 (Call 01/15/46)		400		333,636
3.90%, 03/01/38 (Call 09/01/37)		250		234,885
3.97%, 11/01/47 (Call 05/01/47)		911		833,802
4.00%, 11/01/49 (Call 05/01/49)		785		717,435
4.05%, 11/01/52 (Call 05/01/52)		350		319,501
4.20%, 08/15/34 (Call 02/15/34)		850		836,646
4.25%, 01/15/33a		900		909,531
4.40%, 08/15/35 (Call 02/15/35)		500		503,375
4.50%, 01/15/43		400		397,652
4.60%, 08/15/45 (Call 02/15/45)		760		764,416
4.65%, 07/15/42		660		670,738
4.75%, 03/01/44		600		615,858
5.65%, 06/15/35		111		128,849
6.40%, 05/15/38		47		58,979
6.50%, 11/15/35		475		593,997
7.05%, 03/15/33		161		207,804
Discovery Communications LLC
4.88%, 04/01/43		225		212,420
4.95%, 05/15/42		175		165,753
5.00%, 09/20/37 (Call 03/20/37)		360		352,800
5.20%, 09/20/47 (Call 03/20/47)a		400		391,380
6.35%, 06/01/40		400		445,472
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)		250		225,660
6.13%, 01/31/46 (Call 07/31/45)		400		423,408
6.63%, 01/15/40		300		334,545
NBCUniversal Media LLC
4.45%, 01/15/43		500		489,325
5.95%, 04/01/41		700		835,737
Thomson Reuters Corp.
5.50%, 08/15/35		150		158,760
5.65%, 11/23/43 (Call 05/23/43)		125		139,925
5.85%, 04/15/40a		350		391,570
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)		550		468,171
5.50%, 09/01/41 (Call 03/01/41)		350		341,299
5.88%, 11/15/40 (Call 05/15/40)		400		408,712
6.55%, 05/01/37		350		384,682
6.75%, 06/15/39		525		591,722
7.30%, 07/01/38		700		826,000
Time Warner Entertainment Co. LP
8.38%, 07/15/33		450		582,457

Security	Principal (000s)		Value
Time Warner Inc.
4.65%, 06/01/44 (Call 12/01/43)	$	300	$	287,592
4.85%, 07/15/45 (Call 01/15/45)		350		343,833
4.90%, 06/15/42		175		173,931
5.35%, 12/15/43		325		342,703
5.38%, 10/15/41		250		261,968
6.10%, 07/15/40		350		402,566
6.25%, 03/29/41		200		233,302
Viacom Inc.
4.38%, 03/15/43		350		311,560
5.25%, 04/01/44 (Call 10/01/43)		200		200,678
5.85%, 09/01/43 (Call 03/01/43)		450		481,360
6.88%, 04/30/36		400		464,012
Walt Disney Co. (The)
3.00%, 07/30/46		125		103,848
3.70%, 12/01/42		200		189,466
4.13%, 06/01/44a		300		302,772
4.38%, 08/16/41		250		264,803
7.00%, 03/01/32		200		264,386
Series E
4.13%, 12/01/41		200		201,560
				31,653,581
METAL FABRICATE & HARDWARE — 0.04%
Precision Castparts Corp.
3.90%, 01/15/43 (Call 07/15/42)		166		160,633
4.38%, 06/15/45 (Call 12/15/44)		86		89,482
				250,115
MINING — 1.18%
Barrick Gold Corp.
5.25%, 04/01/42		300		322,830
Barrick North America Finance LLC
5.70%, 05/30/41		225		253,319
5.75%, 05/01/43		380		435,628
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39		325		374,394
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42a		375		377,194
5.00%, 09/30/43		875		985,871
Goldcorp Inc.
5.45%, 06/09/44 (Call 12/09/43)		161		173,115
Newmont Mining Corp.
4.88%, 03/15/42 (Call 09/15/41)		365		377,516
5.88%, 04/01/35a		125		143,823
6.25%, 10/01/39		375		448,016

40 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Rio Tinto Alcan Inc.
5.75%, 06/01/35	$	11	$	13,181
6.13%, 12/15/33		11		13,483
7.25%, 03/15/31		275		347,784
Rio Tinto Finance USA Ltd.
5.20%, 11/02/40		325		375,011
7.13%, 07/15/28		200		253,596
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)		338		338,777
4.75%, 03/22/42 (Call 09/22/41)a		330		357,898
Southern Copper Corp.
5.25%, 11/08/42		575		593,624
5.88%, 04/23/45		450		503,438
6.75%, 04/16/40		400		484,924
7.50%, 07/27/35		300		382,320
Vale Canada Ltd.
7.20%, 09/15/32		100		112,721
				7,668,463
OFFICE & BUSINESS EQUIPMENT — 0.01%
Xerox Corp.
6.75%, 12/15/39a		50		52,787
				52,787
OIL & GAS — 6.89%
Anadarko Finance Co.
7.50%, 05/01/31		425		535,615
Anadarko Petroleum Corp.
4.50%, 07/15/44 (Call 01/15/44)		325		307,729
6.20%, 03/15/40		250		290,558
6.45%, 09/15/36		650		770,133
6.60%, 03/15/46 (Call 09/15/45)		420		519,288
Apache Corp.
4.25%, 01/15/44 (Call 07/15/43)		340		309,720
4.75%, 04/15/43 (Call 10/15/42)		600		593,484
5.10%, 09/01/40 (Call 03/01/40)		450		456,984
6.00%, 01/15/37		500		563,560
BP Capital Markets PLC
3.72%, 11/28/28 (Call 08/28/28)a		350		348,456
Burlington Resources Finance Co.
7.20%, 08/15/31		300		389,487
7.40%, 12/01/31		300		397,170
Canadian Natural Resources Ltd.
4.95%, 06/01/47 (Call 12/01/46)a		300		310,575
5.85%, 02/01/35		150		170,042

Security	Principal (000s)		Value
6.25%, 03/15/38	$	425	$	507,407
6.45%, 06/30/33		200		235,308
7.20%, 01/15/32		300		369,351
Cenovus Energy Inc.
5.25%, 06/15/37 (Call 12/15/36)		550		542,613
5.40%, 06/15/47 (Call 12/15/46)a		725		721,020
6.75%, 11/15/39		250		284,228
CNOOC Nexen Finance 2014 ULC
4.88%, 04/30/44		400		420,264
Concho Resources Inc.
4.88%, 10/01/47 (Call 04/01/47)		250		255,085
Conoco Funding Co.
7.25%, 10/15/31		300		390,924
ConocoPhillips
5.90%, 10/15/32		13		15,311
6.50%, 02/01/39		850		1,103,793
ConocoPhillips Canada Funding Co. I
5.95%, 10/15/36		350		426,590
ConocoPhillips Co.
4.15%, 11/15/34 (Call 05/15/34)		250		252,368
4.30%, 11/15/44 (Call 05/15/44)		200		205,626
5.95%, 03/15/46 (Call 09/15/45)a		175		223,060
ConocoPhillips Holding Co.
6.95%, 04/15/29		700		875,259
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)		500		498,905
5.00%, 06/15/45 (Call 12/15/44)		400		414,896
5.60%, 07/15/41 (Call 01/15/41)		425		469,395
Ecopetrol SA
5.88%, 05/28/45		575		556,491
7.38%, 09/18/43		475		544,369
Encana Corp.
6.50%, 08/15/34		500		591,645
6.50%, 02/01/38		400		482,008
EOG Resources Inc.
3.90%, 04/01/35 (Call 10/01/34)		300		289,875
Exxon Mobil Corp.
3.57%, 03/06/45 (Call 09/06/44)a		250		232,793
4.11%, 03/01/46 (Call 09/01/45)		975		998,098
Hess Corp.
5.60%, 02/15/41		400		404,708
5.80%, 04/01/47 (Call 10/01/46)a		250		260,003
6.00%, 01/15/40		200		209,346

SCHEDULEOF INVESTMENTS 41

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
7.13%, 03/15/33	$	225	$	263,720
7.30%, 08/15/31		500		592,490
Kerr-McGee Corp.
7.88%, 09/15/31		14		18,012
Marathon Oil Corp.
5.20%, 06/01/45 (Call 12/01/44)		200		209,984
6.60%, 10/01/37		400		479,556
6.80%, 03/15/32		26		30,709
Marathon Petroleum Corp.
4.75%, 09/15/44 (Call 03/15/44)		300		296,526
5.00%, 09/15/54 (Call 03/15/54)		200		192,390
6.50%, 03/01/41 (Call 09/01/40)		400		480,420
Nexen Energy ULC
6.40%, 05/15/37		600		733,038
7.50%, 07/30/39		400		551,936
7.88%, 03/15/32		160		215,059
Noble Energy Inc.
5.05%, 11/15/44 (Call 05/15/44)		325		334,513
5.25%, 11/15/43 (Call 05/15/43)		450		474,246
6.00%, 03/01/41 (Call 09/01/40)		350		396,021
Occidental Petroleum Corp.
4.10%, 02/15/47 (Call 08/15/46)		400		394,036
4.40%, 04/15/46 (Call 10/15/45)a		415		426,072
4.63%, 06/15/45 (Call 12/15/44)		475		500,541
Petro-Canada
5.35%, 07/15/33		125		138,454
5.95%, 05/15/35		11		13,000
6.80%, 05/15/38		500		651,275
Petroleos Mexicanos
5.50%, 06/27/44		1,100		927,784
5.63%, 01/23/46		1,225		1,039,829
6.38%, 01/23/45		1,350		1,254,366
6.50%, 06/02/41		1,300		1,245,998
6.63%, 06/15/35		1,200		1,191,576
6.63%, 06/15/38		300		292,494
6.75%, 09/21/47		1,650		1,592,613
Phillips 66
4.65%, 11/15/34 (Call 05/15/34)		550		568,183
4.88%, 11/15/44 (Call 05/15/44)		960		1,002,298
5.88%, 05/01/42		240		283,082
Shell International Finance BV
3.75%, 09/12/46		595		561,412
4.00%, 05/10/46		950		929,689
4.13%, 05/11/35		565		577,238

Security	Principal (000s)		Value
4.38%, 05/11/45	$	950	$	985,625
4.55%, 08/12/43		450		477,229
5.50%, 03/25/40	$	300		357,408
6.38%, 12/15/38		1,000		1,312,500
Statoil ASA
3.95%, 05/15/43		500		489,895
4.25%, 11/23/41		100		102,439
4.80%, 11/08/43		300		332,406
5.10%, 08/17/40		230		263,141
Suncor Energy Inc.
4.00%, 11/15/47 (Call 05/15/47)a		85		81,161
5.95%, 12/01/34		150		178,362
6.50%, 06/15/38		400		509,332
6.85%, 06/01/39		475		627,028
Tosco Corp.
8.13%, 02/15/30		61		82,884
Valero Energy Corp.
4.90%, 03/15/45a		250		261,398
6.63%, 06/15/37		575		717,065
7.50%, 04/15/32		200		258,778
				44,638,751
OIL & GAS SERVICES — 0.59%
Baker Hughes a GE Co. LLC
5.13%, 09/15/40		415		446,341
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc.
4.08%, 12/15/47 (Call 06/15/47)		455		416,971
Halliburton Co.
4.50%, 11/15/41 (Call 05/15/41)		350		348,348
4.75%, 08/01/43 (Call 02/01/43)		350		359,271
4.85%, 11/15/35 (Call 05/15/35)		775		819,857
5.00%, 11/15/45 (Call 05/15/45)		500		534,385
6.70%, 09/15/38a		21		26,414
7.45%, 09/15/39		375		508,717
National Oilwell Varco Inc.
3.95%, 12/01/42 (Call 06/01/42)		400		348,696
				3,809,000
PACKAGING & CONTAINERS — 0.09%
Sonoco Products Co.
5.75%, 11/01/40 (Call 05/01/40)		128		144,805
WestRock MWV LLC
7.95%, 02/15/31		36		47,933
8.20%, 01/15/30		275		367,386
				560,124

42 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
PHARMACEUTICALS — 5.18%
AbbVie Inc.
4.30%, 05/14/36 (Call 11/14/35)	$	650	$	630,669
4.40%, 11/06/42		950		901,274
4.45%, 05/14/46 (Call 11/14/45)a		600		574,806
4.50%, 05/14/35 (Call 11/14/34)		900		896,715
4.70%, 05/14/45 (Call 11/14/44)		900		891,108
Allergan Funding SCS
4.55%, 03/15/35 (Call 09/15/34)		1,200		1,126,944
4.75%, 03/15/45 (Call 09/15/44)		445		419,591
4.85%, 06/15/44 (Call 12/15/43)		500		476,285
AmerisourceBergen Corp.
4.25%, 03/01/45 (Call 09/01/44)		250		227,475
4.30%, 12/15/47 (Call 06/15/47)		150		137,114
AstraZeneca PLC
4.00%, 09/18/42		525		497,438
4.38%, 11/16/45		400		399,648
6.45%, 09/15/37a		700		890,211
Bristol-Myers Squibb Co.
3.25%, 08/01/42		49		43,048
4.50%, 03/01/44 (Call 09/01/43)		330		353,694
Cardinal Health Inc.
4.37%, 06/15/47 (Call 12/15/46)		150		140,166
4.50%, 11/15/44 (Call 05/15/44)		200		190,598
4.60%, 03/15/43		400		385,324
CVS Health Corp.
4.78%, 03/25/38 (Call 09/25/37)		1,900		1,882,121
4.88%, 07/20/35 (Call 01/20/35)		500		509,665
5.05%, 03/25/48 (Call 09/25/47)		2,750		2,808,327
5.13%, 07/20/45 (Call 01/20/45)		1,450		1,502,997
5.30%, 12/05/43 (Call 06/05/43)		173		183,963
Eli Lilly & Co.
3.70%, 03/01/45 (Call 09/01/44)		475		454,124
3.95%, 05/15/47 (Call 11/15/46)a		305		304,204
5.55%, 03/15/37		166		201,610
Express Scripts Holding Co.
4.80%, 07/15/46 (Call 01/15/46)a		350		343,753
6.13%, 11/15/41		350		406,032
GlaxoSmithKline Capital Inc.
4.20%, 03/18/43a		205		206,148
5.38%, 04/15/34		200		226,208
6.38%, 05/15/38		1,000		1,293,630

Security	Principal (000s)		Value
Johnson & Johnson
3.50%, 01/15/48 (Call 07/15/47)	$	400	$	371,664
3.55%, 03/01/36 (Call 09/01/35)		550		534,066
3.70%, 03/01/46 (Call 09/01/45)		825		794,582
3.75%, 03/03/47 (Call 09/03/46)		450		439,218
4.38%, 12/05/33 (Call 06/05/33)		550		587,966
4.50%, 09/01/40		350		380,226
4.50%, 12/05/43 (Call 06/05/43)		300		327,354
4.85%, 05/15/41		11		12,480
4.95%, 05/15/33		261		294,398
5.85%, 07/15/38		213		270,614
5.95%, 08/15/37		200		255,450
Mead Johnson Nutrition Co.
4.60%, 06/01/44 (Call 12/01/43)		153		157,884
5.90%, 11/01/39		175		208,826
Merck & Co. Inc.
3.60%, 09/15/42 (Call 03/15/42)		11		10,420
3.70%, 02/10/45 (Call 08/10/44)		950		905,027
4.15%, 05/18/43		900		918,945
Mylan Inc.
5.40%, 11/29/43 (Call 05/29/43)		300		306,042
Mylan NV
5.25%, 06/15/46 (Call 12/15/45)		410		399,844
Novartis Capital Corp.
3.70%, 09/21/42		25		24,196
4.00%, 11/20/45 (Call 05/20/45)		650		654,829
4.40%, 05/06/44		600		643,464
Perrigo Finance Unlimited Co.
4.90%, 12/15/44 (Call 06/15/44)		162		155,650
Pfizer Inc.
4.00%, 12/15/36		260		261,498
4.13%, 12/15/46a		430		427,725
4.30%, 06/15/43		300		306,072
4.40%, 05/15/44		350		362,481
5.60%, 09/15/40		100		120,209
7.20%, 03/15/39		1,000		1,407,100
Pharmacia LLC
6.60%, 12/01/28		500		619,305
Wyeth LLC
5.95%, 04/01/37a		925		1,149,220
6.00%, 02/15/36		21		25,932
6.50%, 02/01/34		43		54,786

SCHEDULEOF INVESTMENTS 43

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Zoetis Inc.
3.95%, 09/12/47 (Call 03/12/47)	$	170	$	158,765
4.70%, 02/01/43 (Call 08/01/42)		490		510,761
				33,561,889
PIPELINES — 4.09%
Buckeye Partners LP
5.60%, 10/15/44 (Call 04/15/44)		100		99,090
5.85%, 11/15/43 (Call 05/15/43)		100		103,146
Columbia Pipeline Group Inc.
5.80%, 06/01/45 (Call 12/01/44)		175		198,461
Enable Midstream Partners LP
5.00%, 05/15/44 (Call 11/15/43)		125		116,665
Enbridge Energy Partners LP
5.50%, 09/15/40 (Call 03/15/40)		200		211,248
Series B
7.50%, 04/15/38		300		382,362
Enbridge Inc.
4.50%, 06/10/44 (Call 12/10/43)		200		190,840
5.50%, 12/01/46 (Call 05/29/46)a		250		275,460
Energy Transfer Partners LP
4.90%, 03/15/35 (Call 09/15/34)		170		159,844
5.15%, 02/01/43 (Call 08/01/42)		200		181,764
5.15%, 03/15/45 (Call 09/15/44)		500		454,870
5.30%, 04/15/47 (Call 10/15/46)a		400		373,188
6.05%, 06/01/41 (Call 12/01/40)a		50		50,716
6.13%, 12/15/45 (Call 06/15/45)		385		394,714
6.50%, 02/01/42 (Call 08/01/41)		400		422,908
6.63%, 10/15/36a		135		148,666
7.50%, 07/01/38		275		320,950
EnLink Midstream Partners LP
5.05%, 04/01/45 (Call 10/01/44)		150		135,801
5.45%, 06/01/47 (Call 12/01/46)		200		191,942
5.60%, 04/01/44 (Call 10/01/43)		100		97,421
Enterprise Products Operating LLC
4.25%, 02/15/48 (Call 08/15/47)a		250		236,513
4.45%, 02/15/43 (Call 08/15/42)		525		511,098
4.85%, 08/15/42 (Call 02/15/42)		325		334,701
4.85%, 03/15/44 (Call 09/15/43)		550		567,809
4.90%, 05/15/46 (Call 11/15/45)		450		468,220
4.95%, 10/15/54 (Call 04/15/54)		200		202,986
5.10%, 02/15/45 (Call 08/15/44)		500		532,105
5.70%, 02/15/42		200		229,664
5.95%, 02/01/41		250		291,637

Security	Principal (000s)		Value
6.13%, 10/15/39	$	145	$	171,396
7.55%, 04/15/38		150		200,121
Series D
6.88%, 03/01/33		200		247,380
Series H
6.65%, 10/15/34		111		136,733
Kinder Morgan Energy Partners LP
4.70%, 11/01/42 (Call 05/01/42)		250		228,500
5.00%, 08/15/42 (Call 02/15/42)		250		236,610
5.00%, 03/01/43 (Call 09/01/42)		100		94,736
5.40%, 09/01/44 (Call 03/01/44)		210		209,208
5.50%, 03/01/44 (Call 09/01/43)		400		402,660
5.80%, 03/15/35		400		423,992
6.38%, 03/01/41		230		256,153
6.55%, 09/15/40		100		111,365
6.95%, 01/15/38		650		769,060
7.30%, 08/15/33		36		43,326
7.40%, 03/15/31		118		140,826
7.50%, 11/15/40		300		366,489
7.75%, 03/15/32		100		123,512
Kinder Morgan Inc./DE
5.05%, 02/15/46 (Call 08/15/45)		405		389,363
5.20%, 03/01/48 (Call 09/01/47)		250		245,555
5.30%, 12/01/34 (Call 06/01/34)		475		483,574
5.55%, 06/01/45 (Call 12/01/44)		600		614,640
7.75%, 01/15/32		325		404,956
Magellan Midstream Partners LP
4.20%, 10/03/47 (Call 04/03/47)		130		122,396
4.25%, 09/15/46 (Call 03/15/46)		200		190,860
5.15%, 10/15/43 (Call 04/15/43)		250		266,085
MPLX LP
4.50%, 04/15/38 (Call 10/15/37)		700		669,228
4.70%, 04/15/48 (Call 10/15/47)		600		567,318
5.20%, 03/01/47 (Call 09/01/46)		350		355,313
ONEOK Inc.
4.95%, 07/13/47 (Call 01/06/47)		250		250,750
ONEOK Partners LP
6.13%, 02/01/41 (Call 08/01/40)		225		254,761
6.20%, 09/15/43 (Call 03/15/43)		125		143,263
6.65%, 10/01/36		400		475,944
6.85%, 10/15/37		300		363,135
Phillips 66 Partners LP
4.90%, 10/01/46 (Call 04/01/46)		350		342,800

44 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Plains All American Pipeline LP/PAA Finance Corp.
4.70%, 06/15/44 (Call 12/15/43)	$	250	$	222,788
4.90%, 02/15/45 (Call 08/15/44)		200		183,670
5.15%, 06/01/42 (Call 12/01/41)		300		281,346
6.65%, 01/15/37		275		300,949
Spectra Energy Partners LP
4.50%, 03/15/45 (Call 09/15/44)		300		282,429
5.95%, 09/25/43 (Call 03/25/43)		150		168,804
Sunoco Logistics Partners Operations LP
4.95%, 01/15/43 (Call 07/15/42)		250		223,253
5.30%, 04/01/44 (Call 10/01/43)		250		231,013
5.40%, 10/01/47 (Call 04/01/47)		600		570,228
6.10%, 02/15/42		175		175,000
Tennessee Gas Pipeline Co. LLC
7.00%, 10/15/28		275		323,988
Texas Eastern Transmission LP
7.00%, 07/15/32		200		244,084
TransCanada PipeLines Ltd.
4.63%, 03/01/34 (Call 12/01/33)		725		742,828
5.00%, 10/16/43 (Call 04/16/43)a		360		382,939
5.60%, 03/31/34		200		225,472
5.85%, 03/15/36		100		115,853
6.10%, 06/01/40		274		327,605
6.20%, 10/15/37		200		239,568
7.25%, 08/15/38		300		396,369
7.63%, 01/15/39		200		273,946
Transcontinental Gas Pipe Line Co. LLC
4.45%, 08/01/42 (Call 02/01/42)		350		334,785
4.60%, 03/15/48 (Call 09/15/47)b		215		206,273
5.40%, 08/15/41 (Call 02/15/41)		76		81,280
Western Gas Partners LP
5.45%, 04/01/44 (Call 10/01/43)		300		296,775
Williams Partners LP
4.90%, 01/15/45 (Call 07/15/44)		225		216,646
5.10%, 09/15/45 (Call 03/15/45)		550		543,620
5.40%, 03/04/44 (Call 09/04/43)		175		179,004
5.80%, 11/15/43 (Call 05/15/43)		50		53,472
6.30%, 04/15/40		435		492,242
				26,503,026

Security	Principal (000s)		Value
REAL ESTATE INVESTMENT TRUSTS — 0.59%
AvalonBay Communities Inc.
3.90%, 10/15/46 (Call 04/15/46)	$	195	$	180,531
4.15%, 07/01/47 (Call 01/01/47)a		150		145,367
ERP Operating LP
4.50%, 07/01/44 (Call 01/01/44)		100		102,157
4.50%, 06/01/45 (Call 12/01/44)		315		321,785
Essex Portfolio LP
4.50%, 03/15/48 (Call 09/15/47)		100		97,568
Federal Realty Investment Trust
4.50%, 12/01/44 (Call 06/01/44)		167		169,131
HCP Inc.
6.75%, 02/01/41 (Call 08/01/40)		150		188,578
Kilroy Realty LP
4.25%, 08/15/29 (Call 05/15/29)		14		13,679
Kimco Realty Corp.
4.25%, 04/01/45 (Call 10/01/44)		250		225,792
4.45%, 09/01/47 (Call 03/01/47)		245		228,558
Realty Income Corp.
4.65%, 03/15/47 (Call 09/15/46)		200		203,410
Regency Centers LP
4.40%, 02/01/47 (Call 08/01/46)		200		191,888
Simon Property Group LP
4.25%, 10/01/44 (Call 04/01/44)a		14		13,599
4.25%, 11/30/46 (Call 05/30/46)		80		77,804
4.75%, 03/15/42 (Call 09/15/41)		235		244,562
6.75%, 02/01/40 (Call 11/01/39)		385		504,897
Ventas Realty LP
4.38%, 02/01/45 (Call 08/01/44)		147		138,261
5.70%, 09/30/43 (Call 03/30/43)		11		12,296
Welltower Inc.
6.50%, 03/15/41 (Call 09/15/40)		195		237,450
Weyerhaeuser Co.
7.38%, 03/15/32		400		519,360
				3,816,673
RETAIL — 2.53%
Bed Bath & Beyond Inc.
4.92%, 08/01/34 (Call 02/01/34)		200		152,220
5.17%, 08/01/44 (Call 02/01/44)		289		209,360
Darden Restaurants Inc.
4.55%, 02/15/48 (Call 08/15/47)		75		72,651
Home Depot Inc. (The)
3.50%, 09/15/56 (Call 03/15/56)		550		479,198
4.20%, 04/01/43 (Call 10/01/42)		171		173,461
4.25%, 04/01/46 (Call 10/01/45)		400		408,192

SCHEDULEOF INVESTMENTS 45

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
4.40%, 03/15/45 (Call 09/15/44)	$	500	$	522,120
4.88%, 02/15/44 (Call 08/15/43)		525		585,837
5.40%, 09/15/40 (Call 03/15/40)		21		24,811
5.88%, 12/16/36		1,300		1,622,933
5.95%, 04/01/41 (Call 10/01/40)		500		630,590
Kohl’s Corp.
5.55%, 07/17/45 (Call 01/17/45)		100		96,199
Lowe’s Companies Inc.
3.70%, 04/15/46 (Call 10/15/45)		400		362,900
4.05%, 05/03/47 (Call 11/03/46)		550		528,583
4.25%, 09/15/44 (Call 03/15/44)		300		298,023
4.38%, 09/15/45 (Call 03/15/45)		350		353,748
4.65%, 04/15/42 (Call 10/15/41)		300		316,473
Macy’s Retail Holdings Inc.
4.50%, 12/15/34 (Call 06/15/34)		125		105,750
6.90%, 04/01/29		150		159,078
McDonald’s Corp.
3.63%, 05/01/43		11		9,736
3.70%, 02/15/42		250		225,603
4.45%, 03/01/47 (Call 09/01/46)		75		75,311
4.60%, 05/26/45 (Call 11/26/44)		250		255,038
4.70%, 12/09/35 (Call 06/09/35)		700		737,247
4.88%, 07/15/40		6		6,410
4.88%, 12/09/45 (Call 06/09/45)		750		794,085
5.70%, 02/01/39		275		322,993
6.30%, 10/15/37		300		375,516
6.30%, 03/01/38		225		282,208
Nordstrom Inc.
5.00%, 01/15/44 (Call 07/15/43)		150		136,649
QVC Inc.
5.45%, 08/15/34 (Call 02/15/34)		175		164,759
Starbucks Corp.
3.75%, 12/01/47 (Call 06/01/47)a		100		94,041
4.30%, 06/15/45 (Call 12/15/44)a		100		103,114
Target Corp.
3.63%, 04/15/46		425		380,770
3.90%, 11/15/47 (Call 05/15/47)		400		371,980
4.00%, 07/01/42		700		672,630
Walgreen Co.
4.40%, 09/15/42		250		230,393
Walgreens Boots Alliance Inc.
4.50%, 11/18/34 (Call 05/18/34)		150		145,118
4.65%, 06/01/46 (Call 12/01/45)		250		237,813
4.80%, 11/18/44 (Call 05/18/44)		525		508,583

Security	Principal (000s)		Value
Walmart Inc.
3.63%, 12/15/47 (Call 06/15/47)a	$	500	$	469,230
4.00%, 04/11/43 (Call 10/11/42)		650		649,252
4.30%, 04/22/44 (Call 10/22/43)a		750		782,932
5.63%, 04/15/41		1,000		1,242,570
				16,376,108
SEMICONDUCTORS — 0.72%
Analog Devices Inc.
5.30%, 12/15/45 (Call 06/15/45)		200		218,944
Applied Materials Inc.
4.35%, 04/01/47 (Call 10/01/46)		295		304,402
5.10%, 10/01/35 (Call 04/01/35)		250		281,950
5.85%, 06/15/41		200		245,324
Intel Corp.
3.73%, 12/08/47 (Call 06/08/47)b		1,225		1,149,172
4.00%, 12/15/32		300		304,383
4.10%, 05/19/46 (Call 11/19/45)		800		801,312
QUALCOMM Inc.
4.30%, 05/20/47 (Call 11/20/46)a		600		544,860
4.65%, 05/20/35 (Call 11/20/34)		400		398,040
4.80%, 05/20/45 (Call 11/20/44)		450		440,748
				4,689,135
SOFTWARE — 3.01%
Fidelity National Information Services Inc.
4.50%, 08/15/46 (Call 02/15/46)		250		243,940
Microsoft Corp.
3.45%, 08/08/36 (Call 02/08/36)		950		909,767
3.50%, 02/12/35 (Call 08/12/34)		775		753,300
3.50%, 11/15/42		500		465,465
3.70%, 08/08/46 (Call 02/08/46)		1,200		1,146,276
3.75%, 05/01/43 (Call 11/01/42)		200		194,010
3.75%, 02/12/45 (Call 08/12/44)		450		432,954
3.95%, 08/08/56 (Call 02/08/56)		900		878,292
4.00%, 02/12/55 (Call 08/12/54)		825		811,924
4.10%, 02/06/37 (Call 08/06/36)		705		729,224
4.20%, 11/03/35 (Call 05/03/35)		400		421,296
4.45%, 11/03/45 (Call 05/03/45)		1,000		1,069,390
4.50%, 10/01/40		415		452,649
4.50%, 02/06/57 (Call 08/06/56)		700		752,283
4.75%, 11/03/55 (Call 05/03/55)a		450		503,289
4.88%, 12/15/43 (Call 06/15/43)		300		340,800
5.20%, 06/01/39a		322		379,847

46 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
5.30%, 02/08/41	$	450	$	539,973
Series 30Y
4.25%, 02/06/47 (Call 08/06/46)		760		796,602
Oracle Corp.
3.25%, 05/15/30 (Call 02/15/30)		300		284,286
3.80%, 11/15/37 (Call 05/15/37)		400		387,176
3.85%, 07/15/36 (Call 01/15/36)		600		587,478
3.90%, 05/15/35 (Call 11/15/34)		700		691,635
4.00%, 07/15/46 (Call 01/15/46)		750		726,128
4.00%, 11/15/47 (Call 05/15/47)		700		679,658
4.13%, 05/15/45 (Call 11/15/44)a		850		837,445
4.30%, 07/08/34 (Call 01/08/34)		825		858,239
4.38%, 05/15/55 (Call 11/15/54)		404		407,563
4.50%, 07/08/44 (Call 01/08/44)		450		468,972
5.38%, 07/15/40		975		1,135,241
6.13%, 07/08/39		400		511,720
6.50%, 04/15/38		65		85,790
				19,482,612
TELECOMMUNICATIONS — 7.77%
America Movil SAB de CV
4.38%, 07/16/42a		443		438,233
6.13%, 11/15/37a		125		147,078
6.13%, 03/30/40		900		1,064,718
6.38%, 03/01/35		165		197,353
AT&T Inc.
4.30%, 12/15/42 (Call 06/15/42)		800		715,136
4.35%, 06/15/45 (Call 12/15/44)		800		704,224
4.50%, 05/15/35 (Call 11/15/34)		800		764,344
4.50%, 03/09/48 (Call 09/09/47)		1,250		1,114,325
4.55%, 03/09/49 (Call 09/09/48)		1,125		1,007,741
4.75%, 05/15/46 (Call 11/15/45)		1,300		1,210,378
4.80%, 06/15/44 (Call 12/15/43)		1,200		1,134,012
4.90%, 08/14/37 (Call 05/23/18)		2,150		2,174,574
5.15%, 03/15/42		666		661,764
5.15%, 11/15/46 (Call 05/15/46)b		750		738,705
5.15%, 02/14/50 (Call 05/23/18)		1,800		1,821,168
5.15%, 02/15/50 (Call 08/14/49)b		1,500		1,473,510
5.25%, 03/01/37 (Call 09/01/36)a		800		817,976
5.30%, 08/14/58 (Call 05/23/18)		1,000		1,011,770
5.35%, 09/01/40		650		663,071
5.45%, 03/01/47 (Call 09/01/46)		750		766,695
5.65%, 02/15/47 (Call 08/15/46)		750		792,375
5.70%, 03/01/57 (Call 09/01/56)		600		629,322

Security	Principal (000s)		Value
6.00%, 08/15/40 (Call 05/15/40)	$	384	$	420,131
6.35%, 03/15/40		325		374,264
6.38%, 03/01/41		500		573,785
Bell Canada Inc.
4.46%, 04/01/48 (Call 10/01/47)		60		59,665
British Telecommunications PLC
9.13%, 12/15/30a		1,000		1,439,250
Cisco Systems Inc.
5.50%, 01/15/40		750		910,470
5.90%, 02/15/39		700		886,739
Deutsche Telekom International Finance BV
8.75%, 06/15/30		1,200		1,658,868
9.25%, 06/01/32		219		329,056
Juniper Networks Inc.
5.95%, 03/15/41a		200		200,746
Koninklijke KPN NV
8.38%, 10/01/30		350		467,337
Motorola Solutions Inc.
5.50%, 09/01/44		200		196,776
Orange SA
5.38%, 01/13/42		200		224,692
5.50%, 02/06/44 (Call 08/06/43)		325		372,106
9.00%, 03/01/31		800		1,141,912
Rogers Communications Inc.
4.30%, 02/15/48 (Call 08/15/47)a		400		388,096
4.50%, 03/15/43 (Call 09/15/42)		150		149,495
5.00%, 03/15/44 (Call 09/15/43)		425		448,587
5.45%, 10/01/43 (Call 04/01/43)		21		23,292
7.50%, 08/15/38		200		271,314
Telefonica Emisiones SAU
4.67%, 03/06/38		210		208,156
5.21%, 03/08/47		1,200		1,249,632
7.05%, 06/20/36		750		942,795
Telefonica Europe BV
8.25%, 09/15/30		250		333,808
Verizon Communications Inc.
3.85%, 11/01/42 (Call 05/01/42)		601		513,428
4.13%, 08/15/46		495		434,061
4.27%, 01/15/36		1,500		1,412,670
4.40%, 11/01/34 (Call 05/01/34)		1,350		1,306,273
4.50%, 08/10/33		250		245,828
4.52%, 09/15/48		1,925		1,787,536

SCHEDULEOF INVESTMENTS 47

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
4.67%, 03/15/55	$	2,000	$	1,831,360
4.75%, 11/01/41		515		504,788
4.81%, 03/15/39a		850		843,693
4.86%, 08/21/46		1,650		1,609,129
5.01%, 04/15/49		1,350		1,346,692
5.01%, 08/21/54a		2,075		2,013,808
5.50%, 03/16/47		780		831,028
6.55%, 09/15/43		500		600,390
Vodafone Group PLC
4.38%, 02/19/43		850		778,829
6.15%, 02/27/37		250		285,560
6.25%, 11/30/32		325		367,933
7.88%, 02/15/30		250		320,785
				50,353,235
TOYS, GAMES & HOBBIES — 0.06%
Hasbro Inc.
5.10%, 05/15/44 (Call 11/15/43)		201		190,862
6.35%, 03/15/40		200		223,936
				414,798
TRANSPORTATION — 2.93%
Burlington Northern Santa Fe LLC
3.90%, 08/01/46 (Call 02/01/46)a		390		376,974
4.05%, 06/15/48 (Call 12/15/47)		250		246,685
4.15%, 04/01/45 (Call 10/01/44)		275		275,976
4.38%, 09/01/42 (Call 03/01/42)		250		257,775
4.40%, 03/15/42 (Call 09/15/41)		500		517,280
4.45%, 03/15/43 (Call 09/15/42)		11		11,435
4.55%, 09/01/44 (Call 03/01/44)		400		421,092
4.70%, 09/01/45 (Call 03/01/45)		275		296,414
4.90%, 04/01/44 (Call 10/01/43)		200		221,136
4.95%, 09/15/41 (Call 03/15/41)		114		125,638
5.05%, 03/01/41 (Call 09/01/40)		56		62,650
5.15%, 09/01/43 (Call 03/01/43)		173		197,353
5.40%, 06/01/41 (Call 12/01/40)a		375		438,731
5.75%, 05/01/40 (Call 11/01/39)		300		361,650
6.15%, 05/01/37		195		246,070
6.20%, 08/15/36		300		378,777
Canadian National Railway Co.
3.20%, 08/02/46 (Call 02/02/46)		250		217,615
3.65%, 02/03/48 (Call 08/03/47)		100		93,912
6.20%, 06/01/36		50		63,252
6.25%, 08/01/34		111		141,470
6.38%, 11/15/37		175		228,909
6.90%, 07/15/28a		300		374,529

Security	Principal (000s)		Value
Canadian Pacific Railway Co.
4.80%, 09/15/35 (Call 03/15/35)	$	197	$	212,998
4.80%, 08/01/45 (Call 02/01/45)		100		109,434
5.95%, 05/15/37		16		19,515
6.13%, 09/15/15 (Call 03/15/15)		200		243,974
7.13%, 10/15/31		650		832,539
CSX Corp.
3.80%, 11/01/46 (Call 05/01/46)		250		225,755
3.95%, 05/01/50 (Call 11/01/49)		50		45,010
4.10%, 03/15/44 (Call 09/15/43)		275		261,071
4.25%, 11/01/66 (Call 05/01/66)		300		266,220
4.30%, 03/01/48 (Call 09/01/47)		250		243,545
4.40%, 03/01/43 (Call 09/01/42)		200		198,454
4.50%, 08/01/54 (Call 02/01/54)		400		385,692
4.75%, 05/30/42 (Call 11/30/41)		250		260,325
5.50%, 04/15/41 (Call 10/15/40)		70		79,261
6.00%, 10/01/36		450		538,155
6.15%, 05/01/37		105		128,359
6.22%, 04/30/40		105		129,086
FedEx Corp.
3.88%, 08/01/42		400		360,924
3.90%, 02/01/35		300		284,220
4.05%, 02/15/48 (Call 08/15/47)		400		364,340
4.10%, 04/15/43		152		142,895
4.10%, 02/01/45		350		323,631
4.55%, 04/01/46 (Call 10/01/45)		400		393,952
4.75%, 11/15/45 (Call 05/15/45)		450		457,690
4.90%, 01/15/34		200		212,376
5.10%, 01/15/44		301		320,047
Kansas City Southern
4.30%, 05/15/43 (Call 11/15/42)		100		95,900
4.70%, 05/01/48		100		99,888
4.95%, 08/15/45 (Call 02/15/45)		200		211,016
Norfolk Southern Corp.
3.94%, 11/01/47 (Call 05/01/47)b		200		187,962
3.95%, 10/01/42 (Call 04/01/42)		40		37,923
4.05%, 08/15/52 (Call 02/15/52)b		250		234,178
4.15%, 02/28/48 (Call 08/28/47)		400		390,168
4.45%, 06/15/45 (Call 12/15/44)		175		177,419
4.65%, 01/15/46 (Call 07/15/45)		50		52,113
4.84%, 10/01/41		400		428,200
Union Pacific Corp.
3.35%, 08/15/46 (Call 02/15/46)		150		130,625
3.38%, 02/01/35 (Call 08/01/34)		200		184,372

48 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
3.60%, 09/15/37 (Call 03/15/37)	$	445	$	419,137
3.88%, 02/01/55 (Call 08/01/54)		400		369,988
4.00%, 04/15/47 (Call 10/15/46)a		250		243,043
4.05%, 11/15/45 (Call 05/15/45)		225		220,964
4.05%, 03/01/46 (Call 09/01/45)		200		196,544
4.15%, 01/15/45 (Call 07/15/44)		75		74,363
4.30%, 06/15/42 (Call 12/15/41)		250		255,002
4.38%, 11/15/65 (Call 05/15/65)		96		92,822
4.75%, 09/15/41 (Call 03/15/41)		158		169,270
4.82%, 02/01/44 (Call 08/01/43)		220		239,870
6.63%, 02/01/29		250		305,772
United Parcel Service Inc.
3.40%, 11/15/46 (Call 05/15/46)		110		96,514
3.63%, 10/01/42a		105		97,263
4.88%, 11/15/40 (Call 05/15/40)		330		364,614
6.20%, 01/15/38a		810		1,031,114
				19,000,835
TRUCKING & LEASING — 0.02%
GATX Corp.
5.20%, 03/15/44 (Call 09/15/43)a		150		158,497
				158,497
WATER — 0.21%
American Water Capital Corp.
3.75%, 09/01/47 (Call 03/01/47)		200		186,566
4.00%, 12/01/46 (Call 06/01/46)		95		93,066
4.30%, 12/01/42 (Call 06/01/42)		16		16,412
4.30%, 09/01/45 (Call 03/01/45)		350		360,139
6.59%, 10/15/37		239		314,065
United Utilities PLC
6.88%, 08/15/28		150		180,860
Veolia Environnement SA
6.75%, 06/01/38		150		188,605
				1,339,713
TOTAL CORPORATE BONDS & NOTES
(Cost: $585,189,031)				562,124,636
FOREIGN GOVERNMENT OBLIGATIONSg — 5.27%
CANADA — 0.17%
Hydro-Quebec
9.50%, 11/15/30		200		307,114
Province of Quebec Canada
7.50%, 09/15/29		600		819,966
				1,127,080

Security	Principal (000s)		Value
CHILE — 0.11%
Chile Government International Bond
3.63%, 10/30/42	$	250	$	232,280
3.86%, 06/21/47a		500		472,965
				705,245
COLOMBIA — 0.70%
Colombia Government International Bond
5.00%, 06/15/45 (Call 12/15/44)		1,450		1,434,804
5.63%, 02/26/44 (Call 08/26/43)		700		751,093
6.13%, 01/18/41a		1,000		1,130,170
7.38%, 09/18/37		500		633,680
10.38%, 01/28/33		350		549,150
				4,498,897
HUNGARY — 0.12%
Hungary Government International Bond
7.63%, 03/29/41a		550		775,698
				775,698
INDONESIA — 0.09%
Indonesia Government International Bond
4.35%, 01/11/48a		600		559,992
				559,992
ISRAEL — 0.15%
Israel Government International Bond
4.13%, 01/17/48		400		374,844
4.50%, 01/30/43		600		602,664
				977,508
ITALY — 0.15%
Republic of Italy Government International Bond
5.38%, 06/15/33		850		980,773
				980,773
MEXICO — 1.43%
Mexico Government International Bond
4.35%, 01/15/47a		700		620,284
4.60%, 01/23/46		1,000		914,330
4.60%, 02/10/48		750		687,330
4.75%, 03/08/44		1,500		1,410,090
5.55%, 01/21/45		1,100		1,158,597

SCHEDULEOF INVESTMENTS 49

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
5.75%, 10/12/99	$	1,000	$	984,060
6.05%, 01/11/40		1,350		1,484,528
6.75%, 09/27/34		600		725,406
7.50%, 04/08/33		427		551,765
8.30%, 08/15/31		500		737,085
				9,273,475
PANAMA — 0.30%
Panama Government International Bond
4.50%, 05/15/47a		800		784,712
4.50%, 04/16/50 (Call 10/16/49)		200		194,252
6.70%, 01/26/36a		800		988,696
				1,967,660
PERU — 0.45%
Peruvian Government International Bond
5.63%, 11/18/50a		875		1,025,754
6.55%, 03/14/37a		500		630,060
8.75%, 11/21/33		850		1,250,809
				2,906,623
PHILIPPINES — 0.94%
Philippine Government International Bond
3.70%, 02/02/42		800		748,152
3.95%, 01/20/40a		750		731,227
5.00%, 01/13/37		800		882,736
6.38%, 01/15/32		700		859,964
6.38%, 10/23/34		800		1,006,760
7.75%, 01/14/31		900		1,213,596
9.50%, 02/02/30		450		667,377
				6,109,812
SOUTH KOREA — 0.08%
Korea International Bond
4.13%, 06/10/44a		500		534,145
				534,145
SUPRANATIONAL — 0.24%
Asian Development Bank
5.82%, 06/16/28		310		372,270
European Investment Bank
4.88%, 02/15/36		300		369,420
Inter-American Development Bank
3.20%, 08/07/42		100		97,726

Security	Principal (000s)		Value
3.88%, 10/28/41	$	250	$	273,575
4.38%, 01/24/44		150		176,881
International Bank for Reconstruction & Development
4.75%, 02/15/35	$	200		242,760
				1,532,632
URUGUAY — 0.34%
Uruguay Government International Bond
4.13%, 11/20/45		300		268,257
5.10%, 06/18/50a		1,400		1,381,548
7.63%, 03/21/36		400		521,352
				2,171,157
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $36,309,104)				34,120,697
MUNICIPAL DEBT OBLIGATIONS — 6.50%
CALIFORNIA — 2.30%
Alameda County Joint Powers Authority RB BAB
Series A
7.05%, 12/01/44		135		194,310
Bay Area Toll Authority RB BAB
Series F-2
6.26%, 04/01/49		400		553,520
Series S-1
7.04%, 04/01/50		500		740,140
Series S-3
6.91%, 10/01/50		100		147,831
City of San Francisco CA Public Utilities Commission Water Revenue RB BAB
6.95%, 11/01/50		220		314,983
East Bay Municipal Utility District Water System Revenue RB BAB Series B
5.87%, 06/01/40		250		318,068
Los Angeles Community College District/CA GO BAB
6.75%, 08/01/49		300		436,401
Los Angeles County Metropolitan Transportation Authority RB BAB Series A
5.74%, 06/01/39		300		363,045

50 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Los Angeles County Public Works Financing Authority RB BAB
7.62%, 08/01/40	$	200	$	293,410
Los Angeles Department of Water & Power System Revenue RB BAB
Series A
6.60%, 07/01/50		350		513,159
Series D
6.57%, 07/01/45		200		283,756
Los Angeles Unified School District/CA GO BAB
5.75%, 07/01/34		750		911,085
Series RY
6.76%, 07/01/34		390		513,587
Regents of the University of California Medical Center Pooled Revenue RB BAB
Series H
6.55%, 05/15/48		350		466,074
San Diego County Regional Transportation Commission RB BAB
5.91%, 04/01/48		200		261,494
San Diego County Water Authority Financing Corp. RB BAB
Series B
6.14%, 05/01/49		300		396,858
State of California GO BAB
7.30%, 10/01/39		800		1,143,272
7.35%, 11/01/39		550		790,834
7.50%, 04/01/34		1,000		1,408,600
7.55%, 04/01/39		1,000		1,493,230
7.60%, 11/01/40		550		836,808
7.63%, 03/01/40		300		447,735
7.95%, 03/01/36 (Call 03/01/20)		750		816,975
University of California RB
Series AD
4.86%, 05/15/12		450		475,614
University of California RB BAB
5.77%, 05/15/43		200		250,490
5.95%, 05/15/45		400		504,576
				14,875,855

Security	Principal (000s)		Value
CONNECTICUT — 0.03%
State of Connecticut GO
Series A
5.85%, 03/15/32a	$	200	$	232,966
				232,966
DISTRICT OF COLUMBIA — 0.02%
District of Columbia Water & Sewer Authority RB
4.81%, 10/01/14		100		106,934
				106,934
GEORGIA — 0.16%
Municipal Electric Authority of Georgia RB BAB
Project J, Series 2010-A
6.64%, 04/01/57		350		431,910
Project P, Series 2010-A
7.06%, 04/01/57		500		590,225
				1,022,135
ILLINOIS — 0.79%
Chicago Transit Authority RB
Series A
6.90%, 12/01/40		600		782,184
Series B
6.90%, 12/01/40		225		293,373
Chicago Transit Authority RB BAB Series B
6.20%, 12/01/40		120		149,342
County of Cook IL GO BAB
6.23%, 11/15/34		200		246,590
Illinois State Toll Highway Authority RB BAB
6.18%, 01/01/34		150		186,567
Metropolitan Water Reclamation District of Greater Chicago GOL BAB
5.72%, 12/01/38		350		428,421
State of Illinois GO
5.10%, 06/01/33a		2,900		2,697,899
State of Illinois GO BAB
Series 3
6.73%, 04/01/35		300		310,680
				5,095,056

SCHEDULEOF INVESTMENTS 51

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
KANSAS — 0.02%
State of Kansas Department of Transportation RB BAB
4.60%, 09/01/35	$	150	$	162,899
				162,899
KENTUCKY — 0.03%
Louisville & Jefferson County Metropolitan Sewer District RB BAB
6.25%, 05/15/43		145		190,288
				190,288
MARYLAND — 0.04%
Maryland State Transportation Authority RB BAB
5.89%, 07/01/43		200		251,172
				251,172
MASSACHUSETTS — 0.23%
Commonwealth of Massachusetts GOL BAB
4.91%, 05/01/29		240		266,477
Series E
5.46%, 12/01/39		450		543,618
Commonwealth of Massachusetts Transportation Fund Revenue RB BAB
Series A
5.73%, 06/01/40		240		298,339
Massachusetts School Building Authority RB BAB
Series B
5.72%, 08/15/39		300		365,808
				1,474,242
NEVADA — 0.03%
County of Clark Department of Aviation RB BAB
Series C
6.82%, 07/01/45		120		173,185
				173,185
NEW JERSEY — 0.58%
New Jersey Economic Development Authority RB
Series A
7.43%, 02/15/29 (NPFGC)		675		813,578

Security	Principal (000s)		Value
New Jersey State Turnpike Authority RB BAB
7.10%, 01/01/41	$	725	$	1,028,702
Series F
7.41%, 01/01/40a		650		950,521
New Jersey Transportation Trust Fund Authority RB BAB
Series C
5.75%, 12/15/28		700		770,497
Rutgers The State University of New Jersey RB BAB
5.67%, 05/01/40		200		231,854
				3,795,152
NEW YORK — 0.97%
City of New York NY GO BAB
Series C-1
5.52%, 10/01/37		185		223,778
Series F1
6.27%, 12/01/37		325		424,014
Metropolitan Transportation Authority RB BAB
Series 2010-A
6.67%, 11/15/39		225		300,033
Series 2009-A
5.87%, 11/15/39		300		365,106
Series 2010-E
6.81%, 11/15/40		200		269,584
New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB
5.51%, 08/01/37		200		240,128
5.57%, 11/01/38		250		300,615
New York City Water & Sewer System RB BAB
5.44%, 06/15/43		275		336,295
5.75%, 06/15/41		275		346,877
5.88%, 06/15/44		200		258,928
6.01%, 06/15/42		200		260,638
New York State Dormitory Authority RB BAB
5.63%, 03/15/39		350		413,361

52 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal (000s)		Value
Port Authority of New York & New Jersey RB
4.93%, 10/01/51	$	650	$	754,546
Series 174
4.46%, 10/01/62		835		895,679
Series 182
5.31%, 08/01/46 (Call 08/01/24)		500		542,665
Series 192
4.81%, 10/15/65		300		340,497
				6,272,744
OHIO — 0.33%
American Municipal Power Inc. RB BAB Series B
8.08%, 02/15/50		600		983,532
Ohio State University (The) RB
Series A
3.80%, 12/01/46		300		294,483
4.80%, 12/31/99		200		211,124
Ohio State University (The) RB BAB Series C
4.91%, 06/01/40		200		226,714
Ohio Water Development Authority Water Pollution Control Loan Fund RB BAB Series B-2
4.88%, 12/01/34		400		434,960
				2,150,813
OREGON — 0.13%
Oregon School Boards Association GOL
Series B
5.55%, 06/30/28 (NPFGC)		200		224,192
5.68%, 06/30/28 (NPFGC)		350		396,256
State of Oregon Department of Transportation RB BAB Series 2010-A
5.83%, 11/15/34		175		214,438
				834,886

Security	Principal (000s)		Value
PENNSYLVANIA — 0.05%
Commonwealth Financing Authority RB Series A
4.14%, 06/01/38a	$	350	$	354,358
				354,358
TEXAS — 0.72%
City of Houston TX GOL
Series A
6.29%, 03/01/32		380		438,718
City of San Antonio Texas Electric & Gas Systems Revenue RB
4.43%, 02/01/42		200		213,422
5.81%, 02/01/41		240		300,302
Dallas Area Rapid Transit RB BAB
6.00%, 12/01/44		425		549,215
Dallas Convention Center Hotel Development Corp. RB BAB
7.09%, 01/01/42		100		131,022
Dallas County Hospital District GOL BAB
Series C
5.62%, 08/15/44		200		244,080
Dallas Independent School District GO BAB
Series C
6.45%, 02/15/35 (Call 02/15/21) (PSF)		550		597,773
North Texas Tollway Authority RB BAB
Series B
6.72%, 01/01/49a		200		284,762
State of Texas GO BAB
5.52%, 04/01/39		425		523,651
Series A
4.68%, 04/01/40		200		218,374
Texas Transportation Commission State Highway Fund RB BAB Series B
5.18%, 04/01/30		700		796,131
University of Texas System (The) RB BAB
Series B
6.28%, 08/15/41 (Call 08/15/19)		370		385,629
				4,683,079

SCHEDULEOF INVESTMENTS 53

Schedule of Investments (Unaudited) (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

Security	Principal or Shares (000s)		Value
WASHINGTON — 0.07%
Central Puget Sound Regional Transit Authority RB BAB
5.49%, 11/01/39	$	150	$	181,765
State of Washington GO BAB Series F
5.14%, 08/01/40		240		284,201
				465,966
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost: $42,408,035)				42,141,730
SHORT-TERM INVESTMENTS — 9.50%
MONEY MARKET FUNDS — 9.50%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.93%h,i,j		57,799		57,805,026
BlackRock Cash Funds: Treasury, SL Agency Shares
1.65%h,i		3,743		3,742,997
				61,548,023
TOTAL SHORT-TERM INVESTMENTS (Cost: $61,542,345)				61,548,023

	Value
TOTAL INVESTMENTS IN SECURITIES — 108.05% (Cost: $725,448,515)	$	699,935,086
Other Assets, Less Liabilities — (8.05)%		(52,157,354	)
NET ASSETS — 100.00%	$	647,777,732

BAB  —  Build America Bond

GO  —  General Obligation

GOL  —  General Obligation Limited

PSF  —  Permanent School Fund

RB  —  Revenue Bond

Insured by:

NPFGC  —  National Public Finance Guarantee Corp.

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

^b  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c  Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. Reference index and spread are provided if the rate is currently floating.

^d  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^e  Zero-coupon bond.

^f  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.

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

^h  Affiliate of the Fund.

ⁱ  Annualized 7-day yield as of period end.

^j  All or a portion of this security was purchased with cash collateral received from loaned securities.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, 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, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate bonds & notes	$	—	$	562,124,636	$	—	$	562,124,636
Foreign government obligations		—		34,120,697		—		34,120,697
Municipal debt obligations		—		42,141,730		—		42,141,730
Money market funds		61,548,023		—		—		61,548,023
Total	$	61,548,023	$	638,387,063	$	—	$	699,935,086

54 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Assets and Liabilities (Unaudited)

iSHARES^® 10+ YEAR CREDIT BOND ETF

April 30, 2018

ASSETS
Investments in securities, at cost:
Unaffiliated	$	663,906,170
Affiliated		61,542,345
Total cost of investments in securities	$	725,448,515
Investments in securities, at fair value (including securities on loana):
Unaffiliated	$	638,387,063
Affiliated		61,548,023
Receivables:
Investment securities sold		2,056,343
Dividends and interest		8,263,919
Total Assets		710,255,348
LIABILITIES
Payables:
Investment securities purchased		4,520,638
Collateral for securities on loan		57,796,561
Securities related to in-kind transactions		49,412
Investment advisory fees		111,005
Total Liabilities		62,477,616
NET ASSETS	$	647,777,732
Net assets consist of:
Paid-in capital	$	682,785,357
Undistributed net investment income		2,446,732
Accumulated net realized loss		(11,940,928	)
Net unrealized depreciation		(25,513,429	)
NET ASSETS	$	647,777,732
Shares outstandingb		11,000,000
Net asset value per share	$	58.89

^a Securities on loan with a value of $55,116,062.

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

FINANCIAL STATEMENTS 55

Schedule of Investments

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
CORPORATE BONDS & NOTES — 86.06%
ADVERTISING — 0.04%
WPP Finance 2010
5.13%, 09/07/42		$	55	$	57,018
5.63%, 11/15/43			229		254,474
					311,492
AEROSPACE & DEFENSE — 1.73%
Boeing Co. (The)
3.38%, 06/15/46	(Call 12/15/45)		125		113,930
3.55%, 03/01/38	(Call 09/01/37)		130		125,424
3.65%, 03/01/47	(Call 09/01/46)		300		285,759
5.88%, 02/15/40			250		316,808
6.63%, 02/15/38			16		21,662
6.88%, 03/15/39a			182		258,731
General Dynamics Corp.
3.60%, 11/15/42	(Call 05/15/42)a		300		285,399
Harris Corp.
4.85%, 04/27/35	(Call 10/27/34)		275		294,082
5.05%, 04/27/45	(Call 10/27/44)		100		109,161
6.15%, 12/15/40			50		62,477
Lockheed Martin Corp.
3.60%, 03/01/35	(Call 09/01/34)		550		522,159
3.80%, 03/01/45	(Call 09/01/44)		350		329,357
4.07%, 12/15/42a			325		320,668
4.09%, 09/15/52	(Call 03/15/52)		350		341,401
4.50%, 05/15/36	(Call 11/15/35)		250		265,530
4.70%, 05/15/46	(Call 11/15/45)		600		650,826
Series B
6.15%, 09/01/36			250		313,815
Northrop Grumman Corp.
3.85%, 04/15/45	(Call 10/15/44)		345		324,303
4.03%, 10/15/47	(Call 04/15/47)		675		649,188
4.75%, 06/01/43			250		269,555
5.05%, 11/15/40			250		277,978
Northrop Grumman Systems Corp.
7.75%, 02/15/31			450		609,174
Raytheon Co.
4.20%, 12/15/44	(Call 06/15/44)		100		105,278
4.70%, 12/15/41			300		335,631
4.88%, 10/15/40a			137		157,251
Rockwell Collins Inc.
4.35%, 04/15/47	(Call 10/15/46)		250		248,345
4.80%, 12/15/43	(Call 06/15/43)		261		282,439

Security		Principal (000s)		Value
United Technologies Corp.
3.75%, 11/01/46	(Call 05/01/46)	$	700	$	642,747
4.05%, 05/04/47	(Call 11/04/46)a		250		240,808
4.15%, 05/15/45	(Call 11/16/44)		650		633,886
4.50%, 06/01/42			1,250		1,286,137
5.40%, 05/01/35			121		137,573
5.70%, 04/15/40			280		333,228
6.05%, 06/01/36			100		121,892
6.13%, 07/15/38			200		249,058
6.70%, 08/01/28			500		620,350
7.50%, 09/15/29			164		216,173
					12,358,183
AGRICULTURE — 1.43%
Altria Group Inc.
3.88%, 09/16/46	(Call 03/16/46)a		350		324,527
4.25%, 08/09/42			650		642,233
4.50%, 05/02/43			350		356,720
5.38%, 01/31/44			650		745,050
Archer-Daniels-Midland Co.
4.02%, 04/16/43			799		772,697
4.54%, 03/26/42			378		392,802
BAT Capital Corp.
4.39%, 08/15/37	(Call 02/15/37)b		1,150		1,137,361
4.54%, 08/15/47	(Call 02/15/47)b		1,000		971,840
Philip Morris International Inc.
3.88%, 08/21/42a			76		71,404
4.13%, 03/04/43			425		413,483
4.25%, 11/10/44			850		848,631
4.38%, 11/15/41			436		440,517
4.50%, 03/20/42			100		102,681
4.88%, 11/15/43			200		216,254
6.38%, 05/16/38			725		938,817
Reynolds American Inc.
5.70%, 08/15/35	(Call 02/15/35)		225		256,181
5.85%, 08/15/45	(Call 02/15/45)		750		872,542
6.15%, 09/15/43			300		359,682
7.25%, 06/15/37			253		336,376
					10,199,798
AIRLINES — 0.16%
American Airlines Pass Through Trust
Series 2016-2, Class AA
3.20%, 12/15/29			80		76,611
Series 2016-3, Class AA
3.00%, 04/15/30			632		600,474

56 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
United Airlines Pass Through Trust
Series 2016-2, Class AA
2.88%, 04/07/30		$	500	$	473,330
					1,150,415
APPAREL — 0.12%
NIKE Inc.
3.38%, 11/01/46	(Call 05/01/46)		200		180,450
3.63%, 05/01/43	(Call 11/01/42)		300		284,325
3.88%, 11/01/45	(Call 05/01/45)		175		172,364
VF Corp.
6.45%, 11/01/37			150		189,336
					826,475
AUTO MANUFACTURERS — 0.95%
Daimler Finance North America LLC
8.50%, 01/18/31			700		1,021,188
Ford Motor Co.
4.75%, 01/15/43			1,000		923,140
5.29%, 12/08/46	(Call 06/08/46)a		650		638,839
6.63%, 10/01/28			16		18,484
7.40%, 11/01/46			114		144,977
7.45%, 07/16/31			650		794,397
General Motors Co.
5.00%, 04/01/35			400		401,048
5.15%, 04/01/38	(Call 10/01/37)		250		250,433
5.20%, 04/01/45			600		590,244
5.40%, 04/01/48	(Call 10/01/47)a		250		253,573
6.25%, 10/02/43			350		390,674
6.60%, 04/01/36	(Call 10/01/35)		750		870,472
6.75%, 04/01/46	(Call 10/01/45)		400		470,704
					6,768,173
AUTO PARTS & EQUIPMENT — 0.05%
Aptiv PLC
4.40%, 10/01/46	(Call 04/01/46)a		150		145,518
BorgWarner Inc.
4.38%, 03/15/45	(Call 09/15/44)		185		181,219
					326,737
BANKS — 8.23%
Bank of America Corp.
4.88%, 04/01/44			800		885,376
5.00%, 01/21/44			700		788,984
5.88%, 02/07/42			750		936,322
6.11%, 01/29/37			900		1,085,769
7.75%, 05/14/38			600		856,932

Security		Principal (000s)		Value
(3 mo. LIBOR US + 1.190%)
3.95%, 01/23/49	(Call 01/23/48)c	$	600	$	573,936
(3 mo. LIBOR US + 1.814%)
4.24%, 04/24/38	(Call 04/24/37)c		500		508,870
(3 mo. LIBOR US + 1.990%)
4.44%, 01/20/48	(Call 01/20/47)c		800		830,000
Series L
4.75%, 04/21/45			8		8,463
Bank of America N.A.
6.00%, 10/15/36			350		432,513
Bank of New York Mellon Corp. (The)
3.00%, 10/30/28	(Call 07/30/28)		85		79,169
3.30%, 08/23/29	(Call 05/23/29)		250		237,620
Barclays PLC
4.84%, 05/09/28	(Call 05/07/27)		600		590,856
4.95%, 01/10/47			750		771,202
5.25%, 08/17/45			600		645,216
Citigroup Inc.
4.13%, 07/25/28			575		570,871
4.65%, 07/30/45a			475		508,036
4.75%, 05/18/46			700		716,821
5.30%, 05/06/44			550		609,669
5.88%, 01/30/42a			600		748,602
6.00%, 10/31/33			200		235,392
6.13%, 08/25/36			282		334,931
6.63%, 06/15/32			450		553,550
6.68%, 09/13/43			375		491,708
8.13%, 07/15/39			800		1,218,816
(3 mo. LIBOR US + 1.839%)
4.28%, 04/24/48	(Call 04/24/47)a,c		325		327,727
Cooperatieve Rabobank UA
5.25%, 05/24/41			575		680,708
5.25%, 08/04/45			541		600,413
5.75%, 12/01/43			350		415,205
Credit Suisse Group Funding Guernsey Ltd.
4.88%, 05/15/45a			786		833,970
Fifth Third Bancorp.
8.25%, 03/01/38			400		583,164
First Republic Bank/CA
4.38%, 08/01/46	(Call 02/01/46)		250		246,225
Goldman Sachs Capital I
6.35%, 02/15/34a			475		572,209

SCHEDULEOF INVESTMENTS 57

Schedule of Investments

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
Goldman Sachs Group Inc. (The)
4.75%, 10/21/45	(Call 04/21/45)	$	750	$	798,157
4.80%, 07/08/44	(Call 01/08/44)		850		911,897
5.15%, 05/22/45			890		963,087
6.13%, 02/15/33a			750		903,112
6.25%, 02/01/41a			1,150		1,458,591
6.75%, 10/01/37			2,100		2,652,678
(3 mo. LIBOR US + 1.158%)
3.81%, 04/23/29	(Call 04/23/28)c		1,000		976,120
(3 mo. LIBOR US + 1.373%)
4.02%, 10/31/38	(Call 10/31/37)a,c		1,025		989,381
HSBC Bank USA N.A./New York NY
5.63%, 08/15/35			350		417,099
HSBC Holdings PLC
5.25%, 03/14/44			800		879,648
6.10%, 01/14/42			225		289,798
6.50%, 05/02/36			900		1,111,518
6.50%, 09/15/37			800		994,624
6.80%, 06/01/38			700		900,928
7.63%, 05/17/32			300		389,091
JPMorgan Chase & Co.
4.85%, 02/01/44			550		608,712
4.95%, 06/01/45a			775		836,667
5.40%, 01/06/42a			875		1,036,219
5.50%, 10/15/40			837		996,733
5.60%, 07/15/41			846		1,023,795
5.63%, 08/16/43			475		557,731
6.40%, 05/15/38			750		980,692
(3 mo. LIBOR US + 1.360%)
3.88%, 07/24/38	(Call 07/24/37)c		750		724,785
(3 mo. LIBOR US + 1.380%)
3.96%, 11/15/48	(Call 11/15/47)c		750		713,497
(3 mo. LIBOR US + 1.460%)
4.03%, 07/24/48	(Call 07/24/47)c		709		685,532
(3 mo. LIBOR US + 1.580%)
4.26%, 02/22/48	(Call 02/22/47)c		750		749,265
KfW
0.00%, 04/18/36d			700		387,926
0.00%, 06/29/37d			750		397,433
2.88%, 04/03/28			1,375		1,355,805
Lloyds Banking Group PLC
4.34%, 01/09/48a			600		569,826
5.30%, 12/01/45a			400		438,936

Security		Principal (000s)		Value
Morgan Stanley
4.30%, 01/27/45a		$	1,000	$	1,000,000
4.38%, 01/22/47			950		962,673
6.38%, 07/24/42			1,050		1,366,323
7.25%, 04/01/32a			700		927,864
Regions Financial Corp.
7.38%, 12/10/37			325		427,317
Wachovia Corp.
5.50%, 08/01/35			400		453,124
Wells Fargo & Co.
3.90%, 05/01/45a			900		866,565
4.40%, 06/14/46			550		540,881
4.65%, 11/04/44			1,100		1,125,278
4.75%, 12/07/46			1,000		1,035,390
4.90%, 11/17/45			1,000		1,059,720
5.38%, 02/07/35			300		348,147
5.38%, 11/02/43			975		1,093,843
5.61%, 01/15/44			1,020		1,180,079
Wells Fargo Capital X
5.95%, 12/01/86			200		219,400
					58,785,132
BEVERAGES — 2.54%
Anheuser-Busch InBev Finance Inc.
4.00%, 01/17/43			200		189,656
4.63%, 02/01/44			345		354,971
4.70%, 02/01/36	(Call 08/01/35)		2,250		2,364,795
4.90%, 02/01/46	(Call 08/01/45)a		4,000		4,266,800
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42			650		591,688
4.44%, 10/06/48	(Call 04/06/48)		833		835,499
4.95%, 01/15/42			750		808,927
8.00%, 11/15/39			136		201,855
8.20%, 01/15/39			600		900,576
Brown-Forman Corp.
4.50%, 07/15/45	(Call 01/15/45)		118		125,783
Coca-Cola FEMSA SAB de CV
5.25%, 11/26/43			271		310,013
Constellation Brands Inc.
4.10%, 02/15/48	(Call 08/15/47)		125		115,863
4.50%, 05/09/47	(Call 11/09/46)		200		199,222
Diageo Capital PLC
3.88%, 04/29/43	(Call 10/29/42)		136		135,217
5.88%, 09/30/36			350		442,043

58 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
Diageo Investment Corp.
4.25%, 05/11/42		$	450	$	471,591
7.45%, 04/15/35			11		15,835
Dr Pepper Snapple Group Inc.
4.50%, 11/15/45	(Call 05/15/45)b		250		245,363
Fomento Economico Mexicano SAB de CV
4.38%, 05/10/43			364		365,565
Molson Coors Brewing Co.
4.20%, 07/15/46	(Call 01/15/46)		600		562,014
5.00%, 05/01/42			650		688,382
Pepsi-Cola Metropolitan Bottling Co. Inc.
Series B
7.00%, 03/01/29			501		655,614
PepsiCo Inc.
3.45%, 10/06/46	(Call 04/06/46)a		605		549,624
3.60%, 08/13/42a			400		376,268
4.00%, 03/05/42			207		208,695
4.00%, 05/02/47	(Call 11/02/46)a		250		251,210
4.25%, 10/22/44	(Call 04/22/44)		350		364,991
4.45%, 04/14/46	(Call 10/14/45)		675		724,417
4.60%, 07/17/45	(Call 01/17/45)		250		272,988
4.88%, 11/01/40			200		227,440
5.50%, 01/15/40			246		302,196
					18,125,101
BIOTECHNOLOGY — 1.62%
Amgen Inc.
4.40%, 05/01/45	(Call 11/01/44)		1,200		1,190,868
4.56%, 06/15/48	(Call 12/15/47)		1,100		1,106,347
4.66%, 06/15/51	(Call 12/15/50)		1,325		1,344,530
4.95%, 10/01/41			150		162,261
5.15%, 11/15/41	(Call 05/15/41)		175		194,642
Baxalta Inc.
5.25%, 06/23/45	(Call 12/23/44)		350		378,697
Biogen Inc.
5.20%, 09/15/45	(Call 03/15/45)		700		761,453
Celgene Corp.
4.35%, 11/15/47	(Call 05/15/47)		250		235,143
4.55%, 02/20/48	(Call 08/20/47)		250		242,785
4.63%, 05/15/44	(Call 11/15/43)a		500		495,390
5.00%, 08/15/45	(Call 02/15/45)a		600		620,388
5.25%, 08/15/43			450		485,352

Security		Principal (000s)		Value
Gilead Sciences Inc.
4.00%, 09/01/36	(Call 03/01/36)	$	50	$	49,414
4.15%, 03/01/47	(Call 09/01/46)		800		774,688
4.50%, 02/01/45	(Call 08/01/44)		1,025		1,042,691
4.60%, 09/01/35	(Call 03/01/35)		550		584,930
4.75%, 03/01/46	(Call 09/01/45)		750		792,232
4.80%, 04/01/44	(Call 10/01/43)		550		582,874
5.65%, 12/01/41	(Call 06/01/41)		450		530,631
					11,575,316
BUILDING MATERIALS — 0.34%
Johnson Controls International PLC
4.50%, 02/15/47	(Call 08/15/46)a		250		258,685
4.63%, 07/02/44	(Call 01/02/44)e		250		263,275
4.95%, 07/02/64	(Call 01/02/64)e		107		111,760
5.13%, 09/14/45	(Call 03/14/45)a		250		281,520
6.00%, 01/15/36			100		121,242
Martin Marietta Materials Inc.
4.25%, 12/15/47	(Call 06/15/47)		300		278,646
Masco Corp.
4.50%, 05/15/47	(Call 11/15/46)		150		144,729
Owens Corning
4.30%, 07/15/47	(Call 01/15/47)		300		276,015
7.00%, 12/01/36			173		217,653
Vulcan Materials Co.
4.50%, 06/15/47	(Call 12/15/46)a		200		192,854
4.70%, 03/01/48	(Call 09/01/47)b		250		248,483
					2,394,862
CHEMICALS — 1.49%
Agrium Inc.
4.13%, 03/15/35	(Call 09/15/34)		87		84,638
4.90%, 06/01/43	(Call 12/01/42)		250		261,880
5.25%, 01/15/45	(Call 07/15/44)		254		276,123
6.13%, 01/15/41	(Call 07/15/40)		225		269,278
7.13%, 05/23/36a			100		129,256
Albemarle Corp.
5.45%, 12/01/44	(Call 06/01/44)		150		168,038
Dow Chemical Co. (The)
4.25%, 10/01/34	(Call 04/01/34)		425		427,809
4.38%, 11/15/42	(Call 05/15/42)		400		399,672
4.63%, 10/01/44	(Call 04/01/44)		351		361,751
5.25%, 11/15/41	(Call 05/15/41)		400		441,976
7.38%, 11/01/29			333		435,594
9.40%, 05/15/39			300		485,382

SCHEDULEOF INVESTMENTS 59

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
Eastman Chemical Co.
4.65%, 10/15/44	(Call 04/15/44)	$	375	$	387,757
4.80%, 09/01/42	(Call 03/01/42)		208		221,387
EI du Pont de Nemours & Co.
4.15%, 02/15/43a			398		392,277
4.90%, 01/15/41			345		372,793
5.60%, 12/15/36			11		12,879
International Flavors & Fragrances Inc.
4.38%, 06/01/47	(Call 12/01/46)		200		199,062
Lubrizol Corp. (The)
6.50%, 10/01/34			120		154,546
LYB International Finance BV
4.88%, 03/15/44	(Call 09/15/43)		401		421,487
5.25%, 07/15/43			300		330,099
LyondellBasell Industries NV
4.63%, 02/26/55	(Call 08/26/54)a		380		372,712
Methanex Corp.
5.65%, 12/01/44	(Call 06/01/44)		150		152,358
Monsanto Co.
3.95%, 04/15/45	(Call 10/15/44)		150		139,854
4.20%, 07/15/34	(Call 01/15/34)		250		248,875
4.40%, 07/15/44	(Call 01/15/44)a		475		468,754
4.65%, 11/15/43	(Call 05/15/43)		24		24,678
4.70%, 07/15/64	(Call 01/15/64)		300		296,448
Mosaic Co. (The)
5.45%, 11/15/33	(Call 05/15/33)a		208		221,012
5.63%, 11/15/43	(Call 05/15/43)		200		209,098
Potash Corp. of Saskatchewan Inc.
5.63%, 12/01/40			350		400,074
5.88%, 12/01/36			101		117,621
Praxair Inc.
3.55%, 11/07/42	(Call 05/07/42)		300		287,328
Rohm & Haas Co.
7.85%, 07/15/29			100		134,095
RPM International Inc.
4.25%, 01/15/48	(Call 07/15/47)		150		139,127
Sherwin-Williams Co. (The)
4.00%, 12/15/42	(Call 06/15/42)		200		187,296
4.50%, 06/01/47	(Call 12/01/46)		650		649,987
Westlake Chemical Corp.
4.38%, 11/15/47	(Call 05/15/47)		105		100,767
5.00%, 08/15/46	(Call 02/15/46)		225		236,578
					10,620,346

Security		Principal (000s)		Value
COMMERCIAL SERVICES — 0.64%
California Institute of Technology
4.32%, 08/01/45		$	12	$	12,878
4.70%, 11/01/11			100		105,469
Cleveland Clinic Foundation (The)
4.86%, 01/01/14			200		207,934
Ecolab Inc.
3.95%, 12/01/47	(Call 06/01/47)b		525		502,325
5.50%, 12/08/41			41		48,427
George Washington University (The)
4.87%, 09/15/45			16		17,927
Johns Hopkins University
Series 2013
4.08%, 07/01/53			11		10,965
Massachusetts Institute of Technology
3.96%, 07/01/38			9		9,324
4.68%, 07/01/14			400		427,076
5.60%, 07/01/11			375		467,861
Moody’s Corp.
5.25%, 07/15/44a			250		285,492
President and Fellows of Harvard College
3.15%, 07/15/46	(Call 01/15/46)		375		338,816
3.30%, 07/15/56	(Call 01/15/56)		250		225,000
Princeton University
5.70%, 03/01/39			350		445,781
S&P Global Inc.
6.55%, 11/15/37			161		205,433
University of Notre Dame du Lac
Series 2015
3.44%, 02/15/45			9		8,398
University of Southern California
3.03%, 10/01/39			275		246,293
5.25%, 10/01/11			250		290,290
Verisk Analytics Inc.
5.50%, 06/15/45	(Call 12/15/44)		111		120,856
Western Union Co. (The)
6.20%, 11/17/36			175		183,785
William Marsh Rice University
3.57%, 05/15/45			451		434,047
					4,594,377

60 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
COMPUTERS — 1.71%
Apple Inc.
3.45%, 02/09/45		$	750	$	684,263
3.75%, 09/12/47	(Call 03/12/47)		500		476,590
3.75%, 11/13/47	(Call 05/13/47)a		500		476,335
3.85%, 05/04/43			750		731,895
3.85%, 08/04/46	(Call 02/04/46)		845		818,737
4.25%, 02/09/47	(Call 08/09/46)		500		515,350
4.38%, 05/13/45			750		786,067
4.45%, 05/06/44			725		770,559
4.50%, 02/23/36	(Call 08/23/35)		500		545,440
4.65%, 02/23/46	(Call 08/23/45)		1,300		1,418,469
Dell International LLC/EMC Corp.
8.10%, 07/15/36	(Call 01/15/36)b		600		736,008
8.35%, 07/15/46	(Call 01/15/46)b		850		1,075,241
Hewlett Packard Enterprise Co.
6.20%, 10/15/35	(Call 04/15/35)		250		268,058
6.35%, 10/15/45	(Call 04/15/45)		650		684,794
HP Inc.
6.00%, 09/15/41			450		475,772
International Business Machines Corp.
4.00%, 06/20/42			425		427,597
4.70%, 02/19/46a			400		450,868
5.60%, 11/30/39			300		371,094
5.88%, 11/29/32			341		426,809
Seagate HDD Cayman
5.75%, 12/01/34	(Call 06/01/34)a		100		94,881
					12,234,827
COSMETICS & PERSONAL CARE — 0.41%
Colgate-Palmolive Co.
3.70%, 08/01/47	(Call 02/01/47)a		275		261,211
4.00%, 08/15/45			250		249,762
Estee Lauder Companies Inc. (The)
4.15%, 03/15/47	(Call 09/15/46)a		125		128,483
4.38%, 06/15/45	(Call 12/15/44)		250		264,135
6.00%, 05/15/37			150		188,909
Procter & Gamble Co. (The)
3.50%, 10/25/47a			300		281,616
5.55%, 03/05/37			700		878,248
Unilever Capital Corp.
5.90%, 11/15/32			525		659,337
					2,911,701

Security		Principal (000s)		Value
DISTRIBUTION & WHOLESALE — 0.11%
WW Grainger Inc.
3.75%, 05/15/46	(Call 11/15/45)	$	250	$	231,978
4.20%, 05/15/47	(Call 11/15/46)		150		151,386
4.60%, 06/15/45	(Call 12/15/44)		400		425,132
					808,496
DIVERSIFIED FINANCIAL SERVICES — 1.50%
American Express Co.
4.05%, 12/03/42			500		495,875
AXA Financial Inc.
7.00%, 04/01/28			14		17,135
Brookfield Finance Inc.
4.70%, 09/20/47	(Call 03/20/47)		350		340,273
CME Group Inc.
5.30%, 09/15/43	(Call 03/15/43)a		100		121,716
Credit Suisse USA Inc.
7.13%, 07/15/32			368		490,150
GE Capital International Funding Co. Unlimited Co.
4.42%, 11/15/35			4,500		4,416,345
Invesco Finance PLC
5.38%, 11/30/43			41		47,627
Jefferies Group LLC
6.25%, 01/15/36			300		330,888
6.50%, 01/20/43			150		168,221
Jefferies Group LLC/Jefferies Group Capital Finance Inc.
4.15%, 01/23/30			250		237,545
Legg Mason Inc.
5.63%, 01/15/44			250		267,438
Mastercard Inc.
3.80%, 11/21/46	(Call 05/21/46)a		150		147,102
3.95%, 02/26/48	(Call 08/26/47)		145		146,195
National Rural Utilities Cooperative Finance Corp.
4.02%, 11/01/32	(Call 05/01/32)		150		152,261
Series C
8.00%, 03/01/32			271		381,210
Raymond James Financial Inc.
4.95%, 07/15/46			250		270,060
Visa Inc.
3.65%, 09/15/47	(Call 03/15/47)a		300		286,782
4.15%, 12/14/35	(Call 06/14/35)		1,000		1,053,640
4.30%, 12/14/45	(Call 06/14/45)		1,250		1,324,850
					10,695,313

SCHEDULEOF INVESTMENTS 61

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
ELECTRIC — 9.05%
AEP Transmission Co. LLC
3.75%, 12/01/47	(Call 06/01/47)b	$	300	$	288,471
4.00%, 12/01/46	(Call 06/01/46)a		150		150,570
Alabama Power Co.
3.75%, 03/01/45	(Call 09/01/44)		400		387,060
3.85%, 12/01/42			50		49,076
4.15%, 08/15/44	(Call 02/15/44)		302		308,889
4.30%, 01/02/46	(Call 07/02/45)a		300		314,652
6.00%, 03/01/39			270		338,153
6.13%, 05/15/38			200		251,112
Ameren Illinois Co.
3.70%, 12/01/47	(Call 06/01/47)		475		457,648
4.15%, 03/15/46	(Call 09/15/45)		350		361,704
Appalachian Power Co.
4.40%, 05/15/44	(Call 11/15/43)a		11		11,492
4.45%, 06/01/45	(Call 12/01/44)		300		315,927
7.00%, 04/01/38a			100		136,744
Arizona Public Service Co.
3.75%, 05/15/46	(Call 11/15/45)		275		264,206
4.50%, 04/01/42	(Call 10/01/41)		251		268,515
5.05%, 09/01/41	(Call 03/01/41)		100		113,712
Berkshire Hathaway Energy Co.
4.50%, 02/01/45	(Call 08/01/44)a		400		419,652
5.15%, 11/15/43	(Call 05/15/43)		370		427,968
5.95%, 05/15/37			350		436,380
6.13%, 04/01/36			1,600		2,037,376
Black Hills Corp.
4.20%, 09/15/46	(Call 03/15/46)		150		147,311
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42	(Call 02/01/42)		325		306,923
3.95%, 03/01/48	(Call 09/01/47)		140		140,444
4.50%, 04/01/44	(Call 10/01/43)		200		218,534
Cleco Corporate Holdings LLC
4.97%, 05/01/46	(Call 11/01/45)		150		151,571
CMS Energy Corp.
4.88%, 03/01/44	(Call 09/01/43)		150		164,217
Commonwealth Edison Co.
3.70%, 03/01/45	(Call 09/01/44)		200		191,052
3.80%, 10/01/42	(Call 04/01/42)		311		302,687
4.35%, 11/15/45	(Call 05/15/45)		100		105,470
4.60%, 08/15/43	(Call 02/15/43)		233		254,236
4.70%, 01/15/44	(Call 07/15/43)		261		290,498
5.90%, 03/15/36			500		621,675

Security		Principal (000s)		Value
Consolidated Edison Co. of New York Inc.
4.30%, 12/01/56	(Call 06/01/56)a	$	130	$	132,890
5.50%, 12/01/39			200		241,514
6.30%, 08/15/37			8		10,370
3.85%, 06/15/46	(Call 12/15/45)a		500		487,985
3.95%, 03/01/43	(Call 09/01/42)		450		447,039
4.45%, 03/15/44	(Call 09/15/43)		476		506,892
4.50%, 12/01/45	(Call 06/01/45)		207		223,144
5.70%, 06/15/40			335		414,459
Series 05-A
5.30%, 03/01/35			100		115,366
Series 06-A
5.85%, 03/15/36			325		397,270
Series 06-B
6.20%, 06/15/36			311		394,650
Series 08-B
6.75%, 04/01/38			200		275,048
Series 12-A
4.20%, 03/15/42			8		8,208
Series 2017
3.88%, 06/15/47	(Call 12/15/46)		150		146,972
Consumers Energy Co.
3.25%, 08/15/46	(Call 02/15/46)		200		178,384
3.95%, 05/15/43	(Call 11/15/42)a		75		75,526
3.95%, 07/15/47	(Call 01/15/47)		250		252,552
Delmarva Power & Light Co.
4.15%, 05/15/45	(Call 11/15/44)		250		254,575
Dominion Energy Inc.
4.70%, 12/01/44	(Call 06/01/44)a		75		79,015
6.30%, 03/15/33a			275		335,382
7.00%, 06/15/38			230		303,634
Series B
5.95%, 06/15/35			375		449,370
Series C
4.05%, 09/15/42	(Call 03/15/42)		155		149,282
4.90%, 08/01/41	(Call 02/01/41)		62		66,802
Series F
5.25%, 08/01/33			475		530,010
DTE Electric Co.
3.70%, 03/15/45	(Call 09/15/44)		216		208,548
3.70%, 06/01/46	(Call 12/01/45)		385		369,939
4.30%, 07/01/44	(Call 01/01/44)		103		108,503
Series A
4.00%, 04/01/43	(Call 10/01/42)a		208		208,936

62 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
DTE Energy Co.
6.38%, 04/15/33		$	135	$	166,794
Duke Energy Carolinas LLC
3.70%, 12/01/47	(Call 06/01/47)		250		239,503
3.75%, 06/01/45	(Call 12/01/44)		315		303,562
3.88%, 03/15/46	(Call 09/15/45)		250		246,710
3.95%, 03/15/48	(Call 09/15/47)		250		248,480
4.00%, 09/30/42	(Call 03/30/42)		250		251,382
4.25%, 12/15/41	(Call 06/15/41)		300		313,860
5.30%, 02/15/40a			510		607,104
6.00%, 01/15/38			57		72,243
6.05%, 04/15/38			550		704,885
6.10%, 06/01/37			500		628,125
6.45%, 10/15/32			86		108,759
Series A
6.00%, 12/01/28			16		19,015
Duke Energy Corp.
3.75%, 09/01/46	(Call 03/01/46)a		400		364,032
4.80%, 12/15/45	(Call 06/15/45)		126		136,392
Duke Energy Florida LLC
3.40%, 10/01/46	(Call 04/01/46)		230		207,672
3.85%, 11/15/42	(Call 05/15/42)		280		274,190
5.65%, 04/01/40			100		124,319
6.35%, 09/15/37			100		131,976
6.40%, 06/15/38			200		266,632
Duke Energy Florida Project Finance LLC
Series 2026
2.54%, 09/01/31			200		187,050
Duke Energy Indiana LLC
3.75%, 05/15/46	(Call 11/15/45)		450		428,395
6.12%, 10/15/35			250		314,510
6.35%, 08/15/38			46		60,599
6.45%, 04/01/39			300		400,551
Duke Energy Progress LLC
3.70%, 10/15/46	(Call 04/15/46)		300		286,689
4.10%, 05/15/42	(Call 11/15/41)		300		305,439
4.10%, 03/15/43	(Call 09/15/42)		186		189,463
4.15%, 12/01/44	(Call 06/01/44)a		300		307,320
4.20%, 08/15/45	(Call 02/15/45)a		250		257,297
4.38%, 03/30/44	(Call 09/30/43)a		300		319,302
6.30%, 04/01/38			250		329,305

Security		Principal (000s)		Value
El Paso Electric Co.
5.00%, 12/01/44	(Call 06/01/44)	$	200	$	204,218
6.00%, 05/15/35			150		172,694
Emera U.S. Finance LP
4.75%, 06/15/46	(Call 12/15/45)		450		451,629
Entergy Louisiana LLC
3.05%, 06/01/31	(Call 03/01/31)a		150		138,579
3.25%, 04/01/28	(Call 01/01/28)		150		145,056
4.95%, 01/15/45	(Call 01/15/25)		100		101,153
Entergy Mississippi Inc.
2.85%, 06/01/28	(Call 03/01/28)a		250		232,840
Exelon Corp.
4.45%, 04/15/46	(Call 10/15/45)		675		687,508
4.95%, 06/15/35	(Call 12/15/34)		375		410,959
5.10%, 06/15/45	(Call 12/15/44)a		69		76,922
5.63%, 06/15/35a			300		352,512
Exelon Generation Co. LLC
5.60%, 06/15/42	(Call 12/15/41)a		450		470,479
5.75%, 10/01/41	(Call 04/01/41)		20		21,163
6.25%, 10/01/39			500		559,105
FirstEnergy Corp.
Series C
4.85%, 07/15/47	(Call 01/15/47)		450		471,951
7.38%, 11/15/31			450		593,028
Florida Power & Light Co.
3.70%, 12/01/47	(Call 06/01/47)		525		505,081
3.80%, 12/15/42	(Call 06/15/42)		200		196,102
4.05%, 06/01/42	(Call 12/01/41)		200		203,604
4.05%, 10/01/44	(Call 04/01/44)		400		408,008
4.13%, 02/01/42	(Call 08/01/41)		225		232,061
4.95%, 06/01/35			200		225,958
5.25%, 02/01/41	(Call 08/01/40)		200		238,572
5.65%, 02/01/37			96		117,553
5.69%, 03/01/40			124		154,945
5.95%, 02/01/38			350		445,599
Georgia Power Co.
4.30%, 03/15/42			625		640,694
4.30%, 03/15/43			21		21,254
5.40%, 06/01/40			200		231,936
5.95%, 02/01/39			114		139,429
Series 10-C
4.75%, 09/01/40			263		282,246

SCHEDULEOF INVESTMENTS 63

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
Iberdrola International BV
6.75%, 07/15/36		$	250	$	313,955
Indiana Michigan Power Co.
6.05%, 03/15/37			105		129,910
Series K
4.55%, 03/15/46	(Call 09/15/45)		300		322,128
Interstate Power & Light Co.
3.70%, 09/15/46	(Call 03/15/46)		325		304,483
6.25%, 07/15/39			5		6,355
John Sevier Combined Cycle Generation LLC
4.63%, 01/15/42			229		245,234
Kansas City Power & Light Co.
4.20%, 03/15/48	(Call 09/15/47)		225		227,016
5.30%, 10/01/41	(Call 04/01/41)		250		288,230
Kentucky Utilities Co.
5.13%, 11/01/40	(Call 05/01/40)		314		366,391
MidAmerican Energy Co.
3.65%, 08/01/48	(Call 02/01/48)		650		615,140
4.25%, 05/01/46	(Call 11/01/45)		111		116,251
4.40%, 10/15/44	(Call 04/15/44)a		225		240,617
4.80%, 09/15/43	(Call 03/15/43)a		200		226,210
5.75%, 11/01/35			11		13,371
6.75%, 12/30/31			11		14,340
Mississippi Power Co.
Series 12-A
4.25%, 03/15/42			350		323,092
Nevada Power Co.
6.65%, 04/01/36			100		132,326
Northern States Power Co./MN
3.40%, 08/15/42	(Call 02/15/42)		350		324,198
3.60%, 05/15/46	(Call 11/15/45)		50		47,160
4.00%, 08/15/45	(Call 02/15/45)		90		90,527
4.13%, 05/15/44	(Call 11/15/43)		7		7,185
5.35%, 11/01/39			5		5,941
6.25%, 06/01/36			106		136,559
NorthWestern Corp.
4.18%, 11/15/44	(Call 05/15/44)		161		163,059
NSTAR Electric Co.
4.40%, 03/01/44	(Call 09/01/43)		100		107,093
5.50%, 03/15/40			241		290,424
Oglethorpe Power Corp.
5.25%, 09/01/50a			25		26,763
5.38%, 11/01/40			175		196,378
5.95%, 11/01/39			5		5,998

Security		Principal (000s)		Value
Ohio Edison Co.
6.88%, 07/15/36		$	200	$	261,986
Oklahoma Gas & Electric Co.
4.15%, 04/01/47	(Call 10/01/46)		200		206,180
Oncor Electric Delivery Co. LLC
3.80%, 09/30/47	(Call 03/30/47)a,b		350		338,394
4.55%, 12/01/41	(Call 06/01/41)		150		162,684
5.25%, 09/30/40			305		360,129
5.30%, 06/01/42	(Call 12/01/41)		225		267,633
7.25%, 01/15/33			200		274,538
Pacific Gas & Electric Co.
3.95%, 12/01/47	(Call 06/01/47)a,b		300		270,081
4.00%, 12/01/46	(Call 06/01/46)a		350		322,588
4.25%, 03/15/46	(Call 09/15/45)		11		10,477
4.30%, 03/15/45	(Call 09/15/44)		107		102,741
4.45%, 04/15/42	(Call 10/15/41)		200		198,446
4.60%, 06/15/43	(Call 12/15/42)		13		13,109
4.75%, 02/15/44	(Call 08/15/43)		225		228,722
5.13%, 11/15/43	(Call 05/15/43)		300		321,507
5.40%, 01/15/40			275		305,844
5.80%, 03/01/37a			466		539,395
6.05%, 03/01/34a			1,250		1,463,450
6.25%, 03/01/39			400		487,152
6.35%, 02/15/38			71		86,898
PacifiCorp
4.10%, 02/01/42	(Call 08/01/41)		245		250,218
6.00%, 01/15/39			300		386,457
6.10%, 08/01/36			105		133,490
6.25%, 10/15/37			50		65,066
6.35%, 07/15/38			150		197,709
PECO Energy Co.
3.90%, 03/01/48	(Call 09/01/47)		250		248,618
4.15%, 10/01/44	(Call 04/01/44)		200		205,154
5.95%, 10/01/36			111		139,101
Potomac Electric Power Co.
4.15%, 03/15/43	(Call 09/15/42)		66		67,797
6.50%, 11/15/37			175		231,215
PPL Capital Funding Inc.
4.00%, 09/15/47	(Call 03/15/47)a		250		237,513
4.70%, 06/01/43	(Call 12/01/42)		400		422,164
5.00%, 03/15/44	(Call 09/15/43)		300		328,437
PPL Electric Utilities Corp.
3.95%, 06/01/47	(Call 12/01/46)		200		199,472
6.25%, 05/15/39			61		80,357

64 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
Progress Energy Inc.
7.75%, 03/01/31		$	34	$	46,244
PSEG Power LLC
8.63%, 04/15/31			300		391,356
Public Service Co. of Colorado
3.60%, 09/15/42	(Call 03/15/42)		200		188,874
3.80%, 06/15/47	(Call 12/15/46)		400		389,620
4.30%, 03/15/44	(Call 09/15/43)		300		315,381
6.25%, 09/01/37a			60		77,939
6.50%, 08/01/38			100		133,924
Public Service Electric & Gas Co.
3.60%, 12/01/47	(Call 06/01/47)		220		207,920
3.65%, 09/01/42	(Call 03/01/42)		75		72,067
3.80%, 03/01/46	(Call 09/01/45)		225		220,601
3.95%, 05/01/42	(Call 11/01/41)		200		202,088
5.50%, 03/01/40a			107		130,438
5.80%, 05/01/37			100		123,162
Puget Sound Energy Inc.
4.30%, 05/20/45	(Call 11/20/44)		111		116,381
5.64%, 04/15/41	(Call 10/15/40)		235		288,415
5.76%, 10/01/39			200		246,084
5.80%, 03/15/40			56		69,976
6.27%, 03/15/37			5		6,446
San Diego Gas & Electric Co.
4.50%, 08/15/40a			100		109,377
6.00%, 06/01/39			163		208,668
Series RRR
3.75%, 06/01/47	(Call 12/01/46)		200		194,712
South Carolina Electric & Gas Co.
4.10%, 06/15/46	(Call 12/15/45)a		250		238,713
4.35%, 02/01/42	(Call 08/01/41)		100		99,153
4.50%, 06/01/64	(Call 12/01/63)		250		236,578
4.60%, 06/15/43	(Call 12/15/42)		116		118,972
5.10%, 06/01/65	(Call 12/01/64)		150		156,797
5.30%, 05/15/33a			5		5,487
6.05%, 01/15/38			248		295,943
Southern California Edison Co.
4.00%, 04/01/47	(Call 10/01/46)		350		350,973
4.05%, 03/15/42	(Call 09/15/41)		50		50,441
4.50%, 09/01/40	(Call 03/01/40)a		48		51,191
4.65%, 10/01/43	(Call 04/01/43)		350		382,056
5.50%, 03/15/40a			217		264,937
5.63%, 02/01/36			75		89,651

Security		Principal (000s)		Value
5.75%, 04/01/35		$	105	$	127,266
6.00%, 01/15/34			266		327,590
6.05%, 03/15/39			150		192,027
6.65%, 04/01/29			250		303,330
Series 05-E
5.35%, 07/15/35			300		350,370
Series 06-E
5.55%, 01/15/37			130		155,505
Series 08-A
5.95%, 02/01/38			200		251,868
Series 13-A
3.90%, 03/15/43	(Call 09/15/42)		205		202,296
Series C
3.60%, 02/01/45	(Call 08/01/44)		200		187,074
Southern Co. (The)
4.25%, 07/01/36	(Call 01/01/36)		250		250,852
4.40%, 07/01/46	(Call 01/01/46)		550		551,336
Southern Power Co.
5.15%, 09/15/41			250		269,925
Southwestern Electric Power Co.
3.90%, 04/01/45	(Call 10/01/44)		300		288,162
6.20%, 03/15/40			100		126,230
Series L
3.85%, 02/01/48	(Call 08/01/47)		100		95,570
Southwestern Public Service Co.
3.40%, 08/15/46	(Call 02/15/46)		500		450,495
3.70%, 08/15/47	(Call 02/15/47)		250		238,463
4.50%, 08/15/41	(Call 02/15/41)		100		107,106
Tampa Electric Co.
4.10%, 06/15/42	(Call 12/15/41)		75		72,716
4.35%, 05/15/44	(Call 11/15/43)		150		151,232
Toledo Edison Co. (The)
6.15%, 05/15/37			200		247,848
TransAlta Corp.
6.50%, 03/15/40			100		98,853
Union Electric Co.
3.90%, 09/15/42	(Call 03/15/42)		250		248,428
8.45%, 03/15/39			111		172,666
Virginia Electric & Power Co.
4.00%, 01/15/43	(Call 07/15/42)		116		115,046
4.20%, 05/15/45	(Call 11/15/44)		7		7,175
4.45%, 02/15/44	(Call 08/15/43)		300		319,572
8.88%, 11/15/38			300		492,960

SCHEDULEOF INVESTMENTS 65

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
Series A
6.00%, 05/15/37		$	395	$	494,895
Series B
6.00%, 01/15/36			250		310,325
Series D
4.65%, 08/15/43	(Call 02/15/43)a		71		77,514
Westar Energy Inc.
4.10%, 04/01/43	(Call 10/01/42)		105		106,659
4.13%, 03/01/42	(Call 09/01/41)		300		304,179
4.25%, 12/01/45	(Call 06/01/45)		200		207,996
Wisconsin Power & Light Co.
6.38%, 08/15/37			140		181,476
Wisconsin Public Service Corp.
4.75%, 11/01/44	(Call 05/01/44)		205		230,240
Xcel Energy Inc.
6.50%, 07/01/36			50		64,991
					64,702,440
ELECTRONICS — 0.35%
Corning Inc.
4.38%, 11/15/57	(Call 05/15/57)		350		328,825
4.75%, 03/15/42			200		212,322
5.75%, 08/15/40			200		234,186
Fortive Corp.
4.30%, 06/15/46	(Call 12/15/45)		225		227,018
Honeywell International Inc.
3.81%, 11/21/47	(Call 05/21/47)a		661		645,691
Koninklijke Philips NV
5.00%, 03/15/42a			519		574,357
Tyco Electronics Group SA
7.13%, 10/01/37			200		275,740
					2,498,139
ENGINEERING & CONSTRUCTION — 0.05%
ABB Finance USA Inc.
4.38%, 05/08/42			357		367,653
					367,653
ENVIRONMENTAL CONTROL — 0.10%
Waste Management Inc.
3.90%, 03/01/35	(Call 09/01/34)		250		249,993
4.10%, 03/01/45	(Call 09/01/44)		433		430,670
7.00%, 07/15/28			18		22,630
					703,293

Security		Principal (000s)		Value
FOOD — 1.47%
Ahold Finance USA LLC
6.88%, 05/01/29		$	11	$	13,199
Campbell Soup Co.
3.80%, 08/02/42			6		5,345
Conagra Brands Inc.
7.00%, 10/01/28			150		180,459
8.25%, 09/15/30			200		267,938
General Mills Inc.
4.15%, 02/15/43	(Call 08/15/42)		5		4,827
5.40%, 06/15/40			401		458,207
Hershey Co. (The)
3.38%, 08/15/46	(Call 02/15/46)		100		89,120
JM Smucker Co. (The)
4.25%, 03/15/35			500		503,535
4.38%, 03/15/45			100		99,459
Kellogg Co.
4.50%, 04/01/46			175		173,703
Series B
7.45%, 04/01/31			275		353,064
Koninklijke Ahold Delhaize NV
5.70%, 10/01/40			500		564,410
Kraft Heinz Foods Co.
4.38%, 06/01/46	(Call 12/01/45)		1,310		1,197,026
5.00%, 07/15/35	(Call 01/15/35)		350		364,161
5.00%, 06/04/42			900		895,320
5.20%, 07/15/45	(Call 01/15/45)		700		713,237
6.50%, 02/09/40			400		474,988
6.88%, 01/26/39			300		369,435
Kroger Co. (The)
3.88%, 10/15/46	(Call 04/15/46)		250		216,008
4.45%, 02/01/47	(Call 08/01/46)a		225		211,253
5.00%, 04/15/42	(Call 10/15/41)		100		101,096
5.15%, 08/01/43	(Call 02/01/43)		250		258,035
5.40%, 07/15/40	(Call 01/15/40)		200		211,956
6.90%, 04/15/38			350		435,232
7.50%, 04/01/31			250		315,685
McCormick & Co. Inc./MD
4.20%, 08/15/47	(Call 02/15/47)		200		197,976
Mondelez International Inc.
6.50%, 02/09/40			222		278,108
Sysco Corp.
4.50%, 04/01/46	(Call 10/01/45)		226		231,203
4.85%, 10/01/45	(Call 04/01/45)		100		107,502
5.38%, 09/21/35			258		292,827

66 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
Tyson Foods Inc.
4.88%, 08/15/34	(Call 02/15/34)	$	376	$	403,918
5.15%, 08/15/44	(Call 02/15/44)		445		492,570
					10,480,802
FOREST PRODUCTS & PAPER — 0.44%
Celulosa Arauco y Constitucion SA
5.50%, 11/02/47	(Call 05/02/47)b		200		204,104
Georgia-Pacific LLC
7.75%, 11/15/29			500		681,585
8.88%, 05/15/31			14		20,936
International Paper Co.
4.35%, 08/15/48	(Call 02/15/48)		276		269,221
4.40%, 08/15/47	(Call 02/15/47)		750		737,190
4.80%, 06/15/44	(Call 12/15/43)		200		208,800
5.00%, 09/15/35	(Call 03/15/35)		50		54,314
5.15%, 05/15/46	(Call 11/15/45)		150		164,187
6.00%, 11/15/41	(Call 05/15/41)a		325		387,185
7.30%, 11/15/39			330		443,032
					3,170,554
GAS — 0.83%
Atmos Energy Corp.
4.13%, 10/15/44	(Call 04/15/44)		500		508,780
4.15%, 01/15/43	(Call 07/15/42)		100		101,641
5.50%, 06/15/41	(Call 12/15/40)		5		5,988
CenterPoint Energy Resources Corp.
4.10%, 09/01/47	(Call 03/01/47)a		165		162,053
5.85%, 01/15/41	(Call 07/15/40)		100		121,703
Dominion Energy Gas Holdings LLC
4.60%, 12/15/44	(Call 06/15/44)a		225		233,123
4.80%, 11/01/43	(Call 05/01/43)		115		121,223
KeySpan Corp.
5.80%, 04/01/35			180		212,503
NiSource Inc.
4.80%, 02/15/44	(Call 08/15/43)		615		664,225
5.25%, 02/15/43	(Call 08/15/42)a		225		254,938
5.65%, 02/01/45	(Call 08/01/44)		276		330,148
5.95%, 06/15/41	(Call 12/15/40)		200		242,698
ONE Gas Inc.
4.66%, 02/01/44	(Call 08/01/43)a		225		245,327
Piedmont Natural Gas Co. Inc.
4.65%, 08/01/43	(Call 02/01/43)		153		163,191

Security		Principal (000s)		Value
Sempra Energy
3.80%, 02/01/38	(Call 08/01/37)	$	635	$	602,291
4.00%, 02/01/48	(Call 08/01/47)		450		421,290
6.00%, 10/15/39			250		309,010
Southern California Gas Co.
3.75%, 09/15/42	(Call 03/15/42)		5		4,885
Southern Co. Gas Capital Corp.
3.95%, 10/01/46	(Call 04/01/46)		450		418,360
4.40%, 06/01/43	(Call 12/01/42)		6		6,044
4.40%, 05/30/47	(Call 11/30/46)		90		90,531
5.88%, 03/15/41	(Call 09/15/40)		450		533,124
Southwest Gas Corp.
3.80%, 09/29/46	(Call 03/29/46)		200		190,050
					5,943,126
HAND & MACHINE TOOLS — 0.06%
Snap-On Inc.
4.10%, 03/01/48	(Call 09/01/47)		195		195,478
Stanley Black & Decker Inc.
5.20%, 09/01/40			200		223,840
					419,318
HEALTH CARE – PRODUCTS — 1.52%
Abbott Laboratories
4.75%, 11/30/36	(Call 05/30/36)		950		1,015,531
4.75%, 04/15/43	(Call 10/15/42)		350		371,518
4.90%, 11/30/46	(Call 05/30/46)		850		918,025
5.30%, 05/27/40			550		617,325
6.00%, 04/01/39			450		545,755
Baxter International Inc.
3.50%, 08/15/46	(Call 02/15/46)		200		173,708
Becton Dickinson and Co.
4.67%, 06/06/47	(Call 12/06/46)a		600		598,152
4.69%, 12/15/44	(Call 06/15/44)a		500		501,525
5.00%, 11/12/40			100		104,391
Boston Scientific Corp.
7.00%, 11/15/35			100		129,196
7.38%, 01/15/40			200		267,448
Danaher Corp.
4.38%, 09/15/45	(Call 03/15/45)		100		106,151
Medtronic Inc.
4.38%, 03/15/35			1,000		1,055,220
4.50%, 03/15/42	(Call 09/15/41)		86		90,205
4.63%, 03/15/44	(Call 09/15/43)		350		380,992
4.63%, 03/15/45			1,800		1,954,656

SCHEDULEOF INVESTMENTS 67

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
5.55%, 03/15/40		$	250	$	299,453
6.50%, 03/15/39			100		132,034
Stryker Corp.
4.10%, 04/01/43	(Call 10/01/42)		250		243,943
4.38%, 05/15/44	(Call 11/15/43)		100		100,911
4.63%, 03/15/46	(Call 09/15/45)		450		477,526
Thermo Fisher Scientific Inc.
4.10%, 08/15/47	(Call 02/15/47)a		400		384,464
5.30%, 02/01/44	(Call 08/01/43)a		150		170,930
Zimmer Biomet Holdings Inc.
4.45%, 08/15/45	(Call 02/15/45)		50		47,208
5.75%, 11/30/39			150		168,473
					10,854,740
HEALTH CARE – SERVICES — 2.01%
Aetna Inc.
3.88%, 08/15/47	(Call 02/15/47)		385		340,941
4.13%, 11/15/42	(Call 05/15/42)		200		187,560
4.50%, 05/15/42	(Call 11/15/41)		250		244,998
4.75%, 03/15/44	(Call 09/15/43)		225		231,190
6.63%, 06/15/36			200		251,878
6.75%, 12/15/37a			185		239,446
Anthem Inc.
4.38%, 12/01/47	(Call 06/01/47)a		750		732,937
4.55%, 03/01/48			250		249,455
4.63%, 05/15/42			400		404,656
4.65%, 01/15/43			300		306,582
4.65%, 08/15/44	(Call 02/15/44)		200		204,314
5.10%, 01/15/44			375		404,340
Ascension Health
3.95%, 11/15/46			508		505,379
4.85%, 11/15/53			11		12,149
Baylor Scott & White Holdings
3.97%, 11/15/46	(Call 05/15/46)		250		245,080
4.19%, 11/15/45	(Call 05/15/45)		16		16,415
Catholic Health Initiatives
4.35%, 11/01/42			400		365,856
Cigna Corp.
3.88%, 10/15/47	(Call 04/15/47)a		425		377,757
Dignity Health
4.50%, 11/01/42			100		93,592
5.27%, 11/01/64			100		99,944

Security		Principal (000s)		Value
Humana Inc.
4.63%, 12/01/42	(Call 06/01/42)	$	200	$	203,918
4.80%, 03/15/47	(Call 09/15/46)		175		182,880
4.95%, 10/01/44	(Call 04/01/44)		275		291,181
Johns Hopkins Health System Corp. (The)
3.84%, 05/15/46			60		58,252
Kaiser Foundation Hospitals
4.15%, 05/01/47	(Call 11/01/46)		650		665,749
4.88%, 04/01/42a			300		340,794
Laboratory Corp. of America Holdings
4.70%, 02/01/45	(Call 08/01/44)		398		398,410
Mayo Clinic
Series 2013
4.00%, 11/15/47			11		10,621
Memorial Sloan-Kettering Cancer Center
4.13%, 07/01/52			25		24,873
Series 2015
4.20%, 07/01/55			550		559,443
New York and Presbyterian Hospital (The)
4.02%, 08/01/45			21		20,733
4.06%, 08/01/56			350		341,575
Northwell Healthcare Inc.
3.98%, 11/01/46	(Call 11/01/45)		400		372,136
Providence St Joseph Health Obligated Group
Series I
3.74%, 10/01/47			250		229,690
Quest Diagnostics Inc.
4.70%, 03/30/45	(Call 09/30/44)		22		22,345
Texas Health Resources
4.33%, 11/15/55			9		9,048
UnitedHealth Group Inc.
3.75%, 10/15/47	(Call 04/15/47)		350		328,604
3.95%, 10/15/42	(Call 04/15/42)		7		6,823
4.20%, 01/15/47	(Call 07/15/46)a		250		253,213
4.25%, 03/15/43	(Call 09/15/42)		350		358,568
4.25%, 04/15/47	(Call 10/15/46)a		276		284,145
4.38%, 03/15/42	(Call 09/15/41)		550		572,550
4.63%, 07/15/35			200		217,884
4.63%, 11/15/41	(Call 05/15/41)		100		107,181

68 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
4.75%, 07/15/45		$	825	$	910,313
5.70%, 10/15/40	(Call 04/15/40)		100		123,005
5.80%, 03/15/36			525		648,133
5.95%, 02/15/41	(Call 08/15/40)		300		379,584
6.50%, 06/15/37a			100		132,512
6.63%, 11/15/37			111		147,787
6.88%, 02/15/38			500		684,550
					14,400,969
HOME FURNISHINGS — 0.01%
Whirlpool Corp.
4.50%, 06/01/46	(Call 12/01/45)		100		99,036
					99,036
HOUSEHOLD PRODUCTS & WARES — 0.11%
Kimberly-Clark Corp.
3.20%, 07/30/46	(Call 01/30/46)		150		130,702
3.90%, 05/04/47	(Call 11/04/46)a		250		246,967
5.30%, 03/01/41			6		7,107
6.63%, 08/01/37			275		371,715
					756,491
HOUSEWARES — 0.15%
Newell Brands Inc.
5.38%, 04/01/36	(Call 10/01/35)		350		372,131
5.50%, 04/01/46	(Call 10/01/45)		650		688,382
					1,060,513
INSURANCE — 3.35%
ACE Capital Trust II
9.70%, 04/01/30			100		146,464
Aflac Inc.
4.00%, 10/15/46	(Call 04/15/46)a		250		241,280
Alleghany Corp.
4.90%, 09/15/44	(Call 03/15/44)		150		155,972
Allstate Corp. (The)
4.20%, 12/15/46	(Call 06/15/46)		45		45,641
4.50%, 06/15/43			500		531,490
5.35%, 06/01/33			68		76,952
5.55%, 05/09/35			326		382,196
5.95%, 04/01/36			50		61,347
American Financial Group Inc./OH
4.50%, 06/15/47	(Call 12/15/46)		200		197,988
American International Group Inc.
3.88%, 01/15/35	(Call 07/15/34)		575		542,938
4.38%, 01/15/55	(Call 07/15/54)		350		326,956

Security		Principal (000s)		Value
4.50%, 07/16/44	(Call 01/16/44)	$	725	$	719,961
4.70%, 07/10/35	(Call 01/10/35)		500		519,210
4.80%, 07/10/45	(Call 01/10/45)		250		259,810
6.25%, 05/01/36			400		486,024
Aon PLC
4.60%, 06/14/44	(Call 03/14/44)		400		412,208
4.75%, 05/15/45	(Call 11/15/44)		246		259,085
Arch Capital Group U.S. Inc.
5.14%, 11/01/43			500		557,790
Assurant Inc.
6.75%, 02/15/34			200		238,632
AXA SA
8.60%, 12/15/30			650		903,773
Berkshire Hathaway Finance Corp.
4.30%, 05/15/43a			118		123,951
4.40%, 05/15/42			325		344,883
5.75%, 01/15/40			200		250,228
Berkshire Hathaway Inc.
4.50%, 02/11/43a			525		568,034
Brighthouse Financial Inc.
4.70%, 06/22/47	(Call 12/22/46)a,b		500		466,105
Chubb Corp. (The)
6.00%, 05/11/37			485		612,245
Chubb INA Holdings Inc.
4.15%, 03/13/43			350		359,439
4.35%, 11/03/45	(Call 05/03/45)		600		636,402
Cincinnati Financial Corp.
6.92%, 05/15/28			11		13,630
Everest Reinsurance Holdings Inc.
4.87%, 06/01/44			200		199,774
Hartford Financial Services Group Inc. (The)
4.30%, 04/15/43a			14		14,066
5.95%, 10/15/36a			200		240,398
6.10%, 10/01/41			200		249,376
Lincoln National Corp.
6.15%, 04/07/36			175		210,093
6.30%, 10/09/37			16		19,597
7.00%, 06/15/40			300		405,201
Loews Corp.
4.13%, 05/15/43	(Call 11/15/42)		200		197,386
6.00%, 02/01/35			150		182,039

SCHEDULEOF INVESTMENTS 69

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
Manulife Financial Corp.
5.38%, 03/04/46a		$	300	$	351,297
Markel Corp.
4.30%, 11/01/47	(Call 05/01/47)		100		95,753
5.00%, 04/05/46			150		159,495
Marsh & McLennan Companies Inc.
4.20%, 03/01/48			185		184,604
4.35%, 01/30/47	(Call 07/30/46)a		172		176,303
5.88%, 08/01/33			150		181,665
MetLife Inc.
4.05%, 03/01/45			450		436,972
4.13%, 08/13/42			400		396,104
4.60%, 05/13/46	(Call 11/13/45)a		350		368,721
4.72%, 12/15/44			450		484,164
4.88%, 11/13/43			400		436,812
5.70%, 06/15/35			450		545,166
6.40%, 12/15/66	(Call 12/15/31)		545		614,422
6.50%, 12/15/32			450		569,250
10.75%, 08/01/69	(Call 08/01/34)		16		25,902
Principal Financial Group Inc.
4.35%, 05/15/43			450		453,519
4.63%, 09/15/42			5		5,152
6.05%, 10/15/36			166		203,264
Progressive Corp. (The)
3.70%, 01/26/45			100		95,096
4.13%, 04/15/47	(Call 10/15/46)		476		480,051
4.35%, 04/25/44			136		142,125
6.25%, 12/01/32			100		124,973
Prudential Financial Inc.
3.91%, 12/07/47	(Call 06/07/47)b		700		662,186
3.94%, 12/07/49	(Call 06/07/49)b		455		431,850
4.60%, 05/15/44			300		317,967
5.70%, 12/14/36			300		362,745
6.63%, 06/21/40			5		6,679
Sompo International Holdings Ltd.
7.00%, 07/15/34			175		213,743
Transatlantic Holdings Inc.
8.00%, 11/30/39			150		197,874
Travelers Companies Inc. (The)
3.75%, 05/15/46	(Call 11/15/45)		350		336,472
4.00%, 05/30/47	(Call 11/30/46)a		275		275,116
4.05%, 03/07/48			210		208,664
4.30%, 08/25/45	(Call 02/25/45)		175		182,798

Security		Principal (000s)		Value
4.60%, 08/01/43		$	66	$	71,944
5.35%, 11/01/40			200		240,512
6.25%, 06/15/37			500		649,525
6.75%, 06/20/36			50		67,423
Travelers Property Casualty Corp.
6.38%, 03/15/33			110		137,999
Unum Group
5.75%, 08/15/42			250		294,273
Voya Financial Inc.
4.80%, 06/15/46			100		103,430
5.70%, 07/15/43			200		232,318
WR Berkley Corp.
4.75%, 08/01/44			50		51,219
XLIT Ltd.
5.50%, 03/31/45			226		240,638
					23,974,749
INTERNET — 0.87%
Alibaba Group Holding Ltd.
4.00%, 12/06/37	(Call 06/06/37)a		300		286,653
4.20%, 12/06/47	(Call 06/06/47)a		800		762,856
4.50%, 11/28/34	(Call 05/28/34)		600		623,220
Amazon.com Inc.
4.05%, 08/22/47	(Call 02/22/47)b		1,150		1,142,916
4.25%, 08/22/57	(Call 02/22/57)b		1,225		1,224,706
4.80%, 12/05/34	(Call 06/05/34)		860		950,575
4.95%, 12/05/44	(Call 06/05/44)		810		917,916
eBay Inc.
4.00%, 07/15/42	(Call 01/15/42)a		325		289,104
					6,197,946
IRON & STEEL — 0.49%
Nucor Corp.
5.20%, 08/01/43	(Call 02/01/43)a		199		228,538
6.40%, 12/01/37			286		364,784
Vale Overseas Ltd.
6.88%, 11/21/36a			1,000		1,203,280
6.88%, 11/10/39			525		636,337
8.25%, 01/17/34			255		331,321
Vale SA
5.63%, 09/11/42			705		759,736
					3,523,996
LEISURE TIME — 0.02%
Harley-Davidson Inc.
4.63%, 07/28/45	(Call 01/28/45)a		150		154,131
					154,131

70 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
MACHINERY — 0.46%
Caterpillar Inc.
3.80%, 08/15/42a		$	810	$	804,840
4.30%, 05/15/44	(Call 11/15/43)		200		216,366
4.75%, 05/15/64	(Call 11/15/63)a		225		250,731
5.20%, 05/27/41			425		508,177
5.30%, 09/15/35			11		12,979
6.05%, 08/15/36			111		141,807
Cummins Inc.
4.88%, 10/01/43	(Call 04/01/43)		150		167,764
Deere & Co.
3.90%, 06/09/42	(Call 12/09/41)a		600		612,366
5.38%, 10/16/29			200		233,766
7.13%, 03/03/31			111		148,352
Xylem Inc./NY
4.38%, 11/01/46	(Call 05/01/46)		200		201,796
					3,298,944
MANUFACTURING — 1.47%
3M Co.
3.13%, 09/19/46	(Call 03/19/46)		200		175,470
3.63%, 10/15/47	(Call 04/15/47)		355		340,157
3.88%, 06/15/44			150		150,039
5.70%, 03/15/37			150		188,505
Crane Co.
4.20%, 03/15/48	(Call 09/15/47)		45		44,142
Dover Corp.
5.38%, 03/01/41	(Call 12/01/40)		300		348,018
Eaton Corp.
4.00%, 11/02/32			800		793,288
4.15%, 11/02/42			100		98,595
General Electric Co.
4.13%, 10/09/42			650		607,230
4.50%, 03/11/44a			1,000		990,050
5.88%, 01/14/38a			1,200		1,405,368
6.15%, 08/07/37a			600		715,956
6.88%, 01/10/39			700		908,712
Series A
6.75%, 03/15/32			1,100		1,366,002
Illinois Tool Works Inc.
3.90%, 09/01/42	(Call 03/01/42)		450		453,789
4.88%, 09/15/41	(Call 03/15/41)		350		399,245

Security		Principal (000s)		Value
Ingersoll-Rand Global Holding Co. Ltd.
4.30%, 02/21/48	(Call 08/21/47)	$	250	$	250,325
5.75%, 06/15/43			236		284,404
Ingersoll-Rand Luxembourg Finance SA
4.65%, 11/01/44	(Call 05/01/44)		150		157,625
Parker-Hannifin Corp.
4.10%, 03/01/47	(Call 09/01/46)		400		405,712
4.20%, 11/21/34	(Call 05/21/34)		100		103,886
4.45%, 11/21/44	(Call 05/21/44)		200		213,940
Series A
6.25%, 05/15/38			100		128,834
					10,529,292
MEDIA — 4.88%
21st Century Fox America Inc.
4.75%, 09/15/44	(Call 03/15/44)		350		376,274
4.95%, 10/15/45	(Call 04/15/45)		200		222,360
5.40%, 10/01/43			300		351,135
6.15%, 03/01/37			400		498,688
6.15%, 02/15/41			750		946,192
6.20%, 12/15/34			500		619,520
6.40%, 12/15/35			302		381,964
6.55%, 03/15/33			300		378,189
6.65%, 11/15/37			300		392,952
6.90%, 08/15/39			11		14,808
7.75%, 12/01/45			350		533,778
7.85%, 03/01/39			200		292,142
8.15%, 10/17/36			100		146,671
CBS Corp.
4.60%, 01/15/45	(Call 07/15/44)		200		194,460
4.85%, 07/01/42	(Call 01/01/42)		250		249,280
4.90%, 08/15/44	(Call 02/15/44)		175		179,305
5.50%, 05/15/33			350		377,202
5.90%, 10/15/40	(Call 04/15/40)		150		171,873
7.88%, 07/30/30			350		461,093
Charter Communications Operating LLC/Charter Communications Operating Capital
5.38%, 05/01/47	(Call 11/01/46)		700		691,593
6.38%, 10/23/35	(Call 04/23/35)		1,175		1,324,002
6.48%, 10/23/45	(Call 04/23/45)		1,400		1,574,272
6.83%, 10/23/55	(Call 04/23/55)a		250		290,413

SCHEDULEOF INVESTMENTS 71

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
Comcast Corp.
3.20%, 07/15/36	(Call 01/15/36)	$	850	$	744,600
3.40%, 07/15/46	(Call 01/15/46)		400		342,480
3.90%, 03/01/38	(Call 09/01/37)		250		238,828
3.97%, 11/01/47	(Call 05/01/47)		936		874,851
4.00%, 11/01/49	(Call 05/01/49)		860		799,783
4.05%, 11/01/52	(Call 05/01/52)a		350		326,795
4.20%, 08/15/34	(Call 02/15/34)		850		853,247
4.25%, 01/15/33			900		921,186
4.40%, 08/15/35	(Call 02/15/35)		500		508,430
4.50%, 01/15/43			500		507,760
4.60%, 08/15/45	(Call 02/15/45)		885		917,046
4.65%, 07/15/42			660		685,390
4.75%, 03/01/44			600		633,606
5.65%, 06/15/35			111		130,634
6.40%, 05/15/38			47		59,566
6.50%, 11/15/35			475		610,517
7.05%, 03/15/33			161		209,748
Discovery Communications LLC
4.88%, 04/01/43			225		214,250
4.95%, 05/15/42			175		166,385
5.00%, 09/20/37	(Call 03/20/37)		460		459,149
5.20%, 09/20/47	(Call 03/20/47)a		650		645,931
6.35%, 06/01/40			500		563,415
Grupo Televisa SAB
5.00%, 05/13/45	(Call 11/13/44)		450		428,985
6.13%, 01/31/46	(Call 07/31/45)a		400		445,576
6.63%, 01/15/40			300		350,649
NBCUniversal Media LLC
4.45%, 01/15/43			500		504,310
5.95%, 04/01/41			700		851,795
Thomson Reuters Corp.
5.50%, 08/15/35			150		162,810
5.65%, 11/23/43	(Call 05/23/43)		125		144,250
5.85%, 04/15/40a			350		404,579
Time Warner Cable LLC
4.50%, 09/15/42	(Call 03/15/42)		650		574,444
5.50%, 09/01/41	(Call 03/01/41)		300		303,462
5.88%, 11/15/40	(Call 05/15/40)		650		690,189
6.55%, 05/01/37			350		396,676
6.75%, 06/15/39			675		775,271
7.30%, 07/01/38			650		785,343

Security		Principal (000s)		Value
Time Warner Entertainment Co. LP
8.38%, 07/15/33		$	450	$	597,177
Time Warner Inc.
4.65%, 06/01/44	(Call 12/01/43)		300		293,442
4.85%, 07/15/45	(Call 01/15/45)		250		251,595
4.90%, 06/15/42			400		404,380
5.35%, 12/15/43			325		348,075
5.38%, 10/15/41			250		267,630
6.10%, 07/15/40			350		405,146
6.25%, 03/29/41			200		237,918
Viacom Inc.
4.38%, 03/15/43			350		314,814
5.25%, 04/01/44	(Call 10/01/43)		200		203,186
5.85%, 09/01/43	(Call 03/01/43)		450		492,777
6.88%, 04/30/36			500		594,270
Walt Disney Co. (The)
3.00%, 07/30/46			125		106,318
3.70%, 12/01/42			325		315,503
4.13%, 06/01/44a			300		311,034
4.38%, 08/16/41			250		266,175
7.00%, 03/01/32			200		268,458
Series E
4.13%, 12/01/41			300		309,597
					34,887,597
METAL FABRICATE & HARDWARE — 0.02%
Precision Castparts Corp.
3.90%, 01/15/43	(Call 07/15/42)		166		163,017
4.38%, 06/15/45	(Call 12/15/44)		11		11,654
					174,671
MINING — 1.25%
Barrick Gold Corp.
5.25%, 04/01/42			300		333,492
Barrick North America Finance LLC
5.70%, 05/30/41			450		524,263
5.75%, 05/01/43			355		420,753
Barrick PD Australia Finance Pty Ltd.
5.95%, 10/15/39			400		469,712
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42			600		615,828
5.00%, 09/30/43			875		1,008,000
Goldcorp Inc.
5.45%, 06/09/44	(Call 12/09/43)		161		180,159

72 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
Newmont Mining Corp.
4.88%, 03/15/42	(Call 09/15/41)a	$	365	$	386,053
5.88%, 04/01/35a			125		145,314
6.25%, 10/01/39			400		489,376
Rio Tinto Alcan Inc.
5.75%, 06/01/35			11		13,294
6.13%, 12/15/33			11		13,630
7.25%, 03/15/31			275		351,838
Rio Tinto Finance USA Ltd.
5.20%, 11/02/40			600		701,328
7.13%, 07/15/28			200		256,968
Rio Tinto Finance USA PLC
4.13%, 08/21/42	(Call 02/21/42)		338		344,980
4.75%, 03/22/42	(Call 09/22/41)a		330		364,944
Southern Copper Corp.
5.25%, 11/08/42			600		638,394
5.88%, 04/23/45			450		516,919
6.75%, 04/16/40			500		625,850
7.50%, 07/27/35			300		391,959
Vale Canada Ltd.
7.20%, 09/15/32			100		113,705
					8,906,759
OFFICE & BUSINESS EQUIPMENT — 0.02%
Xerox Corp.
6.75%, 12/15/39a			150		160,761
					160,761
OIL & GAS — 6.95%
Anadarko Finance Co.
7.50%, 05/01/31			425		535,819
Anadarko Petroleum Corp.
4.50%, 07/15/44	(Call 01/15/44)		325		311,961
6.20%, 03/15/40			500		588,570
6.45%, 09/15/36			550		659,576
6.60%, 03/15/46	(Call 09/15/45)a		545		680,394
Apache Corp.
4.25%, 01/15/44	(Call 07/15/43)		340		313,888
4.75%, 04/15/43	(Call 10/15/42)		750		740,497
5.10%, 09/01/40	(Call 03/01/40)		450		462,852
6.00%, 01/15/37			600		680,142
BP Capital Markets PLC
3.72%, 11/28/28	(Call 08/28/28)a		350		351,715

Security		Principal (000s)		Value
Burlington Resources Finance Co.
7.20%, 08/15/31		$	300	$	388,989
7.40%, 12/01/31			300		393,615
Canadian Natural Resources Ltd.
4.95%, 06/01/47	(Call 12/01/46)		500		521,585
5.85%, 02/01/35			150		170,300
6.25%, 03/15/38			450		543,344
6.45%, 06/30/33			200		239,884
7.20%, 01/15/32			300		376,677
Cenovus Energy Inc.
5.25%, 06/15/37	(Call 12/15/36)		650		650,682
5.40%, 06/15/47	(Call 12/15/46)		725		727,661
6.75%, 11/15/39			250		286,505
CNOOC Nexen Finance 2014 ULC
4.88%, 04/30/44a			600		645,258
Concho Resources Inc.
4.88%, 10/01/47	(Call 04/01/47)		250		259,160
Conoco Funding Co.
7.25%, 10/15/31			300		397,827
ConocoPhillips
5.90%, 10/15/32			13		15,529
6.50%, 02/01/39			750		979,980
ConocoPhillips Canada Funding Co. I
5.95%, 10/15/36			350		429,086
ConocoPhillips Co.
4.15%, 11/15/34	(Call 05/15/34)		350		353,297
4.30%, 11/15/44	(Call 05/15/44)		600		617,400
5.95%, 03/15/46	(Call 09/15/45)a		175		220,794
ConocoPhillips Holding Co.
6.95%, 04/15/29			850		1,084,141
Devon Energy Corp.
4.75%, 05/15/42	(Call 11/15/41)a		750		755,497
5.00%, 06/15/45	(Call 12/15/44)		450		470,277
5.60%, 07/15/41	(Call 01/15/41)		425		475,069
7.95%, 04/15/32			80		107,434
Devon Financing Co. LLC
7.88%, 09/30/31			50		66,331
Ecopetrol SA
5.88%, 05/28/45			550		551,881
7.38%, 09/18/43			450		536,202
Encana Corp.
6.50%, 08/15/34			500		596,215
6.50%, 02/01/38			550		663,063

SCHEDULEOF INVESTMENTS 73

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
EOG Resources Inc.
3.90%, 04/01/35	(Call 10/01/34)	$	300	$	296,520
Exxon Mobil Corp.
3.57%, 03/06/45	(Call 09/06/44)		250		237,333
4.11%, 03/01/46	(Call 09/01/45)a		1,175		1,224,984
Hess Corp.
5.60%, 02/15/41			500		514,170
5.80%, 04/01/47	(Call 10/01/46)a		350		369,450
6.00%, 01/15/40			200		211,608
7.13%, 03/15/33			225		271,517
7.30%, 08/15/31			500		608,085
Kerr-McGee Corp.
7.88%, 09/15/31			14		18,165
Marathon Oil Corp.
5.20%, 06/01/45	(Call 12/01/44)		200		210,024
6.60%, 10/01/37			475		572,370
6.80%, 03/15/32			26		31,014
Marathon Petroleum Corp.
4.75%, 09/15/44	(Call 03/15/44)		400		392,924
5.00%, 09/15/54	(Call 03/15/54)		200		195,222
6.50%, 03/01/41	(Call 09/01/40)a		400		486,076
Nexen Energy ULC
6.40%, 05/15/37			600		744,198
7.50%, 07/30/39			400		562,192
7.88%, 03/15/32			160		219,029
Noble Energy Inc.
5.05%, 11/15/44	(Call 05/15/44)		300		310,935
5.25%, 11/15/43	(Call 05/15/43)		500		532,240
6.00%, 03/01/41	(Call 09/01/40)		500		576,460
Occidental Petroleum Corp.
4.10%, 02/15/47	(Call 08/15/46)a		400		396,468
4.40%, 04/15/46	(Call 10/15/45)		365		379,199
4.63%, 06/15/45	(Call 12/15/44)		450		476,591
Petroleos Mexicanos
5.50%, 06/27/44			1,150		1,031,734
5.63%, 01/23/46			1,250		1,121,650
6.38%, 01/23/45			1,300		1,264,679
6.50%, 06/02/41			1,300		1,287,013
6.63%, 06/15/35			1,400		1,450,722
6.63%, 06/15/38			300		304,545
6.75%, 09/21/47			1,450		1,473,765
6.75%, 09/21/47b			300		305,373

Security		Principal (000s)		Value
Phillips 66
4.65%, 11/15/34	(Call 05/15/34)	$	550	$	576,345
4.88%, 11/15/44	(Call 05/15/44)		860		904,582
5.88%, 05/01/42			240		285,562
Shell International Finance BV
3.75%, 09/12/46			670		638,255
4.00%, 05/10/46			1,225		1,209,957
4.13%, 05/11/35			565		582,628
4.38%, 05/11/45			1,100		1,156,661
4.55%, 08/12/43			800		858,608
5.50%, 03/25/40			300		361,506
6.38%, 12/15/38			650		859,222
Statoil ASA
3.95%, 05/15/43			500		495,055
4.25%, 11/23/41			100		103,331
4.80%, 11/08/43a			300		337,557
5.10%, 08/17/40			230		265,903
Suncor Energy Inc.
4.00%, 11/15/47	(Call 05/15/47)		85		81,971
5.35%, 07/15/33			125		141,070
5.95%, 12/01/34			150		182,091
5.95%, 05/15/35			11		13,345
6.50%, 06/15/38			400		515,980
6.80%, 05/15/38			750		994,170
6.85%, 06/01/39			575		772,737
Tosco Corp.
8.13%, 02/15/30			61		83,884
Valero Energy Corp.
4.90%, 03/15/45			350		371,679
6.63%, 06/15/37			575		716,157
7.50%, 04/15/32			200		261,538
					49,695,146
OIL & GAS SERVICES — 0.60%
Baker Hughes a GE Co. LLC
5.13%, 09/15/40a			515		568,004
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc.
4.08%, 12/15/47	(Call 06/15/47)		355		333,395
Halliburton Co.
4.50%, 11/15/41	(Call 05/15/41)		350		351,869
4.75%, 08/01/43	(Call 02/01/43)		500		519,715
4.85%, 11/15/35	(Call 05/15/35)		775		830,164
5.00%, 11/15/45	(Call 05/15/45)		675		729,061

74 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
6.70%, 09/15/38a		$	21	$	27,169
7.45%, 09/15/39			375		515,377
National Oilwell Varco Inc.
3.95%, 12/01/42	(Call 06/01/42)		500		434,345
					4,309,099
PACKAGING & CONTAINERS — 0.08%
Sonoco Products Co.
5.75%, 11/01/40	(Call 05/01/40)		128		145,395
WestRock MWV LLC
7.95%, 02/15/31			11		14,858
8.20%, 01/15/30			300		406,497
					566,750
PHARMACEUTICALS — 4.56%
AbbVie Inc.
4.30%, 05/14/36	(Call 11/14/35)		850		851,479
4.40%, 11/06/42			950		942,105
4.45%, 05/14/46	(Call 11/14/45)		800		798,208
4.50%, 05/14/35	(Call 11/14/34)		800		823,416
4.70%, 05/14/45	(Call 11/14/44)		1,000		1,032,990
Allergan Funding SCS
4.55%, 03/15/35	(Call 09/15/34)		1,450		1,446,215
4.75%, 03/15/45	(Call 09/15/44)		445		442,121
4.85%, 06/15/44	(Call 12/15/43)		450		455,967
AmerisourceBergen Corp.
4.25%, 03/01/45	(Call 09/01/44)		250		233,533
4.30%, 12/15/47	(Call 06/15/47)		250		234,460
AstraZeneca PLC
4.00%, 09/18/42			425		405,323
4.38%, 11/16/45			775		784,253
6.45%, 09/15/37			700		895,986
Bristol-Myers Squibb Co.
3.25%, 08/01/42a			49		44,037
4.50%, 03/01/44	(Call 09/01/43)		330		357,248
Cardinal Health Inc.
4.37%, 06/15/47	(Call 12/15/46)a		250		235,453
4.50%, 11/15/44	(Call 05/15/44)		200		191,612
4.60%, 03/15/43			400		392,420
CVS Health Corp.
4.88%, 07/20/35	(Call 01/20/35)		600		621,696
5.13%, 07/20/45	(Call 01/20/45)		1,550		1,619,672
5.30%, 12/05/43	(Call 06/05/43)		173		185,589

Security		Principal (000s)		Value
Eli Lilly & Co.
3.70%, 03/01/45	(Call 09/01/44)	$	475	$	458,541
3.95%, 05/15/47	(Call 11/15/46)		305		307,681
5.55%, 03/15/37			166		202,771
Express Scripts Holding Co.
4.80%, 07/15/46	(Call 01/15/46)a		350		350,532
6.13%, 11/15/41a			350		406,613
GlaxoSmithKline Capital Inc.
4.20%, 03/18/43			305		317,136
5.38%, 04/15/34			200		232,914
6.38%, 05/15/38			1,150		1,526,636
Johnson & Johnson
3.50%, 01/15/48	(Call 07/15/47)		650		612,553
3.55%, 03/01/36	(Call 09/01/35)		800		787,552
3.70%, 03/01/46	(Call 09/01/45)		825		806,611
3.75%, 03/03/47	(Call 09/03/46)		450		443,165
4.38%, 12/05/33	(Call 06/05/33)		550		596,959
4.50%, 09/01/40			450		500,004
4.50%, 12/05/43	(Call 06/05/43)a		300		331,167
4.85%, 05/15/41			11		12,620
4.95%, 05/15/33			261		302,358
5.85%, 07/15/38			213		274,727
5.95%, 08/15/37			200		259,784
Mead Johnson Nutrition Co.
4.60%, 06/01/44	(Call 12/01/43)		153		155,219
5.90%, 11/01/39			250		296,103
Merck & Co. Inc.
3.60%, 09/15/42	(Call 03/15/42)		11		10,513
3.70%, 02/10/45	(Call 08/10/44)		1,100		1,069,123
4.15%, 05/18/43			900		935,109
Mylan Inc.
5.40%, 11/29/43	(Call 05/29/43)		300		311,181
Mylan NV
5.25%, 06/15/46	(Call 12/15/45)a		410		414,084
Novartis Capital Corp.
3.70%, 09/21/42			125		120,701
4.00%, 11/20/45	(Call 05/20/45)a		850		866,507
4.40%, 05/06/44			600		650,130
Perrigo Finance Unlimited Co.
4.90%, 12/15/44	(Call 06/15/44)		162		159,576
Pfizer Inc.
4.00%, 12/15/36			260		267,722
4.13%, 12/15/46a			530		545,704

SCHEDULEOF INVESTMENTS 75

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
4.30%, 06/15/43		$	300	$	314,364
4.40%, 05/15/44			550		586,482
5.60%, 09/15/40a			100		121,199
7.20%, 03/15/39			1,015		1,473,658
Pharmacia LLC
6.60%, 12/01/28			500		631,570
Wyeth LLC
5.95%, 04/01/37			925		1,176,452
6.00%, 02/15/36			21		26,392
6.50%, 02/01/34			43		55,921
Zoetis Inc.
3.95%, 09/12/47	(Call 03/12/47)		170		161,201
4.70%, 02/01/43	(Call 08/01/42)		490		519,856
					32,592,874
PIPELINES — 4.11%
Buckeye Partners LP
5.60%, 10/15/44	(Call 04/15/44)		100		101,370
5.85%, 11/15/43	(Call 05/15/43)		200		210,666
Columbia Pipeline Group Inc.
5.80%, 06/01/45	(Call 12/01/44)		175		203,007
Enable Midstream Partners LP
5.00%, 05/15/44	(Call 11/15/43)		125		118,739
Enbridge Energy Partners LP
5.50%, 09/15/40	(Call 03/15/40)		200		212,028
Series B
7.50%, 04/15/38			300		381,384
Enbridge Inc.
4.50%, 06/10/44	(Call 12/10/43)		200		195,242
5.50%, 12/01/46	(Call 05/29/46)a		250		281,750
Energy Transfer LP
4.90%, 03/15/35	(Call 09/15/34)		170		162,804
5.15%, 02/01/43	(Call 08/01/42)		200		188,854
5.15%, 03/15/45	(Call 09/15/44)		400		375,732
5.30%, 04/15/47	(Call 10/15/46)		600		581,106
6.05%, 06/01/41	(Call 12/01/40)		50		52,606
6.13%, 12/15/45	(Call 06/15/45)		410		437,085
6.50%, 02/01/42	(Call 08/01/41)		600		662,472
6.63%, 10/15/36			135		151,523
7.50%, 07/01/38			375		455,636
EnLink Midstream Partners LP
5.05%, 04/01/45	(Call 10/01/44)		150		142,077
5.45%, 06/01/47	(Call 12/01/46)		300		300,327
5.60%, 04/01/44	(Call 10/01/43)		100		100,614

Security		Principal (000s)		Value
Enterprise Products Operating LLC
4.25%, 02/15/48	(Call 08/15/47)	$	250	$	239,970
4.45%, 02/15/43	(Call 08/15/42)		525		519,613
4.85%, 08/15/42	(Call 02/15/42)		325		339,092
4.85%, 03/15/44	(Call 09/15/43)		550		575,564
4.90%, 05/15/46	(Call 11/15/45)		600		633,480
4.95%, 10/15/54	(Call 04/15/54)		200		207,986
5.10%, 02/15/45	(Call 08/15/44)		550		595,270
5.70%, 02/15/42			200		232,812
5.95%, 02/01/41			250		294,598
6.13%, 10/15/39			145		174,902
7.55%, 04/15/38			150		201,426
Series D
6.88%, 03/01/33			200		251,776
Series H
6.65%, 10/15/34			111		138,232
Kinder Morgan Energy Partners LP
4.70%, 11/01/42	(Call 05/01/42)		250		235,260
5.00%, 08/15/42	(Call 02/15/42)		250		244,515
5.00%, 03/01/43	(Call 09/01/42)		100		97,813
5.40%, 09/01/44	(Call 03/01/44)		210		213,908
5.50%, 03/01/44	(Call 09/01/43)		400		412,864
5.80%, 03/15/35			650		707,525
6.38%, 03/01/41			230		261,526
6.55%, 09/15/40			100		115,285
6.95%, 01/15/38			800		973,832
7.30%, 08/15/33			36		43,949
7.40%, 03/15/31			118		142,347
7.50%, 11/15/40			300		378,888
7.75%, 03/15/32			100		124,176
Kinder Morgan Inc./DE
5.05%, 02/15/46	(Call 08/15/45)		405		398,508
5.20%, 03/01/48	(Call 09/01/47)		250		251,298
5.30%, 12/01/34	(Call 06/01/34)		275		282,136
5.55%, 06/01/45	(Call 12/01/44)		850		892,661
7.75%, 01/15/32			325		413,816
Magellan Midstream Partners LP
4.20%, 10/03/47	(Call 04/03/47)		130		125,184
4.25%, 09/15/46	(Call 03/15/46)a		250		242,390
5.15%, 10/15/43	(Call 04/15/43)		250		272,860
MPLX LP
4.50%, 04/15/38	(Call 10/15/37)		750		730,432
4.70%, 04/15/48	(Call 10/15/47)		750		726,607
5.20%, 03/01/47	(Call 09/01/46)a		350		364,196

76 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
ONEOK Inc.
4.95%, 07/13/47	(Call 01/06/47)	$	350	$	354,574
ONEOK Partners LP
6.13%, 02/01/41	(Call 08/01/40)		225		259,605
6.20%, 09/15/43	(Call 03/15/43)		25		29,384
6.65%, 10/01/36			400		480,952
6.85%, 10/15/37			300		368,655
Phillips 66 Partners LP
4.90%, 10/01/46	(Call 04/01/46)a		450		453,541
Plains All American Pipeline LP/PAA Finance Corp.
4.70%, 06/15/44	(Call 12/15/43)		250		226,938
4.90%, 02/15/45	(Call 08/15/44)		200		187,452
5.15%, 06/01/42	(Call 12/01/41)		350		335,598
6.65%, 01/15/37			275		313,987
Sabine Pass Liquefaction LLC
4.20%, 03/15/28	(Call 09/15/27)		400		392,344
Spectra Energy Partners LP
4.50%, 03/15/45	(Call 09/15/44)		300		293,598
5.95%, 09/25/43	(Call 03/25/43)		150		175,908
Sunoco Logistics Partners Operations LP
4.95%, 01/15/43	(Call 07/15/42)		250		231,463
5.30%, 04/01/44	(Call 10/01/43)		250		242,365
5.40%, 10/01/47	(Call 04/01/47)		500		489,585
6.10%, 02/15/42			175		186,037
Tennessee Gas Pipeline Co. LLC
7.00%, 10/15/28			275		327,852
Texas Eastern Transmission LP
7.00%, 07/15/32			200		249,324
TransCanada PipeLines Ltd.
4.63%, 03/01/34	(Call 12/01/33)a		700		742,161
5.00%, 10/16/43	(Call 04/16/43)a		310		343,734
5.60%, 03/31/34			300		344,472
5.85%, 03/15/36			100		120,152
6.10%, 06/01/40			174		216,637
6.20%, 10/15/37			300		373,728
7.25%, 08/15/38			300		410,901
7.63%, 01/15/39a			450		639,418
Transcontinental Gas Pipe Line Co. LLC
4.45%, 08/01/42	(Call 02/01/42)		350		345,695
5.40%, 08/15/41	(Call 02/15/41)		26		29,265

Security		Principal (000s)		Value
Western Gas Partners LP
5.45%, 04/01/44	(Call 10/01/43)	$	300	$	306,933
Williams Partners LP
4.90%, 01/15/45	(Call 07/15/44)		225		226,350
5.10%, 09/15/45	(Call 03/15/45)		550		568,645
5.40%, 03/04/44	(Call 09/04/43)		275		293,747
5.80%, 11/15/43	(Call 05/15/43)		50		56,746
6.30%, 04/15/40			335		396,087
					29,385,552
REAL ESTATE INVESTMENT TRUSTS — 0.59%
AvalonBay Communities Inc.
3.90%, 10/15/46	(Call 04/15/46)		200		190,040
4.15%, 07/01/47	(Call 01/01/47)a		150		148,765
ERP Operating LP
4.50%, 07/01/44	(Call 01/01/44)		100		104,257
4.50%, 06/01/45	(Call 12/01/44)		325		339,066
Essex Portfolio LP
4.50%, 03/15/48			150		150,801
Federal Realty Investment Trust
4.50%, 12/01/44	(Call 06/01/44)		267		275,755
HCP Inc.
6.75%, 02/01/41	(Call 08/01/40)		155		197,053
Kilroy Realty LP
4.25%, 08/15/29	(Call 05/15/29)		14		13,900
Kimco Realty Corp.
4.25%, 04/01/45	(Call 10/01/44)		300		283,293
4.45%, 09/01/47	(Call 03/01/47)		250		240,302
Realty Income Corp.
4.65%, 03/15/47	(Call 09/15/46)		250		260,655
Regency Centers LP
4.40%, 02/01/47	(Call 08/01/46)		200		195,404
Simon Property Group LP
4.25%, 10/01/44	(Call 04/01/44)a		14		13,955
4.25%, 11/30/46	(Call 05/30/46)		80		79,790
4.75%, 03/15/42	(Call 09/15/41)a		235		250,531
6.75%, 02/01/40	(Call 11/01/39)		385		512,701
Ventas Realty LP
4.38%, 02/01/45	(Call 08/01/44)		147		142,611
5.70%, 09/30/43	(Call 03/30/43)		11		12,819
Welltower Inc.
6.50%, 03/15/41	(Call 09/15/40)		200		251,736
Weyerhaeuser Co.
7.38%, 03/15/32			400		525,996
					4,189,430

SCHEDULEOF INVESTMENTS 77

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
RETAIL — 2.54%
Bed Bath & Beyond Inc.
4.92%, 08/01/34	(Call 02/01/34)	$	200	$	174,366
5.17%, 08/01/44	(Call 02/01/44)a		289		243,445
Darden Restaurants Inc.
4.55%, 02/15/48	(Call 08/15/47)		75		73,959
Home Depot Inc. (The)
3.50%, 09/15/56	(Call 03/15/56)		550		486,277
4.20%, 04/01/43	(Call 10/01/42)		171		176,202
4.25%, 04/01/46	(Call 10/01/45)		600		620,730
4.40%, 03/15/45	(Call 09/15/44)		700		740,131
4.88%, 02/15/44	(Call 08/15/43)		600		675,252
5.40%, 09/15/40	(Call 03/15/40)		21		25,135
5.88%, 12/16/36			900		1,148,499
5.95%, 04/01/41	(Call 10/01/40)		700		896,266
Kohl’s Corp.
5.55%, 07/17/45	(Call 01/17/45)		100		98,165
Lowe’s Companies Inc.
3.70%, 04/15/46	(Call 10/15/45)		300		277,584
4.05%, 05/03/47	(Call 11/03/46)		700		685,804
4.25%, 09/15/44	(Call 03/15/44)		300		302,994
4.38%, 09/15/45	(Call 03/15/45)a		450		463,698
4.65%, 04/15/42	(Call 10/15/41)		300		322,260
Macy’s Retail Holdings Inc.
4.50%, 12/15/34	(Call 06/15/34)		125		109,048
6.90%, 04/01/29			150		158,774
McDonald’s Corp.
3.63%, 05/01/43			11		9,970
3.70%, 02/15/42			250		229,828
4.45%, 03/01/47	(Call 09/01/46)a		75		76,817
4.60%, 05/26/45	(Call 11/26/44)		250		261,255
4.70%, 12/09/35	(Call 06/09/35)		900		963,171
4.88%, 07/15/40			6		6,526
4.88%, 12/09/45	(Call 06/09/45)		650		707,297
5.70%, 02/01/39			275		330,132
6.30%, 10/15/37			300		382,377
6.30%, 03/01/38			225		287,735
Nordstrom Inc.
5.00%, 01/15/44	(Call 07/15/43)		150		144,777
6.95%, 03/15/28			175		184,004
QVC Inc.
5.45%, 08/15/34	(Call 02/15/34)a		175		166,999

Security		Principal (000s)		Value
Starbucks Corp.
3.75%, 12/01/47	(Call 06/01/47)a	$	100	$	94,776
4.30%, 06/15/45	(Call 12/15/44)		100		103,947
Target Corp.
3.63%, 04/15/46			500		457,045
3.90%, 11/15/47	(Call 05/15/47)		600		574,080
4.00%, 07/01/42a			700		686,602
Walgreen Co.
4.40%, 09/15/42a			125		117,799
Walgreens Boots Alliance Inc.
4.50%, 11/18/34	(Call 05/18/34)		150		148,125
4.65%, 06/01/46	(Call 12/01/45)a		350		341,218
4.80%, 11/18/44	(Call 05/18/44)		450		448,834
Walmart Inc.
3.63%, 12/15/47	(Call 06/15/47)		1,000		970,890
4.00%, 04/11/43	(Call 10/11/42)		650		669,656
4.30%, 04/22/44	(Call 10/22/43)a		750		806,835
5.63%, 04/15/41			1,000		1,281,620
					18,130,904
SEMICONDUCTORS — 0.75%
Analog Devices Inc.
5.30%, 12/15/45	(Call 06/15/45)		200		228,952
Applied Materials Inc.
4.35%, 04/01/47	(Call 10/01/46)a		195		203,295
5.10%, 10/01/35	(Call 04/01/35)		350		404,009
5.85%, 06/15/41			400		501,416
Intel Corp.
3.73%, 12/08/47	(Call 06/08/47)b		1,725		1,654,292
4.00%, 12/15/32			300		313,008
4.10%, 05/19/46	(Call 11/19/45)		750		765,998
QUALCOMM Inc.
4.30%, 05/20/47	(Call 11/20/46)		350		325,759
4.65%, 05/20/35	(Call 11/20/34)		500		506,145
4.80%, 05/20/45	(Call 11/20/44)		450		451,413
					5,354,287
SOFTWARE — 3.08%
Fidelity National Information Services Inc.
4.50%, 08/15/46	(Call 02/15/46)		250		246,175
Microsoft Corp.
3.45%, 08/08/36	(Call 02/08/36)		1,250		1,212,425
3.50%, 02/12/35	(Call 08/12/34)		975		956,260
3.50%, 11/15/42			500		476,040

78 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
3.70%, 08/08/46	(Call 02/08/46)	$	1,500	$	1,458,870
3.75%, 05/01/43	(Call 11/01/42)		400		394,956
3.75%, 02/12/45	(Call 08/12/44)		450		442,220
3.95%, 08/08/56	(Call 02/08/56)		650		648,473
4.00%, 02/12/55	(Call 08/12/54)		825		824,720
4.10%, 02/06/37	(Call 08/06/36)		455		478,451
4.20%, 11/03/35	(Call 05/03/35)		400		426,372
4.45%, 11/03/45	(Call 05/03/45)		1,000		1,096,830
4.50%, 10/01/40			415		455,753
4.50%, 02/06/57	(Call 08/06/56)		1,000		1,094,680
4.75%, 11/03/55	(Call 05/03/55)		600		683,700
4.88%, 12/15/43	(Call 06/15/43)		300		345,465
5.20%, 06/01/39			322		383,711
5.30%, 02/08/41			750		910,605
Series 30Y
4.25%, 02/06/47	(Call 08/06/46)		760		810,798
Oracle Corp.
3.25%, 05/15/30	(Call 02/15/30)a		300		287,529
3.80%, 11/15/37	(Call 05/15/37)		250		247,000
3.85%, 07/15/36	(Call 01/15/36)a		750		749,093
3.90%, 05/15/35	(Call 11/15/34)		900		904,113
4.00%, 07/15/46	(Call 01/15/46)a		1,000		986,280
4.00%, 11/15/47	(Call 05/15/47)		900		890,460
4.13%, 05/15/45	(Call 11/15/44)		950		956,697
4.30%, 07/08/34	(Call 01/08/34)		925		974,543
4.38%, 05/15/55	(Call 11/15/54)		379		393,743
4.50%, 07/08/44	(Call 01/08/44)a		550		586,086
5.38%, 07/15/40			875		1,057,446
6.13%, 07/08/39			400		523,176
6.50%, 04/15/38			65		88,031
					21,990,701
TELECOMMUNICATIONS — 7.58%
America Movil SAB de CV
4.38%, 07/16/42a			643		647,417
6.13%, 11/15/37			125		149,380
6.13%, 03/30/40			900		1,084,266
6.38%, 03/01/35			265		320,907
AT&T Inc.
4.30%, 12/15/42	(Call 06/15/42)		800		728,552
4.35%, 06/15/45	(Call 12/15/44)		800		717,000
4.50%, 05/15/35	(Call 11/15/34)		1,100		1,062,105
4.50%, 03/09/48	(Call 09/09/47)		1,250		1,138,813
4.55%, 03/09/49	(Call 09/09/48)a		1,300		1,188,395

Security		Principal (000s)		Value
4.75%, 05/15/46	(Call 11/15/45)	$	1,800	$	1,700,514
4.80%, 06/15/44	(Call 12/15/43)		1,200		1,148,220
4.90%, 08/14/37	(Call 02/14/37)		2,150		2,154,579
5.15%, 03/15/42			666		673,046
5.15%, 11/15/46	(Call 05/15/46)b		1,250		1,250,462
5.15%, 02/14/50	(Call 08/14/49)		1,500		1,495,515
5.25%, 03/01/37	(Call 09/01/36)		750		777,083
5.30%, 08/14/58	(Call 02/14/58)		1,000		998,180
5.35%, 09/01/40			650		669,682
5.45%, 03/01/47	(Call 09/01/46)		1,200		1,250,712
5.65%, 02/15/47	(Call 08/15/46)		950		1,013,565
5.70%, 03/01/57	(Call 09/01/56)		600		640,116
6.00%, 08/15/40	(Call 05/15/40)		359		398,551
6.35%, 03/15/40			325		377,224
6.38%, 03/01/41			500		583,430
British Telecommunications PLC
9.13%, 12/15/30			1,000		1,451,040
Cisco Systems Inc.
5.50%, 01/15/40			750		934,530
5.90%, 02/15/39			800		1,039,904
Deutsche Telekom International Finance BV
8.75%, 06/15/30			1,500		2,144,055
9.25%, 06/01/32			219		337,262
Juniper Networks Inc.
5.95%, 03/15/41a			200		207,876
Koninklijke KPN NV
8.38%, 10/01/30			450		597,672
Motorola Solutions Inc.
5.50%, 09/01/44			200		199,006
Orange SA
5.38%, 01/13/42			400		462,064
5.50%, 02/06/44	(Call 08/06/43)		425		494,789
9.00%, 03/01/31			900		1,323,954
Rogers Communications Inc.
4.30%, 02/15/48	(Call 08/15/47)		400		395,752
4.50%, 03/15/43	(Call 09/15/42)		150		152,102
5.00%, 03/15/44	(Call 09/15/43)		425		465,426
5.45%, 10/01/43	(Call 04/01/43)		21		24,279
7.50%, 08/15/38			200		272,632
Telefonica Emisiones SAU
4.67%, 03/06/38			210		210,076
5.21%, 03/08/47a			1,200		1,258,092
7.05%, 06/20/36			600		763,674

SCHEDULEOF INVESTMENTS 79

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
Telefonica Europe BV
8.25%, 09/15/30		$	250	$	341,688
Verizon Communications Inc.
3.85%, 11/01/42	(Call 05/01/42)		801		697,206
4.13%, 08/15/46			495		442,010
4.27%, 01/15/36			1,250		1,199,363
4.40%, 11/01/34	(Call 05/01/34)		1,450		1,422,218
4.50%, 08/10/33			250		251,363
4.52%, 09/15/48a			2,000		1,890,080
4.67%, 03/15/55			2,000		1,868,300
4.75%, 11/01/41			515		514,238
4.81%, 03/15/39			1,100		1,107,667
4.86%, 08/21/46			1,875		1,867,537
5.01%, 04/15/49			1,850		1,876,288
5.01%, 08/21/54			2,150		2,117,083
5.50%, 03/16/47			780		853,546
6.55%, 09/15/43			700		876,519
Vodafone Group PLC
4.38%, 02/19/43			950		910,689
6.15%, 02/27/37			250		299,450
6.25%, 11/30/32			325		381,924
7.88%, 02/15/30			250		328,055
					54,147,123
TOYS, GAMES & HOBBIES — 0.05%
Hasbro Inc.
5.10%, 05/15/44	(Call 11/15/43)		151		149,002
6.35%, 03/15/40			200		231,106
					380,108
TRANSPORTATION — 2.89%
Burlington Northern Santa Fe LLC
3.90%, 08/01/46	(Call 02/01/46)		390		381,958
4.05%, 06/15/48	(Call 12/15/47)		250		250,050
4.15%, 04/01/45	(Call 10/01/44)		625		632,787
4.38%, 09/01/42	(Call 03/01/42)		250		261,827
4.40%, 03/15/42	(Call 09/15/41)		500		523,570
4.45%, 03/15/43	(Call 09/15/42)		11		11,639
4.55%, 09/01/44	(Call 03/01/44)		500		534,405
4.70%, 09/01/45	(Call 03/01/45)		275		301,183
4.90%, 04/01/44	(Call 10/01/43)		200		225,032
4.95%, 09/15/41	(Call 03/15/41)		114		127,766
5.05%, 03/01/41	(Call 09/01/40)		56		63,511
5.15%, 09/01/43	(Call 03/01/43)a		173		199,377
5.40%, 06/01/41	(Call 12/01/40)		375		442,455

Security		Principal (000s)		Value
5.75%, 05/01/40	(Call 11/01/39)	$	300	$	367,878
6.15%, 05/01/37			245		311,179
6.20%, 08/15/36			300		382,506
Canadian National Railway Co.
3.20%, 08/02/46	(Call 02/02/46)		250		223,330
3.65%, 02/03/48	(Call 08/03/47)		100		95,824
6.20%, 06/01/36			50		64,469
6.25%, 08/01/34			111		143,651
6.38%, 11/15/37			175		233,571
6.90%, 07/15/28a			300		382,176
Canadian Pacific Railway Co.
4.80%, 09/15/35	(Call 03/15/35)		197		217,303
4.80%, 08/01/45	(Call 02/01/45)a		100		111,388
5.95%, 05/15/37			16		19,906
6.13%, 09/15/15	(Call 03/15/15)		200		245,402
7.13%, 10/15/31			650		845,975
CSX Corp.
3.80%, 11/01/46	(Call 05/01/46)		250		228,367
3.95%, 05/01/50	(Call 11/01/49)		250		229,330
4.10%, 03/15/44	(Call 09/15/43)		275		263,868
4.25%, 11/01/66	(Call 05/01/66)		300		273,813
4.30%, 03/01/48	(Call 09/01/47)		250		246,957
4.40%, 03/01/43	(Call 09/01/42)		200		200,882
4.50%, 08/01/54	(Call 02/01/54)		400		391,852
4.75%, 05/30/42	(Call 11/30/41)		250		262,490
5.50%, 04/15/41	(Call 10/15/40)		70		80,371
6.00%, 10/01/36			450		547,785
6.15%, 05/01/37			105		129,876
6.22%, 04/30/40			105		131,207
FedEx Corp.
3.88%, 08/01/42			500		468,000
3.90%, 02/01/35			300		289,086
4.05%, 02/15/48	(Call 08/15/47)		500		470,985
4.10%, 04/15/43			152		145,149
4.10%, 02/01/45			350		332,864
4.55%, 04/01/46	(Call 10/01/45)		500		508,680
4.75%, 11/15/45	(Call 05/15/45)		450		469,372
4.90%, 01/15/34			200		214,902
5.10%, 01/15/44			301		329,526
Kansas City Southern
4.30%, 05/15/43	(Call 11/15/42)		100		98,438
4.95%, 08/15/45	(Call 02/15/45)a		200		214,742

80 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
Norfolk Southern Corp.
3.94%, 11/01/47	(Call 05/01/47)b	$	200	$	193,182
3.95%, 10/01/42	(Call 04/01/42)		40		38,697
4.05%, 08/15/52	(Call 02/15/52)b		250		238,837
4.15%, 02/28/48	(Call 08/28/47)		500		494,190
4.45%, 06/15/45	(Call 12/15/44)		175		181,365
4.65%, 01/15/46	(Call 07/15/45)		50		53,391
4.84%, 10/01/41			400		438,460
Union Pacific Corp.
3.35%, 08/15/46	(Call 02/15/46)		150		135,240
3.38%, 02/01/35	(Call 08/01/34)		200		189,826
3.60%, 09/15/37	(Call 03/15/37)		445		429,946
3.88%, 02/01/55	(Call 08/01/54)		400		377,796
4.00%, 04/15/47	(Call 10/15/46)a		350		352,051
4.05%, 11/15/45	(Call 05/15/45)		225		227,646
4.05%, 03/01/46	(Call 09/01/45)		200		203,850
4.15%, 01/15/45	(Call 07/15/44)		75		76,825
4.30%, 06/15/42	(Call 12/15/41)		450		468,535
4.38%, 11/15/65	(Call 05/15/65)		96		97,658
4.75%, 09/15/41	(Call 03/15/41)		158		174,838
4.82%, 02/01/44	(Call 08/01/43)		220		246,748
6.63%, 02/01/29			250		313,485
United Parcel Service Inc.
3.40%, 11/15/46	(Call 05/15/46)		110		98,757
3.63%, 10/01/42a			105		99,589
4.88%, 11/15/40	(Call 05/15/40)		330		371,082
6.20%, 01/15/38			810		1,053,931
					20,684,585
TRUCKING & LEASING — 0.02%
GATX Corp.
5.20%, 03/15/44	(Call 09/15/43)a		150		163,545
					163,545
WATER — 0.21%
American Water Capital Corp.
3.75%, 09/01/47	(Call 03/01/47)		200		192,434
4.00%, 12/01/46	(Call 06/01/46)		95		95,245
4.30%, 12/01/42	(Call 06/01/42)		16		16,672
4.30%, 09/01/45	(Call 03/01/45)a		500		524,815
6.59%, 10/15/37			239		320,203
United Utilities PLC
6.88%, 08/15/28			200		240,492

Security		Principal (000s)		Value
Veolia Environnement SA
6.75%, 06/01/38		$	100	$	129,094
					1,518,955
TOTAL CORPORATE BONDS & NOTES
(Cost: $626,714,209)					615,061,723
FOREIGN GOVERNMENT OBLIGATIONSf — 5.24%
CANADA — 0.16%
Hydro-Quebec
9.50%, 11/15/30			200		307,040
Province of Quebec Canada
7.50%, 09/15/29a			600		822,954
					1,129,994
CHILE — 0.10%
Chile Government International Bond
3.63%, 10/30/42			250		234,688
3.86%, 06/21/47a			500		475,280
					709,968
COLOMBIA — 0.68%
Colombia Government International Bond
5.00%, 06/15/45	(Call 12/15/44)a		1,200		1,195,068
5.63%, 02/26/44	(Call 08/26/43)		1,050		1,135,753
6.13%, 01/18/41a			1,000		1,141,320
7.38%, 09/18/37a			700		894,047
10.38%, 01/28/33a			300		473,946
					4,840,134
HUNGARY — 0.11%
Hungary Government International Bond
7.63%, 03/29/41a			550		798,067
					798,067
INDONESIA — 0.11%
Indonesia Government International Bond
4.35%, 01/11/48a			800		760,064
					760,064
ISRAEL — 0.17%
Israel Government International Bond
4.13%, 01/17/48			400		387,056
4.50%, 01/30/43			800		820,744
					1,207,800

SCHEDULEOF INVESTMENTS 81

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security	Principal (000s)		Value
ITALY — 0.13%
Republic of Italy Government International Bond
5.38%, 06/15/33	$	850	$	971,185
				971,185
MEXICO — 1.44%
Mexico Government International Bond
4.35%, 01/15/47a		900		817,884
4.60%, 01/23/46		1,000		936,230
4.60%, 02/10/48a		750		704,213
4.75%, 03/08/44		2,000		1,923,240
5.55%, 01/21/45		1,250		1,341,987
5.75%, 10/12/10		900		908,550
6.05%, 01/11/40		1,100		1,237,599
6.75%, 09/27/34		875		1,084,396
7.50%, 04/08/33		427		563,593
8.30%, 08/15/31		500		755,380
				10,273,072
PANAMA — 0.36%
Panama Government International Bond
4.50%, 05/15/47a		800		816,448
6.70%, 01/26/36a		700		891,079
9.38%, 04/01/29		600		878,250
				2,585,777
PERU — 0.43%
Peruvian Government International Bond
5.63%, 11/18/50a		975		1,169,113
6.55%, 03/14/37a		600		774,516
8.75%, 11/21/33a		750		1,132,740
				3,076,369
PHILIPPINES — 0.88%
Philippine Government International Bond
3.70%, 02/02/42		800		752,128
3.95%, 01/20/40a		1,000		978,540
5.00%, 01/13/37		800		892,928
6.38%, 01/15/32		700		866,544
6.38%, 10/23/34a		700		887,376
7.75%, 01/14/31		900		1,221,138
9.50%, 02/02/30		450		675,094
				6,273,748

Security	Principal (000s)		Value
SOUTH KOREA — 0.07%
Korea International Bond
4.13%, 06/10/44a	$	500	$	541,060
				541,060
SUPRANATIONAL — 0.23%
Asian Development Bank
5.82%, 06/16/28		310		374,185
European Investment Bank
4.88%, 02/15/36		300		369,603
Inter-American Development Bank
3.20%, 08/07/42		100		97,000
3.88%, 10/28/41		250		271,080
4.38%, 01/24/44		250		291,670
International Bank for Reconstruction & Development
4.75%, 02/15/35		200		243,614
				1,647,152
URUGUAY — 0.37%
Uruguay Government International Bond
4.13%, 11/20/45		300		283,809
5.10%, 06/18/50a		1,600		1,668,336
7.63%, 03/21/36a		500		689,985
				2,642,130
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $39,135,665)				37,456,520
MUNICIPAL DEBT OBLIGATIONS — 6.29%
CALIFORNIA — 2.24%
Alameda County Joint Powers Authority RB BAB
Series A
7.05%, 12/01/44		135		193,400
Bay Area Toll Authority RB BAB
Series F-2
6.26%, 04/01/49		400		554,092
Series S-1
7.04%, 04/01/50		700		1,045,716
Series S-3
6.91%, 10/01/50		100		146,858

82 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security	Principal (000s)		Value
City of San Francisco CA Public Utilities Commission Water Revenue RB BAB
6.95%, 11/01/50	$	220	$	312,508
East Bay Municipal Utility District Water System Revenue RB BAB
Series B
5.87%, 06/01/40		250		311,508
Los Angeles Community College District/CA GO BAB
6.75%, 08/01/49		300		436,365
Los Angeles County Metropolitan Transportation Authority RB BAB
Series A
5.74%, 06/01/39		300		360,972
Los Angeles County Public Works Financing Authority RB BAB
7.62%, 08/01/40		200		293,272
Los Angeles Department of Water & Power System Revenue RB BAB
Series A
6.60%, 07/01/50		350		507,931
Series D
6.57%, 07/01/45		200		283,694
Los Angeles Unified School District/CA GO BAB
5.75%, 07/01/34		750		918,517
Series RY
6.76%, 07/01/34		390		518,969
Regents of the University of California Medical Center Pooled Revenue RB BAB
Series H
6.55%, 05/15/48		450		602,356
San Diego County Regional Transportation Commission RB BAB
5.91%, 04/01/48		200		262,428
San Diego County Water Authority Financing Corp. RB BAB
Series B
6.14%, 05/01/49		300		402,225

Security		Principal (000s)		Value
State of California GO BAB
7.30%, 10/01/39		$	800	$	1,152,632
7.35%, 11/01/39			550		798,044
7.50%, 04/01/34			1,000		1,429,300
7.55%, 04/01/39			1,400		2,108,722
7.60%, 11/01/40			550		846,840
7.63%, 03/01/40			300		452,277
7.95%, 03/01/36	(Call 03/01/20)		750		826,920
University of California RB
Series AD
4.86%, 05/15/12			450		466,709
University of California RB BAB
5.77%, 05/15/43			200		250,812
5.95%, 05/15/45			400		504,768
					15,987,835
CONNECTICUT — 0.03%
State of Connecticut GO
Series A
5.85%, 03/15/32a			200		233,814
					233,814
DISTRICT OF COLUMBIA — 0.03%
District of Columbia Water & Sewer Authority RB
4.81%, 10/01/14			200		215,310
					215,310
GEORGIA — 0.16%
Municipal Electric Authority of Georgia RB BAB
Project J, Series 2010-A
6.64%, 04/01/57			350		427,955
Project P, Series 2010-A
7.06%, 04/01/57			600		696,834
					1,124,789
ILLINOIS — 0.79%
Chicago Transit Authority RB
Series A
6.90%, 12/01/40			600		785,952
Series B
6.90%, 12/01/40			225		294,732
Chicago Transit Authority RB BAB
Series B
6.20%, 12/01/40			120		149,041

SCHEDULEOF INVESTMENTS 83

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security	Principal (000s)		Value
County of Cook IL GO BAB
6.23%, 11/15/34	$	200	$	246,158
Illinois State Toll Highway Authority RB BAB
6.18%, 01/01/34		150		183,501
Metropolitan Water Reclamation District of Greater Chicago GOL BAB
5.72%, 12/01/38		350		434,028
State of Illinois GO
5.10%, 06/01/33a		3,400		3,203,990
State of Illinois GO BAB
Series 3
6.73%, 04/01/35		300		314,859
				5,612,261
KANSAS — 0.02%
State of Kansas Department of Transportation RB BAB
4.60%, 09/01/35		150		161,699
				161,699
KENTUCKY — 0.03%
Louisville & Jefferson County Metropolitan Sewer District RB BAB
6.25%, 05/15/43		145		189,369
				189,369
MARYLAND — 0.03%
Maryland State Transportation Authority RB BAB
5.89%, 07/01/43		200		251,628
				251,628
MASSACHUSETTS — 0.21%
Commonwealth of Massachusetts GOL BAB
4.91%, 05/01/29		240		269,352
Series E
5.46%, 12/01/39		450		544,734
Commonwealth of Massachusetts Transportation Fund Revenue RB BAB
Series A
5.73%, 06/01/40		240		298,498

Security		Principal (000s)		Value
Massachusetts School Building Authority RB BAB
Series B
5.72%, 08/15/39		$	300	$	364,194
					1,476,778
NEVADA — 0.02%
County of Clark Department of Aviation RB BAB
Series C
6.82%, 07/01/45			120		176,707
					176,707
NEW JERSEY — 0.56%
New Jersey Economic Development Authority RB
Series A
7.43%, 02/15/29	(NPFGC)		675		831,614
New Jersey State Turnpike Authority RB BAB
7.10%, 01/01/41			725		1,028,782
Series F
7.41%, 01/01/40a			750		1,098,930
New Jersey Transportation Trust Fund Authority RB BAB
Series C
5.75%, 12/15/28			700		783,804
Rutgers The State University of New Jersey RB BAB
5.67%, 05/01/40			200		233,654
					3,976,784
NEW YORK — 0.96%
City of New York NY GO BAB
Series C-1
5.52%, 10/01/37			185		223,254
Series F1
6.27%, 12/01/37			325		427,892
Metropolitan Transportation Authority RB BAB
Series 2010-A
6.67%, 11/15/39			225		303,476
Series A
5.87%, 11/15/39			300		368,742
Series E
6.81%, 11/15/40			200		273,478

84 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal (000s)		Value
New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB
5.51%, 08/01/37		$	200	$	241,782
5.57%, 11/01/38			250		302,523
New York City Water & Sewer System RB BAB
5.44%, 06/15/43			275		339,790
5.75%, 06/15/41			275		352,753
5.88%, 06/15/44			300		393,531
6.01%, 06/15/42			200		265,710
New York State Dormitory Authority RB BAB
5.63%, 03/15/39			350		417,007
Port Authority of New York & New Jersey RB
4.93%, 10/01/51			850		981,359
Series 174
4.46%, 10/01/62			835		897,717
Series 182
5.31%, 08/01/46	(Call 08/01/24)		700		763,609
Series 192
4.81%, 10/15/65			300		338,964
					6,891,587
OHIO — 0.30%
American Municipal Power Inc. RB BAB
Series B
8.08%, 02/15/50			600		980,130
Ohio State University (The) RB
Series A
3.80%, 12/01/46			300		287,997
4.80%, 06/01/11			200		211,740
Ohio State University (The) RB BAB
Series C
4.91%, 06/01/40			200		229,816
Ohio Water Development Authority Water Pollution Control Loan Fund RB BAB
Series B-2
4.88%, 12/01/34			400		439,452
					2,149,135

Security		Principal (000s)		Value
OREGON — 0.12%
Oregon School Boards Association GOL
Series B
5.55%, 06/30/28	(NPFGC)	$	200	$	226,120
5.68%, 06/30/28	(NPFGC)		350		399,416
State of Oregon Department of Transportation RB BAB
Series 2010-A
5.83%, 11/15/34			175		214,944
					840,480
PENNSYLVANIA — 0.05%
Commonwealth Financing Authority RB
Series A
4.14%, 06/01/38a			350		356,646
					356,646
TEXAS — 0.68%
City of Houston TX GOL
Series A
6.29%, 03/01/32			390		448,157
City of San Antonio TX Electric & Gas Systems Revenue RB
4.43%, 02/01/42			200		217,524
5.81%, 02/01/41			240		295,639
Dallas Area Rapid Transit RB BAB
6.00%, 12/01/44			425		551,722
Dallas Convention Center Hotel Development Corp. RB BAB
7.09%, 01/01/42			100		131,378
Dallas County Hospital District GOL BAB
Series C
5.62%, 08/15/44			200		241,904
Dallas Independent School District GO BAB
Series C
6.45%, 02/15/35	(Call 02/15/21) (PSF)		550		606,358
North Texas Tollway Authority RB BAB
Series B
6.72%, 01/01/49a			200		286,354

SCHEDULEOF INVESTMENTS 85

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Security		Principal or Shares (000s)		Value
State of Texas GO BAB
5.52%, 04/01/39		$	425	$	536,597
Series A
4.68%, 04/01/40			200		223,602
Texas Transportation Commission State Highway Fund RB BAB
Series B
5.18%, 04/01/30			800		922,648
University of Texas System (The) RB BAB
Series B
6.28%, 08/15/41	(Call 08/15/19)		370		388,948
					4,850,831
WASHINGTON — 0.06%
Central Puget Sound Regional Transit Authority RB BAB
5.49%, 11/01/39			150		178,329
State of Washington GO BAB
Series F
5.14%, 08/01/40			240		285,506
					463,835
TOTAL MUNICIPAL DEBT OBLIGATIONS
(Cost: $45,033,104)					44,959,488
SHORT-TERM INVESTMENTS — 12.82%
MONEY MARKET FUNDS — 12.82%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.58%g,h,i			79,862		79,869,885
BlackRock Cash Funds: Treasury, SL Agency Shares
1.32%g,h			11,712		11,711,876
					91,581,761
TOTAL SHORT-TERM INVESTMENTS
(Cost: $91,575,906)					91,581,761
TOTAL INVESTMENTS IN SECURITIES — 110.41%
(Cost: $802,458,884)					789,059,492
Other Assets, Less Liabilities — (10.41)%					(74,377,209	)
NET ASSETS — 100.00%				$	714,682,283

BAB  —  Build America Bond

GO  —  General Obligation

GOL  —  General Obligation Limited

PSF  —  Permanent School Fund

RB  —  Revenue Bond

Insured by:

NPFGC  —  National Public Finance Guarantee Corp.

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

^b  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^c  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^d  Zero-coupon bond.

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

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

^g  Affiliate of the Fund.

^h  Annualized 7-day yield as of period end.

ⁱ  All or a portion of this security was purchased with cash collateral received from loaned securities.

86 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the year ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 02/28/17 (000s)		Shares purchased (000s)			��	Shares sold (000s)		Shares held at 02/28/18 (000s)		Value at 02/28/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		66,179	$	13,683	b		$	—	$	79,862	$	79,869,885	$	206,794	c	$	(3,116	)	$	(19,482	)
BlackRock Cash Funds: Treasury, SL Agency Shares		11,390		322	b			—		11,712		11,711,876		76,740			—			—
											$	91,581,761	$	283,534		$	(3,116	)	$	(19,482	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes the Fund’s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate bonds & notes	$	—	$	615,061,723	$	—	$	615,061,723
Foreign government obligations		—		37,456,520		—		37,456,520
Municipal debt obligations		—		44,959,488		—		44,959,488
Money market funds		91,581,761		—		—		91,581,761
Total	$	91,581,761	$	697,477,731	$	—	$	789,059,492

See notes to financial statements.

SCHEDULEOF INVESTMENTS 87

Statement of Assets and Liabilities

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018

ASSETS
Investments in securities, at cost:
Unaffiliated	$	710,882,978
Affiliated (Note 2)		91,575,906
Total cost of investments in securities	$	802,458,884
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	697,477,731
Affiliated (Note 2)		91,581,761
Cash		338
Receivables:
Investment securities sold		1,357,534
Dividends and interest		8,816,727
Total Assets		799,234,091
LIABILITIES
Payables:
Investment securities purchased		4,169,487
Collateral for securities on loan (Note 1)		79,859,323
Capital shares redeemed		407,641
Investment advisory fees (Note 2)		115,357
Total Liabilities		84,551,808
NET ASSETS	$	714,682,283
Net assets consist of:
Paid-in capital	$	736,679,346
Undistributed net investment income		2,575,074
Accumulated net realized loss		(11,172,745	)
Net unrealized depreciation		(13,399,392	)
NET ASSETS	$	714,682,283
Shares outstandingb		11,900,000
Net asset value per share	$	60.06

^a  Securities on loan with a value of $77,208,031. See Note 1.

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

See notes to financial statements.

88 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Operations

iSHARES^® 10+ YEAR CREDIT BOND ETF

Year ended February 28, 2018

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	76,740
Interest — unaffiliated		33,981,842
Securities lending income — affiliated — net (Note 2)		206,794
Total investment income		34,265,376
EXPENSES
Investment advisory fees (Note 2)		1,613,351
Proxy fees		17,974
Total expenses		1,631,325
Net investment income		32,634,051
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		500,809
Investments — affiliated (Note 2)		(3,116	)
In-kind redemptions — unaffiliated		5,075,558
Net realized gain		5,573,251
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		(977,841	)
Investments — affiliated (Note 2)		(19,482	)
Net change in unrealized appreciation/depreciation		(997,323	)
Net realized and unrealized gain		4,575,928
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	37,209,979

See notes to financial statements.

FINANCIAL STATEMENTS 89

Statements of Changes in Net Assets

iSHARES^® 10+ YEAR CREDIT BOND ETF

	Year ended February 28, 2018			Year ended February 28, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	32,634,051		$	39,108,463
Net realized gain		5,573,251			7,341,421
Net change in unrealized appreciation/depreciation		(997,323	)		33,040,354
Net increase in net assets resulting from operations		37,209,979			79,490,238
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(32,962,172	)		(38,936,880	)
Total distributions to shareholders		(32,962,172	)		(38,936,880	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		141,236,309			314,843,654
Cost of shares redeemed		(261,560,124	)		(310,186,638	)
Net increase (decrease) in net assets from capital share transactions		(120,323,815	)		4,657,016
INCREASE (DECREASE) IN NET ASSETS		(116,076,008	)		45,210,374
NET ASSETS
Beginning of year		830,758,291			785,547,917
End of year	$	714,682,283		$	830,758,291
Undistributed net investment income included in net assets at end of year	$	2,575,074		$	2,903,195
SHARES ISSUED AND REDEEMED
Shares sold		2,300,000			5,200,000
Shares redeemed		(4,300,000	)		(5,200,000	)
Net decrease in shares outstanding		(2,000,000	)		—

See notes to financial statements.

90 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

iSHARES^® 10+ YEAR CREDIT BOND ETF

(For a share outstanding throughout each period)

	Year ended Feb. 28, 2018			Year ended Feb. 28, 2017			Year ended Feb. 29, 2016			Year ended Feb. 28, 2015			Year ended Feb. 28, 2014
Net asset value, beginning of year	$	59.77		$	56.51		$	62.53		$	57.87		$	61.05
Income from investment operations:
Net investment incomea		2.48			2.48			2.55			2.59			2.68
Net realized and unrealized gain (loss)b		0.30			3.25			(6.02	)		4.59			(3.03	)
Total from investment operations		2.78			5.73			(3.47	)		7.18			(0.35	)
Less distributions from:
Net investment income		(2.49	)		(2.47	)		(2.55	)		(2.52	)		(2.74	)
Net realized gain		—			—			—			—			(0.09	)
Total distributions		(2.49	)		(2.47	)		(2.55	)		(2.52	)		(2.83	)
Net asset value, end of year	$	60.06		$	59.77		$	56.51		$	62.53		$	57.87
Total return		4.65	%		10.21	%		(5.53	)%		12.64	%		(0.41	)%c
Ratios/Supplemental data:
Net assets, end of year (000s)	$	714,682		$	830,758		$	785,548		$	850,376		$	283,548
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		4.05	%		4.10	%		4.40	%		4.28	%		4.67	%
Portfolio turnover rated		12	%		10	%		11	%		23	%		12	%

^a  Based on average shares outstanding throughout each period.

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

^c  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 91

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. Odd lots may trade at lower prices than institutional round lots.

92 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

• 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 inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the 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 to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may 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

NOTESTO FINANCIAL STATEMENTS 93

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

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, and payment-in-kind interest income, if any, are 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 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.

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, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the 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, 2018 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, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

Securities lending transactions are entered into by the 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

94 2018 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, 2018:

Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
BNP Paribas New York Branch	$	860,634	$	860,634	$	—
BNP Paribas Prime Brokerage Inc.		372,523		372,523		—
BNP Paribas Prime Brokerage International Ltd.		1,432,040		1,432,040		—
Citigroup Global Markets Inc.		14,043,095		14,043,095		—
Credit Suisse Securities (USA) LLC		5,176,874		5,176,874		—
Deutsche Bank Securities Inc.		4,523,464		4,523,464		—
Goldman Sachs & Co.		5,029,905		5,029,905		—
HSBC Securities (USA) Inc.		3,999,670		3,999,670		—
Jefferies LLC		709,784		709,784		—
JPMorgan Securities LLC		9,047,218		9,047,218		—
Merrill Lynch, Pierce, Fenner & Smith		12,187,244		12,187,244		—
Morgan Stanley & Co. LLC		7,467,686		7,467,686		—
MUFG Securities Americas Inc.		2,238,142		2,238,142		—
Nomura Securities International Inc.		1,195,068		1,195,068		—
Scotia Capital (USA) Inc.		1,471,942		1,471,942		—
SG Americas Securities LLC		321,102		321,102		—
Wells Fargo Securities LLC		7,131,640		7,131,640		—
	$	77,208,031	$	77,208,031	$	—

^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 Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Fund.

NOTESTO FINANCIAL STATEMENTS 95

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND 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).

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.20%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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, 2018, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $76,394.

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, 2018, the purchases and sales transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were $895,642 and $935,700, 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.

96 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

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, 2018 were as follows:

U.S. Government Obligations			Other Securities
Purchases	Sales		Purchases	Sales
$1,002,072		$989,568	$95,561,226		$95,881,986

In-kind purchases and sales (see Note 4) for the year ended February 28, 2018, were $134,679,151 and $248,268,173, 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. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve 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

NOTESTO FINANCIAL STATEMENTS 97

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

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: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

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. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of 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.

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

98 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

February 28, 2018, attributable to the 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
$5,003,709	$	—	$	(5,003,709)

The tax character of distributions paid during the years ended February 28, 2018 and February 28, 2017 was as follows:

	2018		2017
Ordinary income	$	32,962,172	$	38,936,880

As of February 28, 2018, the tax components of accumulated net earnings (losses) were as follows:

Undistributed Ordinary Income	Capital Loss Carryforwards		Net Unrealized Gains(Losses) a		Total
$2,575,074		$(11,026,354)		$(13,545,783)		$(21,997,063)

^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, 2018, the Fund had non-expiring capital loss carryforwards in the amount of $11,026,354 available to offset future realized capital gains.

For the year ended February 28, 2018, the Fund utilized $603,250 of its capital loss carryforwards.

As of February 28, 2018, the cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $802,605,275. Net unrealized depreciation was $13,545,783, of which $7,184,501 represented gross unrealized appreciation on securities and 20,730,284 represented gross unrealized depreciation on securities.

Management has analyzed tax laws and regulations and their application to the Fund as of February 28, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

7. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a putative class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision

NOTESTO FINANCIAL STATEMENTS 99

Notes to Financial Statements (Continued)

iSHARES^® 10+ YEAR CREDIT BOND ETF

holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

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.

100 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of

iShares 10+ Year Credit Bond ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares 10+ Year Credit Bond ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of February 28, 2018, the related statement of operations for the year ended February 28, 2018, the statement of changes in net assets for each of the two years in the period ended February 28, 2018, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2018, 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 ended February 28, 2018 and the financial highlights for each of the five years in the period ended February 28, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2018 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

San Francisco, California

April 19, 2018

We have served as the auditor of one or more BlackRock investment companies since 2000.

REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 101

Notes:

102 2018 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”).

©2018 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-1018-0418

APRIL 30, 2018

2018 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
General Information	23
Additional Financial Information – iShares J.P. Morgan USD Emerging Markets Bond ETF	24
Schedule of Investments	25
Financial Statements	35
Financial Highlights	38
Notes to Financial Statements	39

Fund Performance Overview

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Performance as of April 30, 2018

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, 2018, the total return for the Fund was 0.65%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		4.11%		5.38%		4.11%		15.66%
Fund Market		4.31%		5.39%		4.31%		15.70%
J.P. Morgan EMBI Global Core Swap Hedged Index		5.26%		5.90%		5.26%		17.22%

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 (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a,b		Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a,b		Annualized Expense Ratio a
$	1,000.00	$	1,006.50	$	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.

FUND PERFORMANCE OVERVIEW 5

Fund Performance Overview (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

ALLOCATION BY CREDIT QUALITY ¹

As of 4/30/18

Moody’s Credit Rating ² Percentage of Total Investments  ³

Aa	0.76	%
A	14.47
Baa	33.26
Ba	20.11
B	19.69
Caa	3.92
C	0.94
Not Rated	6.85
TOTAL	100.00	%

TEN LARGEST COUNTRIES ¹

As of 4/30/18

Country Percentage of
Total Investments  ³

Mexico	6.06	%
Indonesia	4.96
Turkey	4.36
Russia	4.06
Argentina	4.05
Philippines	3.87
China	3.77
Brazil	3.77
Colombia	3.51
Kazakhstan	3.32
TOTAL	41.73	%

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 2018 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, 2017 and held through April 30, 2018, 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, 2018

Security	Shares		Value
INVESTMENT COMPANIES — 96.47%
EXCHANGE-TRADED FUNDS — 96.47%
iShares J.P. Morgan USD Emerging Markets Bond ETFa		45,847	$	5,049,589
				5,049,589
TOTAL INVESTMENT COMPANIES
(Cost: $5,197,823)				5,049,589
SHORT-TERM INVESTMENTS — 1.21%
MONEY MARKET FUNDS — 1.21%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.61%a,b		63,544		63,544
				63,544
TOTAL SHORT-TERM INVESTMENTS
(Cost: $63,544)				63,544

	Value
TOTAL INVESTMENTS IN SECURITIES — 97.68%
(Cost: $5,261,367)	$	5,113,133
Other Assets, Less Liabilities — 2.32%		121,243
NET ASSETS — 100.00%	$	5,234,376

^a  Affiliate of the Fund.

^b  Annualized 7-day yield as of period end.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 10/31/17		Shares purchased			Shares sold			Shares held at 04/30/18		Value at 04/30/18		Income			Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		—	b		—			—	$	—	$	79	c	$	—		$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		16,670		46,874	b		—			63,544		63,544		351			—			—
iShares J.P. Morgan USD Emerging Markets Bond ETF		22,057		23,981			(191	)		45,847		5,049,589		71,556			(159	)		(223,922	)
											$	5,113,133	$	71,986		$	(159	)	$	(223,922	)

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

8 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

April 30, 2018

Swaps Contracts (Note 5)

Centrally cleared short interest rate swaps outstanding as of April 30, 2018 were as follows:

Paid by the Fund			Received by the Fund					Termination Date		Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate a			Frequency
1.01%		Semi-annual		2.36	%		Quarterly		12/08/2018	$	(706	)	$	5,946	$	2,840	$	3,106
1.17%		Semi-annual		2.36	%		Quarterly		12/08/2021		(2,165	)		126,504		64,544		61,960
2.46%		Semi-annual		2.36	%		Quarterly		01/12/2025		(87	)		2,614		789		1,825
1.44%		Semi-annual		2.36	%		Quarterly		12/08/2026		(2,045	)		242,066		164,541		77,525
2.34%		Semi-annual		2.36	%		Quarterly		12/08/2036		(159	)		16,907		13,769		3,138
2.41%		Semi-annual		2.36	%		Quarterly		06/19/2037		(509	)		49,866		4,845		45,021
1.77%		Semi-annual		2.36	%		Quarterly		12/08/2046		(357	)		91,058		71,599		19,459
													$	534,961	$	322,927	$	212,034

^a  Represents 3-month LIBOR. Rate shown is the rate in effect as of period-end.

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, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Investment companies	$	5,049,589	$	—	$	—	$	5,049,589
Money market funds		63,544		—		—		63,544
Total	$	5,113,133	$	—	$	—	$	5,113,133
Derivative financial instrumentsa
Assets
Centrally cleared interest rate swaps	$	—	$	212,034	$	—	$	212,034
Total	$	—	$	212,034	$	—	$	212,034

^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, 2018

ASSETS
Investments in securities, at cost:
Affiliated (Note 2)	$	5,261,367
Total cost of investments in securities	$	5,261,367
Investments in securities, at fair value (Note 1):
Affiliated (Note 2)	$	5,113,133
Cash pledged for centrally cleared swaps		128,000
Receivables:
Dividends		70
Total Assets		5,241,203
LIABILITIES
Payables:
Investment advisory fees (Note 2)		377
Variation margin on centrally cleared swaps		6,450
Total Liabilities		6,827
NET ASSETS	$	5,234,376
Net assets consist of:
Paid-in capital	$	5,200,910
Undistributed net investment income		7,683
Accumulated net realized loss		(38,017	)
Net unrealized appreciation		63,800
NET ASSETS	$	5,234,376
Shares outstandinga		200,000
Net asset value per share	$	26.17

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

See notes to financial statements.

10 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Operations (Unaudited)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

Six months ended April 30, 2018

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	71,907
Securities lending income — affiliated — net (Note 2)		79
Total investment income		71,986
EXPENSES
Investment advisory fees (Note 2)		14,992
Total expenses		14,992
Less investment advisory fees waived (Note 2)		(12,994	)
Net expenses		1,998
Net investment income		69,988
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — affiliated (Note 2)		(159	)
Swap agreements		(8,654	)
Net realized loss		(8,813	)
Net change in unrealized appreciation/depreciation on:
Investments — affiliated (Note 2)		(223,922	)
Swap agreements		177,280
Net change in unrealized appreciation/depreciation		(46,642	)
Net realized and unrealized loss		(55,455	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,533

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, 2018 (Unaudited)			Year ended October 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	69,988		$	127,615
Net realized gain (loss)		(8,813	)		204,015
Net change in unrealized appreciation/depreciation		(46,642	)		(35,069	)
Net increase in net assets resulting from operations		14,533			296,561
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(62,305	)		(114,001	)
Total distributions to shareholders		(62,305	)		(114,001	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,637,744			2,536,871
Cost of shares redeemed		—			(2,581,258	)
Net increase (decrease) in net assets from capital share transactions		2,637,744			(44,387	)
INCREASE IN NET ASSETS		2,589,972			138,173
NET ASSETS
Beginning of period		2,644,404			2,506,231
End of period	$	5,234,376		$	2,644,404
Undistributed net investment income included in net assets at end of period	$	7,683		$	—
SHARES ISSUED AND REDEEMED
Shares sold		100,000			100,000
Shares redeemed		—			(100,000	)
Net increase in shares outstanding		100,000			—

See notes to financial statements.

12 2018 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, 2018 (Unaudited)			Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Period from Jul. 22, 2015 a to Oct. 31, 2015
Net asset value, beginning of period	$	26.44		$	25.06		$	24.20		$	25.05
Income from investment operations:
Net investment incomeb		0.46			1.11			1.17			0.33
Net realized and unrealized gain (loss)c		(0.29	)		1.24			0.61			(0.95	)
Total from investment operations		0.17			2.35			1.78			(0.62	)
Less distributions from:
Net investment income		(0.44	)		(0.97	)		(0.89	)		(0.23	)
Return of capital		—			—			(0.03	)		(0.00	)d
Total distributions		(0.44	)		(0.97	)		(0.92	)		(0.23	)
Net asset value, end of period	$	26.17		$	26.44		$	25.06		$	24.20
Total return		0.65	%e		9.57	%		7.49	%		(2.43	)%e
Ratios/Supplemental data:
Net assets, end of period (000s)	$	5,234		$	2,644		$	2,506		$	2,420
Ratio of expenses to average net assetsf,g		0.10	%		0.10	%		0.10	%		0.12	%
Ratio of expenses to average net assets prior to waived feesf,g		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assetsf		3.50	%		4.32	%		4.82	%		4.86	%
Portfolio turnover rateh,i		1	%e		2	%		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 38 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 2018 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 inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the 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 to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may 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. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recognized on the ex-dividend date. Interest income is accrued daily.

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.

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, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the 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, 2018 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, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of securities loaned if the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

Securities lending transactions are entered into by the 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

16 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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”). The total of the investment advisory fee and acquired fund fees and expenses is the 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, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s 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 U.S. Securities and Exchange Commission has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan in a money market fund managed by BFA, however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04% (the “collateral investment fees”). Securities lending income is equal to the total of income earned from the reinvestment of cash collateral (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities. 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, 2018, the Fund paid to BTC securities lending agent services and collateral investment fees in the amount of $29.

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.

NOTESTO FINANCIAL STATEMENTS 17

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

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

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, 2018, were $176,207 and $22,000, respectively.

In-kind purchases and sales (see Note 4) for the six months ended April 30, 2018, were $2,555,337 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 by the Fund to mitigate the potential impact of interest rates on the performance of the bonds held by the Fund or its underlying fund. 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. Upfront payments and receipts are disclosed as upfront premiums paid and upfont premiums received in the schedule of investments and represent compensating factors between the stated terms of the swap agreement and prevailing market conditions (interest rate spreads

18 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

and other relevant factors), at the time the swap was entered into by the Fund. These upfront payments and receipts are amortized over the term of the contract as a realized gain (loss) in the statement of the 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, 2018 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	$	212,034

^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.

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, 2018 and the related locations in the statement of operations, presented by risk exposure category:

	Net Realized Gain (Loss)			Net Change in Unrealized Appreciation/Depreciation
Swap agreements:
Centrally cleared interest rate swaps	$	(8,654	)	$	177,280

For the six months ended April 30, 2018, the average quarter-end notional amount of open interest rate swaps for the Fund (where the Fund pays the fixed rate), was $4,493,023.

6. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.

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

NOTESTO FINANCIAL STATEMENTS 19

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

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, 2017, the Fund’s fiscal year-end, the Fund had non-expiring capital loss carryforwards in the amount of $29,066 available to offset future realized capital gains.

As of April 30, 2018, the cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $5,261,505. Net unrealized appreciation was $63,662, of which $212,034 represented gross unrealized appreciation on securities and $148,372 represented gross unrealized depreciation on securities.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Although the Act does not amend any provisions directly related to the qualification or taxation of regulated investment companies (“RICs”), the Act does change the taxation of entities in which some RICs invest, the tax treatment of income derived from those entities and the taxation

20 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® INTEREST RATE HEDGED EMERGING MARKETS BOND ETF

of RIC shareholders. While management does not anticipate significant impact to the funds or to their shareholders, there is uncertainty in the application of certain provisions in the Act. Specifically, provisions in the Act may increase the amount of or accelerate the recognition of taxable income and may limit the deductibility of certain expenses by RICs. Until full clarity around these provisions is obtained, the impact on the Fund’s financial statements, if any, cannot be fully determined.

8. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a putative class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

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
$	0.444301	$	—	$	—	$	0.444301		100	%		—	%		—	%		100	%

22 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

GENERAL INFORMATION 23

Additional Financial Information

April 30, 2018

iShares Trust

iShares J.P. Morgan USD Emerging Markets Bond ETF  |  EMB  |  NASDAQ

Schedule of Investments (Unaudited)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2018

Security	Principal (000s)		Value
CORPORATE BONDS & NOTESa — 15.48%
AZERBAIJAN — 0.75%
Southern Gas Corridor CJSC
6.88%, 03/24/26b	$	48,974	$	84,956,867
				84,956,867
CHILE — 1.03%
Corp. Nacional del Cobre de Chile
3.63%, 08/01/27 (Call 05/01/27)b		44,525		42,382,802
4.50%, 09/16/25b		40,459		41,430,016
4.50%, 08/01/47 (Call 02/01/47)b		34,300		33,673,843
				117,486,661
CHINA — 3.11%
Amber Circle Funding Ltd.
3.25%, 12/04/22b		15,117		14,784,727
Charming Light Investments Ltd.
4.38%, 12/21/27b		11,200		10,509,199
China Development Bank
2.13%, 06/01/21b		10,744		10,329,349
2.50%, 10/09/20b		3,139		3,078,057
2.63%, 01/24/22b		18,650		18,043,875
China Development Bank Corp./Hong Kong (3 mo. LIBOR US + 0.700%)
2.73%, 03/06/22b,c		23,470		23,468,340
China Great Wall International Holdings III Ltd.
3.13%, 08/31/22b		10,250		9,803,730
China Minmetals Corp.
3.75%, (Call 11/13/22)b,c,d,e		1,600		1,503,336
CNAC HK Finbridge Co. Ltd.
3.50%, 07/19/22b		22,520		21,736,714
4.13%, 07/19/27b		9,163		8,486,337
CNOOC Curtis Funding No. 1 Pty Ltd.
4.50%, 10/03/23b		11,421		11,683,569
Sinochem Overseas Capital Co. Ltd.
4.50%, 11/12/20b		9,433		9,598,078
Sinopec Group Overseas Development 2012 Ltd.
3.90%, 05/17/22b		19,052		19,099,630
4.88%, 05/17/42b		14,109		14,725,422

Security	Principal (000s)		Value
Sinopec Group Overseas Development 2013 Ltd.
4.38%, 10/17/23b	$	17,243	$	17,560,676
Sinopec Group Overseas Development 2014 Ltd.
4.38%, 04/10/24b		19,577		19,893,251
Sinopec Group Overseas Development 2015 Ltd.
3.25%, 04/28/25b		18,632		17,592,707
Sinopec Group Overseas Development 2016 Ltd.
2.00%, 09/29/21b		14,650		13,942,316
Sinopec Group Overseas Development 2017 Ltd.
2.50%, 09/13/22b		3,000		2,847,688
3.00%, 04/12/22b		14,800		14,366,882
3.63%, 04/12/27b		15,940		15,234,223
State Grid Overseas Investment 2013 Ltd.
3.13%, 05/22/23b		12,685		12,302,497
State Grid Overseas Investment 2014 Ltd.
4.13%, 05/07/24b		21,166		21,435,270
State Grid Overseas Investment 2016 Ltd.
2.75%, 05/04/22b		12,500		12,097,999
3.50%, 05/04/27b		25,578		24,368,491
Three Gorges Finance I Cayman Islands Ltd.
3.15%, 06/02/26b		6,834		6,360,335
				354,852,698
INDONESIA — 1.01%
Pelabuhan Indonesia II PT
4.25%, 05/05/25b		10,628		10,349,015
Pertamina Persero PT
4.30%, 05/20/23b		14,042		14,048,600
4.88%, 05/03/22b		11,844		12,135,007
5.25%, 05/23/21b		8,727		9,054,262
5.63%, 05/20/43b		14,171		14,103,404
6.00%, 05/03/42b		7,220		7,544,467
6.45%, 05/30/44b		16,355		18,051,995
Perusahaan Listrik Negara PT
4.13%, 05/15/27b		13,350		12,552,509
5.25%, 10/24/42b		4,860		4,640,085
5.50%, 11/22/21b		12,560		13,140,900
				115,620,244

SCHEDULEOF INVESTMENTS 25

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2018

Security	Principal (000s)		Value
KAZAKHSTAN — 1.72%
Development Bank of Kazakhstan JSC
4.13%, 12/10/22b	$	22,737	$	22,651,736
Kazakhstan Temir Zholy Finance BV
6.95%, 07/10/42b		28,455		31,129,770
KazMunayGas National Co. JSC
4.75%, 04/19/27b		31,450		30,936,319
5.38%, 04/24/30f		10,125		10,111,450
5.75%, 04/19/47b		35,624		34,043,158
6.38%, 04/09/21b		26,570		28,429,900
6.38%, 10/24/48f		6,050		6,173,592
7.00%, 05/05/20b		31,010		33,103,175
				196,579,100
MALAYSIA — 0.90%
Petronas Capital Ltd.
3.50%, 03/18/25b		37,756		36,708,475
4.50%, 03/18/45b		38,486		39,048,769
7.88%, 05/22/22b		22,937		26,487,999
				102,245,243
MEXICO — 3.52%
Banco Nacional de Comercio Exterior SNC/Cayman Islands
4.38%, 10/14/25b		7,124		7,070,570
Comision Federal de Electricidad
4.75%, 02/23/27b		8,950		8,894,063
4.88%, 05/26/21b		6,356		6,483,120
4.88%, 01/15/24b		8,117		8,259,048
Mexico City Airport Trust
3.88%, 04/30/28 (Call 01/30/28)b		1,595		1,432,612
4.25%, 10/31/26 (Call 07/31/26)b		6,800		6,397,499
5.50%, 10/31/46 (Call 04/30/46)b		8,040		7,135,500
5.50%, 07/31/47 (Call 01/31/47)b		21,886		19,473,202
Petroleos Mexicanos
3.50%, 01/30/23		17,121		16,181,485
4.25%, 01/15/25		9,150		8,651,554
4.50%, 01/23/26		8,004		7,543,370
4.63%, 09/21/23		10,154		10,021,693
4.88%, 01/24/22		15,651		15,905,329
4.88%, 01/18/24		10,697		10,586,286

Security	Principal (000s)		Value
5.35%, 02/12/28b	$	1,000	$	952,948
5.38%, 03/13/22		13,196		13,656,049
5.50%, 01/21/21		18,791		19,453,383
5.50%, 06/27/44		17,984		15,163,929
5.63%, 01/23/46		23,186		19,586,373
6.35%, 02/12/48b		2,550		2,340,683
6.38%, 02/04/21		10,324		10,872,462
6.38%, 01/23/45		24,733		22,915,124
6.50%, 03/13/27		40,584		42,045,587
6.50%, 06/02/41		23,959		22,940,742
6.63%, 06/15/35		21,690		21,440,565
6.75%, 09/21/47		40,763		39,256,807
6.88%, 08/04/26		25,731		27,557,901
(3 mo. LIBOR US + 3.650%)
5.72%, 03/11/22c		8,290		9,064,018
				401,281,902
OMAN — 0.47%
Lamar Funding Ltd.
3.96%, 05/07/25b		21,175		18,634,000
Oman Sovereign Sukuk SAOC
4.40%, 06/01/24b		36,801		34,433,359
				53,067,359
PERU — 0.44%
Petroleos del Peru SA
4.75%, 06/19/32b		25,350		24,127,355
5.63%, 06/19/47b		27,157		26,487,151
				50,614,506
PHILIPPINES — 0.21%
Power Sector Assets & Liabilities Management Corp.
7.39%, 12/02/24b		19,580		23,471,525
				23,471,525
RUSSIA — 0.70%
Russian Railways via RZD Capital PLC
5.70%, 04/05/22b		18,133		18,744,989
Vnesheconombank Via VEB Finance PLC
5.94%, 11/21/23b		18,800		19,552,000
6.03%, 07/05/22b		13,023		13,478,805
6.80%, 11/22/25b		13,558		14,642,640
6.90%, 07/09/20b		12,878		13,395,824
				79,814,258

26 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2018

Security	Principal (000s)		Value
SOUTH AFRICA — 0.92%
Eskom Holdings SOC Ltd.
5.75%, 01/26/21b	$	39,036	$	38,969,053
6.75%, 08/06/23b		17,856		18,043,488
7.13%, 02/11/25b		26,462		26,988,594
Transnet SOC Ltd.
4.00%, 07/26/22b		21,741		21,088,770
				105,089,905
VENEZUELA — 0.70%
Petroleos de Venezuela SA
5.38%, 04/12/27b,g		23,222		6,072,422
5.50%, 04/12/37b,g		18,673		4,901,663
6.00%, 05/16/24b,g		48,883		12,342,901
6.00%, 11/15/26b,g		44,068		11,056,662
8.50%, 10/27/20b,g		25,679		22,270,330
9.00%, 11/17/21b,g		20,413		6,047,351
9.75%, 05/17/35b,g		21,518		6,052,003
12.75%, 02/17/22b,g		34,082		10,522,663
				79,265,995
TOTAL CORPORATE BONDS & NOTES
(Cost: $1,870,827,052)				1,764,346,263
FOREIGN GOVERNMENT OBLIGATIONSa — 82.86%
ANGOLA — 0.39%
Angolan Government International Bond
9.50%, 11/12/25b		39,334		44,201,583
				44,201,583
ARGENTINA — 3.98%
Argentine Republic Government International Bond
2.50%, 12/31/38h		56,987		36,899,377
4.63%, 01/11/23		21,869		20,954,048
5.63%, 01/26/22		26,318		26,462,749
5.88%, 01/11/28		39,975		36,656,310
6.63%, 07/06/28		9,708		9,368,220
6.88%, 04/22/21		49,940		52,337,120
6.88%, 01/26/27		40,423		40,099,616
6.88%, 01/11/48		28,339		25,219,869
7.13%, 07/06/36		20,102		19,127,053
7.13%, 06/28/17b		28,383		25,343,676
7.50%, 04/22/26		67,115		70,068,060
7.63%, 04/22/46		28,397		27,388,907
8.28%, 12/31/33		60,534		64,139,586
				454,064,591

Security	Principal (000s)		Value
AZERBAIJAN — 0.73%
Republic of Azerbaijan International Bond
3.50%, 09/01/32b	$	31,284	$	25,717,168
4.75%, 03/18/24b		30,594		30,471,624
State Oil Co. of the Azerbaijan Republic
4.75%, 03/13/23b		27,249		27,146,816
				83,335,608
BOLIVIA — 0.24%
Bolivian Government International Bond
4.50%, 03/20/28b		29,043		27,008,102
				27,008,102
BRAZIL — 3.71%
Banco Nacional de Desenvolvimento Economico e Social
4.75%, 05/09/24b		14,145		13,972,585
5.75%, 09/26/23b		17,458		18,324,091
Brazil Minas SPE via State of Minas Gerais
5.33%, 02/15/28b		16,231		16,231,000
Brazilian Government International Bond
2.63%, 01/05/23		20,123		18,965,928
4.25%, 01/07/25		58,825		58,001,450
4.63%, 01/13/28 (Call 10/13/27)		42,695		41,154,437
4.88%, 01/22/21		34,330		35,445,725
5.00%, 01/27/45		40,171		34,697,701
5.63%, 01/07/41		29,433		28,034,932
5.63%, 02/21/47		43,988		41,304,732
6.00%, 04/07/26		32,860		35,455,940
7.13%, 01/20/37		29,910		34,321,725
8.25%, 01/20/34		22,676		28,095,564
8.88%, 04/15/24		14,781		18,513,203
				422,519,013
CHILE — 0.75%
Chile Government International Bond
3.13%, 01/21/26		5,493		5,300,745
3.24%, 02/06/28 (Call 11/06/27)		38,979		37,339,521
3.86%, 06/21/47		45,500		43,039,919
				85,680,185

SCHEDULEOF INVESTMENTS 27

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2018

Security	Principal (000s)		Value
CHINA — 0.60%
China Government International Bond
2.13%, 11/02/22b	$	6,590	$	6,374,560
2.63%, 11/02/27b		11,300		10,847,839
Export-Import Bank of China  (The)
2.00%, 04/26/21b		10,902		10,467,614
2.63%, 03/14/22b		8,650		8,365,804
2.88%, 04/26/26b		15,818		14,531,839
3.63%, 07/31/24b		17,637		17,326,852
				67,914,508
COLOMBIA — 3.46%
Colombia Government International Bond
2.63%, 03/15/23 (Call 12/15/22)		14,394		13,638,315
3.88%, 04/25/27 (Call 01/25/27)		47,344		45,746,140
4.00%, 02/26/24 (Call 11/26/23)		31,015		30,976,231
4.38%, 07/12/21		33,232		34,145,880
4.50%, 01/28/26 (Call 10/28/25)		30,292		30,859,975
5.00%, 06/15/45 (Call 12/15/44)		70,160		69,212,840
5.63%, 02/26/44 (Call 08/26/43)		43,246		46,338,089
6.13%, 01/18/41		45,059		50,804,023
7.38%, 09/18/37		36,413		46,062,445
8.13%, 05/21/24		21,619		26,240,061
				394,023,999
COSTA RICA — 0.67%
Costa Rica Government International Bond
4.25%, 01/26/23b		25,394		24,251,270
7.00%, 04/04/44b		27,730		27,591,350
7.16%, 03/12/45b		24,690		24,967,762
				76,810,382
CROATIA — 1.44%
Croatia Government International Bond
5.50%, 04/04/23b		31,917		33,832,020
6.00%, 01/26/24b		46,386		50,502,757
6.38%, 03/24/21b		43,587		46,692,574
6.63%, 07/14/20b		31,102		33,123,630
				164,150,981

Security	Principal (000s)		Value
DOMINICAN REPUBLIC — 2.83%
Dominican Republic International Bond
5.50%, 01/27/25b	$	43,509	$	43,672,159
5.88%, 04/18/24b		24,686		25,519,152
5.95%, 01/25/27b		46,643		47,750,771
6.50%, 02/15/48b		6,170		6,142,221
6.85%, 01/27/45b		69,820		72,001,875
6.88%, 01/29/26b		42,456		45,852,480
7.45%, 04/30/44b		41,518		45,462,210
7.50%, 05/06/21b		33,931		35,839,619
				322,240,487
ECUADOR — 2.94%
Ecuador Government International Bond
7.88%, 01/23/28b		41,840		37,036,647
7.95%, 06/20/24b		55,170		51,583,950
8.75%, 06/02/23b		34,670		33,917,020
8.88%, 10/23/27b		83,990		79,142,144
9.63%, 06/02/27b		32,789		32,145,359
9.65%, 12/13/26b		44,508		43,729,110
10.75%, 03/28/22b		54,572		57,300,600
				334,854,830
EGYPT — 2.95%
Egypt Government International Bond
5.58%, 02/21/23b		34,489		34,630,132
5.88%, 06/11/25b		43,679		42,805,420
6.13%, 01/31/22b		63,580		65,248,975
6.59%, 02/21/28f		26,706		26,347,234
7.50%, 01/31/27b		52,569		55,394,584
7.90%, 02/21/48b		35,590		36,125,477
8.50%, 01/31/47b		70,330		75,253,100
				335,804,922
EL SALVADOR — 0.25%
El Salvador Government International Bond
7.65%, 06/15/35b		27,311		28,437,579
				28,437,579
ETHIOPIA — 0.23%
Ethiopia International Bond
6.63%, 12/11/24b		26,032		26,259,780
				26,259,780

28 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2018

Security	Principal (000s)		Value
GABON — 0.34%
Gabon Government International Bond
6.38%, 12/12/24b	$	40,041	$	38,939,873
				38,939,873
GHANA — 0.51%
Ghana Government International Bond
7.88%, 08/07/23b		19,918		21,586,225
8.13%, 01/18/26b		34,562		36,851,732
				58,437,957
HUNGARY — 2.53%
Hungary Government International Bond
5.38%, 02/21/23		49,490		52,954,300
5.38%, 03/25/24		51,114		54,883,657
5.75%, 11/22/23		52,010		56,690,900
6.38%, 03/29/21		73,646		79,261,507
7.63%, 03/29/41		31,454		44,232,188
				288,022,552
INDIA — 0.44%
Export-Import Bank of India
3.38%, 08/05/26b		27,250		25,270,707
3.88%, 02/01/28b		26,700		25,398,160
				50,668,867
INDONESIA — 3.86%
Indonesia Government International Bond
2.95%, 01/11/23		6,980		6,721,042
3.38%, 04/15/23b		5,365		5,217,463
3.50%, 01/11/28		8,465		7,949,366
3.75%, 04/25/22b		21,781		21,644,869
3.85%, 07/18/27b		15,400		14,864,806
4.10%, 04/24/28		1,085		1,065,031
4.13%, 01/15/25b		18,544		18,451,280
4.35%, 01/08/27b		18,189		18,189,000
4.35%, 01/11/48		16,059		14,988,129
4.63%, 04/15/43b		12,162		11,629,912
4.75%, 01/08/26b		22,269		22,937,070
4.75%, 07/18/47b		9,850		9,575,022
4.88%, 05/05/21b		15,567		16,092,386
5.13%, 01/15/45b		5,229		5,294,363
5.25%, 01/17/42b		20,600		21,295,250

Security	Principal (000s)		Value
5.25%, 01/08/47b	$	12,117	$	12,510,802
5.38%, 10/17/23b		6,400		6,832,000
5.88%, 01/15/24b		16,252		17,653,735
5.95%, 01/08/46b		7,355		8,329,538
6.63%, 02/17/37b		19,173		22,815,870
6.75%, 01/15/44b		21,296		26,353,800
7.75%, 01/17/38b		20,654		27,547,272
8.50%, 10/12/35b		16,594		23,252,342
Perusahaan Penerbit SBSN Indonesia III
3.30%, 11/21/22b		7,371		7,159,600
3.40%, 03/29/22b		16,340		16,013,200
4.15%, 03/29/27b		17,700		17,191,125
4.33%, 05/28/25b		18,659		18,589,029
4.35%, 09/10/24b		11,185		11,254,906
4.40%, 03/01/28f		10,605		10,489,016
4.55%, 03/29/26b		18,000		18,090,000
				439,997,224
IRAQ — 0.83%
Iraq International Bond
5.80%, 01/15/28 (Call 06/14/18)b		72,877		68,504,380
6.75%, 03/09/23b		25,900		25,895,748
				94,400,128
IVORY COAST — 0.90%
Ivory Coast Government International Bond
5.75%, 12/31/32 (Call 06/30/18)b,h		51,930		49,722,630
6.13%, 06/15/33b		33,706		31,941,994
6.38%, 03/03/28b		21,196		21,301,980
				102,966,604
JAMAICA — 1.09%
Jamaica Government International Bond
6.75%, 04/28/28		47,549		52,303,900
7.88%, 07/28/45		27,346		31,951,674
8.00%, 03/15/39		34,378		40,222,260
				124,477,834
JORDAN — 0.66%
Jordan Government International Bond
5.75%, 01/31/27b		33,411		31,656,922
6.13%, 01/29/26b		18,574		18,203,558
7.38%, 10/10/47b		25,905		25,279,352
				75,139,832

SCHEDULEOF INVESTMENTS 29

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2018

Security	Principal (000s)		Value
KAZAKHSTAN — 1.54%
Kazakhstan Government International Bond
3.88%, 10/14/24b	$	42,098	$	42,224,294
4.88%, 10/14/44b		32,630		31,977,400
5.13%, 07/21/25b		62,091		66,064,824
6.50%, 07/21/45b		29,474		35,000,375
				175,266,893
KENYA — 0.95%
Kenya Government International Bond
6.88%, 06/24/24b		54,276		56,107,815
7.25%, 02/28/28b		25,340		26,123,929
8.25%, 02/28/48b		25,735		26,533,815
				108,765,559
LEBANON — 2.38%
Lebanon Government International Bond
6.00%, 01/27/23b		33,041		31,141,143
6.10%, 10/04/22b		41,307		39,344,917
6.60%, 11/27/26b		45,596		41,093,395
6.65%, 02/26/30b		32,065		27,856,469
6.75%, 11/29/27b		24,921		22,335,446
6.85%, 03/23/27b		32,946		30,036,116
7.00%, 03/23/32b		27,122		24,085,059
8.25%, 04/12/21b		53,851		54,995,334
				270,887,879
LITHUANIA — 0.74%
Lithuania Government International Bond
6.13%, 03/09/21b		29,035		31,176,331
6.63%, 02/01/22b		47,929		53,321,013
				84,497,344
MALAYSIA — 1.16%
1MDB Global Investments Ltd.
4.40%, 03/09/23b		94,000		89,182,500
Malaysia Sovereign Sukuk Bhd
3.04%, 04/22/25b		23,984		23,211,955
Malaysia Sukuk Global Bhd
3.18%, 04/27/26b		20,951		20,232,381
				132,626,836
MEXICO — 2.44%
Mexico Government International Bond
3.60%, 01/30/25		20,996		20,345,124
3.63%, 03/15/22		9,440		9,468,320

Security	Principal (000s)		Value
3.75%, 01/11/28	$	20,848	$	19,668,512
4.00%, 10/02/23		14,468		14,627,148
4.13%, 01/21/26		19,745		19,636,402
4.15%, 03/28/27		23,015		22,646,760
4.35%, 01/15/47		16,470		14,526,540
4.60%, 01/23/46		23,948		21,882,485
4.60%, 02/10/48		18,922		17,340,945
4.75%, 03/08/44		30,092		28,166,112
5.55%, 01/21/45		15,293		16,042,357
5.75%, 10/12/10		17,762		17,406,760
6.05%, 01/11/40		26,130		28,638,480
6.75%, 09/27/34		11,865		14,326,988
8.30%, 08/15/31		8,717		12,868,471
				277,591,404
MONGOLIA — 0.22%
Mongolia Government International Bond
5.13%, 12/05/22b		26,126		25,113,618
				25,113,618
MOROCCO — 0.33%
Morocco Government International Bond
4.25%, 12/11/22b		37,900		37,994,750
				37,994,750
NIGERIA — 1.68%
Nigeria Government International Bond
6.50%, 11/28/27b		42,857		43,195,917
7.14%, 02/23/30b		33,535		34,344,618
7.63%, 11/28/47b		55,749		56,202,062
7.70%, 02/23/38b		18,870		19,444,193
7.88%, 02/16/32b		36,143		38,808,546
				191,995,336
OMAN — 2.52%
Oman Government International Bond
3.63%, 06/15/21b		27,006		26,162,063
3.88%, 03/08/22b		27,941		26,823,360
4.13%, 01/17/23b		200		190,357
4.75%, 06/15/26b		61,210		57,078,325
5.38%, 03/08/27b		58,441		55,665,052
5.63%, 01/17/28b		38,605		36,907,478
6.50%, 03/08/47b		52,220		48,434,050
6.75%, 01/17/48b		38,195		36,082,967
				287,343,652

30 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2018

Security		Principal (000s)		Value
PAKISTAN — 0.98%
Pakistan Government International Bond
6.88%, 12/05/27b		$	37,400	$	35,047,959
8.25%, 04/15/24b			29,765		30,949,052
Third Pakistan International Sukuk Co. Ltd. (The)
5.50%, 10/13/21b			19,629		19,285,492
5.63%, 12/05/22b			26,973		26,011,398
					111,293,901
PANAMA — 1.46%
Panama Government International Bond
3.75%, 03/16/25 (Call 12/16/24)			28,422		28,173,308
4.00%, 09/22/24 (Call 06/22/24)			33,208		33,581,590
4.50%, 05/15/47			31,630		31,025,500
4.50%, 04/16/50 (Call 10/16/49)			8,175		7,940,077
6.70%, 01/26/36			53,110		65,590,850
					166,311,325
PARAGUAY — 0.21%
Paraguay Government International Bond
6.10%, 08/11/44b			23,168		24,442,240
					24,442,240
PERU — 2.58%
Peruvian Government International Bond
4.13%, 08/25/27			33,112		34,022,580
5.63%, 11/18/50			66,637		77,881,994
6.55%, 03/14/37			29,061		36,544,208
7.35%, 07/21/25			47,807		58,683,092
8.75%, 11/21/33			59,032		86,777,040
					293,908,914
PHILIPPINES — 3.60%
Philippine Government International Bond
3.00%, 02/01/28	��		26,880		25,139,723
3.70%, 03/01/41			25,570		23,907,950
3.70%, 02/02/42			38,305		35,719,412
3.95%, 01/20/40			28,661		27,872,823
4.00%, 01/15/21			26,063		26,649,418
4.20%, 01/21/24			24,118		24,931,983

Security	Principal (000s)		Value
5.00%, 01/13/37	$	21,542	$	23,696,200
5.50%, 03/30/26		18,824		21,012,290
6.38%, 01/15/32		19,814		24,272,150
6.38%, 10/23/34		35,566		44,590,872
7.75%, 01/14/31		32,998		44,423,557
9.50%, 02/02/30		35,836		53,082,075
10.63%, 03/16/25		24,957		35,563,725
				410,862,178
POLAND — 2.52%
Republic of Poland Government International Bond
3.00%, 03/17/23		52,891		51,899,294
3.25%, 04/06/26		46,432		45,097,080
4.00%, 01/22/24		51,890		53,057,525
5.00%, 03/23/22		75,670		80,304,787
5.13%, 04/21/21		53,420		56,358,100
				286,716,786
ROMANIA — 1.42%
Romanian Government International Bond
4.38%, 08/22/23b		40,432		41,038,480
4.88%, 01/22/24b		27,516		28,547,850
6.13%, 01/22/44b		27,072		31,403,520
6.75%, 02/07/22b		55,331		60,864,100
				161,853,950
RUSSIA — 3.30%
Russian Foreign Bond-Eurobond
4.25%, 06/23/27b		34,200		33,437,367
4.50%, 04/04/22b		26,200		26,593,000
4.75%, 05/27/26b		36,600		37,149,000
4.88%, 09/16/23b		33,600		34,692,000
5.25%, 06/23/47b		95,600		92,870,231
5.63%, 04/04/42b		23,400		24,558,300
5.88%, 09/16/43b		20,200		21,866,500
7.50%, 03/31/30b,h		44,387		49,614,053
12.75%, 06/24/28b		33,960		54,802,950
				375,583,401
SENEGAL — 0.44%
Senegal Government International Bond
6.25%, 05/23/33b		25,451		24,561,456
6.75%, 03/13/48f		26,440		25,007,887
				49,569,343

SCHEDULEOF INVESTMENTS 31

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2018

Security	Principal (000s)		Value
SERBIA — 0.47%
Serbia International Bond
7.25%, 09/28/21b	$	48,891	$	53,963,441
				53,963,441
SLOVAKIA — 0.34%
Slovakia Government International Bond
4.38%, 05/21/22b		36,789		38,490,491
				38,490,491
SOUTH AFRICA — 2.18%
Republic of South Africa Government International Bond
4.30%, 10/12/28		40,994		37,560,753
4.67%, 01/17/24		26,939		26,804,305
4.85%, 09/27/27		20,061		19,446,575
4.88%, 04/14/26		27,750		27,229,688
5.00%, 10/12/46		21,879		19,280,869
5.38%, 07/24/44		18,323		17,040,390
5.65%, 09/27/47		34,385		33,022,820
5.88%, 05/30/22		22,567		24,033,855
5.88%, 09/16/25		41,547		43,520,482
				247,939,737
SRI LANKA — 1.74%
Sri Lanka Government International Bond
5.75%, 04/18/23f		7,025		6,993,288
5.88%, 07/25/22b		27,069		27,272,018
6.20%, 05/11/27b		45,041		43,556,763
6.25%, 10/04/20b		19,763		20,376,246
6.25%, 07/27/21b		18,966		19,511,273
6.75%, 04/18/28f		3,575		3,560,271
6.83%, 07/18/26b		34,214		34,641,675
6.85%, 11/03/25b		42,011		42,903,734
				198,815,268
TRINIDAD AND TOBAGO — 0.26%
Trinidad & Tobago Government International Bond
4.50%, 08/04/26b		29,522		29,485,098
				29,485,098
TUNISIA — 0.20%
Banque Centrale de Tunisie International Bond
5.75%, 01/30/25b		24,929		23,059,325
				23,059,325

Security	Principal (000s)		Value
TURKEY — 4.28%
Hazine Mustesarligi Varlik Kiralama AS
4.25%, 06/08/21b	$	13,068	$	12,953,655
4.49%, 11/25/24b		7,650		7,372,688
5.00%, 04/06/23b		11,310		11,295,863
Turkey Government International Bond
3.25%, 03/23/23		22,147		20,430,607
4.25%, 04/14/26		13,711		12,408,455
4.88%, 10/09/26		30,572		28,584,820
4.88%, 04/16/43		29,360		23,414,600
5.13%, 03/25/22		9,946		10,045,460
5.13%, 02/17/28		22,160		20,726,650
5.63%, 03/30/21		22,576		23,253,280
5.75%, 03/22/24		24,699		25,038,611
5.75%, 05/11/47		32,998		28,865,558
6.00%, 03/25/27		34,744		34,917,720
6.00%, 01/14/41		27,444		25,214,175
6.25%, 09/26/22		21,401		22,471,050
6.63%, 02/17/45		26,912		26,272,840
6.75%, 05/30/40		18,568		18,637,630
6.88%, 03/17/36		31,989		32,868,697
7.00%, 06/05/20		12,782		13,485,010
7.25%, 03/05/38		12,527		13,388,231
7.38%, 02/05/25		33,333		36,582,967
8.00%, 02/14/34		20,187		23,240,284
11.88%, 01/15/30		11,399		16,728,033
				488,196,884
UKRAINE — 3.02%
Ukraine Government International Bond
7.38%, 09/25/32b		73,210		67,624,534
7.75%, 09/01/20b		34,416		35,758,224
7.75%, 09/01/21b		33,252		34,332,690
7.75%, 09/01/22b		31,705		32,339,100
7.75%, 09/01/23b		37,587		37,887,696
7.75%, 09/01/24b		38,141		38,026,577
7.75%, 09/01/25b		34,591		34,314,272
7.75%, 09/01/26b		31,196		30,759,256
7.75%, 09/01/27b		34,232		33,564,476
				344,606,825

32 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2018

Security	Principal (000s)		Value
URUGUAY — 2.10%
Uruguay Government International Bond
4.38%, 10/27/27	$	50,820	$	51,074,100
4.50%, 08/14/24		38,786		40,201,471
4.98%, 04/20/55		6,435		6,168,615
5.10%, 06/18/50		106,800		104,931,000
7.63%, 03/21/36		28,628		37,116,202
				239,491,388
VENEZUELA — 0.67%
Venezuela Government International Bond
6.00%, 12/09/20b,g		16,275		4,557,000
7.00%, 03/31/38b,g		15,168		4,360,800
7.65%, 04/21/25b,g		18,693		5,187,308
8.25%, 10/13/24b,g		24,917		7,039,109
9.00%, 05/07/23b,g		19,420		5,534,700
9.25%, 09/15/27g		37,102		11,594,375
9.25%, 05/07/28b,g		20,478		5,785,035
9.38%, 01/13/34g		14,199		4,650,173
11.75%, 10/21/26b,g		28,653		8,810,797
11.95%, 08/05/31b,g		37,103		11,316,262
12.75%, 08/23/22b,g		25,747		8,045,781
				76,881,340
VIETNAM — 0.25%
Vietnam Government International Bond
4.80%, 11/19/24b		28,380		28,867,994
				28,867,994
ZAMBIA — 0.55%
Zambia Government International Bond
8.50%, 04/14/24b		27,155		27,392,606
8.97%, 07/30/27b		35,141		35,228,852
				62,621,458
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost: $9,936,292,881)				9,445,401,979

Security	Shares (000s)		Value
SHORT-TERM INVESTMENTS — 0.21%
MONEY MARKET FUNDS — 0.21%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.61%i,j		24,658	$	24,657,919
				24,657,919
TOTAL SHORT-TERM INVESTMENTS
(Cost: $24,657,919)				24,657,919
TOTAL INVESTMENTS IN SECURITIES — 98.55%
(Cost: $11,831,777,852)				11,234,406,161
Other Assets, Less Liabilities — 1.45%				165,114,008
NET ASSETS — 100.00%			$	11,399,520,169

^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  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

^d  Security is perpetual in nature with no stated maturity date.

^e  Security is issued at a fixed coupon rate, which converts to a variable rate at a specified date. Reference index and spread are provided if the rate is currently floating.

^f  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^g  Issuer is in default of interest payments.

^h  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.

ⁱ  Affiliate of the Fund.

^j  Annualized 7-day yield as of period end.

SCHEDULEOF INVESTMENTS 33

Schedule of Investments (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 10/31/17 (000s)		Shares purchased (000s)		Shares sold (000s)			Shares held at 04/30/18 (000s)		Value at 04/30/18		Income		Net realized gain (loss) a		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		37,553		—		(12,895	) b		24,658	$	24,657,919	$	223,433	$	—	$	—

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Corporate bonds & notes	$	—	$	1,764,346,263	$	—	$	1,764,346,263
Foreign government obligations		—		9,445,401,979		—		9,445,401,979
Money market funds		24,657,919		—		—		24,657,919
Total	$	24,657,919	$	11,209,748,242	$	—	$	11,234,406,161

See notes to financial statements.

34 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statement of Assets and Liabilities (Unaudited)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

April 30, 2018

ASSETS
Investments in securities, at cost:
Unaffiliated	$	11,807,119,933
Affiliated (Note 2)		24,657,919
Total cost of investments in securities	$	11,831,777,852
Investments in securities, at fair value(Note 1):
Unaffiliated	$	11,209,748,242
Affiliated (Note 2)		24,657,919
Cash		2,069,571
Receivables:
Investment securities sold		19,575,577
Due from custodian (Note 4)		16,242,149
Dividends and interest		149,899,261
Capital shares sold		183,317
Total Assets		11,422,376,036
LIABILITIES
Payables:
Investment securities purchased		16,242,149
Capital shares redeemed		558,775
Securities related to in-kind transactions (Note 4)		2,222,320
Investment advisory fees (Note 2)		3,832,623
Total Liabilities		22,855,867
NET ASSETS	$	11,399,520,169
Net assets consist of:
Paid-in capital	$	12,141,860,485
Undistributed net investment income		49,617,630
Accumulated net realized loss		(194,586,255	)
Net unrealized depreciation		(597,371,691	)
NET ASSETS	$	11,399,520,169
Shares outstandinga		103,500,000
Net asset value per share	$	110.14

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

See notes to financial statements.

FINANCIAL STATEMENTS 35

Statement of Operations (Unaudited)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

Six months ended April 30, 2018

NET INVESTMENT INCOME
Dividends — affiliated (Note 2)	$	223,433
Interest — unaffiliateda		279,772,865
Total investment income		279,996,298
EXPENSES
Investment advisory fees (Note 2)		23,815,534
Proxy fees		1,192
Total expenses		23,816,726
Net investment income		256,179,572
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(24,959,940	)
In-kind redemptions — unaffiliated		9,808,259
Net realized loss		(15,151,681	)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		(646,393,210	)
Net change in unrealized appreciation/depreciation		(646,393,210	)
Net realized and unrealized loss		(661,544,891	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(405,365,319	)

^a  Net of foreign withholding tax of $5,893.

See notes to financial statements.

36 2018 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, 2018 (Unaudited)			Year ended October 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	256,179,572		$	486,867,268
Net realized gain (loss)		(15,151,681	)		56,149,030
Net change in unrealized appreciation/depreciation		(646,393,210	)		11,132,447
Net increase (decrease) in net assets resulting from operations		(405,365,319	)		554,148,745
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(244,126,438	)		(472,368,085	)
Total distributions to shareholders		(244,126,438	)		(472,368,085	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		4,485,756,404			9,694,660,077
Cost of shares redeemed		(4,364,954,250	)		(7,497,526,529	)
Net increase in net assets from capital share transactions		120,802,154			2,197,133,548
INCREASE (DECREASE) IN NET ASSETS		(528,689,603	)		2,278,914,208
NET ASSETS
Beginning of period		11,928,209,772			9,649,295,564
End of period	$	11,399,520,169		$	11,928,209,772
Undistributed net investment income included in net assets at end of period	$	49,617,630		$	37,564,496
SHARES ISSUED AND REDEEMED
Shares sold		39,200,000			85,200,000
Shares redeemed		(38,600,000	)		(66,400,000	)
Net increase in shares outstanding		600,000			18,800,000

See notes to financial statements.

FINANCIAL STATEMENTS 37

Financial Highlights

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

(For a share outstanding throughout each period)

	Six months ended Apr. 30, 2018 (Unaudited)			Year ended Oct. 31, 2017			Year ended Oct. 31, 2016			Year ended Oct. 31, 2015			Year ended Oct. 31, 2014			Year ended Oct. 31, 2013
Net asset value, beginning of period	$	115.92		$	114.74		$	108.36		$	114.15		$	110.96		$	120.81
Income from investment operations:
Net investment incomea		2.39			5.33			5.39			5.08			4.86			5.00
Net realized and unrealized gain (loss)b		(5.88	)		1.02			6.57			(5.75	)		3.17			(9.77	)
Total from investment operations		(3.49	)		6.35			11.96			(0.67	)		8.03			(4.77	)
Less distributions from:
Net investment income		(2.29	)		(5.17	)		(5.58	)		(5.12	)		(4.84	)		(5.08	)
Total distributions		(2.29	)		(5.17	)		(5.58	)		(5.12	)		(4.84	)		(5.08	)
Net asset value, end of period	$	110.14		$	115.92		$	114.74		$	108.36		$	114.15		$	110.96
Total return		(3.07	)%c		5.74	%		11.35	%		(0.55	)%		7.45	%		(4.01	)%
Ratios/Supplemental data:
Net assets, end of period (000s)	$	11,399,520		$	11,928,210		$	9,649,296		$	4,464,443		$	5,147,968		$	3,850,273
Ratio of expenses to average net assetsd		0.39	%		0.40	%		0.40	%		0.40	%		0.59	%		0.60	%
Ratio of expenses to average net assets prior to waived feesd		n/a			0.54	%		0.59	%		0.60	%		0.60	%		n/a
Ratio of net investment income to average net assetsd		4.23	%		4.69	%		4.81	%		4.61	%		4.35	%		4.30	%
Portfolio turnover ratee		9	%c		26	%		32	%		24	%		52	%		32	%

^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.

38 2018 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. Odd lots may trade at lower prices than institutional round lots.

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

NOTESTO FINANCIAL STATEMENTS 39

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 inputs that include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other inputs, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such inputs are reported to the Board on a quarterly basis.

The Global Valuation Committee employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the 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 to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may 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.

40 2018 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, and payment-in-kind interest income, if any are 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 March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization on Purchase Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Fund.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (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
	0.4000	%	First $19 billion
	0.3800	a	Over $19 billion, up to and including $33  billion
	0.3610	a	Over $33 billion, up to and including $47  billion
	0.3430	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.

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.

NOTESTO FINANCIAL STATEMENTS 41

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

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, 2018, the purchases and sales transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were $ 6,147,852 and $ 4,877,078, 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, 2018, were $1,154,608,511 and $1,050,561,303, respectively.

In-kind purchases and sales (see Note 4) for the six months ended April 30, 2018, were $4,382,530,498 and $4,272,919,090, 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.

5. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including,

42 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. The Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve 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: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia, Norway, Switzerland and Canada, have imposed economic sanctions, which consist of asset freezes and sectorial sanctions, on certain Russian individuals and Russian corporate entities. Broader sanctions on Russia could also be instituted. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a fund.

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. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of 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.

NOTESTO FINANCIAL STATEMENTS 43

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS 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.

High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

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, 2017, the Funds’ 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
$	141,419,263	$	96,030	$	141,515,293

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

As of April 30, 2018, the cost of investments (including short positions and derivatives, if any) for federal income tax purposes was $11,869,697,133. Net unrealized depreciation was $635,290,972, of which $15,138,221 represented gross unrealized appreciation on securities and $650,429,193 represented gross unrealized depreciation on securities.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

44 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements (Unaudited) (Continued)

iSHARES^® J.P. MORGAN USD EMERGING MARKETS BOND ETF

The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Although the Act does not amend any provisions directly related to the qualification or taxation of regulated investment companies (“RICs”), the Act does change the taxation of entities in which some RICs invest, the tax treatment of income derived from those entities and the taxation of RIC shareholders. While management does not anticipate significant impact to the funds or to their shareholders, there is uncertainty in the application of certain provisions in the Act. Specifically, provisions in the Act may increase the amount of or accelerate the recognition of taxable income and may limit the deductibility of certain expenses by RICs. Until full clarity around these provisions is obtained, the impact on the Fund’s financial statements, if any, cannot be fully determined.

7. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a putative class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

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 45

Notes:

46 2018 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”).

©2018 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-1019-0418

APRIL 30, 2018

2018 SEMI-ANNUAL REPORT (UNAUDITED)

iShares U.S. ETF Trust

^Ø  iShares Bloomberg Roll Select Commodity Strategy ETF  |  CMDY  |  NYSE Arca

^Ø  iShares Commodities Select Strategy ETF  |  COMT  |  NASDAQ

Table of Contents

Fund Performance Overviews	5
About Fund Performance	7
Shareholder Expenses	7
Consolidated Schedules of Investments	8
iShares Bloomberg Roll Select Commodity Strategy ETF	8
iShares Commodities Select Strategy ETF	10
Consolidated Financial Statements	17
Consolidated Financial Highlights	20
Notes to Consolidated Financial Statements	22
Board Review and Approval of Investment Advisory Contract	34
Supplemental Information	37
General Information	38

Fund Performance Overview

iSHARES^® BLOOMBERG ROLL SELECT COMMODITY STRATEGY ETF

Performance as of April 30, 2018

The iShares Bloomberg Roll Select Commodity Strategy ETF (the “Fund”) seeks to provide exposure, on a total return basis, to a diversified group of commodities. The Fund seeks to achieve its investment objective by investing in exchange-traded futures contracts on the Bloomberg Roll Select Commodity Index. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. For the period from April 3, 2018 (inception date of the Fund) through April 30, 2018, the total return for the Fund was 2.68%, net of fees.

	Cumulative Total Returns
	Since Inception
Fund NAV		2.68%
Fund Market		2.70%
Bloomberg Roll Select Commodity Index		2.82%

The inception date of the Fund was 4/3/18. The first day of secondary market trading was 4/5/18.

The Bloomberg Roll Select Commodity Index is an unmanaged index that aims to reflect the performance of a diversified group of commodities, while also seeking to minimize the effect of contango and maximize the effect of backwardation in connection with periodically switching or “rolling” into new futures contracts.

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 (4/3/18) a		Ending Account Value (4/30/18)		Expenses Paid During Period b		Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period b		Annualized Expense Ratio
$	1,000.00	$	1,026.80	$	0.08	$	1,000.00	$	1,024.20	$	0.55		0.11%

^a  The beginning of the period (commencement of operations) is April 3, 2018.

^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 (27 days for actual and 181 days for hypothetical expenses) and divided by the number of days in the year (365 days). See “Shareholder Expenses” on page 7 for more information.

ALLOCATION BY INVESTMENT TYPE

As of 4/30/18

Investment Type	% of Net  Assets
Commercial Paper		75.59	%
U.S. Government Obligations		11.28
Money Market Funds		10.58
Cash		0.16
Other Assets, Less Liabilities		2.39
TOTAL		100.00	%

COMMODITIES EXPOSURE ¹

As of 4/30/18

Sector Exposure	% of Exposure
Agriculture Futures		31.41	%
Energy Futures		31.33
Industrial Metals Futures		16.84
Precious Metals Futures		14.90
Livestock Futures		5.52
TOTAL		100.00	%

¹ Table shown represents the sector allocation of the Bloomberg Roll Select Commodity Index.

FUND PERFORMANCE OVERVIEWS 5

Fund Performance Overview

iSHARES^® COMMODITIES SELECT STRATEGY ETF

Performance as of April 30, 2018

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, 2018, the total return for the Fund was 11.89%, net of fees.

	Average Annual Total Returns				Cumulative Total Returns
	1 Year		Since Inception		1 Year		Since Inception
Fund NAV		21.77%		(5.14)%		21.77%		(17.05)%
Fund Market		21.95%		(5.14)%		21.95%		(17.05)%
S&P GSCITM Commodity Total Return Index		22.14%		(11.05)%		22.14%		(33.95)%

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 7 for more information.

Shareholder Expenses
Actual						Hypothetical 5% Return
Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Beginning Account Value (11/1/17)		Ending Account Value (4/30/18)		Expenses Paid During Period a		Annualized Expense Ratio
$	1,000.00	$	1,118.90	$	2.52	$	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 7 for more information.

ALLOCATION BY SECTOR

As of 4/30/18

Sector/Investment Type	% of Net Assets
Agriculture Equities		14.22	%
Timber Equities		5.08
Industrial Metal Equities		3.96
Precious Metals Equities		3.48
Energy Equities		2.06
Short-term		69.48
Cash		2.68
Other Assets, Less Liabilities		(0.96	)
TOTAL		100.00	%

COMMODITY-LINKED FUTURES ¹

As of 4/30/18

Sector Exposure	% of Net Assets
Energy Futures		51.79	%
Agriculture Futures		12.22
Livestock Futures		4.32
Industrial Metals Futures		2.05
Precious Metals Futures		0.79
TOTAL		71.17	%

¹ Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.

6 2018 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, 2017 (or commencement of operations, as applicable) and held through April 30, 2018, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

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

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

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

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 7

Consolidated Schedule of Investments (Unaudited)

iSHARES^® BLOOMBERG ROLL SELECT COMMODITY STRATEGY ETF

April 30, 2018

Security	Principal		Value
SHORT-TERM INVESTMENTS — 97.45%
COMMERCIAL PAPERa — 75.59%
BASF SE
1.88%, 06/04/18	$	1,000,000	$	998,179
Bell Canada Inc.
2.42%, 06/11/18		750,000		748,075
2.24%, 05/30/18		1,150,000		1,147,949
Bennington Stark Capital Co.
2.35%, 07/23/18		2,000,000		1,989,071
Berkshire Hathaway Energy Co.
1.91%, 05/11/18		2,000,000		1,998,640
Charta LLC
2.16%, 06/26/18		2,000,000		1,993,442
Coa-Cola Co. (The)
1.87%, 06/08/18		1,500,000		1,496,938
Crown Point Capital Co.
2.35%, 07/05/18		1,800,000		1,792,852
Deutsche Telekom AG
1.52%, 05/07/18		2,000,000		1,999,176
Fairway Finance Co. LLC
2.30%, 07/18/18		1,000,000		995,003
Hyundai Capital America
2.36%, 06/20/18		2,000,000		1,993,101
Kells Funding LLC
2.06%, 07/23/18		750,000		745,828
Lam Research Corp.
1.96%, 05/10/18		1,900,000		1,898,829
Lexington Parker Capital Co. LLC
1.65%, 05/10/18		2,000,000		1,999,006
Manhattan Asset Funding Co. LLC
1.97%, 06/14/1		1,800,000		1,795,444
Marriott International Inc./MD
2.37%, 06/11/18		1,500,000		1,495,817
Mondelez International Inc.
2.32%, 06/08/18		1,750,000		1,745,497
Nieuw Amsterdam Receivables Corp.
1.95%, 06/04/18		500,000		499,048
Rogers Communication Inc.
1.76%, 05/08/18		1,500,000		1,499,265
Ryder System Inc.
2.21%, 05/30/18		800,000		798,447
Schlumberger Holdings Corp.
2.60%, 07/05/18		1,800,000		1,792,311

Security	Principal or Shares		Value
Standard Chartered Bank/New York
2.02%, 05/29/18	$	1,800,000	$	1,797,368
Suncor Energy Inc.
1.75%, 05/07/18		1,750,000		1,749,251
TransCanada American Investments Ltd.
2.43%, 06/05/18		2,100,000		2,095,716
Virginia Electric & Power Co.
2.41%, 05/01/18		1,750,000		1,749,904
				38,814,157
MONEY MARKET FUNDS — 10.58%
BlackRock Cash Funds: Treasury, SL Agency Shares
1.61%b,c		5,432,833		5,432,833
				5,432,833
U.S. GOVERNMENT OBLIGATIONS — 11.28%
U.S. Treasury Billa
1.59%, 05/03/18		3,000,000		2,999,740
1.76%, 07/05/18		2,800,000		2,791,160
				5,790,900
TOTAL SHORT-TERM INVESTMENTS
(Cost: $50,036,527)				50,037,890
TOTAL INVESTMENTS IN SECURITIES — 97.45%
(Cost: $50,036,527)				50,037,890
Other Assets, Less Liabilities — 2.55%				1,306,962
NET ASSETS — 100.00%			$	51,344,852

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

^b  Affiliate of the Fund.

^c  Annualized 7-day yield as of period end.

8 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® BLOOMBERG ROLL SELECT COMMODITY STRATEGY ETF

April 30, 2018

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 04/03/18 a		Shares purchased		Shares sold		Shares held at 04/30/18		Value at 04/30/18		Income		Net realized gain (loss) b		Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		—		5,432,833c		—		5,432,833	$	5,432,833	$	8,301	$	—	$	—

^a  The Fund commenced operations on April 3, 2018.

^b  Includes realized capital gain distributions from an affiliated fund, if any.

^c  Net of purchases and sales.

Futures Contracts (Note 5)

Futures contracts outstanding as of April 30, 2018 were as follows:

Description	Number of contracts		Expiration date		Notional amount (000)		Value/ unrealized appreciation (depreciation)
Long Contracts
Bloomberg Roll Select Commodity Index		2,210		Jun 2018	$	50,664	$	1,221,208

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, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Commercial paper	$	—	$	38,814,157	$	—	$	38,814,157
Money market funds		5,432,833		—		—		5,432,833
U.S. government obligations		—		5,790,900		—		5,790,900
Total	$	5,432,833	$	44,605,057	$	—	$	50,037,890
Derivative financial instrumentsa
Assets
Futures contracts	$	1,221,208	$	—	$	—	$	1,221,208
Total	$	1,221,208	$	—	$	—	$	1,221,208

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

See notes to consolidated financial statements.

CONSOLIDATED SCHEDULESOF INVESTMENTS 9

Consolidated Schedule of Investments (Unaudited)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2018

Security	Shares		Value
COMMON STOCKS — 28.77%
AGRICULTURAL & FARM MACHINERY — 3.85%
AGCO Corp.		26,784	$	1,678,822
CNH Industrial NV		403,085		4,937,791
Deere & Co.		131,353		17,776,002
				24,392,615
AGRICULTURAL PRODUCTS — 2.55%
Archer-Daniels-Midland Co.		196,336		8,909,728
Bunge Ltd.		49,357		3,565,056
Fresh Del Monte Produce Inc.		11,837		581,789
Ingredion Inc.		25,360		3,070,842
				16,127,415
ALUMINUM — 0.07%
Aluminum Corp. of China Ltd. ADR NVSa		17,074		239,378
Constellium NV Class Aa		14,555		165,199
				404,577
COAL & CONSUMABLE FUELS — 0.00%
Cameco Corp.		1,857		19,554
NexGen Energy Ltd.a		1,288		2,615
				22,169
COPPER — 0.36%
Freeport-McMoRan Inc.		141,677		2,154,907
Nevsun Resources Ltd.b		31,754		88,276
Taseko Mines Ltd.a		20,505		24,811
				2,267,994
DIVERSIFIED METALS & MINING — 3.53%
BHP Billiton Ltd. ADR NVSb		169,530		7,925,527
BHP Billiton PLC ADR NVS		111,573		4,724,001
Ferroglobe PLCa		7,431		83,970
HudBay Minerals Inc.b		27,557		191,521
Nexa Resources SA		3,346		58,488
Northern Dynasty Minerals Ltd.a,b		32,633		28,675
Rio Tinto PLC ADR NVS		126,380		6,944,581
Teck Resources Ltd.		53,175		1,336,288
Turquoise Hill Resources Ltd.a		103,997		308,871
Vedanta Ltd. ADR NVS		44,212		783,437
				22,385,359
FERTILIZERS & AGRICULTURAL CHEMICALS — 7.82%
CF Industries Holdings Inc.		95,406		3,701,753
FMC Corp.		54,946		4,380,845
Israel Chemicals Ltd. NVSa		208,703		930,815

Security	Shares		Value
Monsanto Co.		180,304	$	22,604,712
Mosaic Co. (The)		143,390		3,864,361
Nutrien Ltd.		263,501		11,997,201
Sociedad Quimica y Minera de Chile SA ADRb		37,914		2,081,099
				49,560,786
FOREST PRODUCTS — 0.11%
Norbord Inc.		17,308		715,513
				715,513
GOLD — 3.11%
Agnico Eagle Mines Ltd.		38,696		1,628,715
Alamos Gold Inc.b		64,474		348,160
AngloGold Ashanti Ltd. ADR NVS		67,822		609,042
B2Gold Corp.a		162,680		466,892
Barrick Gold Corp.		193,607		2,607,886
Cia. de Minas Buenaventura SAA ADR NVS		33,360		532,092
Eldorado Gold Corp.a		131,548		124,971
Franco-Nevada Corp.		30,857		2,189,613
Gold Fields Ltd. ADR NVS		126,581		483,539
Goldcorp Inc.b		143,946		1,913,042
Harmony Gold Mining Co. Ltd. ADR NVSb		62,604		127,086
IAMGOLD Corp.a,b		77,275		421,921
Kinross Gold Corp.a		207,088		803,501
Kirkland Lake Gold Ltd.b		31,564		550,792
New Gold Inc.a		95,866		224,326
Newmont Mining Corp.		88,538		3,478,658
NovaGold Resources Inc.a,b		36,310		173,562
Osisko Gold Royalties Ltd.b		20,657		201,612
Pretium Resources Inc.a		25,383		170,828
Randgold Resources Ltd. ADR NVS		15,565		1,262,321
Sandstorm Gold Ltd.a		30,265		140,127
Seabridge Gold Inc.a		7,359		76,901
Sibanye Gold Ltd. ADR NVS		74,737		263,822
SSR Mining Inc.a		19,859		202,959
Tahoe Resources Inc.		51,819		260,650
Yamana Gold Inc.b		157,152		451,026
				19,714,044
INTEGRATED OIL & GAS — 1.15%
BP PLC ADR NVS		16,454		733,684
Cenovus Energy Inc.b		5,085		51,003
Chevron Corp.		9,540		1,193,549

10 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2018

Security	Shares		Value
China Petroleum & Chemical Corp. ADR NVS		1,273	$	124,168
Ecopetrol SA ADR NVSb		1,131		24,973
Eni SpA ADR NVS		6,340		248,338
Exxon Mobil Corp.		21,161		1,645,268
Imperial Oil Ltd.		1,245		38,757
Occidental Petroleum Corp.		3,814		294,670
PetroChina Co. Ltd. ADR NVS		1,051		77,364
Petroleo Brasileiro SA ADR NVSa		7,421		104,562
Royal Dutch Shell PLC Class A ADR NVS		11,356		793,784
Royal Dutch Shell PLC Class B ADR NVS		9,365		678,213
Statoil ASA ADR NVS		5,439		139,238
Suncor Energy Inc.		8,183		312,836
Total SA ADR NVS		12,627		790,577
YPF SA ADR NVS		862		18,869
				7,269,853
OIL & GAS DRILLING — 0.02%
Ensco PLC Class A		2,463		13,916
Helmerich & Payne Inc.		584		40,617
Nabors Industries Ltd.		1,779		13,538
Noble Corp. PLCa		1,173		5,478
Ocean Rig UDW Inc.a		20		485
Precision Drilling Corp.a		1,456		5,183
Rowan Companies PLCa		667		9,632
Transocean Ltd.a,b		2,331		28,835
				117,684
OIL & GAS EQUIPMENT & SERVICES — 0.16%
Baker Hughes a GE Co.		2,056		74,242
Core Laboratories NV		214		26,204
Frank’s International NV		315		2,202
Halliburton Co.		4,248		225,101
McDermott International Inc.a,b		1,299		8,573
National Oilwell Varco Inc.		1,849		71,501
Schlumberger Ltd.		6,737		461,889
TechnipFMC PLC		2,134		70,337
Tenaris SA ADR NVS		1,149		42,950
Weatherford International PLCa,b		5,170		15,251
				998,250
OIL & GAS EXPLORATION & PRODUCTION — 0.40%
Advantage Oil & Gas Ltd.a		996		3,187
Anadarko Petroleum Corp.		2,873		193,410
Antero Resources Corp.a		1,131		21,489
Apache Corp.		2,003		82,023
Baytex Energy Corp.a		1,291		5,771

Security	Shares		Value
Cabot Oil & Gas Corp.		2,422	$	57,910
Canadian Natural Resources Ltd.		5,732		206,811
Cimarex Energy Co.		501		50,396
CNOOC Ltd. ADR NVS		844		142,644
Concho Resources Inc.a,b		784		123,253
ConocoPhillips		6,169		404,069
Continental Resources Inc./OKa,b		459		30,322
Crescent Point Energy Corp.		2,907		25,494
Devon Energy Corp.		2,765		100,452
Diamondback Energy Inc.a		515		66,152
Encana Corp.		5,112		63,798
Enerplus Corp.b		1,328		15,418
EOG Resources Inc.		3,039		359,119
EQT Corp.		1,287		64,594
Geopark Ltd.a		220		3,230
Hess Corp.		1,408		80,242
Kosmos Energy Ltd.a,b		1,321		9,300
Marathon Oil Corp.		4,463		81,450
Newfield Exploration Co.a		1,056		31,469
Noble Energy Inc.		2,587		87,518
Obsidian Energy Ltd.a,b		3,303		3,699
Pioneer Natural Resources Co.		893		179,984
Range Resources Corp.b		1,131		15,664
Ultra Petroleum Corp.a,b		976		2,362
Vermilion Energy Inc.		629		21,266
				2,532,496
OIL & GAS REFINING & MARKETING — 0.12%
Andeavor		678		93,781
Cosan Ltd. Class A		802		8,084
HollyFrontier Corp.		855		51,890
Marathon Petroleum Corp.		2,252		168,697
Phillips 66		1,996		222,175
Valero Energy Corp.		2,054		227,850
				772,477
OIL & GAS STORAGE & TRANSPORTATION — 0.19%
Cheniere Energy Inc.a		1,082		62,929
DHT Holdings Inc.		472		1,713
Enbridge Inc.		9,067		274,458
Euronav SA NVSa		623		5,078
Frontline Ltd./Bermudab		453		1,962
GasLog Ltd.		187		3,151
Gener8 Maritime Inc.a		351		2,022
Golar LNG Ltd.b		524		16,847
International Seaways Inc.a,b		148		2,979

CONSOLIDATED SCHEDULESOF INVESTMENTS 11

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2018

Security	Shares		Value
Kinder Morgan Inc./DE		10,150	$	160,573
Navigator Holdings Ltd.a		154		1,763
ONEOK Inc.		2,196		132,243
Pembina Pipeline Corp.		2,691		85,735
Plains GP Holdings LP Class A		828		20,054
Scorpio Tankers Inc.		985		2,620
Ship Finance International Ltd.		307		4,375
Targa Resources Corp.		1,153		54,156
Teekay Corp.		423		3,731
TransCanada Corp.		4,716		200,194
Transportadora de Gas del Sur SA ADR NVSa		220		4,193
Ultrapar Participacoes SA ADR NVS		2,321		40,200
Williams Companies Inc. (The)		4,426		113,881
				1,194,857
PAPER PACKAGING — 2.25%
International Paper Co.		162,052		8,355,401
WestRock Co.		100,109		5,922,448
				14,277,849
PAPER PRODUCTS — 0.46%
Fibria Celulose SA ADR NVS		89,127		1,743,324
KapStone Paper and Packaging Corp.		34,393		1,183,807
				2,927,131
SILVER — 0.37%
First Majestic Silver Corp.a,b		26,424		171,228
Fortuna Silver Mines Inc.a		25,419		144,634
MAG Silver Corp.a,b		11,842		131,802
Pan American Silver Corp.		24,412		393,521
Wheaton Precious Metals Corp.b		70,617		1,468,127
				2,309,312
SPECIALIZED REITS — 2.25%
CatchMark Timber Trust Inc.		18,953		247,147
PotlatchDeltic Corp.b		23,588		1,223,038
Rayonier Inc.		50,657		1,883,934
Weyerhaeuser Co.		296,375		10,900,672
				14,254,791
TOTAL COMMON STOCKS (Cost: $177,596,335)				182,245,172

Security	Principal or Shares		Value
PREFERRED STOCKS — 0.02%
INTEGRATED OIL & GAS — 0.02%
Petroleo Brasileiro SA, Preference Shares ADRa		10,472	$	137,707
				137,707
TOTAL PREFERRED STOCKS (Cost: $116,733)				137,707
SHORT-TERM INVESTMENTS — 69.48%
CERTIFICATES OF DEPOSIT — 3.87%
Bank of Tokyo-Mitsubishi UFJ Ltd. (The)
2.34%, 06/22/18	$	3,000,000		3,001,532
Canadian Imperial Bank of Commerce
(1 mo. LIBOR US + 0.260%)
2.16%, 11/13/18c		4,500,000		4,497,584
DNB Bank ASA/New York
(1 mo. LIBOR US + 0.160%)
2.05%, 08/06/18c		7,000,000		6,998,992
Mitsubishi UFJ Trust & Banking Corp./NY
(1 mo. LIBOR US + 0.290%)
2.19%, 08/31/18c		1,000,000		999,946
Norinchukin Bank/New York
(1 mo. LIBOR US + 0.190%)
2.09%, 05/29/18c		6,000,000		6,001,212
Sumitomo Mitsui Trust Bank Ltd./New York
(1 mo. LIBOR US + 0.220%)
2.12%, 06/21/18c		3,000,000		3,000,036
				24,499,302
COMMERCIAL PAPER — 46.15%
American Honda Finance Corp.
1.99%, 06/07/18d		7,000,000		6,986,102
ASB Finance Ltd.
(1 mo. LIBOR US + 0.230%)
2.13%, 09/21/18c,e		4,000,000		3,997,620
Australia & New Zealand Banking Group
1.88%, 05/29/18d		9,100,000		9,086,988

12 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2018

Security	Principal		Value
BASF SE
1.88%, 05/02/18d	$	9,050,000	$	9,049,520
Bedford Row Funding
2.29%, 07/24/18d		5,000,000		4,973,048
Bell Canada Inc.
2.48%, 06/11/18d		8,250,000		8,228,825
2.50%, 06/06/18d		6,000,000		5,986,587
Bennington Stark Capital Co.
2.36%, 07/23/18d		12,250,000		12,183,058
Berkshire Hathaway Energy Co.
2.13%, 05/11/18d		8,000,000		7,994,561
Canadian Imperial Bank of Commerce
(1 mo. LIBOR US + 0.190%)
2.09%, 08/22/22c,e		4,000,000		3,998,980
Charta LLC
1.98%, 05/07/18d		6,000,000		5,997,935
Coa-Cola Co. (The)
1.87%, 06/08/18d		11,000,000		10,977,549
Crown Point Capital Co.
2.31%, 07/05/18d		16,450,000		16,384,677
Deutsche Telekom AG
2.07%, 05/07/18d		20,000,000		19,991,756
Eni Finance USA Inc.
2.57%, 06/12/18d		2,200,000		2,194,206
Exxon Mobil Corp.
1.80%, 05/14/18d		15,000,000		14,989,675
Hyundai Capital America
2.72%, 06/19/18d		7,700,000		7,674,013
Lam Research Corp.
2.38%, 05/10/18d		13,100,000		13,091,925
Lexington Parker Capital Co. LLC
1.92%, 05/10/18d		8,000,000		7,996,022
Marriott International Inc./MD
2.44%, 06/11/18d		15,000,000		14,958,175
Nieuw Amsterdam Receivables Corp.
2.02%, 06/04/18d		9,650,000		9,631,630
NRW Bank
1.96%, 05/03/18d		6,000,000		5,999,182
Omnicom Capital Inc.
2.51%, 05/08/18d		9,000,000		8,995,588
Oversea-Chinese Banking Corp. Ltd.
2.18%, 06/08/18d		1,000,000		997,839

Security	Principal or Shares		Value
Ridgefield Funding Co. LLC
(1 mo. LIBOR US + 0.450%)
2.35%, 10/18/18c,e	$	2,700,000	$	2,699,854
Rogers Communication Inc.
2.32%, 05/08/18d		11,900,000		11,894,166
Ryder System Inc.
2.32%, 05/30/18d		7,300,000		7,285,826
Schlumberger Holdings Corp.
2.63%, 07/05/18d		11,500,000		11,450,876
Toyota Motor Credit Corp.
1.95%, 05/23/18d		8,000,000		7,990,764
TransCanada American Investments Ltd.
2.46%, 06/05/18d		8,900,000		8,881,844
2.16%, 05/03/18d		400,000		399,940
Victory Receivables Corp.
2.01%, 06/04/18d		10,000,000		9,981,090
VW Credit Inc.
2.67%, 06/25/18d		3,500,000		3,486,607
2.67%, 06/22/18d		6,000,000		5,978,403
Walgreens Boots Alliance Inc.
2.06%, 05/07/18d		5,000,000		4,997,861
2.38%, 06/18/18d		5,000,000		4,983,497
				292,396,189
MONEY MARKET FUNDS — 14.86%
BlackRock Cash Funds: Institutional, SL Agency Shares
1.93%f,g,h		11,424,723		11,425,866
BlackRock Cash Funds: Treasury, SL Agency Shares
1.61%f,g		82,678,202		82,678,202
				94,104,068
U.S. GOVERNMENT OBLIGATIONS — 4.60%
U.S. Treasury Billd
1.59%, 05/03/18		5,000,000		4,999,566
1.76%, 07/05/18		14,300,000		14,254,854
2.01%, 10/18/18		10,000,000		9,907,681
				29,162,101
TOTAL SHORT-TERM INVESTMENTS (Cost: $440,152,669)				440,161,660

CONSOLIDATED SCHEDULESOF INVESTMENTS 13

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2018

	Value
TOTAL INVESTMENTS IN SECURITIES — 98.27%
(Cost: $617,865,737)	$	622,544,539
Other Assets, Less Liabilities — 1.73%		10,981,445
NET ASSETS — 100.00%	$	633,525,984

NVS — Non-Voting Shares

ADR — American Depositary Receipts

^a  Non-income producing security.

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

^c  Variable or floating rate security. Rate shown is the rate in effect as of period-end.

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

^e  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^f  Affiliate of the Fund.

^g  Annualized 7-day yield as of period end.

^h  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates (Note 2)

Investments in issuers considered to be affiliates of the Fund during the six months ended April 30, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliated issuer	Shares held at 10/31/17		Shares purchased			Shares sold		Shares held at 04/30/18		Value at 04/30/18		Income		Net realized gain (loss) a			Change in unrealized appreciation (depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		1,078,969		10,345,754	b		—		11,424,723	$	11,425,866	$	13,665c	$	(341	)	$	648
BlackRock Cash Funds: Treasury, SL Agency Shares		20,267,041		62,411,161	b		—		82,678,202		82,678,202		461,566		—			—
										$	94,104,068	$	475,231	$	(341	)	$	648

^a  Includes realized capital gain distributions from an affiliated fund, if any.

^b  Net of purchases and sales.

^c  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

14 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2018

Futures Contracts (Note 5)

Futures contracts outstanding as of April 30, 2018 were as follows:

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ unrealized Appreciation/ Depreciation
Long Contracts
Aluminum		79		Nov 2018	$	4,439	$	120,176
Brent Crude Oil		1,354		Jun 2018		100,426		6,771,609
Cattle Feeder		63		Nov 2018		4,578		(71,215	)
Cocoa		69		Dec 2018		1,934		154,317
Coffee		78		Jul 2018		3,592		82,618
Copper		30		Nov 2018		5,137		(45,662	)
Corn		1,065		Dec 2018		22,152		157,156
Cotton		174		Dec 2018		6,854		33,161
Gasoline RBOB		307		Sep 2018		25,277		1,819,619
Gold		34		Jun 2018		4,485		(34,444	)
KC HRW Wheat		184		Dec 2018		5,325		21,446
Lead		16		Jul 2018		928		(25,985	)
Lean Hogs		359		Oct 2018		9,266		(385,810	)
Live Cattle		199		Jun 2018		8,446		(669,885	)
Live Cattle		121		Aug 2018		5,059		(12,974	)
Low Sulphur Gasoil		413		Jun 2018		26,866		1,285,742
Natural Gas		492		Aug 2018		13,727		(214,196	)
Nickel		11		Dec 2018		906		3,159
NY Harbor ULSD		239		May 2018		21,575		2,322,031
Silver		6		Jul 2018		492		(5,757	)
Soybean		304		Nov 2018		15,880		85,530
Sugar		494		Jun 2018		6,501		(549,904	)
Wheat		555		Dec 2018		15,186		131,114
WTI Crude Oil		2,090		Sep 2018		140,218		13,813,024
Zinc		20		Dec 2018		1,560		(34,102	)
		Net unrealized appreciation					$	24,750,768

CONSOLIDATED SCHEDULESOF INVESTMENTS 15

Consolidated Schedule of Investments (Unaudited) (Continued)

iSHARES^® COMMODITIES SELECT STRATEGY ETF

April 30, 2018

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of April 30, 2018. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common stocks	$	182,245,172		$	—	$	—	$	182,245,172
Preferred stocks		137,707			—		—		137,707
Certificates of deposit		—			24,499,302		—		24,499,302
Commercial paper		—			292,396,189		—		292,396,189
Money market funds		94,104,068			—		—		94,104,068
U.S. government obligations		—			29,162,101		—		29,162,101
Total	$	276,486,947		$	346,057,592	$	—	$	622,544,539
Derivative financial instrumentsa
Assets
Futures contracts	$	26,800,702		$	—	$	—	$	26,800,702
Liabilities
Futures contracts		(2,049,934	)		—		—		(2,049,934	)
Total	$	24,750,768		$	—	$	—	$	24,750,768

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

See notes to consolidated financial statements.

16 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Assets and Liabilities (Unaudited)

iSHARES^® U.S. ETF TRUST

April 30, 2018

	iShares Bloomberg Roll Select Commodity Strategy ETF			iShares Commodities Select Strategy ETF
ASSETS
Investments in securities, at cost:
Unaffiliated	$	44,603,694		$	523,762,327
Affiliated (Note 2)		5,432,833			94,103,410
Total cost of investments in securities	$	50,036,527		$	617,865,737
Investments in securities, at fair value (including securities on loana) (Note 1):
Unaffiliated	$	44,605,057		$	528,440,471
Affiliated (Note 2)		5,432,833			94,104,068
Foreign currency, at valueb		—			247
Cash pledged to broker for futures contracts		76,132			16,954,729
Cash		5,184			—
Receivables:
Investment securities sold		—			247
Due from custodian (Note 4)		—			1,029
Dividends and interest		8,301			289,974
Capital shares sold		—			2,734,297
Futures variation margin		1,226,542			2,966,992
Tax reclaims		—			9,781
Total Assets		51,354,049			645,501,835
LIABILITIES
Payables:
Investment securities purchased		—			1,029
Collateral for securities on loan (Note 1)		—			11,425,617
Due to custodian		5,184			326,537
Investment advisory fees (Note 2)		4,013			222,668
Total Liabilities		9,197			11,975,851
NET ASSETS	$	51,344,852		$	633,525,984
Net assets consist of:
Paid-in capital	$	50,053,568		$	598,483,415
Undistributed net investment income		68,669			788,131
Undistributed net realized gain (accumulated net realized loss)		(5,290	)		4,824,355
Net unrealized appreciation		1,227,905			29,430,083
NET ASSETS	$	51,344,852		$	633,525,984
Shares outstandingc		1,000,000			16,500,000
Net asset value per share	$	51.34		$	38.40

^a  Securities on loan with values of $  — and $11,135,320, respectively. See Note 1.

^b  Cost of foreign currency: $  — and $247, respectively.

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

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 17

Consolidated Statements of Operations (Unaudited)

iSHARES^® U.S. ETF TRUST

Six months ended April 30, 2018

	iShares Bloomberg Roll Select Commodity Strategy ETFa			iShares Commodities Select Strategy ETF
NET INVESTMENT INCOME
Dividends — unaffiliatedb	$	—		$	1,214,366
Dividends — affiliated (Note 2)		8,301			461,566
Interest — unaffiliated		64,381			1,492,251
Securities lending income — affiliated — net (Note 2)		—			13,665
Total investment income		72,682			3,181,848
EXPENSES
Investment advisory fees (Note 2)		10,547			836,287
Proxy fees		—			24
Total expenses		10,547			836,311
Less investment advisory fees waived (Note 2)		(6,534	)		(2,077	)
Net expenses		4,013			834,234
Net investment income		68,669			2,347,614
NET REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		44			636,708
Investments — affiliated (Note 2)		—			(341	)
In-kind redemptions — unaffiliated		—			1,304,789
Futures contracts		(5,334	)		24,816,278
Foreign currency transactions		—			286
Net realized gain (loss)		(5,290	)		26,757,720
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated		1,363			775,215
Investments — affiliated (Note 2)		—			648
Futures contracts		1,226,542			16,261,832
Translation of assets and liabilities in foreign currencies		—			3
Net change in unrealized appreciation/depreciation		1,227,905			17,037,698
Net realized and unrealized gain		1,222,615			43,795,418
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,291,284		$	46,143,032

^a  For the period from April 3, 2018 (commencement of operations) to April 30, 2018.

^b  Net of foreign withholding tax of $  — and $76,869, respectively.

See notes to consolidated financial statements.

18 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets

iSHARES^® U.S. ETF TRUST

	iShares Bloomberg Roll Select Commodity Strategy ETF			iShares Commodities Select Strategy ETF
	Period from                 April 3, 2018a                to                 April 30, 2018                  (Unaudited)			Six months ended April 30, 2018 (Unaudited)			Year ended October 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	68,669		$	2,347,614		$	1,920,197
Net realized gain (loss)		(5,290	)		26,757,720			6,349,412
Net change in unrealized appreciation/depreciation		1,227,905			17,037,698			14,891,942
Net increase in net assets resulting from operations		1,291,284			46,143,032			23,161,551
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		—			(13,362,573	)		(1,863,172	)
Total distributions to shareholders		—			(13,362,573	)		(1,863,172	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		50,053,568			360,766,061			143,234,708
Cost of shares redeemed		—			(18,976,367	)		(226,397,070	)
Net increase (decrease) in net assets from capital share transactions		50,053,568			341,789,694			(83,162,362	)
INCREASE (DECREASE) IN NET ASSETS		51,344,852			374,570,153			(61,863,983	)
NET ASSETS
Beginning of period		—			258,955,831			320,819,814
End of period	$	51,344,852		$	633,525,984		$	258,955,831
Undistributed net investment income included in net assets at end of period	$	68,669		$	788,131		$	11,803,090
SHARES ISSUED AND REDEEMED
Shares sold		1,000,000			9,800,000			4,200,000
Shares redeemed		—			(500,000	)		(6,900,000	)
Net increase (decrease) in shares outstanding		1,000,000			9,300,000			(2,700,000	)

^a  Commencement of operations.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL STATEMENTS 19

Consolidated Financial Highlights

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout the period)

iShares Bloomberg Roll Select Commodity Strategy ETF

	Period from Apr. 3, 2018a to Apr. 30, 2018 (Unaudited)
Net asset value, beginning of period	$	50.00
Income from investment operations:
Net investment incomeb		0.07
Net realized and unrealized gainc		1.27
Total from investment operations		1.34
Net asset value, end of period	$	51.34
Total return		2.68	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	51,345
Ratio of expenses to average net assetse		0.11	%
Ratio of expenses to average net assets prior to waived feese		0.28	%
Ratio of net investment income to average net assetse		1.82	%
Portfolio turnover ratef		0	%d

^a  Commencement of operations.

^b  Based on average shares outstanding throughout the period.

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

^d  Not annualized.

^e  Annualized for periods of less than one year.

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

See notes to consolidated financial statements.

20 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Financial Highlights (Continued)

iSHARES^® U.S. ETF TRUST

(For a share outstanding throughout each period)

	iShares Commodities Select Strategy ETF
	Six months ended Apr. 30, 2018 (Unaudited)			Year ended Oct. 31, 2017			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	$	35.97		$	32.41		$	32.97		$	50.68		$	50.04
Income from investment operations:
Net investment income (loss)b		0.25			0.31			0.16			0.26			(0.01	)
Net realized and unrealized gain (loss)c		3.89			3.58			(0.57	)		(17.35	)		0.65
Total from investment operations		4.14			3.89			(0.41	)		(17.09	)		0.64
Less distributions from:
Net investment income		(1.71	)		(0.33	)		(0.15	)		(0.61	)		—
Return of capital		—			—			—			(0.01	)		—
Total distributions		(1.71	)		(0.33	)		(0.15	)		(0.62	)		—
Net asset value, end of period	$	38.40		$	35.97		$	32.41		$	32.97		$	50.68
Total return		11.89	%d		12.08	%		(1.23	)%		(33.88	)%		1.28	%d
Ratios/Supplemental data:
Net assets, end of period (000s)	$	633,526		$	258,956		$	320,820		$	253,857		$	20,273
Ratio of expenses to average net assetse		0.48	%		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	%		0.48	%		n/a
Ratio of net investment income (loss) to average net assetse		1.35	%		0.93	%		0.51	%		0.68	%		(0.23	)%
Portfolio turnover ratef		19	%d		44	%		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.

CONSOLIDATED FINANCIAL HIGHLIGHTS 21

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

iShares ETF	Diversification Classification
Bloomberg Roll Select Commodity Strategya	Non-diversified
Commodities Select Strategy	Diversified

^a  The Fund commenced operations on April 3, 2018.

The accompanying consolidated financial statements for each Fund include the accounts of its wholly-owned subsidiary (each a “Subsidiary”) that primarily invests in commodity futures contracts and other derivatives (“commodity-linked investments”). Investment in its Subsidiary enables each Fund to hold the commodity-linked investments and satisfy regulated investment company tax requirements. Each Fund may invest up to 25% of its total assets in the Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. Each Subsidiary has the same investment objective as its Fund, except the Subsidiary invests solely in commodity-linked instruments and cash.

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”).

• 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.

22 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

• 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. Odd lots may trade at lower prices than institutional round lots.

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

• Futures contract notional values are determined based on that day’s last reported settlement price on the exchange where the contract is traded.

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

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

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

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

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

• Level 3 — Unobservable inputs for the asset or liability 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.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 23

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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 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. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of any foreign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities as of April 30, 2018 are reflected in tax reclaims receivable. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Interest income is accrued daily.

FOREIGN CURRENCY TRANSLATION

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of securities. Such fluctuations are reflected by the Funds as a component of realized and unrealized gains and losses from investments for financial reporting purposes. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

FOREIGN TAXES

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their consolidated statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2018, if any, are disclosed in the Funds’ consolidated statements of assets and liabilities.

24 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

DISTRIBUTIONS TO SHAREHOLDERS

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

LOANS OF PORTFOLIO SECURITIES

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

Cash received as collateral for securities on loan may be reinvested in certain short-term instruments either directly on behalf of a fund or through one or more joint accounts or money market funds, including those managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates. As of April 30, 2018, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BFA and is disclosed in the consolidated 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 consolidated schedule of investments. The total value of any securities on loan as of April 30, 2018 and the total value of the related cash collateral are disclosed in the consolidated statements of assets and liabilities. Income earned by the Funds from securities lending is disclosed in the consolidated statements of operations.

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

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

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 25

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

The following table is a summary of securities lending agreements which are subject to offset under an MSLA as of April 30, 2018:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received  a		Net Amount
Commodities Select Strategy
Barclays Capital Inc.	$	2,106,654	$	2,106,654	$	—
BMO Capital Markets		5,049,000		5,049,000		—
BNP Paribas Prime Brokerage International Ltd.		414,374		414,374		—
BNP Paribas Securities Corp.		566,572		566,572		—
Citigroup Global Markets Inc.		1,290,362		1,290,362		—
Credit Suisse Securities (USA) LLC		15,333		15,333		—
Deutsche Bank Securities Inc.		113,205		113,205		—
HSBC Bank PLC		4,287		4,287		—
Jefferies LLC		69,984		69,984		—
JPMorgan Securities LLC		1,380,891		1,380,891		—
Merrill Lynch, Pierce, Fenner & Smith		124,563		124,563		—
UBS AG		95		95		—
	$	11,135,320	$	11,135,320	$	—

^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 consolidated statement of assets and liabilities.

2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of 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).

Each 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. Each 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 iShares Commodities Select Strategy ETF and its Subsidiary.

For its investment advisory services to the 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
Bloomberg Roll Select Commodity Strategy		0.28	%
Commodities Select Strategy		0.48

26 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

In addition, a 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 iShares Commodities Select Strategy ETF 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. Additionally, for the six months ended April 30, 2018, BFA has voluntarily waived a portion of its investment advisory fees for the Fund in the amount of $2,077.

For the period ended April 30, 2018, BFA has voluntarily waived a portion of its investment advisory fees for the iShares Bloomberg Roll Select Commodity Strategy ETF in the amount of $6,534.

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

Pursuant to a securities lending agreement, 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, 2018, the total of securities lending agent services and collateral investment fees paid were as follows:

iShares ETF	Fees Paid to BTC
Commodities Select Strategy	$	3,898

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 consolidated statements of operations.

It is possible that, from time to time, BlackRock and/or funds managed by BFA or an affiliate (collectively, “Affiliates”) may purchase and hold shares of a Fund. Affiliates reserve the right, subject to compliance with applicable law, to sell into the market or redeem in Creation Units through an authorized participant at any time some or all of the shares of a Fund acquired for their own accounts. A large sale or redemption of shares of a Fund by Affiliates could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund. As of April 30, 2018, the number of affiliated accounts that individually

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 27

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

represent more than 10% ownership of a Fund’s total shares outstanding and the aggregate percentage of net assets represented by such holdings were as follows:

iShares ETF	Number of Affiliated Accounts		Aggregate Affiliated Ownership Percentage
Bloomberg Roll Select Commodity Strategy		1		80	%

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, 2018 were as follows:

iShares ETF	Purchases		Sales
Commodities Select Strategy	$	23,549,393	$	19,586,434

In-kind transactions (see Note 4) for the six months ended April 30, 2018 were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Commodities Select Strategy	$	104,534,658	$	5,649,988

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 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 statements of assets and liabilities.

28 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

5. FUTURES CONTRACTS

The Funds invest in commodity futures contracts to gain exposure to the applicable commodities markets. Futures contracts are standardized, exchange-traded agreements to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded.

Pursuant to the contract, the fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract. Such receipts or payments are known as variation margin and are recorded by the fund as unrealized appreciation or depreciation. When the contract is closed, the fund records a realized gain or loss equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk of an imperfect correlation in the movements in the price of futures contracts and the assets underlying such contracts.

The following table shows the value of futures contracts held as of April 30, 2018 and the related locations in the consolidated statements of assets and liabilities, presented by risk exposure category:

Assets
	iShares Bloomberg Roll Select Commodity Strategy ETF		iShares Commodities Select Strategy ETF
Commodity contracts:
Variation margin / Net assets consist of – net unrealized appreciationa	$	1,221,208	$	26,800,702

^a  Represents cumulative appreciation of futures contracts as reported in the consolidated schedules of investments. Only current day’s variation margin is reported separately within the consolidated statements of assets and liabilities.

Liabilities
	iShares Commodities Select Strategy ETF
Commodity contracts:
Variation margin / Net assets consist of – net unrealized appreciationb	$	2,049,934

^b  Represents cumulative depreciation of futures contracts as reported in the consolidated schedules of investments. Only current day’s variation margin is reported separately within the consolidated statements of assets and liabilities.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 29

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

The following table shows the realized and unrealized gains (losses) on futures contracts held during the six months ended April 30, 2018 and the related locations in the consolidated statements of operations, presented by risk exposure category:

	Net Realized Gain (Loss)
	iShares Bloomberg Roll Select Commodity Strategy ETF			iShares Commodities Select Strategy ETF
Commodity contracts	$	(5,334	)	$	24,816,278
	Net Change in  Unrealized Appreciation/Depreciation
	iShares Bloomberg Roll Select Commodity Strategy ETF			iShares Commodities Select Strategy ETF
Commodity contracts	$	1,226,542		$	16,261,832

The following table shows the average quarter-end balances of open futures contracts for the six months ended April 30, 2018:

	iShares Bloomberg Roll Select Commodity Strategy ETF		iShares Commodities Select Strategy ETF
Average notional value of contracts purchased	$	16,888,083	$	287,802,368

6. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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 consolidated schedule of investments.

30 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

Investing in the securities of non-U.S. issuers involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: differences in accounting, auditing and financial reporting standards; more substantial governmental involvement in the economy; higher inflation rates, greater social, economic and political uncertainties; possible nationalization or expropriation of assets; less availability of public information about issuers; imposition of withholding or other taxes; higher transaction and custody costs and delays in settlement procedures; and lower level of regulation of the securities markets and issuers. Non-U.S. securities may be less liquid, more difficult to value, and have greater price volatility due to exchange rate fluctuations. These and other risks are heightened for investments in issuers from countries with less developed capital markets.

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. Securities with longer durations tend to be more sensitive to interest rate changes, usually making their prices more volatile than those of 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.

The Funds invest in instruments and/or companies that are susceptible to fluctuations in certain commodity markets. Any negative changes in commodity markets that may be due to changes in supply and demand for the commodities, market events, regulatory developments or other factors that the Funds cannot control could have an adverse impact on the Funds.

CREDIT RISK

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

7. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the 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.

Net income and realized gains from investments held by each Subsidiary are treated as ordinary income for tax purposes and any net income or net gains will pass through to each Fund as such. Accordingly, the net investment income (loss) and realized gains (losses) reported in the Funds’ financial statements for such investments held by each Subsidiary may differ significantly from distributions. In addition, if a net loss is realized by a Subsidiary in any taxable year, the loss will generally not be available to offset a 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 Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 31

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

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, 2017, the Funds’ fiscal year-end, the following Fund had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non- Expiring
Commodities Select Strategy	$	20,611,420

The Funds may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” The Funds may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of April 30, 2018, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Bloomberg Roll Select Commodity Strategy	$	50,036,527	$	1,224,109	$	(1,538	)	$	1,222,571
Commodities Select Strategy		618,936,500		34,932,200		(6,573,393	)		28,358,807

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2018, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ consolidated financial statements.

The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Although the Act does not amend any provisions directly related to the qualification or taxation of regulated investment companies (“RICs”), the Act does change the taxation of entities in which some RICs invest, the tax treatment of income derived from those entities and the taxation of RIC shareholders. While management does not anticipate significant impact to the funds or to their shareholders, there is uncertainty in the application of certain provisions in the Act. Specifically, provisions in the Act may increase the amount of or accelerate the recognition of taxable income and may limit the deductibility of certain expenses by RICs. Until full clarity around these provisions is obtained, the impact on the Funds’ financial statements, if any, cannot be fully determined.

8. LEGAL PROCEEDINGS

On June 16, 2016, investors (the “Plaintiffs”) in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares U.S. Preferred Stock ETF) filed a putative class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws by failing to adequately disclose in the prospectuses issued by the funds noted above the risks of using stop-loss orders in the event of a

32 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (Unaudited) (Continued)

iSHARES^® U.S. ETF TRUST

‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. Plaintiffs have appealed the court’s decision.

9. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds 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.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 33

Board Review and Approval of Investment Advisory

Contract

iSHARES^® U.S. ETF TRUST

iShares Bloomberg Roll Select Commodity Strategy ETF

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Trustees”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Trustees, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract.

At a meeting held on December 5-7, 2017, the Board, including the Independent Trustees, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Trustees were advised by their independent counsel throughout the process, including about the legal standards applicable to their review.

In selecting BFA and approving the Advisory Contract for the Fund, the Board, including the Independent Trustees, considered the following factors, no one of which was controlling, and reached the following conclusions:

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

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

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the proposed investment advisory fee rate of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services to be Provided by BFA — The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to supporting the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made appropriate officers available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day

34 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

management of the Fund, as well as the resources that will be available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided throughout the previous year, and matters related to BFA’s portfolio compliance policies and procedures.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided by BFA to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates — The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale — The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board noted that it had previously received and considered information regarding scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that should material economies of scale be identified in the future that are not otherwise shared, a breakpoint structure for the Fund may be appropriate, and that it would continue to monitor the sharing of economies of scale to determine the appropriateness of adding breakpoints in the future.

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

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

BOARD REVIEWAND APPROVALOF INVESTMENT ADVISORY CONTRACT 35

Board Review and Approval of Investment Advisory

Contract (Continued)

iSHARES^® U.S. ETF TRUST

higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates — Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA and BTC (or their affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates, will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund’s shareholders and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Conclusion — Based on the considerations described above, the Board determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.

36 2018 iSHARES SEMI-ANNUAL REPORTTO SHAREHOLDERS

Supplemental Information (Unaudited)

iSHARES^® U.S. ETF TRUST

Section 19(a) Notices

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

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Commodities Select Strategy	$	1.648733	$	—	$	0.057864	$	1.706597		97	%		—	%		3	%		100	%

SUPPLEMENTAL INFORMATION 37

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at www.iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to www.icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at www.iShares.com; and (3) on the SEC website at www.sec.gov.

38 2018 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”).

©2018 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-1011-0418

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

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 Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(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 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Not applicable.

(a) (4) Not applicable.

(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:     June 29, 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:     June 29, 2018

By:	/s/ Jack Gee
	Jack Gee, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date:     June 29, 2018